THIS is why today was choppy...

AI Summary

Transcript

What's up, everyone? All right. So, this
morning was really tricky. We had a
number of round trips. We had stocks
that popped up on breaking news, came
all the way back down in spite of the
news, which is I mean
it's not totally unusual. This does
happen. It's kind of a symptom of two
things. Number one, attention right now
has been focused on Chinese stocks with
no news. And so, a stock with news is
kind of being disregarded because it's
not Chinese and it has news, right? So,
that feels backwards. And some of these
headlines read well. It seemed like
these are good catalysts. I'm stepping
up to the plate, and then I'm shocked
that we're not getting this continuation
and follow-through. So, on the one hand,
we are getting a little bit of volume
because, yeah, it's it's a news
headline. It's a good headline. The
stock pops up. But then, it's quickly
flushing. And I think that short sellers
are being aggressive shorting things
that are outside of the theme, which is
no news Chinese stocks. So, they're not
touching the no news Chinese stocks cuz
they're getting wrecked on those. But
they are trading to the short side of
sort of everything else that's a
distraction. The problem with that is
that what happens when you short a stock
that comes out with news, and the news
is so good that other traders really do
start to pick up on it, and the stock
becomes the leading gainer and is the
next one to go up 3 4 500%? Well, you
have a short squeeze. But that didn't
happen today. It's Friday. It's the end
of the week, and clearly the sentiment
was weaker. So, let's go ahead and jump
on the screen share and start breaking
it down. Uh I just watched this stock
CJMB
uh
reverse into a halt down. Uh so, we're
seeing halts to the downside today, not
to the upside. We had uh JEM. This one
halted to the downside, as well. Uh you
know, this is the one actually we had a
trade on it yesterday. It had popped up
uh from four up to 682, then pulled
back, then came back up after hours,
pulled back, popped up pre-market to
746, dipped down as it curled back up
here, I thought, all right, that's the
level. You know, can we get over seven
and then through the pre-market high of
746? Nope, couldn't do it. Ended up
reversing, halting down. VIVK, this one
was a continuation setup. Well, kind of
a bounce off the low. So, the issue with
this one was we had this big move a
couple days ago, uh but it came all the
way back down, popped up yesterday,
pulled back. And yes, it's been
generally trending a little bit back
higher, but I just felt like it was in
the shadow cast by this big move here,
and that there might be bag holders. So,
not surprisingly, this one popped up and
reversed, didn't end up working. Then we
had AMIX this morning. This one pops up,
reverses. Yesterday they had a headline
about a patent. So, I was like, all
right, patent headline, I don't know.
This morning they have a headline, um
you know, again, preclinical study, but
that's the headline. It squeezes from
350 up to 544. I'm like, okay, that's a
big move, and then flushes right back
down. So, that one didn't work. Um RADX,
this one popped up on the scanner,
immediately flushes, rallies back up a
little bit, but not that much. SkyQ,
this one was on the scanner.
A little bit of continuation, then
flushing. ADVB, this one was on the
scanner, a little continuation on light
volume, and then flushing. So, we had an
issue today of dispersed attention.
Traders focusing on a number of
different stocks, and usually when
that's the case, it it doesn't work out
really well. Um it's always better when
we have all eyes on one particular
stock. So, if we go back to the very
beginning of the morning, LVWR was our
first uh and leading gainer, a little
bit cheaper, no trades on that one. Then
we had AKAN, a little more expensive,
lighter on volume, and then VIVK hit the
scans. WLDS hit the scans, that failed.
OCG, this is a Chinese stock at the
scans. That one failed. So, we really
didn't have anything to work with um
Z C M D coming in uh towards 7:00 a.m.
So, 7:00 a.m.
Uh you know, basically I'm sitting tight
and I don't end up taking my first trade
until all of a sudden we get E X Y N on
the scanners. Now, E X Y N really
surprised me that it didn't work. I
really thought this was going to work. I
stepped up to the plate with a bigger
position on it. The reason I did that
was because it had blue sky at 7:20.
Typically, a somewhat recent IPO that
comes out with news and has the highest
volume day ever performs better than
this.
I'm really surprised. It ends up going
from three up to five and coming all the
way back down to three. So, that was my
first trade of the day. Now, I took a
big position. I added it and scaled into
it. And as you can see here, I was able
to get out without too much damage. I
mean, this is 900 bucks. But, I was
unrealized nicely in the green and I
didn't lock up any of it right here. And
this could have easily, if I took the
approach of holding for a bigger move,
which I sometimes do, uh that obviously
would not have worked at all on this
setup cuz it just ended up coming all
the way back down. So, that was really
discouraging. You know, we had what
seemed like a decent headline and it
failed. We had the same thing on um A M
I X. You know, we had a headline and it
failed. And then we had um M S S, which
hit the scanners. And this one, a sub 1
million share float, recent reverse
splits. I thought, you know, this is the
right type of stock and you've got a
catalyst here. So, all of a sudden this
one starts to pull away and I'm like,
all right, it's game time. I jump on it.
And if you watch the small account
recap, you'll know that I'm red in the
small account, which is super annoying.
Um you know, but but it is what it is.
And so, on this one, I I didn't get in
till fairly high. I was waiting for it
to really prove itself, but I got in in
this area here. We got this squeeze up
and then we had this pullback right
here. So we had this push higher than
this pullback. And so I was able to jump
in and out of it with a fairly big
position and I locked up 7 grand on it,
but I had to jump in and out very
quickly. Now, here's the issue.
I like thinkorswim. I like it for the
small account challenge. I I've used
I've traded it. I mean, you guys have
watched me trade do a number of
challenges in it
and use it for my big accounts as well.
And my issue with thinkorswim is that
when the market is hot, you can get
great fills and you can do really well
and you can make a lot of money. And
when the market is cold, I find that I
get really bad fills. I got a lot more
slippage. I can't get in and out. And so
in my Lightspeed account, I can be much
more nimble. I can jump in, I can jump
out, book the profit. But in the
thinkorswim accounts, I just feel like
the issue has always been that when the
market's hot, yeah, I can get in and
out, but I feel like it's a little
sloppy. Like my it's not precise. It's
kind of like, you know, carving a
I don't know, a steak or a turkey with a
butter knife. Like it works. Maybe
that's not the best example, but you
know, it it it works, but
in in areas where you need to be
precise, it it just doesn't quite keep
up. And so today was the day where it it
wasn't able to keep up. And as a result,
I didn't perform well over there and I'm
I'm a little bit bummed out and so
that's where I'm kind of feeling a
little bit deflated at the end of the
week. You know, we had a hot week. We
had some good action earlier in the week
and then yesterday was cooler and then
today things kind of fell apart. And
we didn't get good follow through on
anything.
We didn't get a leading gainer that was
clean at the open. We didn't get
multiple halts. We just, you know, we've
just gotten chop. I mean, now you do
have OMH,
but you know, I mean,
I don't know. I guess this is what
people are focusing on, but
uh I'm not going to I'm not going to
jump in this. I worry about these having
risk um especially when they go from a
penny stock like this
um a below a dollar they risk of a T12
halt halted pending a you know review by
regulators. So, or the exchange. So, I'm
just whatever. It is what it is. Today
was not super clean.
Um would rather have a slow week that
finishes strong than a strong week that
finishes slow cuz finishing slow is just
not the most like confidence building
way to finish the week, but look it is
what it is. You know, I mean you
nothing you can do about that. Just the
way the market is. The biggest thing
that I could have done differently was
cooled off a little bit today, which is
what I kind of planned to do.
Um but instead as I saw things moving I
gave into FOMO and was like, oh here we
go. This is the next one. We've had big
momentum this week. Yesterday was a a
really solid green day even though
things didn't continue later in the day.
It was good pre-market. So, I thought
maybe today would be the same and it
really wasn't. So, um you know, but
again big picture. I've got more money
than I had at the beginning of the week.
Making progress. So, life is good. Can't
really complain. Today is a green day.
You know, I I just
um
look it is what it is. So, I'll be back
at it first thing tomorrow morning or
sorry Monday morning. Uh hopefully we
have some you know good opportunities
next week and um you know, look the next
stock that ends up squeezing up you know
two three four five hundred percent is
just going to sort of reignite all that
FOMO that's been in the market that's
been uh creating these big moves. It's
been putting short sellers on notice and
making them nervous to short anything.
Um but you know, it seems like today
they had a little bit more confidence on
the um US companies with news, which
again seems quite silly, but
that's the state of the market that
we're in here today. So, with that I'll
remind you as always easy come easy go.
Trading is risky. My results aren't
typical, so please manage your risk,
take it slow. I have a risk tolerance
that's different from the others perhaps
out there and perhaps you.
So, you may see me have big green days,
big red days, you know, the ups and the
downs
are all at a bigger scale when you trade
a bigger size. So, for you, it's really
important to practice in a simulator
before putting real money on the line.
Take it slow and live to trade another
day. All right. So, if you're making
progress, if you can be green, you know,
if not day over day, if at least week
over week, month over month, you're
doing something right. So, take it slow
and I'll see you guys back at it bright
and early on Monday morning.