Dan said that Robinhood is a trade here and if it goes from 10.5 to 13 or 14, he would be out. He says this has nothing to do with fundamentals but has everything to do with the market that we are in today.
Dan is long PayPal and Shopify, but is out on Meta and Netflix.
Dan also really likes Snap here.
Dan is long PayPal and Shopify, but is out on Meta and Netflix.
Dan also really likes Snap here.
Category
🗞
NewsTranscript
00:00 Dan Nathan is making some moves in his portfolio and one purchase, Dan, even left us surprised.
00:07 You've never heard me say a positive thing about Robinhood.
00:09 I bought that today, largely because we were sitting on the desk last night and we were
00:12 looking at Coinbase, who was trading on 10% on a horrible guy in a horrible quarter.
00:16 There was nothing good that any of us liked about it.
00:18 Reversed, traded up, and I said to myself, "Look at this Robinhood thing.
00:22 It's been flatlining here.
00:23 I think it's kind of a one-up, maybe three-up, excuse me, maybe one-down sort of scenario
00:29 if you get that right."
00:30 Again, in a squeezy market like this.
00:32 That being said, I spent late spring buying, remember Q's and 2's?
00:36 QQQ and 2's, basically treasuries.
00:39 I'm out of the Q's.
00:40 I'm out of a bearish trade on yields.
00:43 I also bought things like PayPal, Netflix, Meta.
00:46 Things were down like 50, 60, 70%.
00:48 I'm out of the Netflix.
00:49 I'm out of the Meta today.
00:51 I'm still long.
00:52 PayPal, Shop, and I really like Snap here.
00:56 Shop is new.
00:57 Shopify.
00:58 Shopify is new.
00:59 I bought Meta a couple weeks ago.
01:00 A couple weeks ago.
01:01 Okay.
01:02 How long do you think you'd be in?
01:03 Listen, some of the returns, I bought Meta a couple weeks ago.
01:06 It was up 10% and like that.
01:09 Some of these things are going to move really quickly here.
01:11 Snap is a longer-term thing.
01:12 I think there's many gaps to be filled there.
01:14 I think PayPal was down 80% when I bought it.
01:17 I think that thing is putting in a bottom.
01:19 The bottom might be in something like that.
01:21 Shopify was down 8%.
01:22 I really like that one here.
01:23 The Hood is a bit more of a trade.
01:25 If that thing goes from, I don't know, 10.5 to maybe 13 or 14, I'd be out.
01:29 Could Hood be a trade?
01:30 Courtney, what do you think?
01:31 I'm a lot more cautious on Hood here.
01:33 Especially too, I think they really need to have better recurring revenue streams.
01:36 I think they need to see a lot more people come to their platform right now and I think
01:39 we just aren't seeing that.
01:40 So maybe it's a short-term move.
01:41 Yeah.
01:42 This has nothing to do with fundamentals.
01:43 I mean, this is literally the market that we're in and that's really what it has to
01:47 do.
01:48 On a day when you see the Mimi stocks, and I say that jokingly, the Mimi stocks rise,
01:51 ARK Innovation ETF rise so sharply, that's the kind of trade that goes higher.
01:55 Can you be in that sort of trade, Bonowin?
01:57 Yeah.
01:58 I mean, the only solution is to trade it.
01:59 I don't think it's currently investable in this particular market.
02:02 I understand the setup, though.
02:04 It is one of those squeezy names that hasn't had the bounce that you've seen a lot of other
02:08 names.
02:09 And I mentioned at the top of the show, Norwegian Cruise Lines and Coinbase.
02:12 What positive news came out of those?
02:14 And those were up both double digits today.
02:16 So I get it.
02:17 Might as well kind of get in on the trade while you still have an opportunity to do
02:20 so.
02:21 But he said it three times.
02:22 He's trading it.
02:23 He'll be nimble and he'll likely be out.
02:25 I'm going to call before that $14 level.