Happy Saturday. It’s Bryce here.
It looks like the markets took a cue from my morning coffee routine and got amped!
Just when traders feared we were down for the count … all three benchmark indexes had back-to-back rip-roaring green days on Thursday and Friday.
Let’s hope this kickstarts a fresh season of small-cap runners, and I mean multiple plays at once like the good ol’ days.
While we’re amped up, let’s take a look at some of the best plays from Friday that could carry over into Tuesday!
Apyx Medical Corp. (NASDAQ: APYX)
Apyx is a medical technology stock focused on cosmetic and other surgical solutions. And it had a powerful news catalyst move their stock on Thursday.
The company received 510(k) clearance from the FDA for use of their Renuvion Dermal Handpiece. The product is made for use in dermal resurfacing procedures. That’s medical speak for wrinkle reduction.
Traders responded well to the news, sending the stock up well over 50% on Thursday, closing at $5.62. The stock initially dipped below the previous close on Friday but then roared back to an around 10% gain.
Look out for a third-day surge on Tuesday (the markets are closed on Monday, guys)! It would need to take out Friday’s high of $6.40 for a fresh breakout to occur.
Upstart Holdings Inc. (NASDAQ: UPST)
Upstart is an AI lending platform that partners with banks and credit unions to offer loans to consumers. And it’s a current short target of mine.
My family member told me they were long upstart so I said "say less" pic.twitter.com/wt0SnD86X6
— Bryce Tuohey (@TraderBryce) May 27, 2022
UPST is trading in a low range we haven’t seen since early 2021. And it’s running into a resistance level it’s tested multiple times.
I’m pretty long-biased, so I’m mostly looking at small scalps when I short this one. But it could continue to give.
I call this a multi-day bounce short. And I’m going to keep taking small short positions on it into the multi-day resistance area at $50.
SIGA Technologies, Inc. (NASDAQ: SIGA)
SIGA is a pharmaceutical company focused on the development of antiviral smallpox treatment. But that’s not the only pox they work on.
Their TPOXX treatment has European approval for use against smallpox, monkeypox, and cowpox.
With the recent outbreaks of monkeypox in the news, SIGA had another run on Friday. It closed up 41.91% at $13.68.
This was a breakout out of a base at its May 20 high of $12.40. Look for a continuation on Tuesday if monkeypox news stays in the media.
Conclusion
You can never predict what the markets will look like tomorrow. Especially in this topsy-turvy environment. That’s why you need to prepare for multiple scenarios.
The more skills you have in your toolbelt, the better off you’ll be. When markets slow down, you can take the time to learn a new skill. And when markets pick up, it’s time to apply that skill.
You gotta strike while the iron is hot. And I can’t think of a better time to learn from a master trader than right now…
That’s why I want to introduce you to Mark Croock — he’s a veteran trader hosting his first-ever Shadow Trades Summit. In it, he’s gonna share the secret to his success, and how a strategy he created finds trades that allow him to 2x, 5x, or even 10x his money!