Some pretty insane moves last week and once again the KEY topic of last Sunday’s video was the most important one: MARKETS ARE THIN!
You saw what can happen on a few: DMS PACB DNA ……
And the biggy NVTA … which I think put a few people on stretchers who over sized, over stayed and were stubborn which would have been all set with the second main topic we discussed in last weeks video – HAVING A MAX STOP TO PROTECT YOU FROM YOURSELF.
When you’re wrong own it – is what it is. Unfortunately for may (including my earlier self) when we are wrong we think “ugh, already this isn’t as planned but I can figure out how to fix this” ….. “okay much better, just going to double up even though I already have more than I planned” …. and then as usual AFTER THE BIG UPTICKS COME THE BIGGER UPTICKS.
Stay safe out there – markets are super rewarding right now you step on a landmine like NVTA you don’t just lose a week, month or quarters worth of work you also lose the OPPORTUNTIY COST of coming off firing on all cylinders, coming off your A game etc. When we trade the best we are less stressed, relaxed, off desk more etc. When you let the market dictate what’s going to happen to your trade instead of controlling it – you put all of that at risk.
Last weekend we discussed about how an edge was not trading the names that everyone was trading and waiting for them to self destruct – most importantly not to forget them when everyone else does. That said – who forgot GOVX TBLT APDN etc etc. Exactly! Price alerts! Stop forcing a trade where everyone is doing the same thing! ie: VEEE
Last week I told my video guy Damian that it was going to be a short video and then ended up being one of my longest ones in a while LOL so I’ll be sure that doesn’t happen this week.
Here’s the link for the Traders4ACause giveaway for those interested.
Here’s the link to sign up for Avidity Fitness classes for those interested.
Video Scan and Game Plan
Stocks to Watch
BBBY let the moves happen – no sense trying to get in there too early pre market etc thinking we’ll miss something. Liquidity is what it’s all about. Sure if this thing went $14-15 then $16 and we’re gapping $18-20 one day I’d probably be awake and ready pre market ….. but for now let it rip – reactive trade like I had on AMC on Friday and then move on until a trade sets up. I think it’s a mistake thinking this “has” to do anything – surely they’ll raise at some point but does it “have” to crash or is it like the market where the more you talk about inflation and this or that the less it matters and just rallies back to the moon? Point here is – stop having a bias – it’s a trade vehicle. Join it, react to it – don’t fight it.
AMC biggy trade off open on Friday and then again into close (I left after the first hour so didn’t get the EOD move but looks like it was a beauty). BBBY has split away from AMC – this one likely trades with heavy volume until catalyst is complete and never know could actually sell off hard before it since smart $$ knows this is to create liquidity but I’m not forming opinions – trading vehicle as long as it keeps giving us high conviction $1-2 moves to scale into than I’ll keep trading it.
FUBO higher better – been a good trader last few days not taking an eye on this one I think we’ll have a nice .20-.30 ramp day and then end .50 red which turns out to be a pretty big trade opportunity on this price range name.
Failed Follow Through:
VEEE big move AHs – had no interested on Friday and missed the early long when I had posted it hitting scans pre market early. This is one of those like we discussed GOVX APDN TBLT etc let it dance around do it’s thing then don’t forget about it in a few days.
NVTA ideally morning shove but thinking it gaps down and then fades off to mid or low $4s
GOVX higher better and fails
APDN higher better and fails
TBLT higher better and fails
SIGA make sure to put price alerts – don’t want to miss this unwind.
Continuation:
VERU nice break out continuation – all weak opens likely get absorbed for possible $20-22 squeeze out before sitting back. Check out SIGA chart to get some familiarity.
VCSA watch all dips I think this could be one of those that does a nice 2 week move + off all dips
AMTD same thoughts – buyer in tape $2.20 range but doesn’t mean much until we see $2.40-2.50s firm up – until then can remain heavy. Same thoughts as all week – if you trade a flush you better be selling rips while they work out all the bag holders.
KIRK blast from pats keeps grinding nice idea on Thursday.
SONM trend staying firm. No position but worthy eye.
Staying Familiar:
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