Traders,
As always, I’m looking forward to sharing my top swing ideas with you for the upcoming week, along with my exact entry and exit targets for setups that might have significant follow-through.
But right before we get into the ideas:
As you may have noticed from my ideas over the previous several weeks, they have been isolated to individual names and outlier scenarios rather than depending on the overall market’s direction. That’s because I am sticking to what is working. While the overall market trends higher, it’s doing so on increasingly light volume, making it difficult for me to have conviction in high-beta continuation swings. I have discussed this concept and other key lessons in greater detail in the SMB Inside Access.
Now, sticking with that theme and doubling down on patience, allowing the market to show its hand better before I get more aggressive with swing ideas, here are my top ideas for the upcoming week.
Lower High Short in GME
The plan that I shared in the SMB Inside Access meeting on Thursday was right on the money. I mentioned I was looking for a push and fail near $20 for a short on Friday. That move and the move I outlined last week in the watchlist played out near perfectly.
So, sticking with that thought process, here is what I am looking for in GME for the week ahead.
My Plan:
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
After the failed breakout and harsh fail near $20, I am looking to get short on a failed move into a potential supply zone between the 2-day VWAP and $19. If GME pops toward that potential failure zone, I will enter short if it rejects hard and confirms with a lower high. From there, I will be short versus either the high of the day or the lower high and target a move toward mid to low $17 to exit up to half of the position. After that, I will trail my stop using lower highs and target a move back toward $15.
If GME reclaims intraday and multiday VWAPs and bases over $19, I will not be short.
Now, regarding additional ideas for the upcoming week, I have nothing in the same category as the above idea in GME. I am monitoring a bunch of other names to see how they develop and form, but I am not looking to press it or take action yet. Last week was slower than usual, so I want to be ultra-selective and patient.
Additional Ideas / Alerts Set:
OKLO: Pops to Short
Former ALCC. Like 2020, buy the anticipation and sell the ticker change on Friday. I will have alerts set for a pushback toward possible resistance and VWAP near $11 for an intraday short.
LIDR: Failed Follow-Through
Nice mover and squeeze out on Friday. Ideally, a trap off the open sub $2.50 gives it enough juice for a pushback toward the $3 supply zone and fails for a solid R: R entry on the short side.
So that’s it, for now, traders. My mindset for the upcoming week is to take what the market gives. If the opportunity is not there, don’t try to force it.
Good luck!