Watch List October 21st

Good Morning,

We saw some crazy intraday moves yesterday in the market and it looks like stimulus news or lack of it is going to continue to drive the market the rest of this week. Highly news driven environments like this are about as hard as it gets in the trading business. An interview, press release, or a tweet can blow up a day or swing trade very quickly, which makes it critical to keep our position size and overall risk small until these stimulus talks settle down. This morning we saw the major indices green early and they have now flipped to red and are pointing to a moderate gap down as I type here just after 8 AM Eastern. We will be watching the premarket lows around $342 on the SPY carefully this morning to see if that holds as support on any further move down, and we will watch the daily ema8 around $344 very carefully to the upside. We can expect to hear lots of stimulus talk throughout the day so lets be careful out there today. Here's a list of names that I will be watching:

RUTH pulled away from its sma200 yesterday but left a big upper wick. I like this on a back test and hold of the sma200 around 11.50 for a push up to $13 or higher

PTON I still like short here with two ways to approach it. For a swing I like a test of the premarket high of 132.50 that finds resistance. For a day trade I like a break of the daily ema8 at 129.50

GME has been showing a lot of strength in a choppy market and had a very nice inside day yesterday. I like this over $14 for a test of 14.50 and possible break much higher from there

F has had a very nice run up off of its sma200 this month and has been consolidating nicely in this market chop. I like this from 7.65 to 7.75 for a test of $8 and possible break much higher from there

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