Dollar Rebound Could Affect the Watch List
The US Dollar looks ready to rebound, as oversold conditions have caught the eye of forex traders. Thursday and Friday produced wicks at lows, with a bullish bid this morning pressing the greenback higher. Watch commodities and stocks that have risen over the past 13-month downtrend in the dollar, for any signs of mean reversion.
IBKR on the Watch List
The financials group includes IBKR this week, which should continue higher. We are looking for a follow-through day as RSI remains above 50. What caught my attention was “sales and earnings.” Few stocks show this kind of fundamentals, so IBKR must be doing something right.
As price action moves higher, IBKR will be trading at 52-week highs, with no supply overhead to impede a move higher. We would, however, like to see more volume on any move to the upside this week.
Watch List Candidates
AMAT, ICHR, KEM, and GRUB are the hot stocks this week. Look for follow-through candles today and use the Trade of the Day Setup (ToD) for entry-exit and stops. We have options on GRUB, so we might consider taking some off this morning, as the stock trades higher in the pre-market session.
With futures slightly red this morning, we will look for support just below at blocks referenced in the “block channel” in the SLACK trading room.
See you then,
Vinny
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