Happy Memorial Day All!
Let's not forget the reason we are here - Freedom is not free and today we honor those who paid the ultimate sacrifice.
Baby & FOMO + Screen Time
Last video Timing = Perfect. Multiple intraday offers and over night offerings #KnowWhatYouOwn
— Nathan Michaud (@InvestorsLive) May 20, 2020
— Nathan Michaud (@InvestorsLive) May 22, 2020
Stay focused eyes on prize - personally get better.
Draw levels to stay focused and understand front side vs. back side (we cover it every day on broadcast + Trader's Lounge)
Scaling Up - SIZE ANTICIPATE vs. WORKING
Most important part is the cover - you can always re add UPON CONFIRMATION - what is confirmation?
Range bound days - taking focus if you're over sized WANT vs. REALITY - KEY levels (repeat over and over)
Here's the game plan for Tuesday
Video Scan and Game Plan
Stocks to Watch
NAVB was a big opportunity on Friday but I minimized the opportunity I got to about 1/3 size pre market - got to a max of about 1/2 where I wanted to be post open and although the trade worked 1. I didn't get full size and 2. It didn't give me the full unwind I was going for so despite being excited about the opportunity was a mediocre opportunity at best. Likely gaps odwn but even if it does I'd still be interested off pops for unwind. If it gaps up - even better.
PENN was great off the open on Friday but I wanted a bit more out of it -- just didn't work out as good as I had hoped. Ended up minimizing some of the trade on the part that I kept after nailing the open. It's a good reminder to not try to force anything and there are going to be days things consolidate. For me, higher better and possible unwind to join - look left and draw the key levels that need to confirm. Also watching with ERI (below on Staying Familiar section)
ZFGN this theme has been working incredibly lately. Last scan I gave a few ideas for forward looking catalyst / events into shareholder merger votes (it was BPMX and RTTR and they both ran big, one nearly doubled) so with that said as noted in the room late Friday thinking this may be worthy watch into this Thursday's vote. Own some on the mention. Volume picked up on Friday so I'd say the idea is in motion.
ACB TLRY CGC I scooped dips Friday they were all working well but ACB pulled back a bit. Typically I'd be looking all pops for unwind on ACB but the entire sector was pretty hot so I'm just going to let the trades work until they stop working.
Failed Follow Through:
MRNA near a $5 move in my opinion this week - whether it's $75 again or $72 then $65-62 and unwind we'll see but focused on reactive trades off open and 945-10AM trend join. STAY AWAY from sizing up ANTICIPATING a trade.
HOME set some price alerts $4.10-4.20 and $4 will lean each day that it fails with proper risk.
BJ higher the better and looking to join any profit taking. If we start to have weak opens that get accumulated I will change my bias to joining trend - similar to FSLY chart.
MAC 945-10AM + trend join for unwind
LX higher better for back side unwind.
CLSN held this over night from Thursday into Friday but I'd be looking for a weak open vs. $2.80s for more break out / squeeze $3.50 +
MARK taking form just like that FCEL comparison noted a few weeks back. Do not underestimate the squeeze out here. This is a cult like following much like many of these price ranges - if I short it once it means I'm a perma short 🙂 even though I compare it to FCEL and discuss potential of a squeeze etc. Point is - don't underestimate the kool aid level here edge = parabolic moves. Ideally dips keep getting absorbed and have a nice secondary move to react to. More in the room.
SNDL going to watch over the next week if it starts to base at .75s for possible swing. Currently have a position to just not forget, have yet to size here.
CKPT no position but see a buyer there in the tape, watching dips for $2
Setting price alerts on the following - look left to prior areas of support where it based / consolidated and looking for prior SUPPORT to become RESISTANCE upon multiple confirmations and then fade it.