StockPickingEnthusiast

SPCE Time for a Little Risk Off Pullback to the 8day MA

NYSE:SPCE   VIRGIN GALACTIC HLDGS INC
Purely speculation here, but with earnings 11 days away I can see this pulling back a little bit maybe down do $22 prior to earnings . (There are none). This is a hopium/growth speculation for most out there. Broke out recently because people reaching for growth.

Feb 14
Comment: My trade has been initiated when SPCE was at $27 -

$24 strike puts

trade at your own risk
Feb 14
Trade active: You buying up here? Goodluck trading this on hopium and no actual earnings yet only expenses. If this chart don't make you bearish from this particular level... whew..

Feb 14
Trade active: Breaking down end of day most likely...

Feb 14
Comment: Distribution continues into the afternoon.

Feb 14
Comment: Nothing convincing either way yet, will probably come down to power hour much like yesterday. But price action would suggest selling action into the close. (Not guaranteed as we all know).


@RobFlorio @raither0419

Comments

bull trap? thinking. good point
+2 Reply
@RobFlorio, @raither0419 Looks like it's deciding to break down, it had to make a decision.

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StockPickingEnthusiast StockPickingEnthusiast
@RobFlorio, @raither0419 - Yesterday about this time was the bull's last stand. If selling pressure is to come in, it should begin soon.

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RobFlorio StockPickingEnthusiast
@StockPickingEnthusiast, yes. thennnn what happened at close? cnbc repoeted, again, everyone who didnt hear it early today said , what spce is flying soon?, lmao because if tuesday comes ... do you think more up?? looks like if it does it will be momentum.
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@RobFlorio, I would call this morning's premarket move a bull trap/short squeeze and would sell it at the open. But if price breaks above the open price I'd close out any short position because further squeeze would be in play at that point.
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High short interest, lowish float, they'll run it up to the day before the 25th report. Don't forget this is lala land market.
+1 Reply
what does spce mean by requesting 31 million shares added in after hours announcement?? is that good will it move up tuesday on it?
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@RobFlorio, It's all momentum and short squeeze right now. 31 million share shelf offering is a heads up that the company is taking this opportunity to issue more shares, which ultimately will cause share dilution. It's popping as a followup from last week's short squeeze, but it may sell off at the open close to Friday's close on the news of the 31million share offering (even though it hasn't taken place yet. Plus, earnings are this week and it sold off leading up to the earnings previously. I closed all but one of my puts at a loss on Friday betting that this move would continue when it decided to not drop back on Friday. Good luck - but don't find the tape on these momentum plays because they throw rationality to the wayside. If you want to play anything make sure you use spreads because of the high volatility (expensive options).
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Keep buying the puts.
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@PROTON23, Is that sarcasm or real advice? lol
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