We are in some very choppy waters here. The major indices seemed to have found resistance after a bit of a bounce this week, and we are gapping down sharply again this morning. I will also say again that the most important thing for me to watch here is the VIX. It is showing no signs of easing any time soon, and until it does the path of least resistance is a choppy one that probably continues to test down. Getting good trade entries has been extremely difficult with the big gappy opens we have been having, and the best thing right now is patience, caution, and occasional shots in very small position size. Here are a few names that I will be watching today:
LVGO continues to be interesting if the market can find any support. I like this on a pullback to the sma20 and then a move back up through $27 with the market having found some support. Target would be $30 or higher
LK is a name showing a lot of relative strength in this market weakness with a nice TTM Squeeze on the daily. I like this on a red to green move today to test yesterday's highs and possibly break higher
WORK is a potential corona virus stay at office/home play that had a big pop yesterday before giving most of it back in market fade. I like this on a red to green move for a test of yesterday's highs and possible move higher
GO is in a very nice TTM Squeeze on the daily and looks ready to take out a cluster of moving average resistance above. I like this over $33 for a push up to $35 or higher
NFLX and FB are two names that I like for potential short setups, but until I see what the market wants to do this morning, it is hard to define entry points. Just know that I have these on my radar.