Let’s talk about FinTwit.
It’s short for Financial Twitter and it refers to a layer of Twitter users who talk about stocks and finance-related topics.
The opinions are so strong and resolute — but they’re often unverified. I honestly feel a sense of despair for people who blindly follow FinTwit advice.
I feel like I’m the girl next door in a cheesy Hallmark movie. Traders who blindly follow FinTwit advice are the loser boyfriends who I keep trying to “fix.”
I keep trying to tell traders to think for themselves … But I guess the lure of hot stock picks is just too great. Please, heed my warning!
Here’s what I’m watching today…
Surprise, surprise … AMC Entertainment Holdings Inc. (NYSE: AMC) remains my top watch.
It broke some insane levels yesterday — it was an incredible trade. Congrats to all those who took positions.
Today, there’s potential dilution, and everyone’s losing it on FinTwit. I don’t care!
If this thing goes red to green, particularly in the afternoon, it’s still going to be a great setup. Stocks like this are just trading vehicles. I’ll keep looking for breaks. But if it dies, it dies.
A follower asked about Workhorse Group Inc. (NASDAQ: WKHS) over $13.50. This electric vehicle (EV) play has been featured in a lot of hit pieces recently, and it’s heavily shorted.
I like it, but I personally like it better over the $14 level, which is a break of last night’s highs.
WHKS did blow past that level at about 4 a.m. today, but I’m wary of such moves. They’re often caused by shorts who are all in with leverage. I explain why I don’t give much credence to super-early moves like this.
1847 Goedeker Inc. (NYSEAMERICAN: GOED) recently ran up big and then got diluted. I’m sorry, but it’s dead now. If you got bagged on the move the other day, it’s time to move on.
This is one of my top picks after AMC. Clover Health Investments Corp. (NASDAQ: CLOV) is a Chamath Palihapitiya SPAC (if you don’t know who he is, look him up). The Twitter geniuses are shorting it. I’ll be looking for VWAP reclaims or breaks of $12...
A follower asked if Sos Ltd. (NYSE: SOS) is “getting ready.” Nope! The only thing SOS is getting ready to do is to become an even bigger bag-holder stock...
Express, Inc. (NYSE: EXPR) is another WallStreetBets play that a lot of traders are watching. It’s moving with AMC, so I’d personally look for similar moves — a potential red-to-green, breaking the previous day’s highs, or new breaks.
I refuse to get excited about day-one moves on weed stocks like Tilray Inc. (NASDAQ: TLRY). Yes, it had a good move yesterday. But weed stocks have a history of being one-and-done machines. Maybe if it sticks around in the afternoon I’ll care...
I’ll close with yet another WallStreetBets play — BlackBerry Ltd. (NYSE: BB). I was watching it yesterday, and I still like it today. I’ll be looking for an afternoon VWAP hold, high-of-day pattern...
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