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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.
Let's take a look at several stocks rising on unusual volume today.
Myriad Genetics (MYGN) is a molecular diagnostic company. Myriad Genetics is focused on developing and marketing predictive medicine, personalized medicine and prognostic medicine tests. It performs all of the molecular diagnostic testing and analysis for its tests in its own reference laboratory. This stock is trading up 5% at $23.94 in recent trading.
Today’s Volume: 1.3 million
Average Volume: 664,112
Volume % Change: 284%
Shares of MYGN are ripping higher today after the Supreme Court made a decision to remand back to the Court of Appeals Federal Circuit a patent case between ACLU and Myriad Genetics.
From a technical perspective, MYGN are rising sharply today back above its 50-day moving average of $23.59 on heavy volume.
Traders should now look for more upside and long biased trades if MYGN can take out some near-term overhead resistance around $24.50 with high-volume. Look for volume on that move that’s near or well above 664,112 shares. If we get that action today or soon, then look for MYGN to re-test its recent high of $25.75.
Myriad shows up on a list of 4 Upgraded, Undervalued Stocks.
On Assignment (ASGN) is a diversified professional staffing firm providing flexible and permanent staffing solutions in specialty skills, including laboratory/scientific, healthcare/nursing/physician, medical financial, information technology and engineering. The stock is trading up 3.5% at $17.69 in recent trading.
Today’s Volume: 400,000
Average Volume: 255,054
Volume % Change: 206%
From a technical perspective, ASGN is moving sharply higher today on strong volume. This stock recently gapped up from under $14 to a recent high of $18.25 on huge volume. This move today in ASGN is now pushing the stock within range of triggering a near-term breakout. That breakout will hit once ASGN takes out $18.25.
Look for a sustained high-volume move and close above that registers volume near or above 255,054 shares. If we get that action soon, then look for ASGN to tag $20 quickly.
On Assignment was featured in "Top 4 Staffing Stocks for an Improving Economy."
Cornerstone OnDemand (CSOD) is a global provider of learning and talent management solution delivered as software-as-a-service. The stock is trading up 5.8% at $21.75 in recent trading.
Today’s Volume: 355,000
Average Volume: 274,288
Volume % Change: 151%
From a technical perspective, CSOD is gapping up strong today on above average volume. This move is quickly pushing CSOD within range of triggering a big breakout trade. That breakout will hit once CSOD takes out some near-term overhead resistance at $22.62.
Traders should look for long-biased trades off a sustained high-volume move and close over $22.62 and then its all-time high of $23.50. Look for volume on a move above those levels that’s near or well above 274,288 shares. If we get that action soon, look for CSOD to hit $25 or higher in the near future.
Buffalo Wild Wings
Buffalo Wild Wings (BWLD) is an owner, operator and franchisor of restaurants featuring a variety of menu items, including its Buffalo, New York-style chicken wings spun in any of its 14 signature sauces or four signature seasonings. The stock is trading up 6% at $93.47 in recent trading.
Today’s Volume: 820,000
Average Volume: 666,444
Volume % Change: 129%
From a technical perspective, BWLD has started to trigger a big breakout trade today now that this stock is moving above some near-term overhead resistance and its former all-time high of $91.44 with decent volume.
Traders should now watch for a sustained high-volume move and close above $91.44 to signal that BWLD wants to trend much higher. At last check, volume today has registered above its average action and the stock is trading above $93. Market players should continue to look for long biased trades as long as BLWD is trending above $91.44. A possible short-term target is $100 as long as BWLD doesn’t fail the breakout and move back below $91.44 with heavy volume.
Buffalo Wild Wings shows up on a recent list of 10 Small-Cap Stocks Poised to Rise.
Finish Line (FINL) is a mall-based specialty retailer in the U.S. Finish Line is a retailer of athletic shoes, apparel and accessories. This stock is trading up 2.2% at $25.25 in recent trading.
Today’s Volume: 689,000
Average Volume: 673,482
Volume % Change: 103%
Shares of FINL are advancing to the upside today after Longbow Research upgraded the stock to buy from neutral.
From a technical perspective, FINL is gapping higher today and breaking out above some near-term overhead resistance at $24.48 on decent volume.
Traders should continue to look for long-biased trades as long as FINL is trending above $24.48, and if it can manage to close near its daily highs. At last check, FINL has come off its daily high of $26.15 with the stock now trading just above $25. I would avoid any long biased trades if FINL closes well off its highs today and back below $24.48.
Mitek Systems (MITK) is engaged in the development, sale and service of software solutions related to mobile imaging applications and intelligent recognition software. This stock is trading up 4.5% at $12.15 in recent trading.
Today’s Volume: 541,000
Average Volume: 595,244
Volume % Change: 66%
From a technical perspective, MITK is gapping higher today on decent volume. This move is quickly pushing the stock within range of triggering a big breakout trade. That breakout will hit once MITK can take out some near-term overhead resistance at $12.80, and then some more past resistance at $13.11 with high-volume.
Look for a sustained high-volume move and close above those levels that registers near or above 595,244 shares. If we get that action soon, then traders should look for long biased trades in MITK. A potential near-term target if that breakout triggers is $15 or higher.
Mitek shows up on a recent list of 10 Best-Performing Stocks in Three-Year Bull Market.
KiOR (KIOR) is a development- stage company. KiOR is a renewable fuels company, which has developed a technology platform to convert non-food biomass into hydrocarbon-based oil. This stock is trading up 6% at $11.92 in recent trading.
Today’s Volume: 136,000
Average Volume: 117,277
Volume % Change: 125%
From a technical perspective, KIOR is following through strong today after recently breaking out above some near-term overhead resistance at $9.59, and moving back above its 50-day moving average of $10.66 with strong volume. This move is quickly pushing KIOR within range of triggering another big breakout trade. That trade will trigger once KIOR takes out $13.15 to $13.50 with high-volume.
This stock has a good chance of hitting near those levels soon, so watch for that breakout if it happens. Look for volume on a move over $13.15 to $13.50 that registers near or well above 117,277 shares.
KiOR was featured in "7 Undervalued IPO Stocks That Could Rebound in 2012."
Tractor Supply (TSCO) is an operator of retail farm and ranch stores in the U.S. This stock is trading up 4% at $89.56 in recent trading.
Today’s Volume: 736,000
Average Volume: 683,264
Volume % Change: 111%
From a technical perspective, TSCO is ripping higher today and breaking out to new 52-week highs on decent volume.
Traders should continue to look for long biased trades in TSCO as long as the stock is trending above $89 to $87 with strong upside volume flows. If this stock can manage to close near its daily highs today, then it could well be on its way towards $100 in the near future.
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.