 Anybody who's calling this bear market, you know, bear market moves back to the downside is, you know, it's okay, it's a little new logo. This is, you know, this is definitely profit-taking. Welcome to Access to 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 Access to Trader.com Nightly Update Show. Hope everybody is doing okay. So let's talk about the tape. So we talked about it last night, this really stalling out process in the queues. Members of the queues, a lot of things kind of go in sideways. We also talked about this area here on the bottom channel, off this 335 level, that was gonna be a big number. And what happened today was, we started seeing a lot of weakness very, very quickly. And one of the biggest clues to what a market can do, what the stocks can do, or what a sentiment can do, is kind of just watching them with the pre-market action. And if you saw this morning, Google got an upgrade, Tullo got an upgrade, and Zoom, right? They all got upgraded this morning, and they all had one thing in common, they did not move. They absolutely did not move. And not only did they not go higher off these initiations or whatever the case may be on different brokers, they started trickling lower even before the market opened. And based on what we were talking about yesterday, a potential stalemate until Netflix earnings, we'll get to that in a second. We kind of knew that the bias was gonna be either sideways to down, sideways to down, because that's kind of what they've been demonstrating since kind of straddling this linear regression line. Again, before we even go on, just understand one thing, before we start talking about what happened today, this is not a statement that this is a bare market. You gotta be out of your mind to make a statement like that. We had a huge move from the 324 level on the Qs for two weeks straight. We went sideways, we hit supply, we hit digestion. All this is happening right now, especially yesterday and today is the product of taking profits, right? The Qs put up a $17, $18 candle in eight days until we start losing back that 324 level, which is the 50 day moving average. The idea of calling this a sell-buy as bare market is crazy, just out of its mind. What you can do, call this as profit taking, exactly what it is. And no matter how good a market is and the market was absolutely amazing for the last better part of two weeks, you're always going to have some opportunities to the downside as well. And we always talk about being ready for that downside. And because of what I saw or what I didn't see today, out of upgrades in Zoom and Google and Tulo, we kind of start looking at the downside bias. And yeah, I put some pivots into the upside as well, but there was definitely meat on the bone to the downside. There was an Apple event today, which was pretty much stale, right? I think that the most I got out of it was they're introducing a purple iPhone, cool, right? Makes me think of prints, purple rain, dubs cry, I get it, I get it, I'm feeling it, right? But other than that, it was a complete snooze fast. So I did put a pivot to the upside obviously and never got that. It really did paint a picture that sellers were coming in, they were taking control and the two big things after the close, obviously people were waiting for was Netflix, that was coming out with earnings and the George Floyd, the officer, I forgot his name, the guy who killed George Floyd murdered, let's just say, let's keep it what it is, murdered George Floyd. The verdict is coming out imminent, probably by the time I finished this video. So there was a lot of anticipation, but we'll start with Netflix and we saw big buyers, remember this wasn't the first time we talked about it, we saw really big buyers for call buyers deep out of the moneys, we were watching all week, they were coming for the 575s, the 595s, the 600s and if you look at today's order flow, they were coming for the June 6, 2020, 650. So there was a lot of big money being bet on Netflix and it really does prove that no matter what the bets are, it's all speculation, you could have literally the earnings right in your hand and the stock might completely react, completely different on those bets and all those people are putting hundreds of thousands of dollars on the line going into Netflix earnings, they got nothing to show for it, but expiration of their calls pretty much worthless and it really does tell you is price action is the key, does it really make a difference what Netflix said today in earnings? I'm a big fan of Netflix, I use Netflix every day, okay, I love the content, I love everything about it, but apparently not everybody does, right? There's a lot of options now, you got Disney Plus, you have Hulu, you have Shmuelu, you have everything in between, so there's not one of these things that it's Netflix or it's nothing at all, I'm a big fan, you don't need to watch it, right? I mean, who knows, but more of the story in the stock is getting sold pretty aggressively after the close, as you can see by this candle, they did announce a $5 billion share buyback, which is kind of cool, but again, at the end of the day, price action speaks and most important Netflix could definitely set a tone for tomorrow's session for the rest of technology, keep this in mind. The other big tech heavyweights, the Amazon, the Apples of the world, the Facebooks, the Googles of the world, the Teslas, they're reporting next week, so again, I don't know if this headline or this earnings release on Netflix is gonna be kind of a stigma what's gonna happen for the rest of the week, but at least going into tomorrow, if I was, and today was literally my first day after I started seeing what was going on pre-market, this is the first day I could turn around and say, you know what, there is some sell bias here, there is some value here, we'll go through the pivots in a second and we could definitely take advantage of that value, so if you go into tomorrow's session, I mean, look, are there names you could look to tomorrow on the upside, you know, like maybe like a Walmart, right? And again, maybe it's not a traditional name, but maybe like a Walmart, maybe a name, you know, some of the financials got really, really sold off today and those are really big drivers, but I have to say, I mean, even after, or even before, excuse me, Netflix came out with earnings, I was already kind of making my watch list and look, there's probably a day two for some areas that we could take advantage of on the sell side tomorrow, and again, I will keep on reiterating this point until we lose 324 on the close, this is all just a healthy back test from a tremendous move, so anybody who's calling this bear market, you know, bear market moves back to downside is, you know, it's okay, it's a little noloco, this is, you know, this is definitely profit-taking, is it possible? If the earnings, this quarter come out terrible, is it possible we could back test all the way to the 50-day moving average? Listen, in this market, anything is possible, but again, until we start using the word sell biased, can we at least lose the 50-day moving average where all this big rally started from? I think that's a very, very fair point, so again, listen, if you are buying stocks all the way at the top in the last, you know, three, four days of kind of stalemate before we started selling off yesterday and selling off today, is it gonna hurt you? Yeah, I know, yeah, probably, right? It's probably gonna hurt you, but again, this is the difference between knowing where stocks break out or where stocks continue, and unfortunately, if you are a short-term trader and you really have to know your levels, this is the first close today below the 10-day moving average, which is kind of important, right? You know, stocks go in cycles, they go from the five to the 10, and if you believe that stocks trade from supply to supply, you have to kind of believe that stocks possibly could trade demand to demand, so here's the next demand zone, which is 331 on the queue, so if you go through some of the names today, and again, the biggest challenge, one of the biggest challenges when you have such an aggressive market, right? One of the biggest challenges is finding value, okay? Really, you know, finding value to the downside, because keep this in mind, everything is way above their channel, so you're not pretty much every day going to be looking for a $10, $15 move considering how high some of these stocks are, but there is going to be value, there are going to be names that if you look for and you do your research day in, day out, which again, every single trader, no matter what their ability level is, no matter what their stage of their career is, everybody should be putting in the work, you will see some good value, so last night, we talked about in the video, right? We talked about in the video, it stopped here two separate times, it confirmed today had a really nice move, we talked about Roku last night on the video, again, held this whole level here and just not only did it go down six, seven points from the pivot, now it's down 14 after the close, sympathy to the Netflix move, so there's definitely some jittery bulls at really, really high levels. Always remember, the market doesn't care what you think or your opinion, the market cares about your structure, right? And this is obviously a very, very good construction market right now. It went from a big move from the 324 Qs all the way up to into the 340 level and now it's just call profit taking after a very, very big move and the most important part is recognize this early, not get obsessed with stocks through up eight, nine days in a row. Again, if you've been watching this broadcast, we've been kind of talking of that with nausea and really being pay attention to levels. So let's talk about today, I actually kept a piece of a position overnight on, and I'll show you one of the pivots here, but again, I started putting in, I started putting in some pivots to the upside and then I started putting some pivots into the downside. So Netflix reports after the close, obviously this was early in the morning, let's see if it has a pre earnings run up, 560 is a big spot of supply, if it builds can run up to 566, 567. Let me tell you one thing, I watched literally Netflix go from 560 to 565, from 564 and a half in about 10 seconds. Unless you were a high frequency robot, there was no liquidity. I'm talking about it, it literally went up four or five points in about 15 seconds, there was absolutely no liquidity. It felt like it ran up on air. So if you somehow got this trade, God bless, I just literally watched it go from 565 to 565 in seconds, it was absolutely no liquidity. Apple again had their day, pretty much a Yornfest, right? The biggest thing again, like I mentioned earlier, purple iPhone, okay, right? Barney Prince, right? Billy 108 needs to build, never got there. Goldman Sachs 344, 345 needs to build, never got there. VCRX 1160, 117, never got there. As you can see, a lot of things didn't get there, but then I started putting the pivots into the downside and they came in pretty aggressively. Again, congratulations for you guys who did catch these trades. 608, if it builds below, can flush. 601 is the first target. Again, nobody's looking for demolishment or the end of the world. Again, we're just talking about levels coming in from demand zones to demand zones after a big run up. So 608, if it builds below, can flush. 601 first target, here was NVIDIA, right? Here was NVIDIA, took out the 608 level, this whole level here, went right through the 10 day moving average all the way down to 598, not a bad move at all. Good job for you guys who caught it. Baidu, not a huge move, but again, that's the whole point. You're not gonna get huge moves on a lot of names, right? Baidu 20750, 207, if it builds below, can flush. 197, I still like it. I still think it goes lower and probably goes lower tomorrow, but here was Baidu. Again, not a huge move at all. So it took out this whole channel here and traded down to the 204s. I do believe that starts confirming down that 204 channel, you could still get down at 197 level, especially if the market continues to kind of sell into tomorrow. So again, $225, not the biggest in the world. I'm still short this thing. I actually got short in the 1457 level, 57 area for 1450. This was kind of macro control if it builds below, can flush. And look at the IQS chart. This is why I kept it overnight. This is a big, big move. If you guys remember from that unwinding, the low here was 1460, right? Stock pretty much closed at the lows and now the stock is trading 1404 here after hours. It's, you know, there's a big offer walking it down. So hopefully who knows? Maybe there's one more surge tomorrow. This thing gets down into the 13th, who the hell knows? So I still like this thing for tomorrow as well. So nice move there. Roku 354, it builds below, can flush. First target, 348, right? Here was Roku, right? So here's the 348 level, excuse me, 354. And here's the 349. And obviously the stock has traded out to like 336 after hours is getting absolutely destroyed here on the Netflix reaction. And I think that's about it. Take on the way down, right? Take on the way down, new lows, blah, blah, blah, blah, blah, and new lows. Yeah, I mean, so look, you're not gonna get 20 star setups because everything is so high and had such a big runs. But again, like I said a few minutes ago, you could take advantage of what's going on. Again, stocks don't go straight up, stocks don't go straight down. And again, if you're an investor in these companies, does it really make a difference what it's gonna do tomorrow? Probably not, right? But if you are a trader and you trade both sides of the market, your job is to identify the best value and trade accordingly. So guys, have a great night everybody. Now that the spring is here, my kids have, you know, my daughter has had a softball game. Yes, she has a softball game. Literally after I record, I have to take it to that. And then after that, I take my son to his basketball game. Dad life, baby, dad life. Guys, have a great night. God bless and I'll see you all tomorrow.