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WINDERMERE, Fla. (Stockpickr) -- Professional traders running mutual funds and hedge funds don’t just look at a stock’s price moves; they also track big changes in volume activity. Many times when above average volume moves into equity it precedes a large spike in volatility.
Unusual volume can also be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst. These types of traders like to get in well before a large spike, so it’s always a smart move to monitor unusual volume. That said, remember to combine trend and price action with unusual volume. Put them all together to help you decipher the next big trend for any stock.
With that in mind, let's take a look at several stocks rising on unusual volume today.
Allscripts Healthcare Solutions
Allscripts Healthcare Solutions (MDRX) is a provider of clinical, financial, connectivity and information solutions and related professional services to hospitals, physicians and post-acute organizations. This stock is trading up 4.5% at $10.77 in recent trading.
Today’s Volume: 13.7 million
Average Volume: 4.3 million
Volume % Change: 418%
Shares of MDRX are soaring today after the company named Dennis Chookaszian as its new chairman, and announced it increased its stock repurchase authorization to $400 million.
From a technical perspective, MDRX is bouncing sharply higher here after the stock just recently plunged from $16 to a low of $8.99 on monster volume. Basically what we have here is an oversold bounce since the relative strength index reading for MDRX is 17.74.
Traders should continue to look for an oversold bounce in MDRX as long as this stock is trending above its gap-down day high of $10.51 with strong upside volume flows. I would consider upside volume that’s near or well above 4.3 million shares as bullish. As long as MDRX is trending above $10.51 with strong volume, then this stock can continue to fill that massive gap-down.
I would avoid MDRX if its trending below that gap-down day high or below today’s low of $10.16 with heavy volume.
PhotoMedex (PHMD) provides integrated disease management and aesthetic solutions through laser and light-based devices and science-based skincare products. This stock is trading up 4% at $15.40 in recent trading.
Today’s Volume: 120,000
Average Volume: 54,122
Volume % Change: 213%
From a technical perspective, PHMD is ripping higher here and it’s triggering a near-term breakout above some overhead resistance at $15.11 on heavy volume.
Traders should continue to look for long-biased trades in PHMD as long as it’s trending above $15.11 with strong upside volume flows, and if it closes near its daily highs. I would consider any upside volume that’s near or well above 54,122 shares as bullish. If we get a strong close today, then look for PHMD to continue its uptrend towards its next significant overhead resistance level at $16.81 in the near future.
Changeyou.com (CYOU) is an online game developer and operator in the People’s Republic of China. This stock is trading up 4.6% at $25.28 in recent trading.
Today’s Volume: 416,000
Average Volume: 297,700
Volume % Change: 199%
Shares of CYOU are spiking sharply higher today after Piper Jaffray reiterated its overweight rating and $43 per share price target on the stock. This upgrade in the stock comes after the company reported first-quarter EPS of $1.24, or 15 cents per share better than analysts’ estimates of $1.09. Revenue for the quarter came in at $136.8 million versus the consensus estimate of $132.14 million.
From a technical perspective, CYOU bouncing hard here near some previous support at $24.06 with heavy volume. This move has yet to push CYOU back above its 50-day moving average of $26.57.
Traders should only consider long-biased traders in CYOU if it can manage to move back above its 50-day with strong volume. Look for a sustained move or close above $26.57 with volume that’s near or well above 297,700 shares. If we get that action soon, then CYOU could trend back towards its next significant overhead resistance levels at $28.05 to its 200-day moving average of $39.35.
Zagg (ZAGG) designs, manufactures and distributes protective coverings, audio accessories and power solutions for consumer electronic and hand-held devices under the brand names invisibleSHIELD, ZAGGaudio, and ZAGGskins. This stock is trading up 6.4% at $13.09 in recent trading.
Today’s Volume: 1.7 million
Average Volume: 1.1 million
Volume % Change: 137%
Shares of ZAGG are skyrocketing today ahead of the company’s quarterly earnings report, which is expected to be released on Thursday.
From a technical perspective, ZAGG has triggered a major breakout trade here since this stock has moved above some past overhead resistance at $12.35 on heavy volume.
Traders should now look for long-biased trades as long as ZAGG is trending above $12.35, and if it can close near its daily highs. If we get that action today, then look for ZAGG to continue its uptrend in front of its quarter toward its next significant overhead resistance level at $14.
Following its earnings report, traders should look for long-biased trades if ZAGG can trigger a breakout trade over $14 with volume. Look for a sustained move or close over $14 with volume that’s near or well above 1,124,510 shares. If we get that action, look for ZAGG to make a run at $16 to $17 or possibly much higher.
CVD Equipment (CVV) designs, develops and manufactures customized equipment and process solutions used to develop and manufacture solar, nano and advanced electronic components, materials and coatings for research and industrial applications. This stock is trading up 6.5% at $14.20 in recent trading.
Today’s Volume: 144,000
Average Volume: 111,005
Volume % Change: 134%
From a technical perspective, CVV is surging higher here on above average volume, and this stock is triggering a near-term breakout trade above its 200-day moving average of $14.16 and above some past overhead resistance at $13.95.
Traders should continue to look for long-biased trades as long as CVV is trending above its 200-day with strong upside volume flows, and if it can close above that level. I would consider any upside volume that registers near or well above 11,005 shares as bullish. If we get that action today, look for CVV to make a run at its next significant overhead resistance level oat $16.06 in the near future.
Cymer (CYMI) is a supplier of light sources used in the photolithography process for semiconductor, or chip manufacturing. This stock is trading up 2.1% at $51.82 in recent trading.
Today’s Volume: 371,000
Average Volume: 289,970
Volume % Change: 84%
From a technical perspective, CYMI are moving modestly higher here on above average volume. This move is quickly pushing CYMI within range of triggering a major breakout trade. That trade will hit once CYMI can manage to take out some past overhead resistance at $52.45 to $53 with high-volume.
Traders should now look for long-biased trades off a sustained move or close above those levels that comes on volume that’s near or above 289,970 shares. If we get that action soon, look for CYMI to make a run at its 2011 high of $58.19 in the near future.
Francesca’s (FRAN) operates a national chain of retail boutiques designed and merchandised. Its Francesca’s collections are a specialty retailer in the U.S. This stock is trading up 4.8% at $31.20 in recent trading.
Today’s Volume: 871,000
Average Volume: 569,419
Volume % Change: 137%
From a technical perspective, FRAN is ripping here and starting to flirt with a near-term breakout trade above some overhead resistance at $31.31 with above-average volume.
Traders should continue to look for long-biased trades if FRAN can manage to close above $31.21. If we get that action today, then look for FRAN to trigger an even bigger breakout trade if it can take out some more near-term overhead resistance at $32.92 to $33.93 with high-volume. Look for a sustained move or close above those levels on volume that’s near or well above 569,419 shares. If we get that action soon, it will mean that FRAN is trading in all-time high territory, and should trend much higher in the near-term.
To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.
At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.