In fact, with all the selling in big tech, i thought it would be a good day to leave the office a bit early, get outside, and let the dust settle. Come back next week fresh.
But, here I am writing… because this setup is just too good to miss.
We had an unusual options splash come across our scan just earlier in Cinemark Holdings $CNK.
We know the name well as we’ve been stalking this one for a Freshly Squeezed setup.
Cinemark Holdings has a 25% short interest and 10x days to cover ratio.
While the unusual options activity and high short interest are great, what is even more bullish is the fact CNK is in the process of completing a textbook bearish-to-bullish reversal.
When you zoom in on the chart of Zoom Video $ZM you will see an intraday range that is engulfing the prior 7 trading days. Unless a lot changes in the next few hours, it should also be green with a large body.
When you zoom out, you’ll notice this couldn’t be taking place at a more critical price level. Just look at all the old lows around 60. That’s a lot of dead bodies.
The bears can’t break down Zoom. Despite the structural downtrend and a rough tape for tech over the past few weeks, ZM keeps hanging on. If the stock can reclaim 60, we want to get long and bank on a "scoop n score" back above this shelf of old lows.
GE just beat earnings and is trading up slightly in the pre-market. When trading opens today, we expect volatility to come in a lot with this quarter's report now in the rear-view.
