PreMarket Prep

Episode Summary:Markets RecapFriday's CloseTESLAOil SpillREGN, PFE, BNTX, NET, MTOR, MOGuests:Tim Quast, Founder & CEO, ModernIR and Market Structure EdgeTwitter: https://twitter.com/_timquastMEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderSpencer IsraelTwitter: https://twitter.com/sjisraelJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptComing 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 bet the petty. I will buy the stock for pet with everything that you need to start your trading day.good morning, everybody happy Monday. Welcome to pre-market prep. I'm Spencer there's Dennis there's. Joel. Hope you all had a great weekend and slept better than I did for whatever reason I could not sleep all weekend, but we got some things to discuss on our minds. Question number one, how do we feel?Going into the last quarter of the year. We got some people, some of us are bullish or bearish, probably don't even know where we stand. So we'll talk about that on today's show, we'll talk Tesla, of course, at Q3 deliveries out over the weekend. And they'd be the estimates on that. I want to talk about the oil spill off the coast of California.There was a company at the heart of that that is publicly traded. So we'll get to that. Merck is still going on this morning. I want to talk about Merck as well. We'll get to your questions from our chat. Tim Quast will be on the show at 8 35 as always the founder of market structure edge. And before I throw out the Juul reminder that the next pre-market prep plus weekend extravaganza is not this coming weekend, but the weekend after.And if you're all like, wait, I, I didn't go to the last one. I don't know what to expect. Just watch this. Get ready. Pre-market so here it is trading from relationships, Hawk, hairs, trading sympathy, creating risk arbitrage, and then we'll even talk to social media. This is your chance to be there. How to increase the odds.It's going to dive into relationship based trading Pierce trading sympathy, trading basket trading risks, and get ready for the event on October 16th. You guys think we're fired up on the pre-market cup shell and be there October 16th for trading from relationships to, well, Hey, Hey. If I didn't get you excited, then you don't have it.And I just want to say we're calling it number two, but you don't need the prerequisite. If you didn't sign up for number one, you're going to be okay. It's going to start from, obviously we're going to start and you'll understand it all as well. So we're not just going to dive into content. It's not building from level one.It's talking different. So we're gonna go into some detail. I'm going to talk about no marketing, a lot of market neutral trading, you know, because in this environment long Olney, and we're gonna get into this discussion in a few minutes has really suffered. If you're a long, only trader it's been a tough year, but if you're an obviously, you know, if you can be a stock picker, it's still been okay in the market is still up.But I'd say in the last six months, if you're fading and you're going both ways and you're doing other things, some, some traders are having career years. I know Kenny, Quick's doing fantastic over there. I hit the bed. Um, you know, I'm doing pretty good too on my trading as well. I think this is my, I think that's my fourth best year ever.It's setting up to be so far. So it's up there. It's been a really good year for a traders, but as a swing trader, a longterm investor, my longterm investing portfolio has gotten nowhere in the last six months. It's just kind of sitting here and hanging out. And that's really because you look at the IWM overall and it's kind of gone nowhere and I'm long, only in my long-term.But as a trader, you kind of go both ways. You talk different strategies, you know, and that's what we're going to talk about. On October 16th, teach you, teach you different ways to look at the market. All that being said, let's look at the market and we'll get Joel's charts up on the screen here. I would do it this morning.We're done, we're done 14 and a half handles had a little fall through rally overnight 43 62, that your pre-market high that'd be a good number because that's 32 animals away. Got to 43 15 and folks, nothing there. I absolutely no reason for it to stop going there just a yo-yo market crude flat at 75 88 gold down five bucks at 70 17 53 20 a silver that's down 15 cents, 2238, Bitcoin Ethereum, Goldman opposite ways, a Bitcoin down six, 10, trying to work its way up to the top of a trading range, perhaps.And the theory and futures are up 14 or excuse me, $15 at 3,337. So Boyle boy, we we're doing some market talk right on the pre pre market show. And we got, we got some opinions, different opinions. I'll say, I will say I'm bearish, but I'll say I'm nervous. I'm nervous about this market. Andmy thesis is pretty much technically based and I don't like the way we ended the quarter. Right. We've had six quarters in a row. We were up, we barely eat out the quarter. Uh, number speaking, I mean, I could, could be convinced, you know, we hold 43 50, I'll flip to the bull side, but the other thing is. The overnight action, right?The whole time up in this market, the overnight action has been strong and stronger and holding the daily gains and adding onto them, maybe a little pullback, but now it just seems like there's just more rat. Like we come in in the morning and it's a fight. The market has to fight its way back up and then knock it back down at night.And then it fights its way back up. Whereas for the last six quarters, it was, you know, finished strong, open, strong hangout, maybe improve on the high. So that's what I'm looking at. Of course, we're coming into earning season, right. Q3 earnings season, and you get a bunch of good reports. I think you're also, you're losing some leadership here and I, I know you like to talk about a more diversified market, but you know, apple, I mean, that's pulled off and so I've looked, I'm just looking at the top components here, apple, Microsoft, man, it looks a little tired, a little tired.I'm glad you brought that up. Can you look at that? Amazon Amazon. I think this might be Amazon's worst year, maybe songs 2018. Uh, hasn't been great. It's been Amazon's worst year in, in quite some time. Yeah. I mean, this looks like a lot of shirts this year, where you had, you know, a little bit of a, you had the big run last year, and this has been a lot for a lot of stocks, a digestion you digesting huge gains from the previous year.I mean, Amazon had that huge drum from 2000 to 3,500. Maybe it was too much too fast where it was when zombie apocalypse was happening. We're never gonna go into a store again. Well, that didn't happen. So, but Amazon has still continued to grow. Amazon continues to still do everything. It's still remembered it's core.It's still, um, is a core position in my longterm portfolio, but there's so many charts, Spencer, that look just like that from this year. I mean, bring up the IWM, which encompasses every small cap stock, you know, 2000 of them there. So. Bring that up. And, you know, you, you see a similar chart. I mean, the IWM and Amazon really have nothing to do with each other, but it's the same thing.Huge runs 20, 20 back-half, 2021 digestion. I mean, you could even argue Tesla similar and it's a little more slapped because he had a really big run in February, but you've been digesting here in Tesla for a little bit too. So, I mean, I don't know what to say. This is what the discussion we're having in the pre pre market show is.Let's go back to the spa. Is this market, you know, is this the digestion period? And eventually we're going to start running here at the, you know, in the last month or two of the year, or is this the start of something, you know, where people are just tired of owning stocks for a little bit. I got to cash up there, you know, cause I, uh, the SOP cash, I mean, is this.I mean, look at that. I mean, it's just been, it's been basically straight up since the March low. Well you've had your dips and everything, and now you come down, I mean, 4,000, would it be the end of the world? If we came down to 4,000 in the SOP and consolidated, or even worked our way into, you know, 3,900 or 3,500, would that be the end of the world?No, I, I think that another good way to put it. I think that whatever upside here may be in the market, I think it's offset by the potential downside. And so what are you doing? Are you still, are you selling stocks? If you're there, you're just holding. I'm holding Warren Buffett is holds through it all. No, I'm not buying.I don't want to buy I'm nervous. I've never been nervous. I mean, well, he had, well, we had the, uh, you know, now we're not like, uh, pre COVID, like January and February nervous. Right. I was nervous. I'm not like that. I don't know. I mean, the market continues to prove bears wrong. Right. So why is this time going to be any different?That's right. That's what I asked you. Why you asked it to yourself, which is great. I mean, your thesis is you think, and you still the, that with Joel that we're going to be making new all-time highs by the end of the year. Yes. One so much on the fence. So go, go, go, go. Why the bed is at least one new, all time high, but at the end of the year, and it goes back to what Joel said.I don't know if you said it before, just now, but Joel was asking him like, what's the catalyst. Well, we don't need a catalyst there. You know, I hate the term, like wall of worry. It's just, I think it's a stupid term. The market climbs a wall of worry, but like. That's kind of what's happening there. Like think of all the things to be afraid about.There is evergreen this and supply chain that inflation this and oil spills now, but it, in the grand scheme of things, none of it really matters to the market, to the stock. What does man? What's the, what's the main thing. What's been the driver of this route and he's right. Okay. Rate's fine. But now, and rates are going down.Okay. That's be going up. I mean, don't, don't tell Paul that, but that's, don't fight this ad, right? Say for years, don't fight, the fight rates are going, coming up. They're going up. They're going up like a quarter of a point. Okay. What are they even going up though? We're waste. We're having to start tapering yet.I mean, we haven't even started taper. They're going to go up marginally, right? Eventually, maybe a little bit. Yeah. What about, what about when Paul? Like just, uh, like when he's up for, uh, uh, in February and next year when he's up and he says, see ya. No, yes. I don't want to be ya. See ya. I'll let you guys, I've got you in, you get your yourselves.There was no way to get out. We've already had this discussion about a thousand times on the show. The only way they get out is they just keep printing money and they hope the inflation problem goes away. Because if you go back to your economics, 1 0 1 course, the only way to fight inflation and start raising rates.And they can't raise rates because the whole world's belt on debt. So they can raise a quarter point and say, Ooh, ah, we to go up to seven, eight, 10% everybody lose their houses. So, I mean, they're, they're in a really hard place. The only thing they can say is inflation's transitory and eventually go away because they can't go out and say, and even if they believe that inflation is sticky here, and we're going to have inflation for a long period of time, They can't do anything serious about it.They're there, they're buried. They're buried in this hole. They've dug and there's no real way to fight inflation without jacking up rates significantly. And the repercussions from that are too significant. So all they can do is say, tell us it's transitory and hope it goes away. Just think it is easier to go higher than it is to go lower.That's that's really what it comes down to. For me, there's nothing fundamental. Pushing us in either direction, I think. And that's the point that that's why I think we're going on the Tina trade. Why not Spencer? I mean, I'm right with this. Why I hated bonds, you know, three weeks ago and the TLT sold off significantly, but I mean, you know, people have been hating on bonds for those reasons, but now you've got the fed, you know, it's talking about actually tapering and I just can't see when inflation's running, you know, hot and we know we've been running four or 5%, even on the rigged indexes, um, index.Why are you, why are you going to put your money and tie it up for 20 years at one and a half percent? I just, you know, unless you think rates are going negative and you're gonna make it all on the, on the increase, in price, in the bonds. I think that that party is sale. I don't see, I don't wanna, I don't wanna own any bonds.I don't a few preferred stocks and those aren't even great right now, because if you're getting five, 6% of preferred stock, it's barely beating their rigging. So I think I got to own some stocks to try to keep up with it all because I don't think the printing press is even, I don't think the printing press is going to go away permanently.I think it's transitory tapering. And I think eventually if the market starts to show weakness, they'll just, you know, continue the money printing press and get in the party continues. I don't see anything changing. That's why it's hard to just go out, sell all your stocks, move to cash because you know, you're guaranteed losing, you know, to inflation if you're in cash.So, I mean, I'm talking my, like my book, I have no interest it's, it's against my, my own self-interest to be selling. Right. So why would I do that? Yeah. Right, exactly. So why would I do that to begin with, so yeah, I I'm sort of. I'm long biased because of my age, it's normal. Joel was coming at it from a different perspective, which is also normal.Joel's getting ready for, I promote that. I think we're both where we want to be. Probably, it's probably good if Joel, he's got a lot of stocks too, though. Still Joel's got a lotta what's your overall like percentage of stock ownership compared to like your, with your wealth or whatever. If you want to say it, like, you know, do you have half, half of your money sitting out and half your money in the market more than half, more than half.So there you go. So he's still at the, I probably, I got real estate though, so I don't know. I guess that's all part of the same, you know, you're still invested, but same thing kinda cause they moves up with the markets. I mean, it's the stock market crash. The real estate market goes down with it too. So. I don't know.I guess it's not as liquid, right. But it is right now. I tell you, holy crap, her houses liquid right now, you put them on the market and they are scooped up above asking and hours. In some cases, real estate work. It has never been this liquid. So, uh, let's not get in that conversation. I'm on the fence. I don't know where we're going next week.I don't know where we're going next month. I don't even know where we're going in the next hour because this market is so choppy. It's hard to figure out. All I can tell you is what has been working continues to work. The contrarion is the one making money in this market. The one that is buying the depths and selling the reps.And if you're coming in and buying the dip Friday morning and sell the rep Friday afternoon, you had a great Friday. We're saying, okay, we're coming back and you're chasing if you're the chase. You are not having a good trading month here because chasing has been the recipe to lose. I would say contrarians are making money and the chasers are not giving the money to the contrarians.Let's bring it to Friday. Cause we, we basically ripped into the clothes. Well we ripped. And then into the clothes we sold off a smidgen there. Um, I don't know what your thoughts on that work, Dennis, but it goes to what you just said, right? Just buying the dip. And so you can't call it from hour to hour.You really can't call it. But as a trader, you don't have to. That's the cool thing. And that's what we're going to talk about. You know, on October 16th, I say it all the time. I don't make the majority of my money from making calls, thinking this stock's going here or this doc going there, or this technical setup looks good.I try to do that with my swing trades and stuff. And I make a little bit of money doing that. The majority of my money is made from market and. Marketing efficiencies where there, you know, you're looking at relationship based stuff where stuff starts to, you know, make sense. And, you know, you look at the market from a whole different perspective.And I would say probably if I was, I'm no numbers behind that, but I would say the majority of the money that I make on the stock market, you know, on a daily, monthly, weekly, yearly basis is made from market. Any efficiencies, not making calls, predicting where stocks are going, but simply saying this stock, shouldn't be here.If this stock is here. And that's what we're going to talk about on that. What, and just put a final bow on this. We can do some individual stocks. The other thing that I don't like about the market is the volatility right now. Oh, well, do I have a month for you? Yeah. I mean, with the, uh, with, uh, if you, if you count the overnight range and we got within 17 handles of the Lao, we had over a hundred point range in the S and P is on from.105 hundred and six when's the last time we had those kinds of ranges. What was the environment? When did we start having those kinds of ranges? As for me, that was that you're talking about. COVID. I don't like the volatility. I, if we, if we stayed at this area and then the daily rages started to come down, come down, come down, come down.Then I know the buyers are out there to load it up. I don't like, I think the volatility. And we'll talk about this with Tim. That'd be a good thing. I mean, the reason you're seeing these crazy moves is because, you know, everyone got to buy this step. No, wait, wait, wait, wait. No, no, it's a rip. No one knows the dude it's too much volatility.If the volatility calmed down, then I would be happy. You know, our average daily rages are going up that, you know, and I'm not a Vegas guy, but I'd have to say the fact that we're selling off overnight and there's high volatility. That's why I'm neutral to bearish on the market. So if the market comes down and we start having pops over night, we should get back to 25 30 point ranges right now, a nine day average range is starting to get up towards 60, which I don't use that as a good indicator, but Hey, we're up 50 handles today.We close 30 to 80 or 43 80. We take out, you know, the hot, the high from last week. I don't know. It just seems like we're building a wall. We're getting up. We have the rebounds, but like every time we get slapped down at a lower level and lower highs, right. We are making lower highs and lower lows. I mean, that's pretty much simple technical analysis.Right? You came off here, you came back over 44 50. You came down here. You took out the low. Yeah, I got it. What do you see? More big red bars. I see more big red bars and more big green bars feature. I think we're going to chop around. And again, I think if you're chasing moves, I think you're doing it backwards in this market.There is a market to chase 2020. Was it chasing market? It's why it was so easy for everybody in 2020. You know, you think about people who started in March, April, may, and they got spoiled in the stock market saying, holy, this is so easy. I'm going to quit my job full time because I can do this as a trader.You didn't have an environment that was just going like this and all over the place, trying to figure it out. You had a straight up market. It was an easy market. Again, we look back to our longterm stuff. Spencer me, Joel were up in everything. Everything was. You know what, it's not, that's not normal markets.We're in more normal markets right now where you have stock picking. You have volatility, you have, you know, contrarians who are coming back in. You have shorts that actually can make money in this market, but you know what? Longs can make money in this market too. You can be long, only, you can still make money in it.So it's just not a simple market anymore. So I'm trying to predict anything. It's that I'm going to see a lot more red candles and a lot more green candles. And that's why I'm going to continue to be a fader of moves in this market and not a trend follower, more of a contrarian. And that's what's working.It's why Kenny click is doing really well. I hit the bed. you know what? He's buying back. You're buying the pullback. When it comes back to V watch your it's a naturally contrarian strategy. You're buying dips and selling rips with V1. So that's what is working. There's some market environments that just trend falling works like half back, half of 2020, you've got identify the market environment that you're in.And then if you're using your core strategies, you're going to win more than you're losing as long as you've identified that, Hey, chop has continued, but if you think we're going into this, just rip, roar, and rally, then you'll probably be happy to buy dip, not happy when you're selling the reps. I think it's going to be more like this, you know?And I think that's, you know, cause I think there's so many unknowns. I'd be happy if it did that. I would be happy if it, if it just like, Hey, we hold that loan from Friday. Just consolidate here for, I mean, that's another thing too. And we're like, well, what time? Oh, is it going back all time highs? And am I talking all, we're going back to 4,000.How about if we just do, if we get IWM pair, I mean, that could very well happen in the S and P I mean, look, I mean, how you talk about the trading range since January 2 0 6 to 2 35 to 22. You're like you're smack dab in the middle here, so sure would like to see that. I sure would like to see that breakout, but, uh, you guys want to, I'm going to take one more thing.I'm going to take it to Mitch and we did have the bet on Friday, and I got to say congratulations to Mitch and look at what I did wrong on Friday here. I just preach to everyone. About buying and selling rips. And look what I did on Friday. And look, who's listening in the background is Mitch because he just absorbs everything.He's like, it's funny. This is why you can become a very good trader. He just listens to everybody, absorbs it and makes his own trading styles out of it. I'm sitting there and ride's trading up 7% in the pre-market and I get the guts. I was like, I think it could go to 10. I think it could continue. I think you're going to squeeze some shorts in this thing and I thought it was going to go higher.And what was I essentially doing? When I was trading up 7%, the market I was chasing and I was actually, I didn't buy the stock, but as the bet, because I made a bullish bet on the show against match, I was chasing. And I was buying the rip two things, doing exact opposite of what I'm supposed to be doing, but I thought I was going to be a hero.And when you are a hero in this market, trying to be a hero, you usually turn out to be a zero. And that's what I was on that button. Congratulations, Mitch, for identifying it. He came in right on the thing. He's like, Denny's buying the rip, I'll sell it to him because he's doing it backwards. And you know what I was exactly wrong.Mitch, you were exactly right to come in. That's the fastest bet that I've ever lost on the show I lost in one hour because that thing turned around on a dime and tanked. So Mitch, fantastic call by. To actually, you know, take the bearer side of that and yes, I owe you a lunch and Joel, Joel, me. Yeah. Oh no, no, no, no.I know, I know they only did. I don't know where it was trading at in the pre-market, but the guys in there, I remember guys in the pit used to do this and let's say it was Tracy where the pre-market show is between eight and nine or whatever. Let's say he was trading 8 65. Okay. They get us goes 8 65 for a whole.And the big local goes soul. And then, but then, you know what the, you know, what makes you dead? He offered it lower. He said, sold to you. And then he goes 50,000 at age 60. So you're taking myself, wow. He just sold it to me. It ain't 65 and now, and, and that's why, you know, it's that, back in the day, there was a lot of bullying in the pet and that's what he did.He hit your bed and then he offered it lower. Then everyone's like, ah, Dennis is stuck. And that's when everyone thought they were like, oh, let's kill data. Were you on that one? Put real money in that thing. Oh God. Yeah, but that was fun. That was fun. Okay. So we haven't talked to any stocks really, but we've got the overall field.So what we just talked. So when you do that, you know, what are we going to tell you what we told you or what are we gonna tell you, tell you what we told you. What we told you over the last 26 minutes was fake trades. That's what it was. We could've said in 10 seconds, but we went the 27 minute way to say top, Patriot's still working.There's a couple people in, I try to ask them about Tesla. So let's just move on to talk about tests because, uh, the bottom, why was, uh, they are their Q3 deliveries, uh, we're strong, we're strong. They came in above. Basically every estimate that I saw, they delivered a little over 241,000 cars. Last quarter estimates were in the two 20, uh, ballpark.So from 2 41 to two 20, it's a nice beat. There almost all those deliveries were more model three and model Y and that's basically what their bread and butter at this point, uh, that 2 41, a, a thousand delivery figure compares to a 201,000 in the prior quarter. And it comes in the face of, uh, companies like GM, uh, coming short on their deliveries and blaming the global shortage of ships.And Tesla said, aha, that's a fad. Because we can come in above estimates despite a global trip shortage. So let's see the chart when Bush was level in this report or over the weekend. There's not a lot not to like about, about, about the non-stop. Yeah. Good numbers there. They're showing how it's done has been doing a lot of things.Right? One thing is, and Kathy woods goes on her Twitter rant saying, well, yeah, Tesla didn't have any problems with chips in a wise GM and Ford having the problems with chips. He's saying it's all BS. Well, when you're only selling a fraction of the cars that GM and Ford, it's a little bit different game there to Mrs.Cathy would. But anyways, we can't argue with Tesla. The numbers were very good. So instead of trashing GM and Ford, she should have just been talking the Tesla. And obviously, um, it, it it's rightfully up here today. Those were excellent numbers with that being said, it hasn't been the market to buy rep. So I'm not changing my tune and buying the breakout on Tesla because I was trying to buy a breakout on ride.And we saw that worked for me. And also Tesla got a lot of highs, eight 50 to 900. That's a long way. Um, I still, you know, it's still definitely bull trend. You know, we've been talking bullish on Tesla, on the show for a little while here above seven 50th said as long about seven 50 poles are clearly in control.They still. Again, I'm not buying out of the day. It's up 21 points and it was up even more than that around. Yeah. Yeah. This is a interesting chart, you know, kind of a weak market, uh, you know, the street kind of leaning like a little bear, I mean, not bearish, but you had, uh, you had four lower highs, right?She had persistent sellers out there between 7 75 and 7 95. Um, and now you're breaking out or attempting to break out. And so I keep an eye on that. Pre-market high. They don't two 50 a, you get to that, you take that out, keep going 8, 5, 8, 10. I think the longer you take to take out that pre-market high, more of a chance of a fade.What was your high from last week, your high from last? Well, that's a good number. I mean, that's a good number to 7 99. So there's your zone. You're trading at what? 7 95 and a half. So it's off the high. Let's see if the bulls can get it back. I mean, I'll give credit to Jason Rasnick, uh, for saying, I mean, three years ago that we are, you're going to start seeing more Teslas on the road.And I probably see, I don't know, a Tesla a day. I'm not sure. Yeah. There's more than that. Even, probably than seeing a Tesla they're there. They're out there. I mean, Jason's been all over this. I mean, you can give Kathy all the credit in the world, but Jason Rasic model over this call too. Oh yeah. It's been the biggest position for a long time.Well, it's basically made his life like let's test the call made his life. He used been everyone, you know, has that. Call that made the wife. This is Jason's call. I mean, he's been pounding the table for like sick time. He's been on the show. He's been on this for seven years. Yeah. Right. So like maybe more, I don't know.Um, so congrats. I mean, Jason's been all over this, so great call Jason, um, other stocks here and we always have a lighter earnings week, but try to talk to your oil spill. Let's go to the old school general. If you're going to be responsible for an oil spill, you're going to have a bad time. Uh, and the company at the center of the spill off the coast of California over the weekend in orange county is publicly traded amplify energy.A M P Y is your taker, uh, responsible for 126,000 gallons, uh, off the coast of, uh, of orange county, uh, from Newport beach, Huntington beach distance of like roughly six miles is what they said. Um, they said it's already been the source of the spill. Uh, the Piper has been, has been identified shut off, but now they're gonna be able to clean up a and B why is your take care of the day?And, uh, yeah, not, not. Not fun. We always say fundamentals, chop, uh, Trump technicals. And in this case there, there's no better example than this. Here's a stock. That's been straight up for eight straight days closing near the highs on Friday. I don't know why the stock was blasting off for a bit. That is all gone.And then some from obviously an oil technical, throw them out, throw them out the window. When you have an event like this happen and boom, you know, you go all the way back down. Uh, people will say historically, you know, you can buy the dip on these things. And these things work. I had somebody give me the example of BP.I will tell you the opposite because when BP had the oil spill, that stock was 45 or $50 a share, we are now a decade later. And it's a 27. It has never ever come back from that, which is incredible to think about. I mean, a lot of oil stocks have been depressed, but it never came back from the oil spill.So I don't know, man, and viewers and BP, as an example, it's hard to recover from these things. Wow. I mean, just people are just jammed in this. Look at this. I mean, you could tell the last eight days from four to nearly six, I mean, there's a buyer two bucks here. I mean, they making that painstakingly obvious here.You've gotten an under two bucks a couple of times, 180 5, 1 90 a see those low. So now you're moving up. So I have no idea what the short interest is and this, or whatever, but you know, if you're buying the depth at maybe the Stupak area, just the way it's traded on the 15 minute and the hourly, there's a good buyer there.I mean, look, I mean, this is here. This is Friday and I don't even have two bucks on this chart here on the day. We're like, we're here, we're beneath this line right here. So we'll see. I mean, there are buyers coming at two box where if this thing on the upside, I don't know. Cause you're gonna have all these like short term buyers deal people there.Huh? I'm not in the stock. This is like a crazy move. No bite at 2 0 5 and solid 2 25. I don't care if it ever goes back to that area, but, uh, boy, tough. Lot of people jammed on this one. Ah, cause it wasn't like leaky. It wasn't leaking into the oils fully intended. I had to do it. It wasn't leaking into the oil spill.It was running into the oil spill and it ran and ran straight up. Nobody saw this one. I don't even know what to say here. I mean, it was all mobile. I mean, if you want to put, if we're going to use a chart for not chasing. And, uh, for the event, this is it. Is there anybody else that saw affected by this or, uh, because of it?Yeah, while I was always out or oil's up a little bit, what's the name of, wow, we'll see. Amplify. GM, there was a new activist stake. So these things coming out.So the same from that, that there's something else coming out the same from that. There's a couple of things. Uh, there's multiple components here. The first headline was the same from that one board seats on ExxonMobil, uh, has taken a stake in GM engine number one. And also there were some, uh, cruise guidance, uh, Chevy cruise guidance, um, that they came out with.But also I will, I will add that. And I mentioned this on Friday. I definitely said this on Friday is GM has their big annual. Um, w whatever you want to call it, like an investor, invest your day, whatever, but it's like, it's like a multi-day affair. Um, and similar to basically what Ford did right. With their, uh, their, they talked up their Evy spending and investment and yada, yada, yada, um, that's going to happen this week.There's going to be a lot of easy headlines with GM this week. A lot of Evie headlines. So I, I mentioned that as a potential catalyst on Friday, I didn't realize it'd be this morning, but there there's, there's going to be more headlines coming from GM, gave a five-year price target of one 50 dentists.Wow. Who is this? Chris James, because James. One 50. Wow. I'd like that that'd be good for me. Uh, I rarely add to losers. I rarely, rarely add to losers and I added twice to this. Again, I added, I added summit 49 and then I was like, no, I'm buying even more at 49. So I believe GM is now one of the biggest positions in my long-term portfolio.I don't think it's the biggest, because I have some, some pretty big positions that have just grown over the years. But for like an initial position is about as big as I start now, I might be wrong. And obviously I'm up, I'm up 10 or 15% now, but you know, a month ago I was actually down in it after being up significantly.So I don't know, it hasn't been one that's worked out great. The technicals aren't as good as they once were because now you do have some overhead supply issues here. But with that being said, I still think GM's going to be a major player in Evie. I think for it's going to be a major player in Evie and they remain whole and they're fairly cheap stocks.Um, so, so look out for, for GM headlines, there's going to be more coming the last time when this thing went into the 60 handle, it was 64 30. It was right. They did one of these dog and pony shows too. I remember that and everything. So maybe it's in for one of those. I don't know if it's going to go back to 64, but I remember them doing that.Boom. I mean, you're getting back half of this move right now. Right now, 50 pre-market high, just under 56 is a big boom for jam. I'd keep an eye on 55 91. So you break into that 56 handle. All right. It is 8 37 on a Monday. Y'all know what? It's time forconstruction Mondays with Tim. Quoss the founder and CEO of market structure edge. Tim, how was your week? It was good. Thank you. It's beautiful. Awesome weather here in Denver. And we just came back from Austin. I was soaked in sweat with Neil Hamilton on a show last week. Cause it was 95 degrees down in Austin and uh, yeah.Yeah. And I was sitting outside, you know, and uh, uh, here, it's chilly. You guys look good. I caught a little bit of your, uh, your GM discussion. Okay, well, let's talk to you and give us the, give us the summer constructure behind GM. Is there any, you know, let, let, let's just see if the market structure likes it.It's one of the biggest positions I've got. Cause I just think it's going to be a major player in Evie and I don't think the story's going on. But, um, give me, give me what the market structure can do. And Joel, I, I was laughing about your dog and pony show comment because, you know, that's my profession, the, the investor relations profession, uh, and, um, uh, Ford is a customer of ours on the data analytics side, uh, the public company, data analytics.Well, I have spent 26 years in the dog and pony show, uh, kind of profession, the investor relations profession. And you're right. These animal states are a big deal. You know, a tremendous amount of effort goes into a, who's going to say, what and how are you going to present your story? And, uh, the pandemic changed the way that this happens.It didn't use to be. Uh, a, I don't know what they're doing, whether they're doing a virtual event or in-person event, but Ford's was a big virtual event and it was a huge hit. Uh, but it's been a period of, uh, adaptation for the storytellers, the public company storytellers, the investor relations profession.Uh, but let, yeah, let's get, let's take a look. So, and by the way, if you, many of you use edge who tune in, or, or you're familiar with edge, but you can follow along. If you like, it's free to you just go to market structure, edge.com. You can put your name and email address in and you can do this. It's something I think is very important to think about.There are, uh, you know, there's the fundamentals of a business, uh, how they might, may perform over the long-term. I listened to most of the Chris James, uh, interview this morning from engine number one, uh, on, on squad. CNBC squawk box. And we could talk about that too. It's that w we have, we have been a party to many, many, many battles with activists.Uh, so starboard, uh, Carl Icahn Elliott, you name it. We have, uh, our data has been used in those situations, so we're very familiar and, and engine number one is a different kind of, uh, activist fund. In fact, they're trying to back away from that a little bit, here there, they're saying that they're not taking an activist approach to, to GM, they're taking a collaborative approach.They believe that the total commitment to a battery electric vehicle not hybrid, uh, is the, is the approach for the future. And that's what Mary Barra has done at GM. Okay. So let's go take a look. I think you can see this now, right? Okay. Yeah, not quite yet, but there we go. Okay. We're hide that. And I'm going to use the, uh, this is the beta version of, uh, edge 2.0, we're going to release this to the, it's been in beta test for a while here, but it's a, it's a, it's a browser app now, which was, it's really cool.I think it's a fast and pretty, pretty slick. Uh, but if you want to try it, this beta version, people just let me know, send me an email TQ at market structure, edge.com. I can put you on the beta list. Okay. So I added Ford and GM to this list while I was, uh, sitting in the green room and let's just look at GM.So here's, here's the, uh, I think of this and supply and demand. So for, for those of you who don't know about market structure, the behavior of money behind price and volume, uh, we're measuring supply and demand. Uh, and it's a 10 point scale. The more time stocks spent above five, the better they tend to do.So, a great thing to do is just, let's just look at GM year to date and say, well, how much time has it spent, uh, above five, uh, will it spend a lot more time above five until about June? And it's had trouble since, but look at this buildup that we had before this news. Uh, so, so, uh, when the stock is above four F five or above five, I like to say you buy rising demand and falling supply, because that tends to lift prices.It's the same as in the economy. Uh, if the supply chain is, is struggling and there's solid demand for something, the cost of it goes up. Uh, the lumber was an example during the summer. So here we have rising demand. Here's an interesting thing. So this is see this explosion in short volume, short volume is the percentage of daily trading volume coming from borrowed stock.And this has a sort of mean stock characteristic to it. Believe it or not. What happens behind the scenes is if there are no actual sellers, there are a bunch of folks like Dennis who have big positions in, in their long-term portfolios in GM. And so there's no stock for sale. Uh, but then a whole bunch of orders show up in the pipeline to buy GM at higher prices, limit orders.And, uh, and so brokers can manufacture stock to fill those that's part of how we have a continuous auction market, and that is absolutely happening here. So that could mean that you get a real pop in a GM it's past. Overall, I would say over the year to date, it's not been great. It's spent a lot of time, uh, below five.And that's why you haven't seen a great performance. It's a supply demand issue. Not a story. Yeah. It's kind of just hung out. I mean, we started the year around the same price that we haven't done a lot. We're up a little bit on GM. Obviously January had a big move from 40 to four 50, but after February, which is the story for a lot of stocks and the overall market, I say after February, there was a lot of stocks that have just kind of in shopping around going nowhere.And you can see it in the IWM. I mean, from since February the IWM is. So it's, it's been a market where I've been arguing that contrarians have been getting paid and, and if you've been chasing moves, you've probably been paying the contrarians because we really haven't gone anywhere in the overall market for about six, eight months.Yeah. It's very, it's a, it's interesting that you say that Dennis, because I think about it from a broad market perspective here, this is our, uh, it's an algorithm that tells us about the supply demand balance in the broad market. And so that's this part of the graph. Uh, the, really the, the seismograph is S P Y proxy for the S and P 500.And I too have been saying since, since about April. The supply demand equation has lost its its lost its mojo. Uh, it's not that it's been bad. You can see that the line has stayed between this green line, which is 4.0 and the red line, which is 6.0 and right in between is five. So if you're, if you have a five to 5.4 market, that's a growth at a reasonable price market overall, but you see it show up more in the broad measures than the full composition of the market.You know, half the S and P 500 as of last week was down more than 10%. Uh, 90% of the, of the IWN the Russell 2000 was down more than 10%. So you might say, well, how is it then that the broad measures are showing gains when so much of the market is not, how is that possible? And it's because of, of statistical say.That's an important thing to understand about exchange traded funds and exchange traded fund. We'll pick a basket of things that are representative of what they're trying to track. And that basket is probably going to be the better performing elements. So then if you own things that are a part of whatever it is, let's say the communication services, uh, exchange traded fund, which, which, uh, the ETF holds like 20 components and there are 130 stocks in that sector.Well, if you're holding those that aren't in the basket, they can go down and the broad measure can go up. And the same thing happens here. But I agree, Dennis, that the, the momentum came out of the market about in April. And so ever since then, we have, we have struggled. Uh, we had a very good day on Friday, which the data predicted, I sent a note to the, uh, edge users.I expect with this turn and sediment, we're going to have a nice move, but how long it lasts will be interesting. Right? You can't. If we can't get back to five and stay there, we're in trouble. Sorry, Tim. There some demand in the chat for you to look at Alibaba Ali Baba, before we get into, I just want to say the market.And Baba goes down. The market goes down and Baba goes down every single day. The stock just goes down and I have it in the longterm portfolio. We know I sold half of it back when we didn't know where Jack ma when it was two 40, I wish it would have sold it all because it's now one 40. This stock has got to be the most hated stock out of all the mega caps out there.And its valuation is cheap, but I mean, when he got the, you know, China communist party actively fighting them, um, this is what happens. So what's market structure say here, cause this stock just doesn't stop going down. It's miserable. I'm looking at the amount of Constable miserable. The shareholder here to tell you that seven year lows.It's a, so there either you could say, well, there's a faint chance. You know, there, you may have, if you're in it and you want to get out, you may have a chance in the next week, uh, because demand kicked up just a little bit and supply went down, but just look at the chart here, this, so again, demand on top.The green part is, is a sentiment that this, this is price and, and when a stock spends that much time below five, it's just no good. I, you know, that's all you can say. It's, uh, the demand for this stock just isn't. You're a Tam, if you're able to stop and you're trying to get out, you may get a chance, may get a check this week, but right.It's a, it is just not good, but there, yeah, I don't buy don't don't sell, falling demand. There's no sense doing that. You know, I, I say it's like the freeway. If you miss your exit, uh, don't compound the mistake. Just go on to the next one. You just have to take the next exit, but it, but you know, so if, if the demand side rises then leave, cause that may be the only shot you get.It happens to, it happens to all of us. Uh, I did this with discovery. Uh, last week I was not paying attention and it was 10 and 59% short and I should have been out. And so, uh, uh, I lost a little bit on that. I'll show you another one here. Here's one where, where I kicked myself. So I looked at this on Friday and I said, oh, I should buy this.And I teed it up and my interactive brokers account, and I didn't do it, but here's the key. This is what you want to see. This is the exact opposite of Alibaba. Uh, see this rapidly ramping demand side and supply side. Well below the trend. Well, that's how you get a 12% gain in a day. That's what you want.Uh, and I keep a momentum portfolio to look at with a set of things that spend a lot of time at 10. And, uh, uh, I always profile them. I'll go back test to make sure that this will work, but that's the kind of stuff that you want to buy. Tim is the founder of market structure edge. Joining us every Monday from market structure.Monday is mark instructor, edge.com is your link. Tim, always a pleasure, Tim, Tim, if you, if you miss your accent and there's no cops around, if you do a U-turn, you could, but you might, but you might be going the wrong way down. Don't back up on the freeway. Don't back, back on the freeway. Just see if it says emergency emergency vehicles only just that's not, and that's not driving advice here.We don't give trading advice. We don't give John. Thanks a lot. All right, let's do some mark is coming back. I just want you to know y'all we, oh man, we're almost done change to your down three and a quarter. That's it that we're down, we're looking at unchanged. That's 43 75. So if you're looking for on change on the session, that's what you're going to get.Let's just start. I want to do upstarts. I'm going to just, uh, Noah wants to know upstart. I want to talk upstart here too, and I'm going to take it, uh, ugly candle Friday. We've got some people you're breaking trend here. It's a very steep trend and you're breaking it here now. Um, I've, I've, you know, obviously Kramer's bullshit for awhile.Um, the stock has been an unbelievable performer. It always kind of depends how you draw the lines, but you can kind of see the steep line. Joel, if you take that Jeff Mackey purple crown draw, you can see that you're just breaching trend here. Now there's a lot of Arab lo I think I'd be a seller of rallies into this, uh, there, see if I can actually do that a poem, a trendline for ya, but wait, while Joel was doing purple while Joel was doing that, I have, uh, a joke and it, it, it smells like upstart in here.What's up start now. That's like, what's up dog? What's up starting now. Okay, fine. That might be the worst joke ever.maybe somebody in the chat. Got it. But is there any, is there any, I'm sure there's no big cup of red bars. Three out of four red bars, uh, were traded down for box it's only on 12,000 shares. Uh, we did. I think we did break the trend line. Let's see. Oh, wow. But we're not even a yesterday's low yet. We're not even at the love from five YAG to 85 55.So we're down week. I was sick, really looking at it daily.I mean, maybe you get a look at it. If you're that perished on it today, you might get a look and on change 98, 77. What's wrong with that. If you're yellow, if you're leaning that way, but long ways to go down to yesterday's low at 85, 55. I wonder your merch for a second here works at 80 and 85. Is it up today?Because you know why today you're going to get COVID another 4% just because, oh yeah. Don't forget that. The merch pill. Yeah. Yeah. Wow. So wanted to give it back on Friday and then it can, it gets a lot of love, you know, I think from media, obviously over the weekend, everybody talking about everybody's coming in again, I'm long merch and the long-term portfolio I've been in there forever.I'm probably not going anywhere. I will talk against my book and say, if I had this on for a trade, I'd sell it. But it's been in the longterm portfolio since 30, I'm holding onto it. But, um, I. I think, I think you're supposed to sound this news, to be honest, I think this will stop. You're at your February high from last year at 85 0 3.You kissed that you traded 85. So if you've been waiting this out of there, since the pandemic, there it is 85 0 3 almost got there in the pre-market or your next monthly high is not a way. It's a ways away from that. 87 83. So, uh, keeping an eye for file through, through the pre-market. I think if anything, you'll see, you know, if you want to buy this today, no guarantees, but the way it moved on Friday, you might get a chance to get a little cheaper here than up 3 29.If you're playing it from the long side where that is, what's the top of the range from, uh, from, from. Maybe if you get a quick bolt down to there 84 34. So if you're not afraid to, you know, uh, gaps, I bet you, you could get long narrow at the top of our Friday's range, 84 34. All right. Maeve was asking about Regeneron, which is trading off the merch.I I'm a horrible call by me here to add to a winner. I never do that. And I added that the winner and I raised my cost base. I bought a 5 75 and I bought more at six 40 on that pull back or 6 45 on that little consolidation. Cause I thought it was consolidation go higher. And then obviously the Merck drug just implodes the position on Friday.I still think it's cheap. I still have it in the longterm portfolio, but holy macros, bad called add to that. The longest Merck's going up. And they're saying all these things are going to be under pressure. Regeneron is going to be under pressure alternative, right? Pfizer, shrugged it off. And we talked about that.I buy the fight. Pfizer is cheap enough. I don't know about the buy-on tax and all that, but Pfizer's cheap enough. I own FI's and long-term portfolio. I still think Pfizer dip has to be bought. Okay. Let's keep going here. Got five more minutes. Left a few more tickets on the chat. Let's take a look at CloudFlare net.It's been awhile. Yes, I know. It's pretty good. Oh, the trends broken though. Man trend broke here to resistance up at one 20. Now major resistance up at one 20. I don't like that. The trend is completely broken here. I think you're selling. One 20. What about getting through that wall? One 15. There you go.Yeah. Three high. Yeah, yeah. Uh, below. And if you take out that low from me out, you're a ways from it. But uh, you take out that loan from yesterday 1 0 8 93, man. It's just not a lot in there. Only one daily low. Protecting it from 1 0 1 0 5 61. But boy at night you might get a shout at that one 15 area today.I don't like the chart. All right. Here's one of them slow black. We don't look at talk about ever empty. Oh, our Meritor, the industrial, the, uh, um, that'd be a headline on it. Straight up. 7%. I don't know the headline. Oh, you're right. Industry of 7% headline here. I don't actually look, bro. Hello water got blah, blah, blah, blah.Uh, no, we got it. I got it. I'll go hunting further. Cause it's not, it's not the most. Is this a Reddit stockportfolio? Wait, this has got some GM. Yeah, it might be turning up with GM.They're a, they're like an auto parts manufacturer, right? Yeah. Parents, parents on our, Ooh, wow. Kind. An article on this buck off that Hyatt 20 and a pre-market you got the 25 30 August 16th. I had 25 34. So let's get up. Let's get back up there, test that, that your resistance, uh, but longer it takes to get back up.That's a big move for a, a stock. Uh, maybe if you want to buy it, look to buy it on the cheap. Ooh, 2277. That was the top of yesterday's range. So look for that. 20 to 20 22 77 support resistance with that pre-market high coincided with the August high, pretty good resistance from Friday and this overlooked parts make us from Barron's.They'll have the title. It just give you the title of the article. It's all I need. Now. This overlooked parts maker is ready for an Evie future it stock could double. Wow. That's your catalyst is parents. Wow. Oh, uh, here let's take a look at, uh, Altria M oh, they got to hate on a Thursday, on a Thursday, the international U S international trade commission wrote that, uh, Altria had to infringe on a patent.So they have to stop selling these, uh, I Q O S here too heated tobacco devices. Cause they infringed on Reynolds American. So that's what the news was on Thursday. It's got an awesome dividends. 7.8, 3%. It's hard to buy those ugly, ugly candles. I think let it, I'd let it sit and consolidate and make sure it's not fall through happening here.I'd wait for a consolidation spot before the striking. I think you're early. If you strike, it might be the bottom, but it might not be. So I'd wait. 44, 89. You got a nice pop off that. Let's see if it comes down the see of 40, if they really want to make this a 45 level. I mean that's on the daily. Not much.They're on the monthly's uh, cause you dropped. Oh yeah. 45 16. Uh, was your law, uh, in April. So let's see. See if the big boys step up here, defend 45 over the next couple of days and then turn back up. That's a big, that's a big downhill. Maybe you can make one of these. See how I hit this 49. Maybe they could do like a 45 or like that with three, four loans in the same area is 8 59 guys.Any final thoughts before we send you on your Merry way? Nice climb back. I like to see us get over that close at 43 75 hold and then, uh, you know, challenge that pre-market high. That's all. I'm looking nice. A nice rally bud. Buy the dip overnight, the skid unchanged, and then work our way into, uh, the pre-market high.And that's about it for me. There's one imbalance jumping out to me and that is Merck 1.2 million to buy right now. Projected open is $90. That is obviously very early and it's not going to open that high, but wholly is a huge buyer. And there this morning, I see you up there, Dennis. I'm just kidding. All right guys, have a good rest of your day.I want to bring money Mitch on for a second, but before I bring Metro. Let me just say, I have not asked all to hit that like button today. So let's go ahead and do that. We're only at 273. Let's get like 500 likes. I think we can do that. Second thing I want to say is next week, if you can believe it next week is our, our first in-person conference.Since before COVID the Benzinga cannabis capital conference, it'll be a hybrid event. So there'll be some virtual aspects and some in-person aspects. Uh, it's a two day event. There'll be 30 next Thursday and Friday. I will be there myself. It's at the Marriott Marquis in times square. And, uh, here's a quick preview.Um, oh, wait, no. When a trailer is not here, I'm sorry by that. Oh yes. Yes, it is. Here's a quick preview of what to expect next week and I highly recommend you all check this out.all right. BZ cannabis. DattoCon quick note, Matt habit. Who's usually on at this time on Mondays, who'll be on with me in three hours. He'll be on it. And. With me on this channel. So Matt Hammond will still be on today. If you, if you miss them, don't worry. There'll be on later. I promise. Let's bring money bitch on for the next few minutes.It'll be Mitch and I, and then, uh, we'll head off into David Green at the open, but Mitch, uh, good morning. How is your day going? How's your weekend? Good morning. Good morning. First thing I got to say is go graze Yankees sneaked by. So give you that. I was thinking about you yesterday. Almost texted you, but I, but I, I didn't want to jinx anything.I didn't say anything, but it was, uh, it was a very stressful Sunday for me. I'll tell you that. Um, and w w Mitch, we may talk about this again in a couple of days, but I'm not going to count my chickens. Let's go ahead and let's take a look at the market is reopening trade really on? Let's take a look.That's what you're asking yourself. Isn't it right today is I, I know that you've got so much. You've you've got some interest in the reopening stocks. Yeah. I, you know, I took some swings, uh, overnight. I have CCL, um, not looking too bad. I have this underneath, uh, 26. I have it at 25 95. So looking for 26 to hold today.We're right now trading at 26 40. So if we take a look here, we're already trading up in the, pre-market starting to push on up. We'll see if we can get up up that level. Get towards 26 50 today close at 27 is what I would want to see. Okay. So let's take a look at some of these trades right now. So of course I'm also airlines.I mean, you guys saw a couple of those. Take a nice push a L you can take. Here. If we look at the airlines overall, this is an index and a nice push on up that we got last week, a U a L really strong candle, jet blue, another strong candle. Those are my two leaders that are to watch. Um, and then from there you can look at some other names to see how they react.Dal, look how that's been pushing really well. We'll see how these continue moving. Um, but surprise you, you have a, you have a swing long in carnival is how you just said yes, long and carnival. And I'm also swinging long and ULC frontier. I always forget about that one. How was that? It doesn't look terrible.It'd be like, compare it with like the other, the other airlines. Um, I, it's hard because there's so little history. Exactly. So my idea is for this one to come back to that IPO price, right? It opened the app. Oh, 1861. Interesting. And if it could come back to that level where it IPO mode, you know, in eight.Oh, so the, the IPO was priced at 19 and it opened below that at 18, like you said, 1861. Wow. You don't see that everyday. That's what I'm looking for. That moved back up to that level. It doesn't need to go past that. That's not what I'm looking for. I'm just looking for that IPO level. Would you have, would you have like a target on the downside?Downside 16, 16. Okay. I'm going to 16 to 1930, 50 cent risk for $3 gain. Let's do it. Let's keep going. Let's go to the next one. This one's going to surprise you. I'm pretty sure let's go to a M C I'm liking this chart today, Spencer. Yes. I said. A M C I am bullish this week. Reason why Spencer is reopening trade, right?If this is really going to start moving with the reopening trade, one thing that happened this weekend was a post reopening record and attendance of 3.9 million. I saw how this continues to affect the industry. One thing that I am looking at is if the reopening trade is really on AMC, GME are going to lead our way, baby, let's go ahead and pay attention to those.Today. I have a feeling you might be looking at me at the end of the day and being like, man match. Come on. But one thing we need to see is continuation. So for AMC 37 46, he's a hold on any pullback. I love the hourly chart. Look at this sideways action from that pop that we got on. So we've got a pop above 41 78, pull back closer towards these 37 46.Now I want to see 38 hold on that pullback and really push towards 40. Once we get that push towards 40, I'm looking for a move up towards 41 today, and that will start setting up this chart to really look bullish. If it gets back above this high, which is 41 78, and we get into the 45 range, I think we could end up at 50 by the end of the week, GME also on my watch.Really nice chart. Actually, if you look at the weekly, we're starting to get towards these levels. What I like is on the daily chart, you have the 200 below you. Just slightly above. If we get a push towards 200, the 50 is going to be right underneath it, really giving it that support. And we could see GME make a move towards 200 this week.That's going to be my call on GME. Let's keep it going. I want to, I want to keep bringing the fire TripAdvisor on my watch. If the reopening trades on this is one that could get moving $40 is going to be really important for TripAdvisor to get moving here. Um, if. Uh, booking BK, N G look how this one's been starting to move up towards the resistance, trying to break through.That's why I'm looking at these guys. Another one that you can look at, if you like a little cheaper stock, T R V G Trivago $2 and 60 cents. Wow. I've lost track of this one. Is that $2? Yup. You got that, Spencer. You know, I like to keep my own, a little bit of a cheapy TV play. I remember when it was. The whole digits that was awhile ago, I guess the holy cow look at the weekly chart.It's come back down all the way from this breakout. Um, in January it looks like we could come back for another move. Right? Last time we made a move up was what we started to move back in October. It kind of dipped down and then we broke out into November to December to January. Let's see if we get another pull down, maybe two fifties and then a big push towards two eighties, $3 is what we want to see on to continue making moves.I've got one that I'm, I'm very, and there's nothing new. Been listening for awhile. Uh, but I'm very concerned about here is Facebook. I don't know if you saw the 60 minutes story last night, there was nothing that was like that new. It was just like more of a continuation of events, which is that Facebook has all kinds of problems and the negative headlines via be it from the press or from, uh, Congress are not going to go away.If you look at the Fang stocks. And so we made those all time audits back. The end of August, Facebook has lagged the group by up not aiming. Uh, margin. On the other hand though, I still feel like the market is not fully appreciating the problems that Facebook has. Uh, so I am strongly considering, uh, buying some, uh, long-term, uh, put options or selling some long-term calls because I, I, I think Facebook is, uh, is in serious trouble here.I think they're legitimate danger of getting broken up in some way, shape or form. Uh, probably, I mean, definitely not this year, maybe even not next year, uh, at the, at the pace our, our government moves, but I think Facebook is in real trouble and I think the, the negative headlines are not going away. Yeah.I think you gotta be careful about overall big tech here. Um, because if you take a look at it for the year, They haven't really done that. Well. All right, Spencer, um, you know, let's just zoom out. Let's take a look at those. I mean, uh, yeah, let's just go start on the year that, I mean, they they've done PR I mean, Amazon, which we mentioned earlier in the show, right?Amazon is having a bad year for Amazon standards, apple two for apple standards, but Facebook, Microsoft, Google, and I didn't even put, let's put Netflix on here. Netflix is that all time highs. So, um, I mean, I went to, they're having bad years, uh, you for, for the first, what, eight months, nine months of the year, they were pretty much the only stocks you wanted to own.It hasn't been the case for the past month, obviously, but I, with the exception of, I don't mind any of these with the exception of Facebook, right? I just think Facebook has some real fundamental structural problems that thicker that they're going to have to deal with the rest of them. Not so much.Amazon's running on Austin windows here, right? Spencer, will it become a, another MySpace who Facebook? Well, it's apples and oranges. Like, like, like my mindspace got, got out competitive. Uh, it's not even a word. I don't even know. Uh, I just made it a word like Facebook beat, like MySpace fair and square in bike by competing.Uh, I, but I, I think, you know, we could see a spinoff of, of WhatsApp or Instagram. I think it's not out of the question. And the Instagram is, is the growth driver. That's basically, it that's the truth. Right. So I I'm, I'm seriously concerned here for Facebook. I think if you look, go back to the last couple of weeks, you see Facebook lagging the peers, but not by as much as I would have thought.Right. So let's go, let's go into August. Cause that's, that's what the all time highs were. Uh, I think, you know, Facebook prints money and I think, uh, Frankly, not a story that's going away. And so I I'm concerned about Facebook, so, so that's where I'm at. All right. So I'll pivot here for us and let's keep going with some different trades and this will kind of lead.We can go into a crypto update also. Yeah. Let's take a look here at hut. Take a look at the names. Yeah, they had some news this morning. They wait, was it this morning or was it Friday? Maven Friday? Uh, it was this morning. They sent me mind 264 Bitcoin, or they made it to 2 64 Bitcoin in September. Uh, so the total Bitcoins held in reserve as of the end of the month, 4,724.Bitcoin is what HQT owns. All right. So one thing that look at it's been a big trend, you know, when it came down towards. Pop back up, looking strong, trying to hold prior resistance as support now. So $9 on pullbacks is what we want to see hold, but really, I mean, you can look at hut, but I also want to take a look at a different one.Yeah. TCM. Is it mining limited? I like this chart. I like how is battling to get above eight sixties and eight fifties yesterday? Well, Friday and, and finally just closed sideways here. If I think we get a big pop straight through nine, this is going to be looking really good to start coming back towards $10.Can it get back towards. I think that you're pushing it a little bit, but could we get back towards 10 and then kind of stay choppy between $8 and $10. I could see that happening. Some look for a little pop today. BTC M and of course BTB T is another one you guys can keep on watch. I think they also, I think BTBY, he also had a, I know that was on Friday.They, they had their numbers out or maybe they didn't, I don't even know. Okay. Bottom line is all the minors. Guess what? They might have more Bitcoiners with temper. That's what you need to know a real fast, low let's just do a quick crypto update.Okay. Mostly right on the screen here today. I'm a little bit, I got to say I'm a smidge surprise. Cause we did get a positive hemline, uh, last week. And again, this morning coming out of the fed at first, I said it was like, yeah, look, we're not, we're not China. We're not gonna ban cryptocurrency. That's just not what we're about to headline this morning was that they are, I don't think this is, this is new information.Uh, but that they are like investigating or, um, I think that's the word investigating is basically some kind of a digital token for the, the, the a U S a U S digital currency basically is basically the feds looking at the benefits of the risks. And, and could we do it? Uh, I would've thought that would have been a good, good catalyst for crypto this morning.Uh, but you see a Bitcoin trading in the red, whoops. Where's about yeah, big courtroom of the red east and the red, most of the majors on the red. And so I guess, you know, we'll wait and see, but, but we're coming off a great day on, on Friday for pretty much every single crypto out there. So maybe we do some natural digesting to here, but, but, but to me, the fundamental picture of crypto hasn't changed at all with the exception of the China news.Remember the China headline wasn't even new news. China has been saying they've been anti Bitcoin for forever, so maybe not forever, but for awhile. So, uh, I don't know. I'm still bullish. Uh, and that's where I'm at. I don't know if you've changed if you you've your thoughts on crypto, but, but, um, maybe this morning is a revised dev seller rips it.If it works in stocks, it could work in crypto. Yeah. I mean, I, I honestly think that you gotta start thinking about when these altcoins are gonna move again. That's something I'm even taking a look at. Why not diversify in a couple of these all coins, look for one of them to eventually get hot with retail.Again, we know how retail loves those big movers. We haven't seen a virus, a viral, obviously we've seen crypto is making big moves in the last couple weeks a month. We haven't seen like a viral crypto to the extent of a kudos coin in really since those coin. Right. So that's a good point, Mitch. Yeah.Waiting for the next viral crypto to it's been awhile. It, maybe it is a dos coin. I don't know the fact that those coins is not a zero is maybe uni Selana. I thought I thought so on. I bought some, but that's not. That's how it is, right. You, you don't know, you just have to like kind of diversify. I think, as a reminder, the crypto updates we do are brought to you by voyage Rick at $50 in Bitcoin for free.All you have to do is download the foyer app, make your first trade or fund your account with a hundred dollars. Make your first raid. You use the code Zink Z I N G. And you'll get $50 in Bitcoin, uh, for free. Um, might have to do some myself and get some salon. Hey, the Bitcoin, you, if you get it for free today, you're buying it.It's like you're buying on the dip. Let's do it. All right. So I wouldn't transition a little bit more also talking about some other plays and most people might not be looking at, or even noticing have you seen live nation recently? I know you're all over the reopening trade. So now I have not seen it. No.Tell me a little bit, Liv. Yeah, look at that. Not a bad looking chart, right? That's a strong candle right there on the breakout. I wonder why it's interesting, like virtual, is it like virtual? I mean, it's weird because I was thinking that, you know, then Madison square garden would be ripping, but no, some square gardens got their own problems and they got their own problems.It's got nothing to do with in-person events and more to do with the collapse of the regional sports business model. But, uh, thank you. Thank you. I mean, at least, yeah. You're helping me out here, Spencer, because I didn't know why that one was so up and this one was so down. Yeah. Yeah. I am it's MSG S right?Yeah. Yeah. This is the E MSG MSG. Right? They've got separate monopolies, but, but yeah. Why nation? I wouldn't, I good call out all time highs. I would not have thought of that. No, no. Oh, I V ripping through the top almost a hundred dollars. Could do a hundred today for you. Yellow traders trading at 99. Nice round number, right?Why not? It's like a dollar magnet, a hundred dollar magnet rasa from the short side. Right? If you want to. You're short it and your, your stop is 100 and a quarter, 150. I don't know a good level to go on the 50% retracement of this bar. So we're talking about a, about a 7% move there. So somewhere near here, 96 50 using that other level to attack could be a move today.Restaurants is one that I want to take a look at that I didn't see rip Spencer, but I'm going to look to see if they rip this week. Um, so it has a nice, this is the index, nice looking kind of sideways pattern. If we start ripping, we'll look for some of these. Um, but let's take a look at what's up. What's moving in here in restaurants.I don't know why, but they put Dave and busters under restaurants. Well, they are, that's a restaurant. I put it under leisure, but. Yes, sir. We'll keep it there. Yeah. Let's keep going. Let's go towards another one. BJ's restaurants setting up for breakout through 45. We'll look at that one. The one that I'm looking at, uh, Spencer boroughs, the boroughs to get hot again.I never, I never reached out to them. I might buy today. Spencer. I might buy it. Hey, you've got a low you've got to go off of, is that from Thursday? That's what? Thursday? 41 48. Which retracement? I've been working on? My Fibonacci's here. Okay. Um, so 38 points. That percentage held pretty well. And then it's been holding between the 50 and the 38.So you want it to get it, get strong through that 50 retracement start pushing towards 50, and that could give us our look that it wants to come back towards 55. We'll see if it gets strong today. I like 55 or 45 hold like a little quick down, move down a breakout towards the end of the day. We'll see if that happens in bros and we know how it's been.Um, but let's take a look at some other one of these restaurants and just want to call some out while you do that. Can, can I hop off? Are you able to manage it? Okay. I have to hop off because I'm going to get David Green, ready to go at 9 25. Dave will be alive trading as he does every Monday, Tuesday, and a little bit Wednesday with us, uh, until 11 o'clock.So I'm going to get David Green going today and I'll see you guys over there, Mitch. We got you, bro. Like always guys hit the, like for this guy, Spencer Israel coming in every single morning with the news, bringing you guys through to the open. And now he's going to be bringing you with DG coming up next.Let's go ahead and finish off here. Before I continue going, can we get 500 likes? We need 75 more. You guys, you guys give us a thumbs up for going through these stocks. And for me, trying to give you guys my watch list, exactly what I'm looking at and how I'm trying to approach it here. All right. I want to take a look at some of the names that are being mentioned in the chat before I keep going, it looks like Pelon tears being mentioned in the chat, but you guys throw some up, but before you do that, like always hit the like, let's keep it going.Let's see what we're seeing out there. So Ruth is one that definitely cake, keep these on watch. I have a feeling you're going to see some of these restaurants start making moves. So Dan Danny's two, uh, Take an eye on all these cause they could start making a move up. We'll see what happens on these and continues making a move.All right, let's go into Palentier Palentier here. Maybe wrapping up soon, guys. I'll do one more stock after Palentier. You guys smash that like, and we'll see if we get towards 500. All right. So Pelon tiered finding support here at 2368. That's kind of the level that I go off of. I'd really want to see this one to get right back above 25 immediately.But if it cracks 2368, you got to get out because it could be heading back down towards 2055. And I wouldn't want to be caught in that bag. Lucid is another one that has similar situation. If it doesn't get back above the high 25 today, I could see it breaking down towards 23. And that's not what you want to see because you could get.Uh, caught in a bag coming down towards 1725. Again, just be careful, just needs to hold those levels. All right. Going to really quickly, how many we got in the chat? Let's do coin right? Quick clean. What do we see here? A nice bottoming by two thirties needs a whole two thirties. Um, that's, that's pretty much it for that.Uh, Starbucks, Starbucks just needs to hold 1 12, 1 pen on downside for, to come back towards one twenties, but just be careful because of the China trade continues on the downside. Starbucks could be drawn down with it and be all about holding really this, this probably low right here. You got to start holding tighter and tighter 1 0 1.Fifties is what I want to see. Hold. If it goes down to 100, again, you could break down 100 and be heading down towards 90. All right, that's going to do it for me guys. I will bring you guys over to DG. This is live trading. If you guys want to see a live trader taking trades right in front of you, where you see exactly is entries and exits stick around right here on Ben Zynga's YouTube.And like, oh, these guys hit this. One of the things is if you're a new viewer and you just started watching this, we covered the markets every single day, and this is what we're going to do and continue doing moving forward. If anything, we're going to keep doing better and better. We're going to be opening up a new middle that they show is going to be combining all the aspects that we've learned in the past year to bring you guys a better show.So first things first hit that light hit the subscribe. Nope. Next you got David Green. We'll see you next time on pre market prep guys. Check out the event on the 16th. I know.Close some of these windows.Support this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Episode Summary:Markets RecapMerck Pill Game Changer for COVID?ZM-FIVN Merger Break UpBitcoin SpikesEV DeliveriesCRSR SPW ADBEMEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderSpencer IsraelTwitter: https://twitter.com/sjisraelJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptSupport this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Today!!!BENZINGA HEALTHCARE SMALL CAP CONFERENCEWatch Live Here Episode Summary:Markets RecapEnd of Q3BBBY EarningsKSS WarningsSPCE Gets OKGuests:Marc Chaikin, Founder of Chaikin Analytics 15:00MEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderSpencer IsraelTwitter: https://twitter.com/sjisraelJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptComing to you live from downtown Detroit. This has been is pre-market prep with your host Joel Kahn. And this is a foul tile puppy here. Isn't it. And Dennis stick, I bet the petty, I will buy the stock for a pet with everything that you need to start your trading day.Good morning, everybody. Happy Thursday. Welcome to pre-market prep. I'm Spencer there's. Joel. That is. And um, then this is worried. Is deja VU all over again? Pretty sure it was Dennis Dick. Who said that first? I we'll talk about deja VU markets. We'll talk about the last day of the quarter. What's under that bed bath and beyond actually retail as a whole, uh, Ryan Craver data warn us about this the other day.Uh, and if you own retail stocks, then, uh, today's not going to be a good day for you. I'm afraid of between bed bath and beyond between Kohl's, uh, Footlocker. Uh, there are some pain in retail stocks today. We'll talk about all of that. Um, mark shaken is our guest today 8 35. Before I throw it to Joel, some calls to action.Number one, hit that like button please. Number two. Stay tuned. After the show. After this show for day two of our small cap healthcare conference, you can win a free one year subscription of Benzinga pro would it be easiest? Small-cap dot com to see how you can do that through the conference today, let's bring on Joel's charts here.And Joel, how are we doing on this Thursday morning? Oh, but there's a couple of ways you could look at it. Uh, the bottom line is that we're on 15 handles at 64 75. Uh, we caught abandoned, uh, four o'clock and 30 seconds. And that bid took us all the way up to 43 89. We sold off 23 handles and now we're back in the 43 60 handle where we chopped and slopped all over the place yesterday.So end of the quarter, we'll see. We'll see how we end this one. Our crew take a little breather from that big move down 75 cents. Uh, gold up three 70 hanging out near that 1720 level big level there for support silver up a dime 2158 and a half Bitcoin up a couple of grand at 43, 1 60 Ethereum. Is up $156 and 25 cents.We're going to bring in triple D here yesterday and a triple date. I think you got to just go to bed and just put to stack those spider offers up there and just let them come and get ya. It's literally the same market every single day. And if you guys haven't recognized the pattern, then you haven't been listening to this show because we've been talking with this pattern for the last two weeks and the market rallies all night and then starts selling off during the pre-market and then seems to sell off the majority of the day and then starts rallying right from the four o'clock clothes, rinse and repeat.It's been the same thing again and again and again, I don't know who's Jack in an overnight, but I tell you, it seems like all the, all the moves here are overnight. And if you're buying, you know, at the open and selling at the close, you're absolutely doing it backwards. The play has been to buy at the club.And Sandra and the pre-market rarely because it seems like by the time we get to the open, we've already leaked substantially. And that is the same story. Again, today we're up 40 handles overnight. I don't know who's buying us up 40 handles overnight, but they are way wrong because now we're up 15. So we get back to almost two thirds of the gains already.Joel, this is just a, it's a weird market to a certain extent. I see that same thing, but here. And the reason that I'm a little bit concerned is that in this great bull run that we've had. We did have the overnight pops and the overnight pops, we would either like, we'd either hold them, you know, maybe give back a little bit or blast through that.Pre-market I just keep going. Right. And, you know, maybe settle back during the day, but now it's the exact opposite phenomenon, you know, where we're getting these jacks overnight, they're not holding. And then they're not going back to that pre-market levels. So we're at the end of the quarter, uh, I'm going to reserve old judgments until the end of the day, you know, cause we could be up 50 handles.We can be down 50. And I was throws a monkey wrench into that overall plan because we know typically you see this day actually close, strong. So what we are calling and what has been the pattern is this day closes week. But because of the end of the quarter, I'd be hesitant to just employ this strategy today for the simple reason, is that historically from a quantitative perspective and you know, Yeah, historically this day closes strong.So that's why probably won't be employing this, the strategy we were just talking about today. We'll see if this resumes on Monday on your show and I've got advertisements coming at me. Okay. I know that's in the background. I don't know if you guys heard that. I was like, I was trying to put on the show for the chat and I'm you got the pop up ads and then it's like Blair and you know, the noise at me.So it's like, okay. Um, also another thing just to keep an eye on you guys, you know, not the little, you know, how little too technical at times, but you don't last week when we hit this 40, you know, we traded it a 4,300 handle, you know, we shout out here like a cannon, right. And boom got up to 44 50. We have worked our way into this hand.We did get near yesterday's low, but as of right now, we haven't shot out of a candidate yet. So we'll see how we end up today. Uh, it's hard to, it's not an inside day already because of the, uh, because of the glow backside, but man, I wouldn't be all that surprised if we even trade within yesterday's, um, inner day range and not looking for any downside bajur downside until we crack the low from yesterday, which is right near, uh, Tuesday's close.But, um, we've got retail Jagen down to market today on Spencer and I said, and that, and that was just the, the being the last day of the quarter. Um, I don't know. And I know we've discussed this many times, but do you, do you do anything different today that you would normally do or do you prepare for anything different or is it just extra volatility at the close.I can go to either of you. I think Dennis just threw himself on mute. So Joel, go to you. No, no. I mean, I just, don't, I'm pretty much the same way as far as portfolio adjustments. I mean, I'm getting a little nervous up here, but um, yeah, I just now we'll see, I mean, based on the last three months performance, unless we have a huge rally today, we're going to be starting Q4 out with the show.And I haven't, you know, that since I don't even know, I don't even know what Q1, we still had the market going up right in 20. So Q2 is probably when it turned, but by the time it was ended Q2 from a quarterly basis June, we were right back up. So it's, you know, it's the first time in a long time. We'll see if it holds, I just kinda just got this feeling for the remainder of the year and it's just going to be, you know, we're not going to crash necessarily, but I just think the upside is just going to be much more, uh, you know, much, much sicker with offers in seller.So we completely last triple date here. Huh? We did a, he may have had like a kid emergency. You just said, boy, he stepped away from his desk. So yeah. All right. Uh, let's go to the number one mover of the day and then we'll, and then we'll, we'll bring the market chicken on, in a few minutes here about bed bath and beyond.My goodness, our earnings this morning, and they were pretty, pretty, pretty bad. So the earnings per share for the second quarter, they reported 4 cents per share, um, down from 50 cents per share a year ago, just under two bill versus a $2.06 billion asset. But the guidance is what's more concerning here.They gave Q3 sales guidance, um, in the high $1 billion range versus an estimate of over 2 billion earnings per share of 0 cents to 5 cents. That's the range they gave for, for APS for the current quarter is 0 cents to 5 cents for a say, 28 cents. Big miss on BBB. Y let's get the charts up there. They are.Whoa. Look at the. Top left. And, uh, I don't know if Michi Mitch's in the background, but I hope he was crushing bids when we started talking about this thing that was right in 18 75, 18 80. And, uh, I guess, I guess you just gotta, instead of wait to buy the dip and this one, you should've just been whacking beds.I just look at the monthly shear and, uh, took Spencer and Mitch about a half hour to figure it out half hour, 25 minutes. Uh, you do, I mean, you are coming in to support. I mean, on days like this, when things are getting crushed, you know, it's hard to say, but what do you have? You have the low for the year at 1770, right?That was your January law. It's augmented by three other lows under 18 bucks, 17 61, 17 99 for 1795. So hands down, you know, first time off that level, you may get a bounce and see if you thicken up around 18, but boil boy, that's a big level. Then you have a gap down. I get down on a monthly. That's weird.Was that, uh, I wonder what happened that month or they must have had earnings. Oh, they probably had an earnings at the end of the month. So then you got a gap down to 1538. So if you don't like it at 1770 and you see 1538 today, uh, that'd be quite the beat down, but big stores, big coupons. I mean, what else can you say?I think they go from 20% off. I think the 15% off, I think they're going to have to go to now 10% off of their coupons. Huge stores. I mean, this is just a bad day for retail. Yeah. Bad day for retail. Sorry. I was listening in the background. I just got, uh, I'm going to be off and on today. I have so many positions on and I'm just trying to work out some stuff here.So, but I did hear listen to what you were talking about. I mean, bed bath and beyond. This is a disaster. This was a meme stock back in June. And remember the big move from 27. Oh, we're going to get the shorts and we're going to squeeze the shorts. High, short interest docs, all flying twice. This went up January and June.You have to use these opportunities. I'm going to say it again, and we're going to take it to a meme stock conversation, but you got to use the opportunities when these meme stocks, squeeze, and you're just happened to be long them. These are fantastic selling opportunities. They're not fantastic buying opportunities.They're fantastic selling opportunities. And here's a business that has been struggling for a long, long time. It went from 25 to 50 in about a week because it was a Reddit. Those are selling opportunities, not buying opportunities. So, I mean, here now, anybody who's stuck, you know, that bought it back. You know, when it was a meme stock and was going to go to a hundred or 200 and they were going to squeeze all the shorts is getting punished.Rightfully so because fundamentals do eventually matter and fundamentals matter today on BB Y. I want to read you from the press release. Uh it's um, if you can imagine like a, a spin wheel of, of pick a reason why we had a tough quarter, they're going for all of them today. Greatest hits. Here we go. Um, this is from mark and the CEO of bed bath and beyond following a solid growth in June, we saw unexpected external disruptive forces towards the end of the quarter in August, the final and largest month of our second fiscal period, traffic slowed significantly, and therefore sales are not materialize as COVID-19 fears, reemerged amid the ongoing Delta variant.We experience a challenging environment. This was particularly evident in large key states, such as Florida, Texas, and California, which represents a substantial portion of our sales. Furthermore, unprecedented supply chain challenges have an impact in the industry pervasively, and we saw a steeper cost inflation escalating by month, especially later in the quarter beyond these significant increases we had already anticipated.So COVID check in supply chains, check inflation, check. I did one quick, good story. Uh, my brother-in-law was stuck in this stock big time, I think maybe 30, 35. And I think he averaged down on it, but I remember talking to him in January and this guy, I think he ended up getting out at like 45 and he just thought, man, what a gift?He was like, what a gift? And you know, he's a retail investor. Long-term got caught average down what you shouldn't have done. And then he was just like, save money back in January, there was so many gifts. And we knew when we looked at our portfolios, you know, long-term portfolios and everybody thought they were a genius and I'm like, I don't even manage, actively manage my longterm portfolio of buy and hold.And like I said, I think I was up in 96, out of a hundred stocks that I have in my long-term portfolio. And I was like, that's just not normal. It's not. So, I mean, everything was just going up, but then you had all these gifts on the side, like the bed bath and beyond the Reddit gifts where, you know, an AMC and GME to a certain extent, obviously were gifts as well.And you obviously participated fantastically in the GME gift, Juul selling out perfectly on that one. But I mean, that's what this is when stocks disconnect from fundamentals and they're trained four or five, six times where they should probably be trading, what do you do? Yes, that's what she in. And you take the money and you run into say, thank you, stupid market for giving me a gift.Uh, we are a triple B, Y just hit that level. We taught, I don't think I've ever done this before on the show and I'm going to do it and I'm going to stick my neck out and I'm probably going to be wrong. But I think the next 15 minute candles going to be a green candle, I've never heard Joel, call out a 15 minute candle before prediction, probably wrong.Full disclosure, no position. I'm just saying, man, if I was short to say here, I had the 22 pilots or 21 pilots here, 21 to average, 19, 19 and a half, I would, I would be buying something, but. Been wrong before I'll put away more 17, 19 17. Oh, wait, 1760. W what was it that you said? So I, I said 1770 is where it's a bunch of monthly lows.If people aren't stepping up there, then, you know, whatever they know more than me, I got to talk to mark shaken. He's here. Let's bring him on mark shaking. Good morning. Good morning. My Q4. Come on and tell me about it. We're ripping back to new all-time highs. We're going to 5,000 in Q4. We're at 4,700 on the that's.What I want to hear. Uh, let's just put a point on bed bath and beyond the power gauge rating. Turn bearish on July 22nd, the stock was 29 63, and it stayed bearish ever since. And in 18 of the last 20 quarters, whether they reported better than expected or worse than expected earnings, the stock has always sold off the next day in amazing pattern.That's all it matters. It's not even same with the numbers. It's the stocks. Uh, they react, but let's go back to the market. Um, since we talked a young Kapore, we finally got a 5% sell off. We got the five and 10 day advanced declines at oversold levels, which hadn't happened. We got heavy volume in the spy, uh, on the downside.And yet we're still holding that a hundred day average in the low 43 hundreds. So till proven, otherwise, you know, we get through all this noise in Washington, which is really. Yeah, when you file it really mark, can you really, I mean, is there any attempt to fighting that on dead off, uh, stimulus, stimulus stuff?I mean, so going to resolve this stuff, I mean, this is silly. We shouldn't have a debt ceiling limit, you know, and then when we play this dance every year, you know, it's the same, uh, tango between, uh, the guys who don't want to increase the debt ceiling, who contributed to it with all the spending. But these things always get resolved and a, the U S can't default on their debt.I'm sure you guys have talked about it. We issue the debt. Everything's denominated in dollars. You can't default. It just, you just print more money. So this is sort of forever. Yeah. So until the markets don't like it anymore, but the bottom line is, I think there are opportunities. And one thing I'm looking at are semiconductors.They're breaking our longterm trend lines. So now the ratings on Mo many of these are neutral plus, which means underlying fundamentals are bullish. And, uh, just as Joel, doesn't like, uh, or never calls 15 minute candles. I'm going to say that you've got to step in and buy some of these semiconductor stocks on this weakness.And two that I like, um, midcap, cadence design. It's been a great stock CDNs. They provide software and, um, equipment for semiconductor manufacturers and a, a smaller cap, semiconductor Kulik and Safa KOIC all right. CDNs. When we got KL. I see. All right. So I think these are two that you want to step in and buy on this weakness.I mean, I know logic never works in the stock market. But you've got the whole automobile industry. That's just starving for semiconductors. And I think, you know, you're going to get another wave in the semiconductor stocks then sort of in straight down here for awhile, right? Oh, I see. No, uh, KLA Lacey is, um, clack KLA Tencor.Now this is a small cap, keel and soften. I've never traded a kale. I say that's based in Philadelphia. I think I've known it for 40 years. Wow. I knew stocks. We liked, I liked new and I always say gets a furniture company sofa that's cause you're mispronouncing it. Sofa. Um, I also think. Vaccines are going to be with us.The COVID vaccine is going to be with us ad infinitum. So I think you got to look at some of these plays in the, um, in the medical field. And, you know, the obvious one to me is Moderna, um, the S they only have one product, but they've got 24 new vaccines in the pipeline. And there was talk a couple of weeks ago about a combination flu shot and COVID booster or COVID shot.So. With only 27% of the world vaccinated and likelihood that we're going to need boosters, you know, for years to come, just like we do with a flu shot. I think you got to take a look at some of these medical stocks that have come down here, the double bottom from the last two days and modernists. So MRI and a, so it gives you a level to lean on.I always like when I get two consecutive lows in the same area, so cause it gives you like that area. Now you've five points up from there. So I like that, you know, that spot there as is no trying it. Obviously some of these drug stocks have really been hit. I came on the show, um, a couple of days ago, mark saying the same thing.I think some of the drug stocks have done would just spend punished severely. I mean, Pfizer, if we look at that, it's come from $52 when everybody had own it back to 42. I mean, we've had a nice pullback at some of the drug stocks. I think it is about an opportunity. Yeah. Yeah, I do. And I just think that once we get through this early October period where we got all this.Fuzziness in Washington that, um, earning season is actually going to be pretty good. The one thing you have to watch out for is obviously the supply chain, uh, inflation conversation in the guidance that's coming up. Um, but remember when you're looking at the market here, Joel, you've got the blackout period, uh, for corporate buybacks in place right now, which means that they're the, you know, that underlying bid for the market is not there as we head into earning season in this two to three week period.So that, that gives you the, you know, the sort of volatility that we're seeing on a daily basis because you don't have that bit in there. But I still believe, um, with all this liquidity in the system that we're going to, um, work our way higher. Mark. I've got a question for ya. And, uh, I got lucky. I want to lodge that with Dennis on, uh, on Microsoft, on that one, the, uh, the buyback I'm in, I, I know I'm stepping out on a huge limb here, but is it, is it premature to call this their, their IBM moment?I'm an IBM bought billions of dollars worth of stock near the high. I mean, I know they do it, you know, they're not out there buying it that day at up at 3 0 5, but men on man, just what a rotten, Microsoft unusual year for it unusual off the March slow. Uh, given, I mean, besides the buyback here, let's just talk about these big cap tech stocks.They kept the market up forever. Is this the place to be in Q4? Are there other IWM gonna lead us in 5 47. That was my other theme because interest rates are clearly going up and, um, small caps do better in a period of rising interest rates. Okay. So, uh, yeah, the, the, a mega cap growth stocks are going to be under pressure from a, uh, evaluation of P point of view, because if, if we do get the 10 year above the old highs at 1 73, uh, on a yield basis, then, uh, you know, these auto strategies are just gonna kick in as they did earlier in the week and put pressure on mega cap tech.And, uh, that's why I mentioned Qlick and Safa in the semiconductor space because small, I think small caps are going to do well. Now having said that our power gauge rating on the IWM remains bearish, but we're in the middle of that trading range, which now is almost eight months. Going back to February.And I think the likelihood is that we break out to the upside at some point in the, in the fourth quarter, wait, interest rate is clearly going up. You mean like getting up off the floor, but not much more than that, right? Well, no, the 10 year, 10 years working up toward the high end of the range, um, you know, ten-year peak what an April, I think.Yeah. At 1 73, 1 75 and with the supply chain issues, wage inflation and, um, commodity inflation. I think that, you know, interest rates, they heard Powell, the fact that on the day of the, um, his fed minutes in his comments, the market went up, not down and interest rates. Didn't budge until Thursday, Friday.Doesn't mean people weren't listening and you know, clearly they're going to stop. Uh, they're going to start tapering, whether it's December or January, And, you know, that's not an interest rate hike, but yes it is. And I've been, I've been out there saying that, um, you know, uh, sort of tightening is not the same as raising interest rates, but taking the stimulus, taking your foot off the pedal, ultimately leads, especially in an inflationary environment, which, you know, I don't believe in transit.Uh, you know, as far as Dennis has been talking, it's funny, you mentioned that mark, because Jerome, I'm not sure if you're on palpably is going to neither at this point. Cause if you, I don't know if he's always said yesterday, but he was acknowledging that it's persistent, persistent little bugger does that's not during the dollar trees jacking up their price.I mean, do you think they're bringing them back? No, it's the dollar 10 tree nowDennis, Dennis. This beer can analogy, you know, and if you talk to builders, um, w our contractor was around the other day and he said one client's complaining because the cost of the house is so high. And he's saying, well, look, lumber futures went all the way down. I mean, this is the client from hell, right.He's watches the lumber futures market. And our contractor told them, yeah, that's wrong. You're talking about finished lumber and treated lumber. And he said, that's not going down. In fact, it's instilled in short supply. So, uh, you've got to look at what cues you're looking at. Yeah. The lumber futures went down, but the cost of lumber to build a house is still way it's not even just the lumber.It's every single aspect that goes into the house. Like I just keep getting hit. Like my, my electrician was, it was a coil of wire, you know, the wire that they're running or whatever, it was $40 last year. It's 120 now the same exact coil tripled in price. So it is just not lumber. There's so many things tripled in price from there's a company as a shock to play that.Dennis it's called Atkore. It's another TKR wait, say it again. Sorry. 80 K are great stock. I've recommended it. It's been my bullet stock of the week. Um, and it's, it's an interesting play because not only do they provide. It just peaked above a hundred, not only do they provide, uh, you know, at the industrial level, but for single family homes, the kinds of wires you need to put in a charging station and California sort of mandated the new homes have charging stations that may become a trend.And at core is a way to play that trend. All right, mark is coming to come in hot with today with some names he's dropped too late. Now. Now you think mark, are there still more? Cause I'm looking at this one a year ago. It was 20 now it's 90. I feel like I know, but the earnings are good and the stock periodically pulls back like most small caps do.So you're in that little mini pullback phase here, right. Into sort of support area. So yeah, I mean, Hey look, I was looking at large cap stocks and everything I like was selling it, you know, 40 and 50 times earnings. You got to adapt to the environment you're in and yeah, 20 to a hundred looks expensive, but if you're looking out a couple of years and looking for where the growth is, it's in these lesser known names, like an Atkore like a KYC.And I think you have an edge in the small cap space that you don't necessarily have in the large cap space. Nice. All right, mark shaking, coming in a hot today with some, some symbols that, that we don't talk about very often or wherever actually for that matter ever, but we love it. We love it. Mark shaken, high market veteran, founder of Chaikin analytics, creator of the check and money flowing the Gator, uh, joins us every other week on the show.Thanks a lot. Thank you guys. Always a pleasure, always a pleasure to talk with mark. Hey, smash that like button from mark. Let's get those likes up. Come on. That was those three concrete ideas he gives. Good. Mark always comes. Mark knows a lot of different trading ideas. And obviously, you know, I wish we would've known the, the wire thinks I've known about this for probably a few months here already on this Atkore.So could been buying this one back at 65 or 70, if that was a way to play it. But I mean, there's so many issues and that's why, you know, people who say, oh yeah, well the housing prices keep going up. They can't keep going up at 20 20%, but let let's look at what the build costs have gone to. I mean, how current housing prices are simply a reflection of what it costs to build a new home.So you get a discount it's like a used home. So, you know, if you can build a home for $500,000, It used home might be 300, $400,000. But when these same homes are costing, you 800 or 900,000 to build now, well, somebody is going to say, well, if it's going to cost me 900, I can buy his home down the street for 300.I'll do that. And that's what brings the housing prices up 400, 500, 600. So if you think we're going back to where we were in the housing market, the housing market's going to crash, and we're going to go back and the housing price is going to fall 50% in order for that to happen. The building costs need to fall 40 or 50%.I don't think these builders are bringing down their cost anytime soon, because half of it's labor almost. And the labor costs coming down.Yeah. If you could find the labor, I mean, I count, I count my lucky stars because we were, you know, we were considering for years to do, to do a build and just the more things went right. No, no, we can't, you know, no, this is hard made you feel like Dobbs and this and that and everything, and would be absolutely be getting crushed right now.Absolutely. I living that life, Joel, I'm crushed. Every single thing that comes in is coming way aboveand it's way worse right now. Like in the COVID environment, it's like that on steroids. So, I mean, it's horrible to build a house right now. Obviously I haven't like can, like, we're supposed to have a shop and I put that whole thing on hold. I'm like the prices are just too nuts right now. I'm like, I'm holding off on that part of it.You know, I can't hold off on the house cause we're into it. But I mean, I can totally hold off on the new show. So, I mean, you know, at the end of the day, you know, you hope everything continues to increase over time, but, you know, we went in this huge bubble and I'm building right at the top of the bubble.I feel like, you know, I feel like there, you know, the billing cost could come down and some of them probably have like lumber prices have come down to a certain extent. I know, you know, mark was saying, you know, that we know the future's come down, but the cost of the two by fours have come down to, I mean, at home Depot and I'm in Canada, obviously, you know, they were, it was 10 99 for a two by four, uh, going back six months ago, those same two by fours are going for like 4 99 now.So some stuff has come down. But a lot of stuff has not. And the labor has definitely not. The trades have not, and you can't find stuff, but it's not a home billing show, but you know, home building is obviously a portion of the markets, a big portion of it. And it's a huge part of this inflation story as well.And also the other thing, I mean, and who knows how far it will be concerned down the road, but, you know, people are, you know, borrowing to buy and build these houses at these inflated values. I mean, I know we're not looking at a, uh, you know, 2010% interest rates, you know, so they're thinking, oh yeah, I can do this at 2% interest rates.And it's the driver. You build the bigger home when you can borrow more Juul. So you can blame that for a lot of it too. I mean, it all goes back to the fed and easy money. So you know that the inflation, they wanted inflation for how long Spencer for how long and saying, we need to get some more inflation, even though they had it in pockets, they wanted inflation, they needed inflation.You got it. Why are you referring to the 2% or the whole mandate? Yeah. Then we need to increase inflation. This was what Powell was viewing at us a year ago that we're trying to get inflation up to 2%. Well, they've clearly overshot that goal massively. And you know, and, and obviously now it's like, how do you get, you know, how do you put it back?How do, how do you cool it? But the only way to cool it is to raise interest rates. You can't do it. So I don't know how you fix it. Uh, yeah, that's a massive problem. But again, it's a massive problem for cash too. That's why I keep thinking, like, I don't see this market crashing, even though you can say, you know, that, you know, we were overinflated in a lot of stocks, you know, are, have had incredible rough.I just don't know where you go. I mean, cause you know, you're losing a cash. So I, it's a very tricky environment because we have not seen inflation like this in these numbers. And I know, you know, when they're saying 5%, we know it's a hell of a lot higher than that, but we haven't seen this in north America in a very long time, probably going back to what that like the early nineties, if they're going to say the seventies and I was like, don't say early nineties, we had pockets of inflation hitting too.Um, but it's been 20, 25 years since we've had inflation. Like we're seeing. Yeah. I mean, yeah. And when there's and how do you outpace it? You buy stocks or commodities, you know, like, so, so yeah, you've got to buy physical assets. Right. So I just don't know. I don't think so. The way I look at it here and people say, are you loose?What's the market. I want to raise cash, but you know, and I have some cash, but at the same time, I'm like, the cash has been really bad. So I don't know where you go, where is safe right now? Joel, like you tell me, like people normally would go into gold and he'd say, okay. Yeah. Well, if we're growing in an inflationary environment, you absolutely want to own.But gold and silver has been an epic disaster. It's not responding to inflation at all. It should be going up like gold and silver historically should be flying in this inflationary environment. And we're seeing the opposite. We're seeing it sell off. So then you say, okay, we go to digital gold and crypto, and maybe that's where the people are going now, but it's tricky.It's tricky to, you know, put on your long-term investment cap and see how this all ends. Yeah. You know, what's crazy is on days when the stock market goes down, Bitcoin is down too. So I don't know what kind of totally possible, I, I don't know what kind of a hedge that is, but, um, it's supposed to be a hedge.Oh, wait and gold too. Like gold used to always go opposite the market. I know Congress has got some gold in your portfolio for the long time for the insurance aspect of it, but let's be honest here. I mean, gold has not been a good hedge for a long time. I don't know. Do I want, do you want to own gold?Yeah. You should, but I don't know, are we in a different environment now where Gold's not going to respond well to it? Hey dad, as much in my Peloton, I don't know why anybody, my age would own bod, treasuries or gold ever, ever like, or maybe not ever made me for the next 30 years. I don't know. I know I talked to my neighbor and he's loaded right up and gold.Um, and he's, you know, an, obviously not a trader, but just saying I see all this money being printed and I want to be, you know, headed, I see inflation happening and I think gold is a place to be. I mean, and if you read an economics textbook, it will tell you to exactly. I'm questioning if it works or not, like maybe we're going to regret.Maybe we're going to come back to this episode a year from now and see gold, you know, uh, you know, the GLD at 2,250 and be like, wow, that was so obvious. It's an obvious trade, but it's not working. And it hasn't been working like, I mean, when your trades not working and people have been flying, Peter Schiff has been preaching to fly into gold for these exact reasons for a long time.And it hasn't worked. So I don't know. It's tough. It's tough. If gold won't go up in this environment, what environment is going to go up? I dunno. And the, the sister to the inflation. Thing is supply chain concerns. And that is exactly what is hitting, uh, Kohl's this morning because bank America came out and said, inflate, uh, supply chain problems.We're going to downgrade calls today. And case has skin hit on that Footlocker. It was also in that, no, they're getting hit on that. There's a bunch of socks mentioned in this note, but Coles and Footlocker were the main two and the Coles. It was a wait, let me just pull it up here. Cause I added all over here.Kohl's was a downgrade to underperform, gave it a $48 price target, uh, Footlocker. It was a, um, it was a reinstatement underperform for a price target 45, which is not that dramatic, but, but for Kohl's a, you know, $48 price target, we were at 54 yesterday. We're at 59 now 49 now. So cool. No business being up at 60 though either.I mean, it was probably had no business being down at. Back, you know, and we thought everything was going under, obviously it was $40, but it had been in cyclical decline for a long time. Like you you've seen the brick and mortar not doing very well. So even before COVID hit Kohl's was like 45, 50 bucks, then COVID hit and it really got ugly, but did it have any right?Like w w Cole's in a better environment now than it was before COVID hit? I challenged that. So to say, you know, maybe it should be where it was and maybe 49 is a happy place for it, but 60 just felt like an overshoot. So I don't know, I'm not coming in and buying brick and mortar stocks on a Deb. You know, I'd be buying tech stocks on a dip.Maybe some of the stocks that mark shaken just mentioned that are still in a good environment, buying brick and mortar on a depth, what works. It seems like on dips or stocks that are an uptrends, you buying those on depths, Coles, not really in an uptrend anymore. And I challenged whether it should have ever been in a hardcore uptrend other than the fact that it really overshot during.Uh, they're hitting it. I'll give you a couple monthly lows to keep an eye on, uh, 48 65 was your August law and then drops to 46, 46 or 46 56. Was your July low in Kohl's? I don't understand. These stores are so huge. I got so much stuff in there. I'm like, whew. And then you see like 40 of like the same, like you walk by the men's department.I went to target to get something and I'm like, who's going to buy one of those. Let alone 40 of those. I don't know. Well, Mitch and I were talking about this like an hour ago and he did bring up a good point. The one thing Coles has gone forward is the Amazon return program, which, which at the very least will get you in this store right here.Whenever you buy on Amazon, you can go return the call by Amazon. Then if you, if you're buying Kohl's because of Amazon, why not? No, no, that wasn't the point. The point was they got people going in the stores. Yeah. They going into the stores because they're returning the stuff from Amazon. So the Amazon is the driver.Why not own the driver is what I'm. So I'm I get your point. I'm just saying like the whole reason, oh, this is going to be huge for us. We're going to get Amazon returning products to our store. They bought online. Like, I mean, if you have to derive your demand from another company's return policy, that is not a company that I want.I am not arguing against you. I'm just saying, getting foot traffic people in the stories, this is a driver. That's all I'm saying. I'm actually not Amazon. You're saying I didn't say it. Mitch said that. I agree with you, Dennis. Um, but it's something I wound up today as I can call it something that Mitch did.I ended up managed to defend him. I did. Did I relay that? Correct? You did Spencer. And to make it even better, they also, they give you free. Dollars for their store. They give you $5, like go spend it. So if you return the stuff from Amazon, they give you a Kohl's dot. Whoa, wait a minute. It used to be like 10, there was some major inflation going on.That's deflation. That's only like a five now. No, no. Cause it's wow. Cause their coupons they're couponing less. That would be inflation, whatever. Okay. Thank you. Moving on. Um, did you guys see space today building to use? Give me a hard time with the chat this morning, cause I bet you Spanish is going to mention space.Well, I am because it popped after hours. Cause I remember remember that FAA inquiry where everything was on pause while the FDA looked into their, their, their flight deviation, the flight path deviation from back in July. Well that inquiries over FAA says thumbs up. You're good to go space. So Virgin galactic popped on that.Got to above $25 last night. Space flight pop is a selling opportunity. So stop making new lows on the move yesterday. We get a pop because the inquiry's gone. This isn't changing. The fact that one, I didn't know, it was a 32nd experience in space. You know, I think that turned off a lot. I always said, I'd love to do that.And then you find out you're only going up there for 30 seconds or a minute of feeling actual space. Part of it is like, well, it's 350 grand for a minute. That's kind of expensive. So I've not liked it since I actually, they successful launch because then I learned more about it. And I was like, this doesn't seem more 350,000 whatsoever.So they have people sign up. They'll eventually get some revenue from it. I don't think this is a huge growth industry. I don't think it's worth. The market cap is currently is I like the story back last year. Now the story is completely broken. The stock is went from hot ice cold. I'd sell rallies in this, including.Ah, got it done. It got real over, down on that pop and the after hours, once again, your 4:00 AM or this was after hours. So, you know, same thing, you know, trading got up to 25, 24, you're a buck off that, uh, that was a good area for you. We're looking at your dailies cause you had, uh, no, not really couple highs in that area, but use that as a target now.Let's see. Was there anything now the highs were in the higher 20, uh, in the higher 20 fives, but right now we're under your two day high of 24 9 before. So keep an eye on that. I mean, if you look at, for any major upside, got to get through the two day high, 24 94, all right. We're going to do a ticker time in a second here.Uh, but I just want to talk about a couple of UV stocks for a moment. And one of them is Laura's time motors ride. We are going to talk about this tomorrow as well because everybody Marcus had called her coming back. Nice. And then I think every Friday, uh, for the rest of the month, I'll clarify that. But definitely tomorrow I'll tell you that for a fact.So we will talk with tomorrow, but there is news on ride today and it is not good. Uh, the car, apparently it's good to stocks up. No, I'm saying it's not good. The company that named itself after a town that, and they made a hole, but it was all this fanfare where we're buying this GM plant that's in Lordstown, Ohio.We're going to turn it around. We're going to bring in the jobs to middle America and fast forward two years later. And we are selling that plant because we need them. And that's what's happening today. They're selling their, their, their, their namesake plant to Foxconn. I didn't see a price tag on it. I don't think it really matters though.Um, so th th their, their one and only production facility is going to be is, is not going to be there anymore. Um, so I'm not quite sure what that means for an Evie company anyway, Lordstown selling their plant good news. They get some cash venues. Obviously this is a survival mode, right? I mean, and, and in related news, uh, our, I don't want to call them our friend, but, uh, someone who's been on this show before Steve Schrader, the CFO of workhorse workhorse, I'll remind you, doc workhorse has the technology that works time motors uses the CFO of workhorse has, has left the company, Steve Schrader.So, um, not. In the Lordstown of workhorse land today? Well, I don't know. I would say it's very good though. When the Lordstown cause it's up 50 cents, so I, why it's trading up on bad news is, you know, that's often a good sign with stock trading up on bad news. Um, I don't know, eight, eight major resistance on ride though, because they're getting cash, they're getting cash in their pocket, but how are they going to make any cars without a production facility?Well, maybe they'll run it. I mean, is, is Foxconn gonna immediately turn it over, you know, turn it into something else or do they get, is it a buyback maybe? Or they get read it and they, you know, sign a lease on it or something. I, uh, that's, you know, it's the only thing I could see and I don't know. I don't know.I mean, I don't know. I don't know. I don't know any of their, the ABC story as I was trying to get hot before the market rolled over a couple of days ago. I will say that some of these Evie stocks, just like the lucid motors, um, was trying to get hot before the market rolled over. No three days ago or when we had the really bad, yeah.Two days ago, I guess. So even Fisker had rallied up significantly and then you get the pull back here. So I, it's hard to be long ride when you're talking about them selling their production facilities, but, you know, I will say, and I'm not, I'm not long ride not going in. And I will say the technicals, you know, the, the diesel stocks, it stopped going down a lot of these place.So technically, you know, they're, they're actually showing a little more relative strength than they were a month ago. A lot more relative strength. It's interesting. You mentioned that and ride popped there two days ago. Also pop there at the end of July. You almost got there in the pre-market. Now the thing that's interesting is it's like bid here it's 7 85 or bitter offered, but it's holding upright just below that level.So you get above eight or. No, maybe get a little bit of short covering I'm being, I'm being corrected in the chat by who, who, other than Chris catchy, uh, who knows everything. Uh, so they're selling the factory, but they're, uh, I'm sorry, they're going to use it. They're selling their plants, but they're still gonna use the factory, I guess.I, I read that makes sense. All right. So I stand corrected on that, I guess. I guess that's why the market, they would like that because they're getting, they're not, they're still gonna have the ability to make cars and, and get some cash, so, okay. I guess that makes more sense than what they, when I was saying.Um, so thank you, everyone on the chat for correcting me. I don't, I don't mind being corrected if it, if it didn't make sense that they would, did it make sense that they would view the market would view that as a positive and positive? Although, take this with a grain of salt, it's trading up 6.6, 6%. We know those 6, 6, 6 numbers are kind of.All right. It's 8 49. Uh, let's do some, take your time and drive, particularly in the chat. We'll cover a few of them then the next 10 minutes. Was there anything else on my list first? Um, Frugo had a headline. I don't know if you all saw that, uh, sports book announcement or integration with football, with pay safe.Holy man, this has been like gross stock implosion all the high, multiple stuff. It's it's really, even yesterday you can say, oh, S and P nice day yesterday held up now for the growth stocks. You see Kathy K or K K new lows straight down. So there's so many higher, multiple stocks that are just getting the beats in this environment and deservedly.So, um, because a lot of these stocks had no rights to be where they were. W what's doctor, just start on before I went to thatI still liked the man. I don't like the chart at all. And when their stocks are making new lows, you got to go and break down and new lows. So I'm not going to be the hero and say, this is the bottom. Uh, close right near the lower the session yesterday. Getting a little pop seems. It's just a little bit of good news here.Uh, let's look at the range from yesterday 2277. If you feel like you want to lean on that, I'd be more comfortable if it maybe put another low in today at like 23, whereas it trade in at 23, 22, you know, make a little low above that close green on the session and then maybe rally. But that's the only number you have.I don't even think. Ooh, what's this a December low, uh, December low. Oops, blow that 2361. So if you want to buy it on strength, let it maybe get about 2361. Try and pick a bottom here. 2277 yesterday. Oh Lord. Jim drops ticker that I haven't looked at this chart for a while. Rocket are Katie. This is, this is one that I was thinking about that I w I want to like it.They just can't. I want to like it as well. I've wanted to like this stock for a very long time. I've owned it a couple of times and I keep getting accused, making, you know, Lou, Lou lows, and it doesn't rally on good news. I'll say there's huge support at 16. So this doc has had huge support. I'll give you that 16, 23 lower just going to round and call it 16.There is nice support there, but man, the trend is ugly. And I've said for a while, I think that they should put in a divot or something. I do own a piece of that. UWMC cause it has the dividend, but that hasn't helped at all. Either that stock's been an absolute dog, so I should just buy it and never look at it ever again.But I said, well, no, and they just keep going down. That's been a bad call to just buy and never look at it again. I mean rockets near all time lows. Is that not? What do you mean? It works for. Yeah. In certain stocks. So rocket, this is right near the all-time low in our KT it's yeah. Yeah. And they had the dividend too.I don't know. We talked about this when you know that when the environment was really good. Right. And going up the few times when it became a Reddit stock, that those Reddit stocks man, when they get these kinds of pops, you gotta ring the register. One thing I've learned from social media is that when you're a stock rips up 100, 200% and you're just, you know, and, and you're just lucky enough to own that stock that day.Maybe you anticipated or something, you know, and that's good too. But I mean, when they give these 20, 30% pops in a day, because it's the top stock on. That is as selling opportunity, just like Corsair gaming. I was, I bought that at 40, I was a dog, dog, dog and went down to 32. I was like, ah, it's just not working out then all of a sudden, one day it's a top mentioned stock on Reddit and opens it 42.I was like, thank you very much. I got my money back. It's 30% pop overnight on no news. It used to be like a stock or pop 30%. It was getting taken over. Now it's popping 30% because it's the high mentioned stock on Reddit selling opportunities. Thank you, Reddit. True. Okay. Couple people mentioning Teladoc.Um, in Chad, the fit there it's at a 52 weeks, 52 week ago is where it's at zoom Teladoc, all these Kathy stocks, man, these are dogs, man. These were the pandemic darlings. And you know what that obviously Delta, you know, is an issue, but you know, it doesn't seem like it's as bad as you know, we were in the first, but this wave doesn't seem to be getting as bad.We don't seem to have the reopening going. We completely away. This was $300 stock. It's now $125. Is there a certain point in time that Teladoc makes sense? Yes, but I'm don't want to be the hero and stocks are going straight down. Why be the hero it's breaking down? Making new lows of trend is awful. It's tough to make money on buying stocks and down trends.Yeah, we've come down hole all over two for one stock split. Uh, what's your you're below 1 35 32 next monthly Lowe's down at 1 0 2 0 1. I don't know what to say. I mean, 10 bucks off yesterday or where are you? Yeah, I don't, I can't there's well, I'm looking for triggers in the chat that we don't talk about too frequently.Um, DocuSign DocuSign though. That's a product that everyone is going to continue to use because it's just superior. I mean, I've, like I said, I bought a house I've sold a house using DocuSign. It's so smooth. I mean, I love that product. Valuation's crazy is eventually DocuSign. Have it zoom moment. It isn't going to be as bad as zoom.It isn't going to be as bad as Teladoc. I don't think could eventually DocuSign have a date with 200, again, it's possible, but great. I mean, zoom is a great product too, but I don't see like DocuSign, everyone uses DocuSign. Like we said, zoom, but people are using different, you know, uh, web webcasts, you know, we're using the streamers.We use different stuff. This competition has come for zoom where DocuSign, I don't know if it's going to be competition coming for them in that industry. Like, that's just the way people are doing business now. So fantastic that they've, you know, become the player in their business. I don't like the valuation.Why couldn't buy it though. I don't know why. Why they're they don't have any big competitors? I mean, it's not, why are you going to go away from doc? Is somebody going to make that better? I mean, it's already as how do you make that so easy. How do you make that better? So I'm sure there is some competition, but now DocuSign is just, it's like Google and search.You've got to come up with a better search engine. See how banks. I mean it populates the thing. It it's easier to say let's Google it. Let's bang it. I mean, dang. It was way easier to say. That's why they called it. Bang, bang it. But it's still around all these years later. That's a victory in itself. I think.No, you said the number one on CMBC taken from CNBC. They take our contents. We can take theirs too. They said yesterday on CNBC, that the number one searched thing on bang is Google.I got a bang and I got to go to Google on bang. Oh, that's true. But that's hilarious. Gotcha. I wait, I knew a guy in college that if you wanted to Google something like he had the Chrome at the Google Chrome browser, he would go to his, his, his, uh, URL tab. Uh, whenever he would go to google.com, he would go to the Google homepage and then he would go to the search it from the Google homepage.I would say. Just type it in, just type it in, just go. And anyway, it was all thing. Okay. Let's let's do some more thinkers here. A couple minutes left, uh, op start ups T once we have a hot minute. Yeah. This is FinTech, Mr. Stock. Eventually it has a cool off period. Kramer is pumping, pumping, pumping, but he's been pumping that for a while.So give him some props. He's been right on that for a long time. It tried to go down the other day and Kramer was this all already ran a segment on mad money for stocks, for growth stocks that he'd be buying the dip bond. And this was one of them in a pot, 10 bucks on that segment. And it hasn't really looked back.The other stocks. He ran on that segment where a from, um, upstart, I think it was a sauna. How is the firm doing? One 14. Oh, okay. Are you in it? Oh, you got stopped out. That's right. Should I stop? Should I be in it? I don't know. I don't know either. I don't know why we should be in at this point in time. It's a tricky market to call it.It's a fantastic day trading market. I hadn't, you know, I've had one of my best weeks, you know, in a long time, last week because of all the volatility from day trading, but from like a swing trading perspective, there's a lot of chopping from a longterm investing perspective. It's been tough. So it's a great day trading environment and overnight trading environment, but that's about it.So I don't know, from a swing chain perspective, I tried the K and G stopped out. I mean, you know, I've tried a few swings. I've stopped out. I don't know if I have any swings on right now. I think I got stopped out on all of them and that's what stops are for, you know, so that when the swing doesn't work out, you don't start losing serious.Uh, focused number. I mean, it's a pretty valid tile stock and the ups T but I see the old time closing I at 3 24 and then it would write that next day that had a at 3 23 59. Now I know that that's a ways away from the previous day's high, but it's close. Still closed it out on 3 30, 1 99. New number 3 31 99 old time closing high yesterday saw high 32, 10.So big number 12 bucks off it lets you get above that. I see more downside in ups T it's 8 59 guys. Final thoughts before we go. Final thoughts before we go, it's hard to say an inside day from yesterday's intraday rain yesterday. You did eat and y'all call that angel called the 15 minute barn by Beth.Um, that is the first in the last 15 minute buyer I've ever called. I was going to call myself out on it. Triple B Y fill in the monthly gap. Now, I guess I might as well double down and say, well, you filled this monthly gap here in 16. So there you go. There you go. No more 15 minute charts for me. Cause you have a dad joke for the day.A dad joke. Oh, there been a couple of good ones, but just one. Um,dad, two of them dad's love saying I don't care who started it. I'm ending it. And then the dad's love adding Bicester to the end of everyone's Nick as a nickname for her. That's her Meister. I felt plus we missed a lot of, a lot of tickers here. I'm going to cover those on this, uh, end of Q3. Mark is boy.I'm kind of bearish. We'll see what happens. I don't know how bullish the market is, but again, the one thing to consider is that the trend has been to sell the overnight rallies, which we have already seen here this morning. The one issue I have with coming in and selling us up 13 is that we're already significantly off the highs.The second thing is that is the end of the quarter. And historically speaking, I started the show saying, it's going to say it again, just to remind you, historically speaking this day closes strong. We will see if the recent weakness trumps that, but from a quantitative perspective, you don't usually want to be selling early in the stakes that often closes strong.All right. Thanks a lot, Dennis. Have a good one. Everyone smashed out like button subscribe if you haven't already, but to end the stream, please remember all the information from our show is meant to be used as informational purposes, not a foreign investing or trading advice. The day two of the Benzinga small cap healthcare conference starting right now, I'm going to end this in a redirect to that everyone in progress.Good luck and stay green.Support this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

BENZINGA HEALTHCARE SMALL CAP CONFERENCEToday and TomorrowRegister for our FREE Healthcare Small-Cap Conference and have a chance to win 1 year of Benzinga Pro! Register for FREE hereEpisode Summary:To buy or not to buy?To buy or not to buy?Micron earnings recap MUGuests:Joel Kulina, Wedbush Head of Technology/Media Trading, Wedbush SecuritiesMEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderSpencer IsraelTwitter: https://twitter.com/sjisraelJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptComing 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 stick, I've been in the petty. I will buy the stock for a pet, everything that you need to start your trading dayto buy or not to buy. Is the question, whether TIS nobler in the mind to suffer the slings and arrows of outrageous tellers to take arms against a sea of troubles. That is what we're going to talk about today. Good morning, Walter Shakespeare this morning. That's impressive. I did not do well on any of the sh I never did you read the books, Joe Spencer, when you were in class and you're in your English class, you probably read all the books.Then you Shakespeare books, mandatory Shakespeare books. I never read them. Did you, did you read them? Joel? Joel was no way read. Cliff notes, cliff. I bet just Spencer did read them though. Spencer probably enjoyed them too. Uh, some more than others, some more than others. Yeah. Anyway, Romeo and Juliet. And there was like Hamlet we had to read.I didn't understand any of them. Like I couldn't, like, I obviously I'm not smart enough. I couldn't understand any of them. So I did not appreciate Shakespeare, but you know, what, if I did read them, I think Spencer just did a fantastic impression of Williams. Thank you. Thank you. Uh, yeah, my, my old pal bill, that is the question today to buy or not to buy.If I can quote Joe from like 20 minutes ago, you said today is the most important day for the market ever. Uh, whether or not that's true is really, uh, uh, uh, uh, uh, for debate. But, uh, we're going to talk about, uh, yesterday, the sell off the overnight rally, what it means going forward to what you should do.Today, we have a couple of individual headlines, micron, et cetera, but the overall market will be the theme of the day. Joel kulina from Wedbush securities will be our guests at 8 35 a lot to get to before I throw it to Joel. And before I bring on Joel's charts, I just want to remind everyone that coming up next is the Benzinga small cap healthcare conference day.One of two starts today, right after this show, we'll be joined right off the bat by mark charrettes and Paul from lifecycle funds. And we're talking to healthcare. We're talking to the sector, we're talking to individual stocks all day long, BZ, small cap.com. That's bring up my overlay. If I have it there, there it is.Right. BZ, small cap.com winner for your Benzinga pro go to that website, check it out. That's going to come up right after this show hit that like button for Joel and his charts there on the screen. How are we doing this morning to sell into south shore, to sell or to self storage? That is, I agree with both.That's what, that's, what I'm looking at. It might be too obvious, Adam though, you know, it really is like I woke up and this is, I hit the rally. This is a hiphop bed market for sure. Go ahead, Joel. I got up, I looked at my phone at like five 15 and we retreated over, uh, 43 70 and I, I just, I couldn't help myself.And, uh, so I got up and hit a bid, no big deal. And I was in the pool by 5 35. Then hit the, hit the pool. Yeah. We caught a bid. We close, we caught a bid. We even see that closing price from yesterday 45 and a quarters of low. We got the 78 75 that much up here, folks. The other day high from yesterday was over 4,400.So I'm just using this 78, 75 as a target for any longs. And if we get beyond that, I want not necessarily short net, but I'm not going long above that level. Crude down a 43 cents after making a new high for the move at 74 85 gold laboring at the 1750 area up $6, 17 43 50 silver laboring at the $22 level down 16 cents to 20 to 30 Bitcoin up nine 40 quiet old Bitcoin here at 42,540.The theory seems kind of sleepy to here finding support $91 and 75 cents at 2,940. There's a look at some of your commodities and futures. Spencer, what do you got? You got some fancy graphics for us. What do you got? Uh, well, yeah, the graphics are back today after a, uh, unplanned absence yesterday. Uh, but let, let's just talk overall market here, right?I mean, th that's that's the question. Um, you know, we, we had, you know, the headlines, you know, you've all seen them right. Worst day for the S and P since, uh, it was, it was in March. I'm losing track. Now there was a March or the NASDAQ was March. The SMP was may, um, uh, the Russell, even the, also even the whole year.Okay. Then the market went down if the Russell went down. But, um, so what do you do here now? Cause if you come in overnight, as Georgia said, the S and P is, are higher. The futures, right. Futures are higher, kind of across the board. What do you do today? We just had a big old red day, not the first time we've had that in the last week, week and a half, but we, in the last time we did last Monday, We bought that dip.Didn't we, the rest of the week we bought that dip. So now the question is, do we buy this dip or is this a sign of more self they've already? That was yesterday at the clothes buying the dip. I was yesterday's trade. So I would say, yeah, you're not buying a DEP you're up 25 handles. That's not the definition of a dip yesterday.Yesterday was the depth. So coming in and chasing this dead cat bounce. Yes, I called it, I think is the wrong move. I think obvious Adam. Now, what did you say, obviously, Adam is an alliteration. What did you say? To sell or tell short. No, but Adam, you're saying that anyways. I think the obvious maybe it's wrong.Cause it's just too obvious to solver. Can we just stop? And I just want to, this is going to bug me if I don't say anything. I think, I think we need to refrain from using the term dead cat bounce for anything that is not like an asset, that's going to zero, right? Like the dead cat being the key word there, right?The market is not a dead cat. Uh, maybe neighbor the balance. You might think that the bounce this morning or overnight is, is stupid or, uh, a bounce to sell, but it's going to bother me anyway. I just don't think of the market. It can be called. Do you don't cats the matter where you throw on foam, they land on their feet.Hey, that's an analogy for the market. I don't want to tell my story about dead. Lisa hates the story I have about that. Uh, put it this way. Coming to the end of the quarter tomorrow. Well, I'm going to reserve, you know, I mean, we're, we're holding the low from last week, bullish, uh, recommen through the end of the quarter.Right. And. Quarterly numbers. Let's see where they come out. I think this is going to be the first time in a long time that, you know, when you look at the quarterly numbers, you know, where, you know, we're going to close right at or below, you know, my swing block before it, this is it. Definitely. We're a couple hundred points off the high.We're a couple hundred points off the low. And I don't know, I just got this feeling about Q4. We've just made so many all-time highs and everything. I think it'll either just be a grinder or we might have a little bit of a correction. I think there's just too much overhang in the market for us to rip up another 200 handles and make a new all time high.So I wasn't on the fence, but now I'm very convicted in my opinion, the sell the rip this morning. Spencer, can you please bring up my latest tweet that I just was putting together here in the background, watch who I was giving his bearish thesis. What, what are we looking at? What is this. We're looking at the Guinea pig indicator here, you pig indicator because the hamster indicator was all over CNBC yesterday.So I have the Guinea pig indicator. So bring it up. We're waiting for it. Here it is. It's up. The Guinea pig indicator says, and you don't. I put the tweet out there too, but the Guinea pig indicator says, sell the rep, sell the rep. So I'm, this is not investment advice, but don't give us some advice on the show, but I'm of the opinion that the Guinea pig is smart.I'm of the opinion that I think you sell a rep. This it's just that. Yeah, it's a body list. Guinea pig. It's just his head. He doesn't have a body weight. Is that your Guinea pig? It's uh, it's about. Oh, I didn't know. You guys had anyway. Okay. Moving on anyways. So that's so there you go. So that's, that's, that's the indicator right there.The hamster indicator is gone. Now. It's now the Guinea pig indicator. Guinea pig says, sell the rep. I don't know if he's right or wrong. He might be wrong, but I side with him, Joel, I think you side with them too. So we now have three, three out of four Spencer's on the fence.If you got caught yesterday and you were just averaging down, right. Frown in an average down in, and you get this kind of move here and it gets back to your average cost. You know, I don't know what everyone's individual positions are. The traders are what we have, but man, you're, I don't know if your stocks are going to get anywhere near yesterday's high, if they do, it's probably a pretty good sell and anything that your long.If it could easily come down and test the clothes so easily, uh, apple up a buckle for gas couldn't come that could that come down on change, uh, Microsoft, which is getting pounded. What about that buyback? Are they going to have to increase the buyback in, uh, in Microsoft? All I know is Joel, the market is all about information.And yesterday you ask us on the show and it's a tough call. It's like, okay, we got a dip do come in and buy it. You know what happens? We have new information and that new information was a serious flush. You caught a lot of traders early that were buying the dip and punish them all day. How many times.And the first week of September and like Ryan Dietrich said, history doesn't repeat itself, but it often rides. But how many times in early September, when we started selling off, do we get the flush flush during the day? And then the rally overnight, and then the flush during the day and the rally overnight and the flushed during the day and the rally over the night?Well, yesterday we had the flush during the day and now we get the rally overnight. So I'm going with the trend is my friend. And that trend has been to sell the bounce the day after a big flush. And I'm going to go with that again. I don't have any stats to prove it, but select the perception. Maybe on my part says that I'm not a buyer of the 25 point rally here today.Not at all. So just to clarify what he said, he, he said two things. He said he not a buyer of stocks and he's anything he's willing to trade today. He's looking to sell. That's selling out of stocks today. Like some stocks, I might dump it in my long-term portfolio. Now the long-term portfolio hat is not on there's no hat on.I should have a hat on the hair is terrible, but the day trader hat is fully on. And the day trader hat is saying I'm selling and selling short into this rally. That's just my opinion. I might be wrong. I might be early, but I'm lightening up into this rally. If I was buying the tip yesterday on some stocks, which I did, I'd be turning around, sign them today.All right. And now does that apply? I'm not sure how we stand in pre-market uh, well, okay. I just put it on Microsoft and I just saw, you know, uh, you know, we, we, we were off the pre-market highs there. So like, I know that, I know that the, the, the, the Fang stocks are all, we're all trading higher. I don't know what, if everything was getting higher this morning or not.I imagine not for the, the banks are struggling. Okay. LT, you know, we, we've got this new market where the TLT is dictating the overall stock market move and the TLT rallied it's fizzling. You also have ever, ever grant. I think a lot of this rally this morning to Spencer just overall market talks probably ever grand.They, you know, I don't know if you have the headline in front of you, but they did get some money. Well, there's another point. There's another payment due it's due Wednesday, but they got, they got some money overnight. They were selling some stock or selling something. I saw that and they were getting one and a half billion dollars.So they got a little bit, the market tore off on that headline. It broke around seven 30. We repped five, six points right on that. So I don't have it in front of me either, but there's never a grand headline out there. We know evergreen was a start, but it's evergreen out of the woods here yet. I don't know anything about that.I think it was just the scapegoat for the market sell off anyways, but technically speaking, I think I'm still solid. This is a good point for me, easy in the chat, someone to think about it, as well as the ease and the chat got easy. We've got easy money. Is that the same guy or they no easily. He's always there.No, I is something to think about is the end of the quarter, the end of the quarter. Yes, yes, yes, yes. I know he said it I'm a, I think the boys are locking it and I think they were selling it danda last week. They're like, they want to secure their bonus for the year, then just, they're going to just ride off and you know, they're going to buy some safe stocks.They're going to, they're going to go into like the Johnson and Johnson's and the Pfizers and a deep, boring, boring stocks for the end of the year. Like, um, that is a concern. If you're shorting stocks into the rally, you know, and I think I'm lightening up into the rally. And I think with my day trader hat, I'm not going up more than a day or two here, because you do have to consider that Thursday.So tomorrow would be under the court. And that typically isn't a cleanup day. So maybe you're selling the rally and maybe you're buying the dip at the end of the day, if it F happens like that. And obviously we don't have a crystal ball. We are literally trying to call the tape here. Sometimes we do that sometimes we don't, but okay.Outside day inside. Well, that's a bold call actually, because we had a violent candle yesterday. I think we do challenge yesterday as lows. We'll see what we do there. Typically when we say end of the quarter, when addressing. W what that typically means is you see some buying cars are all, you know, and the theory, the good stocks.Well, that's the theory is that, uh, uh, you want to show your clients all the big, the big managers watch with the clients, look at all the good stocks that we own now. Um, but in this case, they're saying, they mean, John Dennis are saying the opposite, right. That Joel thinks that all these guys are going to walk in their profits today.Tomorrow. I think they have been, I don't think it's just like a one day phenomenon. I think the salad that you saw at the end of last week, Friday, I think Monday was a real rug pool too. Right? The way we, we were up 10, 12 handles, and then we ended up all of a sudden we dropped 50 handles overnight.What's the last time we had a 50 point break overnight. It didn't look as bad because you know, we are up 10 or 12. And that, I don't know if you're a money manager in your mind. You're looking at the chart. You're looking at the spider. You're looking at your returns. You're coming into the quarter. You have a fed.Is there dropping like flies? Um, you know,yes, I think so, man, I'm not going to go into this, but you know, you got a fed, doesn't know what they're doing. Uh don't know what they're doing. I'm going to give you that. And you know, and who knows, I'm not really worried about it. I've said this a thousand times interest rates. Okay. They're never going back.I say 4%, 5% mathematically impossible. So, so it's, you know, so rates are going to go up a little bit, like does such, are you going to rush into, you know, bonds at one and a half percent? Well, I guess it's better than losing. Right. If the market starts to go down. So I don't know, we've always had the rotation.We've always been selling this one, buying this, reselling this rebind, this, there could be a time where they just sell it may be sitting on cat and then your client calls and the market's down October. And you're like, well, you know, we're up 18.7% this year when we made 22%, we bought the bottom last year and I'm, you know, I'm just, let's just ride it out.You don't, oh, you know, the market's not always going to rip up. It's not always going to crash what the market does most of the time is it just grinds? And I think we're coming up to a grind to lower period. Kathy look at . We haven't taught Kathy and given her some love in a while. Although I don't know if we've ever given her a love on this show, but a R K K that's a serious breakdown through support Joel and.I mean, the Cathy indicator says a lot of these little growth stocks. Like it was a hammer, the high, multiple stock day yesterday. And some of the biggest winners that have been the biggest winners were some of the biggest losers, like a CrowdStrike that lost like 15 points yesterday. Some of these stocks that are just completely loved, not just picking on Kathy, because she doesn't own all of these, but she owns a lot of the high flyers.They were handling those stuff. So I think you have a little bounce and today this a or K K sets up not bad now from, you know, the old support, a one 14 to one 15 becomes new resistance now. No, uh, not, well, I'm looking at this, I'm looking at the, go back to the a R a R K K. And I'm looking, I'm looking at the month lease here.All right. So you're still holding above what the four month low. So you could still say that it, you know, it's holding support, but it's just hovering down there for too long. Where was that low? That monthly low when, um, Bobo 1 0 7 39. So you're hanging. You know, here, you should get chin chin 1 11 81. You took out a double bottom on a monthly and 1 13 40.I mean this one 11, I mean, half it closed at 1 12 14. So yeah, we're trading up a little bit, but there's more downside. And if any of you, I may, maybe some of you did, did you bother to listen to the most informative half hour on the markets on tech stocks and growth tack and fanning yesterday, both gene Munster and Sean Udall.They are like, there, there is no buying the dip in these growth tack right now. They don't want to buy the dip right now. Nope, Nope. Both of them even up to their eyeballs. So all they're saying is they're not buying more with their weight now. No, there. I don't want to give too much disclosure. You guys should've filled in, but they, the considerable amounts of cash and their weight.And there's one sector that they're both really hot on. I'm not gonna tell you guys yet, because you should have tuned in yesterday. I gave you a hundred different times to tune in from one to one 30. I'm going to have, Wayno write up some articles on it, but yeah, very cautious on the Fang. Very cautious on a lot of these stocks.And so they're there waiting to buy the dip, but we'll wait. And Chad mentioned this as well. I want to give Tim Clawson credit. Cause he did mention this on Monday's show when he was on a T plus two would be, would be today, right? Because if the last day of the quarter, no yesterday, because the last day of the quarter is tomorrow.So he said that that could factor in here. People would want to get they're selling out of the. So their books are totally clear by the end of the quarter. Um, since you mentioned Kathy, but I brought up the, uh, daily arc, uh, email for the first time and what she, what she bought. I don't know. I, I haven't looked at this in over a month, but doesn't move stocks anymore.So I get interested. I don't know what's new here. Uh, I see some competitor selling a 300,000 more than that. More than 300,000 shares of Tesla sold yesterday. Um, we know she's actively trading, so I don't know what's new here, full disclosure. I'm just bringing it up for the first time in awhile. Um, I see some success, uh, you know, she's still buying corn Bain, still buying Robin hood, um, culprits, the usual stuff.He likes to be like stocks trading 50 times sales. Yeah. Hey, let's move on to micron here. Okay. Uh, this was the big earnings report from the after hours session yesterday. Uh, their earnings. It's not about that. It's about the guidance about the forward looking statements. And that was not what the street was expecting.Again, the earnings for the prior quarter beat the sales beat, but the guidance was very light. They gave an earnings per share range for the current quarter of $2 to $2 and 20 cents versus an estimate of $2 and 61 cents per share. They gave a sales range of 7.4 to $7.8 billion versus an $8.6 billion estimate.So they missed decidedly on both EPS and sales for the current quarter guidance and the stock got hit off. Bounced where it should bounce. Joel, that's the one good news. 60. You have a triple bottom if you're going back and you know where I'm walking there is this August and August at three loads, right in the same area called 69 bucks.We'll round it. And we bounced right in that between 68 and 69 handles. So we bounced right where we should. That's your support? That's your critical support. I mean, the trend is not your friend here. It looks broken. It's been coming down, but overall, I mean, you've, you've had, you know, the stock is not expensive.Again, we know this is cyclical. I've been burned with micron before saying yeah, it's trading five times earnings. It's good. And then, you know, the cyclicality to that business falls apart, this and their earnings come way down. So we know the earnings are very volatile with the stock like micron. Um, so you can't just say, oh yeah, that's trading five, six times earnings.I want to buy it. Um, I kind of still, still do want to buy it, but I wouldn't want to own a below 68. I'd say 68 would be my stop-out. So again, if you're buying stocks, you always want to look at your risk, then your return. If I was buying this dip today, not that I am, cause I don't think I'm buying any dips today, but if I was, I'd be leaning on that 68 and a half low.And uh, for me, uh, I've no interest in trying to buy this until it gets above 73, 10 and holds guilty until proven innocent. Yup, yup. Yup. Yup. That was closed from yesterday. It's just been whipping around. There was a bunch of lows in the 73 area, 70 to be 10 closed street, leaning the roadway while the market was going down yesterday.So the buy, the dip is they're going to come in today. They're going to come in hand over fist. They're going to get this green on the session and then it's going to be a reset. So that's what I'm looking at in my chronic. Any other stock moving off this, this morning chip stocks, I imagine that's it. You know, my Crohn's like the last report we are literally like, we can't get close to the end of the quarter then right now, September 29th.So we're ready to go onto the next quarter. We're looking ahead to the next quarter. So, um, you know, obviously there's other chips, lots of other chips, but I don't think there's much response here. No. All right. Well, let's move right along here. Um, here's one that I would, I think that sets a nicely for a cell loosen mode.O L C I D Spencer stock that has gone. And this month has gone from 16 to like 20 well got to 28 the other day, but it got, got to 27. Got a 27 this morning from 16 to 27, this month off of news, that was already known that the news here that you're probably seeing today, or maybe you saw it yesterday. I don't know.Uh, cause they had their production days. Yes, we have started production. We are going to actually have cars come off the line. We're going to deliver those cars to the customers that have already paid for them. And this is great news for us. This is not even new. They've said this they've said October deliveries, October production.That's what they've said. They said deliveries to begin in late October. That was always kind of known, um, again from 16 to 24 and three weeks or I guess four weeks. So pat and this specific pop this morning up 5.75% is what Mr. Alcon was alluding to. This is from being the CEO being on CNBC. So CEO pops on CMBC stock rips from 24 and a half to 26.During the interview, it's still holding onto those gains. I love fading. CNBC pops. It's one of the easiest strategies. Doesn't work a hundred percent of the time, but I pretty, I can say confidently, it works more than 50% of the time. So if your strategy works somewhere between 50 and a hundred percent of the time, it's a winning strategy.Fading. CNBC pops is a winning strategy in the long run and buying. PR pops is a losing strategy in the long run on any individual stock. They can do anything. This is a storied stock. The stock could travel it. Hasn't given it back. So that's the one good thing is that it's been holding up for a long time since that interview at four 30 yesterday.But again, this is the kind of stock where I'm not chasing it up and yeah, I'd be more inclined to celebrate. Let me just say this for the people that are really Bullard loose, so that's fine. Lucid. It could be the next Tesla. I have absolutely no idea if it is though, then the best thing that you could probably do is dollar dollar cost average the entire time, right?Take emotion out of it. Say to yourself, I'm going to buy this sock. I'm going to buy whatever 50, a hundred shares every, every week or whatever every month we'll deal with it, whatever it is you want to do and do it every set period. If you really think it's tough, you really think it, then that's fine.But don't that, that's how you do it. That's. That's how you, that's, how the best investors did test the back of the day. Right. They just DCA their way in it's scale their way. And that's what you should be doing too. If you love it. If you love, it has a market cap of $42 billion. So it better be the next test because you're paying for it.You are paying for it. $42 billion. How many cars are they supposed to deliver? Oh, I'll tell you in October. Oh, okay. So they have 13,000 bookings, right? They don't have any sales yet. That's what that is. That's the stupidity of this market is just, it's a soft number, right? But this is the market we're in, it's a storied stock.Um, it, a $41 billion. They're saying that this company is going to be better than Ford. And you know, it's a bad comparison. I did this comparison five years ago with Tesla and I got burned badly on it, but I mean for its Mark House 56. Lucid is 41 billion. So I don't know, you're saying that this company is basically going to be number two, you know, or whatever, and Evie, because they don't have anything else.I think it's insane to pay $41 billion for lucid. That's just my opinion. I think people throw Fisker back in my face just before your point, Joel, people throw Fisker back and say, well, you're a long Fisker Fisker, Fiskars market cap is 4 billion. So, and they do have to deal with magnet. So I'm paying one 10th of the cost of lucid.So that's, you know, if it's a $4 billion market cap, it's like, oh, okay, well there's some growth, 41 billion. They're already pricing and some serious sales. So that's a big market cap, man. That's a big market cap. You guys ready for my best Denis imitation ever episode. Ready? Are you ready? Okay. All right, go to, I know you want to show me why I'm doing this.Go to the 4:00 AM. Pop. You have Kramer on, uh, the, the company's on Craver. You wake up at 4:00 AM, right? And you get a pop to 27 18 folks. If you're waking up at 4:00 AM and you're buying the cream renews, you're doing it wrong. You are absolutely doing it wrong. And that opened up right in, or it got right close to your today high, which was 27, 27.So if you're out there, you might've missed it. Now you've leaked over a buck from that level. You're doing it wrong folks. If you're getting up and you're chasing stocks at 4:00 AM, now we've already leaked over a dollar, right? And you're going to have to check off the open. You're going to have to take out yesterday's high.And now you're 50 cents off. So I'm looking at that as resistance and then the extra major, double important support is on that low from yesterday at 24 15. Once you crack that, you say hello to 22. So that was my dentist rant on. I have one more comment on this to comment or in the chat lucid is the next Ferrari.I've upset some people in the chat. I think w w somebody in the chat, I said, lucid is the next Ferrari. So we, so that's okay. Okay. So let's say it is the next Ferrari stop. The next so Ferrari's market cap is, which is race awesome. Ticker something, by the way, it's 50, $53 billion loses 41. So it better be the next Ferrari because it almost has the same market campus Ferrari.So there you go. So that's the upside, if you think it's the next Ferrari. Well, okay. It's got $10 billion with a market cap. It can go up 20% if it turns into the next. It's got $28 million worth of side. So you're talking to 18% right. About 18. If it's not the next Ferrari, it's going down a long way. So I think the risk reward, I might be wrong.Maybe this is the next Tesla. Maybe it's going to have a $700 billion market cap, and it's going to be, everybody's going to be driving lucid or whatever the hell area they're called when I'm in mine. When I move into my bed averse. Okay. I'm just going to, I'm not, I'm not going to have a car. I don't care about electric cars.I'm just going to put on my virtual reality glasses and I'm going to say, I need to go to the store. And then, uh, you know, a driverless car, I don't know who's going to make it is going to show up at the front door, you know, and they're going to take me there and then I'll do my, and it will wait for me.And then it will take me home. I mean, I just, there's gotta be less cars on the road. Who's going to be making them. I don't know. But, uh, and Teslas, I want to get to this one on this stock real fast. And then we get Joel clean on from windows dollar tree. If you're seeing a trading off this morning, they added to their buyback this morning, they added a one over a little over a billion dollars to their buybacks, or just, it's been a record.This shouldn't be a surprise, but it's been a record year for buybacks across the board. Did you see the first dollar to your headline before the buyback further in your pro pricing? Yep. What combo store, what they're actually, um, increase their, their, their checking put dollars for you plus, Hey $1 enough.So, so you got dollar tree Jack and prices too. You know, inflation got issues with a dollar trees. Look at it, going to $2.You know what dollar tree has the power to pass these costs on though? I believe cause now they can just change the name to $2 tree and people like I go in there and get some for two bucks still. So you know what dollar tree actually still has the power to pass this through. They are going to do it.What about. I think five o'clock has changed the name to 10 below or five above. Well it's it's like in New York where they have the 99 cent stores. We're linking bad Guinea pig in the kitchen. It's already up 10 handles gave his opinion 20 minutes ago. Guinea pigs. Good. I said dopey and Biggs folks. When we're talking on the show, that's not fair.Yeah. We want to hit these beds and he gets done talking on the show now, just kidding. What a time to be alive. Uh, the, the Guinea pig is driving the market pig indicator, man, the anchors are winning because they have a pet turtle. It's the playoffs. Yeah. It's going to make the plot. I don't want to talk about it.I don't want to jinx it. I don't want to talk about it. That's how much, I mean, baseball, I mean, baseball is for old people. And I'm old and I don't even, I don't, I couldn't really I'll wait the Dodgers. Right. The Dodgers got the best record, the giant, the giant state, but that's not there cause they're both going to be in it's 8 35.Let's get Joel clean on a head. Save the show with Joel. Joel asked if his appearance on our show is going to mark the bottom. So let's ask Joel that question. Good morning. What's going on guys? Joel is the head of technology, immediate trade trading. I waited for securities. Joel, is your appearance on our show this morning?The bottom. Why is it more of a joke? I think I was on ahead, immediate parents last Tuesday following the Monday blood. So I guess it's a trend, right? You know, uh, you know, cells, I guess that they're Guinea pigs, right? So the rip. Um, but no, I mean, you know, we, I feel like it's almost become a little bit of a broken record.And, uh, with, with tech, I think coming out of labor day, you know, you really sort of see a shift in mentality and price action, as you said, rallies are really starting to be sold. Um, you know, and I think the epic apple ruling back on September 10th, as I say, was kind of the straw that broke the camel's back.We know that these mega cap tech stocks did a lot of heavy lifting in late August, early September while, while the technicals and breadth was pretty terrible underneath. Um, and I think it's pretty telling, um, you know, oddly enough, you know, going back to last week and even yesterday, I mean, yesterday was one of the quietest sell-offs I can probably ever remember, especially with the NASDAQ dropping, you know, 280 basis points.There was just no panic. I don't know if guys were positioned for that type of drawdown, but, you know, given the long list of names down, you know, anywhere from five to 8%, I don't know how you can be. You know, ready for that type of, uh, that type of move. Um, but it was all fairly orderly, which is the positive.The negative is the tech technology sector is still facing the same myriad of headwinds, you know, coming out of a pandemic. These fit, these tailwinds are continuing to fade. You have rising yields. Um, and that's really the reality. And now they throw in the supply chain bottlenecks, which, which are clearly going to be a major talking point over the next six weeks, which clearly impacts tech.And that's going to limit, that's gonna impact sales, which will probably trickle down to impact margins. Uh, to, to your point, Joel, I keep coming back to the last week when we spoke to, uh, three different people, uh, that all a trade or a work trade on the floor of the exchange. And they said that last Monday, the 20th was like just as orderly and non chaotic.So off as one can have, it was just totally normal. And I can't get that into my head and, and seeing, keep remembering that and seeing what happened, Leah, the back half of last week. And it's hard for me to come in here and say, oh no, you know, and, and, and be, be that scared, honestly, it's, it's above my pay grade to go too in depth on it.But I mean, market structure, it just, it it's a lot different than the market from old, right. We know retail's become a bigger, bigger percentage of the daily activity. Uh, quant, uh, is become a bigger part. ESG is obviously one of the most actively managed strategies out there as well. So there's a lot of different market structure is different.And I don't know if that's leading to active managers, at least hedge funds, just activities down guys. Aren't turning over the books like they used to. They're trying not to overthink these one are these want need kind of 24 to 36 hour drops because the past few years, you know, this tape has told us if you overthink these near-term moves, you're probably going to be chasing the thing higher, you know, two to three days later, which is, you know, sad.That's kind of the, I think that's what leads to kind of the, the, the, the more quiet sleepy activity that the day of the big, first initial move, you know, what's interesting, Joel is yesterday was, I don't even know the last time this has happened. And you observed this as well was the market was down yesterday, but you know, what was not down was the video game stocks, which I've been down all year.It seems like. On a day when every most docs were down yesterday, Activision EA take two end of the green, talking about a plot twist. Well, and I'll talk to the video games, but also, also keep in mind, I think ethics side, you know, right. The Chinese have finished up 10 basis points as well. When was the last time you could point to NASDAQ being absolutely carried out and you have the video game stocks trading higher.I think it's finally some maybe signs of supply exhaustion, subsiding of hate selling and maybe investors just kind of rotating, looking for names that have come a lot more, uh, attractive from a valuation standpoint, the metals haven't changed that much for the video games, right? Younger generations are still spending the bulk of their, uh, their free time, you know, playing in front of consoles and TVs.Um, but yeah, so like Activision obviously was w w was one of the outperformers. They have the call of duty launches, November 5th, you know, EA has a FIFA 22 launch coming on this Friday, uh, also battlefield, uh, their next ballfield games going into beta on October 8th. So we also got a few positive, positive kind of, uh, you know, talking points.But again, it feels like, you know, winners were being sold and guys were looking for names that have kind of lagged significantly. And, uh, I think a few other names you can look fit in that camp would be names like MasterCard visa. Um, if you do see an uptick in consumer spend travel, I think, I think you want to be buying those, those type of names, you know, into the momentum, not trying to catch a falling knife, but you know, video games and an old school kind of legacy payment, credit card names.They've been massive under-performance with. And I think you want to be buying them as they head up versus trying to catch the falling knife. So there's a chance that maybe if we were to keep, like, just say, if we were to keep selling off, there's a chance maybe based on yesterday that, that you see these, these stocks, these areas that have lagged, you know, outperform relative, which, yeah.Interesting. That's the same as I play. If you're negative on tech and you need, but you need, it needs some long exposure. That's probably not a bad place to be. So you look at the video game stocks and obviously where you'd want to avoid the names you kind of, you guys discussed earlier, right. To kind of, uh, the Kathy would, you know, elevated multiple, you know, sky high valuation type of names and even sending.So I still, like, I think semi fundamentals overall, still very healthy for the most part. Um, but you have to be a lot more selective with, within that complex. But I mean, yesterday, it's just like, regardless of what, of what the story was for any chip stock carried out. So I think you can, you can look within the semi space, look for the winners and kind of avoid names.I like the name, like micron was just reported. Well, I was going to ask you about that next. I mean, so you, so you're, you're, you're just hands off my ground here. Yeah, I think so. I mean, the stock has underperformed the socks by 20% year to date, and that was coming. I was into the print. So, I mean, there's, there's really nothing telling you there that, that things are going to change anytime soon, they gave a very disappointing guide.Their CapEx is going to be significantly elevated year over year. I think 20% managed was trying to put the bullish spin on that. But I can't remember a time where you're seeing elevated CapEx how's that not going to fall down and impact margins. And then also we know PCs are, are going through some issues, especially with given the lingering, not lingering, ongoing shortage, kind of, uh, you know, cluster, which is out there.Um, but micron, I mean, I just don't see, you know, pricing's headed one way and that's lower and you have to think some of their bigger customers I hyperscale could be really licking their chops when it comes to next round of contract negotiations, the memory players don't have much, uh, have much bargaining power.That's true. Ron align with Joel clean. I had a technology media trading at Wedbush securities. Uh, let's shift over to the media stocks here. Uh, Comcast, I mean, when a company comes out and says, Hey, you know, we don't have some good news. It goes down and it's continuing to go down. Uh, just looking at the media landscape here, Disney lowers subscriptions to me, there's just, there's just too much out there.And I don't know if there's going to be any huge winners here. It's just, you know, I, I haven't looked data via comm and I haven't looked at all these different things, but, you know, I don't think I'm not cutting the cord anytime soon with Comcast. I love it. Every time I call it customer services, like, we love you.You better customers is 1992, maybe their last subscriber, but you know what, every six months I call and I complain about my rates and they take them down. So I do have that. But, um, is it just like, it's not going to be any big winners in this? I mean, Disney struggling, Comcast is struggling. Like it's, to me, it's just like no big winners.I like where you're heading with it. Your thought, right? I mean, it's, you know, I've mentioned it before and ages ago and I think, I think you're right. It's it's subscription fatigue. How many of the different subscriptions can, can people have? And I think younger generation. Are going to be able to be a lot more and more intelligent and more, I don't know what the word I'm looking for is, but, uh, you know, they're going to be able to hop around from sub to, you know, different platform on a monthly basis, keep control of what they're paying for every month.That's the key, right. Um, you know, I actually just dropped HBO max up here because I want to watch something else on a different platform on FX, I think, you know, and so I think that's going to be the key. If you get to get used to kind of handling your subscriptions in a, in an intense. You know, economical, sensible manner.That's the risk though, right. And that leads to elevated churn. So yeah. Disney Warren, you have Comcast or the commentary out of Goldman's commuter Copia conference last week overall was, was very negative. Um, you know, Disney and Comcast were probably two highlights, but I don't really can't point to anything that really stood out.You have value guys trying to defend the likes of Viacom discovery. I mean, pull up those charts. I mean, we know they got caught up in the, in the Billy Wang or goes, blow up block, stock the buckle back in what feels like 18 years ago. I think it was February or March. You mentioned discovered. I mean, those Hawks stocks had not done anything for months and there was, again, nothing about that charts.Tell me you need to go out, you need to own these stocks in your portfolio. I just don't see. What's going to change the narrative. And I'll be honest with you. If the stocks move and they're 20% higher in a week from now, there's going to be a real catalyst. That I'd rather be buying into the momentum.It's time to buy something. That's been dead money for a vast majority of 2021, but you're right. Funny. I was going through the fangs, the Fang charts last a lot yesterday, and it's worth worth anyone just checking those out. Like obviously, you know, Amazon's, you know, a false breakout back in July, Facebook had pretty ugly puke below its hundred day.Um, but then you look at, uh, look at Netflix with it's still within striking distance of all time highs. And so that's still your winner. Um, you know, even though they, they missed on subs back in July, the stocks come back with a vengeance and obviously they have a very strong second half slate. They had an event earlier this.Talking up stranger things for a new Ozark series. I'm in the camp. I love Netflix. I mean, especially if you're a documentary type of guy, they have some good music stuff. I've been listening to a Skinner thing. Uh, you know, let it scan it a little bit this week yet. You know, I've got about 20 minutes a day where I can, I can kind of dip into a doc.So I mean, Netflix is the clear winner and it's amazing. And then you remember Disney warned about not just subs, but, um, disruption development delays, which obviously is even more supportive for, for Netflix. And in terms of, you know, and, and Seinfeld's coming October 1st, that's going to help keep churn low.That just helps keep your own churn. Very. Yeah, I think what, uh, actively, uh, canceling and re-upping your, your streaming subscriptions is going to be to this generation. What, uh, what, uh, playing credit cards for the points are to like our parents generation. Cause like, like my dad has like at any given time, like 15 credit cards, he's always canceling and adding new ones to, to, to get the points and the rewards and, and he's, he's got, and he's really into it.That's like his hobby and our generation's worried about security. We are actually worried about security Owens, general diners club. Yeah. Yeah. My hobbies can be canceling or subscriptions if you cancel it, if you time it right. You can get a free week. And now when this new show is out. So, uh, yeah. Um, let me go to Netflix here.I mean, how, how was there, I mean, how's their oversea, how's their expansion going? I mean, cause I see they better keep expanding. Right. And getting more customer base or they're just going to be forced to raise prices. I mean, is there going to be a point where, or is their content just so surprised that people are just going to keep paying up?I mean, how much have they increased their prices? It's funny. The story goes in cycles and obviously, but I think right now, I mean, they're, they're pretty much the best position. I feel like they've been in a quite some time, they've been able to absorb all the recent pricing, uh, you know, hikes that they've put in over the last few years and there's still pricing power in the model.Um, and, and, and I know what the sell side's been, you know, talking about this weekend. Is, uh, you know, continued, uh, you know, coming out with hits from the non non, uh, non-English, uh, original content. I haven't watched it yet. It looks a little creepy to me, but the squid game, I I've been meaning to get to that in trending number one, everywhere.I think something like that. And even they come out then with like the untold untold series stories kind of program, and you have, uh, you know, all these little sports stories that people aren't really familiar with, which has been a hit, whether it's been, you know, the hockey one is, is ridiculous crime and penalties with the mob, that team and Derek, my brother-in-law was just telling me about that one last night.It's on, it's on, it's on the bucket list now. I can't believe it actually happened, but it did. I never heard about it. Um, but you know, they keep on reinventing themselves with these, these other shows. And then, I mean, not so, but it's obviously it's, it's not a trade. Probably your audience is looking to do.It's obviously become a relatively, a boring game. I think get dressed and take a look. Some of these Chinese internets, we've talked about them before me, along with every other fast winning guy out there has got their hand cut off. But again, I think you'll look at the relative out-performance yesterday in Chinese internets overnight, the big Chinese tech index only fell 80 basis points versus a NASDAQ, you know, falling 280 basis points the K webs up another 1% last I checked today.So I think you're, you start seeing continued relative strength from these Chinese. I think that it's given us a clear signal, you know, start dipping in, maybe keep, keep tight stops. Um, but we know there's, long-term value there in Alibaba, Tencent. Um, again, this is regulatory cycles longer than anything we've seen before, out of Beijing.Um, but companies are starting to fall in line and that's, that's the key, right? Joel, I want to buy more Ali Baba. I have a little piece in my portfolio. It's like at a six year low, I think is where it's approaching here from a valuation perspective. Looks very attractive, but I think, well, they're just like, so attack him.I don't know, like, are the earnings going to start dropping, like, are their earnings numbers going to start going down because of, you know, what they're, you know, w what the communist China communist party is doing to the company? I feel like a lot of the negative and the downward pressure on the multiple and estimates has been priced into the stock at this level.Um, you know, now we have some reports last week that the ant IPO may be back in the works as well. And I think, I think again, I think it comes down to Beijing has a goal, right? Like they obviously want their tech conglomerates to fall in line. And if you don't listen to Beijing and what we're we want to do, we're clearly going to punish you.And they, their number one goal was punishing the west. And they've done that impressively to say the least, for sure. But again, like I don't 10 cents open up their platform to some of the competitors as well. You are starting to see signs that people are falling. I mean, I love to see Jack ma walking around, right.That would be the big catalyst. So maybe look to 10 cent as a, as a better play. Cause he, I mean, who knows where, where Jack I can't, who knows where that guy is right now, Waldo, but I just can't help to think again. You looking at looking at the price action. They're making low, they're making higher lows.That the regulatory headlines are subsiding. Obviously Evergreen's taken a lot of focus away from the tech, you know, onto the property, you know, uh, under the property bubble, which has been imploding. Um, but I think if you're looking for near term trades, um, unless you think the world is falling, China's already blown up, right?These, these stocks have blown up. Um, could you imagine if our tech names drop 50% or whatever it was, and, uh, Shutter to think what would happen if that were to happen. But, uh, you don't come to Canada. That's what you do, I guess. Right? I mean, yeah. We know what we're, we're half Canadian right now. Um, on the shelf we should, like, we should get picked up by CBC because we actually were more than broadcasting corporate cause I'm half Canadian.That's right. So, wow. So Spencer, you're the lone American here. I just want to ask you before we let you go, we're talking a lot about the end of the. And, uh, I know you're not talking to a bunch of pikers out there at a wet Bush. You're talking to some people that, that, you know, that have big, big holdings and it takes them a day or two or a week, you know, to move in and out of stocks.I mean, what's our outlook for Q4. I mean, we had one hell of a year. We've had off the March lower. They just did just this Q4. They're just going to ride off into the sunset and make a new, all time high on Christmas Eve. Or do you feel a little bit of caution out there and the institutional client base?I mean, it's been, I mean, a bit of bizarre year to say the least, right. And the bulk of my clients are, are long short hedge funds. And it's been an impossibly difficult year for alpha generation to say the least. I mean, you go to the Reddit, Reddit and implosion, and then you have Billy Wang and arcade ghosts blowing up, which has really impacted how guys use leverage.Um, and then we've had the China, you know, regulatory assault, you know, out of Beijing, You know, and it blew up a lot of guys, you know, P and L's as well. And I think one of the biggest issue is that, is that these long short guys, especially they can't run these concentrated short books anymore. Um, there's just too much risk that amazingly just didn't exist, you know, 10 months ago.Um, and so guys want this, this year to end. Um, it seems like the bulk of people are, are, you know, upload single digits since seems to be the norm, um, which is obviously traveling the benchmarks, uh, significantly. Um, so I mean, you know, that people want this year to end, but you said. I don't know, like we look at what are we seeing so far in September?Right. We had the apple epic rolling, which kind of could end, you know, two of the biggest tech companies in the U S with apple and Google and the Android Android store. Um, you've had almost every airline in the world cut their guidance. You're, you know, had a slew of industrials come out and mourn on component shortages, rising costs, et cetera.Microm last night, that could be the trend. So I think people want to wait. Almost to what the tone of earning season is going to be like. So I think we have to wait to probably the third or fourth week of October, you know, Netflix, I think kicks it off for tech on October 19th, but it's really the following week.When you hear from the more important companies, apple alphabet, Microsoft, um, you know, the semiconductors across the board. So there's a lot of, uh, a lot of caution is, is to say to these guys are trying to avoid the blow up. And I think that's where you're seeing people, you know, position guys are just being a lot more nimble.They're not trying to overtrade overthink things and let this year end and hopefully to greener pastures in 2022 Kaleena way, Bush securities were having way too much FOMO. We gotta let you go. Thanks a lot. Joel, always, always find. No, I take care. I got it. I got to tell the Leonard Skinner story now never told this one.Okay. So, you know, the band that had scattered, they were named, it was named after their gym teacher, Leonard Skinner. You didn't know that. I thought it was the principal, but whatever principal, I thought it was a gym teacher anyways, uh, this is, I don't know how many years ago down in sea island, Georgia.Uh, Lisa has a conference, my buddy IRA flies down and we're golfing while Lisa's at the conference. And we decided to go check out the town. And so we're in the town and we go to the Spire and Ronnie, uh, one of the van Sant brothers singing at a bar. Right. And he goes, I just want to give a shout out to Leonard, skip.For showing up tonight and IRA and I turned around, we'd go to the back of the bar and there's this older heavyset guy with this big gray ponytail. And we go up to him and we go, oh man, we're, you know, we're so happy to meet you. And, uh, you know, look, what was it like being around those kids in high school?And he looked at us, he goes, And then that was it. And I don't even think it was the principal. Wasn't the principal or the, you met the actual actual Leonard's and it was like pre cell phone. I mean, I'm probably not cell phone, but I probably had a bag in my car with a cell phone, so I couldn't do a, a selfie or anything with them, but yeah, I'm not the actual, wow.So they're saying that the China wasn't Jim Petri apparently know one of my favorite bands of all time. Incredible bird we got, let's not, we'll get in trouble. Uh, five minutes before five minutes getting in trouble five minutes before you ended the show four minutes. Now take your time. Let's do, uh, here, uh, because I saw a few people mentioned a GRI, uh, G R E the report.com is getting a rating this morning from B.They're giving it a, a actually, I don't even remember what they gave it, uh, by rating. Yeah. $76 price target. They gave it 76, 78 is the old support.com SPRT that did not move. And the reef is what it, was it a reverse split or something where they took most of your shares away. Because when we didn't like this on the show, one month ago, it was equivalent to $370.And I said, I'd sell it. It's 30, 90% since I said, I just want to show up. I just want to show my think or swim chart, which I I've never seen this kind of a chart this pattern before, is this in the textbooks? This pattern? I, I don't quite know that's wrong chart though, because Jasmine and now I know, but it doesn't have the adjustment.So you're missing the adjustment. It's literally trading at equivalent of like $3 or something where it was at 30. Alright.Okay. Some of the little boutiques, like the Riley get a lot of, because they don't feel like they have as many conflicts of interest and you'd be shocked at how, and they cover some of the smaller stocks in these smaller boutique firms, but they can really move stocks. I mean, this is up 30% this morning because of this rating.I'm a hundred percent. So I don't know what the thing was. 300 is the equivalent of it on the adjusted chart, which mine is adjusted. It was $375 a month ago. It's 30 bucks. Can I go to 40? Sure. Good. I don't know where it's going. This is too hard to trade. I tried to buy it last night when I saw the ratings come out and it was like, people were lifting 26 and I'm like, I'm not paying up 10%.I should have paid up 10% for it. I knew it would move on it. I saw it, you know, somebody tweeted it out and then, you know, you see the rating and you're like, ah, 20 sex. Do I want to pay two bucks? 27 goes 28 goes and I'm like, okay, I should've bought 26, but $30. You know, I, I don't know. This thing could go anywhere.I'm not even going to comment on at this point in time, I was a seller at $370. I'd still be a seller $370. Okay. I stand corrected. It's Dewey Cheatem and Howe not can we cheat them? Did you see what I put up on my upper on the upper right chart? No touch, no bias. No technical now does not deserve technical wizardry.Do you want kinder Morgan? KMI other of you have thought dividends. Nice. When, if they still like dividends it's rallied up oil services. I mean, I don't know. I don't like oil stocks, so that's one, one reason not tone. Kinder Morgan, 6.3, 6%. Dividend is nice. It hasn't kept up with some of the others, but I think it's a more conservative play.I like it, you know, from a technical basis, a little back. It's been moving though. We've had a big move. It's a big move. Relative strength on the same crude goes makes a new high for them. I mean, I know they're probably a little bit more diversified, uh, but, and they've just been around forever paying that fat dividend.So, you know, buy down dip, styler costs, you know, DCA, DCA. It is Spencer coined a new term on wall street, DCA. That is so not a new term. Are you kidding me? Dollar costs. Average dollar cost. Average is not, but you would like to fancy, you know, steal, TCA it like you're so big. You guys, you guys. Okay. All right.Be too hard on stuff, but I need to pull back. All right. We got to wrap it up guys. It's nine o'clock we've been hit on Fisker again again. Why do you guys get billion dollar market cap lucid $40 billion market. It's 10%. So Fisker is still speculative. Lucid they're pricing it like it is the next Ferrari.If lucid was a $4 billion market cap, I might actually be long into my speculative portfolio, but it's not. It's 40 billion. It's 10 times more. Is it 10 times better than Fisker? We don't know. I mean, Fisker is still at least a speculative play when you're buying $40 billion companies. Is it going to 400 billion?I don't know, but this could go to 40 billion and become lucid. I think there's a better chance of Fisker could go to 40 billion. Then lucid go to 400 billion and that would be the same thing. It'd be a thousand percent gainer capital Dennis. Call me if your phone's working, call me after your open. All right.Okay. Everyone have a great rest of your day. Smash that like button, please. Let's get this. I don't, I haven't even looked at likes today, but, uh, I've been distracted. So hit that like button then, please remember that. All of the information from our show is meant to be used as informational purposes, not for investing or trading advice need Benzinga small cap health for Collins is alive or going live right now.Right? When this show ends, the stream will redirect to that stream and you'll see, Brent, you'll see me and w will beyond and that's that's going to be it. So everyone have a good rest of your day. Go look at the open, stay green. See you ever. Healthcare conference.Support this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Join Gene Munster and Mystery Guest today (Sept 28th Tuesday) at 1:00 PM EST at premarketprep.comEpisode Summary:Ford Doubles Down On EVsMerck nears a deal for AcceleronEndeavor Buys OpenBet from Scientific Games EDR SGMSGuests:Ryan Craver, Retail Expert & Founder of Commerce Canal 33:00BENZINGA HEALTHCARE SMALL CAP CONFERENCEWednesday, September 29 - Thursday, September 30 | VirtualRegister for our FREE Healthcare Small-Cap Conference and have a chance to win 1 year of Benzinga Pro! Register for FREE hereMEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderSpencer IsraelTwitter: https://twitter.com/sjisraelJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptSupport this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Episode Summary:Bitcoin Ban In China?Nike Earnings NKECostco Earnings COSTGuests:JC Parets, founder of AllStarChartshttps://get.allstarcharts.com/ JC Parets is a 15-year veteran and Chartered Market Technician who actively manages money incorporating Technical Analysis and Behavioral Finance into his practice. JC’s work has been featured regularly on CNBC, Fox Business, Bloomberg, Business News Network, Wall Street Journal and Yahoo Finance among many other financial media outlets. All Star Charts was launched in 2010 as a blog meant to share technical analysis ideas, and over the years has expanded to options advice, events, a podcast, and even internationally with All Star Charts India.BENZINGA CANNABIS CAPITAL CONFERENCEThe premier gathering of cannabis entrepreneurs and investors in North America returns for a 2-Day Hybrid Event on October 14-15.Speakers will include $SNDL and other major Cannabis Companies, for more information visit https://www.benzinga.com/events/cannabis/MEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderMitch HochTwitter: https://twitter.com/STORYInvestorsJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptComing to you live from downtown Detroit. This has been zingers pre-market prep with your host Joel Kahn. And this is a foul tile property here. Isn't it. And Dennis Dick I've been the penny. I will buy the stock for pet with everything that you need to start your trading day.good morning, everybody happy Friday, Spencer Israel, join Alcon. Dennis stick is here, but he's in a fast market and his kids ready for school. So when the kids get off to school, Dennis will be back with us. I promise we got to talk about Bitcoin today. Uh, that will be the story of the day they are. The kids are off to school.They're on the bus and Dennis's here, Dennis. Welcome. We, uh, thanks for joining us. So we're going to talk Bitcoin, we're going to talk Nike, we're going to talk Costco. We're going to talk some M and a. We're going to talk all of that with JC Perez at 8 35, he is from all star charts. We've been trying to get JC on this show for like a month.We've had to reschedule. He had to go do a wine harvest he's back. So we'll get JC and JC technical thoughts on, uh, in a half hour from now, before I throw it to Joel quick, P S a next Tuesday. Right. Yes. The 28th Tuesday, Joel will be alive with gene monster and a mystery guest. One-to-one 30 pre-market prep.com.Uh, here's a code for you already. I'm going to give you a code to access the debate. The code is PMP mystery, 28. I'll put it on the screen. Okay. I'll I'll S I'll I'll we'll literally spell it out for you. PMP mystery 28. That code will get you in on Tuesday. One-to-one 30 Joel with Jean and the mystery guests debating technology stocks.Okay. Let's get to the charts though. Joel, how are we doing this? Under pressure, little David Bowie song here, song. Yeah, a little rally off, you know, last night, you know, trick Dennis going into that eight o'clock clothes. They floated, they couldn't take out that they missed a high from yesterday by four and a half handles.And then I'm not sure if we got China or they didn't like the Nike earnings, but just kinda rolled though. And, uh, now we're down 22 handles at 44 16. We're just right in the area of last Friday's close. I was talking about that yesterday and we exceeded it by 25 handles. And when now we're back under it.So important day for the market to see if we can at least end up green on the week, a crude spend some time over $73, a new high for the move today, but it's down 22 cents is 73 0 8 gold got shellacked yesterday, new low for the move, trying to rebound up about 20 17 51 silver in the red by 14 cents and 2253, uh, Bitcoin.Under pressure heading towards that 40 K load to those lows at 40 K a down $3,600 41, 3 40. And the theories that's moving to sympathy. That's down 11%, $355 at a 28 40. Yeah. So maybe let's start with the overall market here. Um, Dennis, I'd be curious to get, to get your thoughts on the fact that we filled Friday's gap.And then some actually I we've had a good rally. I mean, if you're coming in and buying it now, I said it yesterday. I thought you were doing it backwards and we tacked on more so again though, I think you're buying dips now too. So I'm always doing the same thing. We're in this shop and slop market.You've got to buy the dips and sell the reps. Yesterday's rep to be sold, I guess, you know, obviously early yesterday, But are you getting a dip here this morning? So you got your shopping list and you go out and you do some shopping. The other stock I bought, I forgot was Jemiah. So I bought JMI three days ago around $19.Went to 20, dip it back here today. So just looking at putting some more risk on just allocating around. I don't think evergreen is event. That's going to make us go into a bear market. I don't think we're going down 20%. We have a little 5% correction, the spy and they can't stop buying them. So you know what?I think you're going to win your bet, Spencer. I think we're going to be making new highs by the end of the year, but I'm using the dips to buy today. They get a little dip. Maybe you do a little shopping, just indecision. I just think, you know, you had, uh, you know, you had that dip last Friday, the dip last Monday.Tuesday, we were still lower, but it kind of felt like an update the Wednesday rep and then Thursday rep. And now, I don't know, I kind of feel like we're just maybe going to find some kind of trading range and it's going to be below the old time. Uh, and I don't know, maybe just above the 4,300 level, uh, maybe not even take out that low and just grind for a while until we decide what to do.But, you know, we got through the fed meeting, uh, and two definitely today, rally got back more than half the move. Uh, what's the catalyst, you know, there's, you know, we keep getting a submarine by China and certain sectors. Uh, certain tech sectors are under, you know, a part of, you know, Facebook's under pressure.So that's it, I'm looking for more of a trading range and more of a rip higher rep lower. Okay. I think, well, that's what we've been saying. You know, you're saying the exact same thing that we've been saying it's by the depth sell the rep we're in a trading range. There is, you know, really, you know, you look at IWM for the last year and it's a better indicator for the overall.It's this range-bound and you know what? We just went from the bottom of the range four days go around to 14, up to 2 25. So I think now it gets tougher. And so I do think we're going to make new highs by the end of the year, but it's not going to be easy sailing. And we're not like, it's not like a bold call here at this point in time.I mean, we're 2% off the highs. So, you know, two and a half percent here on spot. So it's not a bull call at all to say, we can make new highs. Are we going to go break out and have a 25% rally from here when nobody knows anything? But I think we just do more of the same. I think, you know, keep just trading because if you're putting stocks in and saying, yeah, this stocks going way up, take the gains when he got them, because you know what, it's just, the market will take them away from you if you don't take them, because that's what I've learned in this environment here.It's not the environment that we're running 30, 40, 50%, and everything's just going awesome to environment or. Just chopping around and just moving around oscillating. So fade, trade winds in this environment. Yep. And that's basically what I said yesterday with Joel on the afternoon is like, uh, we're not going to get, I don't think we're gonna get an all time high as next week, but we're going to get on all time highs at some point Mayan.So why not? Why not? Where is the money going to go? The Tina trade is probably the most important thing. Where are we going? Joel? Where are you putting money? You keep getting the cash and you're getting the shit kicked out of you by inflation. No, no, no, no. Hold on. I will tell you, we are all going to do the same thing today.Ready? Let's all come in and collectively buy the different crypto. How about that? Uh, I might. Okay. I might, I'm not against it. China torpedo something else again. I mean, China is just at war with capital markets right now because they come in and they just torpedo a sector twice a week. You know, what have they done now?Let's just go through the tail of the tape of China. Start from the beginning, how many stocks they started with their own stocks, obviously, D D you know, and maybe we'll start with Alli, Baba, Baba first, and look at Ali Baba. Like holy crap. I should've sold all that. I'm down in the stock. I bought it five years ago, watched them go to 150 to 300 it's back down to $147.So I'm actually down in it now. I sold half of it. Thank goodness. Wish I would've sold it all. It's the only pure Chinese stock that I own. It's about 1% of my portfolio becoming less every day. And you know what I wish, I didn't know in any, I wish I didn't know anything overnight. It was Alibaba and Baidu there.I feel like together and in both of those stocks, so Ali Baba is down 55% from the highs. Baidu is now. Let's go to those highs, which were over done way over done, but well, over 50% from the highs as well, significant. Right. So, so from there we've got a D D right. If Uber going in order, it might not be good.Um, and actually, if you really want to start you, you could even say, well, let's start with, with the travel industry with COVID, but let's not go there. So, so D D um, then you've got, um, casinos and no, no, no. Then video stuff between them, then video games, video games, right? You can't play video games. Those are bad and casinos and casinos, but I should, I should point out if I say crypto today, we, we should point out that today is not the first time that China has come out negative on crypto actual crypto.Nothing really has. I guess the only thing that's changed today is that the, the, the people's bank of China actually said that crypto transactions need to be banned. They haven't been banned yet. They're just saying they need to be banned. Uh, but we, we, we knew this, we knew that China didn't, didn't like crypto, that was against everything.They're about role. I mean, this is taking way. So crypto is right at the heart of like, you can't control it. So of course they don't want, you know, they don't, they don't want their people transacting, crypto. They want to be able to control. They want the control. So thank you, Eddie Lee, we forgot education as well as education.Absolutely hammer over there. Bring us a couple of those. Like T a L T a L. Look at this stock. You want to see a kid investment laugh out loud. 80, no. $90 in February Tao was $90 in February. It's four bucks. It's $4. So I don't know, down 90% you think it's probably going to zero. So when they go that far, but I don't know, like I can't touch them at this point in time.EDU. Back in February $20 a share, it's a buck, 93. They have just torpedoed. So many sectors, man. So many sectors. Yeah. Serious and the sec and they don't come back. That's the one thing to consider too. We haven't seen like, oh yeah, they shrug off the China. You know, Baba never shrugged it off. Didi never shrugged it off.The video game was really how much shrugged it off casinos really? Haven't shrugged out, maybe Crip it. We haven't seen a bounce. Like that's one thing to consider that the sectors they're torpedoing, Joel, to use your words, they've never come back. They don't come back. So I don't know, like, do you not buy the dip on stuff they're attacking, but maybe can we agree that crypto is a different beast than, than companies?And I would think so. Right. I would hope so. I would hope so too, but it's serious. I mean, we'd be easily at all time highs if it wasn't for China, I mean, easily. What about it's the biggest risk out there because you don't know what they're going to do next lucky kitchen. Yeah. We're welcoming that wasn't there.That was just, that was actually, actually, we look at that stock in the last couple of weeks. Haven't we it's L K C and Y know what's the ticker Ellen. Casey was just a scam though that wasn't the Chinese regulators fault. That's. It's so it's LPC LK. NCY it's actually not doing that bad, but anyway, um, yeah, so, so that's why crypto is down today.You've all seen that news by now. I'm sure. Um, the futures Bitcoin down eight Ethereum down 11%. Um, I, as I said to Randy on the news desk, I guess we're buying more today. I guess that's the only thing we're going to do. I don't know. I might increase my crypto exposure. We'll see. But again, now I think about it when China starts attack and something, it doesn't seem to bounce back right away.So maybe that makes me a little more hesitant. The third or fourth time this has happened now making new lows here, Dennis, or just kinda, just kind of still a slow leak from yesterday. We had pressure on the clothes on. I'm not sure how they popped it up to that. 51 50. What the heck time did they do that?I'd must've been sleeping. I know I was sleeping. What is. Yeah, what time this just after midnight Chyna had orders out there, but where are we going? We're going to the inner day low from yesterday. Um, oh one and a quarter. So the battle for last Friday's closed is still on folks where we're a long ways from there though, 120 points above the low we set four days ago.So there is some air below there's air above, but there's air below. So I think you got to pick your stock. You got to pick, you know, what, you know, and have your list, but just coming in and saying, okay, I spy this a detriment of buy. You might be right, but you know, where do you stop yourself out? We go 3 35 too.I mean, we're still for 4 35. We're still well above that low from four days ago. So it was a hell of a ride. You know, yesterday was just way it was over done yesterday and then at the open, and then it kept running yesterday too. So the rally is way over done this, this, this dead cat bounce became an all, it got two thirds of it back.So I think you're lightening up into the reps and nearby in the depths and just continue to do that until it doesn't work anymore. I know we sound like a broken record on this show, but you know what it's been working. So we're going to continue to repeat what is. Let's move on. Uh, if you guys want, and we can go to Nike here, uh, cause they reported earnings last night and uh, basically the theme of the report and the theme of the press con of the conference after on the analyst call was a supply chain problems.And because of those supply chain problems, they did a war with their sales guidance a little bit, uh, prior to yesterday, their sales guidance for the year had been low double digit growth, low double digits. Growth year over year. Now it's more like mid, single digit percent growth year over year. This is for their state, their sales for the year.So lowering their sales guidance. Um, and what they said was just all kinds of supply chain problems. That, that was basically my takeaway, the numbers. I mean, I'll give you the numbers if you guys want them. Uh, even though guidance is more important than earnings, uh, EPS came in, uh, 5 cents above the estimate.Sales came in to smidge below the estimate, uh, comps were, uh, or I'm sorry. Uh, online sales were up 25% year over year, but it's all about that, that guidance while ring and supply chain problems and all sorts of stuff to talk about at the mom and, and factory closings and all, all kinds of things. But anyway, sales guidance lowered for the year is the bottom line.Are these away anytime soon, these supply chain problems. I mean, some of this comes from China as well, does it not? Oh, yes. So, I mean, China is at war with the capital markets and probably are at war here. Like I wonder if some of this isn't starting to be intentional. Somehow some of these supply chains, I know that's all over the place and yes, demand is through the roof on a lot of different stuff, but it's everything like, you know, you talk about Nike.I mean, I, I've got my next door neighbor at doing, you know, a renovation on their house. Same time we're doing our build. There've been waiting on vanities for like two months. Like they're ready to move in, but they have like, you know, they're waiting for fixtures, they're waiting for their vanities and it's like the stuff's on order.And it just doesn't come in. It's the same thing with my apple, you know, iPhone, I distorted, they're like, well, we're projecting out three weeks. And they're like, we don't really know. I mean, it's crazy to think we're in this environment where we can't get stuff, you know, we've never, we never experienced this.Not very often in north America. Do we experience. I want to buy something and there's just none of it to buy. Yeah. I can't tell. No. I mean, there's at workers. There's no room. I mean, what's going on. I mean, and I know California is always screwing things up, but, uh, throwing darts at California today and then California just broke off into the ocean.I mean, it would be like a big win for our country. Okay. Strike that from the record. I have no idea. Take Florida while you're at it. Um, but I like Florida. Uh, no. I mean anyone who says that dykey is not in huge technical trouble here, then they don't know how to read charts. I mean, first of all, you had to gap a go off earnings.And then the street just said, I want out of this stock. I do not want to be lost in this stock going into earnings and right. Boom. The street was right now. What do you do if you get into this gap? 1 50 40. Yeah. I mean, it's, it's gonna fill the gap. It's good. I don't know the exact path to it, but that was a ridiculous gap and held it, it tacked on another 35 points and it's just going to labor.So I don't think you try and pick a bottom anywhere between here and 1 35 and the, the whole thing to Dennis's question about the supply chain problems and when it gets sorted out, th th this actually reminds me a little bit of, of, of COVID last year in that we, no one had really had any clue as to when it was going to end or when it was going to get better.And it seems like we're just repeating the same thing where we, maybe we thought that this could be a temporary problem, or the supply chain problems are they'll get sorted out by the end of the year. Don't worry. Well, Nike is saying not so fast. It's going to take a little while longer to get. All these problems and it stems from labor shortages.They're all, it's all connected. Right? It's all economics, everything is connected, right? Labor shortages here leads to delays there. You know what I mean? So sounds like what's what everyone is saying. If you just read the tea leaves is like, forget 20, 21. This is going to be a 20, 22 problem as well. I mean, yeah, it is.Uh, as long as the food chains not disrupted, I'll be okay. Right? Yeah. Certain stuff you can't get in the stores too, though. You go into the grocery store and there some empty shelves on certain products too. It's not even, you know, there, there is food issues too. Like not saying we can't get food, but there is some stuff that is not on the shelves.I mean, I, and, and again, you know, like we had issues even up here with suntan lotion this summer, I was like, I went in there and I was like the complete, I went in a couple of stores that was completely empty. The spray suntan. I like the. But there was like, it was all empty shells. I'm like, this is crazy.I'm sure now it's not summer anymore. Who the hell wants sunscreen, but you can always get stuff and don't want no demand, anything that has increased demand right now. They're not able to meet the supplies is not able to meet it. So you have Jack up the demand just for seasonality too, like in sunscreen's case and it's trouble meeting the demand.So it's an issue. It's an issue for sure, for a lot of companies. And, you know, you just got to start looking through when you, you know, you're looking at trying to predict these earnings reports and saying, Hey, you know, a company like Nike, I mean, some were predictable. Like Campbell's, it's predictable.They were going to get, be getting squeezed. There are certain companies that are getting screwed. So, I mean, logic is winning in some of these cases. So in the case of Nike, you're thinking about it. Yeah. I mean, supply chain issues here, once again, stocks down, I supplied a supply that's I mean, that's not boding well for inflation, right?That's supply higher to Spencer's right. With a labor shortage too. I mean, people aren't don't want to work for 15 bucks. They don't want to do these jobs for 15, 20 bucks an hour. And they shouldn't have to because, I mean, how do you, when prices are going up, and this is all stems back, you know, so we can say it's on China, but let's go back to the fed.I mean, they're so scared to even taper. They've caused all these problems, you know, you can say, oh, Powell is doing a good job. Is he really, is he really? I mean, we've got, you know, interest rates that have been so low forever. The entire economy is built on debt, including the U S government where, you know, we've got to raise the debt ceiling every six months.It's inevitable. The hole is so deep. There's no way to ever get out of it. So they're just keep hoping that they're just going to continue to dig the hole, because what else can you do when you're literally stuck in his holes a mile up and you have no way of ever climbing out of it, you just dig it and hope you find a way out through the bottom because, and that's what, you know, it all, it comes back to.The fed it's been too easy. The money has been too easy. Now inflation is running rampant and it is the lies that they feed us. That it's 2% is an absolute joke. No one is saying no one is saying it's 2%. Okay. Go to my Twitter feed. What do you mean? No one is saying it's 2%. It's exactly what Powell said during his press conference.Go to my Twitter feed. I took a picture of his comment, which was an absolute joke. Go to my Twitter feed. I have it up. I have rang it up from like, I don't tweet that off. And like four or five tweets ago, probably Powell forecasts show very modest overshoots of 2% inflation goal. That's what he said.That's what he said right from the freaking press conference. Look at that. That's what he said from his mouth. Okay. That is a lie. That is just. It might be on their crappy indexes because they put TVs and garbage in there, but they don't include housing. They don't include energy. They don't include food in any of those numbers.And that's the stuff where you really spending money on, you know, people are spending money on that stuff. The guy is just, you know, th th th if they, if they, if they honestly, aren't lying, then they're just the stupidest people on the planet, because you can go anywhere. And 2% is a joke. We are not running a 2%.We're running at eight to 10% on all of our important stuff. It's significant. And this is why it's hard to think that the stock market is going to turn around and crash, because where do you put your money? If I'm sitting in cash, I'm getting crushed, right? So at least when you're in stocks or even crypto, at least you're keeping up so far with inflation, you know, as long as you're making eight, 10% on your money a year, at least you're keeping your purchasing power.But if you're sitting in cash and cash, giving you like the TLT, you're going to go on the 20 year bond set for 1.4, 6%. Yes. You know, the bonds can continue to rise and you can get that extra return, but really you're buying 20 year bond at 1.4, 6%. I got to think you mentioned this bond market. Just epically collapses.Well, oh, whoa. Okay. That I got to think that that was a leap there at the end. Yeah. I'm going and just saying eventually, you know, if you're jumping in and throwing all your money in a bond and a 20 year at 1.4, 6% eventually lose some money and it's worked because the yields have gone lower and we're saying negative yields and the bonds have went up in price because of that.But you're not keeping up with inflation. I think eventually you don't want any of that stuff. I don't know where else you go. That's why I think it comes back to the equity markets. Why not? Barista? Uh, okay. If I can bring it back to Nike for a second. One of the reasons I liked to Nike earnings is because there was always mad sympathy plays to go off Nike.Right? You can go under armor. You can go foot Walker, you can go Sketchers. Good ones. Yeah. There are more, I'm just, I only gave three Footlockers you're pure play. Obviously they sell a lot of Nike shoes. So Nike supply issues, it's like, oh, that's not good for foot locker. So, you know, so you go to foot locker and that's obviously going to spill over into that.Lulu lemon is another one that does trade off sympathy with that. But Footlocker has been, you know, a little more in the gutter than Nike for awhile here. We've topped out back in March. We are now 64 down to 50. You're talking 15 points on 65, 20, 20 5% off the highs. So it is a pullback and my jumping and Footlocker though, when there's supply issues coming on from one of their major footprint for our shoe producers, it's.So, I don't know where the trend is likely to. I think we're going to bring JC on, we know JC don't like down trends, this Footlocker clearly in a downtrend here right now. Just little, little lamb in here. If you want to, you know, if you're worried about this, look at that, just perched up and kept up at all time.Highs and Holden bill big D I don't know if your girlfriend sold their stock yet, but metal, man. I mean, here you are new all time eyes hanging out, down to 91 sympathy. Um, we had, uh, I mean, under Armour really doesn't go anywhere. What's that? What's a more liquid one. You a, they were both very liquid. I thought that both it's a nice, you know, and obviously we talked to your class arbitrage.I talked to in our last webinar that we did our, an educational event. We'll talk a little bit more about it in October and a better educational. Um, they're both very liquid UAA. UAA are nice to nice to trade against each other. Obviously the two stocks track each other perfectly. I mean, this is a stock that has been in the gutter for years.It's trying to show some light, but supply, if you've got supply chain issues going through Nike, you've probably got supply chain issues going to hit under armor too eventually. So this is, you know, a stock where, you know, it, could it be potentially that they say something, when does EIA report, do they report coming up or did they already, they're already out there.They're already out. So we won't hear about them for two and a half months then maybe four. But, uh, under Armour reported on the, uh, 20 on August 3rd, we reported. So they got another, you got another month. Yeah. Is there a supply issue is going to happen to these types of companies to pop. So, I, I don't wanna, I don't want to come in here and obviously we've got supply issues.We know what they, they torpedo the stocks. It's not even sometimes the company's fault. They've got demand for the products I can't get. I mean, for a GM, you know, that was the biggest issue for them to the chips shortage. So it's that their fault. Not really, but they torpedoed the stocks for it. So I'm probably out on UA for now as well.Dick's as well, which is also a sympathy play here. And it's training it's string down off this number. So we have my dicks to so many more things and just shut. Yeah. But it's the same, it's the same thing. It's the same problem. So I mean, why else things to think about? Yeah. Yeah. You know, one thing that really bothers me is, and I still can't figure it out on the Michigan football Jersey.They bring it to Michigan. They have chorten. Do it, you know, doing his, like his, his basketball. I mean, what, what I, him understand that he was anti-D Detroit it's worth, tangently very disheartening. These are the things. These are the things that Joel thinks about at night when Joel can't sleep, he's thinking he thinks he thinks about Michigan sports though.How, uh, how many times a day are you thinking about Michigan sports? Not as much as I used to.I'm missing another whole. I only got into one home game so far. There's only been two. Okay. No, there's been three. Okay. Okay. Fine. Okay. Well, let's stick with the earnings theme and move on to Costco here. Um, numbers at a Costco it's sort of the same story, right? It it's, it's trying to understand the impacts of, of inflation and supply chain, but the takeaway for Costco, their earnings were, were good.Their sales were good, uh, revenue up 17% year over year. That was a bit above estimates, uh, comms. We already got comms for, for we, we get them for at the beginning of every month, the previous month. So we already got the comps number that was strong for August. Um, membership, uh, fees were, uh, up 12%, a bit above estimates there, notably every single segment had double digit growth percent growth year over year.So, um, there wasn't as much in this report about the effects of inflation, um, or, or even supply chain problems as there. But it was a, it was all in all a good report, but, but I think the stuff, I think the market doesn't know what to think of. It, it's so many things to buy Costco though. Like you got to think, you know, Nike and think about it.There's mainly sound's shoes. Like how much their money just comes from. Shoes, Costco selling everything, everything there isn't one sector that's going to be like, oh yeah, we get 40% of our revenue from this. So it's a different issue that just sounded a lot different stuff. So, you know, it's not, and I don't know, like I didn't read the Nike report to say specifically what it was in the supply chain, but when you have, you know, one main product, which, you know, I've got to think that it's shoes.I don't, you know, I know they sell a lot of their stuff too, but I got to think the main product is shoes. It's a completely different animal than a company that sells a million different products. So obviously you might have individual supply chain issues on some products. They just put other stuff on the shelves at Costco.I'm going to give you like a long term number. And it's going to be good for today. And also just like I said, longer-term, what's going on at 4 56. I mean, you did have the spike above that on the print, your last three sessions, highs have surrounded that area. And now someone's there right now trying to sell.And it's basically an area of the triple top kind of in the middle of the training range here. So this gets above 4 56, hold go test the top of the trading range. Just feels like someone has a lot of stock there to go at 4 56 and then not too worried about the downside here. Mondays low, nicely coincided Mondays low at 46 62 that coincided with three other lows, right at the 46 75 area.So decision time for Costco, can we bust out 4 56? And we're quite a ways away from that though, but that's where I get concerned for more downside in Costco, the mentioned dispenser. I mean, that's the only place where you go, you shout out four or 500 bucks, you know, dollar hotdog at the end of it. And you can leave with a smile.The hot dogs are smaller now. Joel what the fed doesn't track to a product size. It's truly the way they've been inflating prices for a decade is, oh yeah. You know, it's the same thing, Joel. You're exactly right. Everything has gotten smaller. We've talked about this on the show too. You see those Reese's peanut butter.Look, I'll bring it back to like kill it or whatever. But do you see, um, Dennis, you're talking about one biters now you're talking to the wrong crowd with the races. Yeah. Okay. Well anyway, so you guys don't see it, but the chat sees that. I mean, there are so many things that have gotten significantly smaller yet.They don't say, oh, so if you can't bring up the price 10%, then you decrease the product size 10%. That's 10% inflation. That's not tracked. I mean, jams not tracked. James has got it. It's true. That's shrink inflation in a nutshell right there. And it's true. I mean, there's a lot of conspiracy theories. This isn't even a conspiracy theory.This is a fact that the crap today, Joel you're agree. The hot dogs, everything gets smaller. Everything has gotten smaller. You got rid of the oven. You know, and decide, oh, that's valid, but yeah, because of COVID, you know, you used to be able to grind the onions, but you know what, this is not that buy it that often, but, uh, it it's kosher bacon.They, you know, they used to have those bacon packs. I don't, I, we got it last time and it's horrible. I'm never buying, I don't know where they're getting their quality from, but, uh, I'm done with it. No oven grinder, I don't know. And also some other things you could just see you open it up. You're like, wow.I can't believe how small that is. So, yeah, that's another thing I was also reading this morning about there's like, I guess a shortage of, uh, of liquor and wine and spirits out there. Um, I, I read that this morning in all seriousness, our next guest can actually speak to that a little bit because he's, in addition to being the founder of all star charts and a massive.Sharpness and technician, he, uh, is also, uh, a, uh, he also owns a winery and, uh, JC Perez is gonna join us now on pre-market prep. JC. Good morning. How are we, how, how how's, how's the harvest going? The wine harvest so far, we haven't screwed it up too bad. Okay. We actually, we actually got a picture of everyone, uh, of JC, uh, made a harvest here last week or the other week.Oh, there it is. There we go. There, it is stepping on the grapes. All right. We got jokes. We got jokes. Uh, prostate yet. It's been sitting with the, uh, with the yeast. As of yesterday, the bricks were at 16. We picked it at 26 and we'll probably press it when it gets down to about one. Right? So the yeast converts the sugar into alcohol.Okay. This guy knows everything. He's got this all figured out to makes his own wine. Mike looks like he's a Mike Tyson. PunchOut champion too. I love that picture behind you, man. Like that awesome joke. Like I was doing like this financial advisor thing, you know how financial advisors love being like, oh, everybody has a plan.So you get punched in the mouth. So that was kind of like making fun of them and everybody loved this. I just left it. Awesome. Nice. That's one of the best video games ever made. They don't make them like that anymore, man. That game was awesome. No one makes video games anymore. Wow. Yeah. JC, I would love to get your thoughts on just general broad market.Where do you think we're at right now? Where are you on the boast of barriers? Well, you know, I mean really since March, you know, we've been in the camp that we're in the midst of a major con consolidation, right? A down ingestion of gains, just classic year, two of a cycle behavior. So market peak there in the second week of February, it's just been breath deterioration ever since some stocks have been working, most stocks have not.And the question was then, and still is how long is it going to take even then? And since now that we have more data, it's really just confirmed that thesis. It was always, this is just a consolidation within an ongoing uptrend, like all of those other year twos of cycles that will ultimately resolve higher and risk will be put on again, if you will.And now that we have six more months of data or seven more months of data, We still feel that way. We feel more like that than ever before. So the question is how long is it going to take and, you know, listen, their stocks, making new highs. We're going to talk about some of the stocks we're buying here today.Uh, but that doesn't change the fact that only some stocks are working and most stocks still are not. So we're looking for broth expansion. We're looking for an expansion to new highs, not the continued deterioration of new highs. You know, we're looking for an expansion of sectors and industry groups breaking out to new highs, not the deterioration that we've seen.If anything, we've seen an expansion of breath internationally, um, which I think bodes really well. The fact that the breath data is better internationally than in the U S I think that's impressive. I mean, you're a spin. Impressive. You know, like we look at China, it hasn't been impressive, but Japan has been very impressed.And obviously, yep. Yep. So, so you are seeing money still flow into international funds. It's just, you know, maybe the money is coming out of China and moving into those international funds. Maybe it doesn't want to come, but obviously China's had its own problems, but I mean, so, okay. So you talked about specific sectors, where are you looking?Like, what do you, what do you see it, you like out there? Yeah. You know, I'd stay away from the new lows list, you know, when you see new lows.It's true though. It's true though. That's JC man. He's at, and you know what? That's the best tip right there. Stay away. Just write on your wall. Right beside the Mike Tyson's punch-out picture, stay away from the new Lowe's Lowe's list is not where you should start your analysis when you're looking for lawns.Right. Everybody does that. That's it, you don't, you don't see a lot of new lows in up trends. That's what I've seen in my, uh, in my day, you tend to see new highs. Right. So that's where we like to look. That's what we like to go fishing. Right? So software, right? I mean, it's hard to argue against software. Um, you know, the relative strength there is off the charts.So names like Palentier, uh, names like, uh, uh, unity, software, tickers, monster, JC. Do you like, like in software, for example, do you like names that within a strong sector that have underperformed Pelletier is, has been a little bit of an performer compared to some other software names? Do you like names like that?That are, that are maybe lagged their peers. Well, Palentier, as we speak is making new seven month highs at the amount of stocks that are making seven month highs. I haven't done that so far today, or I didn't do it all week. Actually, my argument is you're probably not going to find a lot of names that are making new seven month highs.So by definition, that is relative strength, for sure not to mention that the risk versus reward is so well-defined because we're coming out of that base. So if Palentier is not above 28 bucks, you can't own it. Right. It's really that simple 28 is the line in the sand. You're about 28 all in baby. Let's go.And what I like about Palentier is something similar to the phenomenon we saw in town. There are people who are choosing not to buy it for reasons that have nothing to do with profiting in the market. They think it's a scam, or they don't like the CEO or his political beliefs or whatever it is, you know, that's awesome.That's great. The more people hate a stock for reasons that have nothing to do with the behavior of the stock, the more bullish it is, you know, Tesla 2.0, uh, JC, I want to ask you about this chart that you tweeted the other day. Uh, if you're you're on high beta right now, or, or the, the high beta low vol, um, uh, pair trade.Can you explain this to us here? Okay. Well, I mean, there was a high beta chase, right? The entire time, right off the lows in 2020, it was a beta chase all the time. And in February high beta stopped out performing low volatility stocks, just like so many other things peaked. Right? So the new highs list peaked in fab in the second week of February biotechnology peaked in February emerging markets, the IPO index and NASDAQ advanced decline line.I mean, I could go on and on and on. So many things peaked in February. That was the best things were. If you recall, that's when everybody had a SPAC, you know, everybody's making money, crypto ripping the whole thing that was the best things were. And since then it's been deterioration. You can obviously see it in the high beta versus low volatility ratio.And then below we're looking at the value line. Which is going to give us the median stock price, right? So this is not an index that's driven by five mega caps. You know, like the S and P 500 or the NASDAQ. This really gives you a better idea of what the market is actually doing, which has been a big nothing burger for most of the year.So if that high beta is real, cause we're making new multi-month highs relative to low volatility. My suspicion is the median or average stock will also start to do well. Remember, the average stock in the NASDAQ is down 27% right now, the median stock in the NASDAQ is down over 20%. So most stocks are in bear markets have been in bear markets.The majority of names have been struggling for most of the year. I think this high beta low vol ratio can give us a heads up that perhaps that period has now come is now over. Yeah, crazy stat to think about though, where you've got the majority of stocks down 20, 25% have the Aspie, why sitting two and a half percent off the highs.And everybody's sitting here waiting for a correction while you're saying is the corrections happen? And a lot of stocks are not even a correction. You're in a bear market and a lot of stocks correction for seven months. If you're waiting for a correction, where are you been, bro? Well tell CNBC because they tell me every day they bring out a money manager saying we got a 5% correction.Kevin, we got a 10% correction. Alyssa comes on rather ran my head against the wall and watch basic cable television during the day.The day. I don't understand how to do watch fucking basic television during the day, come home faster on that beep I have to pay people at the airport, people at the doctor's office, uh,maybe give us a couple of names on your, you gave us Palentier. Uh, you gave us software. Do you have anything else that, that, that you like Etsy, baby Etsy? How bout two 10? That's the level four above two 10 in that, see, I like this baby long. I think it's got 50% of upside. Um, take a look at Yeti. Believe it or not a Yeti six is my level.This is more consumer discretionary showing a ton of relative strength. This has nothing to do with fundamentals because the last I know about a company, the better it is as far as I'm concerned. But I do know about this one because I have a Yeti and it is fricking. Uh, and I feel like everybody, I know who has a Yeti also loves it.Um, and man, they're expensive as hell. So they're doing something right. Stock looks great. It hasn't broken out just yet. Uh, so to be clear, we are looking at 106 bucks. If it's below 106, you leave it alone, stay patient, but we want to buy a breakout above 106. I think it's got 50% of upside, nice trade. And I love the relative.It's been a quiet, well, I haven't looked at this one for a hot minute, but, uh, yeah, very nice. And Etsy was one that it got. So you mentioned going back to February, right? And then it got punished so hard, but to your point, JC it's it's it's compost on the way back. No supply chain issues and Etsy. Aye. Aye, aye.And their basement. Yeah. JC, where are you on this whole inflation now? You know, when the fed fed doing a good job fed doing a bad job when you have inflation. So supply side issues. I mean, I can't wait for the answer. The day I start commenting on monetary policy. Just put me out of my misery. He sees lost it.It's over. Take me out, you know, take me out and stick a fork in JC it's all over. I have no idea what the fed is doing, why they're doing it, why everybody's so concerned about it. That's all point. We're focused on price. As far as inflation goes. Again, those are economic implications that are incredibly lagging, right?So if you're looking at inflationary data, instead of price, like it's the other way around, right? The price moves first. And then you see the inflation or the deflation or the disinflation or the stagflation, right. There's always some kind of relation. It seems sort of debate. And I just don't understand it because the flashings are the implications of price movements.So why don't you just look at price and not worry about the fallacious? That's really the problem everybody's got inflation, right? Like freaking Oprah. You get a flashy, you get a place. Youlook at commodity or B index closing at new check, my math, like seven year highs, eight year highs at two 20 or something like that on the CRB index. Take a look at the U S 10 year. Uh, the bond market is smart. I don't know if you heard, but if the us tenure yield is above 1.4%, the cyclicals I think are back, the banks are back, is going to break out.You know, those things sound somewhat inflationary to me. And then just to get, you know, come back full circle. If you're one of these idiots that think gold is an inflation hedge, the market keeps proving that thesis incredibly wrong. Gold is just a hedge against making money. It seems like to me, there's so much truth.There has been in the gutter here forever. I mean, yeah, we had a little break on 2020 from one 40 to one 60, but it's GLD has gone nowhere for a decade. Imagine you could have bought anything except precious metals. Amazing. Every, every idiot is making money except for the. Yeah, more or less. Um, I just had it.Oh yeah. JC last thing before we let you go here, I would just want to, I would love to know where your head was at last Friday, last Thursday, last Friday, Monday, you know, we, we get a broad based correction and we hadn't, we hadn't gotten for awhile. I know you were talking about the individual stocks being in corrections, but the overall market hadn't really done that for awhile.I just want to know like what you w what was going through your head on Friday, Monday? Were you in full just like dip buying mode or great picking mode? Yeah, no, actually, no. I mean, we have really been hands off, you know, individual names, things like that, but really, really neutral because a lot of important indexes and sectors like financials are below overhead supply industrials and materials.Uh, even technology below overhead supplies for those really note transport is getting killed, but there's really no reason to be aggressively bullish, particularly to the broader markets. However, Since then I have been very impressed with the behavior this week, particularly from the cyclicals, particularly from interest rates on the bond market.Um, you know, and the lack of defensive rotation also, right? You're just not seeing that bit in bonds or yen or precious metals. You're just not getting that defensive rotation. In fact, the strength that we've seen in financials and interest rates and high beta that's super impressive. So I have gone from, you know, neutral, be careful the world might not be coming to an end, but it doesn't really make a lot of sense to be aggressively bullish equities too.Huh? Look at interest rates. Huh? You know, it looks like oil is going to break out above 76 soon. You know, all of these are very risk on that point, too, you know, a ripper into the end of the year. And then from a seasonality perspective, we're, we're coming to the end of that seasonally, bearish, uh, period.It started, you know, six months ago or so, and we're almost done. So not that I'm like Mr. Seasonality or anything like that, but if the market's going to finally get going from a broad perspective, just mathematically, this would be a perfectly logical time for that to get them to get their mojo going.That that's, that's what the seasonality says anyway, for, for the, for the end of the year. Uh, JC Perez is the founder of all star charts, guys, all star charts.com, uh, at, uh, all star charts, uh, on Twitter as well. Uh, great follow there. Uh, JC, uh, pleasure to have you on as always. I hope the harvest, uh, keeps going well for you.Sorry about the confusion. Last time it got all hot as hell and Napa. So harvest was like three weeks before it was supposed to, so we pieced out, we went to Napa. What kind of wine farm life, bro. What, what kind of wine we're doing? Single vineyard Cabernet Sauvignon in Calistoga, Primo, Primo juice. This is arguably some of the best Cabernet on planet earth.Okay, well, we'll check it out for ourselves. You got a guy. See you soon. Alright. Charts that you want to know about wine. You go to JC right there. I say, man, that's it. It's age. You guys it's eight 50 on a Friday. Let's do some taker time. Let's drop those tickers. And then there was a couple of things we didn't get to.We didn't get to Meredith MDP. They, uh, there was a report in the journal that there, there may be taken and taken over by IAC. There was no price given, but I see it did say it would be, it would value, uh, MDP at more than two and a half billion dollars. They do. They take it to a two and a half billion dollar valuation immediately on the rumor.I mean, this is this market in a nutshell, it's like, Oh, let's take it up 25% because that's a 25% premium. So better hope it goes through. Now, if you're buying it at 56, 10, because I don't even know how much premiums left in it. So I have no position in this. Would I be buying at 56 15 now bed? Absolutely not because I think the premium is all in there.I think if it gets taken over, it goes out to 58 or 60. Maybe if it doesn't, it goes right back to 44. So it's a major, the risk set up here is now to the short side, unless there's another better that comes in or it's significantly above the 25% premium that the wall street journal projected because I just did the quick math $2 billion market cap close.And you know, you're saying two and a half billion. Well that's 25% premium. It's up 25%. So they put it right on there right away. This is this market. It buys first ask questions later. I would not be buying this up 25% on it. Well, at least the comp I mean, the company says that they're talking about it.So that's what it's wall street journal. It's legit. It's just like, okay, well we're going to buy for a 25% premium. Why are they buying it right away? I have the 25% premium. So it sounds absolutely overdone to me being buying. And for the entire thing, saying this deal is imminent. I don't sound, it doesn't sound eminent.To me. It sounds like your talk. So I don't know, maybe, maybe it's going to be a 35% premium. Maybe the risk ARBs are speculating a lot higher, but it said in the article that there could be the potential for another buyer to, I did read it. I don't know who that would be though. Maybe some private equity.I don't know. It's not like this. Isn't like this on fire industry here to Juul, all that, you know, I don't know. I think if you're along this stock, congratulations, great buy, ring the register and sell it. That's my opinion. I wouldn't stick around for the last couple of weeks. And cause if they solve a sudden pull the rug out from under this room where it could be back under 50 in a heartbeat, we've seen this happen time and time again in this buy first ask questions later, market where you get something ramped right up on a rumor and then the rumor doesn't materialize and the stock collapses.So I think upsides two or three bucks, I think downside is 10 bucks. Not a good risk-reward ratio. Not at this point in time. It was a 44. Alright. Tickers from the chat. Uh, thank you to whoever reminded me about CCL. I always, I'm terrible. Always thinking they always sneak and it's always at like nine, 15 Eastern time.It's always right before the open. So CCO is on the schedule to report earnings tonight. I'm sorry, this morning to report this morning. Uh, probably in like 20 minutes or so. So what's pulled that CCL chart, if we can. I mean, it had all kinds of resistance from 24 to 24 and a quarter let's call it. And, uh, it cleared that.So as you know, I still like it holding 24 move to the upside. I mean, there's just spotty daily highs here, 25, 29. And then now they're high at 26, 28. I mean, I don't know how good of a quarter they can have, but, um, how many ships are still not? I don't know. I don't know. I don't know either. I don't know the answer to those questions.Um, but you know, I, I mean, it's beat up, you know, these, this industry has been beat up eventually if we do get past COVID, it's going to be an industry that's on fire. Me and rise were saying that a year ago that eventually, you know, the cruise lines could be an industry that catches fire. I will say I would rather own a cruise line than an actual.Because there's a lot of business travel happening on,so if you're going to go one or the other, I think I'm, you know, I think cruise lines could eventually get back to where they were. I don't think airline is airlines are ever getting back to where they work because they lost so much business travel. There's not a lot of business travelers on cruise lines.So I'd rather on the cruise lines and the airlines at this point in time, we're not knowing Delta. I don't know if I want to own any of them.All right. Let's keep going. I guess we'll do some more thinkers in the chat here. Job, man, we got five minutes left. Well, let's look at, someone's going to ask him about AstraZeneca for a few days. Now. I keep seeing AZN that take the second and third day in a row. I've seen ACM in the chat and this doc. So you have a lot of health care stocks that have simply fallen off a cliff.And if you luck and obviously, you know, you can go maybe away from the European ones that you, maybe it's a European thing. Cause the European stocks been hot. The Merck has come down. Significantly. Lilly has come down significantly. Pfizer has come down significantly from the highs. Um, you know, even at going over to GlaxoSmithKline, that's come off significantly and they know AstraZeneca is doing its own thing, make a new highs all the time.JC would love the relative strength on the thing. I just look, you know, I'm a peer trader and I'm like, well, it scares me though. This has definitely been best of breed because it's still one of the only major pharmaceutical companies that continues to break out. So it's good. It's breakouts, but this isn't the environment that breakouts up and work either.So I don't know if I'm paying up, I am a country and people saying I'm a natural contrarian. You know, I always happen, you know, but I like, you know, with JC, I like to buy stocks that are an uptrend, but I like to buy the dip in the uptrend. So, you know, so I'm a, contrarion within an overall trending environment.I can say AstraZeneca is definitely trending higher. That's going for it. But what scares me is a lot of the other stocks in the sector haven't been. I have a little AstraZeneca thing from the mid fifties, I cannot remember the exact price really edit an important area. And this was, uh, the, the pop-up to 64 94.Uh, that was on some COVID drug news. It didn't really pan out. Uh, but it's just been keeping an eye on 61 here. Uh, this monthly highest 60 93. This is 1, 2, 3, 4 months of trading action here. So a breakout over 61. Yeah, it's good. But definitely coming into a major, major area of resistance. I've got one that Mitch was talking about earlier about, uh, an hour or so ago.Sony Sony is $3 away from a another 20 year high or 21 year. Excuse me, 21 year high. So, and why that changed the ticker on each? Oh yeah. Okay. This was so go back. The 20 year chart I had did not realize that Sony had not made any Walton. No, it's eight in February. That that's impressive. $3 away from that.Go back to the long long-term church all. And I don't know how far he can go back, but I mean the monthly down here, how much farther do you want to go back? Well, he's saying that it was back in the financial in the dock and go back to the two thousands. See how high Sony was, you know, just again, showing you my 20 year gets caught on.I got it. I got it. Got it. Almost. I got it. But still, yeah, they don't have the, uh, where it was in 2000. I, I got it. I got it. One second. I got Spencer's got it. And bring it up. He bought in the year, 2000. There we go. Holy shit. That was a boom. I mean, saying, you know, and look at what it did. You know, it went from like $20 to like $160 in a couple of years.And it's never got back to those highs. Is that not incredible? You think you're lucky and you're new to the markets and why there's so many stock is just, I wish I would've just owned this when I was a little kid. Well, you know what? No, you don't. Because if you would've bought in 1999, 2000, it's still be down significant amounts of money, $160 back in the year, 2000, it's $116 a day.That's what happens when you pay multiple through the roof and sit on them, you can trade anything. But when you get stuck in these high flyers and paying 80 times earnings or 30 times sales or 20 times sales, eventually the growth starts to slow. And that's what happened. So I'm S you know, this is, this is why, you know, I'm a value guy, not a growth guy.Shout out to me. Sure. Bringing this up this morning. I mean, if we're right there, we're three to $2, $3 away, right. From that out that, that February high. And so, yeah, it's still significantly off the high from 20 years ago. There's no overhead supply. Nobody actually owned it has owned this stock, but even knows somebody remembers that stock for 21 years.I think, well, I bet, you know, sell it losses. I'm joking. There are some pension funds, of course, that own it, but no pension funds, there's retail traders that would have been around back then. And heaven forbid you sell it a loss because nobody wants to ever cut their lose. They don't sell at losses and you know what, eventually maybe they'll get their money back, but it might take 50 years the better part of their lifetime to get their money back.I mean, same thing with Japanese stocks. We talked about the Nikkei, you know, topping out. We're not back to where we were in 1992. So we're 30 years later still trying to get back to the. Could that happen in the U S markets? It absolutely could. Is it going to happen the eminently now? I don't think so. I don't see any signs of like this imminent crash.I think JC is right. And I think you're right, Spencer. I do think eventually we're making new highs. I'm going to let you guys take it the rest of the way. No, pre-market prep plus today, Spencer, I'll be talking to you at three 30. Okay. PSA. Uh, if you're looking for upcoming events that maybe I should have mentioned this a few days ago, but Netflix has an event tomorrow.They're a two dumb event is what it's called. They're going to basically it's the first ever the first time they're doing this, they're just going to preview all that stuff on the movies. All the TV shows that are coming to Netflix, I guess in the next one, if tomorrow. Yeah, maybe there'll be a run-up today.Insight into that event. You mentioned that three days ago. Sorry. Let's see what the stock has done quickly to stick with you for a second here on Netflix right now, you know what? This stock, you want to talk about? Stocks making new highs and moving up higher, Netflix contents kill on it, scribers or whatever.It doesn't even matter. At this point in time, they've got an event coming. Why not? Why not make new all-time highs on Netflix? I don't see any reason, you know, the valuations extreme violence. See any reason why the stock is all of a sudden going to turn it turn around and not, I think if you're thinking the market's making.Netflix is going to be one of the drivers. It's been a leader. I think it continues to remain a leader. Don't tiger. King to Vista. Juan was playing. I don't say I didn't warn you. Okay. Tonya king too, is coming out for real. Uh, okay. That'll be a wrap here, guys. Smash that like button please. How many likes we're at today?Right? Like three red, 2 53. Let's get to like 400 a day. Have a great rest of your day. Have a great weekend. We'll talk to you on Monday. Uh, guys, I'm gonna wrap it up here. We're going to do some wive trading, uh, at the open, into the open, uh, Ryan Soluna, Mitch Hotch, uh, as you need, I'll stop by for a smidgen.Um, and then I got to prepare for the show afterwards. So, uh, I'm gonna end this stream and we'll redirect automatically to that, you know, start probably in another minute or so. So hit that like button. Please remember all the information from our show it's meant to be used as informational purposes only, not for investing or trading advice.Thanks to JC Perez. Thanks to all of you in the chat. Uh, the, the, the lovers, the haters, everyone, we, we love all the feedback we do. So thank you very much. Uh, and, and this stream here live trading with Benzinga starting live in.Support this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Episode Summary:Reacting To The FedProblems at Facebook FBRobinhood Crypto Wallets HOODGuests:Jay Woods, Chief Market Strategist at DriveWealth, NYSE Executive Floor Governor 35:00Twitter: https://twitter.com/jaywoods3Peter Tuchman, The Einstein of Wall Street, Wall Street Global Trading Academy 63:00Twitter: https://twitter.com/einsteinowallsthttps://wallstreetglobaltradingacademy.com/BENZINGA CANNABIS CAPITAL CONFERENCEThe premier gathering of cannabis entrepreneurs and investors in North America returns for a 2-Day Hybrid Event on October 14-15.Speakers will include $SNDL and other major Cannabis Companies, for more information visit https://www.benzinga.com/events/cannabis/MEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderMitch HochTwitter: https://twitter.com/STORYInvestorsJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptComing to you live from downtown Detroit. This has been zingers pre-market prep. Good morning. Good morning. Good morning, everybody. Happy Thursday. Welcome to pre-market prep, Spencer Israel, Joel Al Khan. And Dennis Dick. We're going to talk a little bit, a little bit, uh, about, uh, the reaction to the fed yesterday.Uh, mostly just doing with the same thing they always do, which is, oh, wait until next time. Wait until next. But what's talk about that, but that's my take, but we'll talk about that. Talk about the market's reaction to it. We'll talk about Facebook. We'll talk about Robin hood. I want to hit on some Darden restaurant.We got an earnings this morning from DRI. I want to talk Peloton. Their CEO made some interesting remarks at a conference yesterday. We will take questions from our chat, uh, two great guests today. First of 83 35, a brand new guests for us, Jay woods. He is the chief market strategist at DriveWealth. He's also the executive for governor of the New York stock exchange.So he'll be on at 8 35 and nine, as always, as we are on Thursdays, we'll be joined by Peter topping from wall street, global trading academy and also a floor trader himself. So a great day for us plan, do us a favor, hit that like button and while you're there. Shameless plug next Tuesday. Right? Joel Tuesday, one-to-one 30 Joel with gene Munster and a mystery guest, debating tech stocks.Pre-market prep.com to sign up for that. Now let's get Joel starts on the screen and let's see how we do on this morning, Mr. L Connie. Good morning. I hope the markets are doing better than your basement. Yeah. Yeah. We got the old, uh, the old water and the basement trick and, uh, uh, got my shoes on don't wear shoes very often.But you guys want to hear about the markets markets spoos are up 23 and a quarter handles 44 0 7 and a quarter. That's your last print? Just a dip that didn't even get to the close off to 6:00 PM. Open pre-market low 85, 75 pre-market high, uh, three points above that close from Friday. It seems so long ago, but in order to get positive on the week 44, 21 75, that is a big, big number.Our crude down 36 cents at 71 87. Nothing really sticking out to me except a couple of pesky eyes in the 72 hand. Gold down four 70 at 17 74, 10 silver in the red by 18.20 cents in 2273 Bitcoin. Nice rebound yesterday off 40 K up $395 at 43,915 and Ethereum that's up $51 and 50 cents. It's 3 0 9, 2 0.75.Take it away, Spencer. I let's just start with like broad, high level. We'll start with the fed. Obviously we all know by now, uh, what we said yesterday, which was basically, uh, Powell doing his best to, to, to generally signal that. Yeah. We're like maybe probably thinking about starting or announcing our taper in November or December.Uh, we know, uh, thanks to the dot plot, that half of the memories of the FOMC, uh, foresee, uh, a interest rate hike next year, at some point, uh, we also know that they've said that they're probably going to do now. It's the start of there. They're going to announce the tapering of bond purchases. By the end of this year, we only have two meetings left November and December.So all eyes now on the next treadmill don't meet in October. Uh, no, I don't think so. Oh, okay. I didn't know that. Yeah, but don't they do a policy. They don't do a policy decision. Yeah. Thank you. Joel. No policy decisions. Uh, no changes yesterday. Uh, Powell, just trying to, uh, you know, gently, gently, I, the way I acquainted is like the market is like a child.And the fed is like the parent ripping off the band-aid. You can't just rip the bandaid off. There's going to be tears. You fear. You have to be gentle. You have to distract them. Look over here, ear pain, Spencer pain, and then you gently do it. And then anyway, uh, that's that's my take on all of this. Um, so yes, no, nothing new.Just. Kick the can down the road. So the next meeting November, uh, I don't know if I should tell you to cancel your beds because you probably want to get hit on like every bit out there. Right? We just, uh, we said like a 3, 4, 4 point drop here showing a little bit of weakness, but, uh, go ahead, which is nice to see, you know, as a trader, you want to see volatility and the VIX obviously come down the last couple of days, but we've seen some more volatility.We're seeing some movement. We're seeing some chop, again, lots of chop yesterday, too, even with the fed. It's good. We held the rally. We still got that major resistance point. Joel, four 40 almost right on the button, you know, for the spy. That's where we're bumping our heads up against here in the pre-market struggling right there.We're trying to fill that gap. And we know stocks light to fill gaps with soda indexes as well. The gap I'm talking about in the chart is a spy, the gap down from 4 41 0 2 all the way down. And Joel doesn't look at spy, but he would see a gap. If you looked at spy all the way down. We're trying to fill that gap.Are we going to fill that gap today? That is the question spoos did fill the gap. It's boosted. So spoos did fill the gap. So what would that mean? A whole, and Joel said, you know, Friday feels so long ago, but like, let's say let's just hypothetical. Let's say we do throw that gap. That, that, that would mean, I mean, I guess we, I guess we kind of did already.I think it, I think, yeah, I think are those people in the chat? I think you're selling reps and buying depths. I don't think we're out of the woods. I don't think we're going straight back up to 4,500. And I think if you're sitting here and you're buying the rep, you're doing it backwards. So we've had so many opportunities where we've seen the same story again and again, and again, it's way better than 50% of the time.I'll tell you lately that's buying the rep has been the bad play. It's not. But, you know, maybe this is different. Maybe we're just going to continue to rip higher here, but lots of unknowns, lots of concerns still. Evergreened all still in the news. I see on the headlines. There's lot. Those same worries.It's still out there. So you've had this natural bounce. It's a bounce, it's a dead cat bounce in the markets. And yeah, if you're like all in, this is the balance to sell. In my opinion, if you're way under invested, then you know, maybe you're gonna hold on to some of these stocks a little bit, if you were buying them.But you know, I'm not buying the rep. I did buy a couple of stocks. We know that I've put a couple in the longterm portfolio, put Cleveland class in the longterm portfolio back around 19. It's right around where I bought it in 19 and change. I put some more Regeneron because I think COVID is not going away.I bought something else. And the long-term portfolio. I can't remember now three stocks about the longterm portfolio. And that's just because I had like 40% cash. You want to get down like 35. I want to get down a little bit more in the weakness, but now, today is not the day. I mean, we're 120 points off the, off the low from three days ago.So I think the opportunity has passed now. There is opportunity still. There is some stocks, probably individual stocks that maybe haven't run as much. But I think the overall market here has probably had its balance. Now you're coming in. You want more of a bounce? Uh, I just, I can't get Friday's clothes on out of my mind, just for the fact that, um, you know, it was a quad, which, and you see turns into markets on quiet, which is a lot of times they've all been a turn, a turn higher.Uh, I mean, you got that closer Friday at 2175, right? You got, uh, today's high so far early in the session, 24, 75. That's close enough. I'm splitting hairs there. And then also half of the rebound in this booze comes in at 44 17. So, you know, I, you know, the price action on Monday, Tuesday got me lean in a little bit, you know, to the bear side, obviously Wednesday and Thursday and pressive days.Uh, but you know, this market, if it just, if it gets back above Friday's close, which is 2175, and it holds that area. Then, I mean, I, you know, specialty look in a hell of a lot better on his back. If we've, if we fail at this area, I already forget the, what was the bat all time high before the end of the year?There's a good chance that could happen. I mean, here, you're going with the overall trend. I'm never going to argue this market. So, you know, obviously I'm still somewhat invested here. So I still believe in the market long term. I don't know the end of the year as long-term, but I don't think, like, I know there's some people who are saying this is the beginning of the major bear market and there's always those people in the media saying, I have not been, I've said, you know, do we need a correction?Are we over bought, you know, at a certain point in time? Yeah. Is this the beginning of the huge bear market? I don't think so. Are stocks overvalued? Absolutely. You know, that's why my longterm portfolio is a little bit more cash. I just don't see the value there, but there are certain stocks. Cleveland cliffs.Yes, it's cyclical, but it's true. Like three times earnings and I've been screwed like this before. I know micron was trading five times earnings and then the cycle goes the other way and it doesn't look as good. So we know it's been as good as it gets environment for some of the steel makers, but there's opportunities there.I mean, Regeneron to like, you know, look what I'm picking on and picking on I'm the value guide on the longterm portfolio. I'm the value. So I don't go buy something 25 times sales and hope for the best, you know, hope for the story to still stay hot. I, I stopped and I think it's reasonably priced. I love the growth at a reasonable price.So I'm always picking on those types of stocks. Sometimes it works. Sometimes it don't, sometimes we're in the story stock environment, but as a trading and put on anything as a trade, I think you're booking your profits from the last few days, because if you had the guts to come in and buy the debt, which has been working nonstop, you were rewarded handsomely in the last three years.What are you doing? Joel, it's also my rotation. I mean, I'm pretty, I'm much less cash than you, but man, I'm just not super excited about it, but putting things to work Reno right now. I mean, there's not, I mean, I do some stuff just, you know, automatically, you know, on a, on a monthly and a quarterly basis, but I mean, as far as just going out there and picking individual stocks no more, more, more tempted to sell them like Peloton, but uh, you know, what the hell happened to that stock?Yes, we can go there. What's Lisa doing? Uh, but yeah, she said one 30. That is where, you know, but then when it would have filled that gap, I mean, it's just, it it's worthless. W w w we'll get back to Peloton in a little bit. Let's let's, let's, let's start with Facebook here. I want to get to Facebook. Cause it is like the big, one of the biggest stocks in the market.And, uh, Dennis said yesterday on Twitter, when it rains, it pours, it is pouring on Facebook. There was, uh, the tremendous series in the wall street journal last week about Facebook and Instagram and all the just bad effects that though those apps have on young people. Um, and then this morning, or yesterday morning, they come out with a blog.That reel basically realizes some fears while you're in the summer flashback to a few months ago. Remember apple did that big privacy update on the, on, on their phones. They, and I'm sure you've all seen this by now. If you have an app, the app now has to ask you, do you want to let us track your data and you can opt in or opt out.And there are some concerns for Facebook in particular because their whole business model is serving people ads. And the reason they're so good at that is because they can follow you around the internet and track you through everything. And there are some concerns that people are going to opt out and that would, that would hurt Facebook's ability to, to, to, to track people on hurt addict conversions, and that's Facebook's whole model.And Facebook said, no, we think we're going to be okay. Well, yesterday morning they come out with a blog post and says basically, uh, talking directly to business owners saying. We know some of you are probably seeing a less adequate versions than you're used to seeing from Facebook. We think it's not as bad as it looks is basically what they said.Uh, we think they're being under-reported, but regardless, this is what people were afraid of. They were afraid that everyone was going to opt out, uh, of the, of the tracking on the iPhone from the Facebook app. And it was going to hurt Facebook's ability to track people and, and, and provide addict conversions, uh, which is how they make money.And that's. So that was the headline this morning, that those fears appear to have been realized at least to some extent. And then yesterday after the bell, they announced that their CTO is leaving. So there's a lot going on here right now with Facebook marketing. And, you know, this does hit, you know, obviously if there's going to be people that are opt out on their, um, on their app, it's not going to be able to target those people as well.So does that mean the advertisers. Completely. I don't know because this is the way people advertise now. So I, every time Facebook has pulled back, 40, 50 bucks from the highs, it's been a buying opportunity, same stories, Adobe. It's not a crazy valuation, I think is trained like 24 times or something. It's not cheap relative to itself, but it's not crazy either.So am I buying the pullback? I don't know. At 300, yeah, three forty three forty five. It's probably the call because it seems like on these big tech giants, every time they pull back and they bought it's a buying opportunity. So I don't know if history repeats itself, which often does, or at least it rhymes like, uh, Ryan Dietrich says you're probably gonna want to buy the debt.I'm not coming in and buying the dip right away. But I can see people are already emerging to buy the debt because the CTO leaving last night, stock went down to like 3 41. They quickly scoop that up. And now it's trading up in they're shrugging that off too. So by the dippers have already started to emerge.Uh, you guys got a lot of a confluence here. You have the low from yesterday at 40 69. Uh, you have the low from July 21st at 41 and a quarter. And then the same thing in the after hours, she came to that area. It came to 40, 26. So if you're taking a shot here at 45 80, that's what you lean in on. Uh, to me, I see a better level underneath.I see a pair of lows at 2 35. So if you have actually 2, 2 34 and a half almost to the tech. So, uh, if you're a little bit longer term and you feel like, you know, risking 10 sticks to get 20 out of it, uh, those are the two levels of the rebound here. Uh, I'll just give this as some short-term resistance. 3 49 0 3.Oh, that's where you got on the pop, but at least maybe hold this low and have like a quiet inside day or something and then bust above three 50. But you know, right now you're, you're just leaning on one. I will say I have yet to opt in to any app that has that I've gotten that, that, that message for where like, Hey, do you want us to let you track your data?I think the majority of people would opt out. I have yet to say yes to anything. I think the majority of people would opt out on that. If it's like being sent to you, do you won't mind if we track you around? Let me say no, I don't want you tracking me. Yeah. So it's not good news. It's not good news. Let the dust, I saying, let the dust settle maybe, but you know what?In this market, you let the dust settle and then you miss it. So it's such a tough market. Like Adobe were talking about yesterday and you know, right away, we were talking about a 6, 16, 6, 15. You gave a good level. Joel, the level you gave was right where it bounced. And you know, now you're looking at a 6 31 it's already got back a third of the loss.Is it? I don't know. Facebook is going to pull on Adobe. Adobe's a lot more probably. Then Facebook, but it's hard. It's like, okay, well, I'm going to let it just consolidate and give me a chance. And it's like the way for the, you know, if you don't buy the initial dip, it seems like it just bounces without you then.Um, so they don't even ask me tapped in and out.Joel, when's the last time you when's the last time you updated anything, that's probably you and Dennis, both you guys, you guys are bad at. I actually have ordered a new cell phone. Believe it or not. I ordered a new, I went with the apple 12. I went with the mini because, uh, the twelves two bag, but the mini is kind of the same size as my five, whatever the hell I got the iPhone five se.And um, yeah, so I ordered it. It's not in yet though. So there's a backlog on a lot of iPhones right now. So they're saying three to four weeks to get it in, but I put it on order. So I'm actually going to upgrade. Congratulations. I'm proud of you. A lot of stuff wasn't working or right. Like it just doesn't like supported and you call me and you and we can't, you can't hear me.And you'd be like the speakers, like there's something shot in my like antenna and I can't phone, like very far out. Now it's time for a new phone. It's time for a new phone. You Adobe traders out there that tried to pick the bottom yesterday. This is what you want to see. You want to see this bounce up to the 6 45 area that would also fill the gap.I know that's 14 points away, but Hey, you jump up into that area. Fill the gap and hope hold. And then it's back up to new all-time highs. The longer it takes to get back. And that was right near the close the other day. The longer it takes to get back to that 6 45 area, I'd be maybe looking for another leg down your clothes on Tuesday 6 45, 89.But right there with the 50% retracement, 14 points away. All right. Well, let's talk the meme stock that wasn't then was, and wasn't again, Robin hood back into the news. Uh, but for a good reason this time, uh, they are testing crypto wallets with some users, uh, and, uh, our testing also, uh, blockchain transfers next month.And this is from, uh, their chief. Product officer, I believe, or a CTO, uh, yesterday at a, at a conference. And yeah, it was, it was their chief product officer, Robin hood is testing crypto wallets. And the market likes that because we got to 48, 47 this morning, just a perfectly technically trading stock right now, range bound between 40 and 50, that 41, 2, 3, 4, like half dozen times the rate in the same area, 39, 23.I'm calling it 40. Why not? You know, we talked out in the same area, but go back in the mid August, right around 50, a few times. I, if I was logging it, that would be my target 50. Um, and I wouldn't be buying it up here. Cause now your risk reward is seven points down, three points up. But if I'm in it, I'm probably raising stops and I'm it's.My target is 50. I'm not. Yeah, two point leak off the 4:00 AM people. What are you doing? Oh, they almost bought it at 50. This sort of excited. There's so much dumb money, uh, for him. I wish I could wake up. Cause I used to make a lot of money at 4:00 AM. Just fading, really stupid moves. And it just, I can't get up in the morning that early anymore with the kids.So I'm getting older. I can't do it. I probably, if I got up at four in the morning, I would be the dumb money now because I can't get my brain working fast enough anymore at four in the morning. But there's so many moves at four in the morning that are just absolutely overshot. And that's what the dumb, that's why I've talked about.I've said this before the dumb money. It's like, people are so excited. They got to get in there right away when I can buy in an arc and NASDAQ opens up 4:00 AM and they're like, I got to get in there right away. And what they do is they way overpaid for. And so, you know, again, we see the same thing happening again on Robin hood here this morning opens up near the highs are so excited and come right back in.So, I mean, don't Shay stuff, a four in the morning. If I can teach you anything, if you're trading a four in the morning, don't chase. Yeah. Usually for actions are off because of moves, get over done. That's really what it is like. And I would be the fade trader on most of those moves now. I mean, it's scary.You're you got a news headline. You want to be first on it, but you kind of get a feel for when things are just over done. You know, we've given those Cathy wood examples back from the day when stocks train up like 15, 20%. Cause Cathy bought it last night, four in the morning, then you get to like eight in the morning.It's up 5%, but somebody just got way too excited. There's no liquid, there's nobody out there. So if somebody wants to buy it, they really want it. They really got to pay up and that's, you know, usually it's selling off. I mean, you could also have some tricky algos in there, you know, going dead really I'll go on bed at 47, 50 with some size and then, Ooh, we got to buy it and they, oh, they turned around and put the offers out there.I'm sure it's a lot easier to go some market at that time as well. I could think, I didn't tell you to cancel your bids triple date, eight point. I just feel like why, why cancel your bids? I mean, you know, there, you get hit a few minutes later and he make money making wider than Citadel, but I'm out there.That's exactly what Joel said. He, Dennis wants. So we can just sell it a few minutes later. Um, the goal is to get atfor Robinhood. I mean, is that like a big thing? Now it will help them and try in theory, it'll help them attract more and more users. Right. Um, cause that's the, that's the biggest, uh that's I think that's like the biggest complaint about like a Coinbase, for example, right. Is, uh, this is my wallet right here.Should I use for my . I got all mine, my same thing. I use all the sheets and I have all this stuff. So when I get a trading idea, it goes on my sheet for the day. You know, somebody sends me a hot trading idea, like Chris catchy, she was telling me about some of these facts. And you know, like, you know, obviously Chris we know from Benzinga, he's like, watch this one.It's got, you know, some news coming up on it. I write it down. So I got my sheet and I probably got like 50 stocks written down there. These are just ideas. Sometimes the ideas turn to trade. Sometimes they don't. I always put, so if you want to know, like what I'm writing down, I do the same stuff. I got the earnings stuff.In the one corner, the stuff that's going to report, you know, to this morning, stuff's going to report tomorrow. So if they're going to report two days from now, I got all the dividend stocks on there. And then I've got all the news stocks just littered with news. I've got Kramer in the corner. What's Kramer talking about what is he, you know, promoting on mad money.So, you know, it's now I, and that's how I daily set it up with all that stuff. Um, by the way, guys, if you have not been watching, SPACs attaching, you know, specs, you know, we all know they got destroyed, but if you have not been paying attention in the last couple of weeks, specs have all of a sudden been.I'm not going to say back in favor, but they've been. A lot, his bags have been popping for we'll look at an AMHC this morning catch. He did send this one, uh, this, he was talking about this one because they had some vote. I don't follow close. Chris catchy SPACs attack knows way more than me on this stuff, but he's like, they had a vote yesterday and he's like, AMHC he said, and the vote and the vote and the vote could, um, you know, uh, the, the float could go way low because there's so many people reading.So, and obviously, you know, that's, what's happened here overnight and the stock has really lifted. So it got up to $21 this morning. I can't even like some of these moves are just incredible. It's already given back half of it and where's it going? It's probably going back to 10, but they give you these ridiculous pots.So some of these things, and sometimes they don't, sometimes they keep going, but there is some of these opportunities, there are around these redemption dates and catchy is the one watch backs. The taxi talks about all of that. I mean, there was a time when these too, I mean, Mitch falls all this stuff too.We should get Mitch some props too. Cause he followed all that stuff too really closely. I mean, there was a time when the, this banks weren't really doing this anymore, but they're doing it now. So, so some, some, yeah, like 99% of them seem to go nowhere, but the ones around these boats. Maybe it's better.There may be a Metricon and lightness for more because he's here, but he, I don't think he can join. Cause he's he's he's he's he's, he's helping us on the back end here. Uh, you know, we had a nice move yesterday and a triple D you made a good call on it. Uh, lucid motors, uh, had the pop, you said, Hey, over bought ring.The register kept a focus on the previous day's high, which was 27 93. It got through there going to 28, 21, but still look at like a good sale. They are getting a little bit of a pop today, but, uh, off the low in the 25 handoff, I'd say for this 1 24 95, if it's just gonna run back and test 28, I don't think you want to see this red on the session.24 95. And we also, I wrote this one up in a metal man. Oh. And I didn't save it. You know what? This day was here this day. Do you guys remember. Right here. I'll let me print the blue. Uh, do you remember thisdaily? It was September. What foyer? Somebody downgraded or something in there. Now what happened? It was,I don't remember me and Mitch was saying if it got down to 15, but I never did keep guessing. Come on, keep guessing you guys. Oh, wait, was it wasn't there? Hold on, hold on. You're cheating here. You can walk up, lock up expiration. We talked about it. We talked about that. You talked about that, right?Everybody that wants out gets the hell out and then there's nobody else to get out and it's rallied since. Yeah. Again, you know, again, just looking at, you know, the 90 day chart and people are so focused on the short term, they're looking at tip charts and looking at a three day charts. What are the 90 day?You get a feel for, Hey, you know, we're back, back up to where everybody got caught before in June, July and August. So what's it do gets right back up to that point again and fails. It's just trying to keep it simple. And that's why I said yesterday was trained 27, 28. I was like, that's coming into resistance.I want to buy it now. And obviously it came off, it topped out yesterday. So I think, you know, you're getting a 50 cent bounce. I think you're selling the bounce. I think it's going back under 20. So this might just my opinion. I don't know, like w you know, nobody knows anything. I'm going to keep saying it, but just looking at the, you know, it, you move on from it easier to call yesterday.Now it's kinda in the middle of nowhere, but when you see these movies, And then you get the boom that, you know, the quick drop, then they get a little bounce. Usually that bounce is a selling opportunity. It's the same thing with the SPRT. I mean, we're going to talk about this in October. I'm talking to, you know what, I'm going to talk about the big social media movers with the boom and the bust, you know, in the aftermath and you know how to play those.And to be honest, it's like after they boss to get that little next hope, hope, hope. Yep. One day where they did it up short on the first day. Cause you can't stop the rocket ship, but once it has the wash out and the flush, then you get the little lift. It's like, oh, it'll come back. It's going to get back up there.That's the time to strike on the short side. Cause usually they don't and usually get the flush and he gets a little bounce. Then you get another flush and that's what you want is that second flush. That's where you're to make the money as the short. I always remember the second 1 25 for you, a few traders.And this 1 25 at 94 is your pre-market high. And then high close to the move is way up there. That would have been a good, a good, a good area. 2 26 81. And then, uh, you're working into the dip a little bit, but I wouldn't like to see this one go red. If I was. When people call that the courtesy flush. Um,we don't have a graphic for that. All right. Moving right along here. Let's look at some earnings this morning. We got Darden restaurants gave some good EAP earnings per share. Beat sales. Pete gave strong guidance and announced a $750 million buyback. When I buy the stock at the all time high Joel, why not?Let's do the buyback right? When the stocks of the all time high, screw it. When we're in COVID, you know, and we're down at $30, we want to buy the stock at 156 bucks. With that being said, stocks making new all-time highs. I never showed a stock making new all time high because it's blue sky territory. And it's a very dangerous game.So I I'm not coming in and buying it up here, but I'm not sure it neither, no trade for me, DRO. Good job. You're doing a buyback and everything. I, why they want to buy back the stocks at the all time highs. I tend to say it doesn't mean they're buying here back at the market. That means that they like the same thing I'm at though.They're gonna like wait for the big dip, but you think they're going to do that. Maybe some of them, these companies are preparing to support their stock under pressure. That's what they're doing. Uh, one, I think they're trying to drive the price higher. I don't think they're obviously all companies are going to do it differently, the buybacks, but I think a lot of it is just trying to drive price higher.So it wouldn't surprise me if they're just doing or they're just doing every day. They're just putting a little bit in, because they're not traders. They're just go and put a little bit in, put a little bit in, I don't think that marketing. So I mostly used by box 1 57, 1 fit, just, uh, just keep an eye on this one.Uh, 1 57. Uh, it, this is different because the Microsoft, I was going to say, don't get Microsoft, but I mean, Microsoft was going into a level, you know, that the buyback was into a level. They were actually selling there. They were shorting a little bit and they're going to have to know a little bit more to buy back.Uh, but this is different with Darden because, you know, if it was open it up in the 1 54, you know, I, I, you know, I'd have a different feeling, but here you don't have a reference point, but, uh, 1 54, that was the all time high. So use it as support today. Yeah, actually the former old time high was 1 50, 3 89 upside target for me would be 1 57.Yeah, w w let's get the Peloton, then we're going to have Jay woods on, in a few moments from drive wealth. And then what I see there's takers in the chat. I'm not ignoring you. You will get to those tickers. After Jay, I promise, uh, Peloton was going down yesterday into this conference. There was speaking at the Goldman Sachs conference and I, I didn't really know why it was going down.And actually Mitch was the one that, that, that node that pointed out to me, uh, some of the things that, that the CEO actually said yesterday, and kind of strange, kind of strange if I can just quote, this is from John Foley, he's the co-founder and CEO of Peloton. And he, these were just the very beginning of his remarks.He said, uh, we're calling 20, 22 and investment year. Uh, skip ahead a little bit, uh, the, uh, The gyms don't feel like they're going to work moving forward. And we can talk about that. If you want to home fitness was never a great category. You had some content really? It's not a great category fitness company.You had some content. No, no, no. I can. I, can I be fair to him? He's saying historically speaking. That's why he's not saying like right now, for example, he's saying like, historically your home fitness has never been a great category now. Obviously Peloton thinks they can change that, but she's not like, like just destroying his own business model.He's saying like, historically this is the way things were. We think we're better than that. We just have to give him the people. That's basically what he's saying. Who approves his speech. You guys have to watch what you say. Cause all the media grabbed that out of con Peloton. CEO says home fitness is not a great category, even though the media wall grabbed that out of context.But that headline sounds horrible. It's not, it's not as bad as it sounds, but it doesn't sound great off the top. When you take it out of context, what a selling opportunity. This was on the yoga line and you know what? And I liked it that day. I was like, it could pop and the 98 and went at pop man over shot.It shot, it shot up 20 bucks a shot 20% because they were going to come up with some clothes. I thought it was worth like three. It was only a 1% of the pre-market that day. I was like, I think it's worth more than that. I think it was worth 20%. What a gift. I mean, if you've been in this stock forever, like Joel, what a gift those two days when it went from 9, 8, 8, 10, because they were going to sell some yoga pants.What a gift that was so, I don't know, at this point in time, what are you doing? Joel, Spencer breaking news. You don't have to do the breaking news thing. Google says search is not a real good idea on their platform. Yeah. Yeah. Breaking news, JP Morgan, Jamie diamond says, you know, you shouldn't keep your money.Did you hear what the bank America CEO said? He said that, uh, bank America is, is a subscript. No. What he say? He, yeah, he said there are subscriptions. That's what that was. You know, all these CEOs are always trying to like position themselves onto like the, the sexy thing of the day. And right now it's it's subscriptions.Uh, so he said bank of America is a subscription service. So that's, that's what that's that, that's how we tried to position bank America. Cool guys. Um, it's eight. I want to bring up Peloton though. Cause cause the stock was so weak yesterday and I thought the charter was interesting. So that's the game.I'll just say the name of the game is not to sell the debt, but sell the rift. And that's a huge step. So I don't know if I'd be selling like Peloton into that weakness, but I don't know any price 12. So any day, twice on Sunday.So maybe the other, the person on the other side of that trade would be our next guest Jay woods. He's the chief market strategist at DriveWealth. He's also the executive for governor of New York stock exchange. Uh, joining us for the very first time on pre-market prep. Jay. Good morning, sir. Get access to actionable news and market research with all the information you need to invest smarter and profit faster.Start your free trial today@prodotbenzinga.com. Hey guys, it's it's great to join you guys. Great to be here. Tune in from time to time. Unfortunately, when you guys are on is not the ideal time for me in my world, but, uh, uh, I do listen occasionally, like this is a weird run for us cause we had a core pina on yesterday and we, today we have Jay and Peter.So that's three people, three floor traders basically are former floor traders on a two day span for us. So Jay let's just start overall mark, and then we'll see where that takes us here. But, uh, your thoughts, not so much on what the fed said, but the reaction to what the fed said. Yeah, I'm a technician as well.And I follow price more than that. The noise that, you know, drives the market. Although you have to be aware of what's going on in the world. Uh, you know, we knew September seasonally was going to be a challenging month. We welcomed volatility as the traders on the floor. You know, you know, slow and steady up as nice as longterm investor.We love that. Uh, but you know, volatility is great and, uh, you know, it keeps people honest and, you know, September was going to be rough. It continues to be rough. This week has been exciting. Uh, there are levels just this week that I'm watching carefully, uh, th this little rally this morning, uh, is it going to hold where we, we, we sell and we fade the rip, you know, we buy the dip, we fade the rip and it feels like September has kind of turned a little bit.I mean, that attitude where we've seen a few opening rallies that have faded a little bit, and I'm curious to see how we hold on to this. Uh, overall, you know, as it'd be 500 broke that 50 day moving average, everyone's been following everyone became a technician looking at the 50 day, moving average tested at any time since January, um, you know, Friday was the first day, the third time all year we closed below it.And then you had the headline like ever grand. Uh, it was it ever grant remember growing, then you guys are going to have to bring, youknow, the evergreen story, you know, it's, it's big news and it caused some jitters, but, you know, th the market had seemed like it was due for a little bit of a pullback, a healthy correction to how I look at it. Um, and I think the next two days are kind of interesting because. We're in no man's land. Now you look at it and it's like the Russell we've been range bound since February in that thing.Um, and we're right in the middle of the range. So I think long-term, you know, given an accommodated fed, uh, give it a little bit of a pause. This is a healthy pullback, and we should go higher, longer term. So, Jay, I'm curious what areas of the market you are most or least interested in in right now. And, and what has your attention?Yeah, well, um, it's funny like with DriveWealth we, we, we deal a lot with the retail investor, so we're always seeing what's trending. Uh, what's going to be the heaviest stocks, uh, that we're dealing with on a day-to-day basis. So, you know, you see the meme stuff. They're coming and going, but they're always, they're always trending.We're watching that, but I'm more of a long-term trend follower. So you have to be aware of what the Fang stocks are doing. You look at a stock like Facebook, which has broken down. Yes. They had tremendous coverage in the journal last week. Um, but you know, you saw the, this move coming. Um, so the communication sector is something I'm watching and that's 21% of that sector that going to drag it down.Is that gonna play more of an impact? Um, a couple of sectors, uh, just went oversold in the RSI, uh, the materials and utilities, not that utilities are sexy to guys like you, but right now there may be a short term play there. Um, and I also watch them to see is this. Uh, you know, pull back that you want to look at on a longer term uptrend basis, where is this something that maybe a little more serious and then on the positive side, discretionary is, is acting well.And then you say, maybe that's not the sector you want leading in a market like this. But if I was to pick one sector, honestly, it's the financials. It's the tenure. The tenure is getting back to that 1, 3, 5, 1, 400 level where it can break out. And the thing about the tenure that's interesting is the speed at which it moves.And when you see big, fast moves in the tenure, you'll, you'll see if we spike up. Okay, here's the narrative. We're going to flip the tech stocks. The financials are going to rally. So to answer your question after that long-winded roundabout way, uh, or the 10 years, the one thing I'm watching. Okay. It sounds to me like you're looking at these relationships a lot, like I do at bright trading where you're looking at the tenure and you're getting indicators from that on where, you know, certain sectors are going to go.Um, obviously, you know, we've got the S and P futures as a major indicator, but how much weight do you put into, you know, some of these other indicators like looking, you know, obviously you've got the 10 year that moves the financials. You're looking at utilities. How much are you? How much are you guys focused on relationships down there?You know, on the floor. There's so many different levels to that question. You know what the hot stocks with the hot sector what's in the news. I mean, obviously if there's someone with earnings and right now we're in that pocket where we're getting a lot of warnings, we saw Uber yesterday, uh, actually give good guidance.I think Salesforce gave good guidance today last week, or I'm losing track of the days, but Disney came out two o'clock in the afternoon. It was negative. So you're always, you're always cognizant of what you want to do. And where do you want to be from a macro point of view, but for. No, you have to be nimble.As Arthur caching loves the phrase, always be nimble. Uh, you have to be ready. So, you know, when I prepare for a trading day, uh, it's just short, short shorts, and then the news, because the news will dictate, okay, what level? This has become a level of interest for me. Uh, and then managing risks. That's the most important thing.And that's what we fought, you know, focus on here and drive well is managing that risk because when things get a steal and things go to. Uh, you, you just want to make sure everything is in aligned. So you're not getting a little too heavy yourself into a position. Uh, I just want to point this out because I would wager that a decent portion of our audience has used DriveWealth without even knowing that they've used it.So, Jay, if you can, just for a second, just for people that don't know, cause I, I know, I know what you guys do, but for people that don't know, what does dry wealth do? Yeah. You drive, well, we're a B2B platform, so we're behind the scenes, but we basically were pioneers in fractional trading. So right now that you see it in the coins, you know, you can't buy one Bitcoin, but you buy, you know, one, 100th of a share and you're in the game.Um, we're trying to democratize finance for the younger retail investors. And we've seen that really come up and pick up speed with, you know, the game stop movement in the meme stocks. But you know, I was brought on board to. Manage the risk on the desk and then, you know, teach. Uh, one of the things I do is I talk to student groups.Now I'm talking to our partners here at taco bell, the people that use our pipes to get their executions, whether it's with our operation on the floor and get direct access to point of sale, or whether it's up here in our training. You know, I, I stepped into a dream job where I, I, I lived one green by being a trader and a market maker on the floor for 28 years.And now I get to continue to trade and monitor things, but I'm taking a step further and, you know, talking to partners in different parts of the world that, you know, like you and I, we, we talked about the market, this comes natural to us, but to our listeners, you know, I, I want to add value. I want to bring the basic knowledge to them and, you know, being a parent of teenagers and seeing them trade this, you know, whether it was Tesla or getting involved in the meme stocks or getting involved in crypto, um, to be able to use the drywall platform and.I have that, you know, simpatico with the team here and, and be able to bring new people into the mixes to teach them and use the New York stock exchange floor as a platform. To me, that's what a spread. So drive well is basically trying to bring that all together and you know, to be part of this team is a next evolution in my career.Stoked to be here. And, you know, I appreciate you guys giving me the time. There was a question from vintage and the chat, uh, STB, L E R N. Is that the same? Yes. That's the same company that, that was, yeah, those are, those are the two first funds, their fixed income funds that we launched here. And I drive well, you know, w we're trying to expand our options to all of our customers.That's one of the things that our partners, where we're looking to do, and, you know, you we're, we're primarily equity traders, but to be able to have that option, any, anytime you bring someone new into the market, you want them to diversify. You want them to know their options and having a fixed income fund like STV L and E R N.Those are great options that we offer. And we're excited about that. We're on the line with Jay woods, chief market strategist and drive while New York stock exchange executive floor governor, uh, just want to ask you about your, your role at the exchange as a floor governor. What, uh, what does that encompass?Yeah, well, even Mr. Corey peanut is a floor official for governor as well. He served in that role. Uh, those titles of those settles have gone away. Um, you know, it meant something, it was a very important role back in the day, because to become a floor official, to become a floor governor, you had to be nominated by your peers.And I know you guys are familiar with the floor, but as technology evolved, we didn't need as many people, but we still have market makers down there that do a very important job to serve their companies and to make sure things are running smoothly, fairly in orderly. Uh, we still have a hostile trading crowd at times, uh, who, you know, like a Peter Tuckman, uh, allegation at the market maker piece to them.And at times there are disagreements, there are. Uh, the last big issue I, as a former governor that I was involved in was when we were going through COVID protocols and the meetings we would have and how we're going to do it. And then the fact that we shut down on March. Uh, that was an epic decision, but when we had to make just for everybody's safety and then the real, how do we come back?We were the first people back. We came back smartly safely and in slow waves. Uh, so those are some of the decisions we make. Uh, you know, when there was more hand-to-hand combat, uh, you would go to a three governor panel. If you, you know, if Dennis said he bought at this price and Joel, you sold at this price and you had to describe.You know, your word is your bond. Uh, and if you couldn't come to an agreement between yourselves, you would go to a three governor panel and we would settle it right then and there on the floor. So it's, uh, you know, evolved a lot. And without as many people, you don't need those, those titles, but, uh, you know, it was an honor to be voted by my peers to have that leadership position.Here's the tie. You ready for a tough question? I would expect nothing else for the tough questions bracing. My.When is the New York stock exchange going to 24 hours, 24 hour trading. You know what, when I started in 1992, there was rumors of that back then. And, and when I was the young guy, not that I'm really old, but when I was a young guy, I was going to be the guy that had to be there for the 12:00 AM to 6:00 AM shift.Um, more consumed trades, 24 7. Uh, but I like the fact, uh, I'll get back. I'll answer your question, but I liked the fact that equity markets do have an open-ended close. It lets you regroup. Uh, the people that do crypto work, different breed, and God bless them. Uh, there's nothing wrong with that. But the 24 7, you know, checking stocks on a Sunday morning, I need a break.I need that break will then you are stocking. You ever go 24 hours, will equity trading ever go 24 hours? It's something that's been discussed for decades. Uh, it could eventually happen, but I don't have any insight into that. And I am not going to venture a guess as to a timetable when that would happen, but, uh, you know, the way things keep evolving, we don't go backwards.So maybe they extend hours a little bit more, but you know, it's been nine 30 to four since I've been there in 1992. I don't see that changing anytime soon. Right. I guess we should ask Jay the same question we ask, uh, Jonathan yesterday, which is, uh, if you have any good floor stories for us. And then, uh, Joe wants to know if you've ever been fined.no tie, we're still not back to ties yet because people do have to wear the masks at time. So they've been very lax on that and that's where I would give out a fine, no, I'm knock on wood. I'm knocking. I have never been fine. I've been warned that, you know, we have very strict rules. That's why I'm doing this video with you right now in the driver's office and not on the floor of the exchange, because I'd have to go up to the gallery.And I can't be in my booth. That's why John, where Peter was on the. Um, you know, I I'm very positive the rules. I never been fine. I've never find anybody I've had talks I've been talked to, but never crossed that line. So no, no good story on the fine, good story though, from like, just over the years, like just a crazy Florida story, this is a morning show.These are stories. These are times you want to have a beer and sit in a bar and tell stories. Yeah. There are so many crazy stories, the things we did in the nineties and the fact come, and then, you know, my, my best stories, you know, since this is September the greatest day of my career, the greatest day of my life down on that floor was September 17th, 2001, um, that, you know, all eyes were on the New York stock exchange.We started before baseball got back up. I know the Yankees Mets at the Piazza Homer, where you met fans. Not that I'm a met fan, but it, you know, those are epic stories. Um, you know, Saturday night live came back a week after. Uh, we, we were there. I was literally on the first bullet with my team, uh, from Goldman Sachs back on Manhattan island at 7:00 AM on the 17th.And we got escorted by military to the exchange. And as a market maker, the market was down six, 7% that day. I don't know. I don't hear. You're going to be the other side of that trip. You're going to lose money that day. We knew that, but people would come into my crowd and I'm not yelling at them for running the over stock.I'm hugging them and embracing them and finding out how they made it home. And when that bell rang, and if you got a shot of who was on that podium and you saw them today, like they got along, they, they were in the same room together. It was a feeling that I wish we could bring back. Um, and to be port one of the 5,000 or so people down there that.What was the greatest day in the most historic day? Uh, as far as trading stories go, I try not to do that. I try not to encourage traders to get too high when it's good, or, you know, wallow in those low moments. I tell people to take notes and talk about what you did, right? What you did wrong. And I know Dennis is probably similar in that.Uh, if you eat something good and you're on a winning streak, eat that same sandwich every day until that streak. And so there are a lot of superstitions. Great people, great stories, but, uh, you know, for a trading story that that's more conversation, uh, to me than your stock exchange in my history down there.It's about the people always, I, I I've, I've got chills after that story, so thanks. Thanks for that. Uh, Jay woods is the chief market strategist at dry weld. He's executive for governor of, is also a CMT. Uh, Jay would love to have you back, uh, thanks for coming on today. I appreciate it. And, uh, have a good rest of your day.Uh, yeah, always. That was a really good story. Wow. I was thinking about the podium. I don't think that's good. I thought he said, okay, he was talking about calm battery. I just, I was, I think I thought he said someone was up on the podium, did a fantastic job to get the exchange. They were obviously closed after the nine 11 attacks for, I think it was four days, but they opened on the Monday and they did a fantastic job.I think it wasn't a Tuesday. It was about a week. It was closed, but they did a fantastic job to get the markets back, open and running smoothly again. And it's a tough market to go into, like Jay was saying, you're coming in and people are. I mean, you know, you had these attacks, you know, everything's happened in New York as a market maker and, you know, we don't get the market makers enough credit, you think, oh yeah, they're out there to screw you.The market makers are out there providing liquidity when nobody is really willing to take the other side of that trade. That's all sellers in the pit. A lot of the market makers knew they're going to lose that day. And that was the great thing about the New York stock exchange and the affirmative obligations.A lot of the high for construed as don't have those. Now what affirmative obligations are as the market maker will be the buyer of last resort. Meaning if there is no buyer, they have an obligation to be that buyers. When the stocks going straight down the specialist, which they called them back, then now the market makers had.You have a bit, you know, okay, you gotta be a buyer and you know, it's a, it can be a tough game sometimes. You know, it's sure when the markets oscillate like this market makers can make the spread and work pretty well. It's going straight down and got those affirmative obligations you get run over. And that's the downside of where we've moved to electronic markets because the hybrid concentrators don't have those affirmative obligations like the old American makers dead.So I actually loved the market maker system. All right. Uh, we'll do some tickets time here. I want to just hit on Salesforce quickly. Cause while we were talking to Jay actually knows before that we were in our own little zone there, but Salesforce had come out with some good guidance. They raised their sales guidance for the year.This is not the first time they've done that in the last few months. I think, I think they've raised it a couple months ago as well, but anyway, they're raising their sales guidance for, for uh, the 22 fiscal year and the 23 fiscal year. Uh, and stock is up this morning, 69, 26, September 2nd. Hi. Next. Okay, cool.I'll fly through these stocks in five minutes. Let's go. Chad stocks. All right. Dollar from Ray rain or a dollar tree, like a dollar one. I haven't looked at in a long time. I'll tell you this one, Joel. Oh my gosh. It's awful looking straight down every single day. Oversold. It's absolutely oversold. I'm trying to look at a level 80 box.Maybe you got that low 84 41 back from September 25th. Let's see what it does there it's oversold, but trend is not your. He's I ended up number 20th, low of 84 41 is what he's keeping an eye on. That's what he easily did on 84 96, a low from yesterday. Thomas trends ask them to Activision. Thomas. I hope, I hope that you're not a whole, one of the bag and this is a brutal, all the gaming stocks have been brutal.I'm the only one I have left is take two. And it goes down every single day to, I mean you have, I don't know if it's the reopening or what it is, but I tell you, man, the video game makers, they just aren't getting any love whatsoever. Look at that. EA you want to see an ugly one? Look at EA from the last week.Ah, it was holding up and we kept saying this, one's holding up, hold it up 20 bucks down 20 bucks. And literally 1, 2, 3, 4, 5, 6 sessions. That is just an epic movie was the good one. That was a good one. The Zynga's come down, which is a high co-packer pack. I mean, roadblocks, even as held up. Well, um, you know, maybe don't put it in the same category there, but the video game makers have just been awful.Are they getting to a point where they're getting cheap? I think so. I, I, again, I like to, you know, get a bottom and then you get a little relief pop and then I buy on the retest where I think it's going to hold. These are just making new lows. So I don't want to be the hero and say, okay, yeah, this is going to be yet.If I did get the low and just be lucky. So I want the bottom and then bounce. And then on the retest, that's where I got, I can control my risk a little bit better. Just like Jay was saying, you know, you gotta be able to control your risk. It's so. When stocks are going straight down, making new lows harder to control the risk man, even 1 36, it had a quad bottom there.And that it bottom there. One more time. We can get through it. Yeah. Then it just blasted through it. Even on that day. I wish you would have brought that up a few days ago. Uh, but uh, you know, you want to look, you want to try and find support in there. I'll do it for ya. Let's see. What, 24 88. Uh, let's see here.No at what? 25, 66. I mean, that was a monthly low back in December. So if you did get a green bar yesterday, so that's not that bad. Uh, so you know, you can lean on that one open 26, 18 hit 2014. Okay. KA Katrina is asking about Roku, which we were talking about before we came on today. And you got an upgrade from Guggenheim to buy with a, gave it a $395 price target a Guggenheim, not normally is the most delightful, but you know, we haven't had an upgrade on Roku in a while and it was sleepy and it wanted a catalyst.This is a catalyst to kickstart. I would absolutely not fade this. I know I like to sell reps, but it was just too sleepy, too much consolidation. There's pent up demand here, maybe for a stock like this there's room to three 50. I think we've got up to three 50. I would be ringing the register if I was lying.No, I think Mitch bought it a couple of days ago. It's a great by Mitch. Um, I think there's room to three 50. Uh, I don't think that's happening today. I'm not saying that, but I'm saying this is a kickstart in wanting to kickstart, so I, I, I'm not fading this move. You could look at that three 50. I see a trio of highs it a 3 43.If you're looking for a shorter term, target eight bucks. Oh mate, a couple of minutes more. Okay. Uh, I'm sorry guys. There's just so many, uh, blah, blah, blah, blah. Let's find. All right. Sumo. I don't know what sume, S U M O w w what is this? Someone keeps spamming me with some logic. So out of favor, this is a out of favor.Stocks began beat up. You got some support back from may on it, but, um, that may low $15 and 80 cents. I don't follow his company at all. So there is some support in here, but.Is this an IPO? I think, I don't know anything about this company last year, parallels in the same area. That's about it. A pup about trying to find ones we haven't discussed recently. We haven't talked a Tilray for a hot second halfway. Well, I did talk to pot stocks this morning. Yeah. They're they're still getting a left.So they were oversold. We talked about in the show a couple of days ago, they had the catalyst that I believe Mitch brought us the catalyst met and met. She does this homework. Um, I forget what it was, but there was something, um, going on. No, that was me. That was me. Uh, what was the catalyst? Okay. Sorry. I gave him to the prompts.All right. All right. Fine. I, I right Mr. Saying it was him, but it was all last week. There was a headline that they're trying to sneak in and this a banking bill, this cannabis banking bill into a defense spending bill. Uh, that was last week. So I'm interesting in talking about it yesterday as well, but, okay.So maybe we're both right, but so raise up 12 to 12 massively oversold. So could there be a two, three day move? Could there be a few days and move here? Yeah, I think that moves a selling opportunity though. I'd be a seller 14. Yeah. Yeah. There's a couple loads. I mean, for today, we'll see what happens. 12 96, 13, 15.So see if you can get the 13 coming back on the downside. If you want to try and buy on the cheap top of yesterday's range, 1180. Alright. It is nine o'clock Joel, I'm going to say we had so much fun and we lost track of time. I'm going to say goodbye to you guys. Smash the leg, my rolling at 312. Let's get to like a hundred likes today.Let's go. We had Jay woods. It was a great day. Joel. I, you know, Joel, Joel did the show today, even though his basement is like halfway underwater, that's not entirely true, but it's partially true. Joe has got water in the basement and he's still doing this. All right. Let's show Joel, the love and let's get some likes and then shameless plug guys.Um, as I'll just remind you all every day for the next week is, uh, next week, uh, the 28th, one-to-one 30 Joel with gene Munster and a mystery guest peer monitor, pep.com. Also guys, if you miss our Evie conference yesterday, Eve econ, you can watch it on YouTube, go to our channel, youtube.com/benzinga. We had like, I don't know, was it like nine hours, uh, of, uh, content we heard from GM, we heard from archimoto we heard from that's the, that's the one that everyone's talking about, where HLB Z.Uh, we heard from wine, the scooter company. They're not public yet, but maybe they will be, uh, we, we heard from a lot of, there was a company yesterday that like reads your brainwaves from the headrest. Honestly, it was, it was. So again, Evie con it's there, it's on our YouTube channel, youtube.com/benzinga.Uh, and, and check that out because, uh, it was, it, it was a ton of fun and we gave away a free one-year subscription to Benzinga pro. If you missed it, you can win a free one year sub next week at our small cap, healthcare and biotech conference. That's next Wednesday and Thursday all day. So basically after pre-market prep, both days, we're talking small cap, healthcare, biotech stocks, um, Wednesday, the 29th and Thursday, the 30th.Okay. Uh, Peter talk man is not in studio yet, but, uh, I'm told he will be soon. And he says he's stuck in traffic. Actually. He just texted me saying he's stuck in traffic. So we're going to hang out for Peter. Uh, and while Peter on, uh, until around nine 15 or so then we're going to live trading, right? Mitch, myself, Zune aid, Ryan flew into we'll do live trading, uh, with those guys till 10 30, then I'll bring Tony events and on to talk patterns till 11, we got SPACs attack 11 to noon, power hour for big guests today, noon to one, get technical with Neil at one o'clock uh, let me, let me go back to the scout, the, oh, the roadmap.How can I forget our NFT show at two o'clock and then I'll be back with Joel at three 30. Peanut taught me his guys he's here from his car. Give the guy props. He's joining us from his car alive, Peter, where that. Where are you right now? I know you're in your car, but what are you just, I pulled off the west side highway.Traffic was crazy. I'm right near the exchange. Oh, sorry, Spencer. It was crazy traffic. Oh man. No, thank you. This guys. This is dedication, dedication to, to this show to Benzinga. We love it. Peter. I got to ask you just, what was the mood yesterday? Down there before and after two o'clock after the fact we, you and you and I have talked about it before fed days are really exciting days.Look, I'm a firm believer in letting you look. The market is a very crowded trade. Every so I said was going to do, you've got an announcement at two o'clock. You then have a conference, right? Where, where, where Powell, who I think is pretty transparent, but he, he really, you know, you've got to hang on to every word because you'll ruin.Planted the fence. So as we've seen for you hear me most near me.Okay. So you see the market's reaction is so, so I dunno, I dunno what the word is. Jig and JAG cataclysmic. I mean, you saw the spiders go up 10 handles and handles, and then they just kind of tried to figure out the news conference came out. I don't think anybody suspected that they were going to do anything with REITs.So obviously his, his Birch during the news conference was the most important thing. And they were all over the place. They talked about unemployment. They talked about the force. They talked about, uh, the rates they talked about off, they talked about.Yeah. Um, okay. So Peter, everyone is talking about, as soon as the calendar turned to September, oh, everyone be warned. September is the worst month of the year for stocks. It played out a little bit to some extent, but now that the month is almost over. So looking ahead, do you see any reason why we shouldn't keep going higher here?You know what luck, I mean, the seasonality of the marketplace, sometimes it works. You and I talked about the Rashaun a trade last week, which really worked well this year. If you shorted on Russia, Shauna, you bought them back on Yom Kippur. You did fine. You know, we saw that big down day on Monday over the every bar thing.One name does not make a market. The media and the press love to hang on one day down to I farm believer that the way the market ends a day like that will purport our market will the next day I bought then really analyze only had to come Friday, get it down Monday. Historically that shows us we're going to have a down week.Well, that didn't work. Did it. Right. So, you know what? You had one down day, it was a bit of an overreaction. Uh, as regard, obviously you said you're able to make a couple of payments. The market rallied back. We've had huge days. So are we going to add in September? How are we going to end up net nets Denver?I mean, we really soluble up over the last couple of days, but we did have seven or eight down days. I think the rest of the. Um, look now they set us up for a month as we wait for the next fed meeting. Right. That's kind of the takeaway from yesterday's conference was, you know what, we kind of feel, we're going to start looking at the employment.We're going to start looking at this labor force problem. We're going to start looking at inflation. You know, I think one of the things we need to look at is this debt ceiling thing. Right? We've seen it every year. You know that when they get up around this September time, it's like, okay, how, what are we going to shut down the government?Or are we, are we going to really write a pay, write a, check this, to keep it up and going. We saw it under job. We're now seeing it today under Biden and the bottom there are. And then they end, the Democrats really want to sh down this government. I don't think so. I think that would send them out over the next couple of weeks.And then we're going to look at what happens coming into the November fed meeting. I think you're getting busy.Do you agree? Uh, I you're breaking up there at the end, but I gathered you were just saying all eyes on the next meeting in November, which I totally agree that they punted to the next time. So if not November, then December, cause we only have two meetings left. Uh, Peter Tuckman is joining us from the side of a road in New York city.Uh, and we appreciate his time, very much fighting through spotty, wifi spot internet, but we're getting it done. Uh, you've got great things to say and we're when we're hearing most of it, we're hearing the most of it. Uh, Spencer Spencer, one thing.What's the one thing I'm on my seat right now. This guy with J I P P I T I think we're losing Peter, which is a bummer because I'm here. Can you hear me? Okay. What's the one thing I want it to say how great his show it was listening to Jay woods, really giving you a beautiful, beautiful backdrop on what it was like when the floor had thousands of people there, he was one of the great floor governors, and I love the fact that he described some of our interactions as hostile, because they.You know what? Money's a funny thing. When the shit hits the fan, excuse me. Things got crazy on the floor and they still do. Yeah. Yeah. That's true. That's true. All right. Peter Topman guys, he's the Einstein of wall street. He also runs wall street, global trading academy. His learning course, the link to that is in the description of this video on a YouTube, right.We're underwear is his name. Uh, it shouldn't be that hard to find guys. Peter Thompson joins us every Thursday. We thank him for pulling over to the side of the road, Peter, uh, get, get, get to work before the latest Spencer. Thanks buddy guys, guys. That is dedication right there. Peter is late for work and his work is to trade for his clients on the floor of the stock exchange and he pulled over to be.To hang out with us for, for a few minutes. So we appreciate that. Uh, that, that was awesome. That that was totally awesome. So, so thanks to Peter. Uh, and thanks, thanks to Jay woods. Uh, again, that's three floor traders in the last two days, uh, for us, which is, which is a lot. So I'm looking ahead to here. I ran through the calendar for the day, um, and on tomorrow show we'll have JC Pretz who we have, uh, been trying to get on it for like a month.And, and, and, uh, we're going to ask him about how that, how that wine harvest went last week when he'd build on us. So that'll be a fun show. We're, we're, we're gonna have some questions for JC about the wine and the grapes and.Support this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Episode Summary:FedEx Cuts Guidance FDXWarns Disney+ Subscriber Growth Slows DISGuests:Jonathan Corpina, Senior Managing Partner at Meridian Equity Partners 33:00BENZINGA CANNABIS CAPITAL CONFERENCEThe premier gathering of cannabis entrepreneurs and investors in North America returns for a 2-Day Hybrid Event on October 14-15.Speakers will include $SNDL and other major Cannabis Companies, for more information visit https://www.benzinga.com/events/cannabis/MEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderMitch HochTwitter: https://twitter.com/STORYInvestorsJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptComing to you live from downtown Detroit. This has been zingers pre-market prep with your host Joel Kahn. And this is a vowel tile poppy here. Isn't it. And Dennis Dick, I bet the penny, I will buy the stock per pen with everything that you need to start your trading day.Good morning, everybody happy Wednesday. Question of the day. Where has Dennis? Oh, there's Dennis. He just decides. Good morning, Dennis. Thanks for joining us today to get here. Good morning market. Always kids out the door. Wow. All right. I'm glad you can make it. I'm glad all of you in the chat can make it.Everyone of you watching on YouTube on Twitter, on Twitter. Welcome to pre-market prep. I'm Spencer there's Joel there's Dennis, all eyes on the fed for now. Two o'clock Eastern time is, is when we're going to get the statement. Two 30 is the press conference. So watching not so much for what the fed does, cause they're not going to do anything but support for what they signal.And then how convincing is Mr. Powell? We're going to be at two 30, so we're watching. Uh, watching some earnings stocks. Haven't been able to do that for a while, but FedEx, Adobe, StitchFix watching all those docs as they react to their earnings reports. From yesterday, we had general mills this morning as well.We'll talk Disney on the show today as well. I will take questions from our chat, as we always tried to do. And our guest is Jonathan Corr, peanut senior managing partner at Meridian equity partners. He would, you want a slide from the floor of the 8 35 before I throw it to Joel, some housekeeping items, some upcoming events you need to have on your radar next Tuesday, Tuesday, right?Yes. Tuesday, one-to-one 30 Joel, one on two, I guess, with Jean and a mystery guest going back and forth on what is it? Y'all tech stocks, tech stocks, stocks, stocks. Okay. And then today, everyone, today is. Eve econ the Benzinga electric vehicle conference all day nine to five. After this show is over. Let me just give you an idea here of the companies or the stocks that are going to be at the conference today.Here's a list I made a GM X pong lumen, R as genomics re uh, archimoto will be there. Um, so, uh, there was the list of companies, public companies presenting will be after this show right here on YouTube V con or BZ V con.com. And. Okay. It is 8 0 4. Let's get to the charts. Joel, how are we doing this morning?We're good. We're good. We're up 30 handles 30 and a half handles it, uh, uh, 43 66 75, just a few points off the pre-market high. Uh, there was a little solid after the FedEx number, so we traded down to 21 and a quarter. That was a good 10 steaks below the load from yesterday, uh, inside day. Well, no, I guess now with that trend, it's all about the fed and, uh, we'll see what happens today.I'm sure we're just going to be a lot of chop and slop. Like it was yesterday. Be between 52, 43 50 and maybe 43 80, but we'll see what direction we get from the fed, uh, crudes up a bucket 71 49, trying to move back up to test the resistance just under 73. Gold's down 5 60 17, 72 60. Uh, That's up a nickel at 2267 Bitcoin sinking towards 1000 or 4,000, but you got three lows in the same area.Let's see. If you can find support. Here is actually to two grand off its lows. That's good news for delirium traders and, um, Ethereum, that's up just fractionally here trading at 28 97, but I can't believe we did the whole show yesterday, Dennis, and we need to talk about one stock, one stock. What's the ones that we didn't talk about.Microsoft. It's true. It's true. And he went, oh my gosh. He did you snuck that one in? How the heck did you get that thing under two 90? Joel, you snuck that right in. Yeah, you only owe me like 102 lunches now knocked off trend. It's a trend. That's a first victory over me and so long. Wow. Congratulations.Thank you. 2 89 52 prints. Yes. Three days after the 3 0 5 bailed out by the overall market. It was the overall market, but man, I was just hoping it was going to hold that 3 0 5. I showed on the, just looking at. I had no idea. I thought like I was looking at 2 95, no idea it got down to two 90. It just ticked it too.You got so lucky now, you know why it'll go up to like three 20 and be like, you won that back by like a nickel, I think because it's been so long. I think we just start with a clean slate and you owe me one lunch and then we'll take it from there. Well, forget about all the bets lunches. Yes. Yeah, no, no, I will knock one off.So it's seriously, you probably owed me 10 lunches. So you're down in. A lot of bets in a row, not to mention the state dinners, he did pay one of those steak dinners off where crash. All right. Where's the, where's the leader. Where's I fear this leader. I'm here, I'm here. So do you guys have any thoughts on the federal?Should we just move, move past that, but the market's reaction to the fed, we know what's going to be, it's just going to be a matter of it's the fed, you know, like if the market starts to show some weakness, he'll he don't kid yourself. When they're going in and talking, there'll be looking what the market's doing even ahead of it.The fed is not data dependent is market dependent. The market shows too much weakness. They'll talk it back up. They'll talk dovish. The only time they start to get a little bit tough was when the market's at all time highs. So, and honestly it depends what's happens going into the meeting, but we're holding on what, why the overnight rally Joel, because we're significantly off the lows.If yeah, cause we. Last night around like 39 o'clock we were down significantly. How far are we off the lows now? Oh, just 43 handles 43 handles house that we were down 20. Now we're up 24. Yeah. Yeah. Doing, doing my math from the spa. Yeah, that's fine. You can do wild ranges. Good trading. I mean, again, the trade is the fade trade.I'm going to continue to say it. If you're buying breakouts or you're selling breakdowns, you were doing it backwards. The fade trade continues to work. We got an absolutely correct yesterday on this show when spy was trading up at 4 37 and 4 38, and the pre-market we were saying, if you're buying now, you're doing it backwards.I'd be selling the rep. And absolutely it was a rip to be sold. We came way down. We did not quite get to the low from the 20th, but we got close overnight. So now we've bounced that low is protected. Shed new. So you're still within a range though. So I think you're buying depths and selling reps until further notice.Uh, yeah, like I said, it, you know, um, you have three lower highs, uh, so you need to get above a 95, 75 that break that high for today. It's just kinda, you know, we came off, we broke the 50 day average, you know, so everyone shaking in their boots. Uh, we found a support and it was protected. I mean, that's selling, it took place after the close, uh, that was just like people freaking out on the FedEx numbers.And that was their seller balances to Dennis. Uh, can you remember? No, I can't remember. So this is when, uh, you know, we were a little bit weak the last hour, and then, you know, just before that five o'clock close, got a little bit nervous, but once again, by the D I mean, we're really stuck in a range here.Uh, and like I said, it almost an insight inside day yesterday, today. Would that funky law? Maybe not so much, but we'll see. We'll see what up pump pile can do for us. FedEx let's go right there. This was an interesting report. I I'm actually a little bit surprised cause we haven't heard too many companies come and say outright, uh, or blame labor shortages outright for, I mean, we've seen it in like in, in, in, in food services right in McDonald's et cetera.Uh, but I haven't seen too many companies come out and actually say, yeah, labor shortages are causing us problems. Well, that's what FedEx said yesterday. Their EPS master sales was already there, EPS missed and they cut their guidance. And the reason they cut their guidance that they said was because labor shortages and supply chain problems.Um, and, and it's weighing on the company. So that's what FedEx said yesterday. That's why they missed. And that's why the stock is down this morning. Important level, I'll go to the level, Joel, and take it away from your back on January 29th, it traded down to 2 30, 4 79. That is the level that it needs to hold because we had a huge run, 2020 going straight up.You don't want to get below that. So that's the level it needs to hold. It needs to balance bulls still in control in the long-term. As long as that 2 34 holes, but bears have taken hold of this stock. All right. I mean, valuation perspective, the stock is cheap, but you know, we know some of the cheap value stocks just have continued to get cheaper.So I don't know. I think if you want to try it off that 2 34, 79, you could, but give yourself a things there's like 2 33. I wouldn't want to be in it again. The name of the game though, is by the depth and it's a hell of a doubt. So I'd lean on that level. That's if I was buying the debt, I would lean on that level.Well, if you also looked at your monthly charts, you would see in January we had a lower 34 79. So, and Joel, listen to me. Totally listened. That's exactly the level. I just pointed out.It's the exact level I pointed out. He says, well, I'll give you a level of, um, mom and dad that said stop doing bad, sir. Okay. It's okay. He's getting older and he forgot memory. The February low, double, a double bottom on the monthly. If you would've listened 35 32 was your low in February. So I was trying to monthly loans and there was in the year within the daily chart there within a year.So we can look at it. I, oh, you know what you told me yesterday that I didn't know how to make this a year chart. This daily, I'm going to do this right now. One year. I'm not ever going back more than one year on the daily, only one year. That's all that matters. What have you done for me lately? We don't care.About 10 years ago or 20 years ago. Back as far as one year ago. And that's it, there's a step dobbing the street has been leaning the right way in this report. Yeah. I mean, they'd been pounding this since it was over 300 couple of down days yesterday. I mean, if you're, you know, and you got a step that you got someone trying to press it down right now.So I don't know two monthly those in a row. I, if I had a short on I'd be tempted, I'd be out there right now at 2 35 covering not necessarily going along ups. So sympathy traders that have their ups gets hit immediately on it. Um, it's down 2.3% here in the pre-market. Doesn't have a date with 180 because it's not much in there.Joel, if you look at the dailies and tell 180, does ups have a date with 180? Not today. Eventually, man, I don't know how I lost money on three 10 puts on this thing, but somehow I did or two, 10 pounds hard to lose money.Um, yeah, you're breaking support here. Uh, I don't know something on the dailies at 180. I mean, I've seen ups just kind of shrug off the FedEx in the, in the past, not all the time. Uh, but uh, both postdocs have gotten hit was this, uh, this must have been off their earnings report. Uh, Where'd you see a 180? I have to go back a little bit farther.I'm not seeing I'm looking at the break. I know you don't go out over a year. Now. You just said, say, I have to go for, actually, don't have to go for that. I'm just saying, where are we broke out from? We had the resistance back, like October, November 1 78, 1 79, my Harland pine bull. Uh, just, uh, I'm I'm doing the Harland pie and just looking at the chair quickly and seeing what level jumps out at me.And then you had the breakout through 180 back in April. We went straight up quickly. I don't know what happened. Those three, four days we went for like 200 or 180 to like two 20. It seemed like in a week, maybe it's a month because a monthly candles. It was, it was a big move. So what goes up quickly through an Erik and go down quickly through an area?I don't see a hell of a lot in there at 180 180 Harland pine. Like doesn't respond to my emails anymore. So I know we talk about them all the time to, you know, we got so many great things, sell your peanuts while the circus is in town. Look at the chart in the first, second. What's the level that sticks out to you.When you look out at the daily, you know, all those things we've learned from Harland pine, who is an excellent technician. Doesn't coming on the show anymore. Talk about him so much. I have his number, I guess I can always call him, but I don't want, I don't want to, I don't want to do that anyway. It was a great, it's been like years since we've had Highland, he will be one of our regulars.I know. I know. All right, call. Heerlen see if he's CFC. If he's around find good Harland pine on the shine. Uh, real fast. I just saw the stat from a CEO of a supply chain company. He said 16% of all ships on the transpacific are resting, waiting for their turn to unload Irish. Then another ship stuck in the.No, not yet. Why are they resting? Why, why can't they haven't you seen those pictures or the portal? The portal Los Angeles, man. There, there was a traffic jam there. Why? Because the supply chain just screwed up. Are they doing it intentionally? The same is all ridiculous. Now this is all drone pals fault. I hadn't figured out how yet I'm blaming Powell for everything.All right. Uh, let's actually, it's his fault that the non-stop printing press has caused lots of trouble for all of us, especially me building a house. So I, I was kidding, but you're not, I'm not actually, it's like, let's talk Adobe here. The stock is one of the best performing stocks out there to an absolute monster.And their quarter was really good to their, their earnings per share was above estimates. Their sales was above estimates. Their Q4 guidance was above estimates. Everything they said was good. It's just how much how it can stay this grade forever. Right. It's already been a monster stock and absolute beast.Um, I, I think the reaction here is just, you know, the move was. Kramer said he'd be buying the DEP. I think I'm with Kramer on this and I'm often against creamer, but I think I'm actually with him on this too. I don't know where what's the overnight low Joel. Uh, the initial spike down. It was the after hours, low was, uh, 6, 16 0 9.And we've held that, which is like, you know, like you have like a FedEx, which is exact opposite. After hours actions continue to lead, continue to lead, continue to leak. We had the initial washout and we've held that low on Adobe. It's a love to darling. I don't know if anything changes long-term because of this report.I think it was just over bought crowded trade and you know, some of it's coming off a little wash out low. I'm not probably going to buy the Adobe, but if I'm looking at it, I kind of want. I think I would wait for a test of last month, low 6,593. We've called this, this far 6, 13, 12 93 was your low in August.So I think, I mean, this fire this fast it's, it's come down off the all-time high, but, uh, I mean, if you're going to buy it at 6 26 19, that's where I think your risk is down to a theater stock. You know, I could pound at, after that, the next daily low as well, under 600, but I just keep an eye. We'll just keep things on a monthly perspective.And, uh, I'd be, I'd be more inclined to wait for that 6, 12 93, 6, 13 area on the app side, who knows where this thing's going to go on a pop that, that bottom right chart is something fierce. And this thing is just, and it's just been a monster and continues to be a monster. It's hard to bet against Disney.So, um, I'm sorry, Adobe. I was looking at Disney on my chart and it's hard to bet against Adobe because it has been going straight up. And I also looked at Disney on the schedule here. We're going to talk to you in a second. Yeah, it's been just, you know, if you've been selling this thing, when it falls six, 7%, you've been absolutely doing it backwards.So I'm not going to say it's the trend is going to change. Uh, what about the, uh, downtrend? That is a stock that's up today, but in a downtrend long-term is stitch fix, um, popping on their report, actually surprising profitability that we're not expected to make money on an EPS basis. Last quarter and a day, their EPS came in at 19 cents for an estimate of a 13 cent loss revenue of 5 71 verse five $47 million.They gave Q1 sales guidance. That was, oh, that was good. Uh, and the stock is trading higher, but look at the top right chart and the bottom right chart. The stock is massively oversold though. So, I mean, it was $113 back in January when everything was awesome and every stock and everybody's portfolio, it was green.And now obviously different case. I mean, the stock is now down, basically 70% from. So massively oversold expectations were in the gutter. It was a good quarter. Um, that being sad, there was bag holders everywhere. So does it just have an easy run back to 50? I don't think so because there's just so many people who are stuck long, this stock, it's hard to get out of the gutter when you're this much in the gutter, but it was a good quarter.Um, I think that the stock should be trading higher. I kind of feel like there's no edge. I kind of feel like it's kind of where it should bediffering opinion. And that's why, well, it's just because it's such a wild child. I mean, I've seen it have some really big days. So, uh, first things first, you know, you got the after hours high and narrate it 42. 42 47. And then I'm just looking at this area here. You had like three, four highs, right? Like 42, 15 and a half to 42 and a half to 43.I just don't know if we're going to get there now, you know, you're three bucks off that level, so you want to see it rally off the open. You just want to see it come up, you know, get over it. If you're really looking for that big runner day, I think the dish should be taken out the pre-market high pretty early in the session.So that's how I made the fact that we're three bucks off the high. It makes me feel like there's, Salars, uh, that 42 to 43 handle. I think they, if in fact that you get up there, things will really through. Uh, let's go to, let's go away from there. And there was, we had one this morning, general mills. I don't know if we really care about we do, because what did they say about inflation?You know, this is these food good indicator for, you know, why what's happening and inflation land, because we know the mergers that have been pressed at Campbell soup. How did they get, did they, do you think general mills would be similar, but stocks trading higher? So I'm assuming they didn't say anything about inflation or they didn't say anything.Now it came in above estimates on the top and the bottom line. Let me do a quick, a word, a control F. For the word. It does say the supply chain environment, rains, dynamic and challenging the three mentions of the word inflation, uh, uh, in the, in the, in the report. Uh, yeah, I'm in the, of course they talked about it.Didn't they just come out of a strike. Oh no, that was mandolins. Those monopolies. Um, anyway, general mills. I look at the stock. It's not a super active stock on the Chromebook, but, um, we're in an inflationary environment where some of these companies are struggling to pass some of the input costs through.Um, it's a nice pop here today for general mills. I don't want to own any of these stocks. I don't want to own any of them, no food stocks from me, because I think these are stocks that will struggle in this environment. One and the only reason maybe that they start, if you know, sometimes they're defensive.So if you start to really get a market, sell off, sometimes these stocks will hold up better. But, uh, you know, you're, you're coming in these mainly for the dividend. And you know, if inflation's running at five, 6% a year and you're getting a 3.4, you'll lose it. So I'm not interested in general mills, not at all at this point.What an interesting area here and looking at the dailies, the upper right chart for 1, 2, 3, 4, 5 hides in a row it's called 59 and a quarter. You're trading above that right now. So if we hold 59 to quarter, yep. Let's go up and test the pre-market high, which is just under 60. You got a daily high coming in, in the 60 handling, 60, 20, so whole 59 to quarter still like under the ups.Take out 16, a quarter, you got real estate, openness 61. If you're bearish and your faithfulness, and you're looking for a gap fill top of yesterday's range, not that far away at 58 48. See if those 59 and a quarter sellers are still there and maybe looking to get a little premium with the stock trading higher to Disney here.Uh, Bob J Peck, the CEO was speaking at the, uh, the Goldman Sachs, uh, community community, community Copia, I think is what it's called, uh, conference yesterday. Uh, and he did basically what Comcast did is he tried to lower the, what were the bar reset expectations, uh, with regards to their subscriber growth?Uh, I'll give you plus, so what we actually said yesterday is expect low single digit million. New subscribers, low single digit million. That that could mean anywhere from one to 5 million new subs on Disney plus. Um, for, for the current quarter, um, talked about how the Delta variant has sort of weighed on things, uh, caused some production delays and just to put that Disney plus number in perspective.So low single digit millions, uh, last quarter, uh, Disney plus gained around like it was a 12 and a half million new subscribers, new Disney plus subscribers last quarter. So he's saying from 12 and a half million new subs to anywhere from one to 5 million new subs. Um, but, uh, using applies. So just lowering the bar a little bit, uh, same thing that Comcast did similar to everyone is doing, frankly, is trying to lower the bar.Now that things are reopened. It's a heavy camp. And what do I mean by that? It's a candle that is so large in such a quick, violent move that it makes you think. Okay. Yeah. I can bounce off the support, which it absolutely did. There's huge support from 1 66 to 1 68, but when you hit it support so hard, you bounce a little bit, you crack support.Pretty good. So I would say if you're coming in this, as long as it doesn't break through the 1 69 0 3 low, it starts to break through that. Then he got problems too. Disney is a reopening stock. Again, it's going to be dependent on COVID. I know people tell me the parks are full, but if COVID continues to spread, the parks might not be as full in the future.So, um, that's the one concern, um, we know 40% of their revenue, but the Disney plus has always been their wild carrot. And that's what keeps the stock up. So when you all of a sudden say subscriber growth is potentially going to slow just to try to taper expectations. Um, it's going to turn off some investors.So not surprising that it gets hammered yesterday. I think the move was justified and I'm actually concerned that that support might not hold but support as for Intel it's broken. It's still there at 1 69. It it's a little bit, uh, we talked about the Spencer when they had earnings and we were always a little worried about that.The subscriber growth, as you could see on a monthly charge, Dennis nailed the area 1 67 30. So that 1 69 0 3, if you're, you know, if you using leaning on that, you get taken out by that 1 67 area. Just how like a rocket spin in a trading range too. And it was just at the top of the trading range, just, uh, what, uh, two weeks ago.So, boom. I look at a distance feeling kind of happy. We'll see if this 1 67 holds. Yeah, it does. And you know what, it's just, there's just so many, you know, Comcast does the, did this and now doozies doing this. It's just, you know, in Google is coming with you too. It just seems like it's just, it's all spreading out and there's just gonna be, everyone's gonna lose subscriber growth and.But everyone's gambled. Look, I don't know when 18 T's area to get a piece of the pie, I guess I'll have to wait till the cows come home on that fight. You know, it just seems like it's just so you know, it's like all spread out. The concentration is not going to be in like your big company on the monthly chart.It's hanging in there and stuff, folks, but under 1 67 and you got, you got some et cetera, Disney plus has a serious content issue because I and my kids will still go on there. Cause I watch the same movies, the kids movies again. But I go on there and flip on. I was like, there's nothing new on. I'm like, this is just wasting my time.There's nothing new. So they come out with a, you know, of two, three new shows, Netflix coming out 30, 40, 50 hours a month. They have a serious, serious content issue, Disney plus, and they want to be Netflix. They better start pumping out some content faster because I will tell you at night, you know, my kids go to bed nine o'clock I flip on my Roku and I'm like, do I go to Disney plus or Netflix?I never go to Disney plus anymore. I don't even think about opening it. Cause I know they got nothing new on there and Netflix, so many good news shows. I mean, I'm watching, you know, and obviously the movies always come on, but you know, we know I was a huge fan of Cobra, Kai. It was a great show. I mean, if you're a karate kid fan, um, you know, but there's just so many good shows, like the documentaries that keep coming up with too.Um, you know, I was watching one on, you know, just last night on Dr. Dre. I mean, there's so many good documentaries on Netflix all the time. Netflix is on it. Blowing them away and streaming content. They it's not even not it's apples and oranges. So Disney can produce the content, but they better start throwing some money at it.And then maybe it's, COVID, maybe that's held back, but it's not holding Netflix back. So until Disney can figure that out, they're not going to get this type of premium that they've been getting off. Now. Obviously they get, you know, the parks, that's huge. I've said all along that Disney, you know, if the parks and everything gets popping, it's a great reopening trade.But Italia Disney plus is not that impressive.No, I don't need apple TV. what's on apple TV. He means apple TV plus. That's what, that's what he means.No, it just like warm, like every Emmy award, various dentists. Do you like it? It's all one apple a year. Yeah. I tell you Lisa. And we'll watch that. And I dunno if I laugh more at the content or Lisa laughing at the content, but Jason Sudeikis is in it and insulate. It has a sports theme to it. I like it. I don't know what else they have on.I have a couple things to say. Number one, Disney park Disney pasta does have good things. You just have to look for it. Number two. Uh, speaking of Netflix, everyone, if you care about such things, Netflix is doing their very first, like big showcase preview event. It's this Saturday it's, it's called. Too dumb.It's literally named after the sound that Netflix makes when you like open it, like the dumb, right? So it's this Saturday they're going to like basically preview all their upcoming stuff. All the shows, all the movies they got coming to the platform. Uh, that's this Saturday, um, it'll be on, on YouTube. I'm sure it'll be on, on their site.Um, so third thing I want to say with regard to the Disney plus, remember that when Disney plus launched in 2019, the company said they, they expect within five years to have between 60 and 90 million. They're at 116 already. Now I know, I know there was a pandemic and I know that Porter forward someone that subscriber growth, but the bottom line is Disney plus has been a absolute killer for them.They it's been better, better. I'm sure then their best case scenario accounts. It's the whole reason. The stock's at $180. It'd be out $130 without NEF, without Disney plus not joking. The stock could be on 120 or $130. You have $50 worth of market value from that, from that. Is it worth that much? Maybe I'm just saying I love the Disney plus product.When it came out, I loved the Mandalorian. I liked a lot of stuff on there. I'm telling you they have a content issue. There is not enough new content. The content they put out is always good. I never challenged and say that Disney doesn't put out good content, but they're not putting it out fast. Because Netflix is blowing them away on speed.Maybe there's a lot of crap coming out on Netflix, but there's a lot of good stuff too, but it's when you say a lot of crap, you mean a lot, like it's the, the, the percentage of good to bad on Netflix is, but as long as I can find the good, I mean, you know, and, and people start talking about, have you seen this?Have you seen that? And you go flip. And a lot of people think Cobra, Kai is crap. I like it cause that karate kid, but you know, it's some tough stuff is obviously, you know, a lot of people aren't gonna watch documentary on Dr. Dre and, you know, but I will like, you know, I liked the rap back in the nineties.I liked NWA and I liked that. So, you know, I'm watching the history of all that and like, this is awesome. You know, the real documentary where they're interviewing everybody and Jimmy Ivy. And I mean, it's, it's, there's some good stuff on there too. I don't see that coming from last thing. And then we'll move on.Joel, on Netflix. There's a thing about the mouse at the palace. I don't know if you call it that. Yeah, I have to. And what happened? Uh, marvelous, Mrs. May's out. Is that coming back? That's Amazon and it's coming back eventually. I dunno. It seems like it's just like, we're talking now. We're talking, I'm talking about wall something on apple TV or talk about something on Amazon.Yeah. I don't watch anything. It's just all spread out, all spread out own channel network. If you pay for more than two streaming services, you pay for more than. That's what I want. That's what I want to know if you pay for like three or more streaming platforms because no, I don't think anyone is actually paying for all of this stuff.We're all just sharing passwords, right? Or is that just me?Mitch pays for more than two. I have. Oh, discovery plus Disney plus I have ESPN plus the Hulu, Netflix pays for it all be NBA. I'm a streaming kind of guy. Pre-market prep. Plus of course. Do you watch Disney plus or Netflix more often met money match? Well, I'll be with you. Netflix is for the adult. When you're feeling like a kid, you watched Disney plus w oh yeah.When I'm with my kids, I flip on Disney plus I don't even go over to Netflix. It's good kid content. It's nice family. But let's like get, you know, some other content on there too. Some cool stuff. So we'll have to get mincing on there. All right. Well, let me, let me do this. Let me call Jonathan Corvina right now.He's he's at work. He's on, he's on his desk at the, before the nicey. I hope I have his number, right. Let's call him. And, uh, you should be able to hear me call him right now and let's see if it let's see if he answers to ringing Diggy. Oh, Jonathan here. Hey Jonathan core pina, we got you alive. Welcome to pre-market prep.Good morning. How are you doing great. I'm here with Joel. I'm here with Dennis entrepreneur a while since we spoke, uh, tell us what, what the question I always ask and everyone on the floor is what's the mood down there today? Uh, well, thanks for having me back. I know it's certainly a, it's certainly been a while and, and, uh, it's always good to talk to you guys from the floor as opposed to zipping from my home office.Uh, so, so good to be here. Um, listen, I think the, the, the mood on the floors is a little bit of confusion, right? I mean, I was talking to one of my colleagues on the desk yesterday at the end of the day, and I said, wow, I think they're really going to sell this market off tomorrow. Uh, clearly some over overnight news.Um, you know, coming out of coming out of China certainly is helping the market today. I think that wash out that we had, um, on, on Monday was. Pretty pretty strong and quick. Um, but the seems like we're trying to rebound back again, keep in mind we came in yesterday pretty much mirrored what we're looking at right now with the futures up, being what they are.Um, and very quickly the air came out of the blue and after the opening yesterday. So I I'd still be a little, little skeptical going into today's trading session. We'd like to see if we can maintain these gains throughout a significant portion of the day. But, you know, historically we have seen, uh, the, the market kind of running out of steam as it gets through the trading session.We've got a big fed meeting coming up here. What, what are the traders on the floor thinking about the fact that. Uh, you know, same old, same old, right? I mean, I think, I think we're kind of get, you know, the, the blueprint of what we've seen before and it's kind of the same script, um, w we're gonna have, you know, the split between, um, you know, we should be keeping rates where they're at and the split between, you know, we should be raising rates.I think at this point, deep down inside, they're all well aware of what's happening. Globally. And what the, what the effects of shifting rates at this point right now would do, um, the uncertainty that clearly is out there from, from a unknown headlines and, you know, be we continue to talk about, you know, Delta Varian and what that, what that might play and what that might look like in the next few months.Um, so the fed knows even if, even if the ones that are raising their hands saying that we should raise rates, I think deep down inside, they know now is not the time. They're just kind of setting us up for a, a 20, 22. Um, hike, which would be certainly, um, you know, welcomed and, and I think good timing for us.We're on the line with Jonathan court, penis, senior managing partner and Meridian equity, equity partners. Uh, Jonathan, I talk to kind of two things. One, a lot of times the markets turn on a, on a quad, which right. And, uh, the last three or four turns have been, you know, higher we've closed on the highs of those sessions and then continued higher.This one's different that we, we expired. It was, it was, you know, kind of an unwind to the sell side. And then you had a confluence of factors on Monday, you know, with China. Prestos lower. You've got the end of the quarter comment. I, you got the end of the year coming up. You've been up 10 out of 11 months.Maybe we're not due for a full blown correction or market tanking. Could we just be in one of these grinders environment? You know, what are the institutions they can going into the end of the quarter? They are, they stepping out and buy into me. It kind of feels like, Hey, the taking some chips off the table.Yeah. You know, I think it's more of, um, portfolio, portfolio management, um, and risk management at this point as we get towards the end of the year. Right? So you look at where we were at the top, right? The S and P was up 20% on the year. And we're talking about, you know, we need to pull back, we need to pull back.All right. So we got a, we got a, you know, a 4% pullback over a short period of time. Ish, three, 3% pullback over short period of time. I mean, that's healthy for this market. We can't continue to go up. And if you go back into March and if I said to you here, sign on a piece of paper, uh, you know, the market's going to be up 14% this year.You'd sign that piece of paper and never looked at your portfolio again. So we have to kind of keep things into perspective. The market's going to continue to grind and grind and grind. It will move higher, but this pullback here is just a little bit of an awareness to us. It's a little bit of a wake up call to say, Hey, We, we can't keep moving higher on the unknown uncertain kind of gray headlines that we have in front of us.And we are going to pull back. The good thing is that we pulled back and they flushed that out real quick. In my opinion, towards the end of the training session on Monday S and P bounced off of 43 0 5, straight up 55 points grinded yesterday, we're continuing to see it move higher today that, you know, that is showing us that yes, the negative headlines can impact our markets, but the market's strong enough to absorb that.And it's more of like, what have you done for me lately, right? This, this, this, uh, you know, evergreen and a headline, which was majorly impactful, but not new news on Monday. With the overnight development, they've gotten some, you know, some restructuring that's likely going to happen and it's going to buy them some time at this point, right now that's old news at this point, unfortunately, but at the end of the day, that headline will resurface again.At some point we just can't forget about it. All right. So Jonathan, my question then I guess is like how much of Monday's weakness was ever grand or versus the fact that we just hadn't had a day like that in quite some time. And the market just needed to go down as. Market was looking for an excuse and probably I'll call it a new excuse, right.For some that headline wasn't new and that's been out there and kind of on the radar screen. Um, but for others, that was a, that was kind of like a, oh boy moment. What's going on here. We start reading these headlines, tying it, you know, similarities to Lehman and debt crisis. And now all of a sudden you get all these, you know, this kind of, um, this snowball effect, I will say Monday, wasn't panic.Wasn't fear. No, no customer conversations of, oh my God, you know, this is it. This is the turn that we've been waiting for. And we really need to get out of some stuff. It was nowhere, even remotely close to that. And I think that kind of that mentality solidified itself at the end of the day at three o'clock when it, all of a sudden it really balanced off those lows, it's going to be interesting to see just where we go now.Right. As I said, Today's mirroring yesterday, Dow futures up 200 S and P is up 20. And then immediately after we opened the air came out of it. We're going to really need to see we'll know in the first 10 minutes of the day today, if we're going to be able to hold this, that brings up a good point. So, Jonathan, I have a question just on a day, like Monday, obviously you, we are all looking at the charts.We're all seeing what the market is doing, but you have an advantage of not being in a room by yourself. You're on a floor with other traders and you're talking to client, everyone's talking to their clients and everyone. Yep. Are you all like you're, you're accounting for the charts on one hand, but are you also talking to each other about just how it feels?Cause you said it didn't feel, you said it didn't feel like bad on Monday, even though we were going down, it didn't, it didn't feel like a climate event. So does that mean. Yeah, it definitely factors in, right. So just, you know, kind of keep in mind, we're in this room and we have our trading desk here on the floor.We've got 13 people on our desk here at Meridian and we're talking, but you can also hear just the room. You can hear the sound of the room. You can hear the, you know, the phonics of, of what's going on in other spots. And sometimes you certainly can hear, um, the volume raising in the room. And at that point you kind of go and have conversations.Hey, what's going on? What do you guys see? And what do you w what do you miss? What am I missing that you guys are seeing right now? And you have those conversations on Monday, you still have those conversations, but the conversations were like, was, it was more. I'm not really feeling this panic or are you feeling it?Are you seeing it? What are your clients saying? We have these conversations and it was pretty much across the board. It was, it was calm. It was orderly. I had a few conversations with some market makers. I said, you know, what kind of flow are you guys saying? There wasn't real, um, powerful flow that was occurring there.It was more of lack of participation. You know, I'll quote it as a summer Monday again, you know, we're still, we're still kind of getting through that, you know, coming out of that, uh, that phase, but it seems very, very orderly. Um, it seems like, it seems like that's the key word, right? What, whenever you hear the word orally, that's what you're referring to is that, oh yeah, just normal, normal, nothing to see here.Nothing to see here. I mean, you can get done what you want to get done. My fear is when, you know, you're when the market's going straight up and you're a buyer, the market's going straight down your seller and you're looking to buy stock or conversely, you're looking to sell stock and you can't get it done means there's no volume.There's no liquidity. That's when that's, when it really concerns me. But on, on Monday, it really did not feel like that. Um, but yeah, listen, there's, there's plenty. That's going to occur in front of us that we're, that's on our radar screens. There's plenty out there. That's not on our radar screens. How this market reacts to those unknowns is going to be really the factors that's there.And once you know, on a fed day today, and historically it's, it's pretty quiet until two. So, um, this market will show us today. If it's strong enough to sustain this kind of quietness between the opening and two o'clock today. Cause we're not going to get any other real major announcements. Uh, just as far as, you know, the rotation in this market just keeps, it seems to keep us afloat.I don't want, I almost feel like Mr. Court, pina, they give you a big sell order and something, and they give you another buy order. In the other hand, uh, you know, having, that's why we just don't get these, you know, I mean, you had a big flush, but just seems like there's some rotation and I'm just, well, I was asked yesterday about, about Merck and I know you can't talk about it, you know, individual stocks, but I mean just what about like this Merck and this Jane Jay and the Pfizer?I mean, is there any, you know, any law or what's working against this healthcare sector and do you see that that could be like the next, you know, the next rotation? Maybe we take a little bit out of tack and we go into health. Yeah. I mean, if you look at, you look at healthcare, um, in general, over the last, over the last, uh, you know, month or so down close to 2%.And when you see tech and the way some of the, you know, some of our, our favorite tech stocks have been trading at those all time highs, as soon as they start to, as soon as they start to pivot a little bit, um, you start to see that rotation. So I wouldn't be surprised if we continue to see that healthcare has been an industry that, that has had pressure on it.And now we're starting to see some of these names, like you said, the Merck, the Johnny John's turns, I mean, good performance yesterday on a, on a, you know, relatively flat to slightly down day yesterday, healthcare. You know, you know, 40 basis points. So we're starting certainly to see that energy too has come back in favor some pretty, some pretty good moves there over the last month.Um, you know, significant moves over there in the last month. So that, that's another one that we started to see, you know, some rotation, but definitely I think the, the money coming out of tech at this point, um, it's just this, this timely cyclical rotation that we're saying, um, as we get towards, you know, past the end of the quarter and end towards the end of the year let's we'll, we'll start focusing back again on retail, um, you know, holiday season coming up, brick and mortar versus online, how that all plays out.That'll be, that'll be interesting to see, um, in a year. You know, somewhat coming out of COVID. Um, are they able to regain the traction that we've seen before in the past? Uh, Jonathan, last one. I'm going to throw you a bit of a curve ball here, but now that everyone's back on the floor and it's mostly back to normal, do you have it?We, I don't think we've ever asked you for a good floor story. Do you have anything? Any good stories from just since, since everyone's come back. Uh, that's, that's an interesting question. You know, we try to keep things private, but there's always, there's always good food stories. What I will say is that, um, you know, the exchange did a fantastic job from that, you know, that March, uh, 20, 20 closing down for five weeks and reopening, it seems like the exchange has been ahead of the curve in, um, protection and, and COVID response and testing.And, and it's been really great to get everyone back here and see some faces that we haven't seen some time. And, and I will say, um, you know, when you look at the vaccination levels, you know, in New York state and, and nationally, um, within this building, we're pretty strong. So it's great to see that everyone is complying and, and doing what they're, what they should be doing as far as getting vaccinated and getting back to work.I have not. I've had not, you know, fortunately I've sat on, um, I've sat on some executive committees here at the exchange, so maybe they've let a few things slip in their minds. What about rent? Not right. You should get written up first. I've never been fine. Jonathan European is senior managing partner Marine and equity partners.Joining us live today from the floor. All the nicey. Jonathan always applies your thanks a lot, man. Gentlemen, have a great day. All right, bye. All right. Any times where you written up Juul too many Vietnam or actually find, and he was only on the floor for how long, how long were you on the floor? 85 to 90 to seven years.Firecracker. I never, uh, it was mainly Frita for throwing car. Um, so you were written, so, so how many times find that? It's I don't know. That was 30 years ago. I got one or two or more. Probably a couple of times streets are on cards. What about written out? Um, you know, maybe first, you know, maybe my shirt was on talked to something specific.Uh, yeah. Well now it's really casual. I really, I don't, I mean, like I never, I never got written up for fighting or anything like that. I never gotten any fish. They didn't last very long because they were very expensive, but there were things that you would think would be a fight, but they're really not a fight.And then two seconds later, the guys are checking trades with each other. You know, the things don't last long, but okay. Get your fishing pole out and I'll lean us, you know? So here's the thing I want to go to work course. Uh, it's 8 49 w we'll go to workforce now, and then I am gonna dip out of here and get ready for the quarterly again, only cause I'm the MC for the conference.I gotta be there before it starts. So if we go to workhorse, what's the news here. Update and spoiler alert is not good. They, they have suspended deliveries, uh, further see 1000 vehicles and two they've had to recall. 41, if you close up, they've already delivered. So, yeah, from bliss to piss, that's pretty much what's happened here.As soon as they didn't get the USBs contract, it has been downhill and nonstop downhill ever since. I mean, this was a great stock in 2020 and an absolute disaster in 2021. It's goes to show you got to get out while the getting's good. Make sure the trend is intact when they break trend and they start going down and then they didn't get that contract.It's hard to think of a turnaround story for it. So I don't know where the dust settles on this. We were LA we've been long gone. We had a great trade. Obviously Mitch brought us this back in 2020. It went from $3 to $40 a year later. I sold way before that. I never thought I was going to get that high. Um, Seven bucks here.Am I coming in and buying the dip? No, I know I it's just too much risk. Like, I don't know when they're recalling and now they're, you know, they're suspending. What are they doing? What is the first headline? They're suspending deliveries and recalling the one that sounds horrible. Now I don't want one shot.They sold 41. 7 0 7. Uh, that was your, uh, your may low. So if you want to take a look at that, you can, that's where they bounce them for a below that you don't want to look below that that was, uh, the next monthly low under the 7 0 7. Believe it or not. Is it 2 45? All right. I'm going to hop off and we're going to bring Mitch on here.Uh, and I'll see you guys over on the, the next dream, which will redirect this will redirect to Evie con. And so, so let's get Mitch on there. We'll do nine minutes a ticker time. And, uh, everyone's smashed that like, and I'll see you guys over there, guys. Uh, drama. And let's look in, I'm looking wish making new lows.This is obviously a social media stock that a lot of people talked about on social media. Again, I tried to buy it just recently at well about a month and a half ago when AMC started a blast off, I fought wish might go with it because I'm not the AMC and GME are the same. But, uh, we know when I was talking that say going back, when was that blast?I'm gonna go back to end of August. No, not even middle of August. When AMC really started lifting GME, I was like, oh, maybe it's social media stocks start to get hot again and wish went up a little bit. And then it just petered out. And obviously it's been drifting down ever since, again, these stocks they're tough because when their stories and we're going to talk about this stuff, um, in, in our, in our, our educational event coming up in October, which, uh, we're going to announce next week.Um, I'm going to talk about the boom. I'm going to talk about social media stocks with the boom and the. And the aftermath and the aftermath. Spoiler alert is usually not good. And in where you are now in the aftermath, um, storied stock still, you know, five bucks. I mean, I guess that's all I can lose is five bars.This is speculative capital only stocks making new all-time lows. When a stock is making a new all-time low. I absolutely do not want to own it because stocks I'm making new all time. Lows usually continue to make new all-time lows. So, no, sorry. I can't get on the wish train here. I tried, I got stopped out.So I got some stocks for us to talk about here. I wanted to come on and bring some fire, you know, how I like to bring it. So let's take a look here. I'm just going to put it on radar. I would take a look at some cannabis stocks. There's been talks recently. Of course, the us house approves the marijuana banking reform as a part of the defense spending bill.So I think you're going to see a slight pop maybe in these today, especially if we have a green day. So CGC KRS-One, uh, TLR, Y whole all these stocks are, they all look the same and they're all epic disasters. Um, they're all one thing. If you're looking for a pop, like they are oversold. CGC has been cut in half in the last two months and it's supposed to be according to Kramer, the best of breed till Rey.Same story cut in half in the last three months. Um, ACB and other oral cannabis, not down quite as far, but it's been an epic disaster for a long, long time. All the time high on the stock is $150. It's six bucks. I mean, this is the problem is valuation has now caught up with these growth stories, the growth.I always say, you know, when a stocks and growth mode and it's hot and the story's hot valuation doesn't matter when the story starts to cool off when growth starts to slow, valuation absolutely matters. And the valuations were just very extreme. And, you know, they've got a long ways to go down to probably be at value stocks.So can the stories get hot, you know, temporarily again? Sure. You know, can they have a catalyst maybe that Mitch is talking about to maybe get a little relief pop, maybe cause they're way oversold. I mean, CGC is way oversold. So I don't know if I want to short them at this point in time, but it's hard to buy stocks and these kinds of trends, any type of pop.I think it's met with more stuff. Yeah, all these, I mean, I look at every one of these charts and they look like exactly the same. So, uh, I mean, CGC, uh, found support. I mean, this was the classic, uh, oh, we got to buy this cause Biden's coming in. Right. And you had the raw and everyone loaded up in October, September, October, you know, you even had the run into margin is now you're revisiting this area.So maybe if it stops going down and just holds a status, 12 that's $13 area was just huge. It was huge in April and may. And then, uh, boom. And also it persisted through September, even in October, you could have bought this thing at eight, under $14. So it's in an area where it's had support for the can, you know, stop going down first and give you an area to Elena.All right. I'm seeing the chat menu. Plenty of times I was going to get to it, no matter what today. Uh, we're just holding it off here, but the only stock that I feel doesn't even care that the market went down this last week, lucid LCI D hasn't cared. Yeah. It's been a monster. What was the catalyst here, Mitch?Like, why, why like blasting off is there's obviously a catalyst at Kickstarter. Yeah, so it, I explained it on Monday and Mitch, what we went through is a kind of a bad rating with a $10 price point. Then we hopped up because bank of America came in and gave it a good price point at 25 and then EPA news, when they got that EPA news of their mile rating higher than any other Evie that really gave them matching expectations.And then you saw the reactions by the. Coming in to all kinds of resistance from 28 to 30. I think if you're in this, this is now over bought. And I think eventually they're going to get a significant pullback here. I'm not saying I don't like to short rocket ships and it's some full rocket ship mode, but if I was long and I always do sell early.Uh, 29. I mean, we're, we're just trading under 28. Oh, this is interesting because he had yesterday's high at 27 93 in the pre-market, uh, you're bumping up right against that area, 27 90 high. So you want to bus through 28 and then you only got two other highs to challenge. I'm not, I'm not going to look at that ridiculous high, um, over 60, but if a faggot true to that seller 28, uh, boom, 29 0 3 and then boom, 29 81.The other thing about this. And, you know, I have, this is just total conjection and speculation. I could see some, uh, some, I don't know, anybody's short stocks anymore, but after this kind of run, you know, a dabbler in, uh, you know, in the, almost in the last couple of weeks, I can see some short, I don't know who, who still laughed.I know said Tron doesn't do it anymore, but this would be the wine. Oh, they don't make any money and the valuation and this, that, and the other thing. So that's the only thing I'd be a little leery about and LCI. There's definitely a theme coming out of the chat today. And it's the social media stocks where they're talked about on Reddit wall street, fats, discord, social media, I'm seeing a lot of stocks, you know, like SN DL for instance, was a huge social media stock where it was pumped on social media.And you know, what we say is, you know, the stocks that get the left, you know, they get the hype, the story's hot, everybody's talking about it. And then the burst, and now you got a bunch of bag holders stuck in the thing. And, you know, could it get another lift from social media maybe, but a lot of these stocks that are getting really promoted on social media, aren't that good of companies.So you just gotta be careful that you don't get caught up in these things. And everybody gets caught up in the hype and we all get caught every once in a while. Like, okay, that's a good story. I'm going to buy some of that too. And you know, what, if the story cool. It's not like the stocks just crash the next day.They just like death by a thousand cuts and they just keep leaking and leaking and leaking, oh, I get a little left, a little hope. And then the leak and leak and leak and leak. And this is not just unique to social media. This has been going on for decades. You know, these, obviously we didn't have social media decades ago, but you know, it was different.Was the email promotional scams and stuff. And not saying they're all scams, but you know, social media pumps, you know, they'll get on the train, they pump something. You gotta get out on these things while the getting's good, because it seems like when the dust settles, a lot of these stocks just are not very good companies and ended up going right back to where they came from.All right. That's probably going to do it for us. I'll let Joel get on outta here and get to pre-market prep plus. Yes, we've got a lot of symbols to cover. I'll cover all those crazy. Uh, I ran out of stocks, but, okay. All right. We'll see you guys later. Definitely. Guys go Joel and Joel, he's going to keep coming at it, knocking down some stocks.I'll let Dennis get on outta here. Like always Dennis. Appreciate everything you do. It's funny, man. All right, guys, that's going to do it for us on pre-market prep coming up next. We got the V conference. Yes, Evie con, we got a lot of companies that are going to be there. Help is had a monster day going to be there today.Do not miss out. Spencer's is going to be starting up right now. I'm going to get you guys over to there. This will redirect you. Yes. I said it. You will be redirected to the event. You don't get to go anywhere. You don't got to click anything. Stay right here. Check out. The Evie con was Spencer, a lot of companies, GM coming on.Uh, we got FUV guys check it out. I promise. There's going to be at least one company that is going to be on this event that will eventually make a nice move on up. And that's why I'm going to be watching. I'm going to try to get some insight. You guys do the same. We'll see you guys there. Econ.Support this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Episode Summary:Earnings from LEN, AZOUBER gives updated guidanceGuests:Frank Holmes, Executive Chairman, Hive Blockchain (HIVE) CEO and Chief Investment Officer of U.S. Global InvestorsJay Young, President and CEO, King Operation CorporationBENZINGA CANNABIS CAPITAL CONFERENCEThe premier gathering of cannabis entrepreneurs and investors in North America returns for a 2-Day Hybrid Event on October 14-15.Speakers will include $SNDL and other major Cannabis Companies, for more information visit https://www.benzinga.com/events/cannabis/MEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderMitch HochTwitter: https://twitter.com/STORYInvestorsJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited TranscriptAll right. All right. What's going on, everybody having. Whew. We are back at it, wine and down the end of the week, another dreary to Detroit day here behind me. I hope everybody's got a little bit more sunshine than we do. It's also very cold. I'm now wearing a light jacket in the morning, but what's going on guys.Market is ripping again. We are back to where we were before that Monday sell off, you buy the dippers out there. All of you by the dippers. I was not wanting. Congratulations to you. Round of applause, pat yourself on the back, you won a game. Uh, you know, I'm going to go ahead. Let's just look at this, this chart aspire really quick for a second, and we're going to zoom it out to a year and then we'll go to five years.Uh here's the one year chart is by, by the day. Tried and true. Uh, here's a two-year charter spy by the dip tried and true five years. All right. I guess at the, by the dippers, just always seem to win this one. Uh, but what's going on guys? This is the power hour. This is the trade idea show. That's why we spend this time together every single day.So if we are not delivering on ideas, call us out. You are empowered to do that in the chat. We're going to get rocking and rolling. Uh, first op we're bringing in Daniel from Curzio reading. Good. Good, good friend to Frank over there. Uh, and Daniel's going to be dropping some ideas on us. He's gonna be talking about the China situation a little bit, I believe.Uh, and then we, we have three public company CEO interviews today. Jam pack guys. Okay. Three public company's CEO interviews. A lot of them may be stocks that you're not familiar with. I'll give you the tickers there. S T a B N G T F and S O V O. Uh, so, so again, S T a B N G T F S O V O a, but without further ado guys, uh, let's go ahead and bring Daniel from Curzio research in there.And when you, if you have takers, drop them in the chat, uh, I see, et cetera, ETCs already go and he's got his affirm on there. He's got his hymns on there. Um, and, and, yeah, let's get these in here. Solar ops. We're talking about the cannabis. I am not in any of the cannabis stocks now, but, but, but maybe I ought to be, but let's ask Daniel, Daniel, are you in any of the cannabis names?Um, not right now. No, but, uh, they've been coming across the headlines a lot. And first of all, thanks, thanks for having me great to be here. Um, but if I were to look at something in full disclosure, I don't have it and I've been kicking myself, but , uh, if you want to pull that up, there are basically a roll-up company that does a medical marijuana and the facilities that they're going to use to produce and grow and distribute.And that's char has been absolutely beautiful from an investor standpoint. Five-year chart. Yep. And, uh, those guys, uh, I believe it's wall street guys that just got together and man, they they've just been knocking it out of the park. So that's the one that I would look at first, other than the big names Tilray and those et cetera.But man, a friend of mine gave me that under a hundred and I just kept thinking, all right, I'll wait and wait and wait. And, uh, that's, that's frustrating, but that's investing that's okay. Uh, and, and Daniel, but before we hop into it, uh, give me a little bit of your background. Tell us, tell us about your trading investing career.Um, and then let's dive into some time. Absolutely. So I joined a Frank Curzio here at Curzio research. Uh, coming up on four years. It'll be four years this October next month. And my background before that was, I started in the brokerage business as a financial advisor, uh, had series seven and 66. Then didn't enjoy that.I like the research side, but not the front office standpoint. They believer in savings and investing. And on the saving side, I'm big into whole life insurance as a, as a wealth management tool. I know that raises a lot of red flags and always gets a good conversation started, but that's for another time, I can argue that until I'm blue in the face.And, uh, then when I was listening to Frank's podcast and following him through his career, and when he said that he was starting his own shop and wanted an analyst, I threw my hat in the ring and here we are going on four years. Uh, and give it, give us the short insurance pitch. The short insurance pitch is if you're disciplined enough to say, if you compare a whole life insurance policy to a bank account, there's no other product out there that is quote unquote as safe and reliable.And it gives you the opportunity to earn interest as you use your money. And there's a big difference between the interest you earn and the interest you pay with the flexibility on that. It's a fantastic wealth building opportunity over the long term. It's not a trading deal. Uh, if you're, if you're old right now and I don't mean to be rude about that, uh, that's what, you know, everybody thinks they're too old for everything these days, but, uh, if you're anywhere under, I'd say 50, you ought to really give it a look and most policies are set up.In favor of the insurance company, meaning higher commissions, and you can split those premiums up and infinite banking process. If you Google that, you'll, you'll see a lot of good stuff. Uh, infinite banking by, uh, Nelson Nash. I believe I'll tell my head as a great book to dig into. All right, there we go.And if anybody has a question about the insurance side, dropped them. And I'll pass it along to Daniel, but all right. Let, let, let, let's get back to the stock side. What what's on your radar right now? What are you thinking about? We, you, you gave us a cannabis name to look at already, but, but what else?Yeah. And that was driven by, uh, you know, if you, you guys are all market junkies. So as you're looking at headlines and everything, uh, the biggest lesson that I'm learning and, you know, I don't have a crystal ball or anything, but you gotta be able to decipher. News to act on and what to ignore. And when you just, when your market junkies and you see a lot of things coming across your desk or your eyes, uh, in my opinion, headlines around pot stocks kind of went away and now they're coming back and I say, they're coming back over the last month, at least in my opinion.So, uh, and that's driven politically, uh, there's a lot of headlines about, um, there's a group of. I think there's a bill in the house or the Senate. I'm sorry, I don't, I'm on the fence there about protecting banks that do business with, uh, pot stocks, because that's a big red flag right now. Cause you still have this illegal NIS at a certain level.I mean, it's kind of scary to think about, Hey, the feds can basically go in and shut anything down, but we're not going to. So we're in this process of, Hey, this is a law, but we're going to ignore that. Uh, we see a lot of that with politicians on both sides of the aisle. So that's not anything new. That's, you know, I look through the world from a political and economic lens.Uh, I think everybody should do that because it literally affects everything in our lives, in reality, as consumers and individuals. Okay. Alright. And I'll, I'll draw, I'll throw mine in the ring too. I'm going to throw in the, the one that everybody thinks about, but till Ray, uh, Erwin Simon, CEO of Tilray founder of Hain, celestial, good friend of Benzinga.Um, I, I, he he's, I followed his career for quite a while and he's just such an incredible operator. Um, and, and so if I had to pick one, I'm picking the track record of, of, of his, on the management side and that's where Tilray would be my plate. And that's great because you want to focus on individuals. I mean, when you, when you don't have an investment that you can control, so it's not close to the vest you want to invest in management teams.Um, Frank talks a lot about that with, especially in the resource sector, you want proven management teams, you want skin in the game. So if that gentleman and you know him like that, that that's a, that's a check mark on the, on the good side for the teacher. Yeah, absolutely. All right. Well, what else is on your mind?You know, Yeah, we'll go from a boring to exciting. So low-hanging fruit. Uh, Intel has dropped the ball for a number of years. They've let you know, their lunch has been eaten by their competitors. They have a new CEO and I'm going to butcher this, but pat gins learner, and he just took over in February of this year.And I think that this is a situation where you can buy it and forget about it. I have a little bit of a full disclosure. You earn a decent yield. And I think that as there's more volatility in the markets, and if you see this transition from growth to value, like everybody's warning about or volatility, you're going to go into hard brand names, solid brand names with good balance sheets.And they. Just have to quit screwing up all the time, in my opinion, to get a higher price, uh, the new CEO's got big ambitions. That's what I like to see either. They're going to invest a lot in fab centers, uh, semiconductor buildings over the next several years. And that's a huge secular bull market.That's not going away anytime soon. So Intel, if it's not exciting, But I do think that that's the lowest hanging fruit out there on a, on one of the big, yeah. And looking at some of the multiples really quick. I mean, it seems like a pretty cheap stock. So we're looking at a forward PE ratio of 12. Um, I don't have the S and P 500 handy, average handy off the top of my head.Right. At least in the twenties, uh, and then a price to sales, a 2.8 versus that one I know S and P average is, is a little bit over four. So, so it definitely seems like a relatively cheap stock. Yeah. And you can argue, I mean, the, the lower PE uh, forward P against its peers is warranted right now, because again, they've been dropping the ball so many times, so this new CEO starts to get some momentum, starts to prove that they can show results.I think that you can see that P rice faster than the actual results in reality. Markets are always forward-looking and that's exciting. That can be good or bad, but again, you get a few, uh, you get a few check marks on this guy's side, and I think it could just take off and easily be, you know, 20, 25% and then kind of find that new normal and hang out there for awhile.And again, you get paid to wait and are you really worried about Intel going bankrupt? I'm not, but you know, that's a good, that's a good hiding spot. And I don't think it's going to be dead money going from. Yeah. And check this out guys. I, I just, I just want it up an income statement really quickly. Uh, you know, th this, this top number that we have here that I'm trying to highlight, uh, th th this is quarterly revenue, and I mean, we're looking at like five quarters in a row with.Literally no growth. Um, you know, we, we zoom it out to annual revenue and we're getting a little bit of growth there. Um, but, but not, not crazy exciting. I think that's what Daniel's referring to. Yep. Absolutely. All right. All right. What else you said you're gonna start pouring and taking. That's boring. So a upstart U P S T is the taker and a quick, uh, are you familiar with this company at all?I am going to Lockton. Who's also a good friend of Benzing as is very, very hot on this stock. A couple of times to us it's been absolutely going crazy lately and quick, a rabbit trail here. You guys need to be going through 13 F filings. Uh, there's free websites out there and that's just great use the power of the internet.We've never lived in a better time where guys like me on 35 can take advantage of, I mean, the amount of resource we have or the amount of information we have for free right now over the internet. It's just a huge step forward and it's just blind, dumb luck that we get to live in this period. None of us picked when we got to be born in order to get some of this information at all, you'd have to go to libraries, different things.So take advantage of there's 13 S I was going through those, uh, Dan Loeb of third point. Somebody I really respect and you know, like to listen to anything he writes or says and read anything he writes. So I just saw this in a filing and I just went through ticker symbols. Um, they're in a major growth platform where the banking and financial services are using a lot of AI.They have been for some time, but it's getting a lot of capital to flow into that space right now. So they do personal loans, consumer loans, and they basically go in and show banks, Hey, we can show you how to make more loans with a. Risk tolerance and a lower default rate. And why wouldn't you pursue that or look into that if you're a bank and that's a scalable business with all the loans and trillions of dollars out there.And as you can tell, I would wait for a pullback. This is definitely a momentum stock. Uh, we were just talking about, uh, PEs with, uh, Intel. I don't know what it is off the top of my head, but it's gotta be through the roof on. All right. And, and I want to throw this one out to the chat to, uh, is anybody in this Docker to anybody get into the stock from the show?Because when we first talked about it, it was in the seventies somewhere. I, this is the first time I've looked at it in a wild scene, three 40. I, I clearly missed the boat. Uh, but, but I'm curious if anybody out there caught the rip in this one. And so, so Daniel, I like, I like what you're picking up on it that you want to wait for for some of that pullback and.Let's let the momentum co come to a close, um, with the model like you're saying is so good. It's so reoccurring too, right. Is once a bank becomes dependent on upstart for, for lending and being like a core part of that engine is as to how they're pricing and deciding who to lend to. I would imagine that that's impossible, damn near impossible for these banks to rip out of their operations.Yeah, absolutely. It's, it's a sticky product and it's scalable. So as an investor, that's a great thing to have. So, you know, be, be prepared for volatility. Um, I, quick story. I told my dad about this around $95 a share, and I said I was buying it and I didn't. And he did, and I wasn't lying to him and it went.50 or whatever. And now look at where it is. He didn't sell it. So he's very happy. But of course I was kicking myself. I think I bought a gold stock or whatever, which I'm still down on. Uh, but I said, Hey, you need to buy this. I should buy this, but I'm going over here. And he did. So that's good. All right guys, and check out the quarterly revenue on this one.We're looking at four quarters of data right here on upstart again, sticker U P S T. We went from $51 million of sales to $194 million of. In four quarters. That's I don't know if there's other public company that operates at this scale that, that that's had that kind of growth. I mean, that's, that would be, if somebody out there wants to go run a quick stock screen, so set maybe market cap threshold somewhere, uh, or, or may set a revenue threshold outlet, like 50, a hundred million dollars and see if any other companies have this kind of growth.I, I would imagine that that there's not one. All right. So, so you're making it more exciting. Do you have a third one for us? Yeah. Along the same lines with the financial platform online platform, a sofa Jeffrey's just came out with initiation yesterday. I've been watching this. It's been volatile as well, and they put a PR $25 price tag it, price target on.If I, uh, if I remember correctly, which is damn near 50% upside from current levels. Well, depending on what it's doing right now today, but. You have a lot of money flowing into this space. It just makes sense from a standpoint and hell their name is on that, a beautiful new, however, billion dollars. It took to build that a football stadium out in California.Yeah. That, that, that, that was definitely an expensive sponsorship. I guarantee that. Yeah, I see, I see I'm using my trusty Benzinga pro here, looking at the recent analyst price targets. Uh, you know, I see the Jeffries yesterday that you mentioned at 25 Mizuho out there at 20. And then the, the low of the street credit Suisse came out about two weeks ago at 16 and a half.Um, and, and, and so, so BA basically, uh, is, is the thesis on this one? Daniel it's it's right. Space, right stock within that space. Yeah, absolutely. It's just, it's more of a momentum play. Uh, I liked the idea in general, but it's just when you have massive amounts of money flowing into that and strong brand types, uh, those are great for trading opportunities and then they can turn into long-term holdings.Okay. Yeah. And I'm zooming into a five day chart right now. So it's what we're looking at. I believe our five minute candles, let me get a, from a 10 minute candles, five day chart. Um, and, and we, we definitely see that rip higher with the market yesterday, uh, in, in tack down another 2% so far today. So, so, and let me throw this one out here, but I definitely see this symbol come up if anybody has long.So if I take her S O F I give me the one in the chat, if not give me the two, I want to get a sense of where the crowd is at on the. Uh, I I'm not in so far, but I do own a couple of the online brokerages. Um, one that I'm getting hammered in right now, uh, I've trimmed the position, but still have a little bit of a position in his tiger.Ticker T I G R a. It's like, like the Robin hood of China, Singapore, et cetera. Um, wow. We have a lot of Sophie owners in the chat check this out. Okay. So a lot of people who like sofa, I can get behind that. All right. Okay. All right. Daniel, anything else for us before we gotta hop? Uh, yeah, if you want to have a fun, uh, political pick a Smith and Wesson brands, uh, they're a pure play on fire symbol on that one.S WPI. Thank you. You can see, we impressed. So that was the first you're you're on stock number four, and I knew the first three. Okay. There you go. All right. SWB. So that massive spike there was after an earnings release, uh, they've recently, uh, I think right around the first of this month, September, they did their quarterly earnings, but that massive spike there, that what you can see on the chart is they blew out the numbers on the earnings release.And then it looks like the Reddit crowd got involved because look at that massive sky high, I mean, that thing just went parabolic for several trading days. Uh, this is a pure play on firearm. I know that's a touchy subject politically, but when you look at the numbers, the FBI background checks and things are falling year over year because of the strong, strong comps that they're compared to during the riots and the 2020 and all that kind of thing.But 50% of new gun buyers are women. Um, everybody I'm a small town guy. I grew up around firearms. So I'm biased as everybody else is, but I'm biased towards them. This is a company with no debt. They are. In a position to continue raising their dividend. Uh, it's not impressive. It's not a high yielding thing, but they are buying back stock as well.And you have a solid company with an amazing brand name and you have a product that people are, um, you know, it's, they have a huge demand for their products right now, their backlogs or their inventories about an eight weeks, which is kind of where they want to management. They're going to have issues along with everybody else with supply chains.When you get a great business in a fantastic financial shape and a well-known brand, um, that's, that's a good one right there. So, and it's got a decent short interest. So that, that spike that you see on the chart that could easily happen again. Alright. I like it. It's interesting. I have, uh, let me throw this edgy Daniel, then we're going to have to hop in a minute here, but here here's my take on the gun stocks is I feel like literally always, or at least.Once a year for the last 10 years, there's like a shortage. And like, there just becomes this narrative, all of a sudden that there's a shortage on guns or there's a shortage on ammunition. And then just a ton of energy pops into these stocks. And you know what I mean? It's it, it just seems like, uh, like, I don't know, like I'm sick, I'm bored of the narrative.Yeah, it does. I mean, and you're right. That does happen. I will tell you the biggest risk I see. This is, and why I think you have some short interest is you have such a political movement and like your major funds and investment companies like BlackRock and those, they have, they kind of shun these kinds of stocks.So you have a great business. You have high profit margins, but what's going to be. The big guys from flowing more money into these stocks is political reasons. That's your biggest risk in my opinion, but yeah, you're right. They, they get hot. They could be used as tradable securities. So that would work out for your listeners, but I wouldn't feel bad about buying and holding this either, but yeah, if you want to trade the pops and, uh, you know, sell on the rips and buy on the dips, that's a great idea.Right? Alrighty, Danielle, I appreciate you hopping on with us. How can folks stay in touch? Where should they go? What should they check out? Yeah. Uh, my email isDaniel@curzioresearch.com. Be sure to check out Curzio research.com and our wall street unplugged podcast that we now do over Tuesday, Wednesdays and Thursdays every single week.Alrighty. There it is. Thank you for joining us, sir, and dropping the ideas. All right. All right, guys. How was that? I see recurring theme of the chat and talk about Viacom. We will get the via, comes to your V I a C, but, but without further ado, w w we're we're going to keep the show rolling. Uh, we, we've got a nice slate of guests coming in for us today.Uh, first up CEO said, taro, biopharma, Mike Handley. I'm going to go ahead and let's bring Mike onto the. How are you doing today, sir? Thanks for that. Absolutely. Uh, and, and everyone, the stock symbol is ticker. S T a B said Sandy tango alpha Bravo, Bravo. Um, long week. Um, but, but, but my, my, I I'm one for, for a good stock symbol.You know, if, if, if a, if a company has a good ticker symbol that like automatically notches it up in my book, so maybe we could just start there for a second. Uh, why. Yeah. Interesting question though. Thanks for having me again. Yeah. Stab is a Sitara biopharma, obviously ticker symbols are a little hit and miss.Um, we were going for sta T but uh, stab is memorable. Um, and it also goes with our tagline, take a stab at stopping. Right. So, okay. We think it's more memorable than most taglines. Absolutely. No, that's great. I love it. It's like some of the ETF funds, right. I read out to them to I'm like, I don't know how you guys pick the ticker symbols, but if there's like a group or like, you know, something you survey include me in there, I haven't gotten any responses, but I love the memorable ticker symbol for sure.Absolutely. And, and, and Mike T taking a step back from the ticker symbol to the company. Uh, could you just give us a little bit of an overview on Satara for anybody out there who might not know. Yes, the terrorist, a, a company that just became public, uh, July 27th through a combination merger with Cleveland Biolabs, which was a NASDAQ listed company.I've been running a state Tara since April of last year. Um, we, uh, talked to Cleveland Biolabs synergistic platforms. So we're most looking at immunotherapies and, uh, it looked like a good combination of two companies. So we combined the two companies officially July 26. Or July 27th. Yeah. And I've been trading since then, and I've been working with circuits and getting visibility for our pipeline and we're about ready to initiate some Wade stage drug programs, uh, that we're really excited about that should help patients and deliver some new immunotherapies to the field.Excellent. And Mike, you, you, you, you mentioned, I think it was April, 2020, that, that, that, that you joined the company, is that accurate or that you've been running it. Yeah, I've been running it since April, 2020. We've done two acquisitions, um, raised or secured over a hundred million dollars in gone public.So it's been a busy what? 17 months. Yeah, no kidding. So, so, so, uh, the, the next question I have is, uh, is on background and, and I, I sort of have two pieces of it. Um, and, and you can pick the answer one, one, or both, uh, but, but either what, what was the impetus for the company? Or can you talk a little bit about your career prior, prior to.Yeah. Yeah, I'll answer both. So I've been in front of biotech for 24 years of running companies for the last 15 years. I'm very interested in the biotech space. Immunotherapy space started off at Amgen Genentech, which are the two big giants and biotech, of course, Genentech bought by Roche now, but Amgen still, uh, independent, uh, took over 17 products to market.You know, raise close to half a billion dollars and, uh, Brandon's is the terror. Like I said, April last year, they had a very interesting portfolio and uh, thought, um, this would be a great public company, a great opportunity to get some drugs, to some much needed patients, um, that don't have any other alternatives that are.Uh, so very excited about our platform, multiple shots on goal. We've got a great story and it resonates well with the street, from our interactions and our non-deal roadshow we've been doing. So we're very excited, better than current position. Okay. And I'll, I'll pick up on that roadshow comment that you made, you know, and w when you're going out to wall street and you're talking about the company, uh, you know, what, what aspect of the business is, is getting investors most.Yeah. Great question. So if you follow the biotech sector, we've seen immunotherapies just exploded in the past five years, I'll use two examples, Humira, which is a TNFL Footlocker sells about $19 billion a year. What's number one, uh, drug selling in us. And I think the world, and then you look at Keytruda.Merck's drug is a PD, one PDL, one inhibitor. It sells at 13 billion. It's also. Um, our approach to immunotherapies is a little bit different than what big pharma is doing. Those particular drugs suppress the immune system, uh, as in Humira. And they do that, um, to account for, um, uh, Crohn's disease, IVG rheumatory arthritis, and then the cancer drugs take the brakes off your immune system.So in effect, our narrative to wall street is the current immune therapies out there or. And they're generating a lot of cashflow and they're helping patients, but they also come with a large amount of side effects because you're suppressing the immune system. Um, in the one case with the Humira and other TNF, alpha blockers and the other cancer cases, you're increasing the probability of hyper inflammation in those patients.And that's been a cause and a concern and a warning for Keytruda, both great drugs, uh, both help patients, but we think there's a better way of doing immunotherapies. And that's what we're telling the street. And they're gravitating. Okay. And can you talk to us a little bit about him? Question in specifically the integration stuff.Yeah, I'm close was the second company we acquired. Um, they're a research driven company with, uh, cashflows and, uh, we're in the process right now of integrating them into our R and D platform. And they're working on our second gen, uh, immunotherapies. And we've got a couple of, uh, potential interesting candidates we're working through, but the inquest simply adds to.And, uh, we're building, I think one of the more interesting and the largest tool, like reception pipelines, um, in the U S if not the world, and that provides us with, again, a lot of shots on goal and a lot of ways to help patients. Okay. And I guess maybe taking a, a step back or a step higher than, than, than inquest specifically.Uh, but, but how do you see M and a fitting into the company's roadmap and why have you made the choice that, Hey, that that's the route that we're going to pursue to really grow. Yeah, I'm a firm believer the, uh, Biven bill, right. It's a lot of companies out there that have interesting technologies or platforms that would take me, you know, months to years to replicate the same thing and a much higher dilution to our shareholders.So, um, being opportunistic, looking at companies with the us. Uh, or complimentary or technologies that are complimentary. Um, we'll definitely use our public stock as currency. And like I said, we're well capitalized and we'll be opportunistic about what we go out and acquire, but it's definitely in the mold of our strategy going forward.So look at M and a, and be opportunistic about increasing our pipeline, both depths. Okay. And Mike, let, let, let me ask you one more question. And this one is always a tough one. Uh, but, but if you had to name one, one thing that you're most excited about, so somewhere on the roadmap, what, what would that one idea.Yeah, great question. Everybody asks me, um, obviously cancer therapies are near and dear to everybody's heart. Everybody knows a relative or friend that has cancer, and we've got some very good cancer therapies for developing an adjunctive treatment. Um, but probably the drug program I'm most excited about is our Crohn's programs.So what we've seen in phase two data is, uh, double the rate of remission in patients who take a once a day world. So current standard of character, marrow, injectable, biologic, um, you get a remission rate of in the low thirties. Um, our what our data, what we've seen is about a 67% remission rate, four weeks, once a day dosing, that is very compelling.And then the other thing I'm really excited about Crohn's is currently for pediatric Crohn's patients. There's nothing out there that, uh, Works. Well, all of that is black box warning. And as kids develop their immune system, it's really hard for them to be on these biologics, like Humira, Stelara, and Remicade.So we're running a phase three pediatric study that should kick off by the end of the year, um, in, uh, pediatric Crohn's patients. And we believe this will be a viable alternative to all the kids out there suffering from Crohn's disease. Awesome. Mike, I appreciate you taking the time to come on with us today.CEO said Tara, a ticker S T a B. And as I said, I do love that symbol and I love the memorability of it. If that's even a word, digging a stab at cancer. Awesome. Yeah. Appreciate it. Thanks for, thanks for your time. Have a good day. Absolutely. You as well. All right. All right, producer, Amy, what do you think.Love it love the company. Love the ticker. Great to have Mike on. Um, but Luke, we have an absolutely packed power hour show. Today. We brought on Daniel from wall street and unplug. We brought on my from Sitara buyout. Now it is time to bring on Sean C Sean folks and CEO of night food. Um, so without further ado, oh wait, wait, wait.Celsius is a hundred bucks. No way. Wait, did we ever get the video of Jonah shock? He said, he said he was going to shut you down. He did it leap and you're sleeping on Celsius. Sorry. Um, yeah. And then you also saw the news that Jonah said a Celsius is sending us some, some drinks to Florida for the conference.Yeah. Guys, if you want to come hang out with me and producer a B in journal up them and put the link in the chat, come say, hi, it's going to be about. That's really the only thing that's keeping me going at this point. So there you go. It will be a good time. Um, all right, Luke. Well, without further ado, I'm going to go ahead and bring Sean folks in on the show.Sean CEO of night food. Thank you for joining us on the Benzinga power hour. How are you doing on this beautiful Thursday? Great. My pleasure. Happy to be here. Great to have you, um, before we get started, do you mind just giving some, uh, background on the company for maybe some of our audience that may not be familiar?Sure. So across the country, On any given night, you've got over a hundred million people that are snacking in between dinner and bed. Uh, the most popular choices tend to be things that are loaded with excess fat, excess sugar, excess calories. Cause that's what we're hard wired to create. So you've got all these snacks being consumed, and they're not only unhealthy, but they're actually disruptive to sleep.When you eat the wrong things before bed, it can impair your sleep quality. So knowing that so many people are snacking at night on a regular basis, what night food does is we deliver healthier snack options that are specifically formulated to satisfy those nighttime cravings, but do it in a better, healthier, and more sleep friendly.There's plenty of companies out there over the last 10 or 15 years that have launched and had a lot of success with better for you snacks, which are generally healthier in terms of, you know, protein content or sugar content or caloric content, but only night food has looked at. Knowing that people are snacking within that hour or two before bed, what should we be putting in our bodies and what shouldn't we be putting in our bodies to make sure that we get the best night of sleep and sleep is becoming more and more of a challenge for a lot of people, uh, especially now with COVID.So we think the timing is great, and we think there's a billion dollar category to be had here in the category of nighttime. So is this something, I guess that took a lot of, you know, scientific research on, on night foods and to figure out like what it is specifically about, um, you know, what's in typical ice cream that can disrupt someone's.Well, I mean, there's been a general consensus for quite some time, and there's been a lot of research over the years. Uh, you know, excess sugar, uh, fat and calories are problematic. Um, you know, there are certain nutrients that can be beneficial, magnesium, calcium, zinc, vitamin B6. Uh, so the research really existed.Uh, and when we launched our, our challenge was. You know, to formulate a great tasting product, uh, with all these ingredients that can satisfy those cravings in that way. So, uh, really we stood on the shoulders of the existing research, which was out there. And it's really interesting because with so much snacking already happening at night.See, this is, this is not a behavior. That's, uh, it's not a trend. It's not a fad. This is how humans are wired. We're wired to crave these things at night, so it's not going away. So there was a lot of talk and a lot of research before we launched, but nobody had ever launched a product into the category, which we thought was really interesting.Now we've got Nestle, we've got Unilever, we've got Pepsi. They're all talking publicly about this category. Um, but, but we're the only ones operating in it. And so the challenge for us was not really to figure out what our snacks should be. An ice cream is the first, you know, what they should contain. It's more about really educating the.Got it. Yeah. And I mean, it sounds like, I don't know if it's fair to say, but you're kind of, um, you know, hacking the human, like hardwiring of wanting to crave these things, but then we, you can eat these things, but in it, and it tastes like what we're craving, but it doesn't have those kinds of detrimental effects on sleep.Is that. Yeah, that's exactly right. I mean, you know, th the reason we crave these types of things at night is because putting extra fuel inside your tank before fasting is a survival mechanism that really served well, you know, the caveman ancestors, uh, you know, if, if they didn't have the resources, if they didn't store excess fuel inside their body, in the form of calories, they were less likely to survive.And specifically before the nighttime fast, that's when those cravings, that's why appetite peaks. Um, so yeah, what we're trying to do is, um, make sure that, that when you do give into those cravings and most people do that, you're doing it in a way that's beneficial and not detrimental. Got it. Um, so real quick on the business side, um, I understand.Uh, you know, you guys do a lot of I'm on the website right now, a lot of direct to consumer. Um, I see, you know, shipping is only 6 95 for an eight, eight pint order, but what about all on the B2B side, on the business to business side? Uh, you know, where does night food stand as far as with partnerships with, uh, you know, places like hotels and chains like that?Yes. So, so from a retail distribution perspective, we're in divisions of Albertsons we're in, uh, almost a thousand Walmart stores across the country. And other supermarkets and we're expecting to add quite a few more supermarket chains, uh, in the spring. You know, those meetings that are going on right now and things are being finalized, but the real cab.And what's going to be happening in the next few weeks and months is the hotel launch. So we were making a big push into hotels prior to COVID and then obviously COVID slowed things down quite a bit, but, uh, in the hotel environment, you know, everybody's been in the supermarket and you see there's there's six or eight doors of ice cream.There could literally be hundreds and hundreds of different varieties, different skews in there in the hotel environment, you've got a consumer that's typically purchasing for more immediate consumption. Our packaging, as you can see there says sleep friendly right on the front. We sell very well in the hotel environment in the past, we've sold pint for pint with Ben and Jerry's pint for pint with hogs.And we got contacted, uh, late last year. One of the leading global hotel brands just conducted and completed a test of night food in several of their hotels. And the test went very well. And what that's going to lead to is a national rollout of the ice. And what we believe also could be the ability to very quickly introduce additional product formats into that hotel environment.So the product sells very well. There, it's a great opportunity to capture high margin businesses, much more profitable than the supermarkets, but it's also really supportive. Of the supermarket distribution. Uh, we've seen, um, we've seen RX bar get into gyms and use that gym distribution to support their supermarket rollout.And then they sold to Kellogg's for $600 million a couple of years ago, Oatley also, which just IPO a few months ago, they very publicly stated their strategy is to roll into coffee shops. They've got to deal with Starbucks. Consumers will interface with the brand in that environment. And that will build trust that build awareness, and then the consumers run into the supermarket and start buying the product.So we think the hotel piece, obviously it's going to be great revenue contribution, great profit contribution, uh, but also really, really supportive of our supermarket expects. Yeah, that that's good insight there as to how you can kind of raise brand awareness through some of these, uh, B2B deals and that way, um, you know, bolstered the, the B2C sales as well.Um, so, so you mentioned some other of the big ice cream players out there. Um, do you see Knight food as a potential, like takeover target down the line? Uh, I do. I think it's, I think it's going to be inevitable. I think we're going to force their hands. You know, uh, when you think about it, Nestle and Unilever are the two largest out there, and they've both publicly expressed interest in this category.And, you know, especially being in the hotel vertical, it's really going to cement us as, as the category king and the category leader, you know, we've seen five-hour energy still sells over well, over 80% of the energy shots in the country. You know, every, everybody in the energy drink business just about has launched a shot and five-hour.Just swats them away. And I think, you know, if we play our cards, right, the same thing will happen in the nighttime nutrition space. And specifically being in the hotels makes it really hard for somebody to come in and try to outflank us. It's a lot easier to do if you're relying strictly on supermarket distribution, there's a lot more opportunity for the big players to come in and try to push us around.But in that hotel space, I think it's really going to insulate us quite a bit. Um, it's also going to really accelerate. Um, our growth curves so that by the time anybody decides they want to get in, we're going to be running out with really tremendous revenue growth as we scale into the hotels. And, you know, even if the first company decides they're going to try to launch against.Then what is the second company going to do? Are they going to play for third place? Are they going to try to require, uh, the category pioneer? So, um, I do think it's inevitable. Uh, you know, we've got some revenue targets that, you know, when we hit those, everybody's going to have to decide how are they going to.One thing. I didn't mention almost half of all snacking takes place at night. This is not a small niche. This is not five or 10%. This is almost half of all snacking. And it's not just Unilever and Nestle. Everybody knows about this Mon delays and Kellogg's, and Hershey's any company that's in the snack space.They know when the Oreos and the Doritos and the Ben and Jerry's are being eaten. And once we show that consumers are wanting and willing to make a small change in order to support better quality. Right, which is an easy jump for any consumer to make. Once these big companies realize that, then they know that the whole landscape of the snack category is going to change.You're talking about almost half of all snacking up for grabs. When all these cookies, chips, candy and ice cream are being consumed between dinner and bed. I don't think they're going to be able to lay off. I think we're going to be fielding. I mean, we've already been contacted by some of the companies, um, at least one of them that I mentioned on this call or.Um, I think the phone's going to start ringing once we start to really scale our revenues coming up. Got it. Yeah. That's exciting. I guess a, you know, a follow up question on that would be, how would you, uh, you know, quote unquote, you know, force their hands, as you said, you know, like what's to stop, you know, Unilever or, you know, uh, Ben and Jerry's whoever it is from going out and trying to develop their own sleep friendly.They could certainly do that. It's really not the way things are done. I mean, there was nothing stopping Kellogg's from making their own, you know, cleaner labeled bar. Uh, there was nothing stopping Hormel, which already owned Skippy, peanut butter for making their own organic brand. But no, they acquired Justin's.Um, and, and up and down the line, you know, uh, it's just not the way things are done these days for them to try to launch against us when they see a category pioneering. Growing at, at, you know, an exponential growth in a category where there's obviously going to be one king and lead player acquisition is the only way to go.Um, everybody else is going to be competing for second place and they all know that. Got it. Um, all right, Sean. Well, thank you so much for joining us on the power hour. Uh, but my final question thought would be, have you ever thought about doing a 180 and maybe making a caffeinated ice cream for breakfast?No, no, I've never heard about people have said we should make day food as well as night food. But you know, you look at the NyQuil analogy, right? And yes, they, they do make DayQuil now, but, but by, by, by commanding a specific day part, Luna bars, another great example when cliff made Luna bar as a protein bar for women, people said, Hey, you know, you're, you're eliminating a portion of your audience and the same thing with Nike.Uh, back in the mid to late sixties when they launched, but there's a lot of power in that kind of focus. And by being the company about nighttime snacking, when I was half of all snacking takes. At night, there there's power in there. We don't feel that it's limiting at all. We feel that it's laser-focused and it's not only going to be, uh, be more powerful in terms of our ability to grow, but it's going to present a more powerful, uh, value proposition to, uh, investors, whether that's our, our day-to-day shareholders or ultimately other conglomerates that might choose to enter the space through acquisition.Got it. Well, Shawn, thank you again for coming on the show today. I look forward to having you on again, anytime night, food has some exciting updates or news. We'd love to have you back on to kind of, uh, you know, bring that news to her. Fantastic. Thanks for having us. I know you mentioned Celsius hitting a hundred, you know, I've been studying Celsius.Um, you know, the, the chart is amazing and you see, there was years, you know, they were cranking away and the stock didn't move and now they're really getting rewarded in the marketplace. So congratulations to John and the whole Celsius team as well. Yeah, of course. You, you, you mentioned the chart, you a trade stocks.I don't, but I, I do feel a lot of questions from investors and certainly, you know, I'm studying Celsius to see, okay, you know, what, what was going on during those years? Where were, were, wasn't moving, you know, what changed? And, and it's a really, uh, really amazing thing to look at, but now I only do it because, because I'm asked.A hundred percent of my net worth is in night food. And, uh, my, my wife and I are okay with that and my kids. And we're very excited about. There you go. Who knew, who needs diversification. All right, Sean. Thank you for joining us. We'll be in touch. We'll be in touch. We'll we'll have you on again soon.Thanks so much guys. A B I was, I was late for that. Um, but. Aye. Aye. Aye. What I want to say. It was also in the chat, which was, uh, someone who, who said this in the chat. They have very cool labeling. I feel like a, uh cause I, everyone always like, whenever you take like a marketing course, they always say, oh, labeling and packaging is so important.And I think, oh, that doesn't work on me. And then here I am. I'm like, oh yeah, they have, they have cool label. I might try that because all that stuff, if that works is done on the subconscious level. So you're not actually. Um, you know, consciously saying, oh, I'm going to buy this because it's got better packaging, but you subconsciously do, did you not?I may have missed it. So I apologize. Did you ask for, for free sample? No, I forgot to do that. I don't know if Sean can still hear us, but if you can, you can email email, I'll send you our address and we will gladly take some free samples. Um, yeah. Spencer, the only question you caught was mine about the, the morning ice cream.Hey, if they're not going to do it, that might be a whole, whole new market out there. Can they, can they, I don't know if you can ship by stream in the mail, whatever, whatever, and you missed it on the, on the website eight by eight pints. It's only $6 and 95 cents. It's a great, I was preparing, I was preparing for our health care conference negative next week.So I apologize for, but I'm here now. I'm here for our next, our next guest, which I'm excited for AB. Um, we have Todd Lachman, who is the Sovos CEO. It's very exciting. The company is IPO in today. Um, and, and we are getting fresh new public companies on the Benzinga power hour. Nowhere else. Can you go on YouTube to find content like this?So smash the like and subscribe. If you haven't already Spencer, without further ado, let's bring Todd on this. There is that guys doing great to be with you today? Yeah, Todd, I'm sure you're very busy today with Sovos IPO in. Um, are you joining us live for I'm from New York? I am joining Vive from New York.Uh, the NASDAQ tower right here. Wow. How's the day going so far busy, but great. Uh, honestly guys it's, uh, I mean, what an exciting. You know, for, uh, for so most brands we're thrilled. Uh, know, we're just thrilled for the journey ahead. It's like to tell you more about it today. And so maybe let's just start with what, what, what the company is, and then I'll, I'll get to my, my, my real questions.So look here. Well, I've been in the industry for awhile, so throughout my career, Plus year time. And in CPG, I was, you know, across brands, categories, companies, geographies. I was always struck by the fact, you know, that you've got these smaller on-trend brands growing at the expense of the largest brands in the store.Some people call them challenger brands, disruptor brands at Sovos. We call them one of a kind brands, but I, I felt that there was an opportunity to create a company specifically suited in order to. Uh, have the talent, the culture, the capabilities, the infrastructure, to build a portfolio of these, one of a kind brands.I mean, w we look specifically for brands that have tastes superiority strong, consumer affinity, high quality ingredients with a cleaner label and authenticity at their core. And that's what we have with Rayos Michelangelo's Noosa, Birch benders, fastest growing food company in the U S uh, outperforming our categories by 25 percentage points.And the journey is just. Okay. Since we were just talking about it, uh, and I didn't get to ask our last guest, I'll ask you Todd, just about packaging and labeling and branding and, and just how important on a scale, like one to 10, how important is that for you? On a scale of one to 10? I don't know if it's, uh, it's, it's really important.Um, I don't know. Let's say it's like, let's, let's say it's a, you know, a seven, eight, you know, kind of what you're talking about, but what's, what's interesting. I think it's more important, uh, for brands like ours that are premium priced high quality. The difference is so different. What's in the jar that, you know, that is the most differentiating aspect for us.The package is. But what's doubly critical. Let's take a brand like Rayez. You've got whole Italian peel tomatoes, fresh basil, fresh onions, olive oil inside that jar, slow simmered and cooked and open kettles. And you've got the market leaders with paste and added sugar and added water and canola oil. So just to kind of highlight the difference in our products versus.The difference of, uh, you know, once they're, so with us, the reason we're able to command a premium price. I mean, Rayos is three times the price of the market leader Rayos is growing at 42%. We're almost the number two brand in the category and the market leaders are flat to declining. So what's in that package is really the magic that's delighting consumers.So, is it mostly, you know, brands under the Sovos umbrella? Are they mostly, um, you know, healthier alternatives organics, um, or is that just happens to be the case with a rail? Sure. No, all our brands, we look for brands with high quality ingredients and cleaner label. Let's say Birch benders has an organic offering, a high quality ingredients.Uh, basically almond flowers, tiger, nuts, uh, you know, all sorts of high-quality ingredients in those products. We have organic, we have a keto and paleo offering keto and paleo Birch benders, pancake waffle mix, two of the fastest spinning items. Then you've got a brand like new stuff, whole milk, real fruit, north American wildflower, honey, with a proprietary process.I mean, this is a great example of guys that, you know, we're, the category is going one way. How much taste can we take out of the container? We're looking at, see how much tastes we can put into the product. And that's why consumers are flocking to new Senate's it's growing well. Well, ahead of the category, very differentiated.Oh, go ahead, Spencer, go ahead. Have you, or maybe down the line, have you guys ever sold like individual brands to maybe market. We, we have acquired we've averaged about four acquisitions a year. We have not invested in asset. We have no plans to we're building a portfolio of one of a kind brands. And quite honestly, we have, uh, you know, plans to acquire more brands in the future.Uh, Y you mentioned the term CPG consumer packaged goods. Why would a consumer package goods company IPO right now? Why. Sure. Well, I, you know, I think just speaking for Sovos brands, we're of the size, you know, the scale, the profitability level, then it's appropriate for us. We've been, uh, you know, we were founded four and a half years ago.We're a $669 million of sales growing at 31% were profitable. This is not a story where I'm saying, Hey guys, I'll be back on in five years when I am profitable. We've been profitable from a, from day one. Uh, you know, so I think at this level, and then look at it, it provides us with, uh, with the balance sheet and the infrastructure and, you know, the sort of widen the aperture to whether it's talent, acquisition, future M and a it's just, it's the perfect time, honestly, for, uh, for Sovos to become a public.Got to ask you about the Al green in the room, which is just, um, uh, the impact that, that COVID the pandemic has had and on everything, right? Uh, whether it's supply chains, whether it's labor costs, uh, whatever. However, you want to answer this question and take it, but like what, what is the impact that the last year and a half has had on your business?Sure. So. Look, I mean, I think there's a few things that, uh, if you just think from a brand perspective, we have brands that have that taste superior brands that have strong consumer affinity with the type of ingredients that we have. They have a higher propensity to stick in a household after trial. Then highly substitutable me to mainstream brands.So we have gained the amount of trial that we've gained over the past 18 months has been prolific just during this, this horrible pandemic. And if you look at a brand like ratios, our penetration is double from 5% to 9.6%. That's why the brand is growing at 42% last 52 weeks versus, you know, the. You know, flat.So, uh, you know, what we've seen is we're gaining trial of our, you know, of our premium brands and they're sticking in the, in the household clearly from a supply chain standpoint, uh, you know, just like everybody, we've had to be really nimble and tenacious and keeping our products and supply. And I'll, I'll tell you one thing we're in a year, as difficult as it was in 2018.And a company of our size. We've got vendor of the year at target and supplier of the year at whole foods. Wow. Because you know, one of our core guiding principles is obsessed with the front line. You know, we're the more time we can be focusing on our retails or on the consumers, on our frontline heroes that come to work every day to make our delicious products.Uh, I mean, that was a real, a Testament to the fact that, you know, our, our phenomenal employees are working so hard to keep our customers in. So Todd, I don't know if you have kids, but it's oftentimes hard to, uh, to pick a favorite kid, but I'm going to ask you, I'm going to ask you to do it here out of the four brands, uh, currently right now under Sovos, which one is your favorite?Or maybe what's the most popular in your own household? Yeah, I do have three kids and we always joke about which job I'm not going to ask you that question. I'll ask you, Kyle Paul and Isabel are listening today. So I will, I won't treat. But, uh, I apologize. I'm going to tell you right now that I've got four outstanding children.So those portfolio with those, with Noosa, with Birch benders, uh, it, look, you got a brand like radios. That's changing the sauce category forever in regards to whole tomato sauce, you have nuisance. Is there a category in and of itself, it tastes, tastes like yogurt. And then we couldn't be more excited that we just added Birch benders to the, uh, to the portfolio, the fastest growing frozen waffle they're a brand.We just launched it into the baking mix aisle with some Quito offerings. So, uh, for four great children in the, uh, in the Soho's portfolio. Oh, favorites. Todd, is there a product category you're not in, but you very much want to be in right now. So great. So I'd say number one, we were at about seven categories.Now. We really like the categories that we're in today. I would say I'm not going to choose a category, but I would say that there are categories adjacent to ours or close to adjacent to ours, that we also really like, we, there are other sleepy categories that are in need of disruption or are being disrupted today by other brands that we would love at some time to add to the Sovos portfolio.So, you know, Some companies are sort of attracted to the category. that? Wow, this is like the place I've got to be. I'm not going to name that area, but there's, some of those were, you know, we're sort of looking at a different direction or those categories that, that, that are right for disruption. I'll tell you a category that we entered with ratios with soup.Everything is in a can. Why can't it? The consumer gets sued. That's not an, a camp. Well, until Rayos came in with glass jar. Absolutely delicious meal and a jar consumers. Couldn't get Superdome in a jar and now they can see that great delicious soup. And it's the, now the number five soup brand and only 18 months.Uh, last one for me, you mentioned you're in a target you're in whole foods. I assume you're nationwide. If you're in both of those locations, have you considered direct to consumer model? Sure. So we, uh, we're partnering well, their customers, whether it's clicker collect and on their retailer e-commerce programs, we do sell an example of what we do sell direct today.If you go on rails.com, we have great gifting baskets. We have some super premium rails, limited reserve products. So aged balsamic, white truffle marinara. We do sell a direct some, uh, some super premium, super, super premium products on the, uh, on the, on the radio site today, as well as, as well as Birch benders.So, um, we do have some experience and, uh, in that area, but not for the, the, the main, the main products, the main products are on only in stores. Uh, the majority. Yes. Okay, cool. All right. I, I think we covered it. It's one o'clock we don't wanna take up too much of your time. It's been a busy day. We've we we've been on with Todd Lockman, the CEO of Sovos brands, ticker, S O V L IPO, like for an hour ago, actually.Um, so, uh, yeah, Todd, thanks so much for, uh, taking time out of your day to, to hop on that. And you can get to ring the bell today. Yeah, we do. We do. Awesome. All right. We'll be watching. We'll be watching. Hey, great to meet you both. You as well? Uh, that was fun, Spencer. Um, I'm hungry, man. As I know, we went straight from ice cream to more delicious food.It's like, what are we, what are we doing right at lunchtime to, oh my gosh. Yes. I'm Hong it's one. O'clock let's go eat everyone. Uh, grab some food and come back to, uh, get technical with you're starting live right now. AB I think, uh, can we get, uh, I think we'll get Neil going and if you haven't already guys drop us.How many likes are we at? Let's find out not enough, not enough. And I'll tell you that much or at wait a minute. Wait a minute. Wait a minute. We're at 52 50. Oh guys. Come on. Four interviews today, three public company execs, one IPO and a Partridge in a pear tree. We did it all for you today. So at least get us to a hundred and.Th th that, that that'll be, that'll be that I spent, I'm going to hop out and get Neil started. I will see you when I see ya. Okay. AB was see over on gay telling all this stream will end. It'll redirect you automatically to get technical. That's how we do things here on Vincent. Any feedback, questions, comments, concerns shows admin zynga.com.Email us, check out Benzinga events.com. To see all of our future events from our, our healthcare conference next week to cannabis next month to, uh, everything. All right. That's a wrap for me here. Hit the, like us here, you guys over on getting technical with, uh, wacky Neil Hamilton. 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Episode Summary:SmileDirectClub gets love from traders SDCMore Vaccine DataIPOs to watch this week: Toast and FreshworksGuests:Tim Quast, Founder/CEO, ModernIR and Market Structure Edge 35:00Twitter: https://twitter.com/_timquast Matt Hammond, IPO Warriors 61:00https://www.Ipowarriors.com Twitter: https://twitter.com/warrioripohttps://www.pngaming.com/Penn National Gaming, North America’s largest regional gaming operator, is a highly innovative provider of retail and online gaming, sports betting, live entertainment, parimutuel racing and hospitality.BENZINGA CANNABIS CAPITAL CONFERENCEThe premier gathering of cannabis entrepreneurs and investors in North America returns for a 2-Day Hybrid Event on October 14-15.Speakers will include $SNDL and other major Cannabis Companies, for more information visit https://www.benzinga.com/events/cannabis/MEET THE HOSTS:Dennis DickTwitter: https://twitter.com/TripleDTraderMitch HochTwitter: https://twitter.com/STORYInvestorsJoel ElconinTwitter: https://twitter.com/Spushttps://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.Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcastsUnedited Transcriptcoming to you live from downtown Detroit. This has been Zynga is pre-market prep with your host Joel Kahn. And this is a valid tile puppy here. Isn't it. And Dennis Dick I've been in the petty. I will buy the stock for a pet with everything that you need to start your trading day.good morning, everybody. Happy Monday. Welcome to pre-market prep. Spencer check, mic, check, mic check. I'm sorry. I swear.I swear. I changed it. I swear. I did a anyway, welcome to market for, to Spencer. Joel, Dennis, what are we do? We're opening down again. We just had two down weeks in a row. You wake up this morning and everything is down. Stocks are down. Bitcoin is down. Code is down. Everything is down. What are we going to do?Everyone? That's the question of the day? Uh, make volatility. Um, he great again, we're going to talk about all of that. Oh, this volatility we're getting in the market right now. We'll talk, um, some vaccine stocks. Uh, I wanted to talk about Lee auto for a second and later on in the show. Cause they did lower their guidance today.But, um, that'll be later. We got to talk about this volatility. We got Tim Costa on 8 35 to talk about it as well. We've got that Hammond to preview the week in IPO land at nine. But man, we got a lot to discuss today because the market is interesting again. And I'm excited for that. So go ahead and smash that like button and um, let us know what you think of our new graphics, because we got some new graph what's going on today.You like it. You don't want to get one if you like it. And I don't want, that's all I want to hear. I only want to hear if you like it, if you don't like it, I don't really want to hear that. Um, so all that being said, let's bring up Joel's charts and uh, you can tell us about the damages this morning. Yeah.First of all, I'd like to announce a special event on September 28th on pre-market prep.com a one to one 30 exclusive Jean monster versus our mystery guest. Uh, we're going to cover some great topics to go over to pre-med and prep.com and sign up that, uh, putting together a good list of questions for that.Uh, let's go to the markets. Let's go to the screens here. And we got some major red here and expiration turn. Uh, they were pounding the market in the after hours. The actual clothes was 12 up at 44, 21 75, but, uh, by five o'clock to sing was 13 handles lower, not much, uh, at six, 6:00 PM the whole, the market up, uh, 43 48 50.That is your pre-market low. I have another daily low below that. I'll talk about that a little bit later on, but just trying to find support here in the pre-market not doing a good job of it as a piece down 1.5, 6%, uh, crude after. Getting close to 73 yesterday, testing 70 down a buck, 73 and 73 0 3, a gold beacon of light here.The only green on my front page up 5 90 17, 57 30 silver, still in the red by a couple pennies at 2332 big coin. Joining the hit parade down $3,745 at 43,700 Ethereum falling. Nearly 11%. Here were the futures are down $367 at 30 59 are triple D. I mean, I want that. Can we blame it on the quad, which, you know, often turning points in the market while you taught, we glide taught about the buyer balances and you were saying, no, no, no, no.Be careful here. They kid flip. And they flipped a lot of them flipped big time. You just want to talk about that real quick about that? I mean, the media is going to blame this whole thing on evergreen hand. That's what I've just seen. You know, they're always find some fundamental reason the way it works.And I know this because I have reporters that call me on. The way it works is when they see the market's moving, they go and they try to find, okay, well, what's the funnel. If they don't want to hear anything technical, they don't want to hear the market's over bought. They need a headline. I need a fundamental catalyst what's happened.So ever grant is going to be the scapegoat here for the sell off that has been happening here for a while, just quietly. But, you know, we knew when we broke down on and, and you're right, Joel, Friday completely reverse, reverse. So we opened right up into resistance. There was some stocks actually on Friday and actually it's Thursday that we opened a resistance for Friday.We, we opened, we were trying to open higher. We were trading, you know, and it looked like we had some buying balances and then we turned around and we flipped, but there was some wicked, wicked opens both ways. So check out this checkout, Berkshire Hathaway, where it opened, this is why you should have your orders out.You know, if you want to get out there, you know, even if you're not a day trader, even if you're not an efficiency trader, just having your order out there and ready to rock. You got a day that the spy was opening down Berkshire Hathaway at the last second flipped to a buy and balance and open up almost four points.This is like a fund. I mean, this is, you know, moves with high correlation, the overall market it's, buydown Burke up. And if you look at the chair, can we see, I, I get confused. I still don't like all these charts. So I'm looking at the top left, I guess. Yes, but you can see, it doesn't look like much, but we opened a 2 81 on Berkshire Hathaway on Friday.The stock had closed the previous day at 2 77 and a half on a day. We were opening down. So fair value for Burke. I said this on Friday, I was like, this is how we play them. You know, you get the fair value you offer short and you, and you offer, you know, any bid, you know, below that the fair value. And if stock opens too high, you get short of stock opens too low.You get long that strategy worked like a charm on Friday. So Berkshire Hathaway to 77 and a half fair value was down like 2 76, nobody, 2 81. 2 81 came in, like you took zero heat. Exxon mobile opened up a dollar. It actually indicated and looked like it was going to open way down. They flipped it at the last second.And the stock opened up a buck on a day. That crude was way down ExxonMobil, straight in opening tech high. You short that you took zero heat straight down all day. Um, Nike, another one, Nike opened up three bucks. Three bucks on Friday. Bring that one up. And again, opening tech was the high straight down three points in about three minutes, and then it continued to leak all day.And now obviously it's gotten ugly does report this week, I believe on Thursday. Um, you had at and T opening up 30 cents, Verizon opening down 30 cents dogs and cats living in harmony. Not really, but I'm just saying those are paired up together at and T straight down from the open. Verizon went straight up from that open quickly to try to get back in line because those two stocks pair together.By the end of the day, they were paired right back up together. But those are any efficiencies that, you know, that prop traders take advantage of those or any efficiencies that you know, and you can say, oh, 1%, what do you do that day? But I mean, when you're deploying a lot of capital and you make 1% and one.It's a hell of a good trade. I still don't know why these guys are, why these words, these orders are put in. I know they need the opening print. I know they need the way, give us a call or send us an email or something. And we'll like, save me a couple million dollars on those orders. I mean, holy Toledo, but yo, you talked about it and it's similar to the market.The market really tried in the opening couple minutes to rally and it couldn't closed on the lows for the week. We got some fall through. I don't know. I mean, now things are looking a little bit more, you know, a little bit more serious on the downside. Cause now you got that, that they're really a tough area.Now you got people that were buying the dip on Friday, right? Cause it always works. It always works. Now, what do you do? And if y'all wanted those trades work again, we're not saying it doesn't work. This is a hell of a. Um, would I be selling stocks into this, you know, heavily, probably not. I'm just saying what has been working as by the dip and saw the rip out if you're just buying the depths and if you're getting to sell the reps, you're not doing very well on the last few weeks because we have been starting to leak here, but I mean, I think you just keep playing at the same way, you know, on days like this, if you're, you know, heavy in cash, you know, if you're on margin, you're I hate being on merge.And I just tell you right now, you know, when you're heavy, heavy, invested on margin, the markets, it works really well in an up market. It's really ugly in a downmarket though. But I mean, if you're sitting here with extra cash, maybe a and on some stocks, maybe you're looking, you know, what, what, you know, what's, you know, when we're going to highlight a few names today that still haven't breached their lows from a few weeks ago, but I mean, at the same time, I think sell the rip is working better right now.So the easier trade and people think shorting is evil, but the easier money has been shorting. Just think about that Friday. Shorting, those opens on Burke and, and Exxon mobile and Nike, and you know what? You took zero heat. You were up significantly. So what has really been working well lately, maybe better than buy the dip of sell the rep, but we had that three, four days at the same range on spa, and we finally breached the lower end of the range.And now we get the collapse, you know, they're going to thank every grand for that, but whatever, you know, we, we broke major support. So you had people nervous. You had a week close on Friday coming to the weekend and crypto gets beat up over the weekend. There's reasons to take profits. And there is still a lot of profits in this market.Can I show you sure that everyone seems like everyone on there, out there has seen, right. This is a daily chart of the spy. And that, that, that, that blue wine up top, there is a 50 day moving average cut thateverybody has seen this chart. Right. I know. But even if you take you the purple crayon, so I'm not a big fan of moving averages, the purple crown, it kind of looks the same, you know, you're trying to breach, you know, but are we okay? Is this a fake down or a breakdown? We don't know that yet. Nobody knows. I don't care if you got the Muslim.Now that's the trader that says the best track record ever, and just knows everything because nobody knows anything. It's all probabilities. So am I selling, you know, unload, I got to get the hell out now and sell everything on a day. We're down 700 Dow points. Oh, I think you're doing it backwards. That'd be selling into the Friday open.And we've said, you know, three times last week I tweeted about selling the rep when we were ripping higher three times, go to look at my. So, I mean, they also have these to sell were plentiful. You know, what happened, happened a lot too last week. And is that we balanced hard. We like, we went down to that, uh, 44, 25, 44, 30 area.And on Monday we bounced out of there on Tuesday. We bounced out of there and Wednesday we bounced out of there Thursday. I wasn't here. I mean, it was, it was by and then, and then on Friday, you know, cause if you got caught shortening to weakness, all those days, you got smoked. Right. But finally it worked on Friday.So we'll see the following Monday, hot shorting into weakness. It wasn't working, but if you were shorting into strength in the last week and a half, it's working fantastically. So if you're shorting into today's weakness, it was not working for the last six or seven days. Is it going to work to. Maybe it gets a fall through may.We're going to have a day, we're going to be down a thousand points. It can happen. But am I betting on that? Probably not because you know, more often than not, we still have this mentality that if I buy the dip, I. And that mentality, even though we've broken, maybe some support, I don't know if it's entirely broken now, am I coming in and just buying, you know, no, I'm always trading.And why I've talked about is market neutral, where I'm picking up some stocks, but I might short some index against it, just in case, you know, that's how I trade. I play it safe. Why do I play it safe? Because days like this, I can be green on a day like this in all likelihood, I will be green on a day like this.I don't know the day's just getting started, but, um, you know, where everybody else makes money when the market goes up and loses money. When the market goes down, I make maybe a little bit less money when it's going up, but I make money when it's going down too. So, you know, my P and L typically moves up, you know, most days.And that's because I'm trading market neutral and taking advantage of market and efficiencies, you know, picking up a little bit extra, maybe on some sales on Friday morning where, you know, I'm picking up some extra. If I had that hedge with an index, I mean, those are ridiculous edges there. So that's what we're going to talk about when we were in Joel, we haven't officially announced it yet, but an October we're going to do it.Webinar because their first one went very well. And we're going to teach a lot of this different stuff. You know, Rob frees in there who specialize in stuff as do with basket trading, we're going to teach market neutral trading, how to protect your capital. So let's talk today this morning right now.Right? Every, everything is pretty much down almost. Yes. Almost everything is done this morning. Right? Sure. Um, how do you, how do you approach today? Whatever you want to describe it to you, you want to say it's because of China, you want to say, oh, there's a big fed meeting, uh, on Tuesday and Wednesday, we're waiting for that.We're waiting for the taper interest rates, whatever, whatever you want to sit with, whatever you want to say, how, why it's here, whatever, it doesn't matter the reason, but like, how do you approach today? You've got to have your list and you know, and everybody's list is going to be different and everybody's portfolio is different.So you can't just take and blanket and say, this is what you do. You got to look at your own positioning. Um, I've been sitting with cash. You know, we know that for a while, it's been the wrong move. I was, I moved up to 40% cash three months ago because I was nervous that we were just getting over, bought it was the wrong move.We continued to move higher after that, even though IWM has really gotten nowhere since I went to cash, buy has moved higher, was the wrong move. So now maybe I'm looking, maybe I want to deploy some of that. Maybe I want to go to 35% cash only. You know, this is from an investing standpoint as a trading standpoint, I'm looking, you know, at different, you know, what was strong last week, what stocks wanted to go higher in the last week?What is, you know, really looking like it's holding up well, because those stocks, actually the ones that could usually continue to hold up well, so you got to look at individual charts and you find some different opportunities. I mean, Alibaba has not breached. So it was good news. You know, we can say how weak the stock has been horribly weak, but I mean, it bounced right where it was supposed to bounce.1 50, 2 80 August 23rd, 1 53 67, your 1 54 this morning. I mean, you could take a flyer on that. Stock yourself out for a buck and a half year. Joel, if you say the lower, the move is going to hold, I played when that way last week I didn't hold it long through it, but you know, it did have a nice trade overnight.And the thing, because it didn't breach the low 82 55, it's going to do it to you today. Uh, but you know, there's opportunities, there's different opportunities, uh, in the market. You've just got to have the setups, but this is a little bit of a tougher setup. It's like people are licking their chops, what to buy.But again, on the first day I might not be doing as much buying as I might be. If it doesn't make a new low tomorrow, because right now I don't know how ugly it can get. There's an unknown. There there's a lot of money to be made on these days. If we just bounce it all the way back and we might, but if we turn into the Dow down 1000 type of day, I'm going to lose money on that.So I'm probably going to play it safer today, even though your gut instinct says, oh, I got to buy here. Cause I'm going to make a lot of money. I look at it as like, I don't know how to control the risk here. I need a wash out day and then analyze after that. So I'm not just necessarily coming in and hard buying the dip today.Yeah. And also, I mean, Spencer, you're coming at this, you know, some, there's so many different perspectives that you can bring in here, here, you know, if you're a day trader coming in long, right. Expecting the normal market activity while, you know, what was your, what was your plan on Friday? You know, what was your exit point on Friday, you know, based on Monday's information or your own information, uh, you know, if you come in, in short.Well, it's a different story. I mean, you know, you've seen what's happened with, you know, when you've tried to hold onto your shorts too long in this market, uh, from, just from a daily perspective, uh, you know, look at your prior your, your prior days, lows from Friday, if you're looking for a gap fill, see if they get back up to that area, because sometimes they do, or sometimes some of these stocks are lazy and they just open up, you know, if there's not a heavily traded stock that you're in, maybe there's some, you know, latent bids in there and you can get some decent prices off the open.I think once the open starts, if you start second guessing your decision. So that's for a lot of people, I would just say. If you're long and you've been doing this for awhile, take your loss, move on. Reevaluate. If you short, you're hitting a target, covering your target or bring your stop down. I mean, there's a lot of different things.If you're a young kid, like you, you don't Spencer and mention other investing people and you're, you know, this, I won't say today's per se a buying opportunity, but you know, you have to put your assets in the market when you deem appropriate. For me, I'm the heavy cash I'm staying cash until maybe 2030 or two.Yeah. It tells you that was the 30. But again, you know, if you're young, you can take more risks here too, but it's this necessary. I'm going to tell you right now, stocks are not. It's why I raised up. We've just had such a ridiculous run and we're priced for perfection across the board. Nothing is cheap.Like we were two, we had this conversation four months ago when I was moving to cash and it was the wrong move, dead, wrong. I was dead wrong to move to cash three, four months ago, but I haven't went back in because I just keep looking at it. This is my long-term investment portfolio. Like I said, my art, my RRSP, they call them candidates 40% cash.It's only. Is to invest. Its only job is to long-term invest. It doesn't do anything else. It's not money I'm taking to build my house. It's not any of that. Its only job is to invest. And I don't like the values right now. I don't think there, there is some value in there. Yes. I'm long, a lot of general motors, you know, which hasn't been great.I w was good at one time. It's come all the way back down to where I bought it, but I just don't see anything super cheap. And that's why I'm not overly invested in a lot of my RSP is index, but on let's look and I'm like, we've had such a loo. I mean, we are priced just for perfection and it's the type of environment we're in.You know, we have these NFTs, you know, you go by Brady NFTE. It's like $23,000. I mean the money out there, there's just a lot of. Just chasing any type of asset that they even demon acid. I'm not even sure if these pictures on the internet, the NFTs are assets. We haven't, I haven't even totally decided that myself yet.Um, and I've been on the fence and I can kind of understand this, you know, the scarcity or, you know, or a picture of a rock sell for a million dollars is pure stupidity. So there's pure. And this is, this is my opinion. I don't think the rock, maybe it's somebody already sold for 2 million. I don't know. I don't follow it, but you know, it's a hot potato eventually that Rock's going to drop like a rock, Dennis, Dennis, the rock has old news, man.The rock is like, so two weeks ago, there is now. I don't know, just something else. There's so many people just, you know, and I've said this and I've went on record saying this. There was somebody just tweeted, um, about 20, 21. And they'll say, well, look at 2021 and see what a great opportunity this was to invest in 20, 41, 20 years from now.I think that person is. I think everything is very overvalued right now. And I honestly think we could go into a three or four or five-year market period where we need to let the companies catch up to the valuation apples against itself. When is apple in this expensive talking? It's my book. I own apple, but I mean, it's not that much as chief Spencer's laughing, he says the market only goes up.Right. It's not what I'm saying. It's not what I'm thinking. What are you thinking? I I'm thinking of. And it's hard to explain. I'm thinking, I I'm thinking that everything you're saying it makes sense logically, but we've, it's been wrong up to this point. Oh yeah. Yeah. So, I mean, th there's no doubt. Like I said, I moved to, I'd already said it and I was wrong.Four months ago, I went to cash, stupid, stupid, dumb move. You know what the market went up after that, but I'm still looking at it and saying, am I wrong? Or am I just early? So, I mean, I'm not coming in here and just loading up and going on merging because stocks aren't cheap, but am I buying the dip to dancing stocks?Yeah. But I'll be selling short other stocks against it to hedge myself too. So I like general motors. I'm on the record saying, I think GM is cheap, but you know what? Cheap stocks have gotten cheaper environment paid off. The other thing I'm thinking of like advisor here, Pfizer's a stock and we got news and let's segue to that.There's good news from that 20% buys off almost 20% from the high. I'm logging Pfizer. I might add to it up here. My cost based on Pfizer is $13. I hate adding cause then he bring up your cost basis so much, but I mean, down in the low forties, I'm fives is a good buy. So there's some opportunities here where some stocks are cheap, but if you just coming in any random stock, Kathy, Woodstown saying growth, is there, I mean, it's been a tougher environment.I mean, R K K's highs back in February 150, $2 or 159. It's 117. This is 20, 21 has been terrible for high growth investors. You know, we've had moments where it's looked okay, but it hasn't been good. So does the market turn back to high growth maybe, but those valuations are crazy on those docs. Okay. On the Pfizer, there was actually two headlines.If you missed it from Friday, And FDA panel voted pretty decisively against approving a booster, approving the Pfizer BioNTech booster shot, uh, except for people with high w that are a high risk. So anybody who's at a high risk for COVID they are FDA said, yeah, you can get it. You should get a booster, but no one else you're going to boost it right now.That was on Friday. This morning, we have new data from Pfizer BioNTech uh, on their study with children. They said children ages five to 11, their vaccine was safe and effective. Uh, they also said that we could get data for children younger than five. Before the end of the year that they were born totally committed on that front, but they said maybe, but as soon as the end of the year, uh, regardless for now, children ages five to 11 Pfizer, BioNTech say their phase two, three study showed that their vaccine was safe in, in children ages five to 11.So what's next now is, um, inev inevitable FDA approval of the vaccine for kids five to 11. And then when we get the data for kids younger than five, we'll go from there. But that's the news on Pfizer this morning. And that's good news for the overall market. Do we see more of a reopening trade? Come back from that?Potentially the reopening stocks have had the shit kicked out of them. I'm going to swear. They have, this has been an ugly trade for a long time. We know the casinos and the airlines have gotten ugly. Um, there has been some pockets of strength. Disney has been a pocket of strength, cause it seems like, you know, heads that wins tails.It wins because they got the Disney plus. Um, you know, it does reopening traits there to, you know, catch on from the Pfizer. Does it, do we have a sneaky reopening by her this morning? I'd lean to those stocks with that news, because that news just getting thrown out baby with the bath water here this morning, but it's good news, you know, because that efficiency that, that gets people like me, that maybe you're staying home still and being a little bit more cautious because I have unvaccinated children, those kids get backstage and I'm like, I can start to be a little bit, you know, do a little bit more of my normal stuff because now my kids are a little bit safer.So there is that mentality out there. I know there's people anti-vax don't believe any of that. That's fine. They're going to have their opinions. I'm of the opinion that, because I'm vaccinated, I'm somewhat safer because my kids are not vaccinated that then I don't want to risk them. So I try, I am more conservative in what I do.I would not eat inside a restaurant right now. I would not do it. That's me. I would not do it because I don't want to risk me bringing home the virus, even though I did get sick and giving it to my kids. So, but you know, what, if they get back safe, I might start eating in restaurants again, because they got a little bit of protection, so that can help.So that's the mentality I'm trying to give you, you know, and thinking that we could have a sneaky, reopening trade show up here again. Cause those stocks, actually, some of them are. Um, boy, a boy pre-market low 42 92. That was about six, 15, got a little off here. Lot of red candles on the daily. Uh, we got a monthly level of contend with today and it looks like we're, uh, we're at there right now.So I would love to see this show, some support for at least for a day or two. And it's 43 and a quarter area that was a low for last month. Uh, this month. So far 43 31. We are trading below that I'd like to see for me a little bit cheaper. I am long. I think my cost basis bought this a little bit late. I think it's right around here.And didn't extinguish it on that crazy rally because it's a longer term hold. 42 and a half to 43. It looks like more of like an, the next area. You had three lows in the 42 and a half area. So if you want to lean on that for a swing trade part system, there's a lot of pressure on us. I at least like to see like a lower consolidation than one or two updates in a row.It's just so many red bars here. So first things first pre-market law is at, uh, 42 92. And, uh, for me, the extra major supports at the 42 60 area. Do you know the absolute last thing? Any Chinese stock needs, right? Yeah. I'll tell you it's literally any other bad headline, literally anything else. And that is, that's what Lee auto is getting this morning.It's gotten there, this Lee's down. It's got nothing really to do. We'll all try and is down. And the Lee is just pouring a little bit of gas on the fire this morning. Cause they said, oh yeah, we're having some, um, supply chain problems and some chip problems. So we're going to lower our Q3 delivery outlook by two to 5%.Um, and so literally any other bad headline is like pouring grease on the gasoline on this fire right now because, uh, China's got enough going on as it is, right. They lowered from 10 to eight, you know, you're not far off now. You are far off. They lowered their guidance. Uh, originally they were supposed to deliver between 25 and 26,000 cars.It this quarter, they said we were going to deliver somewhere in the 24,000, uh, range. There was such a bubble in.I think the Fisker and I I've been punished for having it. It's probably as a bad call. I like it. Cause they have the magnet deal and I do believe there's going to be some Fiskars out there, but all these Evie plays are garbage. A lot of them are just junk. Like, that's my opinion. Obviously, you know, some are going to work out, but I'm going to Italian.Like 90% of these are not St. Leo's the one, I don't know, the auto, maybe they're making cars, so it's good. But is this like, you know, in your time with 25,000 cars, how many does GM make in a quarter is Ford making it? They mistakenly make 20, they made 25,000 cars. They don't even know, but they don't even count.It. It's like a ticket. It's like a rounding error for them. It's a rounding error. So I don't know, you know, I'm long GM I'm long forward. Um, other than that I D and Fisker, which is probably, you know, my speculative Evie play speculative. For sure. If it's good to go to zero don't kid yourself a cut. I don't think it is one long.It, I think it's going to be one. That's going to be one of the S of the, of the stocks, but there's so many. I mean, you know, we've known what we know what ride's done, but there is just, what is there like 50 of these companies, there's gotta be close to 50 at this point. There's not going to be 50, that are all, and the pie is not that big.So you got everybody trying to eat this pie, but there's just not enough pie for everyone. So let me five for pie for maybe, you know, we know GM and Ford and Tesla are going to be in the pie, but then it's a matter of how much of these speculative play is going to get of the remaining pie and which ones, which companies are it's going to be.It's kind of a crap shoot, really. So it'll be interesting to see I'm not buying any of these other companies though. Um, these small ones is because I can't figure out how to value. Yeah. Yeah. But at the same time, this is like the one area of China that's like held up relatively Neil. Neil's done. Okay. I mean, it's 35 from 55, but it's held up.Okay. I mean, it was seven bucks back a year and a half. I know. I know. I know. Anyway, so yeah, the 20 sevens, if you feel like you really have to take it, you know, try and buy the dip on, on this one. They're pair lows at 27, maybe hold up today. Uh, the recent low, the move has been under that, uh, at, uh, 26, 22, but, uh, that's, you'd look at it.If you're, if you're hoping for a bounce on this thing, 28, get your orders out there near 28, 40, 28 50, the bomber yesterday's range was 28 59 spoos are just that. It's just offered. It's all. There is folks support. Give us a level here. Let's take it back.Where's the next major? I have a, I have a daily low at 43, 39, 75. That's a daily level. That's what I had to adjust after they took out my 60 to 75 low. I don't have anything lower than 43, 34 with your sheets here, August 19th. And I already had to read just one. So I'm not going to, I'm not going to readjust again and spy we're significantly below that.That's a beautiful thing that you don't have to adjust your futures for your spy for 33 66. It's three points below that low. If I'm just looking at the spy and I don't look at the futures at all, because it's by so much easier to read straight down this morning. Yeah. You think 43. So you think for a third.I think we're going to bounce. I think when he Dow gets down a thousand points, if it gets down a thousand points, it's always a natural bounce there. We've seen this last year during the COVID crisis. It wants to bounce when you get down a thousandand that's, and then it gets a little relief. Cause everybody's always, yeah, well, that's it. So we're down 700 of the Dow. If I was buying the dip today, I think I'd wait till we're down a thousand. I think we could have down a thousand a day. And then I think we could bounce a little bit. So maybe there's a little faster, some point we're so over bought.I mean, still, like we can say that, but stocks are just not cheap. If we were in this environment where everything's dirt cheap. And like I said, I think GM and Ford are cheap. That's why, if I was buying stocks, I didn't own GM and Ford. I already own them. I probably buy those. You know, here's GM been holding up very well last week.Now, down two bucks in the free market here. I think it's an opportunity. I don't think, I don't think this chip shortage is a long-term issue either. I mean, they've punished a lot of these stocks because, okay, well they're missing guidance because they don't have the chips, but eventually they're going to figure that out too demand is not a problem here.I don't think demand is a problem for the automakers, a quick PSA courtesy of Jay woods, who will be on our show later this week. He's an, he's a nice nicey floor director. If anyone's forgotten. Um, I'm just gonna throw it out there. Limit down is 7%. So we are a ways away from that. We are not even close.We're not in this. We're not back in the COVID. I don't know if we're going down to 3000 PowerPoints here and I there's the mentality here. Like I said, now that's 300 Dow points down from here. I'll probably try to nibble in this. Have your list, have the stocks you want, but if you're buying stocks that are trading 25 times sale, I mean, those stocks can get hit a lot more.I would just say there is some portion of the percentage of the dialogue today on online on Twitter. That it's a little bit like tongue in cheek and I'm a little bit timeless because it's like, and as Joel said this the other week, I think it was like, it's been like the easiest year, like arguably like ever, like not with, but in terms of the overall market, not in terms of like gross eyes, but like UBS and P like, it shouldn't be a term of spa.Not even sure. I had some 10% correct. We just had two straight down weeks for the third time all year, which is insane that, that tight, that that's even a thing. Right. So it never should be that easy. So there is, there is a. So not all like the freakout is like genuine, cause there's everyone knows that we're due for a correction.We've been saying that for a while. So, um, that's just keep that in mind real fast. I want to mention, uh, before we bring Tim Costa on, um, and we talk about this all the time, but in the warranty market of pending murder correction here for a month, at least that's where he has. We'll ask him about that.But before we get into my 20 mentioned, smile, direct club, please don't chase this today, everyone. Okay. This thing got to 8 24 this morning. We're already down. We're more than a buck. Uh, it is the most mentioned stock on wash your best today. Um, and I think also on Friday as well. So just DC, just it's one of the few stocks in the green this morning, but just please, please, please, please be careful.It's already, it's already down a dollar from, from the high you do what you want. I mean, this is all just, you know, trading and we know wall street bats can drive stocks. But like I was saying last week, it seems like when you look at these stocks, the really high mentioned stock. You look at it three months later, they seem to be maybe a selective perception on my part, but they always seem to go down afterwards.Like they seem to, you know, the buzz starts to subside after a few days and they start to leak. What was the one we were talking about last week, you know, like, or two weeks ago, what was it? R S. Oh SRP. No, SPRT isn't even stocking. What the hell is it turned to? Uh, G well, anyways, I went to like, from two to like 68, they did that acquisition, uh, iron net to the right iron it, what?That one do. Yeah. Look at iron net here. So I went from 10 up to 47. That's a quick correction down 28. Well, I don't trade the stuff. I don't like losing 40% of my money in three hours. I mean, I'm just not my style. So I'm about protecting capital. I don't know how to do it. What I put, you know, can you speculate on some of that stuff like that, but am I going all in, on merging on iron net or.SmileDirect. No. Alright. It is 8 36 on a Monday, which means, you know what, it's time forTim Quass founder and CEO of market structure edge, and Tim, to your credit, you have been, um, you you've been doing not supposed to do right. I've been right. You've been saying that the market is, is going to go down for, I'm not quite sure how, not that long but long enough. Right. Well, and I, and I, and I said that the, the worst day of September would be September 20.This is the day that would be the, the linchpin for the markets would be September 20. Uh, and there's a reason we could talk about that. Uh, but, uh, I appreciate you pointing that out. I, I wrote to yesterday to the, the edge users, the notes. But I said. If today's a doozy, then, then we have more trouble ahead.This will be, uh, the fulcrum of what happens to the market. So now everybody will cast about, for a reason, I would remind everyone, however, you know, as we look at the steep drop in the, in the futures of what, uh, uh, Marcus Tulia, Cicero said, uh, he said, you know, if you, if you got, if you have a garden, this always comes to mind, right?If you have a library in a garden, you have everything. So there you go, you know, just kind of puts things in perspective, uh, if the market's way off. All right. All right. What is, what is the reason in your view? Okay, so let's make sure that, that everybody understands that we consider, you know, that we all read and we, you know, we listen to the various perspectives on what might cause this.And of course, the thing everybody has fixated on is this, uh, the financial troubles of evergreen real estate out of China because of its, uh, its indebtedness to over 300 billion in debt. Uh, but if you could compare that to the United States right there, why not pick that? There was a big fed meeting, uh, coming up on the, on the 22nd on Wednesday.Could be that. So everybody will cast about for reasons. Uh, and, and we let's first talk about the cause. Uh, th then we can talk about what reasons contribute to that. The reason today is a difficult day is because today new options trade. So if the, if money doesn't show up at the same level, To recommit to three particular things hedges.If you're trading global macro like Bridgewater, or what have you, the big hedge funds, uh, now too, if you're a passive money or indexes and you don't use the same level of substitutes that you did before, uh, that's going to be an issue. Number three, if you trade options and futures and you just decide, eh, you know, I'm just going to not do as much as I did all three of those things contribute.To the money showing up on, uh, or, uh, a, an array, a buffet of derivatives laid out on the 20th and people don't show up for it. So then everything goes on sale. It's not like in some ways it's not more complicated than that, but you need to understand that almost 20% of market volume rests on derivatives.It's very much like let's use an analogy so that you can understand this traders. So as real estate prices keep going up and people are willing to pay more and more for houses, then more houses come on the market at higher and higher prices. And then there's a point a nexus where that's stuff. And by the way, it's stopping all over the country here in, in Steamboat Springs, we're finally seeing price cuts.We're seeing it in Denver, uh, seeing it in Texas, all the there it's happening. And so what happens is the thing that you valued a month ago at, at, at this level, you now value it at this level minus 10? Well, the same thing happens to the equity market with derivatives. Derivatives are a right, but not an obligation to do something in the future.Derivatives are implied supply and demand. So if nobody shows up to consume that supply, Then that supply is marked to zero and it comes out of market cap. And that's why these periods around derivatives explorations are so important. It's why I like to take my money out of the market and walk around to the other side, which I've been encouraging of, which I did myself.I that's what I do. I want to avoid these periods because the prudence foresee evil and hide themselves. Now, why, why is there less demand for derivatives? That's the big question? Well, pick a thing. It's one of the first day though. Well, that's, what's crucial. So if you're in the business of moving large quantities of wholesale supply, relative to options and futures, and there are banks that do this.Then this is a very important day for you. This is the day when you furnish to the market, that thing that you expected to consume at a roughly equivalent rate to what it did back in June. And I looked at all the associated data. So I looked at the composition of the market in June when the options expired the last time and where they are now.And you would arrive at the conclusion if you're in that business, that we're going to have roughly the same amount of demand. Was there any indication in the data that we might not? Well, yes, there was, there was active selling last. Interestingly active money was a seller and during options or during index rebalances, we had good volume volume for the three days in, uh, the three days of expiration.So Wednesday, Thursday, Friday, Friday was the rebalance in spy, which is a great proxy, was about 270 million shares. Go back and look at it in June. Same time period, almost identical. So if you were, if you were, uh, projecting what the demand might be, you would arrive at the conclusion that it could be very similar.There, there are only two big differences. Number one, short volume is significantly higher this time. So short vine, miss supply support volume in the overall market. Yes. Short volume is over 46% of the S and P 500. Right now that is almost half of all trading volume is coming from borrowed stock. So if you have a lot of suppliers.And then the other big difference is what we call internally. We say there are no purple bars, purple bars for us, or evidence of counter parties who are going to consume a significant part of that supply of derivatives. Well, the, instead we saw active selling. So if you have active selling, you don't have the derivative traders showing up and you have higher supply.What might the market do? It could go down. So now how would we know that that might happen? Well, I'll show you how we think about this and you don't have to know all that stuff, traders, because we do, we, weren't going to know that stuff, you know, our job is to make sure that you know, those things. And so we'll tell you if this is what the data indicates.So I've gone to market structure edge. This is 2.0, by the way, we've now beta launched a version 2.0 of edge. So I'm going to hit broad market sentiment and just look up. This is this by itself, should tell us what the trouble is. So here is sentiment and it peaked right here. So that, that peak is the 7th of September.That's the point at that point heading into when the market is down into options, expirations, it may be up the other side, but we're not out of it until we get to Wednesday. So why Wednesday? Because there are options that expire. So all the books have to be accounted for there. The debits and credits associated with the derivatives trading and people.Don't talk about it enough that CNBC was actually talking about it this past week. Uh, but again, I'll say it's almost 20% of market cap. Okay. Then you have new options trading today. Parties will square the books on those tomorrow. And if opportunists are in the market, the market will go up 600 points tomorrow.I'm not saying it will, but that's where the, that will get the ledger will get squared. And then Wednesday, we will return to reality. And we'll have an idea of where the market actually is. So if this line bottoms by Wednesday, I'd say, okay, we're good. If it's still falling and broad market supply is rising, then we have more trouble.And you remember, this is what I said a week ago. I said, if we have a bad day Monday, then the market could take a big leg further down. We'll see. But okay. Also, so I know this is one of your bag, but, but Wednesday is, is when we're going to get the latest fed meeting is they're going to, you know, announce whatever they talked about, the dot plot, whatever.Right. Couldn't that shouldn't, couldn't that also throw a wrench in. You know, the data you're looking at because it may change expectations. It sure could. It absolutely could. And I, and there is a factor that we spend a lot of time looking at and it's because this factor, the DX, Y uh, it is the single most highly correlated input to market performance.We track that. So we do all, you know, you put all kinds of inputs. It's the reason we come back to, to, uh, supply and demand in the market. We've determined. That is the biggest, the next thing below that is the dollar, the relative strength of the dollar plays an enormous role and how the market behaves. So if we look at the.We're good. Thank you market watch for this data. So if you, if you look at the dollar it's trading at about 93 and a half now, which is getting very close to a year to date high, and so a strong dollar tends to depress the prices of risk assets, because a dollar, the dollar denominates risk assets, smaller denominator, larger price, larger denominator, smaller price.So as this trends up, uh, then the risk to everything from stocks to real estate increases and oil energy has performed very well, but energy was a reflection of what happened between options expirations in August and present the dollar decline. We'll we'll we'll have. Energy stocks were the best performing asset class in the sector in among equities.But now that trend has reversed and that input will be fed into derivatives and look at what's the worst performers today, a patchy, uh, Occidental, all these things have given up all of their gains of the month, at least now pre-market and there's a, there's a cause. So, and, and to your point, Spencer, I think you make a very good point and astute one, and you should, maybe you should listen to Spencer, everybody and wait to see what the fed does.I think the fed is going to look at this and be, be very dovish because they don't want these things to fall apart, but you never know. You never know. So it's a good reason. Okay. So the takeaway here is going to be watching a demand for derivatives today, tomorrow, Wednesday. Uh, and also keeping an eye on whenever the fed says, or doesn't say with regards to a timeline, as far as when they could potentially taper and all that good stuff, because we noticed, we know what's on their minds, but we still don't know when it's going to start.The fed is market dependent and not data dependent. And if the market continues to go down, they will do their best to defend this market. And that tapering talk will quiet in a hurry. So you have to, sometimes the market fixes the whole feds issue and the fed is stuck really stuck in a hard place here because they know.Deep down that inflation seems to be a little more sticky in a lot of areas than they'd like it to be, but they can't come out and flat out say we've got an inflation issue because then they have no excuse. They need to raise rates. And they know if they raise rates, the house of cards starts crumbling, tumbling down.So it's difficult as a fed official. You're trying to, just to manage it, manage the expectations of, you know, yeah. Maybe we're going to raise rates here, but we know if we really start to really Jack them up, that every, the whole world is built on debt and everything comes tumbling down. So I mean, how, when you look at this, Tim and you look at the market selling off, and maybe we're worried about interest rates going higher, isn't the fed putt here to a certain extent, for lack of a better word, kind of like, you know, a possibility that this market just, you know, eventually finds a bottom just because they know the market participants know the Fed's got the markets.Well, if it's, uh, we'll find outwell it's, I love these pithy little aphorisms, but again, it reminds me of, of I've used this before, uh, herb Stein's law. So it's called Stein's law. That's what it's known, uh, as in economics. And so herb Stein, for those of you who are younger is the father of Ben Stein, well-known economist and a writer.And so he famously, he famously said, if something cannot last forever, have you have a, got you guys, ha something cannot last forever. It will stop. And so to your point, Dennis, that the, the fed is in a very difficult position because while it's supposed to be independent, uh, it is, it is heavily, uh, indebted to.Uh, supporting the economic policies of whoever is in charge at the time. And nobody wants a market's falling apart. There was just no question about that from a trading standpoint, traders, what do you do with that? Well, it, and this is, this will be a little self-serving, but it's, I, I'm telling you from having done this for 20 years now and use this data in front of us for a dozen.These, these they're not perfect, but they do reflect well, all of the inputs instead of having to wonder, well, what are the hedge funds doing? What are the macro economists thinking? Uh, what about monetary policy? Uh, what about things in China? Uh, how about economic growth? What about the supply of oil? All of these things are inputs that all manifest in this little green line called sentiment.It's measuring all of those. And so this here, look at this. This has been an issue. And I've talked about this before. This issue started in a. Th in April, we ceased to have a momentum style stock market. It doesn't mean that the consequence arrives right away. So whatever the fed does today will have a consequence in the future.What the fed has already done is playing out now in the equity. And so when the policies began to slow, the input of money into the market in excess fashion began to slow. And we can look at the fed balance sheet every, every week I do. And while it continues to rise, the rate is slowing, right? The rates slowing well, this started back here.So while the market has continued to rise, this is inertia, the continuation of something that has been set in motion, but inertia will slow at some point. And this thing's already telling us, right. It's already telling us, I just, uh, I just want it to happen here with one thing. I mean, we're, you know, we're talking about the old thing here and we're talking about, you know, maybe what the fed does, but you know, we know institutional money is what moves these markets, right?Correct. Uh, don't you, I mean, just, I, I got a monthly chart up here in the spine, right. And that, you know, the move that we've had, you know, discounting even what, you know, the March low, maybe that was a, you know, an artificial low, but even in the activity that we've had in 2021, you're coming up to an end of the quarter here.Don't you think with everything that's going on with, uh, whatever the macro, whatever the earnings whatever's going on with COVID that I think the big, you know, big money is going to be looking much more to sell the rep in this, of, in this market or, or. Then they are just, cause we're always constantly programmed by the dip, buy the dip.We're going back to new all time highs. I mean, why can't, uh, you know, the spider go down to 400 or three 50 or 300. I mean, we've had all these sayings. Don't you think that the, and I don't know how you gauge this, but I don't think the institutional money, I mean, you're going to have the overshoots on the downside to everything, but I think now you're far away from like the old time high.Now you're coming up to the end of the quarter. I think, I think you have to readjust your thinking. So we got the end of the quarter. Friday's a trading day and I believe we get it to the end of next month, but you know, what do you use written indication that, Hey, we're just not buying the dip anymore and we're just, we're just sound the ribs.Or if we have to sell in the weakness, we're selling the weakness. So this I'll, I'll dovetail the two. It's a very good question, Joel. And it's the great, it's the great existential question for all of us, with exposure to the equity market. I'll note that our prognostications about the effect of what we call risk management derivatives plays out.So now let me add another piece to this. What, what you're describing is true for about 9% of trading volume. There are, there are investors who are doing those kinds of things, but they are not the predominant money in the market. There is an Achilles heel to the predominant money in the market. The single largest form of institutional asset management is large cap blend that is there.Those are stocks in the Russell. 1000 that are broke. Both can be both growth and value, which by the way, is. It's Facebook. Those are blend. They could be growth stocks. They could be provide the support for growth ETFs. They can be value stocks and support, provide support for value ETFs, but that is fully one-third of all assets under management.And that money wants to track a benchmark. It wants to be the S P Y let's say so here's the trouble as spy deteriorates that money has no choice, but to adjust to it. And that w that is what creates snowballing effects. It's not that money doesn't buy dips. The, the money that buys dips is merely excess capital and stock pickers.Like Ron Baron, Ron Baron is going to, you know, the Baron funds. He's a classic value investor. All the value investors will do what you've described, but they're overwhelmed. Today bias three to one in terms of volume in the markets by money tracking a benchmark, if the benchmark deteriorates. So must the money associated with it.If energy is 3% of a, of an index and it loses a half a percent of value, half a percent comes out of the. If the things are 25%, I'm adding pluses in there and the fangs drop 5%. Half of that, 5% of the money comes out. That's how you get a snowballing. And this is the double-edged sword of index fund, but that's the fact, that's the way things go at Tim Costa.Everyone, you can learn more about his site, market structure, edge.com. You can see his notes and his research and his data there. Tim, always a pleasure to talk to you again, Monday. Uh, it is 8 56. We got four minutes left before I'm going to talk IPO's with Manhattan and they was a big week for IPO. So did we miss anything?Joel, Dennis chat. What else have we gotten to today? Cause I mean, well, let's do three minutes ticker time. Give us your time. So drop those tickers. Okay. I just haven't talked square on the show for probably a few weeks here. It's pulling back. People are looking at the natural dip and looking for the growth stocks, you know, down 10 bucks, 4% down 4%, I would say, as long as it holds the lower than move, which is 2 37 91, there was a washout low with an ugly candle back on the 13th.That's the level that I think square needs to hold before that Joel might jump into this 2 45 area, which has some nice support. So there's a couple levels there too. So if you're so inclined to buy the dip and you need to buy the difference up there is, you know, the opportunity that the trend is still in tact here.What I will warn you is that Square's a very expensive. And if we decide to go into a corrective environment where the market starts to lose 10%, um, square, we'll get hit really, really hard. So am I buying this dip on today on square? No. As a trade. Um, if I was doing it, I'm, it'd be a quick one and I'd probably use the 2 45 0 7, actually low from the 15th to stop myself out.If I was buying it like right now at 2 45, 70 risk and maybe 80 cents, it's a tough one. And then, you know, you can always look at the imbalance too, which is 43,000 sell, showing an opening indication of 244 75. So it's looking a little weaker from where it's trading right now. Uh, yeah, I mean, I'll give you the, uh, um, You know, you could give their support and potential by areas.I'd say just I'm someone that's looking at this. I don't know how to day trade or longer term. I mean, in the two 50 handle, you know, maybe not today or tomorrow, but I'd call it two 50 to two fifty, two thirty eight, fifty two thirty eight was low on Friday. That's major resistance. So I be a seller at any kind of repair, not selling in the whole.Oh, so look at this monthly chart. I mean, you took out last months low, right? I mean, are you really, are you really stepping in here? You've taken out last month, low by nine bucks and now it looks like, uh, you know, maybe you're going for more. So really the only good number I see there is will you look at that bottom rate shirt to Joel?He make a good point. I mean, we're 50 bucks back during COVID and yes, squares operate, but you know, they're talking about stocks up 400% in just over a year. So you're, you're you're in three months. I mean, there's some people sitting on some huge gains in this thing. Is it logical at all? Stocks go up 400% a year.Is it going up another 400% next year? Probably not as easy. So is there a profit taking as a potential for this to see 200? Again, it could happen again. Remember Square's also a crypto play to a certain extent, very small portion of it, but it gets a little bit hit harder here because crypto's down today.Uh, let's do one more quick. Nike are financed by Nike. They report earnings on Thursday. This chart is very interesting.I mean, they watch someone just wants out ahead of their report here. I mean, that's, that's all there is dragging on the, those of the free market session. I don't know parallels if you're looking for however, already below that there are, well, there were a parallels at the 53 60 area potential support, uh, bombing of the range from yesterday or Friday, you could very see resistance 1 56.All right. It is no more, one more, one more, one more. Oh my gosh. Okay. Let's do blah, blah, blah, blah, blah. Some of it's not grabbing a 3m 3m. Want to find some different that stocks has been the hits. So. I mean, this is a, this is also margins getting squeezed because of inflation. So we know that that's a known issue for a lot of companies who right now inflation's an issue for 3m as well, lower the move 1 79 41, which was Friday.We're taking that out. When stocks are making new lows, I always say you got to go. I don't like it because it's breaking new low. You got a chance of the gapfill there and look at their resistance, you know, 79, 41. If it gets anywhere near unchanged, that would be a gift. But, um, I'm the monthly Sierra, since you've taken out last month, low by a wide margin, I'd say if you're looking to buy the dip in this one, maybe wait for the 1 74 area, uh, that was your February and March Lowe's.So we'll hop over to pre-market prep and cover all these symbols that we missed. And does Spencer I'll check in with you later? Checking with you later, Joel, same to you, Dennis guys, once again, let us know what you thought of the new, uh, graphics today. We, we are, we're not very good at sticking to a plan on this show.Uh, everyday I come to the show with a plan and every day, Joel, and then it's like, take my plan. They just toss it out the window. Uh, but we stuck to it today. So, uh, give us credit for that. Uh, and, and let us know what you think. Um, share your thoughts in the chat. She was an email shows that fans are going to come.Let's bring on Matt and guys. It is, it was a wild week, an IPO, and we had a very, very busy slate. We do have some more IPOs coming in this week. A lot to talk about. So let's get Matt on from IPO warriors, Manhattan. And good morning, sir. Uh, how was your week? I bet it was. Uh, yeah, I mean, you couldn't really ask for more, we'd had a long downtime in the IPO world, and then it just came back with a vengeance.I mean, I didn't even really have time to check much else in my portfolio and was kind of shocked to come back to the kind of rest of the world and see, oh, the market's down. It's like, what kind of, not an IPO world. And we had nothing but wins. It was almost like everything you played, you were making money at to the point where I really, I think going into this week where we have another full slate and I think we have, you know, 12 or 13 IPOs this week, I need to kind of focus on just a few.So I don't miss some of the ones that I really like locked in, but we can go through a little bit of last week real quick. And, um, and then, and then jump into next week. Cause uh, there was a lot to learn from last week. Um, the first thing I wanted to say was, uh, No, I did come up with something, you know, I'm always improving my rules and, uh, really distilling things into things that I can really take action.And I've simplified things into two rules that we keep talking about now in the trading group. Uh, if you come over to our Reddit thread and I feel warriors we're live trading these every day, there's IPOs. And one of the things that constantly comes out is people saying, oh, I wish I'd taken pro you know, I wish I had stayed in longer.No, but then they do that. And then they, you know, they miss out on when opportunities with these things drop just as fast as they go. So one of my first rules is take profits without regrets. And the reason I say without regrets is because it really is a bad habit to get into, to get out with the win and then say, oh, I should've stayed in longer because then you start pushing yourself further and further and further into these traits.And then when they drop, they drop really hard. I mean, these things come back, you look at dusk brothers from last week, which we're not going to look at what happened after, but it made it to a high of 52 and then dropped all the way down to 43. And then you can say, oh, but I sold out at 44 on the way up.It's like, it doesn't matter. You took huge profits. You took a 10 point win, you know, in one day. Uh, and you missed out on, on a little bit more. So what take profits without regrets? And it's a very strong discipline. The saying, uh, comparison is the thief of joy. If you can't be happy. Buying a stock, you know, getting a 10% winner.Cause it also cause it, cause you missed the top. I buy buy $20 or whatever. If you can't be happy about that, then you're never going to be happy. Right. You're going to haul. Exactly. And it goes along with, uh, bulls, make money bears, make money and pigs get slaughtered. You know, the greeter you are, you're going to lose.I mean, my biggest loss should have been a win and that was, um, Bumble and I just revenge traded it and uh, took what should have been a $5,000 win and turned it into a $10,000. So take your profits. Don't regret it, you know, learn to read, you know, what you could have maybe spotted or identified in the way that the stock was moving or what kind of strategies, maybe a little bit more room with your stop loss and maybe see where the level two orders are and see that kind of high bid pulling the stock further up.Maybe try to see where you can take some expert pro profits on the next one, but don't put yourself into just the ingredients saying, oh, well I sold out too early last time. So that's the only reason I'm not going to hold, you know, sell for a profit on, you know, on the next one. So the second quick, the second rule is don't chase.Once you've missed the trade, do not chase it because you're coming in at the higher price point. You know, entry to get into where you're going to take, uh, put yourself in a position to lose. Okay. I just want to fly through some of the last ones. I don't want to spend more than five minutes on this and that'll give us time to work on the next one, a dice therapeutics.I don't play biotechs usually. And this is a great example of why, even though it opened it 30 peaked at around 40 on each of the, you know, the opening day, the second day, and the third day, if you look at the price movement here, this is almost impossible to play. Um, if you set any kind of stop-loss to protect your downside, once you're up, uh, you're going to get stopped out the volume, the spread, everything was so hard on this one that I look at this and go, yeah.When opportunity. Sure. I missed it, but I'm okay with missing this one. This would have been very hard to play and you'll see why compared to the next one. Uh, this is one that I called out as I really liked this one. It was processed by a robot. Uh, low flow cert bio robotic surgery. Um, but given this was, you know, the first IPO we had the LA last week was sports radar.It didn't do all that. Well. Uh, then we had T Y R N I think it was called, uh, it also bombed. And we just had, you know, we hadn't had a strong IPO debut for a long time. So I said, okay, if this goes up on the debut, I'm going to set a stop loss on my debut point. And that ended up stopping me out early, but I didn't lose any money.And I'm okay with that. Even though I had a high conviction in this and I missed out on the opportunity to win here, I took my money back into my account. There were a lot of other IPO's that day, and I was able to put my money into some, you know, into some plays that were kind of safer plays. Um, when there's a lot of IPO's you want to focus, you know, don't be afraid of protecting the downside.Uh, where you not losing money? I don't like to take stop losses where I would lose money, but once I'm up in a position, I will lock in a win or a non loss to avoid getting in a position where I'm stuck, especially when I want to use that money for plays that are kind of, you know, easier to play. The ones that go straight up off the debut are far easier to stay in than something that's bouncing around.Uh, we also hadn't seen how strong the market was during this day. And as the day kind of progressed, my confidence in the IPO plays, uh, went up a definitive healthcare. This was a huge winner. I passed on this one simply because I didn't quite understand it. And it was the first IPO we really saw. Uh, of the session of this kind of slate of IPOs that went straight up and it started to build my confidence.If you got in on the debut is 37 15, I think the IPO price on this was 24, 25. So it debuted at a significant premium. And since we hadn't seen anything really blow up yet, I have passed on this one, but it started by watching this one. It gave me the confidence to play, you know, the next ones. And this one, you had outs here.If you want to play the initial spike, maybe take a third of your position out here. If you're trying to play this as a single day trade, maybe take out with a trailing stop loss around here. You get stopped out by this candle. Uh, if you had a lot of conviction in this, you're going to let it run for day two.The opening day to dip on a huge run-up on day one is okay. Uh, you hold through that and then you either put in a trailing stop loss as a climbs here, or you say no, I really believe that this is going to hit 45 46. And if you had seen the other IPO. You know, had gone live on it on day one, you would have had a lot of confidence in these IPOs.And if you liked this company to begin with, it's not unrealistic to think that maybe you stayed up through here at a stop loss or really went, you know, if you held any position beyond that, I think once you see a big number, like 50 coming up, it's a good time to take money there. But just another example of one, this is the kind of play that makes it so easy on you because when it goes up from 37 to 40, okay.You put your stop-loss in at 38, sit back, get comfortable, you know, and focus on other trades. Dutch brothers was kind of the, the big surprise, I think, for a lot of people in the world, apparently. Yeah. And I, I, uh, got, so this is the one where I just got distracted. I had a stock, uh, entry order. It was originally showing at, uh, indicating a 29 on the bid 31 at the ask.And I set my entry at 3 85. You know, we did get a little dip off the date. Uh, which would have caught. Cause I was trying to undercut by, you know, the ask by about, you know, 15 cents and I got caught watching other trades getting into other trades. And when they raised the ask to 33, I was literally in the middle of updating my order when this went live, once it jumped up, I didn't want to chase and uh, kind of kicked myself for missing it, but I took all the proceeds and put it into on and made money on that one.So I can't kick myself too badly. But again, this is exactly what you mean. This is the dream set up. It just goes straight up. You're not taking any heat. You can set your stop loss. If you know, around here after, you know, you watch it go up, you can take profits at any of these points. Um, but you do want to be taking profits.See, this is what I was talking about right here. If you got gradients, so no, it's going to go to 80 and it's not going to go to 80 right away without coming back a bit. And if you're in this for a quick trade, this is, you know, you take profits at major milestones. 40 is a major milestone. 45 is a major milestone.Uh, 50th, certainly a time when I'd say, look, if I had anything left in this and it goes to from 32 to 50 and two days I'm taking profits out. And if you didn't, if you tried to catch this like one minute, when it jumped up on the very opening, you know, day 3 54, you know, you got hammered, he lost, uh, 12 points in about 30 minutes watching this thing come down, hoping it's going to come back.And the feeling here, you get kind of desperate. You, you don't want to sell cause you're in your mind. You're like, oh, I could have had that. Maybe it'll come back and you hold. And then it comes down here and you're just like, Ugh. And then you panic sell down here. I might as well, just sold two days earlier and use that money in another IPO.So take your profits. Don't regret it. Round numbers are important. Round numbers on prime numbers on these definitely important, uh, ThoughtWorks. This one kind of surprised me. I think it just kinda caught the trend of everything. You know, everything was rising in the IPO world, I believe. And I hope that we're seeing IPO's that are not debuting at a hundred percent premiums.We're seeing like the strong, solid ones debut at, you know, 30% premier, 40 prints percent preview premium. And that gives us some room as retail traders to get in and experience a bit of the pop, a ThoughtWorks, I think caught that trend. It sort of opened up and drops, uh, came back up a little bit and it's just kind of bouncing around and then it felt like the market went, wait, IPO's are hot.ThoughtWorks is an IPO today. Okay. And it just blasts. And then it carried that momentum. I think it was writing a lot of, um, a lot of the trend. I didn't have an, I was fully committed to on, on by this point. Um, but this one was, you know, did well. And when I start seeing all the IPOs do strongly, I'm going to start, you know, it gives me more confidence to, Hey, this, this trade is working.I want to get in this, um, easy fill. This is a low float kind of Mimi pumped in the stock group. Uh, if you're gonna play these, you know, try to buy on the lower than the, the debut and just wait for that one pump, we've seen it on day one or day two, we get one big pump. And when it does that, if you want to play this, you're taking a big risk.In my opinion, you know, by the dips, all the rip, uh, wait for day one or day two is when we've seen a lot of these. Take your money out and then forget about it. I don't think this is a strong company on, on this was the Michael Jordan ringing. The bell. Federer backed is an obvious day to run for me. Uh, I bought an on debut and just basically sat it out.I didn't try to take profits here and play it out. I just said, look, I'm going to hold this today too. And I'm going to take, you know, at 38 50, I'm going to take my profits and then play the next one, which was my best win of the week. By the time Thursday rolled around for DRock was poised for a run. It was tack its identity.Its cybersecurity has a pretty low float and it was just, you know, I took a very big position on the debut. Uh, let it ride for day two and then just started taking out, you know, took 1500 chairs, took 500 out here, 500 out. Uh, here, I got stopped out. I was protecting, you know, 500 on the downside here and then 500 on the way up here.So we're in the 42 range. So that was an easy win now. Taking what we looked at last week. We're still seeing IPO's yeah, we have a full slate. I'm going to just completely skip through some of these. Um, we have a full slate of IPO's IPO's are still debuting it a little bit of a tentative premium, which is radio trading.Uh, we have a day to run almost all of these are giving us day two runs where we'll have all the plays. So my strategy is to play as many as I can without taking a loss, stacking up five, 10% winds and rolling my winds into the next one. If somehow this week I can play four or five IPOs without taking a loss and taking a 10% win on each one or rare that will compound itself into a very large win total by the end of the week.And when I looked back at my totals at the end of last week, even though I made some mistakes, I miss some opportunities. I still did incredibly. So the first one is AKA brands holding. I don't know much about this. This is a retail brand that, uh, you know, clothing for gen Z. They have a direct to consumer and mobile first model.So low overhead. Uh, some of the brand names are princess Polly, culture, Kings pedal, and pup and Reb dolls. I guess princess Polly and culture Kings are the 90% of their, of their business. They have growing revenue, gross profits and gross margins are the three kind of, uh, things that we look for and revenue was up 166% in the first half of 2021 verse 2020 gross profit up 170%, 20, 21 and 2020, and a pretty low float.So the financials are there. I don't know if the brand recognition is going to be there amongst traders. I mean, gen Z, I don't know how many of them are going to be buying, you know, stock. And I don't know how many of them will connect the dots between AKA brands holding and these brands that we're talking to.But, um, I've missed out on some, you know, some strong retail debuts that are just not in my wheelhouse. I'm more focused on tech and growth socks. Like not, not necessarily in retail, but we saw a curve. We saw a few others that did really well off the IPO. So, um, this one might be worth dip in a dependent toe in the water, but there's a lot of IPOs on this date and the next state.So I definitely don't want to get caught in anything. And I'm willing to miss, uh, or undercut to, uh, the entry to try to, you know, take quick profits and move on toast. The son that I want to know about this. I think there's a lot of interest in this because a lot of especially entrepreneurs are in the restaurant industry or aware of toast.It gets a lot of comparison to square, even though the comparisons are a little bit, uh, maybe not completely aligned, but basically it's payment processing and point of sale for the restaurant industry. So a lot of restaurants are using this to charge your credit card for meals. Everybody pays for their car, you know, meals with credit cards.And this system, this software as a service is specifically tailored for restaurants. Now they got hit really badly at the beginning of the pandemic because people stopped going to restaurants. There was locked down, uh, but they pivoted really quickly to launch services. Basically to allow restaurants to run their own, uh, delivery services and tie in with, you know, and decide step these, um, you know, uh, Instacart or Uber eats these kinds of things and do it themselves.And we all know that restaurants don't really love the, uh, delivery food models that are these delivery services, because they take such an aggressive cut of their profits. Um, and it takes a big key of the dining experience out of their hands customers. Their food fast and hot. And if they're leaving it to some, someone else to handle it, you know, maybe they can do it more efficiently themselves and put those profits in their own pockets.So toast did pretty well. Uh, despite the hit, they were still able to grow revenue 23% in the middle of COVID. Uh, they've had 104% growth in 2021, 2020. And the valuation of this IPO is actually coming in below what they had attempted to go public with in February, 2021, the float isn't that high. And I think a lot of people are very interested in this one.Uh, I wouldn't be surprised I'm in, I've already seen other kind of, um, social, you know, social stock, people who own restaurants talking about this when I'm looking forward to it. So I believe this one's going to be hot. Uh, I want to keep an eye on it, but I do believe that this one is one worth playing, especially if we don't see a super high premium, but it's probably worth playing anyway, you have the right people interested in this and it has the right, uh, you know, certainly poised for reopening and, uh, continued lockdown.So it's good. There's just a lot of other really good ones this week. Uh, FreshWorks is a CRM solution. They have 50,000 paying customers, uh, 11,000 customers paying over 5,000 a year, but they compete with Salesforce. It's pretty crowded market, despite that they are growing faster than a lot of their peers.They got sales growth of 53%. The cashflow positive. This float is the only thing. That's a little bit kind of like given how many IPOs there are really want to find the ones that are most primed to, you know, to get a pump. And at 28.5 million shares, this one is like, I like it. I just, I'm going to be very tight with any kind of, uh, stop-losses cause there's so many later in the week that I don't want to have, you know, a big portion of my buying power tied up in anything.And I'm not, you know, I would say I'm pretty, pretty high conviction, but not as high as some of the other things that are like this week, uh, Sterling check. This is background screening and monitoring. They are rebounding past, uh, in post lockdown. People are starting to hire again. They need to do background screening.Uh, revenue is still up 43% in the six months ending June 30th, 2021 profit up 42% at the same period. The float is pretty low. Um, this is getting into September 23rd now. So, um, Sure. I'd have to check that one. Yeah. Uh, I'm not sure. I will have to kind of fill this out and if all the IPO's are doing well off the debut and the timing of this one in the, throughout the day, because they don't all go live at night.None of them go live at nine 30. Some will go live at 10. Some will go live at 11. Some won't go live until 12 or even one. So there is an element of schedule that goes into these. And if I can't play them all, I'm not sure this is just screaming at me. Hey, don't miss this one. Um, but it does look pretty strong, not in development.This one is interesting. I had no idea what they were, but they, they basically develop and produce products for the beauty personal care home care brands. Packaged consumer goods. And they do this for over a thousand brands and over 9,000 products. So 18 out of the largest consumer packaged goods companies use them as clients and they basically handle like the R and D formulation, packaging, design, production, regulation.They kind of like produce the products that other brands then package and sell as their brand. And they have really good numbers. I mean, revenues up 96% year over year, gross profits up 119% year over year. Uh, the one thing that really kind of gives me the, uh, is the 55 50 7 million shares. I usually like IPOs that are under, you know, around or under 30 million shares.50 million shares is a very large float for the retail. Uh, market to gobble up before we start seeing demand outpaced supply. So this would really require a bunch of industry, institutional investors, a lot of retail traders. A lot of people need to get in on this after it goes live for this to push the share price up.So maybe this doesn't do badly and maybe this is a solid company. I'm just not sure we're going to see the kind of movement that I like to see in an IPA IPO debut to take profits a couple of minutes here. What else we got? Okay. We've got thorn health tech. This is personalized nutritional supplements on a subscription platform.Uh, the profitable positive cashflow, net profit. Uh, they have free cashflow, strong revenues, strong profits, low float. So basically nutritional supplements. I don't know for me, it's kind of like, well, crowded space. I don't know about. Yeah, max engaged, smart. This is customer engagement. Software is taking market share from their competitors.So they're rapidly growing and aggressively against companies like Salesforce. And, um, okay. The other one we saw earlier, fastest SAS Assassin's big SAS is big revenue of 58% profits of 61% swinging to net income positive and a pretty low float. This is the kind of play that kind of looked like it did pretty well last week.And I sorta liked this one for this week. I probably will put it on the. Very likely to play list and, uh, keep an eye on that one. So most brands, these guys, uh, acquire food brands in, you know, products that they believe are going to be hot. Um, Michelangelo's, Rao's homemade Noosa, yogurt, Birch vendors. I'm not familiar with these brands.I don't live in America though. So maybe that's why I revenue growth during lockdown. Sure. Profit of 28.6. That should be a percent, um, low float. Don't worry about it. I live in America. I'd never heard of those brands out there. So these guys make money. It's a, you know, it's a, it's a company that makes money great.But is it really gonna stand out in the crowded market IPO market this week? If it does great, but I'm probably not going to play it. A brilliant earth group, ethically sourced jewelry, uh, that sold direct to consumer in showrooms targeted towards millennials and gen Z revenue up 78% profits of 94% net income and growing.Uh, there is some random lawsuit on a on record that they basically say, look, this is garbage. Some customer said they recorded phone calls with the customer without alerting them. Um, it doesn't sound like anything, you know, critical to their business model, lowish float. Uh, I really don't know about this one.It's interesting. Those are great financials. Uh, sure. I think that attitudes and jewelry are shifting. People are even open to kind of like lab grown diamonds and that kind of thing. Um, but not really, you know, trade what, you know, I don't know anything about this. I bought, you know, exactly one diamond in my life, you know, and that was to get.The right to call Remitly this one's interesting, but it's crowded space. The send money, international money transfers. They compete with wide zoom and others wrote on a blow through this one. Uh, I'm going to send out a newsletter, uh, tonight with further details on all these. So sign up for the newsletter, IPO warriors.com.There is one other one or two. I want to cover from, give me a minute here. Argo blockchain. This is an uplifting, it's a crypto miner. What's interesting about this is it's a low float being offered, but there's 456 million shares. Outstanding. However, a lot of times on these up listings, we don't see those initial shares be, or those kind of carry over shares being tradable right away.It's also being offered on Robin hood, which is a 30 day lockup usually. So I've also noticed, uh, the price spike last week above the it's trading at a dollar 80 right now. Uh, the uplifting is a reverse split of 10 to one. So the fair market value should be a dollar, you know, 86. So why did it spike up?Well, we saw this in FCU V about two weeks ago and what it appeared to be was the underwriter and the shareholders were buying up all the shares on the day of the offering. There was a huge squeeze, there was no shares available and they just pump the price up. So if that happens with this one, just keep an eye on, it's a phenomenon then, uh, paying attention to this.One's really interested in Q health and we can kind of close on this one. They make COVID-19. Uh, they're a digital diagnostic device and they're gonna expand into pregnancy flu and other testing applications. And it's clearly catching on. They got huge contracts with the U S military and the NBA they're partner with J and J Mayo clinic, et cetera.There's no comps for 22 because they weren't doing COVID. You know, uh, they didn't have financials in 2020, but the revenue for this, you know, for the last year, 200 million product, uh, gross profit of 116 million product gross profit margin was 58%. And the floats pretty low we've seen COVID plays do really well.So I like this one. Oh, there is one more Clearwater analytics. It's a SAS investment and management for asset management. Uh, revenue and profits are solid, not particularly exciting, but when you sell things to investment management companies, they know about this product. If they like it, they'll buy this, that, you know, the IPO, but I think I'll be putting pretty heavy play into Q health given, uh, the setup here on the same day.And I liked that one better than Clearwater analytics. So you can't play them all this isn't Pokemon. You're not going to catch everything. Uh, you need to. You know, identify the trades, pick out three or four that you really like and focus on those, uh, watch the others just to learn from what's going on, but we have a great week.Things will look really strong last week and I'm super excited for what's coming up on the IPO calendar. That, that hadn't been the IPO warriors.com. Thanks a lot, Matt talking next Monday, getting Spencer it all right, guys. We're wrapping up here. Uh, just, uh, just to put everything in perspective here today.Um, we are down first off. We've come to $2 off the low on this inspire in the last few minutes here, but just to put things in perspective, we're down four and a half percent from what? From all time highs. So yes, there was, I'm not saying this has nothing this morning. The sell off last few days is it's not nothing, but let's all.Just keep that in perspective. We were at all time highs a little while ago, so, um, yeah. If you're panicking, if you're running for the Hills on today, then frankly, you've got too much risk on the table. Take some money off the table, frankly. Um, just wanting to say that before we're done. All right. How many likes are we at today?4 29. Get me to 500 likes. Uh, well I guess for, for the come on new graphics guys, it's not every day. We do some new stuff on this show. We're trying new things. See what works, what doesn't so hit that like button for me, please. Thanks to Matt. Thanks. Thanks to all of you in our chat. Please remember all the information from our show is meant to be used as informational purposes, not for investing or trading advice to watch David Green live right now.The link is pinned to the top of the chat in YouTube. You can also go to youtube.com/benzinga. Uh, this stream will end. It will not redirect you to David Green. So just click on the link in chat or go to our YouTube channel, or as always we're also on Twitch and Twitter on Benzingers platforms there, that's going to be a wrap for me, David Green live right now.We open in two minutes. Everyone have a good rest of your day and we'll see you later.Support this podcast at — https://redcircle.com/premarket-prep/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy