Well it was quite a day for the market yesterday, and so far this morning we are getting a bit of a gap up. I will be very patient this morning and let things settle in until at least 10 AM if not 10:30 to see if this is a relief bounce that quickly finds resistance or something more. Although the VIX is down a bit in premarket, it is still at a very elevated level that makes trading much more challenging than in a lower volatility environment. I may look to make a small add to my position in SSRM calls today, and I will also be watching the following names:
PTON saw a high volume bounce yesterday, but I still lean to the short side on this one. I like this on a move up to 27.50 that finds resistance to enter a short trade for a move back down to $25
OMI is one of very few names that was green yesterday. I like this over $7 for a test of recent highs around 7.30 and a possible move higher into earning son March 4th
DOMO is in a very nice TTM Squeeze on the daily and is holding its sma20 as its sma20 and sma50 are moving up through the sma200. I like this over $27 for a test of 27.50 and possible move up towards $30 into earnings on March 12th
BABA is a name I like for a potential short. Ideally I would like to see this close the gap above and take a short position around 211.50 for a move back down to yesterday's lows around 202.50
ABEO held its ema8 perfectly yesterday in a weak tape and was almost able to go green. I like this over $4 for a test of last week's highs around 4.35 and a possible push higher
XLK is another name that I am watching for a potential short. I like this on a move towards the gap above that finds resistance. Ideal short entry would be around 96.50 for a push back down to yesterday's lows.
TRIL is right off of our weekly watch list and just managed to hold its sma20 yesterday. I like this on a move up through $4 for a test of last week's high around 4.45 and a possible break higher