Peter's Watch List December 30th

Good Morning,

Last week we had a short, broken up trading week with the Christmas holiday, and despite the low volume, the market continued to grind higher and keep making all time highs. On Friday we did see a gap up with some selling throughout the day that left us with a piercing candle on the SPY and most of the major indices and a bit of a jump in the VIX. This morning we are looking at a flat to slightly down open, and I think it is important for us to approach the market with an open mind this week. It certainly looks like it could use a rest, but i wouldn't count out the possibility that we keep grinding higher for a bit longer. In the meantime, I will continue to focus on shorter term setups. Here are some names that I will be watching today:

ADXS is a cheaper biotech that tested the $1 level a couple week ago and pulled back on light volume. It is now rounding back up towards that level with volume starting to come back in. I like this from .85 to .87 for a move into the mid to high .90s

SMPL is in a nice cup and handle pattern with a TTM Squeeze on the daily. I like this over 28.53 for a test of $29 and possible move up towards $30

ONCY made a strong move on volume on Thursday and then gave us a daily resting candle on Friday. I like this over the top of Thursdays candle at 2.93 for a test of $3 and possible push up to the mid $3s

STNE is starting to break above some short term trend line resistance in a TTM Squeeze on the daily. I like this from 39.20 to 39.29 for a move up to $40 and possible break higher

MCD is starting to show some signs of recovery after a big earnings miss last quarter. I like this over 198.50 for a push up to $200 or higher

GRMN is in a long flag pattern after an earnings beat and looks ready to break higher here soon. Ideally I would like to see this pullback and test the sma20 and then piuck it up on the way back up through $98 for a push up to $100 or higher

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