NEW YORK (TheStreet) -- Monday was a very strong day for the stock market. A lot of our stocks did well, and I want to show you some interesting patterns here.
Advanced Micro Devices (AMD) over the course of the last few months has formed an ascending wedge within what looks like a longer-term rising channel. The stock is at the bottom of this channel, so there's lots of room to run. Mid-channel would be $5.75, and the channel top points to $7. On Monday, it was up 27 cents, or 6%, to $4.64 on nearly 73 million shares. That's the biggest volume in a while. If it pushes up through resistance right above current levels, it may very well get to mid-channel quickly.
BioDelivery Sciences International (BDSI), a recent swing trade pick of ours, has been acting great, up another 22 cents to $14.24 on Monday. After the recent pop and breakout and pullback, it snapped right back, and the stock is forming an ascending wedge. I'm looking for $16 on this stock, which is the top of the channel.
Exelixis (EXEL) had an exceptional day on Monday, up 76 cents, or nearly 23%, to $4.09 on a whopping 38 million shares. The developer of small molecule drugs to treat cancer announced positive Phase 3 test results. Watch for a follow-through and move to $4.50 short-term. If it takes that out, a gap-fill could happen in the $5.75-$6 zone.