CAB, CLDA, NVDA, URS Among Charts to Watch

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There’s quite a few bullish looking charts out there. We had several of them moving strongly today. Let’s take a look.

Cabela's Inc. (CAB), the retail sporting goods chain, jumped today out of a 2 1/2 month basing pattern, or consolidation. You can see this stock has been in a nice rising channel for the last 6-7 months. This breakout today on increasing volume could lead this stock to run up toward 27 – 27 1/2 area. That’s our short-term trading target.

Clinical Data, Inc. (CLDA) had a big monstrous move today as they got FDA approval for a major drug. The stock exploded from about 14 1/2 to 25 and change, and closed up 10.14 on the day. A big move for this stock. Up 67% and breaking out across multi-year highs. At this point it’s likely this stock runs up to the 2007 high and tests the 28.90 – 29.00 zone. That’s the short-term trading target.

NVIDIA Corporation (NVDA) is absolutely flying here. After a strong run in early January, this 4-5 day flag was broken today with a pop of 2.51, or 11.3%, on 51.4 million shares. The heaviest volume in a week. It certainly looks like my short-term trading target of 27 may be reached quickly, as early as tomorrow or the day after. Secondary target 30.

URS Corporation (URS) also had a significant price-volume surge, breaking out of an 8 or 9-month base here. Volume increased to 1.9 million as the stock jumped 5 1/2%, or 2.33, to 44.38. Strong thrust in technicals as well. I believe we have a new initiated up move here under way that should take us to around the 47 range short-term, maybe 50 secondary target, and 53 intermediate-term.

Other stocks in our Charts of the Day video are China New Borun Corporation (BORN), Casella Waste Systems Inc. (CWST), Datalink Corp. (DTLK), IntelliPharmaCeutics International Inc. (IPCI), LDK Solar Co., Ltd. (LDK), Magic Software Enterprises Ltd. (MGIC), Nanometrics Incorporated (NANO), Optical Cable Corp. (OCCF), Ultra Clean Holdings Inc. (UCTT), Willbros Group Inc. (WG), ProShares UltraShort Silver (ZSL).