Welcome to the first edition of Crush the Open, with myself, Joy of the Trade’s Jeff Zananiri, and my guy, New Money Crew’s Lance Ippolito!
This is a new weekly segment with more light-fare conversation to help get you ready for the week ahead on Wall Street. We have some things geared for more diehard traders, but that’s still being cooked up in the lab for a future date, so we’ll keep everyone posted.
I love Mondays before the market opens — that’s when the action starts, so let’s get to it!
Crush the Open: The Inaugural Edition
We were down about 30 candles late Sunday night before a pop in futures early Monday. Everyone’s looking for a bottom, and so many bottoms have been called… only for the market to head lower.
The best we can do is take a look back into history to see what could be coming next. And I think we’ll bottom out this year at the pre-COVID-19 low — which is a little less than 10% below where we are now.
Here’s a look at SPDR S&P 500 ETF Trust (NYSEArca: SPY), which tracks the S&P 500, to see where I expect us to hit the next “bottom,” which I think could be the bottom for this year.
I’m sure many of you don’t like the sound of that, and a lot of people are looking for safety… but there isn’t anything “safe” in this market.
We also have some important news coming this week… First, there’s the Producer Price Index on Wednesday, and then we have what I call the market’s Super Bowl each month coming Thursday morning, the Consumer Price Index, which gauges inflation and has spurred several major sell-offs already this year.
Right now, the Invesco Trust Series QQQ (Nasdaq: QQQ), IS the market, and it’s been in a bear market most of the year… Once Tesla, which fell about 13% last week, starts making a comeback, that’s when I see buyers returning.
The biggest news of the weekend was Rivian Automotive Inc. (Nasdaq: RIVN), which recalled over 12,000 cars over the weekend — that’s every car the company’s made so far!
This stock, to me, is a short to $0.* Check out Crush the Open up top and let’s discuss trading opportunities Lance and I see in RVN.
Are there any topics you’d like to see me cover or questions you’d like answered? Send me an email at firstname.lastname@example.org. And be sure to stay ahead of the markets by subscribing to our YouTube channel and our Instagram page for all of the latest! Don’t forget to like, subscribe and leave us a comment!
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- Two Rental Stocks That Could Benefit In Landlord Nation: The Rental Companies That Are Buying Up Real Estate To Grab Market Share.
- The Hidden Goldmine: My No. 1 Land Resource In The World Right Now: One Florida-Based Company Sitting On $17 Billion Dollars & Set To Benefit In On Landlord Nation.
- The Mega-Builder: One Stable Company That Could Benefit Regardless: An American Classic Builder Who Could Land All Of The BIG Builder Deals, Even If There’s A Real Estate Recession.
- The “Millionaire-Maker” Of Real Estate: One Company Up More Than 43,100% And Showing No Signs Of Slowing Down: The Little-Known “Tower” Company That Is A Necessity In Any Growing Community.
- Pre-IPO Fortunes: One Startup That Bezos & Benehof Can’t Get Enough Of: How To Get Involved In This 10-Times Level Private Investment Today, Even With As Little As $100.
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.