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OVID: Absolutely perfect today, morning shove, and mid morning short with likely that same supply from yesterday unloading more. Zero bounce this afternoon, would have same plan tomorrow, higher the better for reshort, but at this point after seeing another days action, I’d be more inclined to join a weak open short, think this should be done for good and slow bleed back down where it came from in the 2s.
PHAS: Same situation as OVID above. 4.50 the new area of interest for me, if we open weak, not expecting it to reclaim that area, and that would be a the risk spot if shorting pops sub 4.50 and this should bleed sub 4 tomorrow or early next week as well.
PTON: Guilty pleasure…I ride a Peloton bike daily and love it lol, but pretty standard IPO action here today, early enthusiasm met by midday longs saying “uhhhhh” and then reality with the afternoon selloff sub support followed by EOD covers by those who had shares and understand IPO day trading. That said, I’m looking for this to head higher tomorrow, assuming the market is cooperating. If we get a strong SPY day, expecting this to go with it and head north. I’m not trying to find the bottom on a weak open, but any sustained move that gets over 26, would entertain joining long on dips.
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See you out there!
– D
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