SNOW is the major focus of much of Thursday’s premarket trading, up an astounding 24% on reaction to last night’s earnings release.
SNOW is the major focus of much of Thursday’s premarket trading, up an astounding 24% on reaction to last night’s earnings release. We don’t suggest new entries into SNOW at these levels (on either side of the market), as SNOW trades around $380 and will likely severely punish any trading mistakes on a day like today. Professionals only. We do note that a number of software names are moving up in sympathy and may be somewhat more tradeable as proxies. Keep an eye on the Kapnotes trading board for developments throughout the day.
Meanwhile, WTI crude is up $1.26, now topping $92/barrel. The 10-year yield is stable, but still just short of year-long highs. We continue to highlight integrated oil names (XOM, COP). Bitcoin is resuming its march higher, up 1.5% to about $78,500. Experienced traders will look for follow-through in related names like HOOD, MSTR, and COIN. These are high-priced names, though, and we repeat the warning we’ve just given on SNOW about the risk of large intraday ranges. Not for beginners.
Patience is key on a day like today. There are plenty of shiny temptations, but most traders would do well to sit out the high-flyers and watch the Kapnotes trading board for easier targets.
Kapnotes is unbiased, catalyst-driven research for active traders. We screen the market's biggest movers and hand you a focused list of trading opportunities, updated in real time throughout the day.