Yesterday we saw a gap up and largely sideways day for the market on light volume and this morning we have a bit of a mixed picture with most of the indices slightly red and the QQQ slightly green. All of this could change significantly as we have a very busy economic calendar today with jobless claims and CPI numbers at 8:30 and Fed Chair Powell speaking at 9:30 and again at 12:45. Overall this could be a bit of a challenging morning until the market digests the numbers and the speeches. We also need to keep an eye on the Covid 19 trend and the trend of certain states and municipalities starting to ramp up restrictions, which the market is not likely to like.
Yesterday I took a very small 1/4 size starter in WIMI and will be looking to add to this on any test and hold of support around 5.50 and trim partial profits on and pops into the mid $6s while ultimately looking for a move towards $8. Here are some names that we will be watching today:
MOMO made a strong move over its sma50 in a nice reversal pattern with a TTM Squeeze and I like this for continuation on a soft open and a red to green move today for a push up towards $17 or higher
OMER has a 3/8/20 cross with a TTM Squeeze in a nice reversal pattern. I like this on a pullback closer to the sma20 around $11 for a push up to the $13 area
MYOV is a biotech catalyst play that reported earnings today, but since they are clinical stage and don't have any product to sell yet, earnings are not important. I'm hoping to see this pullback on the "miss" and enter for a swing into their December catalyst.
TSLA I like short if it can't hold the $415 area with lots of room down on a $410 break