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KODK: Sicko a/h’s… let it stay weak into close and completely buried everyone. Thoughts on this would be to develop a bias in the morning based on what it’s looking like. If it gaps down and weak open, would be looking for something into the 10 area to hold and a long trade, otherwise big gap up + open shove into 18-20 area and would be looking to fade that. Anything around the current level we are now between 12-15 area I don’t see much of an edge and will just watch and wait for extension to show up.
SYPR: Ideally push back towards 1.60-.80 area early and like the reshort idea around that level. Would need to have the extension though otherwise no interest above 1.30 – that’s where all the afternoon volume started at, so that should be a support level, if there is going to be one – maybe even a potential long if you like buying these with a 1.30 risk if it perks a little pre tomorrow.
MARA/RIOT: Tomato Tomahto. Watching bitcoin chart and looking to go after these short on any weakness there, they’ll fade. Always cracks me up that they run when bitcoin does, they are both useless shell companies, but so be it. Some decent meat there now to be on radar.
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– D
There are lots of people thinking that bitcoin is headed back to all time highs…. $15-20,000. Where do you think RIOT and MARA will be if that happens? They may be “worthless shell companies”, but they do move with BTC.
Thanks
Right, that’s kind of what I alluded to in the post. If Bitcoin is going up, I will certainly not be shorting RIOT and MARA yet. They are bitcoin ETFs more or less. My thoughts are that if Bitcoin is to make a true run again, it would probably dip back below 10,000 again first to shake some out. I am looking to short RIOT/MARA whenever/if that happens.