SNAP Struggling - Huge after-hours collapse

Decline threatens entire tech sector ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ The tech recovery just got stopped cold. At least when it comes to Snap Inc (SNAP). It plunged more than 26% in after-hours trading yesterday. Snap massively disappointed because of a major decline in online ad sales. Now, the question is whether this is simply an issue faced by one company or something far more insidious and widespread. Meta Platforms, Pinterest, Twitter, and Google were all down in after-hours... so we could be looking at a pullback this morning in tech. Some traders may be looking to take some profits as well. If digital ad revenue is down for one company... it could spread to the entire sector. And if one sector is having a hard time, what about the entire economy... I'm generally dismissive of chronic bears. Doomsaying is easy. Of course, eventually you are going to get a bear market in something. But endlessly predicting that is no accomplishment. What I've been most impressed by over the last week is the way the market has been able to overcome what should be bad news. Though most Americans think we are already in a recession (or will be in one soon), that doesn't necessarily mean a market-wide decline in stocks. In fact, as the federal government is once again considering massive spending on environmental, defense, and energy issues, we will have massive opportunities arising as companies grab some of those endless taxpayer dollars. I don't take it for granted that there will be a recession. Even if there is, it doesn't matter for us, because what we use works in every market. A good trader must always be ready to take advantage of any economic or political conditions. We must win, even if the larger market loses. Don't miss my column today on how you can play defense long-term, even as we hunt down short-term profits. Let's end the week strong. Keep Moving, Any strategy that makes you money consistently is worthwhile. Though many new traders believe that trading is primarily about indicators and tools, Chris maintains that it is at least 95% about emotional control. This is especially relevant in this bearish, choppy market which has made the trading world extremely difficult. Learn some pro tips to come back from your losses and stay in the game. [CLICK HERE TO WATCH]( WORD ON THE STREET POTUS COVID, SNAP Collapse, Goldman Sachs Sticks With Bears - President Biden Infected, But Recovering – President Joe Biden has tested positive for COVID-19, but he is reportedly suffering mild symptoms. The president canceled a public appearance, but is using social media to show that he is still working. President Biden is also receiving the antiviral medication Paxlovid. - SNAP Down 26% – A disastrous miss on revenue expectations sent Snap plunging in after-hours trade. The company said declining advertising spending online was a major obstacle, as well as supply chain disruptions and high-cost labor. Twitter (TWTR) is the tech company on deck with an earnings report to be released today. Even a stock repurchasing of $500 million couldn't stem the SNAP decline - Airlines Cut Flights – The good news is that people are flying again and airlines are making money. The bad news is that companies simply can't keep up with demand... so they are cutting flights. American Airlines, United, and other companies are all limiting their flights in order to concentrate on controlling costs and limiting delays and last-minute cancellations. - GS Analyst: It's Not Over Yet - Sharon Bell, senior European equity specialist, said that her company doesn't see the bear market as quite over yet. "I think that we haven't yet really seen earnings estimates come down," she said, adding that "margins are still pretty high." Inflation is also a continuing threat, but Goldman Sachs reportedly sees it declining beginning in October. This "tool" earned over $400k in 12 months. Video uncovers the winning tactics that handed one trader an average $7,300 in profit every week using just shy of $12,000 in capital. [Watch The Official Replay Right Now — Click Here]( HOT SPOTS: What's Going on in Geopolitics - CIA: Putin Not Actually Sick – Media speculation about the failing health of Russian president Vladimir Putin is inaccurate according to CIA Director Bill Burns. "There are lots of rumors about President Putin's health and as far as we can tell, he's entirely too healthy." President Putin himself visited Turkey, where Russia and Ukraine will reportedly sign a deal today on grain exports. - Putin Ally Calls For Peace – President Alexander Lukashenko of Belarus, a close ally of Russia and President Vladimir Putin, warned against the "abyss of nuclear war." "We must stop, reach an agreement, end this mess, operation and war in Ukraine," he said. However, Lukashenko continued to blame the West for the war, say that it had "fomented the war and are continuing it." - Anarchy In The UK - Members of the Rail, Maritime, and Transport Union will stake a walk-out on July 27 to protest pay and working conditions. Royal Mail workers will also be going on strike soon, and the country is still recovering from an earlier railway strike. The discontent isn't being helped by inflation, which came in at 9.3% in June. CUTTING EDGE: What[']( Happening In Tech - No Cause For Depression - Questions about what antidepressants actually do have arisen in response to a new review which argues that depression isn't necessarily caused by low serotonin levels. The review looked at several studies and found that depression likely isn't even caused by a chemical imbalance. The review, conducted by researchers at University College London, could potentially challenge much of pharmaceutical psychology.  - ByteDance Ups Lobbying Dollars – ByteDance, the parent company of TikTok, spent more than $2.1 million in the second quarter lobbying the American federal government. Some politicians have called for TikTok to be banned in the United States because of its relationship with the Chinese government. The funds spent on lobbying were 130% higher than the previous quarter. - Amazon Buys One Medical – In a blockbuster $3.9 billion deal, AMAZON (AMZN) acquired One Medical for $18 a share. The move shows Amazon's determination to move into health care, especially when it comes to primary care providers. One Medical operates various telemedicine services and also a series of clinics. Could we see "Amazon Health" clinics around the country?  Don't worry, we've got the medicine you need in here somewhere FOR YOUR CONSIDERATION Looking to play defense? Choosing the right stocks and ETFs for your portfolio is tough at the moment considering the somewhat randomized market-wide selloffs. Of course, one area that tends to play well in down markets is metal... Short-term volatility is in the cards, but with a recession possibly on the way, you need a long term plan. Corey breaks down the metals market and how you can protect yourself in this environment. It's time to bring in the heavy stuff. [LONG TERM IDEA: THE HEAVY STUFF]( Enjoying Dawn Report? Learn something, made some money? SHARE YOUR STORY WITH US OR TELL US HOW TO SERVE YOU BETTER. 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