Navigating the Uncertain Markets / Update on Andrew’s Progress
I’ll begin with a quick update on Andrew’s progress in the Marathon des Sables in Morocco. Yesterday, Andrew completed the longest of the six segments in the race. He began at 8:20am local time and finished the 84.8-km (52.7-mile) leg at 11:26pm. I can’t even imagine how exhausted he is today, but at the same time I’m sure he’s overwhelmed with excitement at the thought of only having two days of running left – and both of those days are much shorter than yesterday’s run!
While Andrew has some legs, the market certainly didn’t have any legs to go higher this morning. During the premarket show with Carlos, we discussed the recent run in SPY and QQQ previous to the last couple of days and the notable choppiness as we’ve entered into a large area of resistance. As of writing this newsletter, the market is looking relatively weak, with tech and semiconductors leading to the downside. While SPY is down less than 0.5%, AMD is down 5%, and meme stocks have cooled off today as well.
AAPL finally broke its 11-day winning streak yesterday and is now consolidating between $175 and $180. Are there enough bulls out there in this environment to push it toward its all-time high of just over $180? We’ll have to wait and see. Shout-out to Thor and Jarad, who once again covered the Open for Andrew and Brian. Despite the premarket choppiness, they had some exceptional trading opportunities in AMD and OXY. You can watch their recap here.
Today is Thursday Mentorship and I am grateful for our regular lineup of seasoned traders who give of their time so that we can learn so much from them. At 11am ET, John will be filling in for Andrew, Ed will be up at 4:30pm ET (with 30 minutes of after-hours trading commencing at 4pm ET), and Thor will be in the webinar room as usual at 8pm ET. These sessions are for Elite members only. If you are not yet an Elite member, we have just launched our “Hello Spring” promotion where you will receive 50% off the price of an Elite annual membership plan. With this discount, the price is roughly the same as our basic monthly plan (billed annually). Additionally, if you are a monthly member and would like to upgrade, we will refund your last month’s payment upon request.
Next week, we are again offering some excellent webinars, and I hope you will be able to join us for these insightful classes. As always, on Monday, Carlos will be leading our onboarding session at 7pm ET and then, at 8pm ET, Kyle will be hosting our Monday Technology forum. For Tuesday Strategy, beginning at 8pm ET, Jarad will be speaking about how to successfully trade reversals. For Wednesday Psychology, starting at 8pm ET, Dr. Kenneth Reid will be discussing the subject of discipline vs. adaptability and how trading requires a debt combination of both. I look forward to seeing you in the webinar room!
To your success,
Norm, for Andrew