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Crazy COIN and a Lesson in Level 2 Tape Reading

By Andrew Aziz  |  
Andrew's Newsletter  |  
Aug 9, 2022

Dear Traders,

Stocks have been on a pretty nice run. The S&P 500 is up 14% from its June low. The Nasdaq-100 is up roughly 20% in that same time frame. Today, Thor and I had an exceptional trading day together. I took an excellent trade on AMD as Thor walked us through the Level 2 ladder and the liquidity in the market. I took the trade toward $101.50 and it is now trading at $104.40! What a great lesson it was for me. You can watch the recap that Thor and I posted here. The biggest runner of the day was COIN, as news came in that it had made a deal with BlackRock, one of the largest investment firms in the world. It ran like crazy from $75 to $116. I took a beautiful trade on it too!

Despite the big run on COIN, the crypto market itself is still in winter. MicroStrategy CEO Michael Saylor had to step down as his massive gamble on Bitcoin was jeopardizing the entire company’s health. While MSTR holds some 13,000 Bitcoin at around $3b, we know part of it is really on loan. MSTR now faces potential bankruptcy, and a leading commentator on Twitter has had to leave his company in disgrace. The danger continues, with a prominent Swiss wealth manager cautioning against crypto forming part of private wealth portfolios. The CEO of Pictet Group’s Asia wealth management arm, Tee Fong Seng, spoke on a panel at the Bloomberg Asia Wealth Summit this week, commenting that, “Today I don’t think [crypto] is a place for private bankers and for private bank portfolios.” This comes amid news of another crypto hack. Hackers targeted Solana’s ecosystem on Wednesday, with estimates of the total amount stolen from victims’ wallets ranging from $5.6 million to $8 million. Meanwhile, beleaguered crypto exchange Coinbase has asked the US Supreme Court to halt two suits by users of the exchange who claimed to have lost money on the platform.

Although it is hard to say when crypto will be seeing a good time again, stocks have been on a pretty nice run recently.

I am still in Chamonix, doing some training and running. Yesterday, I went on a big run and unfortunately missed the Open, but what is money good for if you cannot enjoy it?

To your success,
Andrew

PS1: If you are not an Elite annual member, I urge you to take advantage of our current promotion and receive 50% off the cost of an Elite annual membership. In doing so, you will receive one full year of access to everything that Bear Bull Traders offers including all of our educational, psychological, and mentorship resources. More information can be found here.

PS2: Although it is still in a beta version, you can visit tradingterminal.com to do research on stocks you’re interested in. While we have not perfected it completely yet, it is a great place to not only research stocks, but also crypto and forex, as well as catch up on the latest news. There’s even an earnings calendar to assist you in making trading decisions.