Market Overview

Wednesday January 9th Watchlist

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Arena Pharmaceuticals, Inc.(NASDAQ: ARNA) was one of the stronger stocks on Tuesday, as the stock closed up 91 cents on 4x normal daily volume. The stock hit a high of $10.14, which is resistance for Wednesday's move. ARNA showed strength throughout the day and should continue this upside move. On the technical side, the chart looks very good here. The stock broke through $9.45 resistance and closed above its psychological level of $10. MACD crossing over. The price can easily move up to 10.4-10.65 in short-term

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NVIDIA Corporation (NASDAQ: NVDA) - In the short term, the stock is still trading within an uptrend channel. NVDA is sitting exactly on its 20-day-moving average at $12.5. Resistance is seen at $13 and $13.19. The key support for the stock is at $12.23. Closing below this levels are bearish for the stock as it could pullback to retest $12. So far the technical daily chart is still showing buy signal with stock trading above the 50-day SMA, MACD positive and above zero line. Short-term uptrend still relatively intact. I'm still bullish on the stock.
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Dynavax Technologies Corporation (NASDAQ: DVAX) is starting to break out. The stock hit bottom in the low $2.20's and has started to work its way higher. At this point, the stock should find initial resistance at its 50-day moving average of $3.23 and further resistance at $3.95. Shareholders may remain invested with a stop-loss at $2.80.

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Oncothyreon Inc (NASDAQ: ONTY) is another Bio name that looks poised for bounce from bottom. With almost 25% of the float short, if ONTY does indeed bounce, we could see here a significant short squeeze. Daily RSI starting to turn up from deep oversold levels and the MACD is crossing up its signal. I think short term the stock will break back over $2.2 and could test its 20-day moving average at $2.86 imo.

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Cyberonics, Inc. (NASDAQ: CYBX) broke out to all time highs accompained by a strong volume suggesting higher levels. The stock hit a high of $55.49 which is now resistance for Wednesday's follow through move.

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We're on the verge of a possible breakout in the shares of Groupon Inc (NASDAQ: GRPN). The stock tried to break out on Monday, but the weak market pulled the stock down from its high on the day. I expect to see a strong upside move if GRPN can break through the $5.50 level.

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Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

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