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PLAY
BZFD – premarket scalp with possible trade to hold

CATALYST
05:24:24AM
BZFD +1
WALL STREET JOURNAL REPORTED WEDNESDAY, META PLATFORMS PAYS BUZZFEED MILLIONS OF DOLLARS TO GENERATE CREATOR CONTENT; DEAL VALUED AT CLOSE TO $10M

TRADE IDEA
BZFD will touch .70 in premarket and could move to above $3 on the open or intraday

SETUP QUALITY AND VARIABLES
“B”

Surprise involvement with META investment is a very bullish surprise
Clean daily levels
Low float
Fresh news

PLAN
Get long in premarket with large size, trying to scalp 80% of position at .70 target, looking to hold 20% into the open, and add back to 100% size for a possible trade to hold throughout the day

REASONS TO SELL
Stopped out
Target hit
Tape is exceptionally slow

EXECUTIONS AND PRICE ACTION
Got long in premarket. Some volume came in but there was zero follow through. Price action was exceptionally weak. Stopped myself out as planned.

Key Takeaways
After getting in, I did some research on previous price action and saw that Meta has hired BZFD several times in the past and that these catalysts were not strong.

After the open, around 12pm, some additional news came in and price ripped to all targets… this was obnoxious to see. Price held premarket lows throughout the morning with a big drop off in volume.

I was not at desk when this happened and this was my only loss out of 4 trades today. I had my biggest size in this and had to stop out.

Annoyed, see headline below

12:06:39PM
BZFD
BUZZFEED TO USE CHATGPT CREATOR OPENAI TO HELP CREATE SOME OF ITS CONTENT; REMAINS FOCUSED ON HUMAN-GENERATED JOURNALISM IN ITS NEWSROOM; TO USE AI TO CREATE MORE COMPREHENSIVE QUIZZES, INTERACTIVE CONTENT, CEO PERETTI SAYS - WSJ