How we played the SpaceX drop

Kenny Glick here with your update.

And my god, I wish you were here to experience this with me today.

Let me explain. Yesterday, we had a power gap, and the market just sat around in a tight range. The only thing moving was SpaceX, which had a sick, ripping day.

So fast forward to today.

My idea was to look to short $SPCX. I told people to stay away from shorting at the open. If you bought it at $205, it went up 20 points in half an hour. I didn't partake in that, but some in the room did.

I waited. I waited for a real reason. Not the fake anomaly prints, but the one print we got while the market was ripping. I didn't think we'd get back to it, but my job is not to think. My job is to react.

And what did I react to? The "finger of God." The stock tried to break a new high, and then suddenly rolled over with an engulfing bearish candle, followed by a VWAP break.

That's where I got short at $211.85. As the stock dropped, I used those early fat-finger trades as a guide for my exits. I covered some at $209.26, some at $207, and some at $203.75. We hit that original target.

But while that was happening, I discovered something beautiful: $SPCQ.

Hell yeah, brothers and sisters. It's the inverse ETF for SpaceX. You don't even have to short the stock directly.

As SpaceX plummeted, $SPCQ rocked. It gave us a classic Fo-Sho-Bro one-minute multi-day VWAP break. You could have bought it at $9.72 with a nice 1,000 shares, and the next thing you know, you're up $1,200.

Then, of course, there was the $QQQ.

I got chopped out at the beginning of the day. But I re-issued the short when it broke the low of the day and tested it from underneath. 

We got short at $140 and rode it down to roughly $133.75. Because of the power gap yesterday, the next VWAP level was way down there, and wiggity wham...we hit it. A 9-point trade.

If you were trading the at-the-money options (the 135 puts), they were $1.50 and ripped to $4.00. A monstrous move.

Prefer to watch me narrate what happened? Watch the video below: 

If you're already inside the room, I'll see you tomorrow. 

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Kenny Glick | Founder, Hit The Bid

P.S. We caught the drop on SpaceX, we played the inverse ETF, and we nailed a 9-point trade on the QQQ. Rational thought is back in the market, and VWAP is calling the shots. Don't miss out. The special offer closes tonight at 11:59 pm EST. Get in here.