Free Scan: Stocks To Watch For Monday May 24, 2021

by | May 23, 2021

What a wild wild wild day on Friday!

Long idea discussed pre market with the goal being a $35 trap for $50s + well, we got a bit more than that LOL

Key level posted on Twitter right here:

ANVS Exhausting out and why key levels matter !!

I'd be lying if I told you I didn't have major FOMO about the trade I had borrow quite a bit I had about 1/5th position on and it was just instant gain when it happened had I been on desk I obviously would have been scaling and scaling hard each rally stuffed in a major way.

But I'll tell you this:

I don't regret leaving. I made a commitment to leave early and secured it by scheduling a haircut so I couldn't make excuses 🙂

Here's the thing - it's a lot like trading. The only way you change is to change. I could have easily stayed and easily scaled into the trade but - what if it didn't unwind like that? What if it held trend instead? What if it had squeezed?

You can't get back time nor can you buy it. I made a goal 2021 to get the heck off desk more -- and did just that. No regrets.

Video Topics

  • Move In Move Out Move On.
  • Doing what you do when you trade your best
  • What are you good at?
  • ANVS spark bio names?
  • Unpopular Opinion - Inflection Points carry the most emotion
  • AMC = OCGN = Right most = most conviction
  • HODL theory us vs. them mentality
  • Summer Sale (Early Access Link)

Video Scan and Game Plan

Stocks to Watch

UPST good example of that "transitional" day I talk about often where old money liquidates into the gap (everyone who wanted to sell sells), shorts come in and it's pretty clear at this point a buyer soaked post earnings. I always like to discuss these even if in hindsight so you can see where you could improve next time perhaps being able to identify and participate (even for me too) I could have set a price alert at $120 etc. For a trade incoming I'd love to see $165+ blow off and sit back. Not talking long term here I am talking about breaking prior resistance squeezing out and sitting back - then I want to move on.

F outlier volume and big break out - should be an opportunity here soon. The reason I like this one is because of the liquidity and break out. Ideally has some massive gap $14 + test and sits back. Move in, move out, move on.

SPCE success this weekend so there is a great chance of a gap up on that alone. Things to consider - we had a HUGE front run into the launch so how much is priced in? Typically it wouldn't price the whole thing in given the risk of failure but with that said we could gap and fade - perfect trade would be everyone assume sell the news and it traps and gives that secondary squeeze for an even better opportunity.

Failed Follow Through:

NIO think a major trade is close but I don't want to anticipate it. I want to be joining the fade. I'd love to see a gap up and unwind $1-2 fade in the near term. Obviously market and TSLA permitting. Things to be cautious of: TSLA bounce and a move like PLUG where $35 becomes the trapping spot, multiple fails and then rips through $35.

Other trades I like with same thought process: PLUG FUBO NKLA FSR

UONE UONEK fantastic trade on Friday - short side. I had big plans for this one into June but apparently they started it up faster than I was prepared. I had about a 5% long position across the BLM names that ran in 2020 with a goal to absorb dips the next few weeks slowly but that ship officially has sailed. Got a nice reactive trade on Thursday and even better trade on Friday but as you can see on the Friday most obvious trade -- tested everyone's conviction before fading where it was likely to go. Higher better as it falls off everyone's radar again but 1. cautious fighting trend and 2. understand there may be an underlying bid into June 19th

VIAC love this rally higher better and waiting for failed follow through momentum to ideally fade back. Caught an upgrade last week - then held trend waiting for 945-10AM + trade these are the set ups I like to fade for .50-.80/share + with a decent chunk of size.

AMC so far so good, compared this trade set up to OCGN when the SQUEEZE was actually the break out. The intense demand that did not leave the tape the day before the unwind was that exchange of shorts into longs exits doing just enough to keep the price up without showing their hand on the exit. Literally carbon copy OCGN. Weekends are good for cult names so hopefully some big action and failed follow through momentum again back towards where it was the last few months - in the next few weeks.

Continuation:

PDSB big day on Thursday joined trend and added dip Friday as noted for a big picture idea. Not really looking at day to day would love to build in if the chart builds as well.

ADES another big picture idea from scan Thursday night goal was dips vs $6 -- the more it builds a base/consolidates longer it can stick around.

PFMT saw this on scan Wednesday almost put it on radar to start scooping but didn't. This one has been a great one in the past if you recall from the first move - as long as it doesn't have a big break out fail I'll be watching dips vs $2.30s

WRAP check those wicks at $6 - no position but watching dips for break out $7.50-8 maybe $10 near term if it really wants to heat up.

Staying Familiar:

Few low vol movers: JILL EDRY TYHT OPNT HDSN

This section I set up for price alerts so things don't fall off radar.

2 Comments

  1. Key takeaway at 33:10 for OCGN and AMC - the squeeze we’ve been waiting for has been happening in front of us, but we don’t necessarily see it because of the high liquidity (longs selling into shorts covering).

    Reply
  2. Thanks for the time you take on these presentations.

    Reply

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