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GILD: Don’t really understand the huge a/h move other than overanxious, misplaced optimism. They won’t be making a ton of money on their covid drug if it is indeed successful (very early, raw data yet) – so I don’t really see a scenario where this continues higher. Eyeing the short tomorrow, higher the better early.
BA: Everyone on planet wants long trade tomorrow, so don’t be surprised if it doesn’t work. I’ll watch any early strength for failed follow thru and consider the short if the market is cooperating. Sending workers back doesn’t really change much or fix the money/demand issues Boeing faces, nor do I think it’s smart. So we’ll see just how “good” today’s news is. Nothing to fight with as this gets nasty when it wants to go, but certainly not convinced bottom is in.
MBRX: Lovely a/hs – we had a perfect plan on it switching back to the short idea today on a “buy the rumor sell the news” setup. Higher better early and looking to short pops against 1.40 should we get back up there for inevitable sub 1 again.
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See you out there!
– D
Thanks Dante. Very helpful!