BIG PICTURE:
Not to beat a dead horse but we're still in a healthy up trend in all of the major US indexes. All of which look set to gap up at today's open. So I would not be surprised to see a bit of selling for the first 30 mins to 1 hour after the open after which point I fully expect buyers to come in!
MY BEST IDEAS:
1. $CVS:
Gapping out of a daily inverse head and shoulders pattern after reporting this morning that they have topped earnings forecast and also boosted their outlook for 2020. So I'm long biased on this stock and like it long above $67.70. I'll be looking for it to push up to resistance around $69.36ish.
2. $TSM:
Broke out of a near text book daily bull flag yesterday and looks set to continue pushing higher. Doesn't have a fresh news catalyst per say but does appear to still be riding the wave of buying momentum triggered after $INTC announced news of a chip delay last week. I like this stock long above yesterday's high and will be looking for it to possibly test all time highs around $83.40ish.
OTHER POSSIBLES:
$MRNA:
Announced earnings this morning and looks set to gap down slightly. However, these covid-19 plays can be very sneaky and run later on in the day. So I'm going to set an alert just below yesterday's high in case this stock starts running and traps early shorts. If this stock gets going today it could easily trade as high as $84!
$VXRT:
Not the greatest daily set-up neither does it appear to have a fresh news catalyst. However, this stock is a covid-19 play, has a relatively low float at 73.64M shares and has shown in the past few weeks that it can spike huge if and when it gets going. I like it long above $9.75 (Monday's high) and will be looking for it to potentially spike up to the $12.25 resistance level today.
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