It was a wild day on Wall Street on Wednesday. A big move in the morning, they pulled back down, the FOMC didn’t raise rates, the market rallied, there was a little pullback at the end of the day. It was a mixed session, and Nasdaq did great. A lot of stocks we traded looked good, the biotech’s looked phenomenal. Let‘s take a look at some of the stocks I highlighted here.
Garmin Ltd. (NASDAQ:GRMN) had a big day as it exploded 5.40 to 51.79, or 11.6%, on 5.4 million shares. That’s one of the best volumes all year on an up day. It’s continuing to move after breaking above resistance. At this point, I expect a gap around 54, which is the next target, followed by 57.
Universal Display (NASDAQ:OLED) had a big day Wednesday, popping 4.94 to 72.27, or 7.34%, on 1.3 million shares. That was the biggest volume in two months as it breaks out of a falling wedge. If we get through the spike high at 73.24, reached 2 1/2 weeks ago. This could be an 80-82-dollar stock.
Puma Biotechnlgy (NYSE:PBYI) is doing very well since our swing, up 48 cents to 49.04, on 1.2 million shares on Wednesday. I’m looking at a target of 50, and a secondary target of 55-56. There’s 9.3 days to cover on this one.
Shopify Inc (NYSE:SHOP) didn’t do big on Wednesday, up 66 cents to 33.21, or 2%, on 856,700 shares traded, but the pattern shows that it is flagging, and a breakout of 33.50, or close to it, could send this stock to the high 30’s. It’s testing the multiple highs from 2015 when it went public. It has 2.3 days to cover. Keep an eye on this one.
Stocks on the long side included Acacia Communications Inc (NASDAQ:ACIA), First Majestic Silver Corp (NYSE:AG), AK Steel Holding Corporation (NYSE:AKS), Bluebird bio Inc (NASDAQ:BLUE), Biomarin Pharmaceutical Inc (NASDAQ:BMRN), VelocityShares 3x Inverse Crude linked to S&P GSCI Crude Oil Excess Return (NYSE:DWTI), ProShares UltraShort Bloomberg Crude Oil (NYSE:SCO), Eleven Biothera (NASDAQ:EBIO), EXACT Sciences Corporation (NASDAQ:EXAS), Exelixis Inc (NASDAQ:EXEL), Direxion Daily Junior Gold Miners Bull 3X Shares (NYSE:JNUG), Direxion Daily Gold Miners Bull 3X Shares (NYSE:NUGT), Universal Display Corp. (OLED), Puma Biotechnology, Inc. (PBYI), Seattle Genetics Inc (NASDAQ:SGEN), Unisys Corporation (NYSE:UIS), VelocityShares 3x Long Silver linked to S&P GSCI Silver ER Exp 14 Oct 2031 (NASDAQ:USLV), and United States Steel Corporation (NYSE:X).