As I type here at 6:30 AM Eastern, the market is looking to open dead flat. A lot could change in the next 3 hours, but this is no surprise as the market has been very strong, but looks a little tired as far as any further push up the last few days. As usual, I will be patient at the open and let things settle in before taking any new trades. Yesterday we were able to get a nice win on our overnight swing trade in TLRD, and I took a new overnight swing trade in CHS that I am holding now. Again with these overnight swing trades (as opposed to just a swing trade), I only hold these for one night and I'm usually out of the trade no later than 10 AM the following day. I did not get a lot of great setups in my scans for today, but did turn up a few as well as a couple names that I will keep on side watch and possibly develop a trade plan after I see how they open. Here are the names that I will be watching today:
EXPR worked its way over its sma200 after a failed attempt a few weeks ago. I like this over 3.85 for a test of $4 and possible move higher
TECK made a nice high volume move over its sma50 yesterday and started a TTM Squeeze on the daily. I like this over 17.50 for a push up to $18 or higher
M had a 3/8/20 cross recently with a TTM Squeeze on the daily. I like this over 16.71 for a push up to $17 or higher
IAA is a recent issue that is showing signs of reversing like so many of these beat up recent IPOs. I like this over 39.30 for a move up towards $40
In addition to the above names, I will be watching a few others to see how they open before coming up with a plan. I like AMRN long into their FDA AdCom next week, UBER short with their lockup expiration today, and VKTX long for potential continuation of yesterday's big move.