SPY’s are gapping down mildly this morning (well off pre-market lows), a day after a big gap down yesterday. Buyers came in yesterday on the bell, picking up names (normal bull market action to buy a big gap lower like that) that had pulled back toward early support. Imagine the best action will come early on this Friday into a long holiday weekend.
News/Earnings Stocks (as of 7:30 a.m. CT publication)
– NOTE: I’ll likely be trading many of these names in the TRADE DAY CHAT section of the site…I’ll be in the room starting around 6:30 a.m. CT. I will also be trading names from my Overnight Scans/Watchlist section, and from my Trade Ideas filters.
Gapping Up– BLOX MRVL P ISRG IOC PG YGE
Gapping Down — TITN SHLD CRM GPS ARO HIBB FL ANF AVEO ZUMZ
No Indication — DXLG
Highlighted Looks for Today’s Trading :
Small cap/ Sub $10 Range Break long: OWW // OREX
Some great late day action in OWW on Thursday as it looks like it may want to break out of the recent flag formation on the daily chart. Will take a look for an intraday long setup at or under 8.00 if the market is handling itself.
OREX had a nice close Thursday as well, and it has a long forming tightening wedge formation happening on its daily chart going back a couple of months. If this can find its way past 6.25/6.30 on volume, we could see some fireworks.
Range break long: PAY
PAY has climbed back up to recent pivot point here set earlier in the month just under 24 at 23.78. Hasn’t had a real signature “squeeze” day yet since from strength since the gap down in Februrary (it did have a nice squeeze candle from pivot in April, but that was from weakness). Will be watching it above 23.80 today to see evidence that we may get one.
Pullback long: .DPS
6 straight red candles here in DPS since tagging 52 week highs last week. Sort of surprised it didn’t try and bounce like so many stocks did on Thursday from gap down territory, but maybe this just needs to tag the 50d first around 47.50. Will be watching it there.
Range break short: WYNN
WYNN gapped down like many stocks did on Thursday, but unlike many recent relative strength naems, this one couldn’t bounce. May be worth a short short if it can’t clear 140 on an early bounce attempt (if it gets there), or through 137 in a weak broad market tape for follow through to the downside.
The creation of this morning’s Early Bird Report was compiled while listening to the music of Broken Bells