Someone needed to start it.
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<@702922828407898132> <:conqclasses:925988066907271229>
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$25 is an important level on UPST
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So my bear thesis on UPST is that this past earnings were decent, but not stellar. UPST had a decent amount of short interest against it and with talks of AI incorporation in their guidance and $2 billon in new funding from 3rd parties, the hype along with short interest caused a nice short squeeze rally. Another reason to help the current run up was news of them selling off $4 billion in private loans. This just allows them to open up new loans now that those old ones are off their books. Their business model is not far off from SOFI which was scrutinized for new loan growth so in reality they should have seen the same downward movement SOFI saw from their earnings even though they offer more services for revenue growth than UPST. Most of the recent PTs it was given after their earnings though are at about 50% of the current share price. This play is for me is trying to ride down the current rally on the basis that current price levels make zero sense and the possibility of the AI hype dying off a little bit. That is why I positioned myself into 06/16 puts to give it some time.
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Interestingly no reaction to NVDA whereas AI is pumping on it
spoke too soon
some OI at the 30/31 level, with 29/30 as the overhead resistance where shorts would have there stops, still in squeeze territory with the 25 level holding off yesterday, NVDA undeniably lifting the entire market, but this gets dangerous for shorts, I’m still waiting for a short entry myself and holding some long contracts at the moment that expire tomorrow
Glad those who followed me on this play are profitable again today if you didn’t cut for profit yesterday. Please cut today if you’re comfortable with your gains. I personally plan to hold a little longer, but that’s just me and do not encourage others to do so.
Glad those who followed me on this play are profitable again today if you didn’t cut for profit yesterday. Please cut today if you’re comfortable with your gains. I personally plan to hold a little longer, but that’s just me and do not encourage others to do so.
Glad those who followed me on this play are profitable again today if you didn’t cut for profit yesterday. Please cut today if you’re comfortable with your gains. I personally plan to hold a little longer, but that’s just me and do not encourage others to do so.
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Sold one $20 put here for 40%
Was a great callout. I was a little worried it’d find sympathy with the AI bump, but looks like it worked out fantastically. <:cheers:848949090771009536>
Glad to hear it worked out for you
This doesn’t even appear to be following SPY that closely today either
it resembles AI more than anything
Still holding my (50) $20 puts for 06/16 and my (10) $15 puts for 07/21. Will probably continue to hold a little longer, but again that’s just me. If you are still playing and nicely profitable, I encourage you to take said profits to have more ammo to reposition or play something else.
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out fully there, will look to reposition tomorrow. Gained too much today to risk holding overnight
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Hasn’t even tried to go green in AH even with it’s big fall today. Definitely feeling good about seeing more downside tomorrow.
Yeah, I just hope pre-market isn’t too insane and I can find a decent entry
back over $25 <:pepeshrug:1031774753071059004>
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