Watch List July 15th

Good Morning,

Yesterday we saw a barely green day for the SPY but it didn't really feel very green with a lot of selling pressure after a gap up open. This morning we are seeing a gap down for the SPY and IWM and a relatively flat open for the QQQ. We are also pointing towards a gap up for the VIX this morning. Overall we remain in that same uptrend, but we are definitely seeing some profit taking at or near the all time highs. It is also worth noting that some sectors are getting hit very hard this week and it remains to be seen if this is going to lead to a broader pullback or some heavy sector rotation. Either way some caution is warranted here through smaller position size. Here are some names that we will be watching today:

AMC I like short on a failed attempt to reclaim its sma50 on the daily. I don't want to chase the lows here, but if this tries to rally and fails, I think there is a nice risk/reward to buy puts on a fail at the sma50

KDP left a huge upper wick on Tuesday with the market pullback and came right back yesterday with a nice push off of its sma20 with a TTM Squeeze on the daily. I like this on a soft open that goes red to green for a push into the gap above

MDLZ can be a boring one but I like the 3/8/20 cross up with a TTM Squeeze on the daily heading into earnings on July 27th. Ideally I like this on a pullback to its ema8 for a push up to break the recent highs

STLD is another name that is giving a 3/8/20 cross up with a TTM Squeeze on the daily. I like this on a pullback to the sma20 around 60.25 for a push up to $66 or higher

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