I hope everyone enjoyed the long weekend.
The ol' gap and grind saw it coming but didn't participate very well in it - was off on Thursday on the rebound day but pretty much anything held over did even better Friday. Real nice unwind on the SQQQ vehicle and another you guys know I like is FNGD when the rebound finally comes to fade. Two great vehicles that come in EXTREMELY fast when the reversal comes.
Had some great trades SIGA GME DKS and ROST on Friday but after nailing AMC and SNAP I gave it back and then some by just letting it grind me through the day - I didn't size but also didn't exit which could have been avoided.
SIGA I would encourage anyone in the room to go back through commentary especially in the Trader's Lounge -- it's not always going to work that perfect but it damn near held every line perfectly. I definitely wanted more out of that my goal was $12.50-12.80 flush into close but had to settle for $13.30-13.60s unfortunately.
- Not On YOUR Time Table
- Swing Trade Update
- The Crowded Trade
- Front Side Action (Both Long and Short)
- Being Patient
- Dips ABSORBED
- Thin Tape
- Work Ethic (Names Prepared For)
Video Scan and Game Plan
Stocks to Watch
AVDL very controlled action on Friday both flushes if you were not there then it ripped right back up on low liquidity. The only spot for me was $2.25 for any decent scale any other trades over it in my opinion you had to be proactive with covers like we went over. This market right now if you're not joining trend you MUST wait for key levels to break otherwise you're just asking for it. Ideally gaps up .20-.30 rip then fades off if not watch $2.25 over under and look back at how CMRX played out.
SIGA June 2nd is date for the .45/share divy which not a lot of people know about - they have a lot of cash and I feel like a lot of shorts were thinking offering etc. and ended up in a bad spot. In addition they didn't know about the 'catalyst' ie: divy and on top of that underestimate the "theme" trades which we talked about last week whenever a theme/sector heats up it always last way longer than you expect. Also, it only has monthlies at the moment I would expect this to stay aggressive until weekly options start trading as shorts have a tough time hedging. Spent most of the day reminding folks not to step in front since this used to be the type that would run me over - as you saw started in with a feeler waited for the action and would not have had as good of a read as I did if I was not focused in on it -- we got the trade into the big exchange $14.20s then confirmed flushed $13.80 as the first goal and $13.30 clearly showed it's hand from there. DRAW LINES IT WILL HELP YOU !!
SNAP I put on some Friday for a fade and just let it grind me never scaled could have done a lot better here. Will be looking to trade with the market if we fade this should fade if not, cautious slow soak/grind.
AMC another one I fumbled the whole damn thesis into this weekend given Top Gun etc. got a great short off open covered partial and once again never scaled but let it grind me for too long. Could have traded this much better but good news is HUGE trades coming up.
Failed Follow Through:
JCSE higher better monitoring for volume/exchange day just like we had DOGZ CLEU etc.
IMTE same deal price alerts set all that matters is volume. Like DOGZ they soaked the float back probably and grinding it back.
IOVA if morning gap finds pressure again would join the fade.
ARRY set price alerts waiting for the day it fades vs VWAP
CARV big time break out now 🙂 we went over this in the 7s reminded again few times and you all knew my plan now as far as the exit move - be safe, be smart lock along the way!
UONE highest point since the swing trade as well - again manage your risk as we start to speed up!
COHN nice rally back day if the others get crazy this type loves to circuit halt - agian manage risk along the way at this point.
MDIA another that could join into June 19th
RDBX been a great trader - hard to trade with size since the move has been a lil wild but - so far very trappy and has offered some great action. Still think we could have fireworks each time it unwind and looks like disaster it snaps right back up
IDRA steady trend so far - solid soak wouldn't chase break out but watch any good pull back days.
DVAX been steady since last continuation scan idea Sunday and each day.