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SNAP: Love to see this pretty weak today in green tape. Starting to show more true colors that it does not belong up here. But remember that doesn’t mean short short short and fight it, but just have it on radar. That 42s area we’ve been discussing has proven to hold again and again, so it’s the obvious focal point. Anything up into 42.50 area that rejects, I’m shorting pops from there. Anything lower tomorrow, I’d be ok with starting in smaller size on a swing trade idea using a 42.50 o/u risk on the trade, and of course looking to add along the way lower if it starts working. Anything above 42s, I would not fight. Can go wherever it wants first if they’re not ready to start the ultimate unwind. It’s coming, but be patient.
NIO: Sicko stead squeeze into close. Will treat this one like we treat all of these – let the trade first 15 mins of the day and hope for a big move in either direction, and then start to think fade the open look, whichever it may be. Ideally it’s higher tomorrow into 45+ and look to fade it from there. The chart is clearly getting out of control, but do not be a hero and try and find the top. Will be plenty of fade to come when they’ve exhausted the opposition. If there’s an early fade that gets saved, expect a likely steady squeeze into close again, so maybe an afternoon long in that scenario. We’ll see what it looks like tomorrow.
XPEV: Sicko here as well. Ideal scenario for me would be a shove into the nice round 40 number, and then looking for sellers to start stepping in from there and eyeing short entries on pops once a top and lower high in to risk off of.
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See you out there!
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