On Watch 6/29/21 From Dante

 

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Sorry for the absence last week, duty called with my other business.

 

MRIN: Very ready for this one tomorrow. Hopefully little more morning gap up 10+ and then close eye on it 9:45am+ to fail. Worst thing we could see is an open flush, that’ll put me off to the short idea altogether. But morning shove out of the gate, and I’ll have eyes on it like a hawk into mid morning for the inevitable fail.

DARE: Nice past runner many are familiar with. Back on radar, looking for 2+ tomorrow. Pretty controlled and orderly still, so don’t think it’s quite done yet. Weak open 1.50s maybe consider it a long still, otherwise looking for that speed up into low-mid 2s and then eyes on it to fade from there.

SPCE: Feel obligated to comment since it’s likely everyones top watch tomorrow. With these names that have all the eyeballs, as always, you know the default plan. Let the crazies have it first 15-30 mins of the day, and let them extend it one way or the other, and look to fade that direction. Gap up shove, mid morning short, or gap down flush mid morning long would be the gameplan if we end up scalping this tomorrow. Gut feeling maybe another move up yet though, consolidating nicely after the huge initial move. We’ll see. Either way nothing more than a scalp for me with tight stops as it’s anywhere in this rangebound zone 52-57.

Bonus name: FLGC: Thin IPO, Weed sector, has all the ingredients for an eventual wild pump. The reason I chose this one is due to the guys running the show, Boustead. Little boutique firm known for wild pumps in their recent IPOs. Check out some of their recent names they ran the book on going public: WNW, EBET, UTME. Weed names will have their time in the sun again, and this seems like a good candidate to run. Really nothing about the company is intriguing me here, I’m simply playing the book running manager, and the weed theme that’s going to continue to gain attention in the coming weeks/months. Seems like fairly limited downside at this point with a floor near 3, and if Boustead does what they do best with it eventually, the R/R is heavily skewed in our favor. Just a shot, may lead to nothing, but just figured I’d share with you guys. One to toss in the back account basket.