For the last couple weeks we have been talking about following the trend but staying very small in position size and overall risk. Yesterday we saw exactly why we have been taking this approach with a huge spike in the VIX and a big drop in the market. It will be important over the next couple of trading sessions to see if the SPY finds support at one of a few potential support zones. If it does we should see some very good trading opportunities in the coming days and weeks. This morning we have the employment report coming out at 8:30 AM Eastern which could have a big impact on the market this morning. It is also worth noting that we are heading into a long weekend with high volatility, which will have me pretty reluctant to take on any news swings today unless I truly see an A++ setup. Here are a few names that I will be watching today primarily for day trades:
SDC has been super strong in a weak tape, and I like this on a soft open that goes red to green
UAL I like over 37.50 for a test of yesterday's highs and possible move higher
SNAP I like on a soft open and red to green move for a test of yesterday's highs and possible push much higher
INTC I like on a test and hold of the $50 level for potentially a very small starter in a swing position.