014. PIGGISH PLAY - Short Peloton on the Open
Updated
Wow, nice earnings report PTON. Not. Bad. At. All.
Here's why it's a perfect storm for a short setup tomorrow, assuming it gaps up above 94:
- Gap up above a huge shooting star daily candle ---> gap will close due to massive overhead resistance
- It's Friday and the market is looking like it wants to dump in a serious way
- 100 dollar/share psychological target is a perfect lure for longs
- A clear path downward to sub-90
- If Amazon can rip down after a 10x ER post, I believe PTON can do the same after posting results that pale in comparison
This play is a short-short; meaning that I plan on opening it and closing it tomorrow, using puts that expire tomorrow with a strike at the opening price.
- Health-Conscious, But Not Stupid, Pig
PTON
Here's why it's a perfect storm for a short setup tomorrow, assuming it gaps up above 94:
- Gap up above a huge shooting star daily candle ---> gap will close due to massive overhead resistance
- It's Friday and the market is looking like it wants to dump in a serious way
- 100 dollar/share psychological target is a perfect lure for longs
- A clear path downward to sub-90
- If Amazon can rip down after a 10x ER post, I believe PTON can do the same after posting results that pale in comparison
This play is a short-short; meaning that I plan on opening it and closing it tomorrow, using puts that expire tomorrow with a strike at the opening price.
- Health-Conscious, But Not Stupid, Pig
PTONTrade active
Let's ride it down to 80 for one last golden swing. End the week proper.
Trade closed: target reached
Note
while the play is closed, for those still in, might be a nice spot to short again. just a thought for those that bought the bounce yday.Trade active
Going to re-open this for Monday. 91.05 is about as clear a short as the original play. This is, in my opinion, a very obvious truncated wave 5 that leads to a severe selloff.
Again.
Plus, the whole market is likely toast next week, so I am a bit baffled to see so much buying and holding into the weekend.
Not complaining, but seriously wtf are people thinking these days...
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Just loaded the put boat.Algos are going to dump this like they did Roku back in the day.
Hop on if you starved for ideas.
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Bought an obnoxious amount of puts @ 84 for this Friday before the close. If anything is going to payout a stupidly large lotto position, it's PTON.
Third shooting star's the charm.
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obviously loading another barrel here. Fine with losing temporarily on this one as long as I'm in a short when it dumps.Silly robots, when will they ever learn..
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Last note - the second this touches whatever fib extension the algos are programmed to seek and destroy, it will reverse immediately.Gun to my head, best guess would be around 104, but I really have no clue.
Figure it is soon though, which is why I'm stacking puts now.
GL
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Think that was it - 102.47.Let's see.
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