The market is somewhat flat as I am writing this newsletter. Trading wise, we had some volatility at the Open thanks to NIO, CRM, and the usual suspects (QQQ and AMD). You can watch the recap that Brian, Megan, and I posted here.
Today’s Global News and Financial Recap
Treasury Secretary Janet Yellen admitted yesterday that she had been wrong last year in saying that inflation wouldn’t pose a continuing problem. “I didn’t fully understand” the unanticipated and large shocks stemming from supply bottlenecks, she told CNN. Meanwhile, Fed Atlanta President Raphael Bostic said his suggestion last week that the central bank take a September “pause” from raising interest rates shouldn’t be construed as a “Fed put”, or belief that the central bank would come to the rescue of the markets.
President Joe Biden said he’ll give Ukraine advanced rocket systems and other US weaponry to better hit targets in its war with Russia, ramping up military support as the conflict drags into its fourth month. The package of weapons includes missiles that will allow Ukraine to strike locations as far as 50 miles (80 kilometers) away. World leaders including British Prime Minister Boris Johnson have publicly called for such a move in recent weeks.
Let’s hope this nonsense war is over soon.
At Bear Bull Traders…
Tonight, for Wednesday Psychology, Dr. Kenneth Reid will be discussing: Trader Development: Will I Ever Get There? Most aspiring traders have a timeline for their trading journey that is a tad unrealistic. Even with the best mentoring, traders cultivate competency via an “organic” developmental process that can’t be rushed. In this webinar, Dr. Reid will present 2 developmental models that will help you identify what stage you are presently at, what your next step is likely to be, and how to relax and enjoy the process. Dr. Reid’s webinar begins at 8pm ET.
Financial tightening is hitting everyone, including Elon Musk, the world’s richest person. He recently sent an email to all of Tesla’s employees, including the Exec team, telling them that everyone has to come back to work. The luxury of working from home is over.
“Everyone at Tesla is required to spend a minimum of 40 hours in the office per week. To be super clear. Moreover, the office must be where your actual colleagues are located, not some remote pseudo office. If you don’t show up, we will assume you have resigned.”
Hard financial times require harsh decisions and everyone, including Tesla executives, are now feeling the pressure. I myself decided to cancel my Norway trip for two reasons. One, I have been feeling under the weather these days and I was not feeling well enough for a 50 mile (80 kilometer) run in the Arctic. Second, we need to push forward our new Trading Terminal and I need to stay in the office for that to happen. Work over pleasure! Let’s build something amazing together.
If you have any issues with the Trading Terminal, please email me directly. We needed to launch the MVP of Trading Terminal in order to receive feedback. For example, this morning the traffic to the website caused the security measures of the hosting company to mistakenly detect a DDoS attack, and that triggered a response, which was false, but caused our backend servers to stop working. That is why the terminal stopped working at around 9:45am. We would never have known this issue unless we had launched it for real. And we needed a lot of traffic on it to discover this issue.
We are a work in progress! I am sorry for the occasional error. When these things do happen, no one in the office is more embarrassed than me.
To your success,
PS: If you have not already, I urge 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.