AMC, Again!

Jun 06, 2021 | How should Swing Traders be taking advantage of unemployment

Weekly Newsletter - Week of 6.6.2021 

AMC Goes Parabolic 

Last week, we reported the Meme Stocks were once again exploding higher. Notable names such as GameStop, AMC, BlackBerry, Bed Bath and Beyond, Virgin Galactic and Beyond Meat have all been on a torrid two-week run. Well, that trend continued this week, especially for AMC. This week alone, AMC jumped nearly 81% in 5 days- AMC is now up 400% for the month, and over 1200% in the last 6 months. For context, the share price is currently higher than it has ever been in the company’s history. Finally, AMC now holds a larger market-cap than half of the companies in the S&P 500. AMC recently sold 11M shares which netted the company an additional $587M of cash on its books. The big question is, now that AMCs balance sheet is flushed with cash, what will they do next? They’ve discussed paying down debt, but investors will certainly be looking for more. 

Weekly Swing Trades

PNRG (Prime Energy)

October 2, 2022

Entry Price:

80.62

Stop Price:

76.85

Target Price:

88.04

Time Frame:

1 Week Hold

Expecting a short-term bump after a recent OPEC+ announcement regarding the a supply constraint to oil. The constraint would result in ~1M less barrels of oil per day, which should cause a price jump. Low RSI and bouncing off our 250 day moving average, both hallmarks of a good swing trade.

DV (Doubleverify)

October 2, 2022

Entry Price:

27.75

Stop Price:

26.75

Target Price:

29.00

Time Frame:

3 Week Hold

Using our moving averages heavily on this swing trade, look for continued strength as we try to notch out a 6-8% gain. Specifically, we are taking advantage of of a recent cross over in the 50 day moving average. Last week closed down, so wait for confirmation of a reversal.

Where’s the Job Growth? 

As we have discussed in the past, companies continue to have difficulty finding appropriate labor to meet their demand. In May, we added 559K new jobs. Although that seems like a positive number, we are still significantly lower than pre-pandemic levels by nearly 7M jobs- for additional color, this puts the unemployment rate at 5.8%.  This month’s job growth was fueled by the Hospitality industry. Hospitality added 440K new workers, while education and health services added another 139K. Transportation and utilities round out the leaders, chipping in with another 118K. 

Musk Breaks up with Bitcoin? 

Two weeks ago, we discussed how Elon Musk continues to be a huge-driver in the price of Bitcoin (BTC). Prices tumbled after he cited environmental concerns over the impacts of mining. Musk also stated Tesla will no longer accept BTC as a payment. Well, this week, Musk was once again tweeting about BTC. This time, Musk publicly stated he was ‘breaking-up’ with BTC- this tweet sent the cryptocurrency down another 5%.  BTC is down 5% for the week and over 35% for the month. 

Upcoming Economic Reports

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Weekly Watchlists

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Weekly Review

Market Performance- Week of 09.25.2022

Recent Winners

SBUX (Starbucks)

SBUX (Starbucks)

Entry Price:

85.00

September 11, 2022

Price at High:

89.90

Return for Members:

5.76%

Timeline:

2 Month Hold

Strong momentum over the last few weeks. Watch for a mean reversion, but if moving averages stay consistent look for an early play to open the week.

PNRG (Prime Energy Resources)

PNRG (Prime Energy Resources)

Entry Price:

83.20

September 4, 2022

Price at High:

100.00

Return for Members:

20.19%

Timeline:

3 Week Hold

PNRG had a drawdown to historical levels of support (around the 100 day moving average). Looking to make an entry in the coming days as we also have macro tailwinds with the energy crisis in Europe.

PYPL (Paypal)

PYPL (Paypal)

Entry Price:

87.00

August 28, 2022

Price at High:

103.00

Return for Members:

18.39%

Timeline:

4 Week Hold

Playing off the dip in June, we're starting to see momentum as the 50MA is crossing over the long-term averages. Look to for momentum to continue and an early entry on Monday.

Recent Watchlist Winners

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