The watch list for the week is focused on winning stocks from the IBD50 that have already reported earnings. Many of the IBD50 are reporting over the next coouple of weeks, so we have steered clear of those candidates for obvious reasons.
Summary
IBD50 Candidates
Note Facebook recieved a downgrade this morning. This is amusing considering they crushed earnings. Watching today for a reaction and maybe a pivot low.
Ameriprise (AMP) should perform today if financials XLF kick in today. A little weakness would be a gift, so we are watching for a pullback to the 9ema. Wicks at lows show buyers at 140 (+/-). MACD shows bulls are in control.
Coresite (COR) is trading above its 9/20ema, while RSI trends toward 70, suggesting higher prices in the short term. Bollinger bands are starting to expand. Target 112.58. Stops for swing traders are under Friday lows to start. Use your ToD setup for entry and a better location for intial stops.
Ichor Holdings (ICHR) is my favorite. That said, we need to see which direction this winning stock will take as it trades post-EPS. If price gets above 24.60 VBP resistance and the Kirby kicks into high gear. RSI is pointing upward, in addition to stochastic. MACD remains above its signal and bulls retain control for now. Target 29.73, with a measured move of approximately 5 points (mid-point of triangle).
MOMO should continue this week, as the stock trades higher in the pre-market session. MACD shows bulls have control. Look for an earnings run this week.
With futures higher and SPY above the 247.00 (+/-) block zone, it appears to be the bulls game to lose today. We’ll talk more about this live.
With IBD50 stocks reporting earnings, we are watching some of them for potential trades, so we intend to update the watch list as reports come out. Stay tuned.
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Happy Monday,
Vinny
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