So other than sqqq doing really well today, right as the market pulls on back what stock reported earnings today and dropped over or nearly 20 what's going on, teammates ricky with tackle solutions and following up with wix wix, the online platform reported earnings and it is down Nearly 20 percent again, if you guys want me to continue to make these videos on good companies that report unfortunate earnings and drop, please all you have to do - is drop a thumbs up and make sure you subscribe to the youtube channel q2. We beat expectations which is earnings per share right by 31. You guys can see that it beat revenue by 1.5. So why? Why would wix drop 19 today? Well, it's due to fears right, i'm sure, a lot of you guys can guess this.

It's due to fears of the pandemic and their q3 guidance is off. What is you know, this question that we get asked so often is you know? How is it that i can predict what happens with earnings there's so many times, especially the past couple of weeks, where a tech company reports, positive earnings, beats expectations, beats revenue and it still drops. This is why it's so important to understand that guidance is also a very big factor, and what do we mean by that? Well, what i mean by guidance is what they have planned for the future and set expectations, so, although this quarter might have performed well based off of previous expectations, long-term investors are not just looking at this quarter, but what's to come, so i think that's always something That you need to take into consideration before hoping for the best. The reason i'm talking about wix is a lot of the people that watch our channel like talking about certain companies.

You know decent quality companies. You know not penny stocks, not lower cap stocks, but good quality companies in the billions of market cap, and that are oversold that are cheap. Look at the rsi look at the macd. But what is one thing that we need to stress oversold, meaning cheap, does not mean that it can't continue to sell off.

So if you decide to buy the dip blindly, just know that you are taking on a risk that this thing can continue to sell off. So make sure you take that into consideration before blindly buying the dip. There's two sides to every opportunity and let's talk about it so as of right now, around 2 10 a share if it were to make a recovery to the previous resistance level to 3 10. That's a 47 return.

Now, if you were to return to previous highs, that would, of course be a lot more than that, so that would be a little bit over 65 percent again. A goal is something to work towards. The thing that i want to stress about this is even from 210 to 310, there's so much margin within that you don't have to blindly buy the dip. You don't have to wait to sell at the resistance level.

You can play it safe, wait for this reversal opportunity right indication of a support indication of a reversal and once it actually begins to recover at any indication of a resistance, even if you only make five percent 10 15 at the end of the day. I'm always here to encourage you to lock in profits and to allow the opportunity to present itself so make sure you stay patient. If you like wix, make sure you add it to your watch list and set effective alerts. That's one of the best things that we can do, especially when things are so uncertain, with the nasdaq market being very, very overbought, very, very overextended and potentially due for a pullback, because although a lot of these stocks are very oversold, guess what? If the nasdaq market begins to pull on back, then a lot of these tech stocks will follow, even though they're already oversold, this will act as a further negative catalyst.

So i added wix to my uh watch list today. I have not taken a position just yet. I want this thing to begin to, you know, consolidate, find some. You know form of support, and the reason that i have not been super eager to take a position is because we have so much margin for potential recovery that i don't need to rush into it.

Right, it pays to be patient and if it happens great and if it doesn't, then guess what you didn't force a trade and you at least stay patient to allow that opportunity to present itself. So you guys can. Let me know in the comment section what you guys think about this. I really hope that again, you'll learn something new in this video, but i need to update you guys also on my red day.

Amc is down i'm down three thousand dollars on the day. I have 3 200 shares, which is about a hundred thousand dollars in market value um. You know we can't just show you the green days, i'm here to show you the red days, but one of the things that we love to talk about is, if you have not accepted the red days, that that is part of the process, you have not earned The green day, so i just want you guys to know that you're definitely not alone. Let's stay patient cool comment collected and, let's never be afraid to lock in those profits.

So i appreciate you guys time. I hope that i earned your thumbs up, consider subscribing and if you guys want to be able to watch me, trade live as soon as tomorrow click the second link down below to join our live trading session tomorrow at market open. Until then, like always, let's make sure that win the year on our green now, take you to team.