INCY, MCP, PCS, ZSL Among Charts to Watch

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Yesterday we showed you the Boxer Shorts and what they were doing. Certainly there are a lot of negative looking charts, but there are still a lot of bullish ones. Despite the fact that the market had some difficult sessions the last few days, we’ll still seeing some positive action.

Incyte Corporation (INCY) has been acting great. It’s been in a beautiful rising channel. It suddenly spiked up through the top of the channel on Monday, up 2.17, or 11.88%, on 5.7 million shares. It could move into the 23 range short-term. Secondary target is at the lateral price resistance up around 25.

Molycorp, Inc. (MCP) had a big day on Monday, up 6.02, on 13.5 million shares, the biggest volume in about month. It broke across lateral price resistance and set an all-time new high Monday at 79.16, closing at 77.59, or 8 1/2%. It was a big day for Molycorp. This stock could move forward unless the market collapses and takes it down, but, in any case, the next target is set at 90.

MetroPCS Communications, Inc. (PCS) is moving nicely. It jumped another 1.66 and broke out across key lateral price resistance. Monday’s action may trigger a bigger move that gets it up to 19 1/2 – 20.

ProShares UltraShort Silver (ZSL), despite the fact that silver is plunging, it completely took off on very heavy volume on Monday on 45 million shares, the biggest volume in the history of this stock. It has moved from 12.83 to 18.25 in the last three and a half sessions. But now it’s up against the declining 21-day, although it has broken out across lateral price resistance. This stock could eventually get to the 19 3/4 – 20 zone, maybe as high as 22 1/2, depending on how far down silver goes.

Other stocks in our Charts of the Day video are Amarin Corporation plc (AMRN), Avalon Rare Metals Inc. (AVL), BioScrip Inc. (BIOS), Cubist Pharmaceuticals Inc. (CBST), Cognex Corp. (CGNX), Giant Interactive Group, Inc. (GA), Genetic Technologies Ltd. (GENE), GTX Inc. (GTXI), Incyte Merge Healthcare Incorporated. (MRGE), QLT Inc. (QLTI), Quepasa Corp. (QPSA), ShoreTel, Inc. (SHOR).