Description
⋅ RYTM did a 120% run in November and December and then pivoted to start the year. It competes
in the anti-obesity drug space which is all the rage right now and has snack food manufactures
freaking out. The retrace was a shallow one in a sign of strength finding support at the 0.382
retracement level and then pivoting into a reversal in the past week. The dual TF RSI shows
the resurgence of bullish momentum. Earnings were okay, but not great. An FDA approval to add
to the mix of meds and lower their price in the competition may send RHYTHM into
launch mode. RYTM did 10% today such is the life of highly volatile penny stocks in what is
considered to be the likely hottest sector of the year. I will look toward OTM call options
for February 16th presently priced at about $200 per contract and a couple of shares shorted
to provide some hedging. Looking for 100% in 2-3 weeks. Will close 1/2 the position a few days
before upcoming earnings.
Trade active
⋅ Trade active
⋅ Trade active
⋅ Holding full position during consolidation.
Trade active
⋅ Finally another leg higher. Holding full position.