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NBEV: I don’t want to make too many biased predictions on this for tomorrow, I do want to make a general comment though. About this, about TLRY, about all of this. Enough with the fundamental analysis, “they have no revenue!! I have more cash under my mattress than they have in the bank! It’s shit!” We know. Trading these intraday, that stuff it completely irrelevant, just ignore it and pay attention to price action. Have no bias tomorrow, I have no idea what we wake up to, but I’d imagine a nasty move 10+. Typically the way I go after these is to fade the open move for a quick trade. If it gaps up big and open push, will look for short scalp, if opens weak/gap down/washout, will look for a bidder to stabilize & long scalp, then reassess 10:30+. Forget the fundamentals though, we’re in full blown delusion and Bubble logic, which is no logic.
CRON: Something was off here today. TLRY fades 70 points and CRON just trades in a tight .50c range and holds all 13 dips? That’s very out of character, and definitely notable. Feels like a rubber band soak today that they’re getting ready to let snap up again, as sick as that would be. This should have been weak with TLRY and CGC today but it wasn’t. So I am leaning towards looking for a long trade here tomorrow. Ideally on a weak open with a 13 risk. But if we gap up, I still like the long idea based on today’s odd action. We know the risks up here, so nothing to add to a loser on, and something you’ll need to have a clear defined risk level to go off of, let it set up. If we don’t get the morning washout trade, be patient. Taking these one day at a time.
IGC: No substance to this one, just a “me too” straggler. Hoping it gaps up and shoves towards 2.50 and will look for the short trade there.
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See you out there!
– D
I love reading your thought processes on these watch lists Dante, great stuff