Just when you think bottom is in for a bit – waterfall starts! Last week fully anticipated a big rebound early week and then probably settle down for a few weeks but to my surprise Friday we were in for some fun.
Right now it’s going to be a tug of war until things settle – which quite honestly I really hope they don’t. Once they do volume will be lower and range not as wide. We’ll be out here complaining it’s “so slow” so although I know a lot of people have trouble in this tape personally I hope it keeps happening just the way it has.
Survival of the fittest. It’s been like this for many many months now if you haven’t been able to adapt that should say something – remember what my friend told me many many years ago? “Doing the same thing over and over and expecting different results?” That’s right – google it. Insanity!
You need to own it and stop making reasons up why trades don’t work.
It’s a time to be a trader. Everyone trying to force a bias and overstay is getting chopped right now.
Video Topics
- PRICE ALERTS !!
- Margin Warning
- Account Builder = When No One Looking
- Minimal Small Caps Moving = Concentrated Shorts
- Less Headaches Bigger Trades
- Positioning Correctly ie: IMMX NURO
- Crowded Trades = Avoid or Chance? VEDU BGXX
- Forced Bias = RDBX Example
Video Scan and Game Plan
Stocks to Watch
SIGA same ol’ broken record warnings all Friday reminding everyone not to react just because one candle stuffs or one candle slams down. As I wrote multiple times – this was carbon copy VERU setting up so yes eventually we’re going to have a monster trade but if you are anticipating the unwind you’re asking for it. Additionally this is now a “theme” which we’ve talked about before. Themes always take longer than you expect to turn. If you trade this thing front side just make sure you’re also being proactive with covers as you saw Friday the key line given soaked every time. Here’s the thing – there are going to be MANY great trades but they will NOT be good unless you cover UNTIL the trend breaks like you saw on VERU this past week. Everyone wants top edge is when everyone is tired.
ROST 945-10AM + trend join – really nice on Friday should offer another $2-3 or quite possibly $5 opportunity this week. Don’t force the trade and pay attention to the market.
BJ example of why I keep e/r plays on watch the day or two after ie: DOCS CSCO etc – sometimes they go sideways day one and make their move the following days. Personally I missed this one despite being prepared Friday just got a little nutty.
CSCO 945-AM + trend join as well
SQQQ doesn’t get much better to start the weekend than a trade like that to end the week! Pros of trade: Typically I have pretty good reads and behaves really well once you identify levels like we did on Friday let it rip — Cons of the trade: Sucks the hell outta your buying power especialyl when sizing – cash value goes away quick if you want to trade other names.
Failed Follow Through:
BL monitoring for a trade like VTNR etc just looking for that gut check day or trend break.
CMRX watch with SIGA and the rest monkeypox movers this one just got smoked the other day on a deal they did so not only did longs get bagged it probably attracted some shorts – that said higher SIGA goes higher this can go but this likely will be my focus for sizing.
RCMT monitoring for VTNR style trade
VTNR higher better set price alerts should be great near term.
VERU every day has been great – will continue to look for same trade set ups like the last few days UNTIL trend starts to firm up and VWAP holds then there is no reason to be fading it.
IMMX right off looking left resistance – nice trade on Friday great opp covered the flush – ideally morning shove and fail but given lock up is next month I’d assume they may try to let it trend into that.
Continuation:
JCSE was a liquidation play and they soaked it back up – actively monitoring it for the day volume comes back and sellers are present. Nothing to “expect” or “anticipate” as you all know.
SNOA nice liq trap idea last week went straight up – pull back day Friday as always best to lock around core if trading it but so far worked well. At these levels it’d be a ‘chase’ anyway – need to see it prove secondary move.
AGRI one of those that gave great short opps last week and gap downs for cover but overall trend has started to hold better than I am sure many expected – let this trade play out set price alerts and don’t lose it off radar when it’s time. For now I have on continuation not because I want to go long but because I want to see a squeeze out trade to participate on the back side.
NNVC higher better watch with SIGA for the trade – has zero to do with it but people start to get talkin about “sympathy” names and every now and again things take off.
EYES steady buyer in tape lately – looks like an insider based on the filings. Watch all dips if they stay firm. No position.
MITQ no real interest unless good volume but liq trap potential. No position.
Staying Familiar:
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