All eyes this morning will be on the jobless claims numbers and GDP numbers both coming out at 8:30 Eastern time. Right now the indices are a bit mixed, but the DIA, IWM, and SPY are all up a bit with the QQQ lagging. We are seeing some heavy rotation in sectors this past week, which is resulting in some bigger than expected moves in some names and entire sectors. It will be important to see how long this rotation lasts. For example with the QQQ and tech which has had rotation out this week, will that continue or will these formerly strong sectors recover quickly? It is also worth noting this morning that the VIX is up a bit and is so far still holding above the lows of the move down and potentially ending the pattern of lower highs and lower lows that has been going since March 18th. Yesterday our starter position in GOLD was under a lot of pressure early but recovered nicely in the afternoon, and looks to be gapping up this morning. I will likely be adding to this and adjusting stops based on new average price and for the rotation out of precious metals that we got caught in. I think there is a good chance that we see rotation right back into the precious metals.
INCY is a name from the weekly watch list that I am still watching here along with the IBB. The IBB sold off hard yesterday and then recovered very well. If it continues to hold up I like INCY long over $98
CL is consolidating along its sma200 in a nice TTM Squeeze on the daily. I like this on a pullback and hold of the $70 level for a push up to the $74 area
SHAK is a name that will benefit from the reopening of the economy and the chart is looking good here. I like this on a pullback and hold of the $54 area for a push up to $58 or higher
WEN is in an ascending triangle pattern with a TTM Squeeze on the daily. I like this ideally on a pullback and hold of the lower trend line of the triangle on the low $21s but would also consider a day trade on a break over the upper trend line
FLO is consolidating nicely above a key anchored vwap level and the sma20 around 22.50 I like this long from 22.50 to $23 for a push up towards $25
BGG is a beat up name that is showing signs of a reversal on heavy volume. I like this on a soft open and red to green move for a push up to test the $2 level ans potentially break up to 2.25 or higher