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ALRN: Looking for speed up day into high 2s and looking for fail around there, and then to short lower highs w/ defined risk.
COTY: Right off the bat premarket this am this news didn’t make a ton of sense to me. For a company with some supply chain & internal issues to then get a 38% premium tender offer was kind of odd, I’m not sure it’ll materialize. I was short today and just got zZzz after open, but will have on watch again tomorrow if it can walk up on air in premarket back towards 11.20s, that may be an indication they’re going to do some more selling tomorrow. We’re still 1.50+ off yest close if this offer doesn’t happen, and pretty minimal risk still even if it does happen, it’s only .70c above us at 11.65, it shouldn’t gap past that even if the tender offer is real. So r/r favors the short still up at these levels in my opinion.
CVNA: Hit piece name that’s simply trapping & squeezing shorts, did it twice today. May do it some more tomorrow. Not going to put out an exact plan for this, but if looking to trade it, I’d wait for big rips, and no chasing. So if weak open…no shorting. Need to see swift moves up that would resemble short covering, and there’s probably some decent scalping opportunity there. If you’d prefer the long side, look for action like today with prolonged sideways consolidation and then take the long when it breaks the upside resistance level of the consolidation channel. Probably not the easiest trade either way.
Shoot me a message anytime in chat (DGTrading101 is my IU handle) and I’m happy to discuss your trade ideas with you. If you’re not an IU member and would like to become one, you can join us here.
See you out there!
– D
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