Watch List December 2nd

Good Morning,

Yesterday we saw a big gap up in the major indices that led to a bit of a frustrating day with mostly sideways action intraday. This morning we are pointing towards a moderate gap down in the major indices and a relatively flat open for the VIX. Overall we remain in a place where we don't want to fight an intermediate term uptrend, but we really want to keep our overall risk relatively small with the indices all sitting on all time high resistance. The other thing that we are watching closely is extension on the charts. The SPY and IWM in particular were very extended from their daily sma20, but those sma20s are starting to catch up to price action, which is healthy. We will be watching how this plays out over the course of the week. A test of those sma20s would be very good to see. Here's a few names that we are watching today:

ATVI from yesterday I still like on a strong move over $80 for a push up into the mid to high $80s

CAG is another name I still like from yesterday's list. It has a nice TTM and gave an inside day yesterday. I like this for a swing with a flat open or I like for a day trade over yesterday's high of day.

BMRN is in a long TTM Squeeze and consolidation with a huge gap above. I like this on a pullback to the 78,50 area for a swing entry for a move up into the gap

INOV sold off hard in late October and is setting up for a reversal in a TTM Squeeze. I like this on a reclaim of the sma20 at 19.05 for a push up to test $20 and possibly head higher

EDIT is in a TTM Squeeze and is trying to reclaim vwap anchored to the August highs. I like this over $32 for a push up towards $35

16 views0 comments