Medidata Solutions, Inc. (MDSO) climbed to a new all-time high of $73.15 on Monday, closing the session up $2.08, or 3%, to $72.76, on 455,600 shares traded. The cloud technology stock has been stair-stepping up a rising channel over the last few months and has popped $4.57 since Wednesday’s close. The next target is near the channel top at around $79-$80. Short interest of 7.9 times its average volume could fuel the move as shorts cover on a rally.
Mimecast Limited (MIME) popped another $1.10, or 4.25%, to $27.00, on 388,800 shares traded. The advance up came as the email security company’s CEO and CFO spoke at J.P. Morgan’s technology conference in Boston. Despite no dramatic increase in volume, the stock’s technicals look positive, climbing steadily since early March and holding support on the pullbacks. Watch for price to exceed last week’s all-time high of $27.25 to reach $30-31 in the short term.
One of my favorite people of all time, Norm MacDonald, somewhat famously embarrassed Courtney Thorne-Smith in this Conan interview back in the late 1990s. If you haven’t seen it, you absolutely should watch the whole thing, or if you have seen it a dozen times, like me, you will enjoy watching it again.
SPX resolved higher yesterday and the cycle trend day delivered a unidirectional day dominated by the bulls, though not making any new speed records of course. Today is the other cycle trend day this week but as yesterday’s cycle trend day delivered, that less likely to deliver today, and the day has been a two way trade so far.
SPX delivered strong closing breaks above the important resistance levels yesterday and at the time of writing they are the 5dma at 2379-80, the 50 hour MA at 2387/8, and the daily middle band at 2390.
I remain heavily short the market, with a mere 4 of my zillions of positions still in the red (and by only a tiny amount). One of my favorite shorts is Brinker International, the company that owns purveyor of vomitous junk at Chilli’s as well as some other unfortunate venues. Here is the topping pattern:
Here’s a longer-term view, which includes an analogous pattern before. The symbol is EAT.
The latest bloodthirsty attack by the religion of peace caused the ES to collapse by a tiny fraction of a percent for a couple of hours last night, but bulls seem to have a penchant for terror attacks, so all is well again. In spite of dead children and hundreds of injured innocents, the bulls are bidding up assets to prices never-before-seen.
As a chartist, I find the symmetry of these triangles rather interesting, although obviously I’d prefer we not break to the upside.