It may not have been the most exciting week for the market but it was certainly a very interesting one. We started with a big spike in oil, had a FOMC thrown in, and then finished with quad witching and a rebalance of the SPY and the IWM. With all of that the SPY moved a mere $1.52 from Monday's open to Friday's close. It is worth noting that there was some huge dark pool activity in the SPY on Thursday all at the 301.09 level. If we continue to stay below that level, we may need to consider that smart money was selling ahead of a pullback or possible correction. Overall, we will maintain are patient approach and take things day by day. Here are some names that we like this week:
ALEC is in a nice flag pattern and close up near the flag break area on Friday on very heavy volume. We like this over $20 for a move up to the $22 area
INCY will be presenting data at a conference this Friday at 9 AN Eastern time, so this is one that we will not risk holding overnight on Thursday. We like this between $81 and $81.65 for a move up to $85 or higher heading into the conference. Again, we do not want to hold this overnight on Thursday into Friday
HZN has a nice TTM Squeeze setting up on the daily and is setting up for a 3/8/20 cross as well. We like this on a pullback and hold of the sma20 around $27 or a break over Friday's high of 27.44 for a push up to the $29 area
AMED is in a great looking TTM Squeeze and consolidating below recent highs in August. We like this over $136 for a push up to test those highs around $141
VCYT is another name in a nice TTM Squeeze on the daily and is testing its sma50 from below. We like this on a move over that sma50 and last week's high of 26.62 for a push up towards $30
ADMA is in a nice little flag pattern here and has lots of room up if it can break up and out. We like this over 5.40 for a push up to $6 or higher
K has been in a long consolidation pattern with a TTM Squeeze after gapping up on earnings in early August. We like this on a pullback and then move back up therough the sma20 at around 63.50 for a potential breakout over $65
WORK is a bit of an unusual one for us, but we saw some unusual options activity on this beaten down name on Friday. We like this on a daily close over the ema8 for a move up to the $28 to $29 area. If we see more call sweeps, this will become even more interesting.
There are also some names that we will be watching for potential short setups (ROKU from last week's short setup list worked pretty well). Some names we are interested in for potential short setups this week are AMD, CGC, FSLY, UBER, ZM, SHAK, and BYND.