 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, giving everybody welcome to another edition of the Axis of Trader.com nightly update show. Hope everybody is doing well. Crazy, crazy market, right? We started yesterday. I think before we even get started, I think the most important part, I see people dwelling what the Fed says. Number one, if you listen to any of the language that Powell was talking about, he doesn't even believe we're even in a recession. Right away, I kind of lost interest. I chuckled like everybody else and I lost interest. So whatever the Fed said today kind of went in one ear, one out the other. I'm sure there's a million websites you could go on and try to rationalize and make sense of it and discuss it with your neighbor or fight somebody on social media. Whatever you do in your time is up to you. I think the bigger picture is from the market point of view, from the trading aspect is what the market is telling us, right? So let's kind of back up. We'll get to meta in a second. Let's kind of back up. So last week, we reclaimed a really huge level, right? A really, really big level, 296.75 and reclaimed a 50-day moving average and we started a really big four or five-day run. And then the market rested, okay? And just when you thought yesterday, right? Yesterday before the close. Just when you thought that, okay, that's the last rest day we're going to rally, Walmart threw a big, right? Like a really, really big wrench into the plans of the bulls and not only that they, you know, more profit taken, the cues and the SPX came very, very close, maybe a day away, losing their 50-day moving average back, which would have been ridiculously bearish, would have been a punch-gut into the soul of the bulls. And we would have been having a completely different conversation. But that's not even the most important part, okay? It's what happens next. And we kind of talked about that last night in the video. Good news sometimes is good. Good news is sometimes bad. Good news sometimes is bad. The stock reacts good and vice versa. And the most ironic part of what we're seeing right now in this market is not only is bad news being discounted. Because again, if you remember two days ago when Walmart came out with that news, it took down every retailer. Whatever retailer you were in got absolutely destroyed. Target, Coles, anything to do. Shopify, Shopify came out with a 10% layoff reduction in its plans. Etsy got murdered. We'll talk about Shopify. We'll talk about Etsy in a second. Amazon, everything got absolutely killed. And, you know, last night, like I said last night's video, before Microsoft and before Google announced their earnings last night, I was, for going into today, I was, I had all shorts. I literally had all shorts. And when I went to pick up my son, okay, I even said this on the video. Oh my God, I got to redo my whole walks list because Microsoft missed their top and bottom and they exploded today. Google missed their top and bottom and they exploded to this. And there's nothing more bullish, right? Absolutely nothing more bullish that you could possibly have is getting bad economic data, negating it and going higher. That's, it's super damn bullish. And obviously the other side of the spectrum as well. If a company comes out with good news and they sell it off, right? It doesn't make a difference how good the news was. Price action is the judge, jury and the executioner. So when last night, Microsoft misses, Google misses, and they both went up, you knew right away there was a very, very good chance. Bulls are going to put in a very good and aggressive footing into today's action. Did we think the NASDAQ was going to rally 500 points today? Probably not, right? Probably not. Again, we were prepared and we'll get to the pivots in a second. So it wasn't like we had 600 long setups because there wasn't any 600 long setups because the day before everything got destroyed to the bottom of the range. But since Microsoft and Google provided the really good ammunition for today's open, a lot of stocks started gapping right near the top of the range and they started confirming as well. And the most interesting part about this earnings quarter as well, it's very, very mixed up. And I'll give you an example, right? So like I said, Google, Mr. Earnings, Mr. The Revenue, Google exploded that, right? Absolutely exploded. It's probably one day away. I still like it above this range here. It's probably one day away from reclaiming the top of the range. Then it could go on a very, very big run. So it kind of cleared out a lot of the trees in the forest today and stopped right at the supply zone, which is fine, okay? But if you look at a stock in the same group and a grant, granted, it's not the same thing. I get it. Google and Meta not in the same world, right? But they group it in together. So Meta comes out with earnings and this is the first time, literally the first time revenues decline. Think about it, from the existence of the company, the revenues decline. And ironically, they brought down the stock and almost got it green in a day. They came in with like a dollar and change for going back in the green of the day. And again, it's one of those situations that, well, I don't get it. Google missed their numbers. Why did the stock explode? Well, I don't get it. Meta missed their numbers. Why did the stock go lower and now it's trying to recover, right? I don't get it. I don't get it. I don't get it. Look at a name, for example, like Lamb Research, right? Lamb Research today after the close, had a nice quarter, right? Has having a nice quarter. Well, what the hell happened to Qualcomm, right? What the hell happened to Qualcomm? How come nobody's spending money at Walmart, right? How come nobody's spending money at Walmart, right? And how the hell is Etsy shining in this type of tape, right? Etsy's having a really, really nice move at all. So it's just so damn random. It really is. But when it's so random and they're negating the bad news, that's good for the, that's good for sentiment. That's really, really good for sentiment. Now again, anything changes at any given time, we get it, right? We're not naive. I've been doing this for 23 years. I'm going to my 24th year. So I get it. Everything is possible and on a drop in a dime sentiment changes. But when you get such a very, very aggressive statement, and especially last night with the Bulls, with Microsoft, with Google, right? Which Shopify this morning, you know, Shopify came out with earnings. They sold it off $2 at the, you know, $2 right away. They missed their earnings. Look what happened to Shopify, right? They missed their earnings. And all they did was literally, right, they bought the dip. They literally, look, they, they crap the bed and they, they bought the dip. And that's what's really, really interesting about this, this market. Although yes, you're going to get some names that are being sold off on earnings. So far, TDOC is getting hit. Who the hell even knows what TDOC is? I get it. Something to do with online doctors. Okay. COVID zone. Right. COVID zone. Hopefully, hopefully it's over. Now we got monkeypox. Let's go. Right. So you got TDOC moving lower. You got a BBBY going lower. We got Qualcomm going lower. But the most important part is the stocks that had pretty decent numbers or didn't disappoint. They're starting to go higher. So when you look at tomorrow's earnings, for example, right? And today you had some pretty big moves. Again, we talked about Etsy, lamb research, even Ford, right? It shows you the strength of quote, unquote, the economy. Maybe this is why Powell doesn't think we're in a recession. Hey, people are buying cars, right? People have some reason to not spending money on Walmart or Target, but yeah, they're buying cars. Okay. That's cool. No recession. You heard it from Powell first. I didn't make it up. So don't shoot the messenger. So the most important part is tomorrow. Let's see if the bulls can get a gun, right? You got Apple tomorrow, right? You got Apple. You got Amazon tomorrow. You know, Amazon has not had great quarters of late. Now the question is, is it going to mirror what Walmart is saying? Or is it going to mirror what Etsy is saying, right? We don't know what Ford is saying. We don't know. We got Roku tomorrow, right? Again, one of those things that I don't have a Roku. Again, I think a lot of you guys who have smart TVs, you don't need a Roku. Let's see what this thing does. If this thing goes to zero tomorrow, is it going to affect anybody's life? Probably not. You got Intel tomorrow. You got MasterCard tomorrow. So you have a heavy dose of big mainstream companies combining with technology. And we'll give us a more clue. But when you look at the macro picture, and that's the most important part is, we are a stone throws away of the high that we put in last week. What a 500 point move. And the Nasdaq, super darn bullish. You got SPYs taking out last week's highs. And if everything continues, then we got to move, measured all the way to 407 on the SPYs. Even when you look at the Russell that's represented on the IWM. Again, even the Russell took out last week's highs. You're seeing some notable buying and a lot of speculation names. So everything on the surface looks very, very good. But again, as we know, things change very, very quickly. And I say all the time, I don't know, ish. I'm just trying to prepare for it, right? Just in case I guess right. And our research is saying the right thing that we could be prepared on both sides. And the most important part is have a rational approach and be adult-like every single day. And if you do your chart work going into tomorrow and you trade technology, there's really, you know, you really don't have to be, and I use this phrase a lot, you really don't have to be creative. Because if we do have a follow-through day, and again, everything is possible, we could possibly rest tomorrow, right? We had a really, really big day. So we could have an inside day. We do follow-through tomorrow. Look at Tesla, right? We'll go to the pivots in a second. Look at Tesla. We're one day away from challenging earnings highs. Look at Amazon. Amazon is reporting tomorrow. If it could confirm the five-day tomorrow, maybe it runs, you know, runs into earnings, that looks really, really good, right? So keep an eye on that. Google, I think it's one day away, or maybe two days away, maybe needs a rest to getting above the top of the range here. If it could get above this top of the range here, you got 120 looking at you straight in the face. So, you know, we got some good stuff, man. You got NVIDIA that's probably going to benefit from the lamb research earnings. We want to watch the top of the range. A lot of really good aggressive call buying coming in. But again, it's very, very tough to get excited about NVIDIA option players because NVIDIA option players, if you guys remember, were going nuts last week into buying the 160 puts. So again, this is probably one of the only few names that it's hard to take at face value in the options market because they're just so damn wrong so much. But a name like a Tesla, if they're betting, and again, they're betting 840s, 850s for the weeklies, that's a pretty good sign. There's a high probability the stock has a punch of chance of getting there. So let's talk about it, right? So here was Tesla. You know, Tesla, again, finally woke up, right? Finally woke up here, 797, 803, next big spots to the upside, needs to confirm. Those are the levels, right? So Tesla woke up, right? Tesla woke up and after the Fed, it woke up more. So it took out the 797. Here's the 797. We talked about this little range here. But more important, it got above the range here, which was 802, 803, traded up to 811, and then finally got to the 825, 828 level. If Tesla confirms today's channel, you know, we should get a push, at least a close push into the earnings highs in the next couple of days. We'll see, you know, we'll see, but it definitely, definitely looks really, really good. Again, very, very aggressive call buyers coming into the name. Here with Shopify, we put in a two-sided move on Shopify, 32 to the upside, 30 and a half to the downside. Again, what's cool about Pivots, you don't need to guess. You don't need to have an opinion. Just wait for one of the channels to confirm. Shopify, although the first move was very, very small and it was a little cashflow move, the point is both ranges were in play. It took out the 32 level, close over 35, really, really strong move on Shopify. Nike never did anything. CRMX, I put in a couple of smaller cap names. They didn't confirm. Vizio didn't confirm. Again, Google, here it is. Google 10 and a half rejected twice, needs to build. Here is Google. Google went nuts towards the end of the day, just absolutely nuts. Here's, I apologize, an e-signal just doesn't, for some reason just refuses to update anything that stocks with. But here is the move. It got rejected here, 10, 50 several times, finally exploded up, went all the way to 14. Again, I like it. This thing starts building 14, 15. This thing could start its next leg up. A little scalp here. A little scalp here for all you small cap lovers. 120 needs to build. Nice little pop, you know, pop to the 134 level. The volume came in, volume came out, and blah, blah, blah. It's a small cap stock. I mean, what do you expect from this thing? Nice little pop here. One of our guys, again, after 815, what does it go? 25, it went to 28. And that is about it. So we are set up, right? We set up. You don't have to be very creative today. Go through the NASDAQ 100. You'll see there's a lot of really good opportunities there. And again, like I said, is it possible we have an inside day tomorrow? Because again, after all, we had a really, really big move today, especially in the NASDAQ 100. The key is, don't give it back, right? Don't give it back. If you get a rest tomorrow, that's cool. You'll see other names kind of getting pulled up. We don't need the indexes for stocks to be stronger. It'd be nice, but we don't need it. The most important part is watching Tesla tomorrow. Definitely, definitely watching Tesla tomorrow, at least in the next two days. Watching, oh, by the way, Microsoft. We totally forgot about Microsoft. I love Microsoft. The next couple of days, if Microsoft wakes up, man, I mean, look at the move on Microsoft. The daily channel. Look at the daily channel on Microsoft. Again, miss, miss, miss, miss, miss, closes at the top of the channel. So we definitely have to watch that for continuation for the next couple of days. Tomorrow, guys, again, just as usual, it's my Thursday night off. There is no video on Thursday. So for all you guys who are joining us in the webinar tomorrow, we'll see you tomorrow. Obviously, we'll go through everything. And for all the rest of you guys, have a great trading day, and I will see you on the weekend update. It's all about Apple tomorrow. It's all about Amazon tomorrow. Kind of sort of Intel, but again, we'll get a bigger picture of where the bull market wants to go. Guys, God bless. Stay safe. Stay happy. Wish you the best. I'll see you tomorrow.