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The major U.S. stock benchmarks have concurrently registered consecutive record closes, punctuating a bullish, if less than spectacular, November start.
In the process, the prevailing slow-motion uptrend continues to grind higher against the backdrop of constructive sector rotation. The charts below add color:
Before detailing the U.S. markets wider view, the S&P 500s
hourly chart highlights the past two weeks.
Top 5 Tech Stocks To Own Right Now: Towerstream Corporation(TWER)
- [By Lisa Levin]
Towerstream Corporation (NASDAQ: TWER) shares were also up, gaining 9 percent to $3.49. Towerstream is scheduled to report Q2 financial results on August 9, 2016.
Top 5 Tech Stocks To Own Right Now: RELM Wireless Corporation(RWC)
- [By Jim Robertson]
Today, our Under the Radar Moversnewsletter suggested shorting small cap wireless communications manufacturer RELM Wireless Corporation (NYSEMKT: RWC):
Top 5 Tech Stocks To Own Right Now: P.T. Telekomunikasi Indonesia Tbk.(TLK)
- [By Lisa Levin]
In trading on Wednesday, telecommunications services shares fell 0.45 percent. Meanwhile, top losers in the sector included Telekomunikasi Indones (Prsr)Tbk PT-ADR (NYSE: TLK), down 4 percent, and China Telecom Corporation Limited (ADR) (NYSE: CHA) down 2 percent.
Top 5 Tech Stocks To Own Right Now: Oclaro, Inc.(OCLR)
- [By Peter Graham]
Small cap fiber-optic networking product Applied Optoelectronics (NASDAQ: AAOI), a potential peer of EMCORE Corporation (NASDAQ: EMKR), Finisar Corporation (NASDAQ: FNSR) and Oclaro Inc (NASDAQ: OCLR), is themostshorted stock on theNASDAQ with short interest of 62.65% according to Highshortnterest.com.
- [By Evan Niu, CFA]
Shares of optical component companies have dropped today, includingOclaro (NASDAQ:OCLR), Acacia (NASDAQ:ACIA), Lumentum (NASDAQ:LITE), and Finisar (NASDAQ:FNSR), whose shares were down 11%, 11%, 6%, and 3%, respectively, as of 3:30 p.m. EDT, after the U.S. broadened its investigation regarding compliance with sanctions programs.
- [By Arie Goren]
Advanced Micro Devices, Inc.(NSDQ:AMD)had been by far the best performer in 2016 among all the 413 Russell 3000 tech stocks. Its stock price appreciation of 295.1% in 2016 was significantly higher than the second ranked tech stock NVIDIA Corporation (NVIDIA (NSDQ:NVDA)which gained 223.8% and the third-ranked stock Oclaro Inc. (NSDQ:OCLR)which was up 157.2% in 2016.
Top 5 Tech Stocks To Own Right Now: Trina Solar Limited(TSL)
- [By Roberto Pedone]
Another potential earnings short-squeeze candidate is integrated solar-power products maker Trina Solar (TSL), which is set to release numbers on next Monday before the market open. Wall Street analysts, on average, expect Trina Solar to report revenue of $645.68 million on earnings of 15 cents per share.
The current short interest as a percentage of the float for Trina Solar is extremely high at 24.5%. That means that out of the 76.94 million shares in the tradable float, 18.88 million shares are sold short by the bears. If the bulls get the earnings news they’re looking for, then shares of TSL could easily rip sharply higher post-earnings as the bears move to cover some of their positions.
From a technical perspective, TSL is currently trending below both its 50-day and 200-day moving averages, which is bearish. This stock recently formed a double bottom chart pattern at $8.67 to $9.04 a share. Shares of TSL have now started to rebound off those support levels and it’s quickly moving within range of triggering a major breakout trade post-earnings above some key near-term overhead resistance levels.
If you’re bullish on TSL, then I would wait until after its report and look for long-biased trades if this stock manages to break out above some near-term overhead resistance levels at $10.72 to $11.19 a share and then above its 50-day moving average of $11.17 a share with high volume. Look for volume on that move that hits near or above its three-month average action of 5.17 million shares. If that breakout materializes post-earnings, then TSL will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average of $12.49 to $14 a share, or even $14.50 to $15 a share.
I would avoid TSL or look for short-biased trades if after earnings it fails to trigger that breakout and then drops back below some near-term support levels at $10 a share to those double bottom support levels at $9.04 to $8
- [By Elizabeth Balboa]
The firm has a Sell rating on First Solar, JA Solar Holdings and Trina Solar Limited (ADR) (NYSE: TSL). It maintains a NC rating on SunPower Corporation, Canadian Solar and JinkoSolar Holding.
- [By Spencer Israel]
Axiom Capital Managing Director Gordon Johnson upgraded the entire alternative energy sector from Market Underweight to Market Overweight and upgraded SolarCity Corp (NASDAQ: SCTY) from Sell to Hold and Trina Solar Limited (ADR) (NYSE: TSL), Yingli Green Energy Holding Co Ltd (ADR) (NYSE: YGE) and JA Solar Holdings Co., Ltd. (ADR) (NASDAQ: JASO) from Sell to Buy.