Daily Plan 7/11/23
Hey folks -
I had so many monster calls from the newsletter last night that I have decided to take the week off. I will now be back next week. Have a good one!
LOL. No.
What is not a joke is that I had a tremendous number of monster calls from last week. More on this later. Keep reading.
For any problem or situation, there are two ways of looking at it.
One is to be of a growth mindset. The other is a more fixed mindset.
In a Growth mindset, when we get stuck, which all of us invariably will at some point will, we try and grow out of it by learning, getting stronger, by becoming a problem solver.
In a fixed mindset, we do not like change that much to begin with and we resist the change, This means we are vulnerable to the change appending how we work, how we learn and how we live.
I think a fixed mindset does NOT make a lot of sense because it is fighting the change and at the end of the day, change is the only constant . Everything else changes.
Now in the context of the ES or SPY, this market has just been hard to trade in the last 3-4 months. If you come to the ES from last 3-4 years experience, you may have noticed that the market rhythm has now changed. It is not the same any more that it was even last year. Please this is in context of active, intraday time frames.
The ES now is acting more like a market of 2012-2015 than the market of 2020-2023.
It is acting more and more now like ZN and ZB and those of you who trade those markets know how extremely slow moving those markets can be.
I personally can not stay focused when the range comes down to less than 40-50 handles a day.
I know many other traders can not either and we may see them move away to other markets until this phenomenon changes on its own or is forced to change.
I share this little tidbit because some of us may be beating ourselves too hard that the methodologies do not work any more. I think that is just not the case- the real issue is that the market itself has changed. It will need adaptation from a 50 point a day trader to less than 15 point a day trader . Or pick something else more volatile!
From my plan last night, there were many big movers today.
The used car dealer was up like 15% at the time of this post.Remember I was one of the very first bulls on this and kept reiterating my bullish bios for a climatic test of 34-35 which was met with today.
The EV maker beat all odds today to be up more than 6%. A very impressive move and what is even more impressive is that it is now up like 30% from last week's levels.
Then we had five to six other names, each up more than 5% on the day! Actually I lie. Some were up like 10%. I think they could rise more. See below.
SQ, PYPL, and SE? Don’t even get me started!
Oil, Gold? You get the idea.
Between these dozen or so of names, they were up about 6-7% even though the S&P 500 was unchanged (at time of this post).
Each and every one of these was shared here in the Substack (and no where else).
These names continue to astound me! I can't believe I am able to share these day in and day out for folks for almost free.
Similar services are all like 300-400 a month (this one is one tenth of that) and even those can not share so many whether up or down. If there is one you will like to recommend me, please let me know and I will be happy to join too. Frankly I don't know if I want to do this on a longer term basis, I will decide shortly how to present this information going forward but for now no change. I am particularly grinding my gears about the stock side of the house. I think it is really very-very undervalued. I am really open to suggestions on how to fairly value this – drop me a DM or @ me.
My levels for tomorrow
Below will be my key levels for tomorrow…