Peter's Watch List February 4th

Good Morning,

All I can say is wow. This is one crazy gap up in the market. I will be very patient at the open as I do not want to chase a gap up open to the long side. I will also be watching for potential resistance areas to see if this is going to be a gap and fade day which are not unusual in a market pullback. The two biggest spots that I will be watching are the high of last Wednesday at 328.63 and $330 to the upside on the SPY. To the downside I will be watching the sma20 around $327 to see if that holds if it gets tested. Most importantly, I don't plan on doing much of anything for the first 30 minutes until this gap up gets digested. Here are some names that I will be watching today:


ZM was a high volume runner today that could get continued attention today with the market strength if it holds up. I like this over $90 for a continuation of this move with a target around $95


PTON pulled back intraday yesterday and then pushed higher. I will be looking for the same type of action today if it sets up. I like this on a pullback and then move back up through $33 for a push to $35 or higher


PS has been in a long rounding pattern with a nice gap above. I like this over 19.80 for a test of $20 and then possible push up to $21


SDC continues to consolidate in a tight pattern. I like this over 13.25 for a test of $14 and possible push up to $15


LOW is a name that I am watching for a potential short entry. Ideally here I would see a gap up today along with the market and then see the market and the name meet some resistance end start to pull. Ideally I'm looking for a short entry around 118.50


Last but not least I will be watching AXSM over $95 for a potential day trade - I like it as a swing setup but it had some trial data due soon, and I don't want to be holding it when the data gets released





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