All eyes on BBBY, capitulation near?

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SPCE - 17% higher in pre-market after announcing management reshuffle and company update

BBBY- Run continues, capitulation near?

APRN - Over 39% higher amid strength in high short-interest Meme stocks

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SPCE - 18% higher in pre-market after announcing management reshuffle and company update

Virgin Galactic (SPCE) is gapping higher this morning after announcing its president of Aerospace Systems would be departing. The company stated:

"With the completion of the enhancement program for our mothership at hand, our streamlined leadership structure will help propel the business forward as we prepare for commercial spaceline operations," Colglazier said.

"Our experienced leadership team brings deep expertise to the next exciting phase for the Company – flying our customers safely and regularly to space and expanding our future fleet."

This sent the stock rocketing after hours. This is a past Meme favorite with the Reddit Apes due to its high short interest (over 20% according to Finviz). High short interest stocks are back in play following the run of BBBY. However, keep in mind that SPCE was already 50% high coming into this gap up, and BBBY is getting ever closer to a capitulation day. It’s highly possible today could be a “sell the news” day.

The $5.30 area has acted as support in after-hours and the premarket and should be an important pivot point today.

Above it, the first major target for bulls is the pre-market high of $5.93. Above that the next major target is $6.06 which would be a gap fill from September, $6.37-$6.40, and then $7.

To the downside, $5 would be a major psychological and potential support area, with $4.62 gap fill, the next target.

BBBY- Run continues, capitulation near?

We’ve mentioned BBBY in the last two newsletters and it continues to squeeze higher. On Wednesday Baird lowered its price target to $1 in the stocks and perhaps that sucked in some more stubborn shorts.

Yesterday was the most volume the stock has done since this run began and could be a sign that the run is over – I call this capitulation volume. Also I’ve seen big runs like this end on a Friday before so given the big run there might be even more meat on the bone for a pullback today.

However, risk management is key and if BBBY continues to hold trend, there is no reason this cannot continue higher. It ran as high as $30 in a squeeze back in August.

$5.50 is a resistance level from yesterday and the pre-market this morning, there is clearly a seller in the tape at that level.

Above it the next target would be yesterday’s high of $5.87. A hold above that would put $6.69 as the next potential resistance with $6.90 and $8 above that.

To the downside $5-$5.10 is an important psychological level and potential resistance area. Below that, targets would be $4.50, $4, $3.50 and then $3, with $2.50 and $2 below that.

Stocks usually go down much faster then they go up so if today is the day this unwinds I wouldn't be surprised to see this trading in the $2’s.

APRN - Over 39% higher amid strength in high short-interest Meme stocks

The run in BBBY has spurred interest in other high short interest stocks as was the case when GME had its run. APRN had significantly increased volume yesterday, and after the close exploded over 40% on much less volume, gapping significantly higher this a.m. Whoever loaded up yesterday may dump into bidders this morning.

However, if APRN holds trend, there is a gap to fill at $1.74 to the upside.

I would watch this in sympathy with BBBY, as they may trade together.

$1.38 is resistance from after hours and the pre-market this morning. Above it the after-hours high is $1.44 and there is a gap to fill at $1.74 from November. Above that the next target would be $2-$2.07 with $2.50 and then $2.75 potential resistance above that.

To the downside there is potential support at $1.10, with a gap to fill at $0.92 if the buyers walk after the open.

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