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Evening Stock Watch-List: August 6, 2019

Evening Stock Watch-List: August 6 2019

August 6, 2019

Hello there! Below is your edition of this evening’s watch-list. We hope you have a great trading day tomorrow! 

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Futures At A Glance

DOW S&P 500 NASDAQ BITCOIN GOLD

-160(-.62%)

-17(-.60%)

-48(-.65%)

-65 (-.55%)

-2.3 (-.16%)

OLED

It seems a little silly to try and chart something out when today was the single biggest profit day for us and it was all tied to positioning that we have taken ove rhte last two weeks preparing for a significant market pullback like we’ve seen over the last week. However, I will give an update on our biggest short position which is $OLED We have already made incredible progress and are up significantly on our short but today was an especially important one as we really solidified and created a lower ceiling underneath the critical 30-day trendline. Note the next most important trendline which is the 6-month. Looking for a crack under that high $170 area for a massive move to continue down to low $100’s. Watch for a crack under Fridays low which was $188. Under that level and its hello 6-month trendline. Keep the trend as your friend.

CARS

Cars.com Inc. ($CARS) is an Auto Dealerships company in the Services sector. This stock got absolutely obliterated this morning, after releasing lower-than-expected earnings, a guidance cut, and a review that found no actionable buyers (they had been looking). Whew, that is pretty bad if you ask me. However, this colossal tumble has created an opportunity to trade the gap fill pattern. I plan to day trade this over the $12.30 natural resistance level as the extremely high short float should squeeze this quite a bit!

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