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Bullish on Luckin (LK) Aggressive Growth

LK seeks to overtake Starbucks by 2020, and a lot of traders are betting against it. What we need is more negative news, and some bad reviews ghost-written by bears to bring in more shorts. This stock just attracts so much rookies I had to take a long position pre-earnings. Looking to add this on a confirmed rally about 24/25 area.

Time to Go to Work! Slack On the Buy List

I’ve been waiting for slack to hit $17, but with its base forming here right at the low 20s, it has jumped way up on my to-buy list. You can show further patience and buy under 20, but when it comes to timing capitulation, its usually better to just make an entry and average in instead of timing the bottom. If the company is healthy, like Slack, has a great product, like Slack, and is under the radar by giants, as Slack is with Microsoft, then investing in it for the longer term is smart.

My stop-loss plan is to mirror something that of PDD chart. I’m anchoring the trade according to PDD 1-year chart… if this isn’t the bottom, I’ll buy more aggressively in 16-18 levels.

PRICE CHART OF Pinduoduo Inc (PDD)

Cut Losers Today – CRON / VFF. Exit ZM. Added to ETSY YETI shorts

I refuse to hold CRON into their earnings. Small upside (shorts covering) versus big downside to $6. I think it drops, and trickles down, offering a new swing trade entry.

Covered all ZM shorts, shorted 10 points ago around 78. This is one heavily shorted stock, and its due for a rally.

ETSY looks weak all over. And YETI is set up for a bull trap. Added to short position on both. ETSY is for a trend down, YETI looks like its beginning a nice long term trend down. Fancy water bottles belong in Ross, and these extreme coolers- just don’t see the growth here. There’s growth, but nothing to get this excited over. YETI to teens.

CARVANA (CVNA) Putting Bears to the Test

I’ve been going to battle with Carvana for quite a while now. And every time it gets knocked back, somehow it manages to rebound. I’ve been short through the 60s, tried again a few times in the 70s, and my currently play is the retracement from the mid 80s, through post-earnings to the low 60s. Right now, its not looking too good.

I’ve been in and out through stops, whenever the stock refuses to break through my target floors, and each set up I seem to get a good entry, only to be fooled and trapped by the bulls. I get the sense, that the textbook rallies from 10-15% above the 200MA are shaking out a lot of shorts which is really testing my patience on this play. I refuse to add to shorts above 78, and will only add on a break down to the 60s, with all those June-July tops (triple).

With a VIX this low, getting long here does not present a good risk:reward setup, hence the long-term play on the short. Let’s see how this gumball car machine company turns out when growth gets slammed and their stuck with excessive overhead costs. It just seems like a step back from shopping for cars on the internet. But what do I know, I’m just trading the greed.