Looks like we are in for chop now.

Came here to post the same….

Not a great market to trade. Assume most are waiting for the market to pick a direction before taking a trade (we're getting better at this )

Everyone is dragging ass from that baseball game last night

Not every day is banger.

I messed around with my experiment and didn't focus on day trading.

Tsla shares still open so I haven't done anything with it.

It would work. I just picked a few from different sectors for grins.

ASO reports earnings BMO tomorrow. Just a heads up. I know there's a few ASO shareholders in the group.

Pelosi bought apple and microsoft today fwiw

Jet Black said:

---

Pelosi bought apple and microsoft today fwiw

---

she bought them 5/24 and timed the bottom

She is an amazing investor…..

What did I miss today? Exhausting day in surgery. One of the toughest cases I've done in practice. Went overall ok.

Have not been upset about not being able to trade much. My theory about selling spreads would've paid well it looks. Respecting that 4080-4180 range pretty well. Have just been too busy to trade. Selling 420/425 spreads would've worked fine and so would 400/405 spreads. Oh well…

Hey fellas, I know I'm still way too new to trading to add much value to this thread financially, but I hope you'll accept this as a small token of my gratitude for all you've taught me the last year and a half to hold you over until I can start posting consistent winning trade ideas in this thread.

This video popped up in my Twitter feed tonight of a guy named Charles Harris sharing his trading journey, and it includes some incredible highs and lows along with some lessons all of us can benefit from:



Since it's 90 minutes long, I doubt everyone has time to watch it, so here are my notes. Hopefully you find them useful:

-We all know the rules of trading, but there is a massive difference between knowing what to do and actually following your rules religiously on every trade. And while anyone can figure out WHAT they're doing wrong after a failed trade, not everyone can figure out WHY.

-For him (and for many of us), we ignore our rules because of ego. "The ego will make the most elaborate rationalizations and justifications to keep you in a losing trade. It will cause you to ignore the most obvious facts and focus instead on any shred of evidence to support your position. It will protect itself from being wrong at all costs, even if that cost is losing everything you have."

-Why do we let ego get in the way of a successful trading career? For him (and for many of us), it comes down to an overall feeling of worthiness, which is a feeling that I matter and am valued, which comes from being connected with others. Many traders seek a feeling of worthiness in the market or in financial success instead, which means they measure their worth in terms of dollars and cents/wins and losses. This makes it MUCH harder to admit when you're wrong and need to take a loss, so we stay in failed trades longer while we try to fight to vindicate our ego.

-The problem is that NO AMOUNT of market success can create a sustainable feeling of worthiness; only a meaningful connection to others can [I personally would argue here that only a relationship with God through his Son Jesus can do that, but this isn't why you likely clicked on this thread. More than happy to have that discussion with you separately if you have questions]

-When you are trading from a position of worthiness, you don't have an ego to protect; and since protecting your ego is what typically leads to breaking your trading rules, it is likely that you'll achieve more trading success as a result. Consistent winners don't have a "hole" that they need the market to fill. They can follow their rules without any internal conflict and have no problem being wrong, which implies they can admit it, exit trades quickly, and live to fight another day.

Overall I thought it was a really powerful video, and I know for me it will help me get better about not looking to the market to define whether I'm going to have a "good day" or a "bad day." Hopefully someone out there finds this useful.

Regardless, I really appreciate everything you guys have done and continue to do to build up this community, especially the vets like OA, FJ, 30K, ProgN, and however many McInnises there are. (Apologies in advance if I left you off that list)

ASO

Academy Sports Q1 EPS $1.73 Beats $1.41 Estimate, Sales $1.47B Beat $1.45B Estimate

Hawkish Central Banks Continue to Push Risk Off Trade...Aussie Double Rise

Hawkish Central Bank outlook, which is worrying the markets from the Fed to the ECB two days from now...Australia surprised markets this morning by raising 50 basis points when 26 of 29 expected only 25... US 10 years hit 3.06 this morning, then rallied to 3% as London opened and is now back to 3.03... Tomorrow could see the first 3% 10 year coupon in a long time...

Rate back up... We read multiple reports and observed the treasury market backing up significantly yesterday... Some attribute it to the opening of China, which was good for equity markets in the morning, but bit them in the behind in the afternoon...Others, including ourselves, attribute it to one of the largest corporate issuance days we have seen in over a month... We expect another active day today as spreads continue to hold in... But the largest seller in the world is up this week with 3 years today, 10 years tomorrow and 30 years on Thursday, right before the CPI number Friday... And to add insult to injury, the worlds largest buyer of treasuries is not going to buy about 10 billion of 3 years today, which is part of the QT that officially starts in this auction....

Rates... So where are we going...3.01 had been 10 year support, and while we are not far away from that number now, at 3.02, we did hit 3.06 this am... So our new support is 3.10, with the old inter-day high of 3.20...3.01 will remain a magnet... No surprise with 5/10's flat, that we have the same level of support for the 5 year... Curve is a touch flatter today, but close enough for government work.. 2/10 remain at 30... We still see slower global economies and weak announcements ,like Target again this morning... We think a slower Fed and a steeper curve, but no one will believe us until next Thursday....German Factory orders were negative today after an expectation of month over month of being positive...China, while starting to open, remains a basket case...

Oil... GS came out this morning saying that 135 oil is the number necessary to resolve the deficit... Given most of the stations around me just went above 5 bucks a gallon, that means 6 dollars... Many can't afford that, which is why Target reduced their outlook and the stock is down another 15 points this morning.. That stock is down from 237 on 5/4, now 144

Corporate credit remains on fire and the demand is there...15 billion came yesterday ...issuers paid 14 basis in concession...expect another big day today

Central banks remain hawkish which is a killer to the risk on tone... We would not be surprised to see some fireworks at the ECB meeting on Thursday, they can not punt forever...

Housing...we just got this from our Desk in Austin... "National Association of Realtors found Institutional investors bought 52% of homes in Tarrant county (TX) and 43% of homes in Dallas county in 2021 from a report that Texas leads the nation with nearly 30% of homes sold to investors"...

Expect choppy markets to continue, but new issue credit is not one of them for now.

Am I the only one bothered by all of the institutional investor home buying that has been going on lately?

Seems creepy to me. What is the agenda here? These dudes making their own market bubble and forcing home prices to rise so they can raise rents and raise selling prices on their assets?

Seems almost like price-fixing at some point. I wonder if the Tx AG will at least take a moment to look at it and make sure it is "healthy" capitalism and not something else.

I'd be lying if I said it didn't bother me. Massive amount of money just buying up homes for nothing more than rentals. Meanwhile families are trying to buy homes against them, good luck!

Quote:

---

Nio Agrees To Chip Supply Partnership With AMD: What You Should Know
6:07 am ET June 6, 2022 (Benzinga)

Nio Inc (NYSE: NIO) and Advanced Micro Devices Inc (NASDAQ: AMD) have entered a chip supply partnership, CnEVpost reported on Monday, citing the chipmaker.

What Happened: Shanghai-based Nio will reportedly use AMD's EPYC family of processors in its high-performance computing (HPC) platform.

The move is expected to lift the electric vehicle maker's AI deep learning training and shorten product development cycles.

The report said Nio will use the chips just in its vehicle development and not in production vehicles.

Nio currently uses Qualcomm Inc (NASDAQ: QCOM), Mobileye and Nvidia Inc (NASDAQ: NVDA) chips for its vehicle's smart cockpit and driving chips.

See Also: Ray Dalio's Hedge Fund Exits Tesla In Q1, Doubles Down On These Chinese EV Players Instead

Why It Matters: Nio is among a number of China-based electric vehicle startups that has quickly established a line of electric vehicles much ahead of global legacy rivals such as Ford Motor Co (NYSE: F), Volkswagen Group (OTC: VWAGY) and others.

Nio had last year made its European foray with Norway and is currently further expanding its presence in other countries in the region.

The EV maker is also known to be exploring a foray into the mass-market segment with a new brand, in bid to scale.

---

Red Red Wine said:

---

Am I the only one bothered by all of the institutional investor home buying that has been going on lately?

Seems creepy to me. What is the agenda here? These dudes making their own market bubble and forcing home prices to rise so they can raise rents and raise selling prices on their assets?

Seems almost like price-fixing at some point. I wonder if the Tx AG will at least take a moment to look at it and make sure it is "healthy" capitalism and not something else.

---

Planning for the federal government to heavily subsidize rent so that rent prices will sky rocket just like they've done with the cost of college.