EMAN, ANR, OPNT, CELG Among Charts to Watch

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A huge monstrous late short-covering rally exploded the market on Monday. We are now in a very short-term overbought condition, but the trends coming off the lows had a very powerful thrust up. We will see that in a lot of the stocks the we will discuss here.

eMagin Corp. (EMAN) surged in the last couple days, exploding on Monday, up 1.08 to 3.98, or 37%, on 440,000 shares traded. That’s a lot of shares for this stock. A key down trend line and the 50-day were broken on Monday, closing near the high for the day. It’s near the declining topsline and overhead lateral resistance at 4 1/2. We may see that tomorrow, and it will probably have a follow-through.

Alpha Natural Resources, Inc. (ANR) is a swing trade of ours. The move off the low was a very nice thrust. It pulled back for a couple days, but on Monday it was up again, up 1.64 to 20.03, or 8.9%, on 6.25 million shares traded. If it gets through this zone, this stock could test the 22 – 22 1/2 range short-term, and beyond that, it has an intermediate target of 26.

OPNET Technologies Inc. (OPNT) has been working its way up. On Monday it was up another 2.92 to 40.51, or 4.96%, on only 235,000 shares traded. It’s a thinly traded stock, but if it gets through here, it could get up into the high 40 range short-term.

Celgene Corporation (CELG) popped and got almost as high as 67 on Monday, reaching 66.98 then backing off. It was up 2.58 to 65.63, or 4%, on 5 million shares traded. Right now it’s actually taking out the 2010 high. It stuck it’s head above it today. Look for something up around the 70 – 72 area short-term.

Other stocks in our Charts for the Day are Central European Media Enterprises Ltd. (CETV), Mitek Systems Inc. (MITK), Questcor Pharmaceuticals, Inc. (QCOR), Pharmasset, Inc. (VRUS), Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA), Jazz Pharmaceuticals, Inc. (JAZZ), Regeneron Pharmaceuticals, Inc. (REGN), Alexion Pharmaceuticals, Inc. (ALXN), PNM Resources, Inc. (PNM), PriceSmart Inc. (PSMT), Westport Innovations Inc. (WPRT), Yahoo! Inc. (YHOO), Silicon Motion Technology Corp. (SIMO), Rightnow Technologies Inc. (RNOW).