 The market is still very, very strong. There was very, very aggressive profit-taking today. And again, that's the only way to describe it. Again, what materialistically is different today than it was yesterday, where it was for the last 10 days and accused people. Welcome to Access a Trader, the number one community for those who are committed to taking control of their trading in order to achieve success, profitability, and longevity. Thank you for joining us. Here's Dan Shapiro to help you find your edge, master your process, and own your future. Hey, guys, good evening, everybody. Welcome to another edition of the AccessTrader.com nightly wrap-up show. Hope everybody did okay today. Very aggressive day today, especially in the morning, and then pretty aggressive self towards the end of the day. But let's kind of recap. So going into today's session, we knew two things. Number one, we didn't want to buy anything overextended. I think we kind of drilled that point home for everybody for a very, very long time. Again, the last thing you want to do, if you've been watching the video now for the last, Jesus, even the last couple of weeks, you know the last thing you want to do is buy anything up to five, 20 days in a row. That's the last thing you want to do. We also knew that the speculation money is absolutely going out of its way, just extraordinary. All you need to do is look at this. Now again, for all you guys who've seen this for the first time today, this kind of looks like a chart, right? This really does. So there was a stock today that went literally from like 12 to 160 bucks. And I have to say, you have to be on special pills, right? Not like pills that I'm on. You got to be on special pills to trade something like this. And to say use the word trade is really unfair to actually anybody who presses a button who's been doing this for a very long time. This is pure gambling. And I've said this for years and years and years. If this is what you're doing, right? If this is what you want out of your career or aspiring career, I'm telling you folks, it's easier to become a degenerate gambler, right? You got the NFL season, you got the NBA starting in a couple of weeks, okay? It's much easier. I'm telling you this day is long. It's much easier to bet the money line of a football game than do this, okay? I saw so many people today talking about the stock. Like, yeah, and again, it's crazy. Don't get me wrong. A stock going from 12 to 160. But when you look at the damn thing, and I looked at it for like 15 minutes, like I couldn't believe people were buying this thing. This thing was literally going, it was skipping dollars, getting halted into circuit halts every like 30 seconds, opening up $20 high. And then eventually people chasing all the way up to the $150 points. It got halted on a circuit breaker, opened that at 100, opened up at 40, and now the damn thing's at 80. So again, guys, if you want to trade for a living, again, avoid the Times Square bright lights, right? We've been talking about that for years and years. You don't want to trade with the bright lights. This is sexy, this is exciting. But this was also looked at as a powerball ticket to a lot of new traders. And again, if you made some money on this thing, God bless, but again, I have to imagine if somebody got caught in this thing, if you're buying a stock that goes from 30 to 150, right? And then holds down every 40, 50 points, it's a disaster. So again, guys, it really does represent how crazy this market is right now, but it also does represent why so many people become statistics. Just again, there's safer places that you can store your money. There's easier ways to kind of put stakes in your freezer. Again, don't skip steps in your learning curve, okay? It's sexy, it's aggressive, right? But it's not for you, right? It's not for you, it's definitely not for me. And like I said, today, I wouldn't put my mother-in-law's money into this thing, let alone mine. So again, guys, just try to be careful. Overall market, you know, extended, right? Cues were up 10 days in a row yesterday. Every day I've been saying this at Morning Strategy, avoid, avoid, avoid, avoid anything overextended because anything that's overextended on any pullback, that's gonna be the one that's gonna hit first. And you see all these examples today, you know? MRNA had this really, really aggressive pullback off its top. You had Roku, and again, you talk about big, big movers, but you had these big, big polls because again, when things get exhausted and buyers stop, like really, really stop and they get tired as well, that's when the polls come. Now again, materialistically, there's nothing wrong with the market. If anybody turns around and says, oh, my God, look at the tape, today was the top. The, you know, the NASDAQ down 270 points, look at the cues that were down seven points, just keep this in mind, right? Just really, really keep this in mind. When you have something going linear and there's a pullback, it's going to be dramatic, okay? It's gonna be exaggerated and it's gonna be scary. And if you were a conscious trader and you always have your eye and we talk about this pretty much on every update in the last month or so, just because how aggressive the market's been, we've been talking about the musical chair effect. So if you're conscious of the idea that anything can get pulled at any time, you're not gonna put yourself in a position that you're buying something that's up 20 days in a row, that's understood. But from the macro point of view, if you look at what the cues did today compared to what the Dow did today and the Dow did nothing, okay? The Dow was down 100 points. It did absolutely nothing and lightly back tested to the 10 day moving average. If you look at the IWM, hell, nothing happened. Nothing happened to the IWM. IWM is still going linear. It looked more exaggerated than it was. So I see a lot of people, especially newer traders, talking about this was the top. Okay, if you say so. Again, everything is subjective. Your top is the next man's pivot higher. So it's very important to kind of not jump the gun, not to kind of exaggerate what happened today. And if you look at a lot of names, right? Even the names that never participated in the rally over the last couple of weeks. Like, for example, I really liked that Amazon setup before today's session, right? I looked at Amazon, I looked, there's two days in a row. It stopped at the 50 day moving average. I looked at the 60 minute view. This was the pre-market view, right? I looked at the pre-market view and I said, look, if this thing could get above this channel it could run up and obviously it got pulled, right? It got pulled like everything else. But at least I'm looking for stocks that are coming at a bottom channel. So for example, and we'll talk about the pivots in a second, if you look at DraftKings, right? It wasn't really overextended. It was just coming out of a channel here, trying to confirm the five day moving average. If you look at Square, and this is, you know, Square was my big play of the day. I mean, we talked about this 215 channel. That's one, two, three, four, five, six, seven, eight, nine, nine days, nine days consolidation. Again, at least you have a basis that if things got really, really aggressive you knew your vital points where things need to reclaim and things where they get rejected. Luckily, this was really a huge move day from the 15 to the 20 area. But the point is, again, we're still trading under control. Again, you guys, you could be wrong every single day. And I've kind of explained this over and over again. You could be wrong every single day in your theory, right? As long as you're not pigheaded and don't be wrong financially. It's okay to be wrong. Everybody's wrong. We're wrong every single day. Again, that's what the whole point of using your brain, having your brain work for you. Because again, if you're just a mule and you sit there like he-ha, he-ha, waiting for somebody to feed you trades, again, you're not doing anything to yourself. You're not really a trader. You're just a person who clicks a mouse and hopes to God it works, right? So you have to use your brain. And it's okay to be wrong. It's okay to be wrong theoretically. But again, just do not be wrong financially. So before anybody jumps off the bridge tonight and starts canceling Christmas and starts canceling Hanukkah and everything good stuff, just remember where we are, right? We had a 10-day move. We hit supply. We hit the 10-day moving average. And we reclaimed it on the close. Now again, if tomorrow we start taking the bottom of this channel out, can there be another move down to the 297, 296 level? Sure, of course. Again, at least I'm prepared for that. I do have some shorts that I like. I do have a couple of longs that I like. But again, there's nothing that I'm dying to do tomorrow. Like for example, Zoom, we started watching today, right? We started watching it. And again, it closed above, closed below this level. And now it looks like it's going lower. There's a lot of names that look like that. But again, ironically, as this sounds, if you look, for example, like on Amazon, right? If you look at Amazon, it hasn't even begun, even though it didn't participate, it hasn't even come close to the bottom of the channel. If you look at Netflix today and it got pulled pretty hard, look how much it still needs to go through just to even break down. Even the video, right? That I kind of like tomorrow on the downside. Well, hell, if it didn't break out, shouldn't it break down? At least in the video, look, I'm watching this bottom channel here and it has to pierce it. But again, the moral of the story is these stocks are not even close to breaking down. There's very, very few of them. Yeah, you could find the JK Solars that look pretty decent, maybe taking down this channel here. Okay, they look pretty good to the downside as well. There's several other names as well. But again, it's not one of those situations that if you get a gap down in the futures tomorrow, you could turn around and look at 20 different stocks and say, wow, these are five star shorts. You have to be very, very careful not to kind of paint yourself in the corner going into tomorrow's session. Because again, at the end of the day, the market is still very, very strong. There was very, very aggressive profit taking today. And again, that's the only way to describe it. Again, what materialistically is different today than it was yesterday, where it was for the last 10 days that the cues turned green every single day. Again, are you gonna use really Tesla as a barometer? Well, oh my God, Tesla reversed today. It must be the end of the market. Tesla just ran, literally has run from $450 to 650 in the last three weeks, last two and a half, three weeks. What are you gauging Tesla as a barometer of where the market's possibly gonna go next? I mean, look at this thing. Is it really, I mean, are you really comfortable turning around tomorrow and saying, you know what? I'm gonna start shorting this thing below 588 and you could, okay, knowing that again, there are guys that are sitting there. If you watch the order flow today turning around, you literally sit there and they're watching and they're buying 650 weekly, 700 for next weeks, are you really, really comfortable to get short ahead of an inclusion? I go, I'm not, right? I know I'm not. I'm not smart enough to do so. And nor do I have any interest of being a sacrificial lamb. So again, tomorrow's session is not cut and dry, right? I think again, you have to be an adult about it. You have to wait for the setups to set up tomorrow, both long and short. And granted, because of today's move, you're going to find some names, some more names to the downside possibilities in the upside. But the moral of the story is again, SPAC names are still ridiculous. The fact that people are chasing stocks like this, right? It really does show you there's absolutely no fear in this market. When you have no fear in the market, again, it's very, very hard to get a lot of selling pressure without isolated days like we saw today. So again, we'll see what happens tomorrow. So other than that, pretty aggressive session today. It was pretty much the morning. And then just everything got pulled at once. So let's talk about it. Apple upgraded what Bush today, 160, 125 is a sneaky area. 125, 50 macro needs to build. Problem was again, everything got pulled and obviously Apple is not going to be any different. So it took out the 25, right? Here took out this whole channel, took out the 25, took out 25 and a half. And unfortunately only went to 126. It really did pick kind of a bad day to break out because everything got pulled and obviously got pulled with it. But again, dollar move in Apple. I know some of you guys took the move. Boeing really didn't do anything. It put an initial move through 240, ran up about a buck and then did nothing. Amazon, I was watching for that 3190, never even came close. Square was definitely the trade of the day. At least for me, 215 needs to build. And look at the candle it put up. I mean, that was a beautiful, beautiful. So this is a whole channel that was nine days into making. It finally cleared out 215. And it literally went to 220 on one candle very, very quickly. Great job. I mean, really, really big move there. LMPX, very, very thin stock. It put up a small move over 31 and it just kind of pulls there where everything else just collapsed. Gogo never got anywhere close. Nikola took out the 1938, put him to high of like 1958. Never gave us a second entry. Draft Kings was really, really aggressive. Good job for all you guys that did catch this. 51 got rejected twice, needs to build. Look at Draft Kings, what this thing did. It took out 51, right? Took out this whole channel of 51 and put up a really big move to 53 and a half. So good job for all you guys who caught that as well. You know, so here was ZM, as here was ZM. At first I told, initially I put in the pivot of 404, right? Initially I put in the pivot of 404 with a confirmation of 394 to the downside. And then I turned around and said, guys, never mind. It's acting too well pre-market. It was only down like six, seven bucks. And then later, once it started cracking, I'll show you in a second, there was another pivot here. ASA never got there. Big move again in square. Here comes 220 supply on these 26 on deck. Draft King just exploded on the way back up. Yeah, so I put this back in the channel on ZM a little bit later. And I said 393, if it confirms macro, can get hit 366 measured potential. Once the market started dying, obviously you're gonna go with the one. That's gonna be the weakest one. And if you look at Zoom, it finally cracked at 393 level and closed really nicely. Had a nice little move here. If this thing confirms, and that's another thing, if Zoom, and this is one of the cleaner trades for tomorrow, and obviously you have a big macro area here coming up as well, if there is another day or so of selling, and you start getting more and more vaccine news, this thing could be a very, very aggressive move. So first close below this rising support of 393, trade down to 381, if this thing confirms tomorrow, it could test back the 366 level. And if that 366 loses, you got a lot of room coming down all the way down to the 330. So I think tomorrow you have to be a little bit more patient. You have to be a little bit more flexible. I don't think you can sensationalize what happened today because again, at the end of the day, the NASDAQ 100 was up 10 days in a row. We talked about this. So it wasn't really a big shock factor that everything got pulled. It's more of a shock factor that you weren't, somebody wasn't prepared and they say, well, who could have seen this coming? Well, the NASDAQ 100 is up 10 days in a row. So it's very, very important to know where your problem areas might occur before the trading session starts. So that's it. You know, that's it guys. Have a great night everybody. Stay patient for tomorrow. Let the channels develop. Let the market tell us if today was a one day of just randomized selling after a big run, two week run in the queues, or is there gonna be something more down the road? Guys, have a great night everybody. God bless and I'll see you all tomorrow.