Webinar Replay w/ Alex: If you haven’t checked it out yet, please watch the webinar I did with Alex, a lot of good info in there for traders of all levels, and some background about my story and who I am. Watch here.
And if you enjoyed that, the second webinar is out on replay as well, which you can watch here.
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Rough day for me. Got whacked pretty good on MNKD, had an o/n short on from low 5s avg and got stopped out 6.30s. I didn’t have a ton of size which is the good news, but it was enough to create a nice sized loss nonetheless. Please acknowledge the current state of the market. This is a chasers market. The crazier you are and the more you chase, the more money you make. It’s stupid, it’s illogical, it’s nonsensical, and did I mention it’s stupid, BUT – it’s the reality of what we’re dealing with right now. So do NOT get short-happy if you see something running. The theme of the last few weeks is runners going well beyond anything you thought imaginable, and multi-day moves.
MNKD: Unbelievable staying power here. I thought today would be it, apparently not. Then we got a number of AF tweets on top of it which definitely do not help the situation, and it’s likely a crowded mess all over again (only saving grace here is with the amount of volume they’ve been bringing, the retail presence is minimal). I have no position right now, and will decide what to do with it tomorrow after I see what kind of volume we’re dealing with again. As of right now, the name is still in trend bigger picture since the start of the run, and it’s not a short yet for me, so remain cautious. I got burned once, it won’t be happening again. I’ll leave it alone until I see a clear sign to change that bias.
ROKA: This was the runner of the day. I didn’t play it but will be eyeing for tomorrow. Slightly concerning here for the short yet – the fact it broke 1.80s support late this afternoon and then reclaimed when it should have rolled over, that could be an issue. And the other issue is the fact it traded 25M shares today, that’s huge. They are REALLY bringing the volume on these smallcaps the past two weeks. So whenever huge volume is involved, anything is possible, these things are never “dead”, and it’s unlikely you get a one and done scenario. So if this opens weak and again reclaims those 1.80s – I’m thinking this will turn into a long trade. If we open and go the other way however – eyes on that 2.50 o/u spot for it to stuff and fail into that and look to attack subsequent pops short.
CASI: Nice pop this afternoon and then a release of some filings a/h of insider buys. So eyes on this tomorrow morning for any weak open, look to scoop dips and get long.
CLSN: Nice secondary move here over the past two days, and again, on really strong volume. Watching the 5-5.20 area on the daily chart, that seems to be a solid resistance area – hoping for a morning push on this one and a fail into that spot, and will look to attack pops ss from there.
If you’re not an IU member and would like to become one, there’s still a sale going on here, along with the webinar sale posted at the top. Or if you’d prefer a shorter time commitment to see if you like it, you can go monthly as well here. Shoot me a PM anytime in chat (DGTrading101 is my IU handle) and I’m happy to discuss trade ideas with you.
See you out there!
– D
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