Tomorrow has the potential to be a more volatile day than today and it mostly hinges on how the market will react to the 8:30am ET jobs number. At this point it is reasonable to assume that expectations of good news on the economic front have largely been priced in so we shouldn’t be surprised if the market sells off even after a seemingly great number.
Regardless, we will continue with our plan of looking for good momentum opportunities and trading them, let’s hope we find plenty.
LONG Setups:
- QIHU – nice constructive pullback to 50dma following earnings, expecting bounce
- NTE – still consolidating around 14, needs to move soon or this pattern will fail
- FIO – higher volume move out of consolidation, expecting continuation toward 18
- PEGA – getting ready to move out of the bull flag, expecting a bounce
- OSK – after testing the earnings gap it bounced and reclaimed 20dma today, expecting continuation and another retest of the 40 level
- AKRX – high bull flag, expecting a breakout over 14
- CLNE – bullish reversal today on higher volume closing on highs above 50dma, expecting continuation
- HUM – potential oversold long setup, needs to move over 67.80 with volume
- IACI – bullish action with decent volume today, getting ready to reclaim 50dma and move toward 44
- BCOR – bounce off support on higher volume, expecting continuation through 16
SHORT Setups:
- COST – failed breakout followed by a bearish reversal on higher volume, expecting additional downside
- UTHR – possible overbought short setup if it cannot hold 61
- FAST – failed to stay above 20dma, expecting additional downside to 50.50 and lower
- GNRC – in process of coming out of a bearish flag on daily, expecting downside to 33
- STX – rejected at 50dma and closed on the lows of the day, expecting additional downside
- URBN – similar to STX, bearish reversal on higher volume, if it can’t hold 40 expecting downside to 39
- WYNN – bear flag forming on daily, failure of 115 would indicate likely downside to 110
- KORS – failed to hold 20dma and 60 level and put in an ugly bearish reversal on high volume today, next support area is around 50dma
