Watch List May 19th

Good Morning,

Well that was quite a day yesterday as we got news in the premarket of some promising interim data on a Phase 1 trial for a Covid-19 vaccine. Although this is great news, the fact that it is interim data on 8 patients in a Phase 1 trial has me a little skeptical of the strength of the move up in the market yesterday. This morning it looks like we might see a modest gap down, and it will be important again to see how this open gets digested. It's also important to note that Fed Chair Powell and treasury Secretary Mnuchin will be testifying to the Senate Banking Committee today regarding the Payroll Protection Program and loans associated with it, and the questioning could lead to some market volatility. We also have FOMC minutes tomorrow afternoon, which always have the possibility of moving the markets. Having said all of this, I will be very selective about entering any new swings today, and I will only be interested in the very best A+ setups with entry targets that may be hard to come by. Here are some names that i will be watching today:

GLD I am very interested in on a pullback and hold of the trend line that it broke out over last week, and I will probably keep this on watch all week looking for this

XLF had a big bounce off of a gap fill on Thursday, and I'm now looking at it for a potential short if it can fill a small gap above at 22.68

AMD we had a terrific short trade on last week, but it is starting to look more and more bullish to me here. I like this on a pull and hold of the $54 level for a move up to recent highs around $59

BLUE just priced an offering today, and is doing remarkably well in the premarket considering that, but I would be interested in a pullback to a key anchored vwap level at $54 or possibly even at the offering price of $55 for a push up to the $63 to $64 area

INCY is a name that recently had a 3/8/20 cross down and bounced back to retest the sma20 from below and failed. I like this on a retest and fail of that sma20 for a short entry


EWZ is the Brazil index ETF and it's been trying to bounce but struggling with news that Covid 19 is starting to get worse there. I'm interested in a short entry on a break below 23.50 for a test of the recent lows

HSIC I like long on a pullback and hold of a key anchored vwap level around 54.50 for a push back up towards its sma200 at $62

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