It shot up from around $4.65 to $5.60 after dropping a press release stating its "commercial service remains on track to launch in Q2 2023."
But don't be fooled by the news…
SPCE is up because its following meme stock momentum.
And with all of these stocks, you have to recognize what they are.
On Friday morning, I told SteadyTrade Team members to watch BBBY as the sector leader. And if it starts to fall apart, you should really consider enforcing your hard stops in APRN or SPCE.
Stocks in a hot sector or theme tend to move together. The charts from Friday are a good example of that.
When the air comes out of a stock, sector, or theme — traders get busy looking for the next one. As BBBY, APRN, and SPCE all deflated on Friday, Newegg Commerce, Inc. (NASDAQ: NEGG), another former meme stock, started spiking.
With a market theme like this that's based purely on momentum and hype, you've gotta follow the crowd. But that doesn't mean chasing them…
It means trade whichever one has good volume and price action at the time.
What to Look For This Week
Just because most of these stocks had a red day on Friday, I'm not counting them out yet. We could see more momentum this week.
But I'll only be looking for key levels where shorts will get nervous or scared out. And I'll look to ride any potential squeeze to the upside.
With all of these meme stocks, stay nimble. Always have a trading plan and stick to it. And be ready to adapt quickly because all of these stocks are full of bagholders.
Give yourself a trading edge over all the other uneducated traders who believe in these companies — join the SteadyTrade Team for live lessons every morning and afternoon.
Have a great day everyone! See you back here tomorrow.
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