Transcription
What's up everyone? All right, so in today's episode I'm going to walk you through what I was looking at in the market this morning. As you can see, it's a no trade day, so I didn't end up taking any trades and I kind of didn't think I would.
I'm on my laptop here today. Um, you know, yesterday was tricky. In fact, Wednesday, you know what, this whole week has been a little bit tricky. I had a difficult day on Monday, was red $26,000, recovered to being green $36,000 or whatever it was. Um, Tuesday was up $20 grand, then gave back six, finished at $13. Wednesday was up $20 grand, solid. Thursday, no trades in the big account, small account just a tiny winner, so not much was moving on Thursday. And I noticed on Wednesday and Thursday that a number of the stocks that popped up ended up reversing.
So yesterday Ruby was the stock that I traded and I'll go full screen here and you can see that this obviously popped up. We had this sort of big move, but then it gave it all back, right? It didn't hold up. So yes, there was news, there was a catalyst, but it just couldn't sustain those gains. ERNA from Wednesday, this one kind of similar, popped up, ended up reversing. There was a couple others, I can't remember all the tickers now, but in any case, having noticed this trend that they're not holding, um, I was feeling a little nervous coming into Friday. End of the week, you know, I and I thought, let's just go easy. In fact, let's assume that it will be a no trade day and let the market really prove that there's something worth stepping up to the plate on. So that was my perspective coming into the day.
I saw PSNY warrants were up quite a bit. This is a little unusual when you have warrants that go up big time. Um, the underlying stock PSNY, uh, let's see, sorry, PSNY. The actual underlying stock also popped a little bit at 4:00 a.m., but then ended up selling off, Polestar Automotive Holdings. So it was sort of strange to see the warrants are still up 288%. Um, I I don't know. I don't really know what to think about that, but at the end of the day, I don't usually like trading warrants because they're a derivative of an underlying asset. And while there are times where they can become disconnected, it's very uncommon and they usually return back to being connected. So, I'm I'm not going to trade that.
So, then the second leading gapper as of right now is SLND. It's only up 62%. Now, 62% by itself is not a terrible gap um but in the context of, you know, the the current market, we've been seeing bigger moves on pretty much a daily basis. So, this this does feel like it's not enough. And then we have S. dot but S. dot is tricky because, you know, it's up but it's this sort of weird continuation from from the last couple days, but sort of like a a bounce. You know, it's like had this big move, like a huge move, and then it sold off, and then it sort of bounced, and then, you know, it's kind of bounced here, and I just I feel like trading that the price is higher, the spreads are bigger, the risk is way too high for me. I just I can't I can't break the ice on it. I can't get comfortable with it. So, there's no trades on S. dot.
CJMB, it's a dollar and 22 cents. It's cheaper. It's been pulling back for all of pre-market. And then, you know what's really interesting is um this morning we had STACK. And when I first pulled up STACK on the level two, I'll show you the level two on it. It is very thickly traded. You can see this big stack of buyers, big stack of sellers. It's now down 13% on the day. So, it popped up yesterday on about 60 million shares of volume. It goes from $2 to $4.50 right here on the 5-minute chart. Then sort of pulls back, it bounces, pulls back, it bounces, pulls back, and it squeezes up to $4.50 pre-market. And I said, "Clearly, there's a flat top at $4.50. Could we get a cup and handle formation where it double tops, then consolidates for a moment, and then breaks away? Maybe. And we did, but I just felt like it was so thickly traded, I couldn't get a good read on it. It I didn't see a catalyst, and I just said, "You know what? Chinese stock popping up like this, I'm going to leave it alone." So, it goes up to five. I saw some of you guys said, "Oh, I got my base hit here on, you know, stack, whatever." That's great. I'm Look, I'm good good job, but fine. I just For me, didn't really feel like there was enough uh profit potential on it to justify the risk. So, I didn't take the trade. And then it ends up rejecting off five and dropping all the way back down to $3 a share. What a drop. I mean, that is a really strong drop. So, then that scared off everyone, I think. And after that, and that was that was like 8:45, but I was like, "That's kind of the nail in the coffin for today."
BIYA, this one, you know, up yesterday after hours, but then pulled back here. So, today just felt like a bit of a miss. And, you know, if we look at the overall market, um I don't usually get super focused on the overall market. Um you know, but it it obviously is something we should be aware of at least a little bit, and we can see it the overall market has gapped down quite a bit overnight and is at the low right now. So, we don't have uh a tailwind from the overall market. In fact, we have the opposite. We have a headwind. Right? The overall markets are selling off, um you know, so that how how You might say, "Well, what does that really matter?" And the truth is, if there was a small cap company that put out a great headline today, it would still go up. It would buck the trend of the overall market. But, you have to think about the mentality of other traders out there. And is the mentality right now sort of on a spectrum of being um very greedy and very aggressive or a little bit more fearful? And I think because we've seen a couple of false breakouts this week, uh we've seen a couple a few stocks that did like a full round trip that popped up, didn't hold up, and then came all the way back down, that the sentiment is a little bit more fearful. Traders are a little more nervous to jump in to something popping up. Short sellers are a little more aggressive. So, we've sort of are over on that side. And then to make matters worse, the overall market is not helping us, right? The overall market is gapping down and and is going lower.
Now, I'm not, you know, concerned in in any serious way that, oh my gosh, the market's going to crash or anything like that. But, the fact remains that the market is uh pulling back right now. So, you know, then if you really wanted to dig deeper and you look at other speculative asset classes, well, you know, is the market being, you know, propped up by by Bitcoin or something like that? Not really. The price of Bitcoin is pretty much at its lows for the last 6 months around $62,000 um you know, per coin. So, breaking below $59,000 was sort of that critical spot. We broke it, and then we were back up above it. So, I think right now there are reasons why um traders are going to be a little bit more cautious, and that's not surprising to me. So, if we can be really in sync with what other traders are thinking, then we can sort of have a better likelihood of predicting that we're going to have some decent momentum today or, you know what, today might not be a day to get aggressive. So, right now I'm feeling like it's not a day to get aggressive. And so, you know, nothing popped up that looked good. A couple things popped up, they didn't follow through that much. Could I have had some small base hits? Yeah, I could have, but is it really worth it? And I felt like the answer was no.
So, you know, this is my kind of last uh well, last 30-day look back here. Um these are smaller green days so far for July. Uh July hasn't given me any huge day. Biggest one was $24,000. So, as I sit on the month of July right now, we'll see where I'm at. Um you know, it might not be anything super impressive. $111,000 for me is below my average. Now, again, it's all relative. For another trader, this is a that would be the best month of your career. And for another trader, this would be like, I can't even, you know, for like some hedge fund, they'd be like, "We're up only $111,000. We're supposed to be up like $10 million a month. This is This is garbage." So, you know, there's a spectrum. And anyways, so not to compare yourself to others, but compare yourself to your own performance. I'm performing a little below average. Um nice to see that I don't have um you know, any red days here in the big account. Um I am glad for that. I don't remember this no trade day. Uh let me just confirm that I didn't forget to import trades from a single day. Every now and then that'll happen, but no, it looks like that was a no trade day. So, I don't know. Um couple no Well, that was Friday the 3rd. So, anyways, doesn't matter, but actually two no trade days in a row in the big account. And the small account, trading for charity, um you know, I really don't want to take um risk that's going to um you know, jeopardize um you know, the profits that I've been building there. And so, today was a day just to kind of, you know what, say, "Hey, it's a Friday in July. I'm going to close up shop a little early. I'll live to trade another day. I'll be back at it bright and early on Monday morning."
So, I think the best use of time for most beginners today would be to study. Go through live archives if you're in my classes. Um you know, if you've been watching on the sidelines, check out the 2-week trial for $20. You can the amount of content you can go through for that $20, tons of classes, tons of stuff you can watch. You're going to get your money's worth. So, if you've got nothing to do for the rest of the day or the weekend, you know, or for the next 2 weeks, spend some time going through that content and, you know, being in the community. We'd love to have you. So, check it out. But, I'll remind you as always that of course trading is risky and my results aren't typical. So, the best way you can manage your risk is by practicing in the simulator before putting real money on the line. And guess what? We have a simulator right here at Warrior Trading. Go down to the toolbar to sim and boom, you can populate the simulator. So, now you can practice in a safe environment and you're still using the same scanners, the same charts, the same newsfeed and everything else. I'm on my laptop here, so things are a little the windows are a little crunched up, but uh anyways, so check it out and I will see you guys back at it bright and early on Monday morning. So, again, take it slow and remember, my results are not typical.