Watchlist: 10/22 The Shorts. The Chasing. It’s Risk On!

Market Notes:

Wow! Did you see DWAC?! It was the feature of my watchlist yesterday. I said it was a big deal but it blew even my expectations out of the water.

Short sellers got crushed and the FOMO train was alive and well. With tons of media coverage, huge volume poured into the former President’s latest stunt. I’m unlikely to trade it at this point because of the insane volatility but the fact remains the market is alive!

The chart even gave a buy signal … Had I been trading I could’ve captured a portion of this move.

DWAC 5-minute candles – Chart via thinkorswim

The indexes are hovering at record highs. Small caps are leading the way higher. The seasonality and timing are nearly perfect. And the market is selective, punishing some and rewarding others.

Social media stocks are under pressure this morning after SNAP gave some poor guidance. It drop ~25% and FB is trending down ~4% at writing.

Futures are flat and Bitcoin is dipping but holding up nicely overall.

DWAC was the first. This morning several others are gapping up hoping to be the next. If we get another solid run I’ll be risk on for day trading starting Monday.


*Low FLoat

*HUDI has support at $12
*SGAM is on watch
*CRTD has support at $6
DWAC is on watch
MGTX has support at $20
EAR has support at $12
PHUN is on watch
WTRH has resistance at $1.70
UNIT has support at $13.50
UEC has resistance at $4
SOFI is on watch

OTC stocks (on watch, no levels):

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