So far this morning the market seems to be shaking off the continued corona virus news coming out of China, and yesterday was yet another day where the dip got bought. The SPY saw nice buying off of its ema8 and ended up with a nice green candle on the day. This morning we are seeing a gap up that has us pretty close to all time highs again. I will continue my plan of taking shots in this market but managing position size carefully when we are on all time highs. It will be very important to keep an eye on the VIX in the coming days to see if gives us any clues as to when we might see more of a pullback. The TTM suggests that we may see some volatility in the coming weeks. Here are some names that I will be watching today:
EXPE made a nice move off its sma20 yesterday and has a very nice base of anchored volume by price and a huge gap above. I like this over 114.09 for a push up into the gap that starts around 115.50
CSX had earnings last week and moved around a lot on its er day and then pulled back for a few days. It had a strong recovery yesterday and I like this over 76.72 for a test of the earnings high and possible push into the gap above.
DDD had some unusual options activity yesterday and is forming a nice little flag on the daily. I like this over 11.92 for a test of 12 and possible flag break over 12.11 with lots of room up if it can get through these levels
LYFT is a name that I've been watching pretty much all week. It back tested and held its ema8 very nicely yesterday and looks ready for a push higher. I like this over 48.50 for a push up to $50 or higher
ROKU is another name that I have been watching all week. I like this over $135 for a test of the sma20 above and possible move up to the $140 area.
UFPI in a nice TTM Squeeze on the daily and made a high volume move over its sma50 yesterday. I like this over 49.43 for a test of $50 and possible push higher
LK back tested and held its sma20 yesterday and looks ready for a continuation of the strength it has been showing. I like this over 45.50 for a push up to $47 or higher
KAR is in a very nice reversal pattern and is forming a base around its anchored volume by price. I like this over 22.40 for a test of $23 and possible push into the gap above