Shopify SHOP - Patience is a Virtue
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Shopify was more or less Canada's version of TSLA or AAPL last year, except it cratered like a memestock. If you look at the monthly, it's an absolute bloodbath, losing 83% in less than a year.
Although prices are currently "cheap" and SHOP seems to be an actually useful company that may have a future, you've got a long way to go before the buying opportunity.
A lot of people see that Shopify spiked to $42 and is down to $32 and think to themselves that it's really quite a discount.
This isn't so bad if you can buy spot and diamond hands it for a few months, but if you're on calls or leverage, you're going to have a bad week.
One of the key tells is that Shopify has been trading in this specific range for three months now. And while it hasn't broken the lows, it did fill its gap during the peak of bear rally hysteria.
And we're now in the feature film "Eight Straight Days of Doom." It's a woke snoozefest, featuring Alec Baldwin. But you paid $27 for a ticket and $318 for a bucket of popcorn and 2 kilograms of Sour Patch Kids, so you're stuck eating 6 weeks worth of calories in 3 hours while watching something unpleasant on an ugly sheet of silver with too many speakers with the volume cranked to the "way too f'in loud" setting.
This is modern human life, and it's nothing to be desired. Traditional human life was much more interesting. The women wore nice dresses, the food was good, and there were harp players and poets in the streets to listen to, instead of Alec Baldwin.
Everything in the market is about to get really scary so that you can sell low in panic and then buy back higher with FOMO starting in October. This is how the game is played.
The caveat to this call is $23 may be too light to enter. Numbers like 18.xx may manifest, although I wouldn't expect those to last for very long.
Either way, that "support" right below $30 is about as useful as trying to hold a bowling ball with a piece of inkjet paper.
Don't get greedy, and don't capitulate. But the upside on Shopify when the Bump and Run Reversal/Return to Normal begins should be quite delicious, if you can wait to buy at the right price and hold on long enough to make it that far.
Although prices are currently "cheap" and SHOP seems to be an actually useful company that may have a future, you've got a long way to go before the buying opportunity.
A lot of people see that Shopify spiked to $42 and is down to $32 and think to themselves that it's really quite a discount.
This isn't so bad if you can buy spot and diamond hands it for a few months, but if you're on calls or leverage, you're going to have a bad week.
One of the key tells is that Shopify has been trading in this specific range for three months now. And while it hasn't broken the lows, it did fill its gap during the peak of bear rally hysteria.
And we're now in the feature film "Eight Straight Days of Doom." It's a woke snoozefest, featuring Alec Baldwin. But you paid $27 for a ticket and $318 for a bucket of popcorn and 2 kilograms of Sour Patch Kids, so you're stuck eating 6 weeks worth of calories in 3 hours while watching something unpleasant on an ugly sheet of silver with too many speakers with the volume cranked to the "way too f'in loud" setting.
This is modern human life, and it's nothing to be desired. Traditional human life was much more interesting. The women wore nice dresses, the food was good, and there were harp players and poets in the streets to listen to, instead of Alec Baldwin.
Everything in the market is about to get really scary so that you can sell low in panic and then buy back higher with FOMO starting in October. This is how the game is played.
The caveat to this call is $23 may be too light to enter. Numbers like 18.xx may manifest, although I wouldn't expect those to last for very long.
Either way, that "support" right below $30 is about as useful as trying to hold a bowling ball with a piece of inkjet paper.
Don't get greedy, and don't capitulate. But the upside on Shopify when the Bump and Run Reversal/Return to Normal begins should be quite delicious, if you can wait to buy at the right price and hold on long enough to make it that far.
Note
Last three daily candles have formed a bearish Judas Swing:Hard to believe we don't shortly see new lows heading into September.
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