Special purpose acquisition companies have become a group trade, Quantum Trading Strategies CIO Sean Udall said Wednesday on Benzinga s YouTube show PreMarket Prep.
Once a few of the SPACs bounce, you are going to get a bounce in 40-50 of them, Udall said.
Udall said his three favorite SPACs are
Opendoor Technologies Inc (NASDAQ:OPEN),
Desktop Metal Inc (NYSE:DM) and
Metromile Inc (NASDAQ:MILE).
Udall On Opendoor: Udall said he doesn t know if Opendoor has bottomed, but at its current level it s only trading at 2x-3x sales.
People are making offers on houses above the asking price all over the country, Udall said.
To play
Options Trading: As soon as Netflix opens after its Tuesday afternoon earnings report, the implied volatility is going to disappear, Chahine said.
Chahine recommends playing one of the other FAANG stocks like
Facebook Inc (NASDAQ:FB) going into the Netflix earnings report.
Facebook recently had a nice breakout, he said.
If Facebook falls back to $293, people will likely freak out, he said, adding that a move to $293 will be a buy signal.
The stock would be solidifying the flooring, which sets it up for a move to somewhere around $340, Chahine said.
Netflix is scheduled to report earnings Tuesday after the close.
Why Leslies Could Be A Great Outdoor Stock Play Right Now benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Benzinga s Dennis Dick was bullish on
Virgin Galactic Holdings Inc (NYSE:SPCE) for a long time, but thinks the stock will trade lower, he said Monday on Benzinga s YouTube show PreMarket Prep. You have to get out when the story turns, Dick said, adding that the upward price movement was built on the story.
Related content: Benzinga s Full