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MRNA: Bottomless pit today – probably a nice combination of institutional selling, as well as everyone saying “it’s gotta bounce” – those people are rarely right on the first try. Now that everyone’s been burned on the rebound trade, I’m looking for the rebound trade. Perfect world would be a gap down/ open flush towards 360s and then look for the long trade from there. It gaps up/opens strong, may just lead to another fade day. Hoping for the first scenario.
DYAI: This one just reeked of squeezy action today, which likely means the staying power will be nothing impressive, and something I’m looking to die off pretty quickly. Best case a nice gap tomorrow and shove towards 6 then death, but that may be wishful thinking, could see this just shitting the bed out of the gate tomorrow, we’ll see. Definitely short bias though.
FLGC: I think they are very meticulously setting up a huge rip over 14-15s in the next few days, so nice and orderly right into resistance over and over again. You can see once it fails and dips, there’s no follow through lower and nobody really selling. It’ll go exactly where they say it goes because of how thin, and again with so much paper to sell, I think Boustead really has some fun with it yet. A reminder about some of their other recent IPOs (WNW, EBET, UTME) that when they send them, they really, really send them, so you never know here. FLGC is thin enough to see a similar story perhaps. I like the action so far. Puppet strings. Look to grab it when it’s red/has no volume. Not once the party starts you’ll likely get burned.
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See you out there!
-D
Thanks Dante!