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Peter's watch List October 11th

Good Morning,

Yesterday the market went up on hope, and today it looks like we have more of the same in store as we are seeing a very large gap up on hope of a trade deal. Right now it looks like the SPY may gap up right to or even over the sma20 on the daily. I think we need to be a little cautious with this open. This is not a prediction, but I would not be at all surprised if we gap up and end up fading on lack of news coming or on news of a deal with little substance to it. This has been a frustrating week to trade with all this trade talk and choppy news driven jumps, and unfortunately I think we may be in store for more of the same today. As boring as it may be, I will continue to be patient and cautious in these conditions and only look for A+ trade setups and let them come to me. Here are a few names that I will be watching today:

FRAN has been on watch all week, and we may see a Friday short squeeze today if this gets going over the 17.20 area

ODP is in a nice reversal pattern and took out its sma100 yesterday on heavy volume. I like this over 1.83 for a test of 2 and possible push higher

CARS is setting up for a 3/8/20 cross today. I like this over 9.74 for a test of $10 and possible push higher

GRMN is in a nice TTM Squeeze and has regained its sma20 and looks ready for a potential breakout. I like this over 85.67 for a move up to $87 or higher