It looks like we are going to get quite the gap up this morning in the major indices and the VIX is easing a bit in the premarket. We are still in a highly volatile environment with the election tomorrow, a VIX in the high 30s, and lots of economic data coming this week as well. This morning I may look for a quick scalp off our Gap n'Reverse or Gn'R watch list, but will not look to take any longer day trade setups until the PMI and ISM Manufacturing index numbers come out at 9:45 and 10:00 AM Eastern time. After that I have a small list of names that I will be watching, but I want to be very careful to avoid chasing a gap up open.
TUP has been very strong after an earnings beat this week, but the rally stalled a bit in the market weakness on Friday. I like this on a soft open and a red to green move today for a push up to Friday's highs
SAVE had a nice bounce late last week in a weak tape and I like this over $18 to test a key anchored vwap level at 18.25 and possibly push up towards its sma200 in the mid $19s
TME has a very nice TTM Squeeze on the daily and looks primed for a move higher if it can take out some near overhead resistance. I like this over $15 for a push up towards $16
PTON is a name that I will be watching for a short opportunity. I like this short on a failure to push through the premarket high of $113
BYND is another name that I like short on a failure to push through its premarket high at $147