NKE and CCL Drop while META Freezes
First and foremost, my thoughts and prayers are with those who have been affected by Ian. Ian, now once again a hurricane, is threatening to carve a new path of destruction through South Carolina on Friday when it roars ashore north of Charleston.
After a big sell-off day, the market has stabilized today. CCL and NKE were the biggest losers of the day, both dropping significantly on disappointing earnings. You know the situation is bad when big tech companies are laying off staff or instituting hiring freezes. Meta CEO Mark Zuckerberg outlined sweeping plans to reorganize teams and reduce the headcount for the first time ever. They will freeze hiring and restructure some teams to trim expenses and realign priorities. The Year to Date performances of most indexes are deep into the bear market.
Today, I made a good trade on NVDA and Brian and Peter had amazing shorts on Carnival Cruise Line’s parent company. Watch the recap here. It is most likely that Carnival will go bankrupt as it is being traded well below its pandemic lows.
I am off to Vegas to attend a conference at Traders4ACause. If you are around, I would love to connect with you for a quick meetup on Saturday at 6pm in the Encore Lobby Bar at Wynn Las Vegas (and not on Sunday as mentioned in yesterday’s newsletter). Conference attendance requires tickets, and so I am not sure if we can enter the social part of the event, but we can always find a place nearby to meet and greet each other.
Please RSVP here.
To your success,
PS: 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.