Sykes is looking for a 1.40 to 1.50 on a gap play. Knowing him, he will be out quick, which is his normal MO. Though he has a way of telling his newsletters different things.
Honestly, his position is very small for him. So he might run it longer than he advertises. I think it runs to around $2 initially...he will sell into the spike regardless. The key is if the MMs show those big support bids right off the bat. I will sell my 8k $1.30 shares into the spike as well if I don't see that support on L2.
He will short it in about three weeks if it is a month long promo. He is actually quite bright, not given to emotional plays and is quick to take profits and cut losses. He will wait for a predictable pattern, usually coming from a loss in volume.
But that's a while a way with this one. Anybody who shorts this play in the first week deserves their losses.
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