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IBIO: Perennial shitbag doing what it does best. Hoping for a little cover party early back into 1.60s-70s and then it’s a swing back to where it came from around 1.30. Name has been around forever, and always does the same exact thing, and this time is no different. Has to gap up/open shove for any interest though, here at 1.50 there’s just not enough to get excited about. 60s-70s, and I’m interested.
CHMA: Sick vol, little intriguing yet. I think they still may have a trick up their sleeve. Anywhere over 3.50s it’s still very much in play. Thinking maybe one more slow fade day tomorrow to keep everyone comfortable, and then a possible T+2 candidate on Monday. Larger float, but this thing gets deceptively thin when they want. Could see it just gap down and roll over tomorrow, but really hoping to see it hang around and recover and think it’s a decent possibility for one more finale of fireworks. Would consider buying dips tomorrow above 3.50 with a risk there.
PTON: As we’ve discussed so many times before, THAT is what seller exhaustion looks like – what an insane daily candle today, volume wise. This thing will bounce in a big way, it’s just a matter of whoever needed this liquidity exit today – are they out or not. Sub 80 at open and then reclaim and I’d be interested in giving it a shot long. If 80 can’t hold by mid morning, then not afraid to chase it down as the bleed will likely continue in that case for another all day’er. We’ll see what it looks like 9:30-10:30 for a better read on which way to play it.
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See you out there!
-D
Thanks!
Great plan guys