My best day trading ideas for the 30th of July, 2020

My best day trading ideas for the 30th of July, 2020

BIG PICTURE:

I'm afraid I will sound like a broken record, however, I must re-iterate that the market uptrend is still intact. Index futures sold off overnight after all rallying powerful in yesterday's session coming into this morning's GDP report which came in slightly less worse than expected. Given the overall context, this is bullish in my opinion and I therefore expect the markets to rally near term or worse case chop around today.

Given this I will continue favoring long ideas and try to avoid taking short plays until I begin to see them working consistently. Until then I remain fervently bullish!

MY BEST IDEA(S):

Pretty shitting pre-market action today; not seeing many high quality opportunities. Lots of low float runners like $KODK, $KNDI and $BLNK but I'm not gonna touch any of them!

$INO:

Fundamentals: 154.65M float; 19.14% short float; $3.41 ATR; 36.57M avg. vol

Catalyst(s): Reported positive news related to the efficacy of its COVID-19 DNA vaccine

Technicals: Almost text book double pattern at major daily technical plus whole dollar ($20) support level in an overall bullish context plus hot, hot sector. 

Bias & Plan: Given this positive drug news, technical set-up, hot sector plus this stock's recent history of making big runs I am definitely long biased on this stock today. Further I like it long above yesterday's high and will be looking for it to get back up to the high $24's/$25 today.

$APA:

Fundamentals: 376.47M float; 4.72% short float; $0.82 ATR; 15.57M avg. vol

Catalyst(s): Reported second quarter  earnings but perhaps more significantly they also announced a major oil discovery offshore Suriname!

Technicals: After  consolidating in a  fairly tight range for the past 2 months or so; this is stock is now set to gap up big on the back of significant news announced above.

Bias & Plan: I am most definitely long biased on this stock. Although the ATR is not huge; this stock has shown that it can move over 2 points in one day when its RVol is elevated. So I like this stock long above its pre-market high and will be looking for it to get up to the daily resistance at $17.87 today. 

$QLGN:

Fundamentals:

Catalyst(s):

Technicals: