Watch List May 20th

Good Morning,

That was quite a day yesterday where we gapped down, pushed up, and then pulled hard on news that MRNA's vaccine candidate may have more questions than answers. This morning, it looks like we are going to gap right back up into resistance with the FOMC minutes coming out at 2 PM today. Needless to say, this is not a time where I want to to be super aggressive with new trade entries.

Yesterday I sold TWTR for a couple cents above break even in the big market pull just to take some risk off. My thought process was simply to not let the trade go red on me again after having held through some choppy action already. Justin made some nice adds to APT and VSTM yesterday and both of those setups are still looking good here. i am still holding a small position in IWM puts and may add to that if this 133 area continue to hold as resistance. 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 or even a pullback to the 163 area, 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

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

CHWY is a name that I will be watching with an open mind. I like this long on a pullback and hold of anchored vwap support around 38 for a run into earnings, but I would also be interested in shorting a failed breakout attempt over the sma20

DAL is another name where I am keeping an open mind. I like this long over $22 and short below

NG is one of a few gold miners I like. I'm looking for a long entry on a pullback and hold of the sma20 around 11.60

GOLD is another gold miner I like on a pullback and hold of the sma20

DLTR is in a very nice TT< Squeeze heading into earnings next Thursday. I like this on a pullback and hold of the $79 area for a run up to $85 or higher into earnings

NLOK is a name I like short if it tests and fails anchored vwap resistance at the 20.40 area for a move down to the $19 area

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