I know it sounds obvious, but it bears repeating…
Every trade is a risk. There are no sure things in the stock market.
With all of the crazy meme stock action in the past week or so, it feels like an important reminder. Things can change at any time, so traders shouldn’t become complacent.
My pro tip for the day? Remember: for short-term traders, these stocks are really just letters and chart patterns. They’re a vehicle for trading. You can’t get emotionally involved!
Here’s what I’m watching today…
Well, GameStop Corp. (NYSE: GME) just announced earnings. Surprise, surprise — they were down. To be honest, I was expecting they’d be more than 7% down. Still, plenty of traders are panicking about the pullback…
These meme plays can be fickle. I talked about this with Clover Health Investments Corp. (NASDAQ: CLOV) yesterday. It was incredible on Tuesday, then did nothing yesterday.
Don’t forget that these stocks aren’t companies to believe in. They won’t go up forever. If you’re in any of them longer term, have a plan and have a stop.
That being said, I’d consider every single meme stonk a potential red-to-green today...
Medley Management Inc. (NYSE: MDLY) is a terrible one-and-done chart. Just about every time it spikes, it gaps up, closes on the low of the day, then fades the next day. With charts like this, I’d never touch ‘em before 9:45 a.m. Commit this to memory.
Another dying retailer! My take on The9 Limited (NASDAQ: NCTY) is this ... yuck. If you must, look for breaks of yesterday’s highs or breaks on VWAP.
Yesterday, Aethlon Medical, Inc. (NASDAQ: AEMD) ran big then went nowhere. If this were a high float stock, I’d say ignore it. But it’s 12 million float and it already traded two million shares in the premarket, so it has potential as a red-to-green play.
I suspect Viveve Medical Inc. (NASDAQ: VIVE) may be a company specializing in products for female sexual dysfunction, aka ‘female Viagra.’
One of the #1 Pre-Market Prep rules is to never go long on either obesity plays or female Viagra!
It’s an avoid for me, but for interested traders, I’d say it’s a stronger contender as a short. Ideally, if it spikes out of the gate, it could be a potential short with a risk on the high of the day.
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