Watch List February 18th

Good Morning,

Yesterday we saw a gap down open that eventually rallied a bit in the afternoon after the FOMC minutes were released. This morning I am seeing premarket action that I can only describe as very odd. The SPY is slightly down, but literally almost every name on my broader watch list of 50+ names is red in the premarket. Looking at all of these individual names I would guess that we are looking at a huge gap down, but the SPY is only down .30% as I type at 7:45 AM. I'm not exactly sure what to make of this, and it could certainly change at 8:30 AM when the jobless claims numbers come out. Regardless, I will likely be pretty patient at the open to let things settle in before taking any trades. Yesterday I took overnight swing trades in DPW and GSAT. DPW we were able to take some nice trims yesterday, but the balance is under some pressure in the premarket. I will likely give this one a bit more time than usual today since it appears they are down on news of taking a large stake in another company and I want the market to digest the news a bit. GSAT is down slightly and I will see how the open shapes up before making any decisions there. Here are some names that I will be watching today:

CIIC and JAZZ I am still watching off of the weekly watch list

GES just reclaimed vwap anchored to the January highs and is in a very nice TTM Squeeze on the daily. I like this on a back test of that anchored vwap level around $24 for a push up to $26 or higher

CLF is in a TTM Squeeze on the daily and just gave a 3/8/20 cross and reclaimed vwap anchored to the January highs. I like this on a pullback and hold of the $17 area for a run into earnings on 2/25

NETE is in a long TTM Squeeze on the daily and is working on taking out a couple of key anchored vwap levels. I like an entry off of a back test of the lower anchored vwap at 14.75 for a push up to $17 or higher

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