ALERT: MARKETS ARE ABOUT TO GET WORSE?!?
In a Nutshell
Markets opened weak after June jobs came in at just 57k versus 114k expected, with the NASDAQ gapping down 1.4% and semis leading the decline. MSTR surged 11% intraday but remains down 50% from highs, while MU broke below $1,000 and the speaker is long but treating it strictly as a scalp. Risk management stays front and center heading into the long weekend, with focus on whether 700-705 support on the NASDAQ holds or gives way.
These notes were generated by AI and may contain inaccuracies.
Markets opened on July 2nd at 9:09 a.m. Arizona time with notable strength in MicroStrategy (MSTR). The stock posted nearly 11% gains following its 12% advance the previous day. Despite this short-term resilience, MSTR remains down approximately 50% over the past month from its peak of $197 down to lows near $80.
The speaker stopped shorting MSTR once Bitcoin stabilized above $58, recognizing the stock had become technically oversold. MSTR exhibited lower highs and lower lows within a descending pattern, with any upward moves proving short-lived. The decision was made to remain patient rather than initiate new short positions despite requests from LPP traders.
The speaker has been actively scalping Micron (MU) during live trading sessions. In today's session, a single trade generated $1,500 in profit after being explained to the team beforehand. The approach involved taking an initial short position, then covering near previous lows before switching to long positions as the stock reached oversold levels.
The speaker emphasized preferring to take profits early rather than missing opportunities entirely. Current MU trades are being treated as scalps rather than overnight swing positions, particularly important given the three-day weekend closure for July 4th.
President Trump tweeted about Micron's $250 million contribution announcement, claiming the stock rose nine points on the news. However, MU actually sold off both yesterday and today, breaking below the $1,000 level. The speaker noted this represents the second consecutive failed attempt by Trump to promote the stock.
MU has entered a critical technical range, trading below its 4-hour moving average for the first time in an extended period. While technically oversold based on recent patterns, the stock carries significant downside risk given its rapid prior gains. The speaker maintains a long position but advises extreme caution.
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The US economy added 57,000 jobs in June, significantly below the 114,000 expected. Unemployment fell to 4.2% versus the anticipated 4.3%. May job numbers were revised downward by 43,000. Following the release, the 2-year yield dropped seven basis points. The speaker characterized the labor market as remaining in a volatile state.
Trump and family members have generated over $600 million through royalties on Trump Coin despite the token losing 98% of its value. The speaker views this as exploitation of supporters and a conflict of interest.
OpenAI proposed granting the US government a 5% stake valued at $42 billion, drawing comparisons to the Intel partnership model. OpenAI's IPO timeline has shifted from 2025 to potentially 2026 due to market volatility.
SpaceX trades at a $158 valuation with an overall company valuation of $2 trillion. The stock experienced significant hype followed by a decline and is currently seeking price discovery.
The NASDAQ gapped down 1.4% with support identified around 700-705 and resistance near 740-750. Semiconductor stocks declined notably during the session. The speaker purchased the MU dip but noted the position continues declining.
Markets appear bearish but demonstrate resilience and irrational behavior, often finding reasons to recover. A V-shaped recovery pattern was observed on June 29th. The speaker plans to monitor whether current sentiment persists or if support levels hold.
In the event of support breaks and continued selling, the focus shifts to accountability, risk management, and mitigation. The speaker commits to providing ongoing market updates throughout the weekend and holiday period.
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