2019 is turning out to be a BIG year for IPO's.
Pinterest (PINS), Zoom (ZM) and Lyft (LYFT) were big names of interest in April.
Since then, Uber (UBER) and Beyond Meat (BYND) joined the club.
In fact, the Redler All-Access Morning Note now has an IPO corner. Here's what I wrote today before the market open:
LYFT showed some rare relative strength but it’s still very broken. The recent low is $47. It reclaimed $50 yesterday. It needs to hold $49. There is some room towards $52-$54 but that’s heavy resistance.
PD has trended higher. $42 was our listed pattern price. It’s done very well, hitting a high of $54.57. Now it’s a bit extended. The 8 day is $49.
ZM needs to hold $70 to keep upper momentum.
PINS is choppy but the pattern is building. Now see if $27.02 holds to keep things constructive.
UBER showed some strength yesterday as it closed near the highs. I bought some. My stop is in the $38 area. Hopefully it can get another day up and clear $40 for a push towards $41.
BYND remains very strong as it cleared $72 to make a high of $80.75 yesterday. See if it can hold $76 to keep momentum.
UBER had a rough first 2 days after coming public.
But yesterday, it was strong and I got long before the close. Turns out good news hit right after the bell rung:
Here's the UBER chart I made just before noon today, where you can see the follow-through:
UBER filled the gap and hit $41.69 today for a nice one-day gain.
This was a nice little cash flow trade. Moves like this won't make you rich but short-term 5% winners do add up.
Now I'm looking for another setup in UBER, which I'll be sharing in Redler All-Access.
Let's talk about BYND now, which was trickier.
I said it needed to hold $76. It broke that level this morning, but look at how fast it came back to shoot up to $92:
That's a sign you need to pay attention.
The key here is that BYND broke above that nice bull flag to take out $80.75, then the post-IPO high of $85, before finally reaching $92.
So you probably know why we're following the IPO names so closely in Redler All-Access (click that link to follow along) -- they often set up great patterns for nice intraday cash flow trades and swings.
Positions Disclosure: As of May 15, 2019 at 1:11 p.m. ET, Scott J. Redler was long SPY, TWTR, QQQ, AMRN calls