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XBIO: Nice one. We’ve cleared recent highs and marching even more after hours, so this seems like a good candidate to me for a nice mid morning fader. Hoping we wake up to even higher and then will look for the short trade once a higher low is in to risk off of should we get that open strength. Weak open will ignore.
NTEC: Remember this perennial shitbag well. Absolutely nothing doing here, just low float games, so don’t look for this too have too much follow through – it’s got no legs to stand on. Would be watching for any fast pops and expect sellers to show up from there. Kind of like how SAVA trades. Big pops, created for no other purpose but to sell. If we get that type of action tomorrow morning like today, I’m a fan of the fade trade. But only on those sharp, quick moves where people are caught with pants down and there’s a very clear edge.
FLGC: I don’t think they’re done with this. Either tomorrow or Monday should be another nice long trade here. So thin and Boustead is no stranger to blowing the top off their IPOs. Kind of hoping it just trades sideways tomorrow and closes slightly weak, and then Monday/Tuesday T+2 squeezer type would be ideal. This story is actually quite pump-able in the weed sector, the Columbia export news (what sparked all this), etc. So if I were them, I’d make hay while the sun is shining and keep it going. Decent support into 5-6, so I don’t see much edge in continuing to look short here – was a killer today though if you got it. I think edge back in bulls favor here at these levels – will be eyeing weak opens that hold and watching the bid to try and see if anyone is still there for another round next week. I’m hopeful.
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See you out there!
-D
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