≈ Feels like Crocs®. ≈
It was just one of those regular weekly Scouting Reports meetings until there was this ticker in the spreadsheet:
PINS
— “Probably a typo.”, I thought.
No, it was not a typo. It is Pinterest. I was then immediately sent into Crocs® mode. That’s the situation when you read the ticker, you don’t believe it is a publicly traded company, you go to FinViz, it’s there (Sector: CONGLOMERATES, WTH!), you pinch your forearm, you feel a little dizzy, and, in the sequence, throw away the cold beer on your glass—it was tasting sour anyways.
Yes, Pinterest is a tradable company, so, you voted, you got it: Pinterest is the Stock of the Week on Tackle’s Instagram. Go to our profile and check Coach Tim’s analysis on the asset.
Tim is the IPO Coach in the SR meetings. He was the one who came with Crocs® three meetings in a row until he convinced us that the foam clog shoe is great, fashionable and tradable.
Although Pinterest’s core business is not particularly identifiable—looks like a platypus—, the trading setup is great: a symmetrical triangle heading into earnings. Guess which Greek fits like a pin (sorry, like a glove) in this case. Vega.
In the end, that is what matters to us traders: we don’t want to be right but just wear our Crocs® while we trade PINS and make money.
Chart of the Day
Giant PIN formation
A huge run after the IPO › Back to reality › Earnings › 2nd level of reality › Compression mode. Pinterest has been trading up and down inside this symmetrical triangle range that looks like a giant pin. Very appropriate.
Go to Tackle’s Instagram profile and check Coach Tim analysis on PINS, the Stock of the Week.
Video of the Day
Biggest Mistakes New Traders Make
The coaches explain what they feel are the greatest mistakes made by new traders.
Today’s line up
Traders Lounge 11AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
The Coaches Show Replay
If you missed last night’s episode where Coaches Noah Davidson and Greg Holmes talked about Module 5 from the S.T.E.P. System or would like to watch it again, check it out here.
Tackle 25 MasterMind Group
Join and learn how to better use the Covered Call System with the Tackle 25 with Coach Tyler Craig.
Halftime Report 12:30PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
Market Recap 4:30pm EST
The Market Recap is designed to give you a quick overview of the day that was. While brief, this report is designed to cover all of the major events that drove the markets that day and help you plan for the trading day ahead.
Trading Justice Episode 329: Jack Schwager
In this episode of the Trading Justice Podcast, we welcome Jack Schwager for a discussion on trading, writing and the current state of the markets. Mr. Schwager is most famous for writing one of the most popular trading books of all time “The New Market Wizards” where he interviews some of the greatest traders in the world. Listen to the episode on the player below.
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