I’m up decently on this position, so now I’m faced with the decision of cutting here, however, I’m in a cash account and can’t re-position if I do so. This highlights how crippling these restrictions can be on traders.
For me, I’m in this play for a bit more movement then this so I’m going to hold, however, I’m doing so with the fact that there are catalysts coming in the market that I’m going to need to land a certain way to clear the way for this to work.
The FED speech needs to be not be incredibly bullish.There is a good chance of this. However, even if it is, that’s not the end all be all.
CPI data tomorrow needs to not be a bullish surprise more importantly and I think there is a better chance of this.
So if those things fall in line, SPY should continue to drag SHOP down and with its earnings coming up, I think SHOP may get its own bearish momentum.
Again, will cut quick if this goes wrong, but I’m in a reasonably safe spot.
How’s the theta on it? Been looking at this since open and can’t really see how profitable it is to be holding into next day until you get into expirations out as far as May.
Don’t know if anyone saw this but BIGC acquired Quote Ninja this morning. This won’t immediately affect SHOP but does signal BIGC’s intention to address the large enterprise and B2B market. Will be interesting to see if SHOP announces anything similar in earnings.
Didn’t listen to their ER call. Might over the weekend. Moved about how I expected it with the same sentiment as PYPL did a scalp today. But watching for key levels over the next couple weeks.
i would be surprised if shopify posts a positive earnings. possibly every aspect points to shopify doing bad. inflation, higher gas prices, and the rest which u already said.
other things to keep in mind are the China covid shutdowns which are essentially affecting most drop shippers and shopify stores. The 10-to-1 stock split seems like a desperate measure by Shopify to try to prevent decline IMO. As well as the announcement of “Buy with prime” by amazon which comes after Shopify. Nothing is going good what so ever for Shopify