CPHD, MG, QCOR, TSPT Among Charts to Watch
Posted on October 05, 2011 at 08:28 AM EDT
It was turn-around Tuesday, indeed, especially the last 45 minutes with a monster rally. The Dow ran 400 points in 40 minutes, the S&P 500 about 50, and the Nasdaq 100 about 98. A lot of stocks rebounded, but most importantly are the stronger stocks, the stocks that are acting the best. Cepheid (CPHD) has been acting great. It‘s been in a rising channel since July 2010. After a dip early on, it’s moved up steadily in the channel. On Tuesday it reversed and went from 37.37 to 41.00, closing at 20.90, up 3.06, or 8%, on 20.5 million shares traded. This stock looks like it’s going to breakout above the resistant zone, where it’s retesting the July highs as well, and should run up to 44 short-term, and 49 intermediate term. Mistras Group, Inc. (MG), which had been acting well, pulled back to test, bounced, and tested again. The support line held all the way through the market decline, and the left shoulder-head-right shoulder bottom that broke out, was tested three times, but held the 17 1/2 range. On Tuesday it exploded from 17.82 to 20.30, and closed at 20.23, up 2.23, or 12%. If it gets through resistance, it could run up to 23 - 23 1/2. Questcor Pharmaceuticals, Inc. (QCOR) has been acting very well, and consolidated nicely. It held up reasonably well on the market slide, and reversed from 25.94 to 29.90. It closed a penny of the high, up 2.53 to 28.89, or 9.6% on Tuesday. If it can get through the declining topsline, look for something in the low 30s, and then the high 30s. Transcept Pharmaceuticals, Inc. (TSPT) had a big spike reversal on Tuesday, and went from 5.91 to 8.11, closing at 8.08, up 2.04, or 33.7%. It had a new multi-month high that filled the gap. A gap occurred across the lows going down, and on the way back up it closed at the highs for the day going away. Don’t be surprised if you see this one run up to the 11 -12 zone short-term. Other stocks in our Charts for the Day are Alexion Pharmaceuticals, Inc. (ALXN), Cubist Pharmaceuticals Inc. (CBST), Endologix Inc. (ELGX), Medicines Co. (MDCO), MELA Sciences, Inc. (MELA), Mitek Systems Inc. (MITK), Merge Healthcare Incorporated. (MRGE), Maxwell Technologies Inc. (MXWL), Seattle Genetics Inc. (SGEN), Stamps.com Inc. (STMP), Yahoo! Inc. (YHOO).