President Xi Jinping of China solidified his leadership over the weekend at the 20th National Congress of the Chinese Communist Party. The Hang Seng China Enterprises Index, a gauge of Chinese stocks listed in Hong Kong, saw its biggest decline after any Communist Party congress since 1994. Meanwhile, the onshore yuan fell to the weakest since 2008. In the US markets, Chinese stocks collapsed, with NIO, PDD, and BABA all suffering double-digit sell-offs. BABA is now trading near $57, which is an all-time low. Tesla also dropped significantly on news that they might lower their prices in China.
Brian and I traded TSLA. I had success in a series of short scalps in TSLA, and Brian did a nice “rising devil” on PDD. You can watch our recap here.
The DOJ is holding an emergency meeting at 1:30pm ET regarding a national security concern. Might it be about banning a TikTok or Twitter deal? SNAP and META are ripping with the news.
Tonight, for our Monday Onboarding and Technology session, Carlos and Mike will review the tools needed to start your trading career and introduce you to both our philosophy of education and our suggested path to success, with the end goal being that you will be able to build your own winning TradeBook for the stock market. All members, and in particular our new members, are most welcome - and very much encouraged - to join us on Monday nights commencing at 8pm ET.
Are You The Lucky One?
One final spot remains for our Florida meetup and live trading workshop! Who will be the lucky last person to join with us on November 2?
A very Happy Diwali to all of our traders celebrating the festival of lights!
To your success,