Crazy Meme Stocks and AMC is Back
The market today reminded me of the 2020 and 2021 trading mania, where some meme stocks like AMC, GME, and BBBY were running like there was no such thing as gravity. Today, we traded AMC and BBBY for an incredible squeeze and a big Opening Range Breakout. Brian also traded AMD. You can watch our recap here.
Do note that today we opened registration for Peak Capital Trading’s boot camp, and we have only limited spots for the boot camp which starts September 6. All classes are online and the last boot camp was sold out 3 weeks before its launch. Please make sure to sign up sooner rather than later if you are interested. What is included? You can check out our website to see how we will mentor you to help you build your TradeBook. Testimonials from some of our last boot camp participants can be found here.
The market has had an amazing run these last few weeks. What is going on? Well, the inflation report is being released this week. With the CPI figures coming out this week, the main question will remain: Are we near the peak? Many believe we’re going to see inflation decline, but to what level? This will be an ongoing debate. The Senate has passed a landmark tax, climate, and health care bill, speeding a slimmed-down version of President Joe Biden’s domestic agenda on a path to becoming law after a year and a half of rocky negotiations that divided the Democratic Party.
Democrats call the bill the largest investment in fighting climate change ever made in the US. Republicans, united in opposition, argue that it won’t stop the present historic levels of inflation and that it will impose taxes that could tip the US economy into recession.
Good news for the markets and billionaires are that none of the billions of dollars in tax increases Democrats floated a year ago on high-earning Americans made it into the final version. The bill also allows Medicare for the first time to negotiate with pharmaceutical companies on drug prices, a change that Congress has been discussing for decades with limited success, in part because of the drug lobby’s power.
What do you think? Email me back your thoughts about inflation and this bill.
Last but not least, we are holding our first ever in-person seminar/webinar retreat in LA. We will be hosting a half-day full of presentations on technology, strategy, and psychology with some of the traders from Bear Bull Traders and Peak Capital Trading. There is still space for more participants. You can sign up and RSVP here.
It’s the last day of running around Chamonix for me and I ended the day with a 24-km, 2000-m (15-mile, 6500-foot) vertical run near some glaciers. I am leaving the French Alps tomorrow morning. I will be going to southern Spain for a few days before heading back to Vancouver and getting ready for the PCT boot camp.
To your success,
PS1: If you have not already, I encourage you to try out our free web-based trading simulator at stocktradingsimulator.com. It’s conveniently available 24/7, whenever you have time to practice honing your trading skills.
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.