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Stocks for Day Traders – Where Did The MOMO GO? – 06/24/2020

From the Razor Trading Desk (Wednesday June 24th, 2020)

We have seen less volatility for day traders in small cap stocks lately. This includes the lack of follow through today. There was a nice 150% gapper with CTIB to start the morning during pre-market. But that was the best move CTIB made. Plus, it wasn’t nearly as strong as others moves we have seen in previous days. It was a perfect day for short sellers with the small cap stocks having very little upward movement. They moved slower than an old lady taking back a cold bowl of soup at a deli. The US Stock Market did sell off today with the Dow Jones being down -710 points, the Nasdaq was down -222 and the S & P was down -80 points but typically this doesn’t impact small, micro and nano-cap stocks.

Then Why Did Small Cap Stocks Lag?

Because there were no exciting headlines. No Covid-19 Cures, No Massive Mergers and No Big Partnerships with Amazon, etc.

  • CTIB Industries Corp (CTIB)

CTIB NEWS: None Noted

CTIB opened at $5.34 and hit a high of $5.97 and rejected the $6.00 level. This low float stock was a big disappointment at the bell. There was a small spike and then a rejection. That was followed up with a sharp selloff under the VWAP and shortly after, CTIB was put to rest.

Closing Price $3.30; High of Day $5.97; Low of Day $3.24; Range $2.73; 48 Million Shares Traded; Float 1.11M.

  • Mediaco Holding Inc. (MDIA)

MDIA NEWS: None Noted

This one hit the high of day scanner with a vengeance. The high of day alert went off 10 times in a row and before I knew it, the stock halted. After it resumed, it popped for a nice $1.35 move and then pulled back hard and fast. This was expected due to the low volume of only 100,00 shares.

It just goes to show you that stocks with ultra low floats have the potential for very quick moves to the upside as well as the downside.

Closing Price $6.36; High of Day $7.98; Low of Day $5.66; Range $2.32; 339K Shares Traded; Float 1.48M.

“Trade Ideas Scanner – Up Gappers & High Of Day”

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Jeff Knize
Jeff Knizehttps://razortrader.com/
I love Day Trading Pre-Market Stocks & I'm a Crypto HODLer & Miner. Not for financial advice, information is for education only.
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