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Here’s what’s going on today…
The main WSB pump this week is actually a pick from the Weekly Watchlist — Rocket Companies Inc. (NYSE: RKT).
Consider the evolution of this spike. I loved RKT as a breakout at $24 last week. It was an earnings winner and a technical breakout. Good stuff. But then, on Tuesday, it went from an earnings winner to a WSB pump with an unnatural move from $28 to $40.
With WallStreetBets plays, you need a good catalyst.
Consider the evolution of this spike. A few days ago, it was an earnings winner and technical breakout. But then, on Tuesday, it went from an earnings winner to a WallStreetBets pump. Then it had an unnatural move from $28 to $40.
Will it bounce again? Wrong question. If you ask me, it’s back to where it should be as an earnings winner … I suggest waiting for a catalyst to make any moves.
UWM Holdings Corp. (NYSE: UWMC) is a sympathy play to RKT. It also had an unnatural move, so I’d say all the same rules apply...
An Instagram follower commented that Tanger Factory Outlet Centers Inc. (NYSE: SKT) is looking ‘squeezy.’ Sort of … I’d say it’s a textbook dip and rip.
But in terms of a short squeeze, that’s tougher to call. It’s a lot harder for a $25 stock to squeeze than a $2 stock. That’s just pure mechanics. But if it breaks the high of the day, it could be in play…
Everyone’s curious what’s going on with Palantir Technologies Inc. (NYSE: PLTR) … Prominent investor Cathie Wood just added to her position. I always say “Don’t bet against Cathie Wood,” but that’s not the same thing as saying you should follow her buys.
Personally, I don’t like to guess bottoms — I prefer to wait for a breakout on a play like this.
DraftKings Inc. (NASDAQ: DKNG) has some great news today about an upcoming partnership with UFC (Ultimate Fighting Championship), and it made some premarket moves. I love it back over $70.
I was so dialed in on Super League Gaming, Inc. (NASDAQ: SLGG) yesterday — I thought it was going to dip and rip. I spent an hour waiting for a break that ultimately failed. Still, it’s nice to see this e-sports play had an after-hours reclaim. I’ll watch to see if it breaks above the $7 area…
Allied Esports Entertainment Inc (NASDAQ: AESE) is a sympathy play to SLGG. Look for the same patterns...
Target Corporation (NYSE: TGT) had great earnings … Then the stock price dropped. I’d say that once it sets a bottom, it could be a great swing trade contender. This isn’t a stock that will double in a day, but it’s crushing it earnings-wise, so I’ll be watching.
Prominent investor Dave Portnoy is behind the brand-new VanEck Vectors Social Sentiment ETF (NYSE: BUZZ). I’m super excited about it, but I still wouldn’t touch it early. I think there could be some weird moves. I say wait till the afternoon, tomorrow, next week...
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