Hey everyone, welcome back to another Sunday Scan. We’re going to review some charts from the week and then cover some main watches for the next week. We’ll also look at a few of the ways IU made trading easier for people this week with the tech and community working together. Let’s get right into it.
Video Scan and Game Plan
Charts in Play Last Week
SPX big market recovery over the last two weeks. It’s not too surprising knowing that the driving factors that took the market down nearly all reversed or were neutralized. Japan currency moves, economic data, Fed comments, and Vix melt.
VIX almost a round trip from the mini-panic that blew vol out. In the absence of volatility or uncertainty, the Vix is destined to mean revert as vol sellers step in to collect premiums from overblown concerns that are not materializing.
ASTS meme-type stock with options and shorts covering helping the move up along with a strong retail shareholder base. Big unwind off highs on Friday morning using the large option expiration for mean reversion thought process.
CING large premarket spikes that are faded down with strong volume, and then grind back up and are super thin with no overhead supply and shorts sized into it make for a good squeeze stock on a microfloat.
GNLN is similar to CING with the premarket spike and then fade and grind that gets trappy and ends in a squeeze.
GOVX mpox names are on the move with headlines about the disease escalating. Theme moves go further than you think because it’s a pool of money looking for these stocks, not the stocks themselves trying to attract money on their own.
SMCI large bounce off the lows was a great opportunity to take advantage of if that’s in your wheelhouse. Sector move with the semiconductor/AI names.
NVDA similar to SMCI, needed time to work out the dip buyers before gaining some traction and now it’s back on track like before.
PLTR steady break out with the market. Getting over some key resistance levels and it could be setting up for another leg higher. Market sensitive name so pull backs are expected.
Main Watches for Next Week
ASTS large move coming most likely. Either looking for it to base and trap and move higher, or to struggle with resistance and maybe a negative headline kills the momentum.
SIGA weakest of the mpox names. Higher the better with the sector and when the sector corrects, this could offer a big opportunity.
COIN crypto is lagging a bit here but if the market keeps ripping this should play catch up. On watch for calls if BTC agrees.
PDD China name running the same moves as the last few years. Some good headlines, the Chinese stocks run for a few weeks and then they give back the move as reality sets in that it’s still a mess over there economically. Interested in joining the trend higher and then keeping an eye out for the turn and fade back down once the headlines change.
GDX gold at all-time highs could spark some of the mining stocks and this can be a good way to capture some of that catch-up move with calls.
bought MU options Friday-any info on MU stock?