Hey everyone – hope you all had a nice relaxing holiday and are ready to see what the week ahead has in store.
It’s a new month and volume should be picking back up in the general market. New opportunities on the horizon make it the perfect time to take advantage of IU’s Labor Day deals – packed with bonus features like free months added to subscriptions and bonus educational material like Trading Tickers 1 & 2, which is a phenomenal resource for traders to study and learn from.
IU is such a unique place to trade, where you’re alongside people who are professionals and genuinely want to help other people to succeed. People like NKaz (who is having a killer quarter) are there in IU every day sharing trades and answering questions.
Trading is hard, and you need support and resources to help you beat the odds.
That and all the technology, study sessions, and watchlists are keys to the successful development of a trader and their journey. So make sure to click the link and see what the deals are for the Labor Day sale.
Now, let’s get into some charts from the week and recap a few names that were in play.
Video Scan and Game Plan
Charts in Play from the Week.
SPX rocket on Friday into the close was a combination of a low volume environment, end-of-month imbalances with a large MOC, and the options market was signaling where the run-up would go (5650 calls were getting bought like crazy).
SMCI big drop over the last week on the short report followed by the delay of the 10-K made people panic, and maybe rightly so. Next thing to watch is the news flow to see if confidence causes a squeeze or if pops get sold and the real flush comes next.
BNRG great read by Nate anticipating shorts were using the $2 area as their risk spot and once it got past that it squeezed them out before selling off.
PDD big drop after earnings and government interfering in their supply chain. The 90 strike puts acted as a wall, so after it dropped below that level and the puts didn’t roll down to a lower strike it was likely that the price would drift back up above the put wall.
Main Watches
BOF 2.20 been key for 3 days acting as top. News was emphasizing earnings data. But earnings was 14th. Could’ve got shorts in that still in a bind with liq dry. Plenty of cash, non dilutive. On watch for liquidity trap.
XRTX vol profile in the 2.10’s range. 2.20 build ironically, like here too. History of multiday runs. Biotech pr, so can’t really make sense of it, will just play the chart here.
Mpox (GOVX VRAX APDN) – No new news surrounding space to have them up anymore. APDN prior bar daily low was key. Came in a decent amount for respective ADR. Maybe relief rally then look for more pressure lower. GOVX 4.40 fails. VRAX 4.30 fails.
LUMN 6.40 was key for many days. Has exhausted frontside and backside at the same level. Now flagging below it, quiet unwinder on support cracks.
BNRG with a gap and close that far off highs. Everyone bagged. Still up a lot. Everyone takes off the radar after fighting the hot name and sometimes offers quiet potential on day 2. Open shove and FFT.
TOVX – Once the squeeze has been squoze, I expect quiet backside. The recent split 26th, says 1mil o/. Doesn’t trade like such. All vol traded off open. Looks like last hurrah, pops of interest if red for unwind.
AFRM will look for trend to continue until a blow off day and then will look for mean reversion play. If the options market takes control then maybe a Thursday/Friday mean reversion.
NVAX looking for the higher the better and then reversal back down.
SMCI news can move this 100 points either way so will be on the lookout to try to catch part of that.
DLTR think it sells off hard into earnings on the 4th after the DG crash on earnings.
INTC looking for a trend higher to continue on the news and then eventually get a mean reversion trade on it down.
0 Comments