Market Overview

Tuesday February 12th Watchlist

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OmniVision Technologies, Inc. (NASDAQ: OVTI) has consolidated sideways for the past several sessions under resistance near $16. If it clears resistance the move may be powerful. I notice that the Accumulation/Distribution line still growing, it means accumulation (buying).
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Pandora Media Inc (NYSE: P) continues to push higher and still looks like it has more to go. The stock got a nice bounce today off of the support of its 9-day EMA and it closed near the high of the day.  P could be bought if it can break over $11.94 on good volume and price action.
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MELA Sciences, Inc. (NASDAQ: MELA) There is a positive MACD divergence on the daily chart and this usually means that an upward movement is coming. If the stock can break through the 20-day EMA we should see heavy buying come and it will be a great buy here.
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Facebook Inc (NASDAQ: FB) closed slightly below its 50-day EMA today on low volume. The stock needs to regain this line of support tomorrow or things could get very ugly. The near-term trend is bearish and the stock faces a strong resistance at 29.11-29.45. A close above this range is a pre-requisite for the reversal of the bearish trend. 
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ADTRAN, Inc. (NASDAQ: ADTN) remains high on my radar due to the recent run up on heavy volume. I plan to buy the stock on a break above $21.17 and add more on a break above $22.09
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