And just like that, the market is back in the gutter! The SPY has been due, massive move straight up not really any major corrects along the way -- when that happens the pullback days are deep, fast, and aggressive.
Last week was absolutely incredible and something I think worth discussing is the second point I made last week regarding a max stop and the importance of it.
Had I been clipped would I have been firing on all cylinders the last week and a half still? Probably not. All of this is a result of a good stop. As I said most times I have no issue stopping but the outlier times I've been smacked hard in the past
Right now I personally have to be ULTRA aware as we've been talking a lot about it in the room VERY VERY focused on 100% edge because this current heater I'm on can continue to compound like mad if I stay where I'm at zoned, focused and patient.
Showing up for broadcast has been probably the biggest key in the last few weeks. Every main focus name I've taken during the day we've gone over in detail as to what would make me interested and why -- or most importantly where/why I'd stay away. Even more important is understanding how to trade those levels given - really the WHY and how it comes together at the end of the day compared to the chart I post - visually.
I hope you all saw the interviews we've been doing! We have a lot more lined up. We don't really have a game plan yet for launches we just sorta send 'em out when they're done.
- Israel - Scanz
- Scott Fisher - T-Shirt
- Zack Potter- T-Shirt
We started releasing the IU trader interviews as a podcast so you can listen to them on the go. Make sure to subscribe and leave a rating/review!
Video Scan and Game Plan
Stocks to Watch
FTCH morning gap is ideal - would love to see a re-test of Friday highs and then looking for failed follow through vs VWAP.
JZ would love to see a gap but unlikely. Morning shove and failed follow through is ideal. Just like SBTX trade - watch each good shove that fails.
Failed Follow Through:
NERV big ripper AHs before it cracked a bit. Patience - no reason to try to find the top just let everyone get twisted around and then I'll look to participate.
DRUG higher better again and failed follow through - nice one Friday!
PRTY higher better and unwind
SIGA higher better for back side.
APRN morning shove for $6 blow off and fade.
GLTO nice break out chart no position.
AVYA nice swing entry low $1s - sold some into rip but letting it work for a bit. Feel like some decent soak happened past few days.
STBX ideally 1-2 day bounce before it fades off - check VRAX chart. I won't long it just hopeful it bounces for a re-lean.