Cathie Wood Gets Relief, $ARKK Bounces Back Over $100

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!

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:

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

$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…

Stocks bounced off our oversold technical reading in Stocklabs and managed to close at the highs of the day. The momentum scan is fired up with 200+ names to sort through, so let’s take a look at our next batch of trade ideas.

$AG, a former Rediit favorite and play on Silver, looks ready to run here should we get some help from the shiny metal. If Gold and silver start to see price appreciation, $AG is where you want to be for a squeeze:

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$TME, a name that was caught up in the Archegos’ liquidation sale, and a name I picked up today, looks ready for a few days of green after some relentless selling:

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$FUBO is giving us another entry for a possible high percentage gainer. The fintwit community loves to argue about this name, but I’m just here to ride the momentum and jump off. Our risk is defined with a stop just underneath the recent lows. Lets see if we can power through $20:

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There are a many more great setups in today’s momentum screen, make sure to CLICK HERE FOR FULL SCAN.

Note: Our Premium service Stocklabs is finally here, but only open to existing subs. The Fly might open it back up this year if he’s felling generous. Congrats to everyone who got in, and make sure to upgrade to PRO to access the full real time features. My go-to scan for ideas can be found HERE.

The Coinbase iPO is upon us and the valuation is literally increasing in size overnight as Bitcoin breaks out to new heights. I’m not sure what to make of the $COIN iPO, simply due to the hype surrounding the name. Yes, I want to own it, but at what cost?

As we head into euphoria for bitcoiners around, I took shares of $GRNQ as it landed on our momentum scan. $LGHL also landed on the scan late in the day and popped nicely in after-hours. Keep those two small gems on watch tomorrow.

$TSLA was the standout Tuesday, and may continue to squeeze like a penny stock due to it’s pretty large stake in Bitcoin. Indeed, owning Tesla is owning Bitcoin. $XPEV also looks good from tonight’s scan (note: make sure to click symbol links for hover charts).

I also opened a new swing in $AI, as the stock appears to finally be finding a floor at the $58-59 level. As long as we hold said levels, I will let this oversold darling work. For today’s full momentum scan: CLICK HERE