Yesterday, I talked about how it felt like a market hangover day. It did indeed turn out to be the case — the market was a little slower after a bustling Monday through Wednesday.
Hey, these things happen. On days like that, it’s important to really make sure every potential trade checks all the boxes. Or maybe you don’t trade at all. No shame in that…
But today’s Friday so all bets are off. I’m hoping for a squeeze or two...
Here’s what I’m watching today…
AMC Entertainment Holdings Inc. (NYSE: AMC) is a great example of the rule of 10. A stock like this can be intimidating because it’s gotten to the $60+ level. To help you adjust your mentality, imagine the stock shifted over a decimal point.
The same general rules of a $5 stock going to $6 will often hold true for volatile stocks like AMC. This method works for a lot of traders…
Long story short, I see continued potential for AMC. There’s a lot going on if it hits $64 — it would be a break of recent highs and near all-time highs. Plus, the stock is heavily shorted, and it’s Friday. I think if it hits that key level we could be off to the races.
One of this week’s most-talked-about stocks continues to be in play. Alfi Inc. (NASDAQ: ALF) has hung around all week and here we are on Friday.
Similar idea as AMC, but no need to play the rule of 10. I’ll be looking for whole-dollar and half-dollar levels. I talk about potential approaches if this one squeezes.
If AnPac Bio-Medical Science Co Ltd. - ADR (NASDAQ: ANPC) has a history of one-and-dones, does it still have potential?
The short answer is yes — but you must be careful with a chart like this. I like the float rotation as of the premarket. It has potential as a dip and rip or afternoon VWAP hold. But given its history, I highly suggest waiting til post-9:45 a.m.
A follower asked about CAI International Inc. (NYSE: CAI) … To me, this looks like a buyout. Buyouts are really not tradeable. If you see a gap-up like this, make sure to consult your news feed. It will probably tell you everything you need to know.
Oof! Another follower asked about Geron Corp. (NASDAQ: GERN). This is a terrible stock with a terrible chart. If this is the best idea you’ve got, please consider doing something other than trading today...
Recent issue Lion Electric Co. (NYSE: LEV) is in the electric vehicle (EV) sector, but it’s got a sideways chart, not that much volume, and no news. Considering those factors, I’m not interested at the moment even though I’m interested in the EV sector in general.
Is Clean Energy Fuels Corp. (NASDAQ: CLNE) back? It’s kind of a WallStreetBets play but there’s a ton of overhead resistance. I’ll be skipping...
Remember yesterday when I said Orphazyme A/S ADR (NASDAQ: ORPH) is not appropriate for newbies? Still true. There was a gap-down that tells me there could have been a dilution. Nothing to change my opinion here...
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