Hope everyone had a fantastic long weekend!
Relaxing for sure but have to stay focused - there is a lot going on right now in the market and the last few weeks have been abnormally hot.
This is my style market where you can have your main two or three names that you may be more "aggressive" on ie: SOLO RBZ shorts last week while you're babysitting a few trend join names that run bell to bell (ie: HAIN FET 2 weeks ago LSCC IVC BBBY etc this week)
SOME NOTES FROM SCAN:
Yes, it's long.
Will I trade them all? No.
My goals on scans is to STAY familiar with charts I think I'll play in the week ahead. I want to see how they react, see the chart, and thus if they hit scan I'll be familiar with it that much faster.
Additionally, we have a ton of members - I want to appeal to all different traders. Long traders, short traders and swing traders. Therefore you'll see different styles in here. These are the best set ups in my eyes in the coming week.
For ME my day goes like this once at desk:
1. What is moving pre market? Any big news?
2. What are the biggest rangers + volume names w/ the most chart room / potential
3. What is moving from MY scan (preparation) REMEMBER I want to be proven RIGHT to take the trade. So when it does what I ANTICIPATED it goes to the top of the list.
4. Start to narrow down focus to 5-7 names
5. Once 5-7 names or less start to do more than just "ticker" research - get to the "WHY"
6. Start morning broadcast and screen share
7. Bring that list down to 1-2 MAIN WATCHES by 9-915AM and 2-3 SECONDARY watches
8. Put the rest on the right monitor (not staring at me in the face) as potentials later on
9. FOCUS FOCUS FOCUS
10. React off open to the 1-2 names IF trade comes to ME - don't FORCE it
My best days are 2-3 main trades I will trade more names in a situation like BBBY FET LSCC MRO etc (as I discussed in the blog post last week)
Video Scan & Game Plan
Here's my game plan for tomorrow:
OCC nice find on scan midday Friday and again later for the $4.80 cross ABCD set up for $5 break out before it took off on a rampage towards $5.50s + will watch dips vs. $5 again but in this market, this sorta volume these have been setting up nicely for day two, three and four.
GSUM $4.50s after hours - this was from the free trade recap I did mid week around $3 for a swing trade idea -- I am still long from that idea I felt like it was going to continue it's break out based on how the trend was holding and working out longs / trapping shorts. So far, impressed with activity. Ideally get a blow off this week. Downside = chat rooms that alert entry to the masses chase it up and therefore will have to sell into their sheep before I'm left holding the bag after they look to exit. But, volume, price action and trend told the story here. Hope the commentary helped all week. Nice job everyone!
CFMS good volume if trend holds off open vs. $1.20s ($1.15 is ok) under that I'd prob kick off radar -- but as long as we stay in an uptrend and stronger than likely anticipated I think we could have a killer break out near term. If $1.20s peak and act heavy it's a total avoid for me.
DBD can we have a re do on that swing trade? Dayam! Ideally weak open again and more break out on $8.50-9 -- still think it can squeeze out near term before any correction. There is a good chance I don't trade this since I see better opportunities but I just want to be familiar with the chat all week so when the trade does come, I'll be prepared.
SKYS fantastic long in the room Friday for the anticipated halt through $1 + then relatively flat open gave a chance to add more in the sub $1.05s before ripping 50% got a good piece of this move on the majority of my shares ended up getting short late day but covered like a chump 🙁 It was nearing the last hour of the day I was short $1.31-1.33 average and a few too many holds at $1.30 I said "Eh, today is good I'll wait for Tuesday" Yeah ... Nope! Nice fade. Regardless $1.20-1.25 + shove and then looking for the sit back.
CTL weak open for gap fill - this is the type of trade you saw work all last week. Remember it's about theme. This quarter seems like all the gap downs are getting bought up and rallying back to pre e/r levels. Go with the theme until it starts working is always my plan. Just like the IPOs I went over on the blog post last week!
UXIN known turd, known over bloated float - Yes we know. Who cares - trend is your friend. This is the type where everyone is super loud about how bad it is and then it squeezes them out before eventually yes proving them RIGHT just they were early and ignore priced action. I'll trade weak opens for reversal until we see a 10AM + sub VWAP resistance.
TEUM this is beyond wild - never would have expected to see this one here - When this happens we usually go way higher than you think but also provides an UNREAL short opportunity. I would not be surprised to see this test $4-5 + before it slams .70-1.00 in one day. It's not leaving my radar it's going to become a main watch.
IVC so far so good - great trade the last few days - Thursday was a trend join trade after VWAP confirmed hold and road it the majority of the day. As you know when there is profit taking into close many times I like to keep them on radar the next day we go back and re-test the highs. This one closed there. As long as $9.40-.50s start to set up base camp for support we can be into $10s + very soon.
RDFN sticking w/ the recent IPOs (6-8 months + out) all coming back - nice eye on Friday into close watch weak opens $19.70s re-test base and rally back. Thinking same theme as TME UPWK PVTL etc from my blog post the other day explaining this.
PYX I am chief trade NAIL and MINIMIZER on this thing. It's clearly a swing type name (which I do have a swing on) but each morning we've traded it and crushed it for nearly $2 + a share sometimes more off the weak opens and always fantastic sells into the ramps $25s Wednesday and $26s on Friday but absolutely drives me nuts every day holding 1/2 left or 1/3 only to see the HUGE $$ diminish in a few candles. But, that's what I sign up for when I make the trade. Either I can go ahead and scalp the $2/share or I can position myself so that if we do go into a squeeze $27+ range into $30s etc I am there and can solidly add around the cheap core. So far this has been really nice to us - reads have been perfect since $14 -- hopefully continue to get some opportunities before it changes it's trend. More in chat - but as usually I'll be looking all weakness as long as an overall trend holds -- usually my first entries are REACTIVE into a flush.
AMRS started to put back on dips had been buying small last few days for swing - will add all weak opens vs. $4.50 risk as long as over all trend sticks.
CRBP nice swing trade so far from Tuesday -- would keep adding if trend keeps firming up sub $9 - nice padding already from the low $8.1x's opportunity when I bought for the swing in chat.
LCI just a monster volume is good daily and they just keep marching it up -- nothing I want to step in front -- we had a few great shorts post e/r but as figured 2-3 days after they reported it'd pick it's direction. Truthfully I wouldn't have guessed right back to $10 ... not a chance. But, we are here so lets see what happens. Praying for a major squeeze for a nice back side trade. Hard for me to buy these levels.
WIN down $1.92 AHs or 57% to $1.45 - possible dead cat bounce if we get sub $1s otherwise $2-2.50s + looking to fade it. Crazy ugly AHs
CUR chart watch / vol
TPNL this swing is still working I only have 1/3 left though - fortunately Street Sweeper hit the name the other day so brought some chaser shorts in there but they're usually on the wrong side of their calls for months. Yes, if you call a piece of trash trash then yes, eventually you'll be right but their market timing is some of the worst I've seen - not saying that as a cut, just as an opportunity. It's one thing to have bad timing once or twice but just as many times as them oh my -- and as I had posted "Long opportunity" to add to the swing ended up working well LOL. Anyhow, not a marriage here, any good parabolic move or further squeeze I'll be locking rest in. Nice so far
SPAR scroll this chart out to 6 months and take a look too - very nice - I sent it to Michele and she had it on her scans as well usually when that happens it's a good sign 🙂 We'll see - watching dips for possible swing trade.
SOLO ideally get some buy ins and bounce players maybe another PR on Tuesday -- so we can play weak open for break out then I'll look to trade it short again. Great shorts the last few days in the room - hope comments helped there.
TRUE chart watch - no bias. Good range potential.
YRIV waiting for the day for 1-2 mil out of the first 15-30 minutes ie: 10 mil + shares day - wake me up when it happens until then let this guy sell every last share he has. What a disaster.
LSCC trend join - wait for confirmation.