Watch List August 7th

Good Morning,

Yesterday we saw a bit of an unusual day for the market where we had a steady push up from about noon up but with very little market breadth and participation. Having said that the SPY chart remains bullish and looks likely to test or at least come close to testing the all time highs, but we are getting very close to a point where we might see some sort of reset or correction and need to manage risk carefully through position size. This morning the employment report comes out at 8:30 AM Eastern and that is likely to have a big impact on the market today, which for now is setting up for a moderate gap down. Today I am likely to focus more on day trades than swing trades but I do have a few names that look interesting. Please also note that ZSAN is looking to give a pretty good gap up this morning, and Justin is likely to take profit there this morning.

NKLA has recovered a bit from its earnings miss earlier this week, and I like this long on a red to green move for a push up to the sma20 around $40

MAR is in a nice TTM Squeeze and this one is for day trade only as it has earnings Monday morning, but I like this over $91 for a push up into the mid $90s into its earnings report

SAVE reclaimed its sma20 in a TTM Squeeze and is looking to take out its sma50 and confirm a 3/8/20 cross. I like this over 17.60 for a push up to $20 or higher

MAXR had a big earnings beat and gapped up and pushed all day yesterday. I like this for continuation up on a soft open that goes red to green

BB had a strong move off of its sma20 and through its sma50 on heavy volume yesterday and looks ready to test its sma200. I like this over $5 for a push up to the high $5s

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