It’s still a crazy market out there! Welcome to the latest edition of Bohen’s Take.
Here we are in July, and the insanity is still churning away. In this edition, I’ll cover two killer trade setups I found in the past month. Yep, just two. It wasn’t easy to narrow it down, either.
I’ll also tell you about the awesome trading community that’s been absolutely killing it during these crazy pandemic markets…
Plus, you’ll read about the incredible personal milestone my wife and I recently celebrated…
Strap in and let’s get to it!
Table of Contents
What’s the Haps in This Crazy Market?
What a huge month it’s been!
The crazy market means the volatility has been astronomical. We’ve seen amazing trade setups popping up left, right, and center.
I have to say, this is quite possibly the best trading market I’ve ever seen in my life…
It seems like every day on Twitter, I’m seeing traders tweet about having their highest-ever profit days. It’s been crazy to watch!
Apart from that, I’m enjoying the weather and staying healthy. And in late June, I celebrated a very special day with my wife…
It was our 20th wedding anniversary! Wow, has time flown by. My wife and I have actually been together for close to 30 years … We were high school sweethearts and started dating in our junior year.
Being a family man is without a doubt the thing I’m most proud of in my life.
I know a lot of people are attracted to trading because they want fast cars, exotic holidays, or the laptop lifestyle. But if you ask me, the best thing to focus on is family. And, if you want to focus on family, what better career is there than trading?
What other career allows you to work from home, set your own income goals, and take days off as you need them? I love trading!
Setups of the Month
Not gonna lie … It was hard to pick the best setups to write about in this month’s post. There were just so many to choose from…
Matthew Monaco, a Tim Sykes Trading Challenge student fresh out of college who just hit TWO big trading milestones knows what I’m talking about. He joined me in a recent webinar and we discussed trading in this crazy market. Catch the replay here.
It seems like no matter your trading style or which setups you trade, there were plenty of hot trades for just about everyone…
That said, let’s keep things simple. I have two simple trading setups that were so easy to spot and trade for anyone who was prepped and ready to go.
First, we have a ticker that has been popping a lot since the start of the pandemic.
Inovio Pharmaceuticals Inc. (NASDAQ: INO)
This is a biotech company that’s on the hunt for a COVID-19 vaccine.
Inovio Pharmaceuticals Inc (NASDAQ: INO) — a hot pandemic ticker (Source: StocksToTrade)
On June 23, the company announced a contract with the Department of Defense. When a company gains a government contract, that’s real money. It often makes for a stellar news catalyst.
The market reacted with excitement. INO gapped up, opening the day at $16.76, with somewhere around 10 times the amount of trading volume.
After that, it was off to the races — a clean multi-day price run, all the way up to a high of $33.79.
There was plenty of meat on the bone for all kinds of traders … And, as with all supernova spikes, when prices started to come down, there were opportunities for short sellers. Prices made a pretty clean trend down to the early $20s in just a few days.
There you have it … A catalyst, a 52-week-high price spike, and a supernova pattern. Quick and simple. And these patterns repeat all the time…
So Many Crazy Market Spikers
In fact, the second setup of the month shows a very similar pattern.
This was a play in Workhorse Group Inc (NASDAQ: WKHS), an electric vehicle play.
Workhorse Group Inc (NASDAQ: WKHS) with huge price spike on news (Source: StocksToTrade)
Now, if you read this blog or follow me on social media, you’ll probably know that I’m super bullish on electric vehicle technology. In fact, I wish Elon Musk would hurry up and release the Cybertruck, so I can get one.
Now, as I explain the setup, make sure to keep the INO situation in mind. The setups are so similar…
On June 22, the company had a news catalyst, and the stock started running. The stock was trading around $4.90 prior to the news but soon hit 52-week highs. And within about 10 trading days, it hit a high of $22.90.
That’s a spike of over 300%. And around $18 per share, it was super clean and easy to trade for even newer traders.
I particularly love this setup. And I even alerted weekly watchlist subscribers to the stock on the Sunday before the move started…
If you don’t subscribe to the weekly watchlist yet, sign up now! You’ll receive a handful of high-potential stocks straight to your email each Sunday. It’s a great resource and it’s entirely free of charge!
StocksToTrade Feature of the Month
There’s a saying I’ve been thinking about … “you become who you hang around…”
It’s a saying you often hear repeated in terms of personal development. In short, it means that if you hang around winners, you become a winner. And if you hang around losers, you become a loser…
While I think it’s a little more complicated than that, I whole-heartedly believe that if you want to succeed at something, you should surround yourself with others who have succeeded. Or at least those who are working hard to obtain success…
I think that’s especially true in trading and in this crazy market. In my trading journey, I started to quickly find success after I found Tim Sykes and started learning his approach to the markets, mindset, and lifestyle…
And I’ve always had that experience in mind as I built my own trader education community.
We originally called it StocksToTrade Pro … But we outgrew that name. So we recently renamed our community the SteadyTrade Team. And with that name change, we’re ready to grow more in so many ways. You can read more about that here.
The SteadyTrade Team community is the one-stop-shop for just about everything you need in terms of trader education and ongoing development. Check it out…
Join Our SteadyTrade Team Community
As a member of the SteadyTrade Team, you have access to twice-daily live webinars with me. I broadcast my trading screens and chat with members about what I’m thinking about the markets. If you want to know which stocks are on my watchlists, what my trading plans are, and so much more — join us.
And we added more support to the team. the Wall Street Coach and SteadyTrade podcast co-host Kim Ann Curtin and trader Mike “Huddie” Hudson both bring more value for our members…
Kim, Huddie, and I are mentors to the SteadyTrade Team. We’re active in the trader chat room throughout the trading day. We give regular educational webinars, sharing cutting-edge trading techniques with our members.
The SteadyTrade Team community has been an amazing group to be a part of during the past few months. I’m so proud to watch countless traders developing their skills.
I’m also so thankful for the positivity and kindness of our members. I see so much sharing, support, and teamwork between everyone in the chat room. We’re all about supporting each other.
Personally, I think the SteadyTrade Team community is the best place you’ll find to learn to trade stocks online. If you’re really serious about improving and developing yourself as a trader, come join our team!
What I’ve Been Reading
I’ve been reading yet another book that’s not about trading. But it still has plenty of lessons for traders for this crazy market and beyond…
That book is called “Fortitude: American Resilience in the Era of Outrage” by Dan Crenshaw.
The book is part cultural commentary, part real-world advice, and contains some great stories from Dan’s time as a Navy SEAL.
I love this book’s subtitle: “American Resilience in the Era of Outrage.” Crenshaw focuses on the modern outrage culture that’s seemingly popped up over the past few years.
Celebrities canceled over old tweets … people being de-platformed and having their voices taken away due to having the “wrong beliefs” … and so much more.
In parts of the country, you can’t even openly support the current president without being harassed … What happened to free speech and open debate? Aren’t those key ingredients for a healthy democracy? I think outrage culture is un-American!
That’s what the book covers. But it also goes into how to cope with difficult challenges and situations that life throws at us.
I’m halfway through the book so far, and I’m loving every page. I’ve learned some great lessons on perseverance, resilience, and overcoming failure. And, of course, I find it all super applicable to trading.
If you need a book to help you work on your trading mindset, this is a great one to pick up!
(As an Amazon Associate, we earn from qualifying purchases.)
Bohen’s Conclusion
That’s it for this one, folks.
I hope you’re all keeping your heads on straight in these volatile markets. Honestly, these markets are amazing and only come around every decade or so.
And if you need more help (I don’t know who doesn’t in these crazy markets), it’s there for you. I helped my buddy and mentor Tim Sykes with his no-cost “Volatility Survival Guide.” This volatility won’t last forever, but there’s always some hot sector or stock. So learn how to trade in it now.
In fact, I’m kinda jealous of market newbies. They have access to amazing technology, incredible educational materials, and this hot market. Take advantage of it!
I hope you study the two setups I shared in this post. They really show the simple potential of a well-timed trade. Those are the kinds of trades both amateurs and professionals should be searching for at all times…
Those setups are what we hunt for each and every day inside the SteadyTrade Team community, so if you’d like to develop your trading skills as fast as possible, join the team!
How are you holding up in this crazy market? What’s been your best trade in the madness? Tell me in the comments below!