Market Update January 27th

Good Morning,

We are in some crazy times in the market this week with names like GME up over 100% in the premarket at one point today and other heavily shorted names making completely irrational moves. On the flip side of that hedge funds like Melvin Capital are having to liquidate strong long positions and that has some otherwise strong names pulling back. Also today we have the FOMC rate decision at 2 PM and Fed Chair Powell's presser at 2:30 which always has very dull action from late morning into 2 PM and then some afternoon volatility. All things considered, we are going to focus on the Gn'R list for day trades this morning and likely lay low and let the market digest the FOMC events this afternoon. I will be scanning for overnight swing trades at 3:15 PM and will see if we can find something good there. On that note AESE was a nice quick winner for us yesterday, and AYRO is struggling a bit here in the premarket, but this is a name with over 30% short interest so in these market conditions I may give this one a bit more time than usual for an overnight swing trade. Last but not least AAL has earnings before the open on Thursday so I will be out of my call position before the close today.

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