AMLN, DONG, REED, SUSS Among Charts to Watch
Posted on June 05, 2012 at 23:50 PM EDT
The stock market had a good day on Tuesday. We can still press up a little more, but we are in dangerous territory, so we'll have to keep close tabs on it. For now, we’ll look at those stocks that are moving. Amylin Pharmaceuticals, Inc. (AMLN) had been stair-stepping higher, it popped, and then flagged, popped again, flagged, popped, flagged, popped, another flag, and then on Tuesday, it was coming out of that flag, and popped 72 cents to 27.35, or 2.7%, on 3.8 million shares. If it will just surge here, then it could get a run all the way up to the low-30’s, but the swing trade target is being approached near the 30 range. Kongzhong Corp. (KONG) had a nice day on Tuesday. It came down in the morning to 6.53, and exploded 1.10 to get all the way up to 7.67 before backing off just a few cents to 7.61, up 42 cents, or almost 6%. It’s looking real good for a run up to the top of the channel around 8.00 short-term. REEDS, Inc. (REED) has been moving steadily higher, and has started to accelerate. On Tuesday, it was up another 62 cents, or 18%, on half a million shares. That’s the biggest volume, by far, on this stock in a long time. It looks like it may be coming to a head here, and going to back off and retest. Momentum is very strong on this stock. Susser Holdings Corporation (SUSS) is one of our long-standing stocks that has a beautiful chart, and has been moving up steadily from the 12-13 range, up to 31 on Tuesday. What Tuesday’s action did was follow through from a couple days ago when it popped. On Monday, it had an inside day, and Tuesday, it ran up 1.13 to 30.94, or 3.8%, on low volume. Looking at the overall pattern, this stock could get into the mid-30’s, maybe even the high 30’s short-term. Other stocks in our Charts for the Day are Akorn, Inc. (AKRX), AuthenTec, Inc. (AUTH), Auxilium Pharmaceuticals Inc. (AUXL), Cray Inc. (CRAY), Incyte Corporation (INCY), Osiris Therapeutics, Inc. (OSIR), Pharmacyclics Inc. (PCYC), Sunesis Pharmaceuticals Inc. (SNSS), Synta Pharmaceuticals Corp. (SNTA), Spreadtrum Communications Inc. (SPRD), and Xenoport, Inc. (XNPT).
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