As I noted below, there are some stocks on the move. One to watch is Incyte Corp (INCY).

As the daily chart below shows, the stock is trying to break above its recent peaks. This puts it at a new annual high. Open interest is light and the jump has the stock trading above the peak front-month call strike. Though, there is some volume at the 10 strike today that might be a strike to watch.

Another point to keep in mind is that short interest is relatively high. According to data collected by our Quantified Analysis department, 36% of the stock's float is sold short. The heavy short positions could exacerbate volatility and also drive some call buying for hedging purposes.

I usually don't put too much emphasis on the charts when the broad market action is light. However, the stock is showing relatively heavy volume so it might be worth keeping an eye on.

Chart Courtesy of Thomson Reuters