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Weiss, who bought Snap on Tuesday morning for a trade, said he sees potential for shares to surge as high as the $18 to $20 range but isn't planning on holding onto his position long enough to see if the stock can climb to that level.
"I won't be there for a long period of time, but in a market where performance is tough to get, this provides a pretty good opportunity with limited downside at this level."
Weiss pointed to the chart of Snap's stock price as one of the reasons he decided to go long. "I like the chart frankly and it looked like it was bottoming a little bit… there was an appetite for it before and I think tech still leads the market. "
Josh Brown of Ritholtz Wealth Management expanded on Weiss' technical analysis, pointing to a fast-approaching technical level following a nearly 30 percent gain off its recent 52-week low (in only 7 trading days).
"It's now at a very interesting juncture" Brown said, "as we speak it's bumping up against its declining 50-day moving average." Traders and investors alike will often point to rising and declining trends in stock prices as indicators of investor psychology and where prices could be headed.
"This is an obvious area for the rally to stop, figure about $15 or so," Brown said. "If it gets through, it would be the first technical sign that there's any kind of life in the buyers here."
Weiss eventually plans on betting against the latest major social media IPO, led by CEO Evan Spiegel, by once again shorting Snap.
"I'm not a believer in this company long-term and I still think it's relatively overvalued" Weiss said. "Ultimately, I want to be short it again but right now I'm happy to be long it."