I hope everyone had a great start to their trading week. If any of the language used in these recaps seems foreign, I go over everything in Tandem Trader and Textbook Trading and I'm happy to answer any questions in chat via private message. We've extended our special pricing a little longer.
AKRX nice action today had been watching this sell off with MNK ENDP and VRX over the last few days but today had a conference call and earnings and likely put some fear to risk causing a nice squeeze back up. Tried it once earlier tiny but in my opinion they caught the crowd short - looking for one of two things this afternoon:
1. Parabolic to get short into likely the SECOND push not the first
2. Back side move once $25.50s over/under starts to put in a clear top
NUGT main gainer for me today - nice fader all day shorting into $70s and added on pops along the way should be a nice fader if trend continues into the close. I've been locking in along the way and adding on any big pops - do NOT add add add if trend starts to form.
SM watching with XLE and XOP for relative weakness I need to see $20.20s peak out tried it once small but no reason to scale so far no dice. Easily can grind on $22s + but if it puts in a top up here I'm ready to join any weakness.
SRPT we got the trade we wanted out of the gate just not much of a push we had to rely on the failed follow through momentum set up - nice pull under the physiological level of $20. I have ZERO interest of staying short and thinking it HAS to pull back this shareholder base has been through the ringer they are used to everything (50% gap downs you name it) and still stand by it (cult). It will be stronger than you think the only care I have for it - I only care REACTIVE trades out of the gate.
ENDP I was short at first wrong, warned against ABCD set up and ended up covering and went long on the covers. Very nice trend so far. Been beat so it can squeeze much much higher.