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Market Condition: Market Bounce, Rangebound

Commentary: This is what a rangebound market does. Whips people all over the place. Especially those that chase a rally without a catalyst thinking the market is about to leg-up. Only to get smashed next morning. CPI came in cooler than expected.

This morning is interesting to say the least. IBM delivered a hammer blow to software stocks with an unusual profit warning pre-announcement. Essentially they’re saying that companies shifted their CAPEX to memory and infra near the end of quarter and this cause IBM to miss their targets. If this is true then it’s basically a deferment but regardless the stock is being heavily punished. I think IGV is a solid swing short idea based on this miss. IBM also but -20% is already a massive one day move for it. Likely better on a delayed reaction move. If software names can shake off this drop then it will be quite bullish for them.

NXTC similar to VEEE yesterday is a reverse merger. This time it’s a Biotech going public. The company seems legit and the team involved were AKRO from it’s pre-IPO to $5b sale to Novo Nordisk. Tons of volume already. Looks like it has potential to be the mover of the day.

HCA a Healthcare Company also had a poor miss on guidance this morning. The chart is set up very well for a short swing.

Still nothing out there of higher quality at the moment. Hence I’m not doing full write ups on individual names right now.

Patience, patience, patience.

After Hours: AEHR, KMTSTomorrow Before Open: ASML, SIFY

Current Positions: PENG, ABVX, DFTX, BB, WRAP

Closed: APPS

Stocks in Play Watchlist (TradingView Link)

Sean Sharpe