Wild day Friday before I made any mistakes I got the heck outta there and headed off to see some buds in Boston before heading to the Red Sox game.
Definitely had some serious opportunities into the close on RVLV and BYND.
Heck things have been flying straight up but I wasn't around in 99-00 I started trading in 2003. The one thing I have learned lately is just to expect the unexpected. If volume is there trust the price action and run with it. It is what it is, if you're not adapting or staying too biased you're either getting ran over or missing out.
I'm trying to come in each day without much of a bias.
The BIGGEST thing that has helped me keep any perma bias in check is having wish orders out there. BYND ZM DOCU etc all kept me safe by getting short and making a plan "if it were to wash out, this is where I'd expect to cover" and you know what? You have like 2 or 3 candles to do so, someones one and any OUNCE of bias gets in the way or "eh lets see if it comes back lower" nope, too late. Opportunity missed.
TEUM is a notable move Friday and well as IFRX - nothing ever has ran too much or faded too much. It's VERY Important to respect risk in this market. TEUM killed average downers and then ran over shorts who were being too patient. IFRX ran over shorts and then literally walked, gone, no bids. Very easy to get trapped in this sort of action. It's a reminder to always trade in control and if something is NOT doing what you thought - EXIT.
Video Scan + Game Plan
Stocks to Watch
RWLK pretty decent staying power great long this morning in the room but clearly didn't stick around long enough. I like how it set up kinda had a false start a few times before got rollin' Dips and $6.50-6.60 has a guide it'd be nice to see this thing have a secondary leg. They're has been a ton of just one day wonders lately - easy shorts off the parabolic moves at some point soon we'll likely see what happens when shorts get a bit too aggressive. Not saying this one but it'd be nice to have a few secondary moves. On watch as long as trend holds if $6.60-6.80 stay heavy - forget it.
CTRV there's a very good chance that if a particular newsletter was not involved this would not have done half of what it did on Friday but it goes to show you how important it is to know the "WHY" its moving on these small caps. This was 100% newsletter controlled - long into circuit and on their sell it went straight to a circuit halt down. Anyone who followed their lead could not have gotten out. That's not a bash of the newsletter I don't play that game, but ... it is an eye opener for many and if you're not paying attention to the "WHY" or you can't figure out what unnatural volume just came in on particular names sometimes its best to just be out. Keeping on watch just in case momentum follows through - assuming it doesn't but who knows.
BYND and I thought gap and fade all day since the other trade was too obvious 🙂 Nope, it was too obvious and shoulda just closed eyes and got long haha. Higher better this is going to give some crazy opportunities - watch yourself w/ the spread. Have wish orders out both directions when making trades. More on the video.
ZM big trade off open and few others through the day but this week we should have another few days of trade. Whether it goes back and re-test for $100 or wants to re-test prior resistance around $90 I'll be prepared for both.
LJPC major trade Thursday and Friday nice to be so right, so prepared and with no head aches involved -- that's not always the case! They did a great job squeezing again Friday but each dip still had plenty of trapping. Open mind on Monday if it gaps and fails I'll be looking to fade if a relatively weak open, cracks, catches I'll look to take the trade for the next leg.
WKHS goes in the "shoulda died" Category - down AHs the other day after a weak open looked perfect for a short but holds on - in my eyes that was as great way to clean out any timid longs, trap some shorts and if we break $2.50 this week and hold - heck ... it's VERY possible we are heading $3.50 + short term and game changer after that. Trump 100% created an opportunity for this name they would have never had w/o his tweets/mentions and with that you have to have an open mind when the price action is telling you something other than what you'd expect.
PD check the range intraday - even if a new trader you don't need a few thousand shares even a few hundred shares w/ this range pays out huge. Focus on entry, set up etc. Wish I paid more attention Friday after that first break out move I mentioned forr $4-5/share -- because it ran RIGHT into resistance (as we talked about last few videos look left to predict right) and then faded in a BIG way. Will have eyes on this one Monday and all week.
RVLV had one trade on it Friday, worked well - got a bit thin there at the end. Shorts trapped and squeezed out if they can trap again we'll go round 2. Citron as much as people wanna give him crap for BYND call etc I bet his RVLV call brought more shorts in than we would have otherwise seen despite being a long so probably does help the name along. Open mind Monday there is NO reason to have a bias yet. Obviously I'm more comfortable shorting but - fantastic job Ptrader in the room on the long calls here. Incredible actually.
INSY notable recovery off the weak open
SWAV $65 prior resistance if fails maybe the real fade this time. But, for now - assuming it fails until proven otherwise and if it does prepare for volatility.
DOCU higher better $49 + shove and then fade off or weak open and rally for $50 + I think we'll have a $2-3 opportunity at minimum here.
SNAP higher better - probably consolidates a few days but thinking a major trade coming and I am not taking it off radar. But, it needs to be a major set up I am not just going to short to short.
CYOU waiting for 'exhaustion day' ie: squeeze out rest of shorts then bids walk - check EOLS for what I am looking for.
GES friendly trader in past - possible unwind trade setting up.
EOLS higher better and then back side sub $14s is goal.
DOMO nice save - volume good range great - reactive trade off open. Staying familiar with chart. May/may not trade Monday but I know there is a trade to be made soon.
ZS again not a favorite but $65 flush $75 rebound $10 straight if it pushes $2-3 I think we'll see a fade back - waiting for that opportunity to set up. Staying familiar with chart.
ROKU been good to us, let her run. But, stay familiar with chart.