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NAKD: Always love to see these things attempt to recover a/h (which it seems every stock listed does these days) – makes the trade tomorrow better. Ideally we can get some follow through from chasers and pump this back into 2-2.50 range and would be all over it for the short there. This is a perennial shitbag that will bleed right back to where it came from as it’s done the last 17 times it’s ran. We started the pump well under $1 so I still see some nice meat here when others move on.
RIOT: Trusty RIOT back on scans…I bought some right at close today 19s and made it to 21.40s, hopefully we can gap down or have some open weakness of any kind back near 20 and I’d love to scoop it back up again. Seems bitcoin is firming up and ready to make it’s next push, and when it does you’ll want to be long RIOT as usual.
AMC: Big spot is $11 for me. Nice battle there a/h today and shot through it for now. We’ll see how it’s acting in the morning (your guess as good as mine), but hopefully we can use $11 as a guide. Either base and form trend above it for long on dips or a gap down and $11 rejection tomorrow to start fading it again. As sick as the volume is, there is obviously no foundation for this move at all and things without a foundation crumble. So the show goes on for now…but I certainly don’t anticipate this amount of volume sticking around for too long it’s just unsustainable, and when the music really stops and the algo walks, we should see that slow bleed back down sub 10. There’s no end in sight for coronavirus protocols so AMC isn’t recovering financially for at least another year. Sorry WSB. If we can base over 11 and it’s looking like a long, I’d be eyeing the 14 area as sell zone and a spot to start thinking flip short.
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See you out there!
-D
Thanks Dante, great write up!
Thanks Dante!
Thank u, Dante!