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Momo Market Roundup, 10/26/2021 — FB Dumps, NVDA Rips 

 October 26, 2021

By  spectre_trades

 

 

FB Takes a Predictable Dump

Facebook (FB) plunged, just like we expected. The earnings statement was better than expected, but not good enough to bring buyers back. It flushed right down to our 315 target.

I think we're headed toward a scenario where FB tests 300 and maybe even lower. I'm looking to go short in 318-320 range against a risk of 325.

I Was Wrong About NVDA

Once again I owe you guys an apology. I suggested going long on NVIDIA Corp (NVDA) in the wake of their announcement of a next-gen Cloud gaming platform. I put out the word that I was buying 230 calls at $2.50, with the expectation that they could rip up to $5 or even $10, doubling or even quadrupling in value.

Well, I'm sorry to say it, but I was wrong ... they ripped up to $20 today. That's 8x in value. Hope some of you made out like bandits on that one.

TSLA Continues to Earn our Attention

Welcome to Day 2 of what has already been an eventful week for Tesla (TSLA). The stock hit our 1080 and then dumped, a tremendous short opportunity for those watching our levels. I'm planning to go long again in the range of 990-1000, possibly 970 if it comes,  targeting 1100+ next week.

Chip News from INTC/AMD

Intel Corporation (INTC) announced a new chip. They claim it's faster than the Ryzen chip by AMD. We're looking to see it it brings buyers back to INTC and create a possible opportunity to go long.  

AMD reported tonight.  Great results, but price action seemed weak.  122 will be key tomorrow to see if AMD can continue the grind, or flush out on some profit taking.

Trump-Dump for DWAC

After a meteoric rise in the wake of its reverse-merger with Trump's social media platform, DWAC is finally going back down.

I sunk a few hundred dollars looking for a short squeeze on DWAC, but it never materialized. Oh well. It was worth risking $500 for the chance to profit between $5,000 and $20,000. I'm sleeping soundly.

UPST Finally Overdoes It

Remember when we put out the warning that Upstart Holdings (UPST) might be overdone? Well, it flushed from 400 to 310 today. I hope that warning persuaded a few people not to go long on UPST.

We didn't go short since that 400 fail day, but it's flushed enough now that we're gearing up to go long in the 280-300 range.

Member Trade of the Day

Edumomo member Jarvis went long on Tesla at premarket and went short on FB with a VWAP rejection to end the day up 8%! Congrats, Jarvis.


spectre_trades


Momentum Trader. Technical Chart Analyst. Always on the hunt for 3x or better reward to risk.

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