zZzz day here. Was hoping the ZN short worked but no dice really, small winner there and gave a little back on few others, nothing even worth mentioning.
RTNB: I never got involved here today, killer ramp early then sit back & consolidated midday. Was tough to watch it sell off into afternoon, definitely some FOMO there, but I remain skeptical here. Something just doesn’t feel right. I sort of have a theory they’re not done with the games. That 500K offer on Monday was a joke, funded by insiders, tiny regardless, wondering if it wasn’t smokescreen to drive the short interest even higher. August 31st they’re slated to undergo the debt swap asset sales, and that’s still a long ways away. Also I think they may postpone the asset sale & spin that as a positive. If anyone remembers ACI from 2015, same situation. They had debt swap scheduled, postponed it, and market received it as a positive and it ran from high 2s back into 4s. RTNB is also reg-sho now so likely will get whacked with buy-ins soon. I just see too many potential “oh shit” moments on the short side right now. Who knows. I could have my tin foil hat on here and be crazy, but I see a ton of risk still on short side for potential ways they can manipulate this now that they have everyone insanely short biased. Not a doubt in my mind this game ends at 0 just like ACI, but short-term they can really rack up a body count if you’re not careful. Sometimes the shitter the company, the worse the run up is. I’m cautious.
ZN: Got into this one pretty good today, right off scan idea from last night push towards 4 for an entry, we got that, all looked well, and then it just held .50 and grinded again. Annoying. This one’s days are numbered. They legitimately have no money, no revenue, no oil, but…they have GOD on their side, so there’s that. Morons. It’s no secret this thing is total trash, so a pretty crowded short most likely, and the way it’s been trading yesterday and today supports that idea with the afternoon grind grind grind crap . It’ll die when everyone moves on to the new trash du jour.
WTW: Starting to top out again, little lower now. First it was the 49s, now it’s the 48s, this is all good news for the short trade over the coming days. But the great equalizer: It’s still WTW 🙂 So you never know lol. But I like what I’m seeing and the lower high it’s starting to put in on the daily. Again remember, never chasing weak opens short here, but any good pushes back to mid-high 48s, I’ll be watching for failure there & to join a trend lower.
FOSL: I guess we need to monitor retail names? Not sure when retail became cool again, but apparently that’s the trend we’re seeing, there’s been insider buys surrounding a lot of these names lately, FOSL today, JCP and M earlier this week, all getting quietly bought up, worth keeping an eye on these. I mean they’re ridiculously beat down, all of them, so a potential relief rally is not the craziest idea. Will have all 3 of these on back watch for potential long swings.
SNAP: Didn’t trade this today. Same deal as yesterday…I tweeted it out mid-morning after watching the tape for a bit that it wasn’t ready. It’s still trappy and crowded, potentially working out large short positions, artificial accumulation, I don’t know. But it’s deliberately being supported, and we know exactly why (massive amount of selling to be done still), so honestly, higher the better. Remains a day-to-day trade, next technical spot is 15.30s then 17. They can’t do this forever.
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See you out there!
– D
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