As the markets shoot higher on QE3 prospects, many stocks are outperforming or look ready to blast higher. Let’s take a look at a few. First, notice how the U.S. Dollar is collapsing today. This is helping commodity stocks rocket higher. Chevron Corporation (NYSE:CVX) is trading at $106.29, +1.90 (+1.82%). This is on the back of a powerful up move in oil.
On the technology side, Apple Inc. (NASDAQ:AAPL) continues to near its 52 week, all time high at $364.90. It currently is trading at $359.25, +5.50 (+1.55%). Technology overall is having a big day. The Nasdaq is trading +39 points.
The financial stocks are also having a solid day. Of late, these have been lagging but appear to be helping the markets today. Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM) are leading the charge. This is broad based rally today.
The key stock I wish to feature is OXiGENE, Inc. (NASDAQ:OXGN). This is a small cap, low float play with tons of shorts. It is a biotechnology stock with just a $23 million market cap. While it is currently trading at $2.43, it did trade higher than $6.00 just a few months ago. The consolidation pattern on the chart tells of a possible massive move up on the horizon. This would coincide with a squeeze to the shorts. The key to this play is the pattern on the chart as well as the massive short position. Any sort of upswing would cause a larger move due to short covering. Watch this one in this range.
Gareth Soloway
InTheMoneyStocks.com
