All eyes this morning are on the employment report coming out at 8:30 AM Eastern. The numbers are widely expected to be awful, and the big question is will the market care? Interestingly enough the major indices are all indicating a large gap up as I type here at 7:51 AM. It's very possible that the market is pricing in a report that is bad enough to force more government aid packages and action from the Fed, and the big question becomes what happens if its better or worse than expected. Either way we will have some trade ideas ready to go. Yesterday we were able to book some nice profits in GLD and we also took off some risk with WORK just below break even but held some for a move higher. WORK looks like it is getting some follow through this morning and hopefully if this holds up into the open we can book some nice profits there as well. We also took a starter position in SDC calls yesterday for a run into earnings next week, and I am looking to potentially add to that today. Here are some other names that I will be watching:
TWLO, LYFT, PTON, and ATVI are all recent earnings names, where I will be looking for soft or flat opens and a red to green move for a test of the earnings day highs.
NAT is a tanker name that I like on a pullback and hold of its sma20 around 5.20 for a push up to the mid to high $5s
EAT made a big move last week and has retraced and is holding support. Depending on what the market does this morning, I like this either on a pullback and hold of the ema8 or on a break over yesterday's high for a push up to last week's highs
HAS is a name showing a lit of weakness in a market that keeps grinding higher. I like this short on a test and fail of its ema8
BSX in in a nice TTM Squeeze on the daily and is holding its sma20 on the daily. I like this from 36.50 to $37 for a push up to its sma200 around $40
SFIX is starting to take out its sma50 and has lots of room up if it can get going. Depending on what the market does, I like this either on a pullback and hold of the ema8 or a break of yesterday's high for a long entry to move up into the large gap above
AMD has a 3/8/20 cross down and has made some very weak attempts to push back to its sma20. I like this short on a test and fail of $53 for a move down to $50 or lower