Market Reversals and Elon Musk Taking Over Free Speech
Crazy market volatility continues as I write this newsletter. In the chatroom, we made some amazing trades on $TQQQ and $AMD, thanks to my good friend Brian. You can watch our recap here. You will see that it was a nice and successful day for me too!
The market in Asia is melting as China’s coronavirus outbreak worsens, with rising cases in Beijing sparking fears about an unprecedented lockdown of the capital. The results of Shanghai’s chaotic lockdown led Beijing residents to stock up on supplies after the government announced mass testing, while President Xi Jinping is also trying to quell escalating anti-government criticism in Shanghai, which is in its third week of a lockdown. The country’s benchmark stock index slumped the most in almost two years, while the offshore yuan weakened more than 1% at one point.
Twitter is becoming more receptive to Elon Musk’s $43 billion takeover offer. Musk met with Twitter executives on Sunday. Now, a series of text messages that Musk exchanged with Silicon Valley friends, investors, and the managing director of Saudi Arabia’s Public Investment Fund during the saga have come to light as part of an ongoing shareholder lawsuit. Musk also revealed some of his texts to billionaire Bill Gates. They included comments regarding why he shorted Tesla and why he is not taking his philanthropic efforts seriously anymore. In part, Musk wondered why Gates is shorting Tesla when it is in fact a pioneer in the fight to stem the effects of climate change. Later, Musk posted a disrespectful tweet about Gates’ body. Personally, I find it a bit scary to think that Musk may very well end up owning Twitter, have access to its users’ private data, and single-handedly control such a massive social media and free speech medium.
At Bear Bull Traders…
Ardi executed an exceptional risk reversal on the bond market over the weekend and booked over 20%. I urge you to monitor Ardi’s trades by following him on Twitter, and to also check out his options trading strategy course in our Education Center. It’s the final week of April and we are once again hosting a series of important webinars and mentorship sessions for our traders. You can take a look at this week’s full list here.
At Peak Capital Trading…
We have only a few spots left for our next boot camp. If you want to learn how to build an effective TradeBook and take your trading to the next level, I encourage you to join us. You’ll find more information here.
To your success,
PS: If you are not yet an Elite member, I hope you will take advantage of our “HelloSpring” promotion. You will find the details here. You will receive 50% off the price of an Elite annual membership and in return you will gain access to all of our excellent educational and training resources.