It has been quite a week for the market. Hopefully everyone has been heeding our call for caution, patience, and very small position size in anything that you try. Not much has changed today as we are looking at another gap down and a still very elevated VIX that looks to be opening relatively flat. If there is a sliver lining, it is that we have come off the overnight lows in the futures pretty significantly; however, we are still very much in a time for patience and caution. We should also bear in mind that pullback bring good opportunities if we are patient and don't try to guess at bottoms. I have a short watch list today, but will preface the entire watch list with this. If I take a trade and it starts to work intraday, I will likely take profit rather than risk holding over the weekend, which is likely to be full of virus news.
TDOC had a nice earnings beat yesterday and is a stay at home virus play. Ideally I like this on a soft open and then a red to green move for a push to $140 or higher
ETSY is another earnings winner yesterday that could be seen as a stay at home play. Again here I like this on a soft open and a red to green move for a push up to test $60 again
UPWK is another potential stay at home play that had a strong push off of the bottom yesterday. I like this also on a soft open and then a red to green move for a test of $9 and possible push to the ema34 at 9.35
NET is in a nice little pennant type pattern and one of very few stocks showing strength this week. I like this over $22 for a test of recent highs around 22.50 and a possible break higher
Two other names I will be watching with an open mind are PTON and UBER. I lean short on both, but I think a lot depends on what the market does.