It was a pretty good start to the week on Monday. That doesn’t mean we are out of the woods, by any means, although they bounced from minor oversold conditions. The oscillators have moved back up a bit. We’ll have to wait and see if there’s an extension. There’s an awful lot of stocks still acting well and some breaking out.
Atwood Oceanics Inc (NYSE:ATW) had a huge decline from a high 2013 at 60.00, all the way down to 5.00, then it popped, backed and filled for three months, formed a big, coiling base pattern, broke out, pulled back, and popped 1.05 to 11.88, or 9.7%, on 5.7 million shares, closing at the upper end of the range on Monday. A swing was put on it on Monday. It has 4.76 days to cover. Look for a move to 14-14 1/2 short-term, and then 18 intermediate-term.
Clayton Williams Energy Inc (NYSE:CWEI) is a new swing of ours and is acting very well. It has an inverse head-and-shoulders, moving averages crossed over, it consolidated for a month, started to move four days ago, moved up through the neck line of a head-and-shoulders on Monday, closing up 3.05 to 22.85, or 15.4%, on 683,654 shares traded. It’s significant in that it could test the 26-26 1/2 area short-term, followed by a big move up to 33, or thereabouts.
MaxLinear Inc (NYSE:MXL) had a beautiful pop on Monday, up 1.00 to 19.41, or 5.4%, on 2.8 million shares on a breakout day testing resistance. Four days ago it popped out and broke out of a falling wedge. Friday was an up-day and Monday it followed through. It ran up to an all-time new high at 19.54, going back to the IPO days when it tagged 19.50. Targets are 21, and then 25. It has 2.92 days to cover.
US Silica Holdings Inc (NYSE:SLCA) is a swing trade of ours. It has a beautiful chart with a big base, a breakout, wedge, pullback retest, and rising channel. On Monday, it was up 1.44 to 26.48, or 5.75%, on 1.9 million shares. Going back to March this stock was 21.69, and the target was 29 1/2. It got to 27 1/4, not quite a pullback. The target remains 29 1/2-30, and then 33-34. It has 4.76 days to cover.
Stocks on the long side included Advanced Micro Devices, Inc. (NASDAQ:AMD),Atwood Oceanics Inc (NYSE:ATW), Clayton Williams Energy Inc (NYSE:CWEI), Dermira (NASDAQ:DERM), New Oriental Education & Technology (NYSE:EDU), Globalstar Inc (NYSE:GSAT), Inovio Pharmaceuticals Inc (NASDAQ:INO), Direxion Daily S&P Biotech Bull 3X ETF (LABU), Legacy Reserves LP (NASDAQ:LGCY), Medivation Inc (NASDAQ:MDVN), MGT Capital Investments Inc (NYSE:MGT), MaxLinear Inc (NYSE:MXL), NVIDIA Corporation (NASDAQ:NVDA), Silicon Motion Technology (NASDAQ:SIMO), US Silica Holdings Inc (NYSE:SLCA), Sodastream International Ltd (NASDAQ:SODA), Supernus Pharmaceuticals Inc (NASDAQ:SUPN), Targa Resources Inc (NYSE:TRGP), Ubiquiti Networks Inc (NASDAQ:UBNT), United States Oil (NYSE:USO), and VelocityShares 3x Long Crude linked to S&P GSCI Crude Oil Excess Return (NYSE:UWTI).