MDVN, DEXO, ANIK, TSLA Among Charts to Watch

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It was another big day on Wall Street on Thursday. A lot of the stocks we follow did very well, but the biggest percentage gainer was up 140%, and is the first one that we will discuss.

Medivation, Inc. (MDVN) exploded Thursday on very good cancer drug news, closing yesterday at 16 1/2, and opening on Thursday at 32.72. Early on we said to wait for a pullback on 35, and we got 34.31. It started to move back up, and accelerated in the 40 plus range, which was our target. It pulled back to 39.72, up 23.22, or 140%, on a whopping 14.3 million shares. That was a historical day. Looking at the weekly chart, there was a move up at the end of 2009 and the beginning of 2010, and it went from the 10 – 11 range all the way up to the 40 range. Negative drug news in the early part of 2010 crushed this stock, and eventually, it worked it’s way down into the high single digits around 8 1/2. It came back from that area up into the mid 20s before rolling over to the pullback this summer. The daily chart shows that it formed a wedge, and then on Thursday, obviously one of the biggest days in the history of the company, it got right up near the all-time high. It is an all-time closing though. That kind of strength, that kind of move, and that kind of closing, in particular, gives a pretty good indication that this stock may see mid to high 40s, if not the low to mid 50s, over the course of the next couple weeks. It could be a very nice swing trade here, although it may not get much of a pullback, but if it does, it could be a set-up for high levels. Keep and eye on this one.

Dex One Corporation (DEXO) popped up to it’s major declining topsline and lateral price resistance. Thursday’s action exploded it through the 50-day, and it closed near the upper end of the range. Look for a potential test to take out the 1.55 – 1.60 range short-term, and if that occurs, we could see this stock get up into the 2.00 – 2.25 range, maybe 2.50. Watch for this stock to double over the next couple weeks.

Anika Theraputics (ANIK), a junior biotech stock, jumped 1.29 to 7.33, or 21%, on 300,000 shares on Thursday. That doesn’t sound like a lot, but it’s the biggest volume since May of this year. If it gets through the resistance at its current level, the 8.00 short-term resistance level may be tough to get through. Look to see it back and fill, and consolidate here. If it gets through there, the next target it up around the 9 1/2 – 10 zone.

Tesla Motors, Inc. (TSLA) had a big day as well. After basing out and breaking out at the beginning of October it platformed. It broke out and pulled back for a couple days, and on Thursday it spiked up 3.75 to 32.46, or 13%, on 2.5 million shares. At the end of the day, in particular, was very strong, and it closed within three cents of the high for the day. It certainly was a spectacular close. Look for the next target up around 36.

Other stocks in our Charts for the Day are Orbitz Worldwide, Inc. (OWW), MELA Sciences, Inc. (MELA), SonoSite Inc. (SONO), Abiomed Inc. (ABMD), Alpha Natural Resources, Inc. (ANR), Valeant Pharmaceuticals International, Inc. (VRX), Ocz Technology Group Inc. (OCZ), Fortinet Inc. (FTNT), Fastenal Company (FAST), Verisk Analytics, Inc. (VRSK), Generac Holdings Inc. (GNRC).