Pretty good day here…different than typical day for me though, usually I trade 1-2 names a day, today I traded 7, and 6/7 green. No home runs but all added up nicely. IMNP was a shame….I was so ready for that one today was praying for an open jam & I was going to hammer it. Who raises 10 minutes before the opening bell? Morons. Whatever, their loss. I thought they could have squeezed higher out of it first. Some wasted locates there but not end of the world. And then ZN….of course. I forgot about it this morning and we get the fade day. Funny how that happens huh? Oh well lol. I’m just happy to see if finally going lower and the delusion may be ending there as reality sets in that they’re worthless.
Lets see what else was going on today.
RTNB: As expected today….games. Just nasty out of gate…massive rip. Expect the circus to remain in town for the time being, I don’t see anything material happening in the next week as we approach August 31st when it’s time to pay the piper. You know what this chart reminds me of? MTBC, remember that one? Piggie from hell that came from sub 1 and was one massive headache for like 2 or 3 weeks before it went away – that’s the feel I’m starting to get from this one. I had no locates today on it anyway, but good riddance. Didn’t even want em.
SNAP: I nailed this one today. The key lately has been to scalp. There was actually a couple days this week I got decent entries, was up some, and then patience screwed me over and grinded me back. So I finally decided to switch up the game plan and just scalp this morning, worked well. That being said…I actually really liked what I saw today in the tape & the action. Super heavy most of day, they always let it go mid-morning for covers to come in, they literally do it every single day lol, so glad I wasn’t around for that, then I took some more in the afternoon and I’m swinging it now. Weak close, felt heavy, think we may be in for a trend change finally. 15.30 was a technical level today that it failed nicely into, that’ll be my risk on the swing trade. If it gets above 15.30s it’s probably going right to 17. But hopefully we never have to find out. So SNAP chart looking better today, looking for more fade to come.
FOSL: Nice idea from yesterday…they’re accumulating here alright. If you specifically look at the action today, how it ripped up then held 90% of the gains & consolidated…that’s very bullish price action, and again we know how beat down these names are. So you’ve got a nice risk 8.20 ish for tomorrow to try to long trade again. If someone big is building a position, it’s likely they’re just getting started. Again I don’t know when retail became cool again, but my opinion is irrelevant here, all that matters are the facts. And facts point to insider buys and bullish price action
CDNA: Well this one came out of nowhere this afternoon. This is not a daily chart I’m thrilled about for a short. Remember we like to see stocks that have been beat down then randomly pop, that tells me there’s likely a lot of bag holders in the name & should be met by selling pressure. This one’s been coming up from below, so most who are long are already green, they have less of a reason to sell, and these types of daily charts usually create more headaches. We’ll see how it looks in the morning but I like this one closer to 4 more than I like it here.
That’s really it, not much to talk about today on my end. Short day for me tomorrow as well, and Friday’s usually just suck to begin with, so I don’t anticipate getting into anything too heavy tomorrow, will likely take it easy.
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See you out there!
– D
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