I hope everyone has had a good start to the summer months!
I’ve been of the mindset that we’re going to have a small cap summer and so far it’s been pretty damn good. In fact, it’s so good it’s really screwing up my “I’m going to take it easy” plans lol.
Friday is a great example of the tools we’ve built at IU—getting that GME filing out to the room as fast as I did. I’ve also been beta-testing the first version for members.
The market is in high gear for traders right now. It’s imperative to stay in your lane right now. Some huge PnL’s going around but: Don’t Compare Your Chapter 1 To Someone Else’s Chapter 20!
Video Scan and Game Plan
Video Topics
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GME Thoughts:
- Crowd?
- Open mind (what I learned 2020)
- Nothing is obvious
- Everyone is thinking the same thing
- ATM / ATM completed
- What’s in pipeline?
- What does Roaring Kitty have up his sleeve?
2024 halfway point – success or failure?
- Pivot/Trading/Scans/Community
- IU = 90%
- Personal development = 75-80%
Technical Analysis Trades:
- MARA discussion – think simpler
- Where have you seen this before?
- TPHS = CRKN = FRGT $1.35 key (SSR traps)
- VST 98 daily (clear out)
- NVDA Thursday trade
Other Discussion:
- Clover Webinar June 10th
- DAS Trader Webinar June 11th
Stocks to Watch
MARA daily trader with BTC as it tries to figure out which direction it’s going to go. Great trader when BTC has $3000 + range terrible trader if you’re trying to anticipate a move when it’s stuck in a $500 range. Looking left the last few weeks have proved to be A+ (DAS Trader saved lines have been super helpful here as a quick reminder).
GME day by day – I am staying perma unbiased. Those who put too much weight on current biz model and fundamental end up getting chopped up or bent. Sure, in the end it all matters but right now it’s best to be a trader. Levels and bias will be formed Monday AM.
AMC been a fantastic trader off GME – and will continue to treat it as such until they hammer next ATM again. On the call they suggested it wasn’t immediate but clearly something they needed.
FFIE same as AMC and .76 level we used AHs Thursday and Friday during day worked exceptionally well.
Failed Follow Through:
NVDA everyone thinks sell the news set up, so – I am thinking the same but perhaps delayed a few days or towards end of week. We’ve had a lot of 0DTE moves recently. I am thinking they may delay towards Thursday or Friday the sell the news/split. I am READY for Monday if we line up perfectly with gap up parabolic etc like Thursday I’ll take that trade all day (you saw how good the options trade was) but also I don’t think it’s an easy lay up – yet.
TPHS ideally continues to fail back to where it started quietly.
VS higher better back side.
VERO higher better back side.
NVAX been a great trader – huge opportunity off gap Thursday for the fade idea. Feels like COVID where it’s actually connected to GME action too.
SG notable clear out on daily possible failed follow through set up forming on daily like VST.
Continuation:
CSSE notable chart no position yet – but possible squeeze out coming. Watching dips and would possibly join vs. .30s
SISI nice big picture swing from last few weeks but feels like a China “ramp” so just realize the risk and stalk for the day they’re ready to liquidate.
SPEC mover AHs
NVVE possible liq trap
ASST currently swinging
CLEU “ramp” portion of the move.
Staying Familiar:
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