Any retracements should meet resistance at the 1770-72 level(Old support becomes new resistance) and depending on how it behaves, might be a good place to possibly initiate some Put Spreads or Bearish Option Trades. Stay tuned on that front.
MEET & VRNG are hanging tough at their respective levels which indicates buying support. The kind that's revealed when the next batch of 13 forms are filed..just like with CPST and GALE this last go-around.
And speaking of which, our getting out of GALE on Friday was timely to say the least as a bashing analyst note is sending the stock much lower today..which means potential opportunity when that activity runs it course. Remember, we know that Blackrock, the largest institution in the world, initiated a new position in this one just a few months ago.
VRNG is also exhibiting support indicative of buying interest..let's see what transpires.
That being said, although we have a number of ideas we are going to exhibit a little extra caution right here since the market broke through the 1770 area.
More to follow...