I hope that everyone had a nice weekend and is coming into the new week rested, refreshed, and ready to go. The major indices are all gapping up this morning heading into some economic numbers coming out a little after the open. We have PMI manufacturing index #'s at 9:45 AM Eastern and ISM manufacturing index #'s at 10:00 AM. These reports both have the potential to move the market, and other than quick scalps I will likely be patient this morning until these reports come out. I will be closely watching names from the free weekly watch list this morning, and I will also be watching the following names:
GSX is a heavily shorted name that is in a nice ascending triangle pattern, and I like this for a day trade on a break of 90. I am not interested in holding this overnight as there are lots of questions about fraud surrounding the company, but I think it could give a very ncie day trade.
AAOI has earnings on Thursday after the close and looks ready for a run up into that. I like this on a pullback and hold of the $14 area or on a red to green move for a run up into earnings
WORK is in a head and shoulders pattern and has broken a few key anchored vwap levels. I like this on a retest and fail of one of these levels around the $30 for a trade to the short side for a move down to $28 or lower
NKE is in a tight consolidation pattern in a TTM Squeeze. I like this over $98 for a test of $100 and possible push up to $105 or higher