Tesla Big Short and Civil War on Crypto
Last week, Elon Musk announced that he will no longer accept Bitcoin for Tesla purchases, allegedly due to the “… rapidly increasing use of fossil fuels for Bitcoin mining and transactions …” Much of this mining takes place in China, but in all honesty, these environmental issues have been known for quite some time. Musk’s big gamble on Dogecoin and his failure to mobilize its move toward $1 has led to significant criticism. At a very funny press conference, and in an attempt to mock Musk, celebrity trader Dave Portnoy publicly announced his support for a “shitcoin” named SafeMoon. Portnoy has even changed his Twitter profile picture eyes to green! (You may recall the red laser eyes that some people added to their profile pictures earlier this year as part of an unsuccessful campaign to get the value of Bitcoin up to $100K.)
In other news, it was reported on May 17 that Dr. Michael Burry, one of the first people to short the US housing market, holds a big short position against Tesla worth over half a billion dollars. Can he make a big short happen again, this time on Tesla, by the end of this quarter? Or will he get squeezed like GME, Citron Research, and Melvin Capital did? Time will tell, and let me tell you, this is an amazing time to be a trader, but you do have to know how to properly manage risk.
As part of Bear Bull Traders’ continuous program of educational webinars, for our Tuesday Strategy & TradeBook session this week, I will continue my presentation on Come into my Trading Room and I’ll also discuss my Opening Range Breakout TradeBook. It all starts at 8pm ET in the Webinar room. Last week, I spent over 2 hours presenting my trading room, and we ran out of time, and thus I needed a part 2. Thanks to Thor for giving me his slot for this week.
For our Wednesday Psychology session this week, our mindfulness coach Neda will present a talk titled: Let the Storm of Emotions Pass Without Drowning You. In this webinar, Neda will discuss bringing mindfulness to our emotional experiences. As soon as we recognize we are becoming overwhelmed by our emotions, we have the choice to create a space to experience them without judgment, resentment, or attachment. While waiting for the storm to pass we can then bring a quality of nourishing self-compassion to our present moment. Neda’s presentation begins at 8pm ET in the Webinar room.
For our Thursday Mentorship sessions this week, at 11am ET in the Webinar room, I will review my trades of the week, which will include a discussion about each trade’s price action and my decision-making process. In the evening, at 8pm ET in the Webinar room, Thor will talk about his trades of the week, and he’ll help traders to become as skilled as he is (and I mean that sincerely – for Thor is one of our great traders).
As always, all webinars are recorded and can be viewed later in our Education Center.
Please feel free to reach out to me if you have any questions.
To your success,
PS: Don’t forget to read the new book that Mike and I have just released.
PS 2: With our current 40% discount offer, you can become an Elite member of Bear Bull Traders with full access to our community for only $99 per month (billed annually). Use discount code MEMORIAL40, or simply click here.