Hey, what's going on guys, it's Ricky with Techbook Solutions So I wanted to provide you guys with a super quick update on what caused the market to sell off. So just like we talked about in today's earlier video, uh NASDAQ was indicating signs of bearish pattern. uh, but just like literally every day, right? I used even in today's earlier video I Used yesterday as an example where pre-market yesterday NASDAQ was in the green and then right when the market opened, we sold off and Consolidated for the remainder of the day. Surprise surprise.

This time we opened up in the red and then by the time that the market was closing, we again pulled up or ended up making an actual recovery to where we were by yesterday's close again. Even with everything that's going on today again, some of you guys might feel a little uneasy because of the market pulling on back. You might feel triggered. I Completely agree with you.

but look at this on the one hour time frame. Nothing has changes. Announcement that I sent out to the LPB team literally for the past 10 days. Market has not done anything.

No new highs, no new lows still trading above 313. Uh, still trading below uh 322 for the NASDAQ ETF So that's at least a positive takeaway. as in, the market still hasn't even decided if it's gonna remain bullish and or resume back to being bearish. As of right now, there's still so much consolidation, so let's talk about what is actually causing the market to sell off after market hours.

As you can see, there's been a lot of selling pressure. Where is this coming from? We talked about in today's earlier video Tesla reported earnings. Not only did it lose two percent during normal trading hours, but it's down 5.8 percent. And Counting Now again, this is just my opinion, but Tesla's earnings were not bad by any means.

It was the overall guidance and again I made an emphasis and I Really hope that you guys understood what it was that I was saying in today's earlier video before. Tesla reported earnings. You know Tesla has a pretty good tendency and getting really close to whatever the expert expectation is right when it comes down to earnings per share when it comes down to actual Revenue So their earnings per share was 85 cents with the expectation of 85 cents, right? The revenue came in actually a little bit higher at 23.33 billion versus the expectation of 23.21 billion. Not bad, right? So why is the market or why is Tesla selling off right? So net income came in at 2.51 billion down 24.

So their actual take home as a company for the for Q1 of 2023 came in lower. Now, my biggest takeaway was the guidance we all know, right? if you are well versed in the market that the earnings are are part of it. But almost something that is more important is the the earnings call right where Elon Musk on that earnings call emphasized the uncertainty of macroeconomics pretty much stating that again, he is unsure uh for the next 12 months, right? because of the stormy weather in this economy. He cautioned that every time that either Federal Reserve raises rates or if we do enter an uncertain economy so a potential recession which again there's a lot of fear of, then people generally postponed big New Capital purchases like a car.

It's not rocket science, right? It's very simple to understand and if we continue to instill fear about a potential recession then yes, people will most likely have to. you know, postpone those larger purchases that are not necessary, right? Some of the positive takeaways from Q1 and again this was shared from Tesla on Twitter it says the Q1 Giga fact the Q1 gigafactory in Berlin achieved a production a 5 000 model wise per week uh, their cyber Truck Equipment installation uh continued in Q one I Don't know about you guys but I do have a cyber truck in pre-order and again still haven't received an update on that. We received 44 44 growth uh in vehicle production and 36 growth and deliveries year over year despite Q1 being historically the most challenging quarter in Auto history. So again, even during one of the most challenging times uh, year over year, they still did experience growth.

and one of the biggest takeaways that I was able to see from what it is that they shared was this one. So energy storage development increased by 360 percent year over year. by far the highest level that has ever achieved. Again, a lot of people think that Tesla's sole focus is always just developing their vehicles, but they don't take into consideration that the big part of an actual EV vehicle are the you know advances advancements that they make on the battery side of things and they are years away.

Um, between Lucid and uh, what's the other one? it's not nickel anymore, it's Lucid and Rivion the two I guess closest competitors to someone like Tesla But when it comes down to the actual production and everything it is that they have going on that actually makes Tesla what it is I mean they are literally years ahead and um, yeah, I just thought that it would be you know, at least a valley for you guys to be a little bit more aware of what is causing the market to sell off. Now because I Again, this is just my opinion. I don't think that what was shared other than the guidance, right? I've seen this happen many times where because the guidance, the market will originally take it in as you know some form of negative news respectfully. but by tomorrow I think it's going to be very interesting to see if the market actually continues to digest it in a negative way because if so, if we look at the overall NASDAQ Market on the one hour time frame where again right back at that moving average support right? We look at it on the 30 minute time frame, we're not doing anything new.

We're not doing anything different, right? We have that same support level at 316. If we break below that, then we're going back to 313. So it's going to be very interesting to see tomorrow that if it continues to digest it in a negative way, then yeah, we'll most likely make the retracement to 316. But it wouldn't surprise me just based off of how the market has been trading that if it does digest it today as in a negative way as it has that tomorrow, it just skyrockets because the actual earnings themselves for Tesla were actually not that bad.

Morgan Stanley and Netflix also reported earnings. but in comparison to someone like Tesla I don't view their earnings to be as influential and if we look at Morgan Stanley here, we could see Morgan Stanley Overall movement not very significant and again they reported pre-market It ended up actually recovering very nicely. but when it comes down to Netflix Netflix did take a little bit of a drop, but again, most of that activity happened during normal trading hours. so again, not much activity going on there either.

So overall, Tesla right now trading at 170 a share? Um, you know some negative news when it comes down to guidance, but it's not Tesla's fault that we might enter a potential recession. So I would call that like an external variable, right? It's not just Tesla that's going to be affected by that, it's all of us and they're just preparing for it and at least setting that proper expectation of lowering expectations if we do enter that potential recession, which I think is very, um, you know, just encouraging from Tesla itself. So I'm very excited to follow up. I Hope that you guys enjoyed this little recap.

Just wanted to make sure that I had it all summarized for you guys if you guys have any questions whatsoever Again, you guys know that you can send me a direct message either via Discord or via Instagram And that's the first or third link in the description down below. So again, if you want to be able to watch my live sessions every morning, right? especially if you're an absolute beginner, I'd Love for you to get a taste of what it's like to actually see my entries, my exits, All of that good stuff. And that's that second link in the description down below. Appreciate your time like always.

Let's make sure that we're in the Year 100 team.