7 Stocks Soaring on Unusual Volume

Traders should now look for long-biased trades, if ONXX can sustain a move or close above those levels with volume that's near or above 1,121,300 shares. If we get that action soon, then look for ONXX to easily trade north of $50. On the flipside, if ONXX fails to take those levels out, it could become a short candidate, since those levels have acted as tough resistance for a few months.

Monolithic Power Systems (MPWR)

This is a fabless semiconductor company that designs, develops and markets analog and mixed-signal semiconductors. This stock is up 8.7% at $19.72 in recent trading.

Today's Volume: 626,000
Average Volume: 322,328
Volume % Change: 129%

Shares of MPWR are surging today after Stifel Nicolaus raised its rating to buy from hold, citing the company's "renewed focus on higher-value products, end-market diversification and attractive financial model," with solid free cash-flow generation. From a technical perspective, MPWR is ripping higher here on monster volume, and the stock is flirting with its 50-day moving average of $19.66. At last check, MPWR has hit an intraday high of $19.84 and volume is well above its three-month average action.

Traders should now look for long-biased trades as long as MPWR can keep a trend over its 50-day with strong upside volume flows. I would consider any upside volume day that registers near or above 322,238 shares as bullish. If we continue to see that trend, then MPWR could easily retest its 52-weeek high of $22.40, in the near future. On the flipside, I would avoid this stock, or look for short-biased trades, if it fails to hold that trend above the 50-day, and then takes out some near-term support at $17.70 with heavy volume.

Seattle Genetics (SGEN)

This is a biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for cancer. This stock is up 4% at $23.35 in recent trading.

Today's Volume: 2,705,000
Average Volume: 1,207,540
Volume % Change: 181%

Shares of SGEN are ripping higher today after Needham & Company reiterated its buy rating on the stock and raised its price target from $20 to $25.