 But the problem is with a dead cat bounce, and this is kind of what we talked about last night, you don't know if the dead cat bounce on any stock is going to be $0.50, $5 or anything like that. 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, new here, buddy. Welcome to another edition of the Access a Trader.com nightly wrap-up show, Crazy Little Day. So it's kind of backtrack 24 hours ago. So we had this pretty aggressive, nasty sell-off. And I think the most important part of yesterday's sell-off was what kind of we talked about this weekly trend line of the QQQs. And it was very, very important that yesterday we kind of highlighted the fact that we closed the first time underneath this whole rising wedge since going back to for 2020. And the question was today, like we said on last night's video, where are we going to have kind of a day-to-flush and get really, really aggressive, or was there going to be a dead cat bounce? And again, we talk about this all the time. When you have a macro trend, and right now, again, we're in a macro trend down, because again, we lost the 50-day moving average. So there's no question which way the wind is blowing. The question is, is the next day going to warrant continuation, right, continuation of liquidation? Or is there going to be some sort of dead cat bounce? And as you can imagine, I was 99.9% sell-boss going into a session. I had a lot of really good ideas for today. I really liked snow based on yesterday's close. I liked square based on yesterday's close, and option activity. There was a whole bunch of others, right? But the question was, are they going to follow through? Again, remember, you have a plan. You have an opinion. You have a bias. And again, you don't preempt. You don't anticipate. You wait for confirmation. So as you can imagine, nothing confirmed today to the downside. And the question was, well, how long can this dead cat bounce be sustained? How long? Is it going to be an hour? Is it going to be two hours? Or are the bulls finally going to kind of reclaim the five day moving average? And if you've been watching this broadcast for last, even for last week, you can see how many times the queues have been rejected off the five day. One, two, three, four, five, six. And today was day seven. So you're talking about almost two full weeks worth of price action. And today was going to be a pretty simplistic scenario. Were the bulls able to reclaim the five day moving average, say, on the close? Or were they going to get rejected? And I'll tell you, I was incredibly impressed by the price action we saw earlier in the day. Very, very impressive. You had Netflix, I mean, Netflix has been an absolute rock star. We are just an absolute God amongst men as far as what we've seen in momentum and strength. It's been literally shaking off everything. The Seinfeld announcement was a big, big deal. Then you had the streaming, right? The video game streaming announcement was a very big deal. And now the Squidward, whatever it's called. Again, my wife and daughter love the Squid Show. I can't get into it, right? Some reason I can't get into it. I don't know what about it. Some reason I can't get into it. It looks cool, the premise is cool. Everybody loves it and apparently now it's like Netflix's biggest thing ever. And you can see the price action of the stock. So you had a lot of really good big moves today. But the problem is with a dead cat bounce, and this is kind of what we talked about last night, you don't know if the dead cat bounce on any stock is going to be 50 cents, $5 or anything in between. So it's very, very tough to kind of trade a dead cat bounce with number one, any type of size, and number two, any type of really risk manager. You can't really buy a stock gapping up into supply and turn around and say, well, I'm going to use the low of the day. The low of the big, maybe three, four, five dollars. And if you're trading a market that keeps on getting stuff that's supplied, again, how much can you conviction can you possibly have in the first place? So I sat there in the morning, I kind of said, do I know it? I'm going to wait till, let's see if they pull, right? Let's see if they pull the market. We're going to be ready. Still going to be watching all those names that I've been watching from overnight. And if they get pulled, we'll have a really good, aggressive day two. And that never happened, right? That absolutely never happened. So the question was going to be, can the cues, can the bulls reclaim the five day moving average and kind of prolong, kind of extend this dead cat bounce into tomorrow? Because realistically, any five day close remount of the cues, then we had 363, 366. Again, it was going to take a lot of effort to reclaim back the 50 day moving average. But again, you can't put the cart in front of the horse, baby steps, right? Everything starts out with baby steps. And for a while, it looked really, really good. The cues reclaimed that 58 and a half, 359 level. Everything was going really strong into the close. And yada, yada, yada, yada had this really, really, excuse me, a really big dump into the close. And in the process, as you can see, lost control over the five day moving average. So it kind of, I'm a little, I don't use the word, I'm a little confused for tomorrow. But the fact that we had such a good move, or the bulls had such a good move throughout the whole day, what this little sell-off did, or $2 off the highs on the cues did. Number one, bears reclaimed the five day moving average. Again, shortest term sentiment. But more important, a lot of the names that I really liked for tomorrow's session to maybe extend the day to rally if the bulls would have held onto the five day. Well, now everything's in the middle of the range. And I'm just not going to sit there and go, well, you know what, Netflix is the strongest stock. Let's just buy Netflix into strength. You can't buy stocks into strength when the majority of the names are underneath supply. So we're kind of stuck in between a rock and a hard place for tomorrow. I'm still going into tomorrow, you know, based on, you know, I like some longs, I like some shorts, but based going into tomorrow's session, you know, I'm kind of 70, 30 sell buys for tomorrow. There are some names that look interesting on the upside tomorrow. But the fact that, again, the fact that we just couldn't reclaim the five day moving average, it's kind of a big deal. You can see it, you know, right? Five day rejected, five day rejected, rejected, rejected, rejected. Today we had a chance and they got rejected into the close. So there's definitely names that look pretty good on the long side, right? Look at micro strategies. Now, again, I personally, there's no way in hell I could trade this thing. Okay, this thing traded literally 400,000 shares the whole day. Okay, this is definitely a play on Bitcoin. Bitcoin, flight to safety, flight to quality, whatever you want to call it. But I tell you one thing, we saw a really good, healthy amount of 700 weeklies going into MSTR. And if you are an options trader or you're trading really, really small liquidity, if this thing could just reclaim the 50 day moving average, okay? They were coming for the 700 weeklies that's 50 points out of the money. So if this thing could just reclaim the 50 day moving average tomorrow and Bitcoin continues to be strong, hell, you might catch lightning in a bottle even looking at a name like NET, right? Not a bad looking chart had this really disgusting move down. And I tell you, this thing reclaimed the 50 day moving average today and an inch away of reclaiming this 20. So if this thing kind of reclaims today's price action and we get a jolt to the future tomorrow, maybe you could have a day two run as well. But again, you have to be prepared for the short side as well. And if you look at names like an AMC, right? Again, today's rally didn't help it. It's just putting in a tighter, right? A tighter bear flag is just sitting here on the bottom of the trend line. And if this bottom trend line gets lost tomorrow and we have another day of resumption of selling, I mean, this thing has four or five points in the next support zone. So again, I get it, movie theaters of the future and it's going to the moon. I get all that, right? I get it. But again, if this thing confirms the bottom daily channel because it couldn't run today at all, couldn't rally on this whole move. If it does fail tomorrow, this bottom base, you have three to five points of downside as well. And I tell you, I kind of like this affirm, okay? It was a really good runner, you know, really, really big runner for the last couple of weeks, even month or so. But again, you could see the same thing that we talked about the cues is the same thing we talked about AFRM. You see how many times AFRM got rejected over the five day, right? This orange line, five day rejection, five day rejection, five day rejection, guess what happened today, right? Five day rejection, and that's kind of my whole point about the cues. So if AFRM starts losing this channel here and there is more selling to come tomorrow, again, we don't know. Okay, we just have to be prepared for it. If there is more selling to come and it starts losing the bottom of the base here, again, look how much room we have down. It's called measure potential and you are using the theory of gravity and supply and demand, right? Stocks go from supply to supply. Well, if this thing confirms this rising wedge, well then look how much room we have to demand. So tomorrow, you have to be a little bit open-minded. You kind of have to be open-minded every day. Certain days are going to be much more obvious than others. In other words, when I saw the futures gap up today, I was like, right, raise the roof. But the only problem is they didn't go green to red and obviously nothing confirmed for a day to possible flush. But again, those names that I watch for today, I'm still watching for tomorrow. So the key is let's see how the market opens up. Let's see where the channels confirm. Again, remember, you don't need to rush, okay? This is not a popularity contest. You're not looking for the sexiest trade. You're looking for the safest, highest probability, cleanest channel to the volume. Go Yanks! Guys, have a great night everybody. God bless and I'll see you all tomorrow.