Wednesday's Playbook: CLWR, CXM, VHC

Lots of stocks are poised to move on Wednesday after setting themselves up on Tuesday, but Clearwire Corporation (NASDAQ:CLWR), Cardium Therapeutics Inc. (AMEX:CXM), and VirnetX Holding Corporation (AMEX:VHC) are more ready than others. Here's a closer look.

Were it just Monday's 5.0% pop that carried Clearwire Corporation shares above the 100-day moving average line at $2.18, then it may not even be worth mentioning. To see CLWR follow-through on Monday's move with an 11% move though (on higher volume no less), makes the last few days the strongest and healthiest rebound effort we've seen from this stock since mid-2010.

There's a caveat for any bullishness though... this chart hasn't dealt well with gaps, and it just left one behind with last week's pop. You can see after CLWR left behind gaps in August and October, it ultimately fell back to that support line at $1.31. This time may not be any different, though of any gaps was going to be different, this would be the one. Let's keep Clearwire Corporation on the radar either way, as this week's move was major technical progress, gap or not.

Cardium Therapeutics Inc., unfortunately, isn't leaning towards the bullish side of the table. Instead, CXM has been grinding its way downward since an excessive surge to $0.60 on October. In fact, it's fallen under all the key moving averages save one - the 100-day line at $0.283. If it breaks too, there's nothing left to keep it aloft.

Indeed, a slide under the $0.283 mark may well start the journey to close the big gap that CXM let behind when that October surge started. The lower edge of the gap level is at $0.14, and the low point from right in front of that pop is at $0.13. And, Cardium Therapeutics has had a much easier time making lower lows than higher highs since 2010. There's been no game-changing catalyst in the meantime.

Finally, though it failed to make good on the hope it offered Monday, VirnetX Holding Corporation is still in the hunt for that breakout. The line in the sand is still $23.88, where VHC has been - and still is - hitting a ceiling. Monday's high of $23.60 and Tuesday's high of $23.30 were good efforts, but didn't get the job done.

Still, the heat is building, and after more than four months of testing the $23.60 ceiling, VHC could be on the verge of an explosion.... in a good way. In fact, the $23.60 level IS the last hurdle for VirnetX Holding Corporation to clear.