Good morning,
DWAC is still one of my favorite setups headed into the weekend.
The fibonacci retracement is failing this morning after a weak attempt at $40.
My thesis and positions are bearish.
I am holding the $35 puts for Feb 16 and the $30 puts for Feb 9.
I also have a -$32 / +$34 bear call open for Feb 2.
I tried to enter the -$40 / +$42 bear call this morning over in the Journey service but it didn’t get to $.80 for my fill.
I base where I think the stock will land on the Keltner Channel mean. Stocks tend to revert to the mean, and crappier stocks like this will do it faster than a large or mega cap stock like NVDA.
The $35 puts are my top idea today. If a move under $30 happens in the next week those should go up nicely.
Jason Bond
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