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Market Insights / Platform

Thank you Hot Lists for nailing a Crypto mover

By Mike Burke

The crypto craze has triggered some big movers the stock market as investors clamber for a piece of the blockchain action. Just look at the rallies since October in names like Overstock.com (OSTK), Square (SQ), and Riot Blockchain (RIOT).

But how to find them and profit? As an example, let’s consider this week’s flash in the pan: the once-might photo company Eastman Kodak (KODK).

The stock has fallen a long way from its glory days as a one-time member of the Dow Jones Industrial Average. It emerged from bankruptcy in 2013, and pushed over $30 for a few months. But then it resumed its downtrend and by the start of this week was clinging to $3… that is until  shortly after noon on Tuesday.

That’s when TradeStation’s Hot Lists tool started detecting some serious activity. The stock was up more than 50 percent, and share turnover was also more than 200 times average amounts. Put volume also spiked as traders looked to cash in on the volatility spike. What was going on? A fast click to the platform’s News tool, and the Benzinga headline popped up: “With KODAKCoin, Kodak Launches A Cryptocurrency For Photographers.” By the end end of the session, it had more than doubled.

TradeStation screen shot 1/10/18.

The news spread over night, and Wednesday was deja vu, all over again. KODK shot up more than 90 percent shortly after the open, and once again found itself near the top of TradeStation’s Hot Lists. But this time traders scaled back and put volume ratcheted up eightfold. Next thing you know, the sellers ruled the roost, and KODK plunged 24 percent the next session. This time, the stock found itself on a very different hot list — Biggest percentage losers!

In summary, traders love volatility. It’s been hard to come by in recent years because the market’s so calm. But it’s a lot easier to find with some of the tools TradeStation has to offer. Years ago this software cost $100 a month, but now it’s free if you fund a new account with just $500.

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