Well that was quite a wild ride yesterday afternoon. After a slow, steady move up, the market dropped sharply on some US China trade news. The SPY is now not that far from its sma50 and The VIX has popped over all of its major moving averages. All in all, its time to be pretty cautious here and focus on day trading opportunities until the market finds some support in this pullback. If the pullback accelerates at all, we will also look for some opportunities to swing puts. Today I will mostly focus on my reversal watch list, but here are a few names that I will be watching:
SELB made a very nice move yesterday right to its sma100 where it stalled. If this can get back over that sma100 and over yesterday's high of 2.18 I like this for a move to the 2.50 area
KGC is a gold name that gapped down yesterday and then gave a huge bullish engulfing candle. I think this is unlikely to set up, but I like it over 4.50 for a move towards $5
VSTM has been trying to reverse for sometime and yesterday it got its earnings call out of the way as a mostly clinical stage biotech who recently had their first product FDA approved. I like this over 1.60 for a move towards $2
SBUX is a name that had earnings last week and gapped up and went up before retracing. Yesterday it looked ready for a nice move back up, but pulled in the afternoon with the big pullback in the market. I will be watching this for a reversal on the 5 min or 15 min chart for a move back to yesterday's high.
KPTI is another name that looked ready to move higher yesterday but got dragged down by the market. It also has a nice TTM Squeeze on the daily that went dark blue to light blue. I like this over $9 for a move to 9.50 or higher.
Feel free to email me at email@example.com with any questions and trade green!