The stock market had a spectacular day on Tuesday. They gapped up, ran up,and channeled up, closing not far off the high. There was a sell-off, but that was pretty much profit taking. It was a very important, key breakout, and we shall see if there’s a follow-through on Wednesday. We had a lot of stocks that did well, so let’s take a look at them.
Cynosure, Inc. (NASDAQ:CYNO), a swing trade of ours, is doing well. We put out a swing trade and it took some time to back and fill, it formed a 3-wave corrective pullback flag within the confines of the channel above the 50-day moving averages and lateral price support, at the breakout point. On Tuesday it popped right back out of it, up 1.85 to 49.69, or 3.87%, on 425,500. It has 3 days to cover. It looks like it could make a run back at the high at 49.95, but eventually, I’m looking for 58.00.
Universal Display Corp. (NASDAQ:OLED) had a nice breakaway gap on Monday and a nice follow-through on Tuesday, up 3.10 to 64.39, or 5%, on 1.8 million shares. Look for a move to the top of the channel to 69.00. It has 5 days to cover and looks very good.
Supernus Pharmaceuticals, Inc. (NASDAQ:SUPN) continues moving in a rising channel, up 44 cents to 18.85, or 2.39%, on 431,200 shares traded. It has taken out resistance and may very well test 19.25, but more importantly 20-201/2. It has 4.9 days to cover.
TASER International Inc. (NASDAQ:TASR) is finally moving steady in a rising channel. It was up 41 cents to 21.86, or 2%, on 773,400 shares traded. It shows that an extension could take it to 24.00.
Stocks on the long side included Adeptus Health Inc. (NYSE:ADPT), Advanced Micro Devices, Inc. (NASDAQ:AMD), BioTelemetry, Inc. (NASDAQ:BEAT), BroadSoft, Inc. (NASDAQ:BSFT), Cynosure, Inc. (CYNO), Direxion Daily Gold Miners Bear 3X ETF (NYSE:DUST), Direxion Daily Jr Gld Mnrs Bear 3X ETF (NYSE:JDST), Eldorado Resorts, Inc. (NASDAQ:ERI), Exelixis, Inc. (NASDAQ:EXEL), Direxion Daily S&P Biotech Bull 3X ETF (NYSE:LABU), Medivation, Inc. (NASDAQ:MDVN), NVIDIA Corporation (NASDAQ:NVDA), Universal Display Corp. (OLED), Market Vectors Semiconductor ETF (NYSE:SMH), Supernus Pharmaceuticals, Inc. (SUPN), TASER International Inc. (TASR), Ubiquiti Networks, Inc. (NASDAQ:UBNT), Vuzix Corporation (NASDAQ:VUZI), and Intrexon Corporation (NYSE:XON).