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BYND: We’ve had a spot on read on this the last two days, so will keep going with my gut. I get the same feeling about today’s action as yesterday afternoon. Doesn’t seem like any real buyers stepping in. Watching for shove into 178 area pre or open for re-short idea and still think we get sub 160s before any meaningful rebound.
VSTM: Getting the feeling this may gap down tomorrow and just die..it gave a good effort at 2 today and there was just nobody home to fuel it higher and get a good squeeze going. I’m hopeful we can get a pre ramp through 2 again for the short idea but not expecting that, if it opens weak, I’m not opposed to the thought that this just may never recover and it’s a decent chase idea.
MLNT: Sweet runner today. Seems like it set a short trap into close, I’d look at any weak open into mid 5s as a long scalp opportunity. If that idea fails I’d flip short bias but the ideal short opportunity would be a gap up and shove into low 8s. I don’t see it testing the 10 daily resistance or anywhere near that just based on how thick it traded today. It’ll be almost impossible to keep that volume up, so don’t expect another $4 move unless the volume is there, which it likely won’t be. Any open shove that gets stuffed will be difficult to recover from unless the serious volume is there again. So this will be an idea that has to develop into the day based on what we’re dealing with in the morning re: volume.
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See you out there!
– D
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