It was quite a week we had last week for the market. With the constant threat of positive or negative US China trade news dropping at any time, the market made a lot of sideways moves that were then followed by sudden pops or drops. Unfortunately this made trading very challenging. In our chat room, we were preaching caution and patience all week long, and it served us and our members well. We also cautioned everyone that any sort of mini deal might lead to a sell the news event, which so far seems to have played out. We will see what tomorrow brings soon enough. A couple things to note on the SPY are that the sma20 was regained on both the daily and weekly charts. We believe it will be very important to see what happens on a retest of these levels, and we will be watching closely to see if that retest sets up. Here are some names that we will be watching all week:
WORK is a name that we have traded multiple times in the last week and a half, and we still like the setup here. We like this on a break of 26.40 for a push up towards $28. It's worth noting that there was unusual options activity in the October $30 calls that expire this coming Friday.
KTB is a relatively recent issue that had a nice recovery after an initial selloff and likely has its all time highs in sight here. We like this over $37 for a move to the all time highs around $39
GIII is a beat up name that has reversed off of its lows and took out its sma100 on Friday on heavy volume. It also has a nice TTM Squeeze on the daily. We like this over 26.50 for a push up to $28 or higher.
GT is in a pattern that is very similar to GIII and also has a nice TTM Squeeze on the daily. Ideally we would like to see this pullback and hold the $14 level and get long on a move back up through the 14.20 to 14.25 area for a push up to $15 or higher.
MDLA is another recent issue, and like so many of these it is rather beat up. We like this over 29.50 for a move up towards the ema34 around $31
ALGN is a name that we were watching multiple days last week, and it just kept eluding us somehow. We still like the setup here on a move over $201 to push up to $206 or higher.
AMTD is one of many brokerage firms that have dropped sharply on the zero commission trend. SCHW and ETFC have both seen some decent recovery already, and we think AMTD might be next. We would like to see this get up over the ema8 on the daily around 35.60 and would enter there for a move up to $37 or higher
ARMK is a name that has been showing a ton of strength in a relatively weak market. Ideally we would like to see this pullback and fill a small gap and then look for entry on a move back up through $44 which would have range to $46 or higher