Coming off the most wild week of the year - you need to really zone in and focus on what you're good at and not what you wish you were good at and wish you had nailed. Look how many people got smoked because they wanted a piece of BPTH so went for the next best thing SEEL and never sold. As I said this was a fantastic opportunity for one fund or a few players to soak the float and take a big size scalp at the expense of all the FOMO chasers.
As with anything wait for your entries. Stay nimble. When the A+ Set ups come that's when you exhibit higher than normal risk but risk that you're comfortable with -- in other weeks a week like last week I was trading much more aggressively than a normal day because we were presented with so many A+ set ups. When you're trading A+ set ups and you're wrong you need to respect your rules more than EVER.
Video Scan + Game Plan
Here's the game plan for tomorrow:
AQB higher better is ideal -- great long nail by stapes in the very low $2s -- got long myself $2.40-2.50s and made it to about $3-3.10s + then got short nicely into close anticipating the newsletter to issue a 'warning/sell' that they usually do after nailing a big move but ended up covering too many too soon and the move happened after hours right to $3.80 where I wanted. What can you do! It was Friday, exhausted and wasn't going to get in trouble if this thing started pulling a SEEL style move. Anyhow, higher better and this should really come in hard.
GLBS chasing still in full craziness - but the reality is no reason for shippers to run so it was an 'easy' short for many each time it ramped up the past 2 days and then well, after hours it decided to rip another $2-3 so there is a good chance shorts are involved especially after the 2 million shares traded. I would be cautious chasing but open to a trend - once back side kicks in I'll be interested in back side but not looking to get aggressive on front side.
SEEL higher better and likely gap fill back sub $3 - likely a lot of bag holders on this one. I would not underestimate how far this fades back and/or stays heavy.
ALT ideally pushes through $3 and then back side - just phenomenal short at $4-4.70-4.50s-3.70s heavily when raise hit etc. Likely stays heavy for a while. I would not press short in front of a move hard just in case it has a bit of staying power but personally will be looking for all failed follow through for opportunity.
BPTH is going to have a HUGE bounce and I don't want to miss it. BUT, the bounce will come when it's time not when you think it's time. The day it rallies you won't miss it because you weren't there to catch the bottom. I'd rather be buying once momentum confirms vs. trying to find the bottom. IMO it got VERY long crowded Friday as I said at $25 + after it tried to rebound I wouldn't be surprised to see it unwind the dip buyers into close. I think it's VERY long crowded and really needs a good false wash out AS WELL AS a FAKE rebound to work out any size before it finally finds a bounce. We may be looking at another $10 fade first, we'll see.
ARQL watching dips/consolidate and break out $5.50s is trigger - if it stays heavy post 10AM forget it and will look to fade it sub $5. I'd really like to trade the break out though for $6-6.50 +
DVA has been on scan the last 3 days to short all pops - I think we get heavy around $50 and maybe get another $1-2 more before it finds a bounce. If shorting just be cautious if it starts to find a base -- don't fight it not reason to in this market. But, for now - I'll be leaning all failed follow through and covering any wash outs
KR nice short Friday joining trend - higher better tomorrow and looking to do it again.
AXGN morning shove and looking to scale short vs $20s - post squeeze post reversal we may be heading back towards lows
DCAR as stated a few weeks ago in my scan I put on a swing w/ same strategy as HYRE thinking could get a play with Lyft/Uber IPOs. DCAR just set themselves up for a monster opportunity if they play it right with a PR etc given the low float market right now it could get really silly.
ALQA not sure how I missed this one but love it - watching dips vs. $3.35-3.40s if it stays will be looking to accumulate and scale vs $3.50s for $4 +
IFMK so far trend holding well from swing play at $1.14 - thinking someone is in here accumulating size for a bigger picture play later on so letting it work for now.
AMAG morning ramp and unwind is ideal
CVNA looking to join trend vs. $50s (either direction)
Post momentum - quiet watches for pops
SAEX I tried to remind all the silly after hour $6 chasers that short squeezes happen because shorts get squeezed not because longs chase things up at any cost. You should always remember that when debating to chase 1 of 900 recent moves on a $2+ reaction to news which was really meaningless. The reason I put it under this category is I don't think it's going to have very many fireworks but it's the back radar type that I'd like to watch all pops and casually lean in as long as it doesn't find a base 10AM + and hold trend.
DFFN was a nice one Thursday as noted in the room/Twitter took it for a gapper - there was $8.50-9 bids after hours so I didn't last very long - if you're going to bid it up that fast I won't last that long. But, what I didn't do was go back unfortunately in the AM and fade it down - this to me was a no brainer but I was too focused TROB and the rest. So, I think we'll have a .30-.50 attempt at a rally and all the bag holders will try to call the bounce but I can see this easily going back sub $4 very short term. I think it'll be an offer radar quiet play and it'll literally trade minimal volume - thus not being a main watch.
TROV higher better here but they did a S-3/A so you know where their head is at. They want $ and they want it now. Was I covered a bit too early on Friday but whatever it was a tough one with an unexpected ramp back towards highs -- so I was pretty much exhausted and took the trade. Anyhow, I think it could rally back a bit and I'd be looking to fade that slowly. This likely unwinds -- the only thing is -- they do have a catalyst later in month so I HOPING this sticks around a bit so we have a few more trades.
TENX higher better and back side - great volume - will look to fade the trend as long as it doesn't hold trend post 10AM
TNXP higher better $3 + and fade.