BIG PICTURE:
All of the market indexes are still in very healthy up trends. As I'd anticipated yesterday, dip buyers did indeed come in especially in the case of large cap tech ($QQQ) which looks set to continue higher today. While small and mid caps aka $IWM was soft yesterday and looks set to continue in the same vane today. So overall, I am still long biased, however, I am more open to taking short plays now (which do appear to be working better over the past few days)!
MY BEST IDEAS:
$SRNE: covid-19 play and of the momentum leaders over the past few months. After a steep 2 day pull back and bounce off the 20-day sma and previous support; looks like it wants to continue higher today. This stock has a float of 200.97M and short float of 24.09% with ATR of $1.92. So this stock has the potential to be very explosive not to mention its very liquid trading an average of 52.29M shares/day! I like it long above yesterday's high as I believe it can trade up to the 15's or even 16's today.
$FUTU: yet another momentum leader of the current up trend; bounced nicely yesterday off it's daily 9-ema and daily price support. Gapping up today after announcing earnings news. This stock has a float of just 42.31M, short float of 1.79% and ATR of $2.42 so it could be explosive. Although it typically trades just over 1M shares/day; it's already traded well over 500k already in pre-market with half hour or so still to go before the open. So this stock will very likely attract a lot of liquidity today. I like it long above $37 and think it could at least test it's all-time high around $41 today!
$PENN: After a really nice multi-month base breakout last week Friday; this momentum leader put in a bit of a sloppy flag which its gapping out of today after an upgrade by Goldman Sachs. It as a float of just 110.07M, short float of 16.75% and ATR of $3.54 so definitely has explosive potential. The gap is some what big for this stock and I think it will need some time to consolidate or pullback intra-day before I would consider touching it.
OTHER POSSIBLES:
$NKLA, $FSLY, $NVAX, $PLUG (all long biased)
No comments:
Post a Comment