All eyes this morning are on the jobless claims numbers that are due out at 8:30 and largely expected to be pretty bad again. The big question is will they be worse or better than expected and how does the market react to these numbers. I will be approaching today with a bit of caution as we could (and I stress could) see a 3/8/20 cross down on the SPY, and I want to be patient and let that play out a bit before looking for any new trades. I am heading into today with mostly short/bearish positions with the exception of TWTR which I normally would have stopped out of, but I'm keeping it as a long hedge into today. If XLF opens as low as it is indicating right now, I will probably start taking some off today as my puts expire tomorrow. I will also be looking for a push down to $50 on AMD to take final profits if we get it. LABD I added to yesterday, and hopefully this continues its bounce here and takes us into some nice profits. Here are some names that I will be watching today:
UBER had a big bounce the last few days on news of a possible GRUB merger, but I'm not really buying that this plays out, and if it does I think it becomes a sell the news event. If I take this, it would be in very small size in put options, but I like UBER short on a retest and fail of $33
GLD I still like long on a pullback as I think there is a much bigger move coming here, but I do not want to chase this at resistance. Ideally this pulls back to a trend line I have around 159.50 for a long entry
XLK I still like short, and today I will be watching for a test and fail of the ema8 on the daily
WW got an upgrade yesterday and popped and dropped and closed a little below vwap anchored to the April 29th high. I'm keeping an open mind here and like this long on a break of that vwap or short on a test and fail.
LLY is consolidating in a flag by its sma20 and I like this long on a test and hold of that sma20 if the market finds support today