Yesterday we saw a very choppy day for the market where we had moves up, moves down, some sideways and then a very strong rally into the close. This morning we are getting a bit of follow through on that so far with a moderate gap up for the major indices; however, the VIX is flat this morning, which will be something to keep a close eye on today. So far this week, price action on the SPY remains constructive with some room to run higher, although there are some potential warning signs of some topping action in the overall market. Here are some names that I will be watching today:
BA is a name that I am still keeping an open mind on. I think it's an interesting short setup if it tests $157 and fails, but it would also be interesting long on a back test and hold of $150.
HCA is from the weekly watch and close to setting up here. I would like to see a little more pullback to the $107 to $108 area for a starter long entry
INSG is another name from the weekly watch list that is setting up as well. The closer I can get to $10 for an entry the better
UBER is a name I like on a pullback and hold of its ema8 around $35 for a push up to $40 or higher
AIMT is a biotech that had their first commercial product approval early this year and has sold off since and is now showing signs of recovery. I like this long off of a key anchored vwap level around 16.50 for a push up to $19 or higher
BKD is a beat up name that is setting up in a nice reversal pattern. I like this on a pullback to the ema8 around 3.60 for a push up to test $4 and possibly break higher from there
CAKE is in the beat up restaurant sector and has pulled back for a few days presenting an interesting entry point here. I like this for a starter long position at $21 for a push up to $24 or higher