Watchlist 2023-02-22 #OSTK #MNKD #HD #TGNA #PANW
SPY - did not make a higher high the entire day as sellers were firmly in control. Opening in the PM at the key 400 level. With the VIX finally spiking yesterday and bond prices making new lows., it appears like the price action and market internals indicate this short term bear action will continue. We would need to hear dovish comments from Bullard's speak at 2:00 PM ET today, but he has been the most hawkish member of the FED. The market will likely be low vol until that time today. Inside bar is highly likely. Being careful with any long attempts, need to see intense relative strength in the name or the spy setting up a buy setup.
Short Watches:
OSTK - reported a wider loss than anticipated, Revenue fell 34% year-over-year. RVOL only 1.4 so we'd need to see vol show up early. Below a falling 200EMA, below key 20.50 pivot with room to 18.00. Would prefer to see a test and rejection of 20.00 or 20.50 before getting involved as it's moved 1 ATR in the PM on relatively average RVOL.
MNKD - reporting feb 23rd after the bell. It looks like people are positioning to lock in gains and get out of the name before earnings. Fake out over the ATH 5.60 and then a complete reversal, gapping down close to the key 5.00 pivot. Under this area we could see more seller, but we NEED to see that in the tape as we could be going counter trend with a rising 200 EMA and the 9 EMA is trending above the 21 EMA. What invalidates all those trends is the fakeout over 5.66.
HD - continuation from yesterday's strong selling. No buys came in so any pops are opportunities to fade. .
Long Watches:
TGNA - justice department may be close to closing acquisition of TGNA. Cash deal for
$ 24 per share - this is the highest possible price target, resistance at 22. RVOL nicely at 2.5 but ATR is only 0.40 cents. Wait and see. For an opening range break.
PANW - beat-and-raise quarter amid macro slowdown. Over the key 178.80 range and pivot. Super bullish news. RVOL 2.5, moved 3 ATRs in the PM so we need to get in closer to the key pivot level if it holds. Target 192.
I focus on names trading elevate RVOL>2, trading past key ranges and pivots, preferably with news catalysts.
Short Watches:
OSTK - reported a wider loss than anticipated, Revenue fell 34% year-over-year. RVOL only 1.4 so we'd need to see vol show up early. Below a falling 200EMA, below key 20.50 pivot with room to 18.00. Would prefer to see a test and rejection of 20.00 or 20.50 before getting involved as it's moved 1 ATR in the PM on relatively average RVOL.
MNKD - reporting feb 23rd after the bell. It looks like people are positioning to lock in gains and get out of the name before earnings. Fake out over the ATH 5.60 and then a complete reversal, gapping down close to the key 5.00 pivot. Under this area we could see more seller, but we NEED to see that in the tape as we could be going counter trend with a rising 200 EMA and the 9 EMA is trending above the 21 EMA. What invalidates all those trends is the fakeout over 5.66.
HD - continuation from yesterday's strong selling. No buys came in so any pops are opportunities to fade. .
Long Watches:
TGNA - justice department may be close to closing acquisition of TGNA. Cash deal for
$ 24 per share - this is the highest possible price target, resistance at 22. RVOL nicely at 2.5 but ATR is only 0.40 cents. Wait and see. For an opening range break.
PANW - beat-and-raise quarter amid macro slowdown. Over the key 178.80 range and pivot. Super bullish news. RVOL 2.5, moved 3 ATRs in the PM so we need to get in closer to the key pivot level if it holds. Target 192.
I focus on names trading elevate RVOL>2, trading past key ranges and pivots, preferably with news catalysts.