Another big day on Wall Street for the Nasdaq 100 on Wednesday. The market wasn’t strong, but there were a lot of individual stocks that continue to run. The underlying technicals were good all day despite the pullback in the morning. But it appears they are not done yet. We’re going to take a look at swing trades and some other stocks that are acting well.
Lumentum Holdings Inc. (NASDAQ:LITE), a recent IPO, is doing well. When a swing was put on it, it popped 91 cents to 25.29, 3.7%, on 1.2 million shares. It looks like it wants to extend. The post-IPO high right after it came out was at 26.88, and it looks like it will test that short-term. The top of the channel says 29-30. It has 4.66 days to cover.
NeoPhotonics Corporation (NYSE:NPTN) looks good. On Tuesday, it was testing resistance, and on Wednesday, it popped through, up 91 cents to 12.50, or 7.85%, on 3.7 million shares. That’s the biggest volume on an up day going back to August. It’s significant that it broke out with that kind of volume. Look for a follow-through to the mid-channel line at 14 3/4.
MaxLinear, Inc. (NYSE:MXL) is one of our swing trades that is acting wonderful. It has a nice, rising pattern four waves up, with a fifth wave under way. The fifth wave might take it up to 22 plus. First, it needs to get through resistance at the recent high at 17 3/4, and that could happen as quickly as Thursday. It has 4 days to cover.
Other stocks on the long side included Abercrombie & Fitch Co. (NYSE:ANF), 3D Systems Corporation (NYSE:DDD), Dynegy Inc. (NYSE:DYN), Editas Medicine Inc. (EDIT), Direxion Daily Energy Bull 3X ETF (NYSE:ERX), Freeport-McMoRan Inc. (NYSE:FCX), Juno Therapeutics Inc. (NASDAQ:JUNO), Direxion Daily S&P Biotech Bull 3X ETF (NYSE:LABU), Lumentum Holdings Inc. (LITE), MaxLinear, Inc. (MXL), NeoPhotonics Corporation (NPTN), Ocular Therapeutix, Inc. (NASDAQ:OCUL), Omega Protein Corporation (NYSE:OME), Range Resources Corporation (NYSE:RRC), SolarEdge Technologies, Inc. (NASDAQ:SEDG), Targa Resources Corp. (NYSE:TRGP), United States Steel Corp. (NYSE:X), and Intrexon Corporation (NYSE:XON).