Watch List July 29th

Good Morning,

Yesterday the SPY was green for a good portion of the day and it tested that key 323.50 area a few times before a late afternoon selloff on light volume. This morning, the major indices are all gapping up a bit, but today is likely to be all about the FOMC rate decision, statement, and press conference. In all likelihood there will be some activity early that we will try to take advantage of with some morning day trades but by around 11:30 things are likely to get pretty slow heading into the 2 PM announcement and the 2:30 presser with Fed Chair Powell. Keep in mind that with all FOMC events, there is typically an initial reaction and a counter reaction before the market decides on its ultimate direction. We do not want to be chasing these initial moves. If I take any swing trades today it is likely to be late in the afternoon after the market has fully digested the FOMC events. Here are a few names that I will be watching today:

TRIP is in a nice TTM Squeeze heading into its earnings call next week. I like this over 21.35 for a push up to $24 or higher

TXRH has had a few inside day and looks reasy for a bigger move heading into its earnings next week. I like this over yesterday's high of 53.09 for a push up to the $58 to $60 area

INSG made a strong move yesterday on volume and I like this on a soft open and red to green move for a test of yesterday's highs and a possible push up to $14 or higher

PRTY made a decent move yesterday but then pulled in with the market late. I like this over 1.60 for a push up to $2 or higher

UAL is in a nice TTM Squeeze and is building a nice base of anchored volume by price for a move higher. I like this over $34 for a push up to $37 or higher

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