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Peter's Watch List for August 1st

Good Morning,

It was quite a wild ride for the market yesterday, where we saw virtually no action into and through the 2 PM FOMC announcement, followed by a sharp pullback on the 2:30 press conference from Jay Powell. We talked about this in our premarket chat yesterday, and that type of action is exactly why we were pretty quiet on trade alerts yesterday. Hopefully today we see things return to some more normal trading conditions. My scans for today didn't turn up a ton of great setups, but I was able to find a few:


AVID pulled off of recent highs and found support at the sma20 and has a TTM Squeeze on the daily. I like this over yesterday's high of 10.36 for a move up to $11


Z also pulled from recent highs back to the sma20 and has been working its way back over it with a nice TTM Squeeze on the daily. I like this over $50 for a move to $52 or higher


URBN is in a bottoming pattern and tried to move yesterday but just didnt have the strength to do it with the market weakness. I like this over $24 for a move to $25


KPTI tried to break out yesterday and actually took out the highs of last week, but again here it couldn't break out with the market weakness. If the market cooperates today, I like this over 9 for a move towards $10


CVS is from our watch list yesterday and was looking OK until that afternoon market pull. I like this for a potential swing trade over the sma20 on the daily around 56.20 for a move to $58 or higher


As always if you have any questions feel free to email me at peter@thetraderspath.com and trade green!