CIE, PGNX, SIMO, URI - Stock Charts to Watch
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What a day Wall Street had on Tuesday! The Dow was up 338! The S&P 500 and NDX were up 3%! It was a big day on Tuesday! The technicals were fine, the volume was a little light, but the breadth of the technicals were great. They may be launching a year-end rally here. We’ll take a look at some of the stocks that stood out on Tuesday.
Cobalt International Energy, Inc. (CIE) formed a massive head-and-shoulder, and on Tuesday it was broken with a thrust, jumping 3.75 to 13.85, or 37%, on 7.9 million shares traded. It had a clean breakout across the neckline, resistance, and declining topsline, and nearly making it all the way up to the multiple-month highs up around 15. There may be a follow-through, but that’s the target. Eventually, look for this stock to not only test, but get into the high teens.
Progenics Pharmaceuticals Inc. (PGNX) had a big day on Tuesday, popping 2.01 to 8.49, or 31%, on 2 million shares. It has multiple-year bottoms, 2 1/2 years worth of basing, it thrust through the early highs made in September, and then based out and popped right back up again. It’s up against key resistance at about the 6.50 - 7.00 zone, and if it gets through that, look for another move up towards 11, which is the next target.
Silicon Motion Technology Corp. (SIMO) may be breaking out again. It had a big run up, and has been consolidating nicely. It popped a week ago, and on Tuesday it popped again, closing at the high for the day, up 1.45, or 7 1/2%, on 1 million shares. This stock looks like it’s headed up toward 27, and we put a swing trade on it.
United Rentals, Inc. (URI) was looking really good on Tuesday, since the acquisition of its rival RSC Holdings, Inc. (RRR), up 1.55 to 29.86, or 5 1/2%, on 3.1 million shares. Be looking for it to break out of a flag and potentially move up to 34, the next trading target for this stock.
Other stocks in our Charts for the Day are Jefferies Group, Inc. (JEF), Global Cash Access Holdings, Inc. (GCA), VocalTec Communications Ltd. (CALL), Nuance Communications, Inc. (NUAN), Select Comfort Corporation (SCSS), Golar LNG Ltd. (GLNG), Westport Innovations Inc. (WPRT), Kodiak Oil & Gas Corp. (KOG), Onyx Pharmaceuticals Inc. (ONXX), ViroPharma Inc. (VPHM).