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SOLO: Nutso day. Not sure what to expect in the am, but same strategy I typically use on these second day crazy plays – fade whatever’s going on early. If gaps up pre & rushes towards 6 out of gate, will be looking to short a fail. If opens lower and they send it down out of gate into SSR, then look for a bottom to form with higher lows and get long with the days lows as risk.
MGNX: Offering done, the shook out a lot of the “ok offering’s done lets buy” guys the last two days, now maybe can generate some meaningful momentum higher. Watching this ideally for weak open & hold and then join dips for long idea.
CVNA: 34s were an issue initially on the first hit piece day, they seemed to be an issue again today, so that’s the spot I’m watching for it to stay under. Ideally an open shove to try mid-high 34s tomorrow morning and fails there and look to join the short on failed follow thru/pops once a top is in.
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See you out there!
– D
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