We had a very interesting day on the market yesterday. Oil prices were up sharply after the attacks on Saudi production facilities, and the rest of the market mostly traded sideways with 3 of the 4 indices having small pullbacks and the IWM green on the day. Overall, it feels like the market is waiting for more news out of the Middle East or for the FOMC rate decision tomorrow afternoon before picking a true direction. Lately we are finding that the trading conditions for day trades have been good in the morning, and that the afternoons have been range bound and very difficult to trade. Here are some names that I will be watching today:
NVAX mad a strong move yesterday on heavy volume. If this wants to continue today, I like it over 7.70 for an $8 test and possible move to the mid $8s
SOLY is am IPO from this spring that is showing some signs of coming back to life. It has a nie little inverse H&S setup that is testing the neckline. I like this over 14.35 for a move up to $15 or higher.
KTOS is a name that makes technology to eliminate drones and got a nice pop after the drone attacks in Saudi Arabia. I think this is unlikely to set up without additional news, but I will be watching this for a move back over 21.75 for potential continuation.
LK is a recent issue that had a recent 3/8/20 cross and a nice gap above. I like this over 22.67 for a push further into the gap above.
FCST is in a nice TTM Squeeze and just got a light blue momentum bar. I like this over $37 for a push up towards $38