An $880,000 Position Was Taken. Here’s How I’m Playing It - InvestingChannel

An $880,000 Position Was Taken. Here’s How I’m Playing It

Through the stock market volatility we’ve seen in 2020, one sector seemingly remains unstoppable.

In fact, just yesterday I noticed a bull go long $880,000 worth of this stock!

Last week I made +176% trading it long and short…

Ticker Code Ticker Name Ticker Industry Price Change Average Volume (50)*
INO Inovio Pharmaceuticals Inc Biotechnology 47.49% 37,230,152
NVAX Novavax, Inc. Biotechnology 76.16% 10,463,397
MVIS Microvision, Inc. Scientific & Technical Instruments 81.11% 40,179,245
JCP J C Penney Company Inc Department Stores -100.00% 37,921,572
RTTR Ritter Pharmaceuticals Inc Biotechnology 57.81% 20,301,190
STCN Steel Connect Inc Integrated Freight & Logistics -63.04% 403,637
VISL Vislink Technologies Inc Communication Equipment 37.93% 33,020,802
OPGN OpGen Inc Diagnostics & Research -30.10% 768,193
KTOV KITOV PHARMA LT/S ADR Biotechnology 46.55% 15,685,578
SCYX SCYNEXIS Inc Drug Manufacturers – Specialty & Generic 1.27% 1,298,747
ONTX Onconova Therapeutics Inc Biotechnology 18.92% 6,507,646
AYTU Aytu Bioscience Inc Biotechnology 3.23% 19,105,194
GNPX Genprex Inc Biotechnology 22.44% 3,580,460
NAKD Naked Brand Group Ltd Apparel Manufacturing 18.18% 2,280,951
BLIN Bridgeline Digital Inc Software – Infrastructure 59.39% 1,651,726
CYCC Cyclacel Pharmaceuticals Inc Biotechnology -87.14% 1,331,749
FCEL FuelCell Energy Inc Electrical Equipment & Parts 20.94% 8,207,517
CDEV Centennial Resource Development Inc Oil & Gas E&P 72.92% 23,422,839
SAVA Cassava Sciences Inc Biotechnology -78.70% 2,678,601
CHFS CHF Solutions Inc Medical Devices -25.71% 3,949,152

As we progress through the coronavirus pandemic, there’s one factor which many see as essential to reopening the economy in full and getting back to life as we used to know it.

A coronavirus vaccine.

Said vaccine would likely be produced, tested, and brought to market in mass quantities by at least one biotechnology company, and therefore, biotechnology stocks have been soaring year-to-date.

While I’m not the biggest fan of Inovio Pharmaceuticals’ (NYSE: INO) management, the stock itself is up almost 500% year-to-date, and yesterday I saw a $880,000 call option buyer take a bullish play on INO…

That’s a lot of money, and it makes me ask myself a couple questions…

“Could INO be releasing a statement that they have a vaccine available – or are sizable short sellers going to cover their positions and simply take the losses in the near future?”

Nothing is for certain as of right now… but an $880,000 bullish bet on a fairly small company at least gives me a strong hint that I want to be looking at this stock’s price action today.

In the short term, and as indicated by the chart above, INO has established support at $14/share. In addition to watching “sweeps” (I’ll be providing an explanation of sweeps in the near future) on INO, which is how I spotted an $880,000 bull buy into yesterday, I’ll be watching $14/share as a long or short base.

Above $14/share, and I’ll likely day trade a bullish position on INO, and plan to pay myself by the end of the day.

That said, markets made a huge upside move yesterday, and excessive profit taking at the open may lead to a retreat in broader markets.

If a pullback happens and INO trades below $14/share as a result, I’ll consider making a bearish trade on INO, and paying myself by the end of the day.

Let me know how you do today!

Yours for TrackStar trading,

Davis Martin
America’s #1 Premarket and Day Trader

Disclaimer: This is not investment advice. This article is for information purposes only and opinion-based on financial advisor data across a selection of websites. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions.

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