As discussed in our previous post we waited to see if Snap would break above yesterday's high of $18.37. It did trade above this key level.
However, we believe this is a compelling short at these prices. We are now watching the intra-day chart for an entry point on our short sale.
Snap may become a successful company long term. We hope it does. But it has a very long way to go prior to achieving profitability.
Trader's Idea Flow is selling short based upon current over-valuation combined with the many remaining challenges despite a strong quarter print.