7/30 WatchList

So, my last watch list didn’t play out (the blog I wrote for Wednesday). Shouldn’t be a surprise since I’m looking for bullish momentum moves and the last two days have been lacking significant confindence. Remember, the stocks I mention are setup, but not ready to buy UNTIL they move. I’m looking for technical situations that lend them selves to quick moves of 3%, or more. If the setup doesn’t translate into a breakout or move out of the setup, it’s dead and quickly off my watch list.

Having said that, let’s take a look towards Friday. Friday’s action is completely unpredictable at this point for one simple reason – there is wayyyyy too much data coming out in the morning that could make or break the SPX and securities markets overall. Be ready, it could be quite a ride.

The big data:

Real GDP – consensus 2.5 % range 1.0 % to 3.4 %

GDP price index – Q/Q change – consensus 1.0 %

Chicago PMI – consensus 56.0 range 51.4 to 58.4

Consumer Sentiment Index – consensus 67.0 range 57.9 to 68.0

That’s a lot of data and all of it important. Most believe the numbers will generally suck and is partly to blame for the last few days of uneasiness and sell-offs.

A few companies reporting tomorrow that I’ll be watching for possible scalps:

ADPT

AXL

OXGN

RRI

SHIP

Here are a few sub $5 stocks I’ll have an eye on at the open. This weekend I’ll post more mid cap setups and thoughts. Keep in mind, these will need some market strength, so watch the news tomorrow!

AEZS– anything that consolidates this much on SMA200 has to be on my watch list. I want to scalp this puppy on any move, but not too interested in swinging.

HAFC is another consolidator with crazy tight bollinger bands. Would like to see this one move through SMA20 for scalp. Like AEZS, not interested in holding – just want the pop.

CRXX – Nice consolidation (symmetrical triangle) right smack on top of SMA50. Looking for scalp or possible swing above top descending trendline. Give me volume!

VG – I mentioned this one in the boom factory today.. Nice volume and possibly setup for MACD positive cross. I would like to swing from here. First resistance at 2.49, then it opens up some. Absolutely not holding below SMA50

SNV – currently in a falling wedge. Dangerous to jump in until it makes it north of the wedge with volume. Stronger confirmation above SMA200. MACD and RSI14 looking ready to help move price up… wait for it J

FEED – It’s been a long time since FEED made its way to my watch list, but I can’t resist. Gotta watch it. Nice MACD divergence from price. Depending on market strength, I might consider an entry above trendline resistance or wait for SMA50 to be broken.