It’s so hard to avoid a rant about shorting meme stonks.
It’s a simple question of supply and demand.
When millions of people won’t sell shares of a stock like AMC Entertainment Holdings Inc. (NYSE: AMC), it locks up the float or freely available shares for trading.
That creates lots of demand and little supply. It’s the recipe for a squeeze. Why would anyone ever short a stock like this at a time like this?
Here’s what I’m watching today…
Well, I’m watching AMC Entertainment Holdings Inc. (NYSE: AMC) — duh. As of the premarket, it remains a potential dip and rip...
The good thing? When the float’s controlled like this, you don't have to be in first. I talk about playing key levels and using all of the low-float patterns we always talk about.
A follower asked about a potential LYFT Inc. (NASDAQ: LYFT) continuation. Listen, it had a nice trend last month. I like the fundamental idea here — the world’s opening back up and people are going places again.
But based on the chart, there’s too much resistance at the $58 to $59 level. Hear my thoughts in today’s session.
Last Friday’s squeezer Vertex Energy Inc. (NASDAQ: VTNR) remains in action! It’s hugging VWAP, and I’ll be looking out for $10.50 or $11.50 breaks.
A follower indicated that Marathon Digital Holdings Inc. (NASDAQ: MARA) has news. I don’t care at the moment.
Right now, cryptos are about as good as weed stocks — that’s to say, not so great at all. If MARA puts in a crazy move I’ll be watching, but for the moment I think the crypto sector is sideways.
Cloudera Inc. (NYSE: CLDR) is an earnings winner. I think it could be a beautiful late-day above VWAP swing trade.
A follower asked about Ebang International Holdings Inc. (NASDAQ: EBON) … No way, not today. You’d be better off buying a lottery ticket and crossing your fingers. The odds are just as good.
Orbital Energy Group Inc. (NASDAQ: OEG) had a great move this morning. After I perused the news, I saw it was some sort of infrastructure play. I love the big move, but don’t like the chart or high float. I’ll be watching...
Believe it or not, Nikola Corporation (NASDAQ: NKLA) isn’t dead yet. After the company was exposed for some seriously sketchy behavior last year, I would have thought this stock would be trading for sub-pennies.
Believe it or not, it’s still at $15. Electric vehicles (EVs) are coming back — there’s a lot of buzz right now. Find out what I’m watching for…
Speaking of EVs, I’ll also be watching Ford Motor Company (NYSE: F). I’m on the lookout for breaks of $14.80 with a potential risk level at $14.50.
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