How Bad Was Inflation In October?

Episode Summary:

• Rivian IPO
• Earnings from Coinbase, DoorDash, Upstart and more; COIN, DASH, UPST

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Guests:

Joel Kulina, Head of Technology/Media Trading, Wedbush Securities 37:00

Meet The Hosts:

Dennis Dick

Twitter:https://twitter.com/TripleDTrader

Spencer Israel

Twitter: https://twitter.com/sjisrael

Joel Elconin

Twitter: https://twitter.com/Spus

https://www.premarketprep.com/

Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

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Unedited Transcript:

Morning, everybody happy Wednesday. We got a lot going on. Today's so many movers, so many movers. It seems like every day stocks up 20% stocks down. It's a hundred percent and not just random stocks, like big stocks to stocks that we've all heard of. And talk about. We talk about that. We got inflation, don't forget.

At eight 30 CPI, we have the long awaited, an IPO, probably the most hyped IPO in quite some time. So we got a lot to get through today. Let's get to the show and hopefully cover all of this, uh, or as much.

Coming to you live from downtown Detroit. This has been zingers pre-market prep with your host Joel Kahn. And this is a vowel tile puppy here. Isn't it. And Dennis Dick I've been in the penny. I will buy the stock for a pet with everything that you need to start your trading day.

Mr Joelle Connie. Good morning. How was your day going so far? So far? So good. Good morning. Good morning to everybody. Uh, starting the day, a little bit in the red, uh, found some resistance just above the clothes were down nine and three quarters handles at 46, 68 50. Of course, that all could change it.

Eight 30 when we get some more inflation data, our crude in the red by 49 cents at 83 66 has a high at 84 97. So buck, buck 40 off the high. Golden the red by $2 and 50 cents at 18 28 30 silver going the same way. That's down about 4 cents to 24, 28 Bitcoin peeling back a little bit down $1,070 and 66, 5 55.

And a theory is going the same way. That's down $73 and 75 cents at 47, 28 and a quarter let's bring in a triple D triple D needs a vacation season, triple D just stepped away. And other areas here. I was here the whole time. Oh, your camera was off. So I didn't know. I forgot it off. All right. I do need a vacation.

This has been just, you know, the markets get me. The kids are getting me too. I mean, I've got sick kids here for, I feel like a month anyways. I just finally got both kids back to school and then just middle of the night, 10 o'clock I just an unbelievable the four year old. I, I, I hear and she's in the bathroom throwing up.

She got woke herself up from a deep sleep. A four year old, got to the toilet, did not even spill a drop and got all the puke into the toilet. So hero in that way, but no idea why she was throwing up. She threw up multiple times. She wakes up this morning and she's perfectly fine. So I have no idea what's going on.

I get to keep her home from school because obviously she's throwing up last night. So we got the kids here, but, and then the boys throwing a fit because he doesn't have the pants he wants to wear. So well, welcome to a TA like a young kid problems. I don't know, actually, I, I was trading, so I don't even know what they have.

So I don't know. Actually it appeared to be some type of noodle though. I will tell, I will say that that's crazy though, that a four year old woke herself out of a deep sleep, got to the toilet and threw it all up and didn't even spill a drop. I mean, I can't believe that. So anyways, this is a, this is a tangent of all tangents, maybe.

So we should bring, I mean, I was waiting for a vacation. I was like, I need a vacation when the markets that is killed on something every day, I don't mean to rub it in, but I'm 99% sure you wore that shirt yesterday. No, I know who changes their shirt during earning season. You've got kids puking. We got earnings nonstop.

All I do is trade. I mean, I'm trading nonstop, so that's all I do is trade. I got to dig myself out of these epic holes I have every morning. So. Today's whole, I don't actually, I maybe not in a big hole here this morning. I don't know, but I'm not in great stocks either. So this has been one of those, I'd say a month where it has been a rollercoaster ride of a P and L usually my P and L is fairly stable overall, obviously individual stocks, but with the moves that we're having, and we've been talking about this, it seems like there's a stock up 20% or down 20% every day.

Doesn't it like it like multiple stocks today moving 20 plus percent. So, I mean, the moves are so extreme, extreme moves. I don't even know frankly where to begin. I mean, do you want to start with like yesterday, like Tesla or you want to go straight to the earnings here? Cause we can, maybe we should start with Tesla because it loses 170 points because mosque tweets out.

I might sell some stuff. I mean, this is the volatile market on individual and overall the spine is not Volta, which is funny. Joel, you know, the overall market is really not that volatile, but there is individual stock volatility, something years. So yeah, Tesla loses a hundred foot from the high, when he tweeted on the weekend, it closed at 1222 Teslas and allies 200 points in two days because of an Elon Musk tweet that, uh, should I sell some of my Tesla stock?

And obviously we think he's going to sell. So I guess that's why everybody is selling the stock to get ahead of his sale. But you know, is it good? Is it over, down at this point in time? I don't know. It's over, down to the buy side. It's over to them. The downside. That's what Tesla specializes in the stock is being over.

So who knows what this stock, it is wild. I would use yesterday's low 10, 11 as a first bounce point. Takes that out then, you know, you probably think 50 bucks lower cause that's what Tesla does. So my bogey would be yesterday's low 10, 11. Can it hold? He had a Michael Berry tweet yesterday, too. I think that a Tesla, but he's been tweeting about that for a long time.

And then you also, now it's so, you know, it's a big part of the S and P 500, getting bit was getting bigger every day. So, you know, you have it knocked the entire S and P down yesterday. Joel, like, if you want to know why you saw the market week yesterday, it was Tesla. I had a reporter calling me and they were trying to talk about PPI and all the other I'm like it's Tesla.

The whole market is down because of Tesla. There was absolutely no doubt why the market is down. Tesla, Tesla, Tesla, Tesla, Tesla. It loses 170 points. It's a big part of the essence. It's going to bring down a lot of other stocks too. We'll look at that and run. I mean, you know, it had a run from nine feet. I mean, 900, that gap would go on earnings.

So it was 900 to 1250 with the, you know, Marriott down day. And, uh, then you got to, you know, the quiet days up to the top and then you get the Musk tweet. It just took a data to resonate with investors. Pre-market low. Nice round number comes in at a thousand a we'll see what happens with, uh, you know, test of the close.

At least it's just kind of been leaking since that, uh, that 4:00 AM open, but keep an eye on the clothes, really hard to find resistance. Now, if this starts to rip, uh, maybe if you do have a long, you're trying to scale out, you know, maybe, you know, throw something out there at 10 30, 10, 40, 10, 50, you know, and scale up the size.

We talked about that yesterday in AMD. I know bill big D was looking at it like. You can't sell your stock if you don't have offers out there. Right? So let the market what you could sell it on the way down, but you can't have a feel for the market. If you can't, I'm going to teach you the exact opposite.

Joel, though, when I'm going to, I'm going to take the opposite end of that spectrum with the way every market maker leans on your orders here. Now I actually, if you're, if you're trading an earning stock, I would say, yeah, if you're trading stock, I hate having my orders out there. I hate showing my hand because 100 shares on a mid cap stock affects the market.

I'm not joking. You can have a market's 27 wide and you go and you throw out your order to sell it. A hundred shares, just 5 cents down from where the best offer is. And all of a sudden they hit the bid and it's offered there. And you're like, what happened? They got a real seller. Oh my gosh, it was a hundred Sarah's sale.

It was a hundred share order selling in this. There's so much envelope, liquidity, high-frequency liquidity. It's 95% just fluff, basically that when they have a real order sitting out there, it moves the price as a hundred shares, move a stock of bank America. Absolutely not. But if you're trading something that trades under a million shares and you're showing your hand actively, you can chase the price away from you.

So I don't like showing my hand whatsoever. I use a lot of discretionary orders. We're going to talk about this and R and R, but I think when you, if you're just sitting your orders out there, I, what we teach our traders now is sitting limits makes you a sitting duck because one they'll lean on your orders for protection.

The off exchange market makers will lean on your orders for protection. And they'll pick you off when you're on the wrong side. So, you know, it sits there as a P is not moving. You got your bid out there, they're hitting, but you're not getting filled. You're not getting filled. All of a sudden the SPS are all over and you're filled and it's here.

So I hate sitting my orders out there. I take liquidity and believe me, this occurs a hundred shares, like are traders orders. And I'll tell you, the majority of our traders is what's called taking liquidity where we're not sitting orders out there anymore because the market makers, the opportunities, market makers, even the on exchange market makers will use them to lean on them as insurance.

So they'll sit on yours because there's so damn fast to sit on your order. They'll buy ahead of you, the buy ahead of you because they're leaning on you and all of a sudden looks bad. Oh, you got it. Now it's here sitting your orders out there makes you a sitting duck. We're going to go into all this in depth in December when we have our next educational event, how we get around this problem, December 11.

Um, I think the Saturday. Yep. We're going to get that up on the site, uh, this week, but, uh, trash talking about Palentier here. We should find it. We can start there. There's so many earnings. I mean, this was two days ago, so, correct. Uh you're right. Actually it was yesterday. It was yesterday. I don't think we talked about, yeah, the EPS was fine.

The sales was good. They actually guide above estimates and, uh, yeah, it was fine. Beats me. No, no, it doesn't though. It was, it was in line. So it wasn't great. And yes, they did guide slightly higher, but it's really slight. So when it grows, stocks don't have super growth. They usually do hit them. They want to see a big guy.

They don't want to see, oh yeah. 152 billion versus we're going to guide 152 or 1.5, 2 billion versus 1.5, 1 billion. That's basically in line. You're not showing me that. Oh yeah, we're going to kill these estimates. It's like, oh yeah, we're kind of comfortable with the estimates. So it wasn't a great report.

And they hit the stocks. And in this, in this earning season, they are slamming higher growth names. They were slamming stocks in, this is not a low piece, not a value stock because 117 they're hitting those kinds of stocks. And if they're, if they're not blowing the numbers away, if they blow the numbers away, then they're buying them.

But if they're not, then they're hitting them. So they hit it. And what you're also seeing in this earning season is wicked following. Where, you know, we say, okay, well buy the dips on stocks that are an uptrend that's tends to work. Still. Palentier is definitely not in an overall uptrend. It's a no trend.

So the stocks that are in up trends, stocks are in downtrend. Stocks are in no trend. 2021 started Palentier around $24. It's $24 here today. So you can clearly say there's no trend here. So we don't talk about that a lot. Are they buying stocks with no trend? I think they're still buying stocks on dips, only an uptrend.

So, I mean, you look here Palentier, this wicked follow-through, they're moving on to something else. You have this moment. Capital that just as it's a lot of retail capital that just keeps flying into what's sexy, what's moving. That's what I'm buying. That's what I'm buying. And that's why there's so much wicked follow through here.

And retail is driving the bus to a certain extent. If you go back 10, 15 years ago, retail was 12% of our overall market volume. It's approaching 30. I believe so. You're talking, the retail has taken over a lot of names and that's why you see these wicked moves. It's retail. Retail is actually driving the bus and a lot of different names.

And this is a retail driven name. Certain stocks are not retail driven. Some stocks are a Palentier is a stock that I have. Somebody tweeted me every single day. What do you think about. This is a stock that's widely followed in the retail community. And you're getting a little shake out here. I don't know where the stock is going long-term but it's clearly not in an uptrend.

It's in more, no trend it's um, you know, obviously not a cheap stock it's uh, it's, uh, it's a growth stock and a growth stock that isn't growing up big numbers. I'm not interested at this point in time. Uh, there's a little bit of buying interest at 2350. Uh, as we speak, that's been holding up since 7:00 AM.

That's some shorter term support. Before you found buyers and earn late September, early October, closer to 23. So we'll see if you're looking. If you're looking for it to get a little bit cheaper, but 23, I'd see 1, 2, 3 lows, right? Between 23 and 23 and a quarter on the upside. A lot of people would probably like to see that mark, right.

We're trading down to 54 cents. So, uh, you know, resistance at that closing price. Uh, we usually, when you see a big red bar on something like that, it usually gives you another red bar. So see if we get a date 23 today, resistance at the close at 24 and a quarter, the ones that are reversing and the ones that are in clear options, like a unity software, maybe we can take it to the earnings from last night.

We'll bring it to unity first. Um, obviously, um, the stock is trading down this morning. Here was trained down more or last night though. I mean, I did you. Yeah. Yeah, I was on my list. Yeah, it was a good report. So give it, give us the numbers and, and for all you, uh, one of the rings fans, you may be interested in this one cause you don't use a quartering wetter.

If you're a Lord of the rings fan, you know what it is, whether it, the company that Peter Jackson, uh, created to help make the visual effects for the movies. Anyway, you need these EPS beat by a penny, their sales beat 2 86 for two $64 million. That guy revenue, um, in a line for the quarter and, uh, uh, higher than estimates by a little bit for the fiscal year.

Um, and yeah, I mentioned the word acquisition. The numbers were fine, and I remember fine. There are similar numbers to Palentier. If you're just looking apples to apples, obviously to completely different companies where they kind of beat the kind of guy at higher, the big difference between unity software and Palentier is unity.

Software is a stock that is loved it right now. And in a clear up. So they will be more prone to buy unity you on a dip, then they will Palentier on a dip. So you get this and you think, oh, it's going to have follow through this stocks in a clear uptrend. You can see the clear option. Then they've already started buying the dip.

Please show the charts from last night there, Joel, but they've already started buying the dip. Oh yeah, you have to have it. So you know what? I'm inclined to buy this dip on you as well. There are certain stocks that, you know, if they're in clear up trends and they're loved and they're strong, and this is a metaverse play, this is the thing behind the thing.

I mean, this is the thing behind roadblocks that got a big pop-up that yesterday I tend to think this is one that they will buy back. So if I was looking at buying dips today and I don't, I don't have a position in this yet, but if I was thinking about it and I am thinking about it, this is the kind of stock that I actually would buy.

1 51 80 is where they took it too off the number. Now you gotta bounce a nice eight buck, bounce, nine buck, bounce off that level. So it's going to get, I think it's going to get a little bit thicker. If you start to go down again, you can tell it's already thickened up, traded up to 1 65. Now just finding a home at one 60, I would, if we do go into reverse and you don't think it's going to the pre-market low, your two day low it's 1 54 17.

So, uh, that's still six bucks away. Um, on the upside, you had your old time closing high yesterday. So that's your, your next resistance point? That's when it starts to go to rally mode for it gets near 71, 71 63. Was that close from yesterday? Uh, you might see some offers at that area between 60 and 60 right here in 1 70, 1 63.

The, I don't know, I think you'd have to make up a number to have, and then it could go to the big loser of the day and that is upstart. And the reason I would not buy the depth, give us the numbers first, give us numbers on it again. The same story, right then, because the numbers, if you look at them in the vacuum, they really weren't that bad, at least on the headline numbers, right?

Yeah. EPS beat 60 cents for 35 cents sales speed, 2 28, verse two $14 million guidance, uh, revenue guidance for the current quarter, uh, above estimates. Um, but all of those numbers, all those like that growth while above estimates was all down. You, you, and you had to know this. They had to look back was all down year over year.

Uh, they're loners. They really had a big year last year, loan origination. And again, this is a FinTech play loan origination down year over year, the, the, the growth rate, this is a tough one. You've got an ugly, you know, and we say technical analysis doesn't matter as much when companies report, but now it is after the report.

So we can analyze the technicals. Now I have an ugly head and shoulders where he really took out the neck line around 300 bucks near two 40. You broke trend the stocks now, and, you know, clearly broken the uptrend. So does it bounce right back? Like to 300? I don't think so. I think it went down two Hertz, so it's like a fine line.

It's like, you can go down a little bit and buy the dip when he fought like 30% then. Oh yeah. You can rally to 23, which is doing right now, but are you rallying all the way back? I don't think. So I think, yeah, I think I would be more inclined to buy the UDaB then I went to the, wait, wait, can I, can I, one thing, and actually, Joel Kaleena pointed this out.

He'll be on in a few minutes here, but this is actually from the, from the release last night. Uh, it's actually pretty high up in the release and I'm, I'm reading it directly from there now. Um, does, uh, beginning in the third quarter of 2021, in order to better reflect actual conversation or conversions, we removed rate inquiries identified by our platform as likely fraudulent from our conversion rate calculation.

So maybe the, they weren't there, there weren't actually as many leads as, as we thought they were, they weren't actually having as many conversations as they thought they were genuinely. So, I don't know anything about that. I can just tell you looking at this too. It's not getting out away from it really now at this point in time.

And this was the after hours, 2 30, 3 11, excuse me. 2 33 11. Was your after hours low? I did some retracement that comes in at like the 2, 10, 2 11 area. But man, you, I don't know, 200. Is that out of the question today? I do see. Okay. 2 33 is a big number for now. Okay. Um, after that, your next daily low is 2 27 52.

If you're looking for an undercut rally in it, we started pre-market prep. The whole reason Joel and I started it seven years ago. Why. Um, obviously we teamed up with Benzinga, um, was because we thought people weren't using the pre-market levels enough and they're trading and, you know, that's what we, our edge, you know, is to a certain extent, as we were looking at numbers that other people aren't looking at, because at 2 33, if it never touches, it was never going to hit on an intraday basis, but it was trading there and it was trading with some volumes.

So that's why the pre-market, you know, charts can matter to a certain extent. So now we have a clear level defined a 2 33. I mean, if you're just looking at intraday charts, you're like, well, I don't have any level. Well, no, we have levels. We have the pre-market chart. So using the framework as charts help to give us a little bit of a.

That's it. And it's, it's very tricky. 200 to try and understand which way things are going to go here, because just the size of these moves. Like you want to look like you, weren't looking at corn base right now. And this coordinates one actually shouldn't have been a surprise if you, if you remember what Robin hood said, right?

Massive, massive deceleration in, in retail activity, on their platform. That's Coinbase numbers in a vacuum were okay. Their EPS beat the estimates, their sales, I guess, you know, their sales was light and that, and that was the problem. And they said that retail trading volume, uh, quarter over quarter was down 36%.

Wow. So that, that right there was the problem. It's it's tough numbers. The one thing Coinbase has going forward is obviously it's a Bitcoin play. And if crypto and Bitcoin continue to rally, they'll buy this dip on Coinbase. So this is basically a derivative play. I mean, we can look and say, oh yeah, it's all about their numbers and all about.

And it is to a certain extent on their business model, but people are just coupling in and they're pairing up. Every Bitcoin stock is like a dozen of them. I do it too. As an Arab trader. I, you know, Bitcoin starts ripping like by Coinbase, you know, you buy all the other ones like Mara and riot and BTB T as we want to go, the smaller ones are hive.

And, you know, yes, there's, you know, different, you know, fluctuations in price, but you know, three days from now, what will move the price of Coinbase is going to be the price of. So, and I know you can say, oh, Solera and they got all the other ones there too, but it's Bitcoin still the driver here, Bitcoin Ethereum, to a certain extent as well.

So I think if Bitcoin holds up, I think they do buy this stuff. But if Bitcoin, all of a sudden starts to roll over, maybe we should look at the Bitcoin chart because that's going to matter to Coinbase at this point in time, more than Coinbase. So now that we're past the earnings report, so Bitcoin is sitting here it's right near the highs.

I don't know. I, it, it, it doesn't look that bad to me. So I think as long as Bitcoin holds up, I think the Coinbase dip gets bought. If Bitcoin starts to roll over, then obviously all bets are off, but I'd be somewhat inclined. I don't like the coin dip as much as. But I'm, I'm somewhat more inclined to buy the step on pointless.

I got matching those on the futures and the Bitcoin right now yesterday's low six 66,004 80 today's lays today's low 66, 3 85. You're a couple of hundred bucks above that. So that's what you're looking at Bitcoin for the coin. It looks like they've already bought the dip. You got down close to 300 and now it's bounced 20 bucks off that.

So this one, when you're looking at it, they, they, you talked about buying the dip and now, now it looks like you're going to have to get some orders out there ahead of that. Pre-market low in order to get filled just the way the buyers have just stepped up since then. Um, on the dailies, I like to try to at least find a couple lows in the same area.

And the first thing I can really come up with is I'm going to say three times. Because that spots, uh, there's like four lows between 3 0 5 and three 15. So I've called three 10. If you trying to, you know, put, get in ahead of the pre-market law, but it looks like it's bid now a little bit, the bottom of yesterday's range.

That will be your resistance at 3 45 0 6. You actually had two daily lows there on a Monday and Tuesday, right there at 3 45, uh, 8 25. We have five minutes tale CPI. Oh, that's right. That's right. I'm going to leave here in a minute. So give me one more stock when you're ready. Okay. One more stock. Let's do door dash here.

This is one of your big gainers in the morning. I think it was 16%. If not more. Um, they're also doing an acquisition. They're buying, uh, some Finnish competitor, a waltz, I guess if I'm saying that right. I don't know. Um, sales came in above estimates. Uh, adjusted EBITDA was, uh, better than estimates as well.

And so. I was nervous about this one going into the report. Apparently I was wrong because they just decided to not Peloton this thing. They bind the hell out of it. So a lot of people may be leaning too much bearish in it. It was down because of Peloton. That's why it was weakened to the report. So maybe it said Peloton set the bar so low for it, that it was easily able to get over that bar.

Um, Obviously big pop here that we know they like, if they sound stocks, certain stocks down 15, 20%, they like to buy other stocks up 15, 20%. So throw this into the RingCentral door dash. These are the ones that are buying here today, but, uh, I was wrong on this one. Um, at least from my opinion basis yesterday.

Ooh, you got to 2 41. Believe it or not. So that's 17 bucks off the pre-market high, but holding two 20 as we speak, man, I just, I'm looking at this two 20 to 2 25 area, a couple tops here at two 20 before you fell off a cliff, another top at 2 25. So I mean, that's the range. If it holds that area, I know it's kind of big, but it's also, you know, a $200 stocker holds two 20, you know, maybe you get up there and test the pre-market high, but a lot of people stuck on this too, Dennis from October and early December.

So I'm going to throw out. Okay. You know what though? I have a theory, this theory, I think that this will be back maybe almost instantly because this CPI number, we only care about CPI within the context of how it changes things at the federal reserve and how it could change monetary policy. Obviously it's interesting, right?

We're interested in, in what the government says inflation is, but the market only cares about it within the context of the fed and the fed already came out and said, yeah, we're, we're, we're, we're starting to unwind to, to, to shrink our balance sheet a little bit. We're gonna, you know, uh, taper to some extent starting now, they already said that.

So do we think the market will react at all to the CPI number aside from like the general interest in this is what the government says inflation is, and we all know it's, we're all feeling it more than. Um, but I, I don't actually know if we'll see a big reaction here. That's my hot take. That's a Spencer take.

Well, you know what we, uh, today's is the CPI, right? And yesterday was a, we basically slept through the CPI yesterday. PPI. Yeah, the PPI. Yeah, you're right. We didn't even notice. And actually there, there was a bid to the market going into the open yesterday and just didn't look strong. The market looked very strong and then that number came out.

And then I remember looking and seeing a non TV. It wasn't much of a, a reaction a bowl. We'll see what we get today here. Uh, did you give, did you give the previews yet? Spencer? I think that the consensus estimate is somewhere around in the high 5% range for our year over year 5.8, 5.9, 6% somewhere. It's somewhere in that.

Um, Maybe that's on an annualized basis. Of course, we're looking at point like the, the actual, um, uh, sequential number would be 0.6%. And for the core would be 0.4% of the book I'm looking for. But, um, yeah, I, I was just thinking about this and I kind of realized that we only really care about these numbers within the context of how they change things at the fed, with the fed already, or you play with their hand.

So. I'm not sure if we really, if the marketing will really care too much. Well, you know, we'll find out in 40, 40 seconds. Ah, well, let's see. Do we got on the, uh, any, anybody jumping the gun here? Uh, we're on the one minute chart, you know, I don't go to the one minute chart unless we have numbers like this.

So we got the one minute chart up there, uh, mid range on the session, uh, that comes in right here, right where we're at at 69 and a quarter. Now, if you get a nice pop, uh, let's be keeping an eye on that close from yesterday. You close from yesterday 78 and a quarter. And the, the pre-market highs right there, right at 80 in the quarters.

So that's what I'm looking at on the upside. If they do like the number on the downside, this pre-market low 58 and a quarter, uh, nothing there for you. More relevant number, even though we traded two it overnight at 63 and a quarter. And, uh, the first reaction is down a spike down to 63. And, uh, trying to rebound, uh, 63 and a quarter was yesterday's low it's teetering.

The buyers are trying to defend that. They do. We go to, what did we go to there? Come on, stop. Oh, I got to look on that.

Maybe it's a smidgen on the hot side, right? Cause on the hot side. Yeah. I said, I said a 0.6% was the estimate sequentially. We actually came in a 0.9% and then the core number, the core number was 0.6, which was a bit higher than the 0.4% estimate. So somebody shot while we're at it. We also got God jobless claims.

Um, although I didn't, uh, I didn't look too closely at those estimates there. Um, so, you know, I mean a little bit higher than we thought, but we can't have it both ways. You can't complain that the. Uh, doesn't account for true inflation and then complain when the numbers come in higher than get Spencer, they don't like it does.

Dennis is not going to be back. As soon as we thought we'll probably get Joel Coleen on. Uh, but that didn't really blink much at the loan from yesterday. It's still a relevant number, 63 and a quarter. Uh, we're bearing down on the pre-market low pre-market load comes in at 58 and a quarter. Uh, if you're basing, uh, your training on your daily levels, your daily highs and lows, a four day low 50 75, but a little battle going on here in 46 60.

So overall street kinda lean on the right way, at least on the SRPs, selling it over night. Give me grief for saying it was a smidge higher, fine. You're right. It was 50% higher. Yes. You, you, you, you, math is hard. Uh, uh, CPI just to put it to bed year over year, uh, increased, uh, 500. I'm sorry. 6.2%. Um, versus like I said, they asked it, it was in the high 5% range, um, chorus UPI 4.6% year over year versus a 4.3% estimate.

Uh, so yes. Uh, hi. Hi. But, but, but again, I repeat my point. People always criticize this number for, oh, it's not, it doesn't really reflect my reality. Well, here it is coming in higher than we than the estimate. And I don't know, I guess you can't complain when it's lower and complaint when it's higher as well, but, um, market, I guess, I guess surprise, you can see by the reaction.

So I stand corrected on my hot take from a minute ago. Yep. It's a big number would do that. Okay. All right. Uh, try not to buy the buyers are standing here near the pre-market law. They're trying to get done that pre-market low is 58 and a quarter. We just read 59 accord. It looked like those days were going on the low here.

They are going to take this. Pre-market low out here, 58 and a quarter. Uh, that's it. That's the only relevant number I do. Just want to take a look at, uh, your banks. This is good news for the banks, right? The banks are rallying. Uh, let me go to, I have to go to the after hours and the pre-market chart here to accurately reflect.

There's a nice move up in bank of America, higher interest rates. Good for the banking sector, JP Morgan, a little bit of a pop still up only 20 cents. The Cisco general here and see what they did with the. X L AF uh, not a lot of trading here in the pre-market and the XL laugh, I guess, bake America's your most liquid wine.

And, uh, you did get a, a pretty good move on a percentage basis. Pretty liquid. Yeah. Uh, it's $168 stock. I mean, it's only actually the volume is really lightened that this morning in JP Morgan, uh, Oh, I was looking at the wrong stock. 9,300 in JP Morgan is traded as opposed to over 103,000 in the bank of America.

But look like the bowls here. Doubles. I have defended the pre-market low of 58 and a quarter. Uh, where were we at when this whole thing started? It's another, uh, relevant level. If they're going to shake this number off today, uh, going into one minute, right where we were taking, we were at 68 50 and you got kinda light volume on that minute bracket.

So there's a year resistance up there. 68 50 looks like a battle between 58 and 68 had an end to the open. Uh, what else do we want to look at? As far as I just want to reiterate. You know, the, the, the transitory inflation has so far failed to be transitory, which of course we all know this, but every time we get another data point every month, it's just another nail in the transitory coffin.

Uh, cause not only is it staying elevated, but it's actually going up. Right. So I don't know. I don't know. Yeah. It's, it's tough. I mean, also, I mean, the reaction here in the market, I mean, you're looking at this and wow. Two down days in a row, but look what, you know, just look at where we're at in, uh, you know, at the end of September and early October, I mean, just, you know, under, remember all that choppiness, all that crazy action that we had here between like 40 to 50 and like 43 20.

And you finally had a breakout. So you had a 300 point rally here, folks. I mean, this is, you know, if you look in by the depth, this is not much of a dip yet, but you know, we're waiting on all these other days. And I, I can't tell if you're, oh, he says thumbs up. All right, Dennis is back. And then how was that?

Uh, trying to buy the banks off it? That was my initial instincts was years. I mean, you think like. But we're chopping around a lot too. So I'm still in a couple of trades here, just trying to figure out whether we're going up or down. Right. I don't know. Um, th the number is hot. I mean, this is exactly what we've been talking about here.

It's the BS, the fed keeps feeding us, you know, we're running 2%, uh, you know, running 6.2%, you know, that's definitely not 2%. And then you can start looking at everything that isn't inflation and everything you don't track, you know, even like product sizing, which we talk about, cause everything gets smaller.

So, you know, the hidden inflation is just everywhere. So I don't know, this is the major problem with the markets right now. It's a major issue. I don't know how they solve it because the way to solve, you know, when you start getting caught, you know, in CPI numbers and when do you start getting inflation?

That's definitely ticking up is to raise rates. But they can't raise rates because everybody's built on debt and they don't want people losing their homes. So they're stuck in a really hard place right now. And it's going to be a tough one for them to figure out, you know, where, um, how, how to manage this.

Like what, what's the solution? Really? So let's say hypothetically, okay, well, let's start raising rates. Interest rates are, or CPI is too hot. We've got to cool it off. Somehow we start raising rates. You'll raise a little bit of price. It doesn't do anything. You raise a lot. Everybody loses their homes and we go in to a tailspin recession.

So the only solution they really have is to keep lying to us and say, it's transitory it'll eventually go away. It'll eventually go away. Is it going to go. I don't know, and this is why I don't want to be in cash. So you got to keep staying, you know, in certain assets, we know I increased my bank exposure a month ago.

It looks like, you know, that's and that's actually has been working because the banks have went up. Um, you know, I was selling stocks like utility stocks. I'm selling stocks, you know, that are, you know, four or 5% dividends, 18 T's. And Verizon's, uh, because I think you've got to be in stocks that are benefiting at least from a tightening bias because they can't keep ignoring this.

They're going to have to stop tapering at a certain point in time. Like completely, like not just like a stop or stop printing money, they're going to have to stop the printing press at a certain point in time, because it's common, a ruse like Peter Schiff calling for this for 20 years, it took a pandemic for it to happen.

But it's here, you know, don't don't you agree here, Joel, like you read that Peter Schiff book, you know, and obviously I can't remember the title of it was a crash proof is his book from years ago where he was calling for inflation to really start to ask. Well, it took a pandemic for it to happen. But Peter Schiff, you were finally right here.

We are in the Peter Schiff environment here. You would think gold and silver is things to own. You know what? Golden silver is starting to look. I'll have a lot better here. Looking up this morning. GLD has a four-day run here where it's starting to look good. You're starting to see the inflation tray pop all over the place.

This data today is not going to make the inflation trade go away. Inflation inflationary environment is bad for high growth tech stocks because those earnings, those future earnings are worth the last so bad for your Kathy's stocks. Good for your banks. So that's what you've gotta be thinking. Cathy getting hammered this morning, again, one 18.

She was looking okay there a few days ago, she's starting to get hammered again. So I don't want to own high growth tech right now. I would rather own boring things. Commodity stocks goes up in an inflationary environment. Let's get a joke and we'll come back to the river and IPO. Uh, let's get Joel clean his thoughts on this here from Wedbush securities and get his thoughts on that number.

Joel. Good morning. What, what do you make of that? No, I agree. I agree completely with what Dennis kind of, I know it was a little bit of a ramp, but I respect it. I think he, you kind of, you hit the nail on the head. I mean, I think, uh, since pal kind of tried to, uh, you know, pull a fast one on the market, you know, you know, back in December of 2018, he's stayed in line with, with kind of, you know, propping up valuations, you know, re keeping very accommodative, uh, policy in place.

And, and if this feds, at least they've been consistent in one thing, and that's saying that they're gonna be very transparent and clear in their message and, and I wouldn't expect any curve balls and, and I've told Powell kind of, we, we hear a shift in his tone. Uh, you have to take him for what his is, is what would he say?

And, uh, you know, I think you got to stay invested and realize that, you know, the Fed's going to continue with their ostrich, uh, policy and just keep their head in the sand. H how do they, how do they not, I mean, I don't know what the soul of what they can do. I think, I think behind closed doors, they're sitting back and having the same conversation and saying, what do we do?

I mean, we w w how do we fix this problem? The whole entire world is built on debt. We've got a housing bubble that would collapse if we really start to raise rates seriously. So we're just going to tell everybody it's transitory, and eventually this is just going to go away, but I don't see it going away.

No, no, no, nobody does. And I mean, obviously, uh, you know, you're seeing the price of everything is, is going up and, uh, yeah, you, you said it very well, so there's, I mean, I couldn't add anything more intelligent than how you put it. And, uh, but again, I think at least with this fed, they're going to be very, very transparent, visible.

If there's going to be a major shift in policy, Uh, I just don't see them rattling the cages anytime soon. Um, which is kind of comical, but it is what it is at this point. Right. You think they'll pull, um, uh, you know, this is going back, this is dating us, but you know, sometimes they just wouldn't come out of the blue and do something, you know, like a quarter point hike or something like that, you know, maybe instead of like telegraphing it with the meetings when everyone expects it, you know, I don't know.

What do you think, Joel? We haven't seen that in a long time. The friend might just slap us upside the head. I feel like we, we, we saw that a little bit in December. Uh, like again, just about three years ago and the market wasn't happy if you remember. I think the market bottomed during that pullback around December 20th, or maybe even Christmas Eve for that matter, And the market really hasn't looked back since, other than obviously a few, few major speed bumps along the way, but, um, you know, pals stuck to the script.

Um, and I don't see, I I'd be shocked if he kind of went to drift and, and did his own thing. And they surprised us with any sort of proactive policy, which would make sense, um, F you know, again, another hot CPI, but it just we're were, I just don't think you can bank on that. Joel, what do you make of the earnings moves here?

Cause it, it, I there's, I'm trying to find a theme and I'm struggling right. To, to, to, to identify one here. It just seems, yeah, that's, that's kind of the, that's been the problem. You're not alone. I mean, uh, it seems like almost every night we get another flurry of earnings and we're past the peak now. Guys are getting kneecapped almost at any, any point, you know, going back a few weeks when Texas instruments really had the soft, soft guide that guide, you know, everyone shorted, all the analog semiconductors and more of the hardware kind of storage names and those, those guys, those shorts have been getting carried out on a back of better reports on the back of it.

Uh, roadblocks up 42% yesterday, the valuation is, is, is beyond insane. Uh, I think it's enterprise value and market caps more than Activision at this point. And, uh, and, and guys are struggling, uh, you know, Jordache, a big move to the upside guys were kind of trimming or that stock into the recent rally. Um, and then you're seeing names like unity.

I think, you know, I think Joel touched on it earlier, unity down five, 6%. I believe last I checked maybe a little bit worse now. I think that is a name you want to be buying the dip. If you can stomach the valuation and kind of buy a little bit and tuck it away for few years, they are very well positioned to benefit from not just the metaverse theme, but the sh the shifts in the app.

You know, ecosystem and the pay structure. Um, and so I think there's many reasons to be bullish on, on, on, uh, on unity, especially with the acquisition of Peter Jackson's, you know, WeDo studio that will help expand their Tam and also kind of just fits really nicely into the robust game engine as well. But yeah, I mean, the, as you can tell, I mean, guys are being caught offsides on a lot of these, these earnings moves and the volatility is kind of is it's been off the charts.

Meanwhile, the major indices really haven't done too much, but kind of really what jumps out at me to start this month in November, the Goldman most short baskets up 11%, and that compares to the market being up around S and P being up around 2%. So that really speaks to the pain being felt out there, especially in the hedge fund.

Hmm. Interesting thought. Uh, what do you say to people that are in some of these stocks that, uh, maybe have these great growth stories and are just so, so beaten down? I avoid them. I mean, I think, well, what if you're already in him is my question. Yeah. I think you, you got, you got to reevaluate your reevaluate, your investment strategy.

I mean, we're seeing it with Kathy would kind of unfold in real time. We know she was, I was looking at the ARQ I own a R K w sorry to interrupt you, but Erica dot. No, it doesn't look that bad. It does it, but I mean, we all know, imagine her flagship say, you know, AR K K a matter. I mean, I get it. Tesla's the number one holding, you know, with a 10% plus waiting, we know what's going on in Tesla.

Isn't normal right now. You know, we can't really explain the fundamental reason why I went gangbusters, you know, last week. And we can't explain why the stock really fell 12% yesterday. Yeah. You can point to a couple of reasons, but I think you look under the hood at what she's been averaging down, whether it's been skills, Coinbase, Robin hood, Teladoc, zoom media, these, these are companies that are struggling and they're showing signs of decelerating.

So if you're in a name and the chart is broken and it's a fundamental, you know, there's a fundamental reason behind it, I'd be looking to put your money elsewhere. Um, there are, there are still great companies out there and you don't need to chase the dream with some of these more, you know, Mimi momentum type of.

And great point from, uh, Chris catchy and our Chad that the, the inverse of archi ETF actually launched yesterday. If, if that's, what is that? What's the symbol on that? Sark S a R K somebody came out with birth Cassie. Yes. A lot of hate right there. Yeah. A lot of hate to come on with that product. Is it though, or is it just an opportunity know.

I mean, it's worked. I mean, it's, it's been a great trade all year. I mean, like I said, if you really strip out Tesla from her performance, and then you peel under the hood of some of her other, other ETFs, she's, she's got a long list of like mid cap biotechs in her portfolio with massive holdings. She's a 10% plus holder.

And I think 10, 10 to 20 biotech companies. I mean, where liquidity is terrible. If a number of these start, you know, the dominoes start falling as well. You really could see a self fulfilling prophecy of implosion, uh, w with summer her ETFs this year. I mean, it just seems like there's, there's, the risk management is not in place.

And I just don't know how to keep defending stocks on the way down. That again, they had the big COVID tailwinds. Well, that, that catalyst has been removed yet. Still defending to no one.

Yeah. I was going to say to a higher inflationary environment is the dead enemy for Cathy wood because she's in all these high growth tech names in those future earnings are worth a hell of a lot less than an inflationary environment. So she is almost the same as the fed in that way. She comes on TV and saying, oh, the inflation is going to go away.

I'm more worried about deflation because, um, obviously if we go into an inflationary environment, she's going to get hammered on her position. So if the patient continues to escalate, if we start to see deflation, like she's predicted. Then she ends up winning maybe. So I guess, you know, it goes back to inflation versus deflation here.

I just don't see a lot of deflation. Exactly, exactly. So, uh, yeah, I mean, it's been a struggle though. I mean, like I said, all these momentum type of stocks, you know, the, the, the, the, the, besides the major indices, really not doing much. I mean, some of the volatility under the hood is just been fantastic. And, uh, in, in, in, in pretty incredible in, in, you know, she obviously has a, she's involved in a lot of those names that are heading in the wrong direction.

And the irony is she's been selling Tesla. That's been what she's really been kind of peeling out of the fund from the losers. Um, we skipped over reveal. And if we can go back to that for a second, Joe, I wonder if you have thoughts on that IPO, they upsized, it, uh, they, they increase the price. I thought we were past this and by this, I mean, all this Evie hype, we were in it, and then we moved on and now I guess we're back.

Yeah. I can't, I can't really speak about revealing itself for other purposes, but I mean, I, I think, you know, the hype is real. I think the infrastru. Details of the infrastructure bill finally passing. And that obviously led to the charging charging names could go, you know, going through to the moon on Monday and Tuesday.

Um, but yeah, it's a it's I think only thing I really can say is that the company is, has great management team and, and, and, and just from a manufacturing technology point of view, it's, it's pretty impressive. But, uh, yeah, I can't, I can't really talk too much about that though. Joel Kaleena is the head of technology and media trading at Wedbush security is the guy is like a machine.

I don't know how early he gets up, but it's before me, I can tell you that you started yesterday. He starts, probably started. That's a secret. He starts the night before. I bet. That's exactly. So thank you for joining us as always Abaco one take care. And also what real, real quick, just what kind of one to keep on your radar?

I know you guys are big momentum chart. Guys. Look at SailPoint, the tickers S a I L accelerating SAS revenue. Uh, FA X, uh, faster than expected, uh, transition a model transition as well, subscription model, uh, breaking out today on good volume. And this is a stock. I think you want to be buying it into the strengths.

So I've got a little garpy element to it as well, even though you're seeing, obviously it's being regrading a little bit higher today, but I think for any of your momentum investors out there, we know cloud security. Thing's not going away anytime soon. Um, keep this one on your radar. I like it going to set $70.

Then nanny earnings last night that appeared to have been better than better than estimates. So good call. We were not going to mention that, so we wouldn't have known otherwise. Thanks a lot. Joel guys, take care. All right. Um, do you do either of you, do you guys have thoughts on the river and IPO is I'll give you the numbers right now?

Cause like I said, they up-sized it, the original pricing that will, the guesstimate for the pricing was a range of 57 to 62. They priced it last night, uh, at $78 per share. Um, this is probably the most hyped IPO of the year, at least that I can think of. They didn't do this last week. This is going to be the worst possible day for them to do this one because high growth is coming up.

To Tesla. Musk is going to be a major impact here on this, because Tesla is just falling 200 points. Obviously your direct comparable that you're can look at is that, I mean, this thing's going to open up with a market cap of probably general motors, and I'm not sure that this market environment is going to just come in here and say, I want to buy it up to two dent to general motors markets caps here.

I think it's going to in 78, it looks like it priced at 78. Yep. I think you get that initial hype, the initial pop. I think it's going to have a struggle to hold that 78 and maybe the market makers are going to try to hold it up there. Um, obviously, well, I shouldn't say it's probably going to open up way over 78, but I think, I think eventually it's going to have a redate with 78.

It probably opens at like one 20 or one 30. Cause that's what these bloody things do. Um, I don't, but it's hard to say, you know, we don't know where these things can open. I'm just going to say if they did this last. I think the stock would show a lot more strength than it's going to. So I think it could be one of those where it opens and starts to puke right away.

Okay. I think what they're doing is they're, uh, the way they're pricing the IPO, it's a dollar for every car that they produced and sold. Well that, well, that's 156 only. So somebody is not that far off $56 a share, but I mean, this is it's, it's a bad day for them to be having this. I would almost like, I guess they can't pull it, but man, you're coming to market environment where all of a sudden two days.

The Mar market got Musk and yes, that's going to be a verb now must. And that's what happened to high growth here. 200 points off for Tesla they're coming in rebellion. Are they coming in buying a hand over Fest? You got the retail trader pretty spooked and hit and hit right now on some of these higher growth names.

So they don't got a taste for that right now. This is not the kind of stock. This is not the stock you're looking for. There's another star wars reference. In my opinion, this is not the stock you're looking for. Dennis. You have to do the, the Jedi mind trick thing. That's what I'm trying to do to not do that.

And also I, what I fear is all anyone sees when they do five seconds of research here and all they see is, oh, Amazon backed it up. Amazon knows what they're looking for and Ford, right. Amazon Ford. Right. Um, but there's more to it than that. So I bought and at Ford has run up into this event and I'm going to stick with my Ford cause I bought it.

So I still think there's a lot going on here, but this has had a nice run into the CV. I think fourth string down here a little bit this morning and maybe a trades up when the rebellion comes around, but I wouldn't be chasing. You could get a little bit of it. It depends on what Vivian does, but ribbon, it has a whimper here for, it could get hit too.

Don't kid yourself. So talking against my buck again on where they want me and Joel, the only people on the street that do that. Wait, so you're not selling, I'm not selling my Ford now. Oh my goodness. I don't want to pay the big gain of almost 200% on it now. And two, I just, uh, I believe in this recovery for, you know, electric V I believe in electric vehicles, and I think it was still cheap UV PLI.

I think it's all going to be the, I liked general motors too. And now I've liked general motors for a long time. We know I sold my general motors ahead of the report, which I didn't rebuy and it should have, uh, but I still have my Ford. I still have all my Ford. I'm sticking with it, but again, I would not be buying Ford.

Now I tied a run up in the Caribbean. I'm hoping for a pullback, you know, maybe you get pulled back like 18 or something where it cools off a bit after if this R I V N does indeed. When. And then maybe a strike on it. But as of right now, like Ford's rental long ways, uh, Matt nearly matching ranges and, uh, in Ford, you couldn't get up to that.

When I talked about that pre-market high yesterday and it never really sniffed at it in a regular session, but there's definitely a seller lurking at the 2050 area. Your last two highs, 2042 and 2051. There you have your Southers on strength. And right now I'd have to say, 1935 is your support. That kind of splits the two lows, 19 33, 19 34, that splits the two lows, uh, from Monday and Tuesdays.

That's what I'm looking at. And Ford SLPs did undercut the pre-market low. We were at 58 and a quarter. Got everybody in the water. They're going, oh, we're going to 46 50 made a new low at 56, 75. So a little rebound here going 36 minutes into the open. Uh, we'll use some Tikrit time here for five or so minutes.

So dry particulars in the chat. Do I need to talk about sofa? They report tonight. I'm not sure what there is to say about it. What, what do I need to say? But so far, Martin, I don't know. They report earnings after the close. I have a small trading position on it right now. So I'll limit my comments. I don't know what I'm supposed to say about it.

Um, people taking profits ahead of the report and it just also like the market environment to down a 97 cents. I just don't like this candle here. I mean, you had a big run-up. Keep an eye that that low is way down at 2028. I don't think you're going to see that today. Uh, what you need to do is get back over that low from yesterday, resisted to 2161.

And I don't know, I think you're going to have to, if you want to buy this ahead of the report may under 21, but I don't think you're going to see this low at 2028 today, but that's what I'm looking at in so far. I had a nice run. Just peel it back ahead of the, I'm not buying more into that question. Uh, Hey.

Okay. We got a couple, uh, not super high flying stocks in the chat, like. They also were on their own calendar. Did they report, or do they report tonight? They did know. They reported last night. Last night just did a whole lot. And you got some growth stocks going up. 20% growth stocks go down 20%. They didn't give two craps about.

It never even hardly moved. Nope. I, you can say that initial tick. Okay. I did it really ticked down to $90. Is that right? On the earnings report says 89. Well, and it was, it was there for like a split second because when I, I, I didn't even see that if that's correct, like I never even saw a trade down to there.

I just saw, you know, that it really didn't do anything at all. And it's still doing a hell of a lot of nothing. Um, this is still a reopening play. I think we're still in full reopening mode. I think this is more of a kind of stock I'd actually liked to own in an inflationary environment where people are going out and doing things.

Um, it's not obviously an inflationary. I shouldn't say it's nothing to do with that, but I think it's a reopening plan. I think we're fully ongoing reopening. I'd actually of, I actually kind of liked the, when I still own my Las Vegas sands. I actually, I rarely add to losers in the longterm portfolio, but I bought more Las Vegas sands at $38 a couple of weeks ago.

I brought my average cost basis down to 46. So I still kind of liked that play too. So I like. I mean overall, not a great trend, but if you look at, if you're looking at the win, I mean, you did, you did come off that low that the, uh, the COVID low got up to one 40 and you had a good pullback. So the monthly cost, you know, you had two monthly green candles going in a row, uh, quiet, dead, quiet in the pre-market trading.

Uh, if you could get through this, a two-day high of 98 60, it got a gap fill at a hundred, coming back on the downside, 89, there was some volume on that print, but, uh, see if they can hold the close, it can hold the closed. And, uh, you know, in this kind of market that we have today, then good chance on this one, but really kind of in the middle of nowhere to win.

W Y N. And then yeah, a few people were asking about SOS it's halls, the news pending guys. I don't know. It would last all day for all I know. Right. SOS whenever it's talking about, I don't even follow that stock ticker symbol, but I fall in, I don't even know what the company does. Maybe, maybe the ticker symbols are warning.

I don't know SOS. I'm not sure why they were weird with hive blockchain yesterday though. And I don't know if Frank knew it, but you know, I tweeted at them like they halted that in Canada. They never opened it until like, it never opened at nine 30. It was halted in the pre-market and Canada. And so it never basically never opened in Canada until like 11 o'clock, but it was trading freely in the U S for the first 45 minutes until they had.

So it was halted pending news in Canada, yet the U S on the NASDAQ, it was this trading train, train, train. What was finally, they halted on the NASDAQ too. I don't know what happened there. Why you would hold on one exchange, not on the other pending news. And then they halted it and they had some financing.

And obviously I still own a big chunk of my hive. I did sell a little piece of it yesterday, just cause it was a double for me. And usually when they double, I like to get out, but I still have a big chunk of hive. That is interesting. Yeah. Yeah. That was a weird halt. So weird. All right. Hey, it's 8 59. Hey, I haven't asked for likes, I haven't grovelled enough today.

So I'm going to grovel right now. If you haven't already hit that like button, please we'd appreciate that because that's how you can show our support. And, uh, and, and, and yeah, so Joel is going to go over to pre-record prep.com. Dennis is going to crawl back into his hole and, and, uh, try to figure this market out.

I've they believe me, if you're doing great in this environment, you're doing great. You're in the right stocks. This has been an interesting environment and Italia, like, you know, I like consistent P and my P and L is very volatile here right now because it just seems like random stocks like yesterday.

You know, I got, I was short GE and I trying to claw my way, but. And I actually did climb my way back to green somehow. Um, it took all day though. So it's like when I trade all day and I don't make any money, I feel like, you know, it's pretty disappointing, but when you start in a big hole, cause you're, you know, short a stock, that how the sun comes out with a, splits it up into three and rallies 14 bucks on the pre-mark yet.

Um, you know, it's a pretty big hole to climb out of. And obviously if I would've held it and people said, well, I don't want your whole, you know, why I don't want that $14 loser to turn into a $24 or you got to cut those losers regardless. I know I lost eight points on it yesterday. Um, but you know, I didn't lose the most, but obviously hindsight, capital 2020.

Sure. I should have held it. And I came right back in and I hardly would've lost anything. You can't just, you know, it's very hard to, yeah. You don't know, it's hard to interpret. You got to cut the losers when you can, you know, my game is minimizing the damage as much as possible. So, you know, I thought when it was up at 1 25, I was like, well, I wasn't buying it up there.

Cause I thought it was way over, down when it came back to 1 18, 1 19, I was like, wow. You know, I just thought at 1 25, is it worth five or six bucks? I kind of thought so pulled back significantly here. Um, I'm, I'm obviously I talked to, but I'm not a fan of what they were doing here that they have to, you know, split up into three companies to try to, you know, get the stock price to go higher.

And obviously the market wasn't a fan either because it gave it all back. But usually when he stocks breaking up, usually they're going to go home. All right, everyone have a good day. Go get them. All right, go get them guys. And if you want, uh, not quite the opposite, I, that would be, that would be mean, and not, not quite the opposite of is, uh, strategy, but someone a little bit different, a little bit more yellow.

If you, if you like what Dennis and Joel discussed about risk management, but with like 50% more Yolo, then stay tuned to our very next show. Live trading with Benzinga Mitch is your Nate, Ryan, myself, uh, hang out with you, uh, through the open, um, doing some trades, doing some YOLOs, but also always, always, always controlling our risk and really just hanging out through the open.

Right. It's the most fun time of the day. So that being said, please remember all the information from our show meant to be used as informational purposes and not for investing or trading advice. Thanks to our guest, Joel Kaleena, thanks to Aaron Bree and right behind me. Thanks to all of you in the chat.

There he is. And I'll see you guys over live training with Benzinga starting in like two minutes.

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