Watch List May 12th

Good Morning,

Yesterday we saw the market under some selling pressure most of the day with the spike in the VIX that we have been warning about for the last week or so. This morning we are pointing towards another gap down and a potential 3/8/20 cross down in the SPY. All of that could change at 8:30 AM Eastern when we see the CPI numbers released, which will be watched much closer than usual as the market remains concerned with rising rates and inflation. Today will be an important day as the SPY needs to hold some support in the 410 area if tested, and the QQQ has filled some gaps below and needs to start finding a floor or there could be more downside. Here are a few names that I will be watching today:


CENX is consolidating nicely on its sma20 and vwap anchored to the March highs in a TTM Squeeze on the daily. I like thus on a pullback to the anchored vwap around 16.50 for a push up to $19 or higher


NKLA is a beat up name that is trying to carve out a bottom and is setting up for a 3/8/20 cross up in a TTM Squeeze on the daily. I like this on a soft open that goes red to green


SFM is rounding nicely in a pullback off its March highs in a TTM Squeeze on the daily. I like this on a pullback to 26.50 for a push up to the high $28s or higher


XLE we took nice profits on Monday and it looks like a cup and handle may play out and I will be watching for this for a potential re-entry in to the calls


GOGO I like off of the weekly watch list if I can get an entry around 11.30


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