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JKS: Absolute short carnage here. Impressive. Todays move however, had extended range compared to previous days as well as higher volume, so it’s got the tell-tale signs of a short covering capitulation day. That being said, doesn’t mean it can’t keep going, but certainly on watch for a fade day soon. Weak open will ignore, but anything gapping up/open shove 58+, will be on high alert for sellers to step in and begin it’s descent. Will go further than you think once shorts exhausted and buyers done with it.
PLUG: Watching anything into 20 tomorrow as a nice psych whole number, and looking for sellers to step in there. This is a bit of a cult name, so don’t look for a huge all day fade, if you catch a quick buck, I’d be taking it. Weak open, will ignore.
OPTT: Perennial shitbag of the day (week) award. Nothing material here (as always), and when the lovely endless artificial buying is complete, you won’t want to be around for it. That said, the all day pressure today makes me think shorts were hitting it heavy and really had no reason to leave today, so many are probably still involved. So if any weak opens that reclaim 3 tomorrow, it’s on radar for a long. Otherwise, any weak opens that reject 3, will be shorting pops using that 3 o/u risk area. And in the final scenario, should we gap up/open shove, will be eyeing the 4 area to start short.
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See you out there!
– D
Thanks Dante