The market is gapping up pretty strongly this morning in the premarket, and I will be very patient to see how this gap up gets digested. It is also very important to note that we have PMI and ISM Manufacturing numbers coming out at 9:45 and 10 AM Eastern which could move the market in either direction. I am not likely to make any trades ahead of these numbers. It is very important in the next couple days to see if this premarket bounce is just a relief bounce or if we have found support at the sma50. I lean towards the former, but I am keeping a very open mind. I may look for opportunities to add to my small SPY put position as well as my position in GOLD. I will mostly be focused on the weekly watch list names today, but I will also be watching the following names:
PTON has shown a ton of relative strength and has a nice TTM Squeeze on the daily heading into its earnings on Wednesday afternoon. I like this over 32.50 for a run up into the earnings call.
SDC is another name shoring some relative strength in a market pullback. I like this over 13.50 for a test of $14 and possible push up to $15
ROKU had a huge pullback Friday on news but then the bad news was addressed over the weekend. I will be looking to see if this can show any strength over $125 for a potential run into earnings next week