- Jason Bond Picks (Member)
- Posts
- Will RUM keep running?
Good morning,
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Overnight my only Jason Bond Picks trades are short DWAC (via options) and long LQMT. I think DWAC crashes soon, low $30’s or middle $20’s and am looking for LQMT to run above $.10 based on 3 active catalysts.
I am looking to add a few trades today so let’s break it down.
Another excellent swing on PHUN Friday into Monday. I chickened out and exited too early at $.31 from the $.25 entry. Shares topped at $.44 so far making fulfilling the rest and retest pattern. With the New Hampshire vote today and Trump ahead by double-digits, I don’t see this going much higher and expect a large pullback soon.
My thesis on a PHUN dip coming now that ‘sell the news’ draws near is why I bought $30 puts on DWAC and entered a -$32 / +$34 short put vertical. The puts expire Friday so I’m looking for a dump by Wednesday or I’ll consider exiting with a loss. The short call vertical spread is next Friday. I believe this will land in the $20’s if it dumps from the $50 range.
The IWM or small-cap index is looking strong again this morning. My thesis that the 10-day EMA breakout Monday morning could carry it higher is working. As interest rates come down in 2024 small businesses will benefit and the IWM should be climbing above $200. This would be very good for small-cap swing trading.
RUM is up again this morning which means it’s now on my list. I’m not looking at first day movers too much anymore, but when these stocks show signs of running for a few days, I start to look for higher lows like I did on PHUN. The $5 area was a key breakout for the stock so that’s where I’ll be looking to enter in the coming days if the continuation pattern sets up nicely there. It’s a bigger small-cap with a valuation over $1.5B which means some pretty big money is moving on this one. That said, 15% of the float is short so a lot of this could be a squeeze.
Jason Bond
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