My portfolio could benefit from some directional diversification right now. As such, I had my eye on a bearish bet this morning to help balance out my mostly directionally long exposure.

And one name that I and our analysts discussed in our meeting yesterday appears to be hanging on the precipice of a potentially large fall. The company will be announcing earnings on July 4th (who does that?) and I think that might be the final nail in the coffin to send this stock lower (if not sooner).

Last week in Sonoma, we uncovered a bunch of potential trades that are setting up in a variety of sectors. But one of them is sending a glaring signal that it is ready for us to get involved right now, so let's not waste any time.

Check out this chart of CNX Resources Corp $CNX:

Going to skip the preamble as I'm currently at Portfolio Accelerator.

We've got an extremely timely idea that we just all discussed at a round table.

Specifically, the Bank of...

My analysts are bullish on Bank of America $BAC and for good reason:

Bank of America is on the verge of breaking out of a bearish-to-bullish reversal pattern.

As you can see in the lower pane, BAC recently resolved higher from a similar basing formation versus the broader market.

We like it long only if it is above 38.50 with a 2-4 months target of 50.

Options premiums are cheap, so lets keep it simple.

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As this bull market shows signs of resuming its march higher, we're setting our sights abroad because U.S. stocks don't have a monopoly on great setups. There are some great companies overseas that trade here in the U.S. that are also setting up for great stock rallies.

Today's trade is in a biopharma name.

I. AM. GOLD.

I mean, it's right there in the name. This company makes no bones about what they do. And I'm into it. Especially when I'm looking for a leveraged play into the metals sector for a potentially big move.

Buying here might not be for the feignt of heart, but if you love gap-no-go patterns with a long time horizon to play out, this might be the golden ticket.

In today's Flow Show, Steve Strazza and I talked about how this market is setting up to be potentially very problematic for short sellers.

And the most pain will likely be felt in the stocks that currently have a heavy short interest.

With this in mind, the short squeeze pond is where we want to be fishing for long ideas.

In the video above, you can watch how Steve and I developed today's trade idea in Wayfair $W.

Regardless of our feelings about the man behind the phenomenon, putting that all aside, there is a potentially great trade setting up in this Trump Media & Technology Group $DJT.

I'll skip the preamble and get right to it.

No setup gets me more excited than buying a fresh new all-time high.

There are no bagholders looking to unload their losing position to breakeven. Every investor or trader holding a long position is making money. And every trader holding a short position is losing money and the only way they correct that sad state of affairs is to buy stock to stop their losses.

In other words, blue skies above.

This doesn't guarantee success on a long trade here, of course. But these are the types of trades that commonly lead to my biggest gains.

Here's a weekly chart of semiconductor name Analog Devices $ADI:

Today's trade is in a name that currently sports a 15% short interest which equates to approximately 7 days to cover. This could be significant fuel for a blast off if the current post-earnings momentum propels this stock above 52-week highs.

The countdown to launch is ticking, so lets get involved.

There's been a lot of "bad" news thrown in Tesla's direction this year. And it's played out in the stock's price. But here's the thing -- bad news is often the worst at the bottom.

And zooming out on a longer time frame, it looks like $TSLA shares may be beginning to turn the corner.