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RIOT: The circus rolls on. Never ceases to amaze me that this pops with bitcoin. This is a shell company of slimeballs, not a crypto company. Based on the volume alone I’m fairly certain this is not algo related and mainly just some real special retail buyers supplying a bid with bitcoin. This shouldn’t have much more fuel in the tank, and it will end the same way it has the last 500 times it’s tried to get anywhere. If my thoughts are unclear, I lean short bias 🙂 Maybe one more day tmrw if it caught some shorts this afternoon, would love to see 5s again and that’s likely it here and an ideal short area. High 5’s in a perfect world with a 6.50 o/u risk, size accordingly. If weak open will probably just ignore.
AVEO: Total junk. Ideally rush on low 2s tmrw morning for short entries once a lower high is put in. Volume is there to create some more fireworks if they want, wouldn’t fight much at all if wrong on this, can always re-enter. As long as that big volume is churning around it’s a potential problem. Again if weak open, likely an ignore.
GME: Pretty ugly e/r report looking forward here. Really no surprise if you think about where the gaming industry is going. The after hours reaction reflected that, and would think it follows through lower tomorrow. Would be interested in fading any morning pop back 9.50+. It shouldn’t see much sustained momentum higher though, not sure who in their right mind would want to be providing any meaningful bid for this name right now given their current outlook.
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See you out there!
– D
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