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UBER: Morgan Stanley covering some of that naked short position into close eh? Lol, I don’t really buy that afternoon move, probably just setting up for some selling again tomorrow, this thing is an endless black hole on the balance sheet. Morning gap up/early strength into 41-42 would have my attention for a fader idea mid morning or afternoon, we’ll see what we wake up to.
SAEX: Perennial shitbag of the day award. This always seems to be a multi-day pain in the ass, so wouldn’t be surprised to see it annoy shorts again tomorrow. Nothing I’d chase early weakness on tmrw. Perfect world maybe a weak open 3.50 hold and rip back mid 4s and would have my attention for a short closer to 4.50. If it gaps up or opens strong it probably gets whacked shortly after that.
ZYNE: I’ve been wrong here so far, still quite an impressive bid. I’d continue to have same thoughts that this should see some decent fades before we get closer to the end of the month for catalyst idea in the FDA meeting, but it’s clearly proving that it’s not to be messed with thus far, so very short leash if trying the short. Weak opens should be avoided on short side, and would only give it a shot if we see gap up/open rips 13.50+. Nothings changed here though and this will get wrecked in the not too distant future in my opinion.
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See you out there!
– D
Would be nice to discuss some of these under $5 stocks.
Thanks Dante, very good story telling for each stock, Eric.