Usual Suspects On Scan

Apparently, Reddit traders came back to the stock market today after an absolute beating in the crypto currency market over the weekend. Lucky, for crypto currency holders, we got a series of tweets from Elon Musk late in the day that helped shoot the price of Bitcoin higher, putting us back near a comfortable $40,000 per coin.

Regardless of tweets, $AMC, $EXPR, & Wall Street Bets are back on scans to start the week:

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Other than meme stocks, how about a real stock? $CLF is likely my favorite setup heading into the week, and I’m looking to buy strength with a stop under Monday’s low:

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Another name I like down here is my former stock of the year candidate, $NVTA. My, oh my, how you have fallen. I guess this is the price you pay when hedge funds are out to kill you, a la $ARKK. Let’s see if we can find our footing here, max stop would be losing $25:

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Another former $ARKK darling which has fallen from grace, $NNDM. This stock trades damn near cash after all the offerings in 2020. 3D printing is back on the scans, and this one is one to watch this week:

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Maybe there is one more squeeze left in $FUBO. The gambling stocks were hot to start the week, let’s watch for a break higher here accompanied by volume:

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If oil begins to squeeze higher, think $MRO. Fresh of the scans today, she looks just about ready to break out of this multi week range:

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If you can get a pullback in $RBLX, I think it’s buyable. My gawd, the market hates moment growth names here, this move speak volumes. Buy the dip to support:

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Fake meat was all over Monday’s scans after @Raul tweeted the ticker (halfway kidding). A move above Monday’s high can get this thing back in motion:

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And, it’s always good to keep some precious metals around in times of uncertainty. $CDE lighting up the scans to start the week, watch for a breakout:

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For a look at Monday’s full scan: CLICK HERE FOR CHARTS

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There is a ton a news circulating my favorite SPAC, $IPOE, at the moment. Currently, the special purpose acquisition company is experiencing a huge change in delta volume and hitting the scans inside stocklabs:

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Indeed, the recent surge has to do with the upcoming merger with SoFi. The merger has officially been approved and the company just gave us a nice flex with the recent earnings release, CLICK HERE. The ticker $IPOE has a heavy percent of shares held short for some reason, and the Reddit boards have taken notice. We were loading $IPOE on the recent dip in preparation for the ticker change on June 1st.

I hold both a long term position in the name, a nice size swing position, as well as some July 15 call options purchased on the cheap.

Anthony Noto, the CEO, is leading a solid charge at SoFI as becoming a new leader in social fintech. He has also gifted us with some alternative crypto coins to trade on his platform, keeping up with trend. The news flow keeps piling up here, I will reman long:

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It has been a rough few weeks for momentum swing traders and anyone trading growth stocks similar to Cathie Wood’s $ARKK fund. Indeed, the hedge funds had it out for Mrs. Wood the past week/month, but the feeling as of last Thursday felt a bit capitulatory. Friday, they let the $ARKK back over $100, but for how long?

The bulls definitely need to show a decisive bounce here or last week’s lows may be in jeopardy. Should we break those lows, expect things to get a little flash crashy as we have heavy volume pockets to fill to the downside:

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Should the bulls make a stand and the market regain it’s footing, here are some beat up Wood names that popped up on Friday’s momentum scan:

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As you can see from the charts throughout this post, the market has been unforgiving. Here are some deep oversold tickers on my radar from Friday’s scan:


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If all else fails and precious metals start to move, specifically silver, watch for the Reddit army to run with $AG. She’s ripe and all over my scans inside Stocklabs:

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Have a good weekend all!

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I added more ($BTC) Bitcoin to my purse, catching 3 buys at 47k, 46k, & even one in the 45s. These are the moments of FUD (Fear, Uncertainty, & doubt) you look for to add to positions in crypto, at least in a bull cycle, which we are clearly still in.

My proxy bitcoin plays in the market appear to be off in the after-hours session, both $COIN and $IPOE. However, I will not back away at these levels. $IPOE is a high conviction play, regardless of the SPAC and now bitcoin FUD. LOAD THOSE DIPS.

Maybe we hit short term lows all around and rally hard tomorrow. For now, the momentum appears to be lost for May. Godspeed everyone.

Stocklabs Tech Score hitting oversold levels:

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May starts off with a bang as our Stocklabs scanner begins the month spiting hundreds of tickers for us to view. One can only hope we repeat the same success we had in May 2020. I believe it was the first month in my trading career that I was green every single day throughout the month.

As for today’s action, $PRPO was on the Stocklabs scans all day providing traders that momentum feeling. $OCGN’s momentum also carried over from last week with the ticker continuing on scan to start the week. So which one will run next? because that’s really the only question here. Time will tell, and I will use the real time scans in Stocklabs to help find it. For now, here is Monday’s momentum scan: CLICK HERE FOR CHARTS

Tickers on my radar this week: SLV, X, M, GLD, SLB, DNN, AHT, AG, & MUDS 

Note: Stocklab members make sure to bookmark my two favorite screens below:

DELTA NEAR HIGHS OF DAY

HIGH VOLUME BREAKOUT SCAN

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$AAPL, Apple Computer crushes earnings estimates this quarter, easily beating the streets number, coming in at $1.40 versus the estimate $0.99. $FB, Facebook, is also trading well after earnings, hitting fresh all-time highs in the after-hours session. Will this be enough juice to push the Nasdaq to the moon, or is this the point where we run out of buyers? One thing is for certain, Apple is raping everyone for their stimulus dollars, that was a monster beat.

Besides large cap companies like $AAPL, many of the smaller cap, momentum type plays still have a lot of overhead resistance to work through. This is evident simply by placing a volume profile layer onto of you favorite momentum stock. My Delta scanner inside Stocklabs is starting to show signs of life, but more often than not, I’m still noticing many setups fail. There seems to be a bunch of scared money left in the market with all the hot money shuffling over to Cryptocurrencies, specifically Alt coins.

I myself have been dabbling more and more into Alt coins, aka alternative crypto coins & tokens. I have a recent obsession with $SOL & $SRM, both of which I am dollar cost averaging into. $SOL is easy to purchase via Blockfolio and $SRM can be purchased with the Voyager App, probably one of my new favorite apps for simplicity.

As for stocks to trade tomorrow, I’m running low on conviction plays here. Let’s see if $AAPL can push the NASDAQ to the moon, if not, I’ll continue to find runners on Pancakeswap, but that another subject for another blog.

Stay safe out there…

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