Market Looks Weak, With a Few Exceptions
The market seems to be consolidating from the crazy past couple of weeks. It looks pretty weak, but a few names moved higher, notably post-IPO Rivian Automotive (RIVN). We're looking for a short sweet on RIVN in the coming days.
Edumomo still made the most of it with some very clean gap-up fails against Tesla (TSLA) and Amazon (AMZN).
We're watching the market for a dump into the range of 459 to 461 on the SPY. If the dump happens, we'll be building a shopping list of stocks to go long on.
U Blasts Off Into the Metaverse
The market reacted well to the announcement that Unity Software (U) would be a powerhouse in providing infrastructure for Metaverse technology. We're watching U closely for a move next week—either more upside, or a fail. We'll almost certainly make a trade ... whether we go long or short will depend on the direction it moves.
AFRM Underperforms Overnight Highs
We expected a selloff of Affirm Holdings (AFRM), but we didn't get the big pop we hoped for. I wanted it to match its overnight highs and go for a big short. I'm a little bummed that the opportunity didn't materialize, but oh well ... it was still a decent move which our system was able to call early.
Member Trade of the Day
Edumomo member ryu2 made lemonade from a weak market, going long on U and exploiting the AMZN gap-up fail to end the day up 7.6%. Nice work.