NoGainsJustLosses is away this weekend and asked me to fill in for the weekly Wrap-Up
First off congratulations on a HUGE green week! At it's peek $RIDE surged up 62% in just 3 days! We then slid back down Thursday and Friday to close at $9.58 up 32% from the $7.24 Monday open. This crazy price action was all thanks to a few big announcements.
Significant Events:
Monday: As the lawyers vanished into thin air, Lordstown Week was announced June 21-25. This spurred bullish sentiment in $RIDE. The short sellers where caught red handed and as the price surged up there where several notable spikes of what looked to be covering.
Tuesday: The rally continued but now the word of a squeeze was out. More covering.
Wednesday: More up, but with less momentum. $RIDE was trending and surging up even when the market had a horrible red open. At times we where one of the best performing stocks in the market. RIP bitcoin... nevermind. We hit >90% of shares in the green as the weekly high was reached at $11.64! The FORD F-150 was announced and the shorts now absolutely desperate where gifted a topic to FUD.
Thursday: FORD Fud and paper hands ended the rally. Wolfe Research in a blatant act of market manipulation downgraded $RIDE from $18 to 1$.
As always, check out the weekly catalyst checklist from /u/stockratic
News, PR, and Upcoming Events:
Lordstown Motors to Reschedule First Quarter 2021 Financial Results For May 24, 2021
Lordstown Week announced June 21-25.
Analysis:
We have seen a HUGE surge in volume and with it many traders are seeking out the long bull/bear case. This is research in motion as many new people are learning what all LMC is about and comparing that to $RIDE value and trend.
As per the FUD, at this point they are just kicking the can down the road one surefire disaster after another. Yet here we are months later, loads of new employees and beta trucks. That's a long way down the road from the prototype and some test mules.
That's a big green candle on the weekly, and from the daily things look to be finding support. I think it all comes down to Tuesday if the bulls will continue the rally or if things will taper off.
Shorts seem to be all in despite this being in my opinion a ridiculous risk/reward. I'm not even sure where they can borrow shares from as it's been HTB all week. I tried at one point to borrow just 1 share but was unable. The short borrow fee is way up.
Next Week's Guesstimate: No idea, but I'll be looking for some big juicy volatility. For the bull side I think $12 is the next major level of resistance. As always don't gamble, be smart.
Let's Talk! Questions, thoughts, ideas? Let's hear it. I'll (NoGainsJustLosses) will try to be a focal point of questions to investor relations as much as possible, and post responses here every week!
My position: LONG 2023 leaps + short term trades.
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