Feels like people are feeling safe again buying names -- heck even chasing names for that matter. There is a TON of volatility right now. My focus remains same focus on my set ups trade it around that move -- and move on.
Move in, Move out, Move on.
If you try to keep forcing things after the move has consolidated you'll likely get chopped - you just need to wait for it to set up again.
Example: LI APRN YSG FFIE etc.
The high probability trade comes - you have another day or two - then stop trying to force it.
- Is Better Average Always Best?
- If You Don't Think This Is Good Tape - Re-Evaluate!
- Why Levels Work (Exhaustion)
- Front Side vs Back Side
- Over Conviction (YSG)
- Scanz: Jason Dratman
- IU Chat: LostOne
- T-Shirt: Valuegrind, Mike P, Greg Kozlicki
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Video Scan and Game Plan
Stocks to Watch
RBLX big time action on Friday - started in on Friday in the room and ZONED in said I needed to see a blow off / exchange to put any real risk on or size - once we saw that exhaustion move you saw my bias start to form where I'd be sizing vs highs as long as each pop stayed heavy. Never looked back after that - straight down. I'd love to see $1-1.50 gap and then failed follow through set up but either way 945-10AM + trend join.
SIGA I always try to share notes as to what I am thinking for how something could play out the example I gave was BCTX where we had a super retail crowded name, anticipated headline came and it got sold into the rips. Ideally $12.80-13 shove and then failed follow through. This doesn't mean it can't go higher even though it sold off sometimes it's used as a reset day get out all the retail crowd make the good news look bad shake tree before heading up - that said if slow grind forms don't fight!
DWAC should be a big opp post open, not sure I'll get involved pre. POSSIBLY. But, given TWTR news this thing rocketed AHs on Friday and took PHUN MARK up with it too. Be cautious of the fade fade fade into open and swipe back. Easily could trap and push out if you noticed all the board rumors and negative stuff came out this past week breaking it down only to have this happen Friday AHs so you know folks are likely on the wrong side. Reactive trade post open or 945-10AM +
NVAX same mentality of LI - there has been a big trade each day if you take it. If you want more more more you'll get eaten by the V shaped recovery. $76-76.50 exhaustion zone and then look for failed follow through. Assume $73s will want to base until proves otherwise.
Failed Follow Through:
AMC clear line at $15.15 - so higher better and back side. This is one that you don't need to find top. We went over Friday that $14.90s was the key and not to get too aggressive ahead. Fine to be there but if you're fighting - you're asking for it. I'd rather have a worse average than better one if it gives less risk.
ORMP nice break out - ideally re-test towards Friday high then fade off.
YSG major opp from the $1.90-2.05 short straight down to $1.35 - granted I didn't cover any under $1.50 only $1.55-1.60s still a nice trade given the size you could trade. As I spelled out on scan - goal was early leave on Friday without headaches quite honestly I probably would have been more aggressive if I wasn't leaving and over stayed. Impress re take of trend -- higher better there will be another big trade here there is no reason to force anything. Thoughts are same from the dump day I was thinking similar to CLEU and we watch day 4 post first dump
DRMA swing working well so far - had that first big move last week that we talked about ahead of time and then consolidated and back at it again. Love the way it's trading would love to see it break prior highs.
AYTU hopefully some sorta PR from the weekend to get people excited. Idea has been sell rips around core from their first tweet about their sponsored event that got me long the first candle. Have sold some around core into spikes as I said I would but was going to keep it a chance in case they promote it any.
HTGM nice break out over the $1.20-1.30 channel we discussed - first day got super retail crowded and flushed everyone out under .90 which was a beauty but much like EVFM etc I think a lot of people over stayed and ended up on the wrong side. Ideally see some sorta blow of move and then failed follow through. No rush.
DTIL monitoring - clear buyer in tape lately into $1.50s
MARA nice moves with RIOT and Bitcoin - this was the goal been beat for a long time as soon as Bitcoin showed life these are gonna move. I am currently long some on accident I double covered on Friday when I was on the boat -- oops.
LGMK good first vol day there - this was the NXTD one that ripped with bitcoin before so has a history of big moves.