Navigating the SPIR of the Market

Navigating the SPIR of the Market

Mar 21, 2024

Hey there, traders! It’s your friendly neighborhood stock enthusiast, Barrie Einarson, back again with another edition of “What Makes This Trade Great.” Today, though, I must admit I’m eagerly awaiting the opening of Reddit’s IPO. But hey, while we wait for that, let’s dive into some other exciting market movements, shall we?

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So, let’s talk about SPIR. No, not the spooky kind, but the stock market kind. Taking a gander at the daily chart, we witnessed quite the surge a couple of days back. But why the sudden downturn? Well, as it turns out, they decided to do a financing round at $14. Isn’t it funny how these things work? Pre-market, we were all clued into this financing news, and SPIR was holding steady above that $14 mark. But once the market gates swung wide open, it took a nosedive below that level.

But here’s where it gets interesting. Our trusty AI flagged this opportunity at $13 for a short. And would you look at that? Right around 10:30 AM, it hit the mark. Sure, there was a slight uptick afterward, leading some of us to ponder a potential recovery. But alas, it seems Spir has other plans as it continues its descent.

As we chat, SPIR is down a whopping 9.6% from the $13 short alert. Another win chalked up for our AI. But folks, I gotta keep my eyes peeled for that Reddit IPO. Can’t afford to miss out on that potential rollercoaster ride of excitement.

Until next time, happy trading!