Let Them Land!

Good morning folks - 

Quick note. Busy day. And tomorrow markets are closed. 

It’s a great day to collect our thoughts and recharge our mental wellbeing. I’m prepping for a weekend away but want to share how I’m seeing things before I depart.  

Drone stocks look rough. We want to let them land. 

I’m not eager to buy the dip because nobody knows how low it may go. 

Here are the levels I’m watching in the most notable drone stocks. 

The Rex pure play drone ETF is working on its lowest weekly close since February. $DRNZ is below its inception AVWAP… Look out below!

Our darling Ondas hangs on the edge. $ONDS trades at its lowest price since mid-May - before its most recent earnings report.

Unusual Machines looks like it wants to fill the WSJ article gap to the downside. 

Red Cat already filled its WSJ article gap. 

I’m also watching SpaceX to gauge the sentiment in the more speculative aerospace stocks. 

$SPCX trades below its IPO AVWAP. Sellers are in control. 

This weak tape could flip on a dime, but let’s give time. 

Markets are typically quiet  during Summer months. The whales are off the desk. Moves get sloppy when volume thins. 

So I’m doing what pilots do when the weather turns. 

Hold off. 

Wait for the ceiling to lift. 

Let them land. 

Bottom pickers get stinky fingers. 

Have a great weekend!!