Morning Market Update

by Gary Market Update

Good morning Team! Seeing lots of green on the screen this morning and some notable strength in tech stocks.

Also seeing strength back into some Crypto names like $RIOT, $MARA and presumably $VYGVF and #Bitcoin and #Ethereum reaches new highs. The timing is not by accident as we are getting closer to the Coinbase IPO. It will trade under the ticker $COIN. This is pretty huge for the Crypto market and Coinbase is making a ton of money right now which I think could bring money into the stock as some investors prefer Stock exposure to Bitcoin than owning the actual asset itself. I want to say thanks again to Brett and Matt who have been doing some great content for the forum but also the other members who have been helping hands to those who are interested and curious about the space. I’m of the mindset that we’re really in this journey of learning together and some are just a little farther down the road than others.

I’ve been doing a lot of deep thinking lately about success and what separates the people who are successful from those who fail. There’s not much difference to be honest. It’s rarely based on skill or upbringing. It doesn’t matter if you come from money or were given money to start with. The real difference between those who succeed in trading and those who don’t is just about DECIDING. Those who succeed have chosen discipline. They aren’t better. They’ve just chosen to focus on their one style of trading and be the best they can at that.

If you haven’t made that choice yet, there’s no better time than now. Decide what kind of trader you are, what your signals are, what your exit needs to be and then stick to that. As soon as you do that, you’ll stop chasing your tail and start walking down the path of focus. You’ll know exactly what is and what isn’t your trade. It doesn’t mean you’ll go from zero to hero overnight, because it does take time but you’ll start to see little glimpses of success and give yourself something to build off of. When I was just a retail guy playing around my results reflected that. When I decided what MY Setups were and what signals made sense to me, the game changed.

Decide what kind of trader you want to be and then say NO to anything that isn’t that.

Write it down. Keep it in front of you. You’ll still have those urges to take those shiny object trades but by deciding not to, you’ll build more will power and feel more comfortable in your system.

Hope that helps!

I’m watching some Social media stocks this morning: $PINS $SNAP and $TWTR are building some nice Daily Flags that are worth keeping on your list. Also still watching the $SMH Stocks that I mentioned last night. Keep an eye on $NVDA and watch to see how it reacts after yesterday’s move. That volume was awesome.

Also, keep an eye open for @Dan’s tutorials this week that he left for us as he’s vacationing in Mexico. He’s been posting some pics on his Twitter and they look great!

Let’s have a great day!

Scott

Tesla Coin is kinda a thing and I think it’s a big deal. $TSLA – April 12, 2021

by DAN Free Chart

TSLA AMZN AAPL SQ 

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This is Scott with your Chart of the Day. I want to take a look at Tesla ( NASDAQ: TSLA ) and talk about Tesla ( NASDAQ: TSLA ). There was some news from a crypto exchange today called Binance. What Binance did is they announced that they would allow users to buy tokenized shares of Tesla ( NASDAQ: TSLA ) on their crypto exchange.

I think this is really cool and could be kind of a big deal. As you know, on some exchanges in the US you can already buy fractionalized shares, this is very similar. So if you are not familiar with crypto you can just think of it that way. I think this could be the beginning of something big. Binance is one of the biggest exchanges in the world. And this could potentially open up the world to buying more Tesla ( NASDAQ: TSLA ) shares in this case.

I don’t know what this would mean for weekend trading, but essentially, if you are a crypto trader you could then turn your crypto into one of their BUSD tokens and then use that BUSD token as a way to buy Tesla ( NASDAQ: TSLA ) shares. It is not a derivative, it’s not a synthetic, it is an actual tokenized representation of a real share that is being held in your name.

That, in addition to how this chart is looking, I think makes Tesla ( NASDAQ: TSLA ) a pretty exciting stock right now. Here, technically, we can see that Tesla ( NASDAQ: TSLA ) is below its 50-day moving average but has some pretty nice and tight price action the last couple of days. We just kind of came out of this downward sloping trendline today and did it on pretty decent volume. With that, we are just kind of hovering right under its 50-day moving average.

Now, some of the other big FANG stocks like Amazon ( NASDAQ: AMZN ) had a nice move off of their 50-moving average; it’s an institutional moving average that a lot of major players look at. As soon as that stock got above its 50-day we had a nice little run to the upside. Apple ( NASDAQ: AAPL ), the same kind of thing, above the 50-day, a nice little pop. Square ( NYSE: SQ ), above the 50-day, a nice little pop. You see what I am getting at.

We are just kind of under that 50-day right now coming into a pretty important zone for this stock. If I line up some clearly defined levels of resistance we can see that this kind of area here around 707.00, it kind of stalled out there recently. And then we have this area right here right around 720.00-718.00.

If we can get above and stay above the 50-day moving average and do it on volume here on Tesla ( NASDAQ: TSLA ), I think that this could be a stock worth purchasing. You then, probably, want to have a stop-loss level at around this 660.00 area. That would be kind of a 10 percent initial stop. But like I said, the probability of it being able to get above and then hold above its 50-day moving average could lead to a nice little run to the upside.

So the chart pattern in addition to this news with Binance I think makes Tesla ( NASDAQ: TSLA ) pretty compelling right now. And it’s another example for crypto trying to drag the rest of the financial world kicking and screaming into the future, kind of like what Tesla ( NASDAQ: TSLA ) is doing with electric cars. So I would definitely recommend setting some alerts at these key levels of resistance and watch for moves through coming on higher than average volume.