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RIOT: Perennial bitcoin shitbag of the day. This will, as usual, be tied very closely to bitcoin, so watch accordingly. Watching that 4.60 area tomorrow on any weak opens to hold, this will likely have a secondary squeeze out move yet, especially if bitcoin makes the seemingly inevitable push on new all time highs in pursuit of 20,000. So while I absolutely hate this thing and they do absolutely nothing, it’s likely going to give another long try with that bitcoin 20K push, so just keep eyes on it. If bitcoin falters at all, this thing should drop like a brick right back down to $3s, where it’s still about $3 too high from at that level 🙂 Know what you own, enjoy the momentum, and realize when to flip. Perfect scenario is bitcoin 20K and RIOT shoving 7+ at some point soon and that will be an absolutely monster short opportunity.
NIO: Watching 48 as area of interest tomorrow, any early moves that reject into that zone, will be looking to join pops and short from there.
INO: This one starting to feel heavy again. Got as low as $8 last week, and it’s got a date with gravity to there and lower in the future. With Pfizer and Moderna ahead in the race, this should really be taking the sails completely out of this one. Did you really expect INO to find success here after perpetual failures in literally every single other vaccine venture they’ve attempted? Of course not. This time is no different, and I expect this name to have a final resting place of $2 – $4. It’s back on my radar not so much as a daytrade, but looking swing. Any strength from here should have your attention for short swing entries now.
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See you out there!
-D
Thanks Dante!