Some new ideas today, a few old ones, and reviews of several that we have been following.
Acorda Therapeutics (ACOR), a new stock that we are following, which we had looked at several times in the past few years, as you can see has a long base pattern beginning to spike up down and spike back up and has formed a head and shoulders type bottom, but the significant action about the recent price performance here is the spike up, the pull back and the beautiful little 5 -6 day flag. Today it popped 1.11 on more than a million shares, up 4% and it was right at key resistance at the 29.20 area. A move though that tomorrow could lead to a quick move up to the 31 1/2 zone, and beyond that I’m looking for a more significant move that takes it back up to test the 35 – 36 area, which was the 2008 high.
Energy XXI (EXXID), which did a 5 – 4 in reverse split, formed a beautiful rising flag, was up 95 cents today on nearly 900,000 shares and if it breaks through this flag, it could pop into the mid- to low-20s. We’ll be looking to take advantage of that for a trading opportunity.
Momenta Pharmaceuticals (MNTA) after breaking out of a beautiful one-year base, formed a mini-flag, exploded out of that, backed off and now formed a little mini-flag in here with low volume and good technicals. This one certainly looks like it could retest the 16 1/2 area very soon and make it up towards 18 or 19.
RXi Pharmaceuticals (RXII) also in the midst of a beautiful flag formation, good technicals, nice volume patterns. Looks like another leg up is due, though, to take this one up toward 7 – 71/2 range.
Other stocks to view on Chart of the Day are Conolog (CNLG), Callon Petroleum (CPE), Ceragon Networks (CRNT), Eastman Kodak (EK), Integrated Silicon Solution (ISSI), Map Pharmaceuticals (MAPP), McMoran Exploration (MMR), Mindspeed Technologies (MSPD).
That’s it for today and for the ideas for this week. The market appears to be in a bounce-back mode and I think it could last another couple three sessions. We’ll see how it goes tomorrow.
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