Stock Quotes in this Article: AFFY, CPWM, CRZO, GPOR, LOGM, MDSO, PEET, WIFI

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.

Major moves in volume can signal unusual activity, such as insider buying or selling -- or buying or selling by “superinvestors.”

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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.

Let's take a look at several stocks rising on unusual volume today.

Boingo Wireless

Boingo Wireless (WIFI) provides mobile Internet through wireless fidelity (Wi-Fi) networks globally. The stock is trading up 5.8% at $11.99 in recent trading.

Today’s Volume: 422,000

Average Volume: 118,138

Volume % Change: 445%

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From a technical perspective, WIFI is just starting to trigger a major breakout trade today now that this stock is moving above some near-term overhead resistance at $11.67 with heavy volume.

Traders should now watch for a sustained high-volume move and close over $11.67 and today’s high of $12.08 to signal that this stock wants to trend much higher. If we get that action today or soon, then look for WIFI to re-test its all-time high of $13.50 very soon.

LogMeIn

LogMeIn (LOGM) is a provider of on-demand, remote-connectivity, and support solutions to small and medium-sized businesses, information technology service providers, mobile carriers and consumers. The stock is trading up 2.5% at $34.78 in recent trading.

Today’s Volume: 321,000

Average Volume: 244,090

Volume % Change: 106%

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From a technical perspective, LOGM is spiking modestly today off some near-term support at $33.45 with decent volume.

Traders should continue to look for long biased trades as long as LOGM is trending above $33.45, and for a more bullish signal look for the stock to close near today’s high of $35.17. If we get that action today, then look for LOGM to make a run at its 200-day moving average of $36.84 in the near future.

I would simply avoid any long trades if LOGM breaks back below that near-term support of $33.45.

Affymax

Affymax (AFFY) is a biopharmaceutical company developing drugs to improve the treatment of serious and often life-threatening conditions. The stock is trading up 7.8% at $13.41 in recent trading.

Today’s Volume: 1.5 million

Average Volume: 1.1 million

Volume % Change: 100%

From a technical perspective, AFFY has started to trigger a major breakout trade today now that this stock is moving above some near-term overhead resistance at $13.14 with decent volume.

Traders should continue to look for long biased trades in AFFY as long as the stock is trending above $13.14 with strong upside volume flows. It would also be bullish if AFFY closes near its daily highs today. If we get that action today, then this stock has a great chance to hit $15 to $16 in the very near future.

I also featured Affymax recently in "5 Stocks Ready to Soar on Bullish Earnings."

Medidata Solutions

Medidata Solutions (MDSO) is a provider of software-as-a-service based clinical technology solutions. This stock is trading up 10% at $27.57 in recent trading.

Today’s Volume: 431,000

Average Volume: 332,675

Volume % Change: 73%

From a technical perspective, MDSO is starting to trigger a major breakout trade today now that this stock is moving above its previous all-time high of $27.39 with heavy volume. This is an extremely bullish move for MDSO since it means that just about everyone who as ever bought the stock is making money.

Traders should now continue to look for long-biased trades as long as MDSO is trending above $27.39 with strong upside volume flows. It would also be bullish if MDSO can manage to clear near its daily highs today. If we get that action today, then look for MDSO to hit $30 or higher in the near-term.

Gulfport Energy

Gulfport Energy (GPOR) is an independent oil and natural gas exploration and production company with its principal producing properties located along the Louisiana Gulf Coast in the West Cote Blanche Bay and Hackberry fields, and in West Texas in the Permian Basin. This stock is trading up 2.6% at $31.11 in recent trading.

Today’s Volume: 659,000

Average Volume: 641,377

Volume % Change: 53%

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From a technical perspective, GPOR is bouncing off its 200-day moving average of $30.55 and right near some previous support at $30.13 today with decent volume.

Traders should continue to look for long-biased trades in GPOR as long as the stock is trending above its 200-day with strong upside volume flows. If the stock continues that trend, then look for its next big breakout trade to hit once GPOR takes out its 50-day at $33.69 with high-volume. Look for volume on that move that’s near or well above 641,377 shares.

Peet’s Coffee & Tea

Peet’s Coffee & Tea (PEET) is a specialty coffee roaster and marketer of fresh roasted whole bean coffee and tea. This stock is trading up 1.45% at $73.29 in recent trading.

Today’s Volume: 178,000

Average Volume: 115,475

Volume % Change: 106%

Shares of PEET are moving slightly higher today after Jefferies analyst Andy Barish said he sees further upside in the stock and reiterated his buy rating and price target of $88.

From a technical perspective, PEET has printing a new 52-week and all-time high today at $74.08 with above-average volume. This is an extremely bullish move for PEET since it means that just about everyone who has ever bought the stock is making money. This move is also a follow through for PEET since the stock recently broke out above some past overhead resistance at $69.97 with decent volume.

Traders should continue to look for long biased trades in PEET as long as the stock is trending above today’s low of $71.94 with strong upside volume flows.

Carrizo Oil & Gas

Carrizo Oil & Gas (CRZO) is an independent energy company. Carrizo together with its subsidiaries is engaged in the exploration, development, and production of oil and gas in the United States and United Kingdom. This stock is trading up 4.3% at $30.34 in recent trading.

Today’s Volume: 1.2 million

Average Volume: 1.1 million

Volume % Change: 50%

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From a technical perspective, CRZO is bouncing strong today right off its 200-day moving average of $29.08 with decent volume. This move is now pushing CRZO within range of triggering a near-term breakout trade. That trade will trigger once CRZO takes out $31.62 to $32.18 with high-volume.

Look for a sustained high-volume move and close above those levels that registers volume near or above 1,142,500 shares. If we get that action today or soon, then look for CRZO to uptrend towards its next major overhead resistance level at $40.

Cost Plus

Cost Plus (CPWM) is a specialty retailer of casual home furnishings and entertaining products in the U.S. This stock is trading up 15.9% at $18.60 in recent trading.

Today’s Volume: 1.7 million

Average Volume: 269,098

Volume % Change: 892%

From a technical perspective, CPWM is gapping up huge today on monster volume. The stock has also officially entered breakout territory since it has comfortably taken out some near-term overhead resistance at $15.82 with big volume.

As long as CPWM can manage to close near its daily high of $18.98, then traders should continue to look for long-biased trades 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.

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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.