The indices are all up sharply in the premarket on positive comments regarding US China trade. I will be very patient letting this gap up open settle in as we have seen this happen plenty of times before where positive comments don't really lead to much in this ongoing trade war. It is also important to note that many of the major indices are gapping up into or near resistance areas. The VIX is down this morning, and I will be monitoring that closely to see if this is just a small dip or if we see continued easing. Overall, it still remains a time to be patient and selective in our trading. Here are some names that I will be watching today:
STAA gapped up on earnings and retraced to its sma20 and is now testing the sma200. It also has a nice TTM Squeeze on the daily. I like this over 33.30 for a move to $35 or higher
COUP is just starting a TTM Squeeze on the daily and is reclaiming its sma20. I like this over 139.66 for a move to $143 or higher
EGBN is a nice reversal setup on the daily. I like this over 40.12 for a move to $42 or higher
KPTI is in a long daily coil and TTM Squeeze. It has now been consolidating nicely over the sma20. I like this over 9.12 for a test of 9.25 and possible move towards $10
SBUX retraced back to the sma20 after a nice earnings bet in late July. It looks ready to break higher now and test the earnings highs. I like this over $97 for a move to $100
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