Wall Street had a weird day on Monday, first down hard in the morning, and then back up nicely in the afternoon, although we didn’t capture all of the losses. A lot of the stocks that we follow, some new ones, and new Top 20 picks for 2015 did well.
NeoPhotonics Corporation (N:NPTN), one of our Top 20 for next year, is looking great, up 59 cents to 11.40, or 5.5%, on 1.2 million shares on Monday. It’s been breaking out of a wedge and spiking the last two sessions, and it’s now through a double top. Look for this stock to run up to 12 1/2, 15, and eventually 20.
Rovi Corporation (O:ROVI) had a very good day on Monday, up 1.85 to 17.71, or 11.7%, on 6.8 million shares. It has a beautiful base, a breakaway gap, an inside day, and then a follow-through on Monday. It looks like it’s headed to 20. It has 7.3 days to cover.
Theravance Inc (O:THRX) ran 40 cents to 10.87, or 3.8%, on 828,200 shares traded on Monday. We put a swing on it on Monday. Recently it popped, wedged for about six days, and then on Monday, it popped and broke out. The target is 12 1/2, and beyond look for it to head up toward 14 1/2-15. It has 32 days to cover.
TherapeuticsMD Inc (N:TXMD), a Top 40 for next year, popped another 28 cents to 10.89, or 2.6%, on 1.9 million shares on Monday. It’s not a big move, but it is bucking up against the top of the channel. I wanted you to see how it’s coming out of a wedge, and that it may be time for a pullback. Support right now is at about 10, and the next target is up at 14 if it does get a momentum follow-through or breakout. It has 28 days to cover.
Other stocks on the long side included Five9 Inc (O:FIVN), FXCM Inc (N:FXCM), Maxwell Technologies Inc (O:MXWL), Resource America Inc (O:REXI), Rovi Corporation (O:ROVI), ProShares UltraShort Bloomberg Crude Oil (N:SCO), and United States Natural Gas (N:UNG).