Episode Summary:

• Market Recap
• China stocks react to GDP and a potential game-changer for internet stocks
• Zillow pauses its iBuyer program

Guests:

Tim Quast, Founder/CEO, ModernIR and Market Structure Edge

Meet The Hosts:

Dennis Dick

Twitter:https://twitter.com/TripleDTrader

Spencer Israel

Twitter: https://twitter.com/sjisrael

Joel Elconin

Twitter: https://twitter.com/Spus

https://www.premarketprep.com/

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

Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcasts

Unedited Transcript

We hope you all had a great weekend. Let's get this show on the road here

coming to you live from downtown Detroit. This has been zingers pre-market prep with your host Joel Kahn. And this is a vowel tile puppy here. Isn't it. And Dennis stick, I've been bet the petty. I will buy the stock per pen. Everything that you need to start your trading yet.

all right. Hope you all had a great weekend. Monday morning, uh, jitters. I don't know whatever you want to call them. Let's bring Joel on west spring, Dennis on good morning. Good morning. Good morning. Happy Monday, everyone. We got a lot going on today. We've got to talk about China. We got to talk about Bitcoin ETF.

We got to talk about a new potential COVID vaccine candidate. We got to talk about Zillow. We'll take questions from our chat. Tim Quast is the guest today. Before we get Joel's charts on the screen, you can all hit that like button, please. And thank you. And then after you hit the lock button, Joel and Dennis give the rest of us a rundown.

How was it on Saturday, then the exclusive event. The second exclusive event here. The second one. Now that was awesome. The chat was fantastic. Asking great questions. Obviously we've plowed through a lot of material there. That's why, um, you know, if you did register for the event, um, I know a couple people reached out to me and they said, I didn't get the recording.

I said, check your junk mail. And they said that it wasn't the junk mess. So if you check your junk mail, because we blasted out the recording to everybody who registered after the event. So your filters might've said, oh, there's obviously, you know, this is an email blast, but if you did sign up for the event, you should have got the recording of the event.

Correct. Joel, am I correct in that? We're going to get, try and get that out today. I mean, it was already out. Is it out through recording? And then it, if you have live lake, you could, you could have kept it, but I'm going to, we're going to resend that. We'll reset it out again to everybody that registered for the event.

And we're also have a chance if you didn't register for the event, we're going to put it up there to be able to purchase, uh, um, to be able to purchase the educational webinar after the fact too. So we'll work on that. Yeah. And, uh, to, so I was just discussing with Mitch, I mean the back and forth, I mean, between, you know, when, when other people were speaking and the questions being answers and Amanda, some sharp cookies out there, I don't know if it was drum Powell or, you know, some other people from the fed, but they were asking some really great questions and just back and forth, back and forth, back and forth and three and a half hours that turned into three hours and 45 minutes, almost four hours.

It was great. So thank you everybody from participating, we're going to get that information out to you today. Uh, let's go to the markets because that's why you all heard here. And I we're in the red. The old Friday rally is turned into a Monday, sell off. Uh, we peak just above that high at Friday 67 50 at 69 50 19 handles in the rad.

We're through the inner day, low from yesterday folks. So the globe back slow, I'm looking at the 43 30 level, but will we ever traded down another 14 handles from here? Who knows our crew? Still going man, up a buck go 7 80, 2 80 gold in the red by three 50 and seventeen sixty four eighty. Ooh, silver.

Let's call it flat down a half a penny, 2330 Bitcoin. Do we have a sell the new scenario here down $905 is 61, 1 70 and Ethereum. That's down 1 31 at 37 48. So triple D besides working super hard on your Saturday, how was the remainder of your weekend? Well, it was good. As long as you don't watch any of the lions' game, you feel better about yourself.

If you watch any of the lions game, I mean, they've been close in a few games. This was not one of those. This was not one of those. And then you look, we've got the Rams coming up, you start looking at the schedule and you're still trying to figure. Well, which game are they winning? Because I've predicted on this show three weeks ago when they were in three, that they could go, oh, and 17 to be the first team ever to do that.

Obviously their first team I ever did to go, oh and 16. So anyway, so it was a fantastic weekend. If you don't watch the lions, um, Oilers one, which is good. That makes me happy, obviously. Um, so sports, the sports went well from the hockey world, we'll say, and the hockey world. Okay. I did the most dreaded fit house thing that you can do.

Uh, this weekend. I did it yesterday. No, no, no. All right. What is it? Uh, no, I had someone else do that last week. I'm at least Lisa won't love me. Lisa won't let me up on the roof. I cleaned the garage once a year, whether it needs it or not. Right. And I got a new roof. And these guys just pounded on the roof.

Right. And I didn't cover anything in the garage. And I had just stuff all over the place, took me six hours, six hours, but I did. Yeah. And I went through all the archives and I did find my term paper from my senior year in high school. You know what it was or what it was about. I got, I got my dad and my sister helped, but you know what, you know what it was on what stock market,

the stock market, as it relates to horse racing, that would have been tough. The stock market crashed in 1929. Wow. Yeah. What year did you write that?

I want to write it right after it happened. Uh, well, y'all know how old I am. I graduated high school in 19 81, 19 80, 19 80. I, you know, I don't know if I took, you know, I was in super senior honors English, so I don't know if I took that first, second, second semester, but maybe I'll break that out sometime, but let's go to the markets we got.

How do we not have the Bitcoin ETF is the number one thing here on the schedule because we're taking over

I got you. I got you Spencer, because this is a buy the rumor thing, Dennis, you know, we're buying the rumor on Friday. We talked about this last week for a long time. We talked about this last week. It's still the big headline. It's still the big headline here this morning. I'll tell you that. So Bitcoin ETF, we got Tuesday.

Gray scale or , ProShares not what's going on with that. So grayscale has to do something. What they have to do is a little bit different. They have to convert for. Okay. First off, what we're getting tomorrow is a Bitcoin futures. ETF is just like the USO is to oil, but for Bitcoin, it's not one that actually holds physical Bitcoin.

As much as you can figure out a whole, as a futures, they're going to hold a futures and they're going to roll it over every month. Just like the, the GLD and the USO. Right? What gray scale has is a trust that physically owns Bitcoin. They need to con they need to convert that to an ETF, but they can't because the sec hasn't, hasn't approved.

Want to hold the future. They've only approved you to hold the future. So we've got, I think two per shares and maybe one more set to go live this week. Um, but this was, this was being it. We talked about this, like I think a week ago, if you look at the spread between the Bitcoin futures and Bitcoin spot, I mean, it got, it's gotten wide.

What is I, why now? Bring it up. What's the Bitcoin futures. What's the spot out in this door con and what are we looking at here? The future opportunities are what I've been telling you that for a month, I can take delivery of that. Bitcoin. I'll tell you that much. It's not going to be drained in my pool.

Okay. Bitcoin's spot is 60. We'll call it 60,900. Right now. It's 61 to 30. Come in. It's coming. Yeah. That's the DS contract. Oh yeah. You got to go out. If you go off. Then you get here, you show us, could you have it in front? You, yeah. Yeah. Uh, Jamie gonna become a Bitcoin futurist arbitrary. So if you go out further, um, I don't know.

I don't know what the symbol was on trade association, but I can get it on Thinkorswim here. If you go out to the, um, I don't know, let's call it. If you go out to the November, you get few of the features at 61 7. Right now, if you go out to the, uh, uh, w if you go out to the February, now you get almost 63,000.

If you go to the January 62, 5, right? So couple of parts in the March, it's almost 63. I have I've thought 10 seconds about this. So, you know, obviously there's considerations. The fees to hold and the physical Bitcoin. So if you're going to go hold the physical Bitcoin one, you have risk. I see the people on TV that obviously the Coinbase account and just accidentally sent their email out and boom, all their Bitcoins gone.

I mean, you run that risk all the time. If you're holding physical Bitcoin, that somehow, you know, obviously if you're not smart about it, you can get hacked and your Bitcoins are gone. I'm assuming if you own the futures that that's not going to be as much of your problem, I would hope. Um, but since this is tracking it, so maybe that's why the premium is there.

It's not like when you look at the oil, you can't just say, oh, it's like oil and this huge rollover, because you can't take physical delivery of, you know, a barrel of oil. It just, where are you going to do with it? So the physical delivery, isn't an issue here. It's probably just more of those other risks that are involved with maybe holding the fiscal Vic Bitcoin, why you have that future premium.

So it's not an insane premium. I mean, you're going out six months and you're saying it's $2,000. I'd say, why not? You know, if you're comfortable holding the physical Bitcoin. Yeah. Why am I going to buy futures at 63,000 when I bought a physical Bitcoin at 61, so that the arbitragers would, I guess, short the futures by the physical Bitcoin.

And then obviously, you know, they've got the Bitcoin with the delivery. So, um, I don't know what other risks, again, I'm not a crypto trader. I've never actually made a crypto trading a crypto account. So there may be some other things that, you know, maybe just these, um, in there that, you know, are hidden with, with making the transactions and stuff.

So, you know, maybe the physical Bitcoin people can help me with that too. But, and, and, and as he's saying, I'm an idiot, there's no risk in a hardware wallet, but I'm just saying. That people who don't shizzy, if you don't trade Bitcoin, like I don't trade Bitcoin. And a lot of people don't trade Bitcoin. You just want to hold the futures.

You don't have to like, figure all that other stuff out. So maybe it's the, maybe it's as paying the people who are actually doing their research and going, but I will also say hackers are good. And we can say you can't hack it's unhackable on hackable on hackable. I mean, if somebody gets your code or somebody gets your email, somebody holds a gun to your head and say, give me your code, or I'm going to shoot you.

You might give them your, you know, your numbers. So, and then it's just gone. So, I mean, maybe those are, there are risks involved that other people are saying again, I'm not a crypto trader, but I'm just trying to justify a difference between the price of the futures and the price. And obviously, you know, also involved as a time value.

So that's one as well, which isn't much. Well, it's becoming more though. It's becoming more and more, correct. I mean, inflationary costs are probably involved in there too. So you can buy stuff today with physical cash. You can buy some stuff with physical Bitcoin too, but not nearly as easily. So, okay, here we go.

So again, I'm not, I'm just saying the spread there. Isn't like oil where we have a delivery problem. We can't take physical delivery and the cost to store is a lot higher. The cost to store physical Bitcoin is basically nothing. So that's why outside thoughts, outside perspective shizzy. Again, I'm not a crypto trader.

I'm just trying to say I've seen multiple articles saying there's big role because, you know, look at oil, look at the USO. It's a completely different animal. We don't have a huge barrel of oil. So it's different. Well, what they are going to roll it because that's, they're going to roll a Spencer, but in the cost.

So go back to your basic, you know, fundamentals, you know, 1 0 1, the biggest cost to a barrel of oil is cost of carry. How do you store that? How do you store a barrel of oil? This is what the role is all about. It's not just everything rolls. Everything costs. Money is fit, huge costs. Hold on, though. And I haven't worked at the filing, but maybe the filing might say, we need to own the front month contract, right?

Yeah. I'm sure it does. But what I'm saying is the front month contract, the difference in the contracts, the difference with oil is that cost. The biggest component is that cost of carry. Think about like, you got 10 girls of oil, where are you storing that? Spencer? Where are you putting that? You got 10 Bitcoins.

You put it in your wallet. There's not, no nothing's being cost there unless they're charging for the wallets. But, I mean, it, it's the, it's the, you know, it's just the storage issue. That's why you have a huge premium and you know, and that's why you have the, obviously the issue of the roles in oil, but oil and Bitcoin are completely two different animals.

Okay. So right now, now the Bitcoin futures market is in contango because the current month is cheaper than the, the monster. The further out that is normal. Yes. You're saying that this normalcy, meaning I'm saying there's a $2,000 spread there and I don't know why. I don't know why you justify it saying maybe there's risk people see risk holding the physical Bitcoin, a hacking risk.

You know, maybe they're seeing those other risks. I'm trying to justify the 2000, th the, the oil, the oil, the unders follow me here. I I'm following you. The oil is obvious. Why, why there storage and transportation storage and all of that. Now you don't have that issue in Bitcoin. So why I'll ask the chat?

Why is there $2,000 difference that in that? Okay. Now we're getting somewhere. That's what I'm trying to say. You're live on the show. I thought now three minutes about it. Not thought about this before. Why is there $2,000 difference?

we should get Joel, we should get Russell Rhodes from the CME. Ask him that's a fantastic question. Bring her a salon, right? Yeah. Bring them on. Okay. I'll reach out to Roswell today. Russell AC, we haven't talked to him in a long time. Uh, but uh, you don't want to look at, I mean, there's, let's ask the chat.

Well, shizzy, why is there $2,000 difference? He says, because it's a bunch of middlemen. Wow. There's no, you know, if you can do the futures, you can do the spot. I don't know if there's $2,000, you know, I would just say if there isn't all those risks involved, you buy the physical Bitcoin, short the futures and collect $2,000.

If it's that easy, why isn't everybody else doing it and bringing it in. So I think there's something in there that I don't know, Russell would be an excellent person. Asked that question to transaction fees. Yeah. I mean, it's, it's a good, it's a good question, Dennis. I I'm asking that question because I know the answer and I don't know the answer, the answer.

I never, it didn't occur to me because I just, that's a normal packing risk Alice saying hacking. Right. So that's what I'm saying too. I'm saying that their pricing and some hacking risks, but let's ask Russell, let's bring to. Because we, haven't a question how I'm calling the short answer. Alright. Can we, can we talk about what, what I thought would be the biggest story of the day aside from the Bitcoin ETF?

Obviously 17 minutes later, we have a new COVID vaccine. If you look at your top gainers top gainers today, what's up, what's down your top two gainers are COVID vaccine related. Take her VA, L N is your big one in Villanova and it's w and their, one of their suppliers is Dynavax ticker DVX, which I think mark Chaikin has mentioned to us, but if I never had phase three results of their COVID vaccine candidate, and it was apparently very effective.

So both Vanessa V a L N and DVA X are trading higher. Uh, the, the trial met both its primary end points and. You know, in the U S we have three, three vaccines that are approved and symbol symbol me again, V a L N B a L N. The other parts of the world. They have more vaccines are using AstraZeneca. They're using the Sputnik out of Russia.

This could be yet another one. Uh, just my initial thoughts. You and Dennis, I'll let you take it away from that is, uh, you know, don't get murked on this. You know, I, I just, you know, you saw the price action in Merck. It ain't no, it held up for a couple of days then, and then collapse. So this is a nice move.

You got over $40 in the pre-market. So, you know, make sure you take out that pre-market high of a 40, just over 40. Where is that? A 40, 70. You take that out. Who knows how it's going to go. But right now, you know, it's leaking and Merck had some crazy trading action afterwards, but we know what happened to America.

I mean, there's a lot out there and they're all going to be cutting each other's profits. I see DVA acts is not moving as much. Triple D. What are you seeing out there? I wouldn't buy a bounce like this on a vaccine. And he does. I mean, and, and you can see the market's response. We don't care about vaccine news anymore.

The market gives care zero about new, but we have vaccines coming out. There's actions are everywhere. Do we need another one right now? Probably not. We can't get the people to take the ones that are currently out there. The last thing we need is more vaccine. The market cares nothing about a new vaccine.

Um, it cares on this stock, the specific. Sox getting a pop. I think it fizzles away and eventually leaks a lot of it back down. So I'm not a fan of chasing this Vaal and move up 31%. I don't think you're going to see a big reopening trade because we have another vaccine. Cause we have vaccines everywhere.

Merck was a completely different story because it was a solution to, to somebody who actually has completely different vaccine news, man. That's why I was challenging weather. Number one, the gap up to 46 and a quarter. I would check your news on this day, whatever day, September 13th, whatever they came out that day.

Now all these people that are caught above $45, they're like, oh no, man. Well, I, there already sound this morning. Some of their money back Juul. It looks like it. Yeah. So, uh, but good news, nonetheless, we care about China's still, China probably matters. There's a couple of headlines here this morning out of China.

Headline. Number one is they had GDP for the quarter. And it came in a below estimates, 4.9% was their GDP reading versus a 5.2% forecast. Um, and, um, so slowing GDP growth, they said it was, um, due to powers, power shortages apparently was, was a big, big factor in this. So there's that that's you, you see that headline and you think, oh, every Chinese doctoring down today, not on, not, not so fast.

My friend, you look at Baidu stocks trading down. I see FXI trading up. Well, I, I didn't finish chopping everything today.

Let me finish. And that's not true. Every Chinese stock is not trading higher. That is not true at all, but, okay. Um, Baidu is trading higher and that is because, and we've talked about this before on the show. How in China, every major internet giant has its own ecosystem with walls. That it that's walled off from its competitors.

The Chinese government has come out and said, Hey, we, we're not sure about this whole walled garden thing. We think we might want to break these walls down and integrate basically integrate companies with each other, just like in the U S right in the U S you know, Google is, is tied as relations with apple.

They have relations with Facebook. They're all related to each other. Uh, in China, they're talking about doing the same thing, uh, this benefits Baidu, because this specific headline here was that Google not Google was that China were basically forced a company like 10 cent, uh, which, which owns, uh, a, we chat to allow Baidu to show up on 10 cents platform.

So basically right now you have a company like Baidu is completely walled off from a company like 10 cents. You're on 10 cent. You're not getting anybody to you at all. This, this would change that this would basically integrate the companies with each other. Uh, that's why I bought you your trading higher, because it's seen as, as good for Baidu that they could basically get on the 10 cent platform and advertise their good access to those consumers, that they wouldn't have access to.

What. Let's see what it does at one 70 Juul. We're we're through it and the pre-market, but we're throwing to leak back down to it. There's huge technical resistance on 70. I don't care that it's trade 1 72, 1 73 in the pre-market. Let's see if it can hold it. If it can hold above one 70, it gets a little interesting.

I'm not buying the rep. Especially look at the Baba chart. Look at the five-year chart. We just did, you know, four hours on relationships. These two stocks are related, and if you look at the last two weeks, they were right on top of each other. So I'd rather show it the body rep and Buybaba here. And just put the spread on to be honest like that, obviously, you know, that's, you know, the short-term trading affects, I don't know where Baidu goes longterm.

I'm just saying, you know, that Bob has, you know, five Baidu up four and a half percent Baba down half percent. That 5% today, I think. You look at one 70 shaping up and Baba until the other thing that we talked about, you know, on Saturday was, you know, knowns and unknowns in the market, you know, and thing to base, you know, short term and immediate trading decisions on it's such an unknown, like Spencer just went through all that.

Well, it's good for BA Baidu might be bad for BA I mean, those are, I mean, Have to take in that many factors, you know, for, uh, a chain decision. I mean, it's tough. I'm looking at a technically Baba did trade over one 70 and the pre-market last week. Life's little wall there. The after one 70, I think this thing has some hops.

I was hoping for a little bit more of a pullback to buy it on the cheap and then buy to a pre-market high. Dennis mentioned it's up here just under the 4:00 AM traders. That's another thing we talked about. 4:00 AM traders got excited, took it up to 1 73, 72, couple highs at one 70, and then it starts to open up.

I, it is hard. Y'all all because basically what you're going off of, where you're going off of this morning is like one. Um, comment from the government on one day, you know what I mean? It's like, right, right, exactly. Right. That's that's the thing. So, so yeah, it, it is, it is hard. It, this is by no means an indication.

Yeah. Great. For Allie. Great for Baidu, because I mean, that's, that's what their first reaction is, but that's never going to be, it's never going to be that simple. Right. So, so tough here. But my point in bringing that up was look, you have competing narratives today. You have China, GDP growth is slowing and you have this other headline that would appear to be good for certain companies and not for others.

Very difficult to parse out. I think that was the lowest point. And I, and I do agree, um, you know, it's not difficult to parse is the Zillow headline from this morning, Zillow is turning down because they are pausing their I buyer program. If you have, if you don't know about this Zillow red faint open door, they're called I buyers because they I've entered into the real estate market at the uni in the U S they are buying homes based on what their algorithm tells them to buy.

Um, initial reactions would indicate that they're not very good at it yet. Um, Zillow Zillow is not made money off this. The first off they've only bought a, I was reading about this the other week. Zillow is, um, in the first six months of the year, I think they only bought, um, couple of thousand homes. Um, yeah.

Oh, no, this was, this was last year. So last year Zillow bought 4,000 homes. Out of the 6.5 million homes sold in the us, Zillow bought 4,000 of them. And that sounds awesome. They should be up like 25 to 30%. Well, they're not making money on those homes. They're not really, really, so, so one of the reasons they're promising this program today is because they've actually, they're pausing, they're buying because they have a backlog that they need to sell for.

Yeah, I was just going to say, if you're going to create an algorithm that tells you when to buy, then you also created algorithm that tells you when to sell. And I mean, you could buy, buy, buy, buy, buy, and now they're kind of competing against themselves now. I mean, this is, this is horrible news. I mean, not only for Zillow, but kind of for.

You know, the, the economy and the housing market. I mean, eventually we were going to hit a glut, right. I'm just looking at 80, just technically, you know, I don't know how this news is going to work out in a long time, uh, in the longterm, uh, 85, see a low at 83 93, and then it was surrounded by a bunch of lows around 85.

That's the only level you have. It's the only thing you can lean on, have not hit that yet in the pre. So there's a really good blog post an article about this, uh, on a medium that I read a couple of weeks ago, and this guy Corey left Coby Lefkowitz did, did some digging on the numbers. And according to Kobe, he said that.

So since Hillel began meaningfully buying homes in 2019, the average value of a home that Zillow has sold has increased 16%. They're making 16% on average on their homes, which is not. When you look at the last 12 to 16 months, home prices are up like 25 to 30% of the time. So they've lagged to a certain, or you can just look at the entire picture and say, okay, in the first half of the year, Zillow lost about $667 million.

That's interesting. When you consider the fact that the housing market is on FRAGO right now and they can't really turn a profit. So, so, okay. It would appear to be that right now, we're still only copiers into this. So it would appear that Zillow Redfin open door, um, those are the three largest buyers that they're just cause they're buying some homes.

It doesn't mean necessarily that they're a driving our prices or be actually good at it. Right. Um, that part remains to be seen. The headline this morning would indicate that Zillow is not super great. If they have to pause the bond. To get through their backlog for the homes that they already own would indicate that they're working out at the king.

Still not to say they can't, that can't be done, but that's what's happening here. So people are looking to buy the dip everywhere, um, everywhere, not even just, you know, like there's certain sectors that have obviously underperformed, but I think after, yes, last week's rally. I think people buy the step. I don't keep care about the headline.

I just think that there's a lot of support. 85 you're 86 and a half on ZG here this morning. You can look, obviously we talk, you know, the share class arbitrage a little bit on the weekend too, but zebra ZG pick your poison. There's two there's major support down there for CG around 84, 85, same thing for Z, G, Z.

Um, so lots of disease in there. I think people buy. Just as Domino's pizza, they bought the DEP I liked the business Domino's pizza much better, although they throw it back off to this thing in itself. So again, don't chase, you know what I mean? Main, main reason. Main thing here is don't chase even IWM today.

So you had, you know, S P Y looks pretty darn good from Friday. IWM did not look good on Friday and actually closed fairly week. We had some separation happening there again. So IWM, I like back down to two 20. I don't know if you're going to get all the way back down there, but I am looking, I do believe Spencer Israel's thesis that we're going to be at new all-time highs by the end of the year, it's going to old.

That's my opinion. I'm looking to buy dips on everything. I didn't even be considering buying the dip on Z and Z G leaning on the lows of the move. Wow. I did not expect that. You didn't expect me to buy the dip? Well, Zillow, Zillow, and again, I'd wish it wasn't Cylo Spencer. I'm just at this point right now where I think there by the dip on everything.

All right, Mitch, what's up? Hey, so many magical buy the dip on this just because they're looking to buy the dip on stuff. I think what's going on here is more of a buyer's situation than a Zillow situation. I think what's going on here is loans are getting harder and harder to get, even though rates are lower.

So they're requiring more on the credit side and the requirements for income, because I think banks are concerned even though there's low interest that just don't want to be passing out loans. Yeah. I mean, that could be, yeah. I mean the down payment is, is, is the, is the barrier to entry right now. They don't want to get, they don't want to give loans based on the valuations that, that are coming out now because the, the, you know, a house that you could have bought for 400,000 and got a loan for now, you're paying 5 75 for, you know, did it really, you know, I was evaluated, you know, and the appraisal's going to keep going up like that.

I mean, well, there is a narrative out there that Zillow is responsible for driving up prices in certain markets where, when you look at the actual quantity of homes, as Dilla was bought, it doesn't really hold water. Um, but it's a convenient scapegoat. Then again, as, as the chat, it could also just blame it on private equity because everyone's buying homes.

Well, just from a, just from a fundamental, uh, perspective when, uh, when I had the discussion with, um, with gene and gene Munster and Sean Udall, Sean liked the open, uh, uh, gene, like the Z, uh, I think they're a nutrient Redfin, but their thesis was, and it didn't have any to do with them, you know, buying up houses and trying to flip houses.

Their thesis was. They were going to get a bigger piece of the pie, that more people were going to be. You, you know, you, young kids, like you are going to be using these platforms as opposed to using your traditional brokers. They're just going to get a bigger P you know, it's kinda like Tesla is Tesla going to have a hundred percent of the market now, but if they keep getting a bigger percentage of percentage of people buying cars, then that's good for the company.

So that's a long-term thesis. You can put debt in your pipe and smoke it, but that they're just looking at them an increase, their market share. Let's go on and Zillow too long. Talk to

Dennis, what do you want to talk? You know what? Let's go talk. Let's

call last week. Metro Mitch learned us three days ago that

Mitch and Joel, nice. I am giving you beyond this. I said it Friday. Joel said it Monday. Wait like this Monday, last Monday. Oh, Monday. He said it on Monday and I had brought it up on live trading Friday 36, 12. Anything you can trade technically the longterm AMC. I still don't understand it, but I'll tell you it doesn't, it's separated from all fundamentals.

All that matters. The technicals, the technicals are looking okay. There was a dip Friday night and it was dipping down a dollar and a half, Friday night. I don't even know why, but it was a buy the dip opportunity. And AMC's moving higher here too. I'm not saying load the boat in AMC. I'm just saying these.

We, we can catalyst Spencer, right? Yeah. And Spencer, Israel went to a movie. Okay, fine. I'll call Kidman. There are, are we about to have like a, um, uh, a moral debate here because I did, we did go to the movies over the weekend. I, now I wore before anyone says anything. I want, we both wore masks the entire time.

Get 'em get 'em. And before we even went, we, you know, you're going to buy your tickets on one at a time. We didn't do that. But we looked at like the seat map and James Bond. And we went, we looked at this seat map and like, as of three hours before show time, 90% of the seats had not been purchased yet. So we thought, okay, it won't be crowded.

And we were right. It really wasn't, it wasn't that crowded. But we did go, if anyone wants to shame me for it, go ahead. A core, our quarantine is over. It's over, right. You're you're not even sick anymore.

I figured I would, I should probably ask someone before I just showed up and you go to the movies, but I went from the movies is X quarantines. You're not sick. I mean, I don't know when you're officially COVID free or where they say are COVID Dennis it's months. Did the doctor said it could be, it could be monitored before, but if you don't have any symptoms and you're not coughing all over the place and the doctors say your quarantines over, right?

Yes. You gotta go with that. Yeah, exactly. Exactly. So, anyway, I am your weekend catalyst. We saw James Bond who was half hour too long, but it's pretty good. Otherwise, uh, let's see what, let's see what the charts is just real quickly. Uh, no one can steal this from. Because I'm the first to do it. This is the eight formation here.

It's a new technical term. They're going to put it in Edwards and muggy. And this is when you know, you have a big sell off and then it just kind of buys a bunch of loads in the same area, a little consolidation, or this is only specific to AMC. So this is the eight formation right here. He's got the ape formation down to coin this yeah.

Next week y'all will be claiming it, but, uh, I'll be claiming it next week. Let's tune it in right now. Uh, 41, uh, you know, someone's taking some profits here, 41, not much here on the dailies. My next daily high 41 95. That's all I can say about it. Technically, uh, going into today's session 36 on a Monday, you guys got to save the show.

If there's anybody.

There is anyone who can save this show from being one of the worst in our history. It's Tim quasi. Save this show. We've argued about Bitcoin rollover with everybody, Dennis

I loved Sam. I won't fight with Tim. I'm enjoying. Haven't been on the same page for a decade here, Tim Braman, bring us in. I'm just going to mute myself and let Tim Fox, well, I'm sorry, I didn't catch most of the first half then

Spencer. Welcome back. Good to see you. You seem to be well and healthy. Hi, I'm I'm I'm uh, yeah, I am feeling I'm feeling good. Thank you. I'm feeling good? Yeah. Good. Yeah. Um, Tim, maybe, you know, maybe Tim can answer this question. So. So Tim, I'm sure you've heard by now that we're getting into a Bitcoin futures ETF this week, we are looking at the different, different futures contracts, and as is normal with futures contracts, there's some contango.

You go out to steel, you look at their March, February trading on a premium to the Novembers and the October is right. Um, as Dennis astutely pointed out, there is no real cost to carry Bitcoin. It's the what, why, why do you suppose the Bitcoin futures market is trading just like the oil futures market and they go on futures market when it's not a physical good as a coal oil.

In theory, you, you could take possession of if you were to hold it through the expiration. Well, I suppose you could take possession of Bitcoin too. That's. That's what we're saying. It's easier to take possession. So we see a $2,000 spread and Bitcoin, you know, between the features and spot. And I'm like, okay, I am not a crypto trader.

So, you know, I've tried to speculate earlier, but, you know, I was wondering, and you're not, and maybe you're not a crypto trader either, but I don't know why. Uh, I'm not, but I, you know, it's interesting. The discussion of derivatives is always, uh, informative. And maybe it's just as simple as this, that people don't really understand futures, particularly this trout, that's trading, that's trading cryptocurrencies, they don't understand futures.

Uh, and, and it's, you know, that's concerning, it's concerning that, that an ex an exchange traded fund, which is a genius idea. We've talked about this before, uh, that, that they were created by commodity traders. And that that's an interesting. Juxtaposition ETFs were created by commodity traders, uh, from state street.

Right? Well there. Right. So, so they, right. So the idea behind exchange traded funds was, well, wouldn't it be awesome if we could trade the warehouse receipt instead of actually moving stuff in and out of the warehouse, that was the whole idea behind exchange traded funds. So there is, there's a, the, you know, they're cousins already ETFs and futures, but most people don't understand them.

Most people don't understand exchange traded funds. Uh, so I, I think you just, you, you, you believe that there's going to be greater demand because of this ETF. And so everybody plows into the futures as far out as they can. I think that, do you know the date, the futures on America fully margined you have to, you have to put out the full amount.

There's no, there's no, you know, like five tenders, no merge, and they have to put the full amount, they have to put the full amount up. So you gotta be a player with some big money even to just trade one contract there. Right. So I just, I just want, and I mean, that's a big edge to that. We know if there was fully margin, you'd say, okay.

Yeah, you don't have to put the full amount up so you can get exposure to more that way. But when it's full, you know, that doesn't, you know, tell the reason for the $2,000 difference either. Yeah. Right. Well, I, I it's supply and demand to me. That's the, and that, that's the, that's a nice, uh, uh, uh, linkage between.

Market structure edge and these markets it's, you know, it's all about, that's really what we come back to it's supply and demand and the trouble with understanding supply and demands effect on, on derivatives is that they are they're the they're applause. There implied demand, an implied supply that may or may not actually manifest at the time.

And that's what gets confusing. Of course, that today, today new options are trading. So the options that were for October expiration lapsed on Friday and settled Saturday morning. So now that there's a new series that's trading and all of this stuff comes back to me to supply and demand. Uh, I always like to talk about the, you know, the thing for traders to keep in mind, just so that you're aware you're prudent.

You're, well-informed, it's good to know what you're doing, uh, that, that mortgage backed securities back in 2006, Uh, it became a way for the residential mortgage market to absorb a lot more demand for the underlying supply and the trouble with that is when the prices of residential mortgages stopped rising.

Then all of that implied demand got written to zero. That's always the risk, uh, with, with a derivative instrument and I'm not look, I've got nothing against ETFs and futures and so on. I just think that you should understand that and that when prices become uncertain, now we've added an element of magnitude potentially.

If this continues on the course that it appears to be on, uh, to the CR the cryptocurrency market by introducing, uh, implied supply and demand, that can be marked to zero. This is how you increase volatility in mind. On that happy note, let's go into the markets. Let's go. And obviously, you know, we can go into some individual stocks.

Maybe we should just check out some individual stocks as we've got Netflix. Let's go to Netflix. We've got Netflix going to report tomorrow, tomorrow, tomorrow. Uh, Tesla's going to report Wednesday. Let's look at the market structure here. Break down Netflix, Tesla. And, uh, drum roll. We have, we have officially launched market structure edge to point up.

So we'll be, that will become the, the, uh, platform as of a week from now. And, uh, the principle difference is that we've made it very easy to understand supply and demand. That's the whole point here. So everything now will be supply and demand noticed on my graph here for the October 18 Benzinga portfolio, where demand is rising and supply is falling.

That is very easy. That's what we want to put all the focus on, you know, it's supply and demand and understanding the underlying motivation. This is the challenge for technical technical charting. To me, it's that we, we don't know what the motivation of the money behind the prices. It would be good to know that because they don't have the same purpose and time.

Uh, but we can now just go through here and I can look at everything if I want to look at Tilray and compare it to stem, I can immediately see those comparisons and see what the supply demand differences are. So it makes it very quick and easy. So let's go look at Netflix, uh, and, and Teslas again, I'd be, Tesla has never ceased to be an extraordinary market component.

So here's Netflix from a supply demand perspective. So demand has peaked. That's what happens when it begins to come down, but it's still way above five. And the supply side continues to fall. It was very high. I mean, the reason the price stopped rising right here is because short volume was over 50% and way above trend.

So price stopped rising, but this does not. This to me says if you're in Netflix, you could stay in Netflix. The likelihood that this produces, uh, a stable stock, at least, and maybe a, uh, a rising one. If short vine continues to work its way back below 50% and demand stays above five, it's just a 10 point scale folks.

And you can get. Go do this yourselves. You can go. If you haven't used edge, go to market structure, edge, sign up for a free trial, put your name and email in and put Netflix in into it. You can just look it up just like I did there and expand the time and you can go back and see what has happened. Uh, over time, Netflix has performed well because it spends a lot of time above five.

You own stuff that's above five tends to do better. And if we looked at Tilray as a contrast, you know, you had the cannabis show last week, right? So, so, uh, how. Well, if we look at this cannabis portfolio over here, mine has 11. You may have something else in it. And I can just look over the past 30 days and see that it's spending the components combined are spending a lot of time below five, or it's not great.

The demand is rising now, but it's not back to five. The supply side, not bad at all. It's it's uh, it's near 40%. So let's go in here and look at Tilray Tilray is a one, and it's been a one it's about 34% short versus 45% in the S and P 500. Uh, the lead behavior is high-speed trades. Just machines like Citadel and virtue, just trading it against other things.

Uh, and so when should we buy Tilray let's look at this. This is a, you know, this is a 30 day view, 30 trading days, and the CR you want to see this green part of the graph above five, right? It's not. So this not great. Uh, it now maybe if we come out of this options, expirations periods, so today new options trade tomorrow, banks will true up the books.

Wednesday, our volatility expirations. Very important to know about that because everybody will reset their volatility traits. That's both low volatility. I might say, you know, I've got some JP Morgan funds through my financial advisors that are meant to track the S and P 500, but 50% less volatile. Well, that involves derivatives that are designed to take out some of the volatility or offset it with some premiums, options, premiums.

So if that stuff picks up, maybe there's an opportunity until right. But don't buy Tilray right now. I mean, do you ever buy any stock with a market sentiment of one? Yeah. Netflix. Netflix. Yeah. It's very interesting to see that if you, we could go back test the data. Of course, historical data is no guarantee of future performance that is similar, but it's worth looking at.

So if I know if I buy a Netflix at one, I like one in 10 is really great with Netflix usual. Now we'll see. Uh, so again, it depends for me. This is really good. If, if Netflix is a one, because it's spent so little time there, if it goes to one, you should buy it because it's almost never a one. Uh, the, you know, th that means if you're trading it all the time, you're going to have to have a different entry point than a one.

Uh, but you could make 8% in 23 days. Now you say, well, that's not very much. Well, yes, it is. It's very good. 29% holding at 90 days, you're doing better than that audit proportionate basis. So, yes, there, there are one there. The stocks that spend very little time at one and video is another, uh, Tesla is another, if those stocks were at one, if you could set up an alert to tell you when it's a little.

So that you, you buy it when it's a one and it's, you know, that

does not fit Tilray is just miserable. If we put two Tilray in here and just did this back up, why you would say, well, not all the time, one all the time. Exactly. It's really lot more complicated than that. I mean, look at that. It's buying a one by, until Ray, when it's a one it's almost as bad as just buying and holding it, you know, it's down 49% the last 90 days.

And why is that? Because look how much time it has spent below five. So you want to find. That's not a lot of time, but a sauna, a sauna is, you know, that's it, there's a stock that if you, you know, here's a stock that spends a lot of time above five pick, by the way, we've got to give some props. Okay. Well, there you go.

Uh, pick back at $22, I think, or $25, whereas gray call. I don't know if he's still got it choosing wisely. That's good. That's very good. Look at all that time above 10. I mean, and here was an awesome new entry point. If it drops below five, okay. That's a great time to buy it. Would've made 20% and about five days on a Sunday.

So it's, you know, that's really supply and demand and it will be interesting Spencer to see back bringing it full circle. How having an ETF in cryptocurrencies in ETFs are infinitely elastic. That's what, that's the difference between the, you know, ETFs are just going out and buying cryptocurrencies. Th they're going to use futures, right?

And futures also are infinitely elastic. So you take an infinitely elastic vehicle called a futures contract, and you put it into an infinitely elastic vehicle called an exchange traded fund. And what I mean by that is ETFs can create as many shares as are necessary to accommodate demand and keep the price right in line with the futures contract.

Well, that's great on the way up the trouble is when he's on the way down and Dennis, here's something interesting to ponder. So I've been noting in my own tray. That the likelihood that my trades are fragmented into fractions of pennies are 10 times higher on the way up than the, on the way down than the way up.

So all there'll be a penny spread in my trades on the way up on the way down. It's a 10th of a penny, even a hundredth of a penny I'll I'll get intermediated. So that tells me something. It means it's very easy for money to get into the market. It's a lot harder for it to get out. And so those traits get fragmented.

If that makes sense. Yeah. And there's a couple of questions for Tim in the chat, Tim. I believe we've got you on the calendar for on the power hour this Friday. I think so. We'll save those questions. Everyone tuned into, I just want to ask you one question here. Cause we talk about, we talk about entries and, you know, using, um, using market structure edge, take a look at, at bank America for me because it's a screaming, it's got a, it's a screaming.

Right. It has to be a screaming tent. I don't know. Let's find out it's a five, it's a five. And it spends a lot of time at five, which is interesting, you know, w what do you do with stocks? He spent a lot of time at five hold them during periods of market, uh, basing, you know, so if, if technical stops rising, go to the fives like Costco, you know, if you, if you want a ride, uh, options, expirations, period, up, put your money in Costco five, but five of five.

Yeah. So, but that's the thing, Joel. It won't give you awesome performance. It's going to give you what the market does effectively. The market's about a five for most of the time. So you would have to find, then you hold this poppy, right? What's the last time. Um, it was a 10 right here. So it was a 10 at the month.

End transition. Now why was that? Everybody was because the market was very volatile. Remember? So if we look at the broad market sentiment at the transition from September to October, look at it, we got caught, right? So this was, yeah. So everybody's shoved their money into low volatility vehicles and, and bank of America is a great example.

People like me using JP Morgan. Oh, the market's volatile puts your money in the stuff that we will measure is five, put it in bank of America, hospital, Philip Morris, uh, Procter and gamble stuff. That's going to be 50% less volatile than the broad market. And that's where you want to be during volatility.

As soon as the volatility is over back to Tesla, we go and Nvidia and so on. It's the, it's the way to think about the supply and demand of the marketplace and where the money's going to go. Tim Quan is the founder of market structure. Ed's link is on the screen. Join us every Monday, Tim, the answer I want to, I want to bring their here's.

There's the gravitas where this program, and it's got nothing to do with market structure edge. You guys have been busy, but I want to note that Colin Powell passed away this morning. And, uh, uh, w you know, I had that, I had a chance to hear him speak one time. Uh, I actually traded letters with him once. I can't even remember what it was about.

Uh, but I want to acknowledge the passing of a very fine American at age 84 today. Uh, colon pal, as, as you should. I saw that that happened right at the top of our show. I believe so. I, I, as you should, uh, thanks a lot. We'll talk to you again next week. Triple D, what did you do to the market? Then by, I guess it was the problem there.

We've got supply demand looking at this we've now there are another, that was just like another seven, eight point leg down. I'm not sure we got solemn balances, uh, 44 41. So again, you know, we had three-day ripper here 120 points. It went farther than I thought, because on the morning, you know, on Friday morning show, I thought it was over down and we continued to rip higher here.

So now we're getting the pull back a little bit of the pullback. Anyways. I do believe you're looking at dips to buy here. Honestly, I'm looking, I think you're going to be looking at, I think this market is still got new highs on the brain here, and I think you're buying the pullback. Not only inspires born in IWM as well.

Now again, you know, we've run a long way, so I'd rather get spy down at four 40, but there's individual stocks that are probably going to give you some level. So I don't see much on spy, but there's definitely some individual stocks that are probably going to get you some levels. And what about gold? What about Spencer's gold?

Are you interested in buying gold here, giving you the second shot right now, Spencer. Here you go. Right back down to where you were talking about. And then three days ago we thought you missed it. Gives you another chance. You're right, Dennis,

what shirt are you wearing, Dennis? What w what is that? He's shark. This is my life, man. Yeah, cool. I only rotate like five shirts for the show. I haven't noticed that. So. All right. We'll do some take your time here. Um, the next few minutes, um, I, it was convenient that Dennis pointed out Netflix and Tesla, but both, both turning higher into their earnings.

They both have headlines this morning, but the headlines, frankly, I don't think are relevant. I think that it's more to do with the runnings, that squid game or whatever. No, I haven't. Yeah, I will. I will. Sorry. I'm very delayed. I'm very late on my pop culture. I will wait until I'm never in the culture. I'm always, I'm never in a moment for that show.

Five years behind the call. Yeah. It's not, I don't know. Sometimes we're early, but I was just looking at the Netflix. I know it's coming into the report. It's it had made that all time high and you know, bunch up and consolidation here. So sure. It looks like it wants to take a shot at that old time high.

And then Tesla's been running in its report. Just even when I noticed when the market was even going down a couple of days last week, it was still going up. So, uh, pull next monthly high. And Tesla's not to 8 80 50. If you're looking to get out ahead of the report. I'm going to grab some tickers. I'll grab a couple to start with first, um, upstart getting a downgrade here, which the stock has just been a monster.

So somebody is trying to call the top of the Baird. I'm trying to go on from my memory. Who was it? Downgrade this morning. Ups T I believe to underweight too. So let's just get in front of them around 1873. I don't know. Pick your poison and this one, I'd say your two day long. Let's see what happened to you today.

Low. If it even gets there 3 47 feet downgraded at, oh yeah, I know it's bank America. Sorry. Bank of America downgrade it. Um, to underperform price target 300. So they're saying it's over done. So got an analyst call on the top. Yeah, you did sneak your head above 400. If they downgrading and perfect timing, you seek your head about the 400 and then, you know, he's closed.

Not above it. Everybody kind of had 400 in the brain. I think you pull back to three 50 here. Me. The question is, did he just come and buy the dip on this dock too? It's so loved. I don't know if I want to buy it on a day one though. And it's so over bought that. I think there's, there could be some more to slide ahead.

So it's not an easy call if you want to try and sneak out on a gapfill, uh, yesterday's. Lowe's not that far away. 3 80, 60, and then at all-time closing high, there'll be stacked up there at three 90, but there's, there's a level of upside-down Disney downgraded to chat saying, obviously we saw that as well down four box here, big support, 1 69 to 1 73 bucks away from here.

This is a stock. You absolutely do not chase under any circumstances. We have the accordion shirt as Mr. Alicon has coined over the years where it just keeps going up and down, up and down, up and down. Yeah, middle of nowhere. It's just in a range you buy, like if you're playing the range, it's 1 68 to 180 5.

So you're coming closer to the bottom of the range here. Now I wouldn't be selling it down here, but I mean, The Disney plus is the wild current. And like I've said, I've, poo-pooed that quite a bit here lately that they just don't have the content there. And if they start losing subscribers or Disney can actually take ahead.

Uh, there was also the report last week that was swiftly denied that maybe is trying to spin off ESPN. So, um, yes, it's worth not much anyways. Uh, it is not what, what about U S deal also Don gray this morning? Um, I forget cyclical, Morgan Stanley taken it to sell from buy to sell. So what were the price target?

17. I've been wanting to buy USDA. I bought Cleveland cliffs. I've been wanting to buy us steel too. I'm not going to probably buy on the day. It's downgraded here to sell because I can spook the street, but you got support down there in the low twenties steel. It's tough. I want to be long c'mon some commodities because the inflation aspect of it, but there's also the consideration of the prices went up so much on some of these, you know, that, you know, and steel prices went up as well.

Are we at a point where some construction projects get put on hold just due to increased material costs. That that's a question. I mean, I've got a friend does big quoting for, you know, major construction projects. And he said that this one company that he was quoting for, it was a $450 million project.

Um, just six months ago they requested it now 650 million, not a joke. What do they do? I'm like, well, in this case, they had to go through with it, but there's definitely going to be some, uh, you know, are you, you know, are you going to start to see some construction projects, major construction projects get put on the back burner when construction costs are up 20, 30% over the course of the last year that might happen.

So infrastructure builds a wildcard here too. I want some exposure. I still kind of like U S deal. I've been kinda liking it down here in the 20 to 21. I've played a couple of times cause it's been working. I'm not buying on the first days downgrade though to the bubble 20 and a half. Dennis mentioned the area.

I there's a lot of symbols here. We missed, I'm going to hop over pre-market prep.com and cover those. So, uh, take it away. All right, I'm going to stay on for just a second. There was a couple things I want to, uh, I want to cover here. Uh, someone that a few people in the chat talk about barked BA K T the crypto exchange, which is going public via SPAC that's back conversion starts today.

So, uh, today the ticker will be B K K T. The old one was the ticker on that one before VIH, that was on the ice age. There is a really good Twitter thread about this over the weekend from Fidel Castro, who is a good following on Twitter. If you don't follow for Dole cashflow, um, it's basically, it is basically, um, box.

If you don't know anything about it, um, it was, it, it is a crypto exchange that is being spun off from ice ice, which owns the New York stock exchange. Um, the implication there was that, oh, this is a company that's backed by ice died. This is backed by nicey. They know what they're doing. I think what this may end up becoming is not so much like a situation where oh, ice is backing this company.

It's oh, ice is spinning this off because it's a dumpster fire. I want to show you the screenshot here from this Twitter thread over the weekend that I saw. Alright. Um, BKK T right, backed by BKT is your, is your symbol. Um, they might miss their guidance by 90 per their sales guidance. And there are a user guidance by 90%.

Okay. 90% miss in March. Uh, honestly in January, the company guided revenues for the year of $900 million on 9 million users, it looks now like now they could miss those numbers by 90%. I don't full disclosure. I don't want to get down and dirty in this anytime. Full disclosure. I don't know where this screenshot is from.

It's honestly, obviously from some sort of analyst note, I, I don't know what it doesn't say. Um, but this looks like kind of a dumpster fire. Here's a screenshot of Google search terms or a Google search trends for, for backed and backed up going back to October of last year. Okay. This does not look great.

Um, this is a company that's going public with a $2 billion market cap and. I mean, you can see the training this morning. I pull up my, I dunno, it's $9 and 40 cents. So it's just trading kind of flat from where, I guess it went off the board at $9 and 36 cents. So it's trading, I don't know this, those numbers scare me away.

So I don't nothing about this. Um, but you know, not, you're not, you're not winning the at hello on this one. I'm not trying, I'm trying to lose you. Your child is trying to lose you at hello. Hello. So, um, so, and I also want to bring up, uh, earnings calendar, obviously this week, uh, is the start of big earnings week.

We didn't really cover any of this morning. We had Albertsons and state street, but, uh, tomorrow is the first, really big day of the season. Tomorrow morning. We've got Johnson, Johnson, we've got Proctor and gamble. We've got Phillip Morris. Uh, this is, uh, uh, whatever, uh, calendar, but Netflix tomorrow afternoon, United airlines, um, Yeah.

Uh, Tesla later in the week, Snapchat later, Louis Chipola Intel, Verizon. IBM Southwest. You got like 50 freaking it's a bit it's a big week. Yeah. Um, Tesla, Netflix, Intel pay pal, some of the big names nap. So, and then obviously the next week we're going to get into mega cap tech. So earning seasons, and now we're getting in the thick of it.

We're going to start getting in the thick of it. So it's exciting. Yeah, exactly. So I want to bring that on your radar. Um, and there was a couple more ratings this morning about we didn't that we didn't get to real quick. I, I thought I saw some more on the, pull them up in the pro right now, uh, or go back to it in the pro.

We talked about us deal. Um, upstart. Those are the three that I have. Um, I thought I saw another one Disney upstart. Um, there was another space downgrade. Oh man. To sell. I saw that one too. There is a UBS down to solid space, SPC, 15 to 16 on space. That's what I like better than that's where I originally got in.

Um, I liked the 15 and 16 area, so I think you've come this far. You might have a date with 15 to 16. So I think if you're buying at 19, it could be early. Just last thing I wanted to say was, I don't know if y'all been following, uh, the story with John Deere by strike the strike. I was reading about that over the weekend.

It does not look good. For the economy, uh, the fucking, there was apparently a big strike in the eighties. Um, and this is drawing a lot of parallels to that. They had their office workers and the market shrugged it off on Thursday. So we saw this Thursday morning where they were really know the strike was happening and Deere was actually giant trained down $10 on that news.

And we saw them by the dip on that huge level 3 22. So they were selling it right into major support. That was the low back from, you know, June and a lot of people, you know, even myself, sometimes poopoo the technicals, the technicals worked like a charm on the steer. The major support held you're coming back up now, I think on depths, you still buy Deere really?

Yep. Wow. All right. You know, I'm very fairly consistently reps. I'm not even, I'm not even concerned what the company is at this point in time. It's worth buying the dip and sell the rep isn't working so well. I'm just applying it to everything you are. Indiscriminately buying everything, indiscriminately buying dips, and selling.

Pretty much, unless it's like a headline, like space where I, I'm not buying the dip on space today. Wow. All right. All right. I'm going though, everyone. Thanks for a great chat here today. Keeping me in line. We'll see you guys, before we go into kind of the week's wrap up. I just want to really quickly put some areas on people's charts or radars.

Specialty retail is definitely an area that I'd pay attention to. I know that we have our supply chain issues, but for some reason Amazon's looking really good for breakout. If you look at that last candle on Friday, actually really liked that candle. It's whenever I feel like some people were getting bearish on Amazon, all of a sudden has a strong candle.

It could take off, at least I feel. Um, so Amazon's one to put on your radar. M E L I, I like that chart. And then if we go into smaller specialty retailers, like best buy Wayfair, overstock Ulta, Ulta is a really good one. The makeup maker is an all time high look at that. Whoa, what the hell was that? What is that?

It's near an all time high from the, I'm pretty sure that was earnings. And so I'm going to continue to expect to see that one up. DKS B G F V. So those are some that you can watch and some industries that keep on watch right now. I like, uh, shipping to see if it's going to come back ups, FedEx. Um, you could also keep your eyes on department stores, KSS looking to fill the gap.

Macy's looking strong there. Uh, trucking is interesting. That's an industry that most people don't pay attention to doing really well. Uh, U S a K is a name in there. And the name that I'll give to me for a laggard play is B E S T that's best. Um, diversify know either of these. There you go. You see, I got ya.

All right. I'm bringing you some, some research that I did on the weekend. Uh, diversified industrials, not looking too bad. GE is my play in there. Um, I'm actually starting to like the play Spencer. I already lost money in G I don't need to lose more money in G. All right. So not a bad one for you then maybe look at the railroads for you.

T R N G B S. TRN. And what was the other one? GBX. GBX. X. Okay. So those are some other areas that I've been looking. I've been seeing the railroads actually really break out. If you look at the major ones, you'll see they're leading, these are more laggard plays and I'm gonna see if they can continue to move.

They're not the biggest moves you're talking about. Maybe, you know, the returns on these are like five, 10% versus like, you know, a big momentum stock that moves like 20 or 30%. But I do like the names and then an auto, um, this one's an interesting one. Look at race. Okay. I normally would never go out a week.

Aren't you? I am going to a race. I'm going to Austin. Uh, Austin grand pricks. Nice. Um, look, look at that chart. That chart looks interesting, right? Yeah. Terrible. Maybe, maybe you don't look at the name. You just looking at the chart. It doesn't look bad. No, it doesn't look bad at. I mean it's Ferrari, right?

It's it's, it's stable and steady. I think, keep an eye out. Of course, X, P E V N I O R. Also some charts to keep on. Watch. Just want to give you guys the research that I put in. So they give you guys some bad at the end of pre-market. Now I saw someone in the chat. I think it was tiny pine media, uh, um, bring up that interview that you'd been viral interview on steam.

You see from, I think it was Friday. I, I started, uh, that, that guy mark commune. Ravini he pretended to break up when he didn't know what the answer to the question, which she's been on our show before. Should we, should we invite him on the show? It's been a while. It's been a long time, but he has been on, on the show, uh, once or twice back in the day.

So one of the chat, if we should get the guy from the viral CMC segment, or try to ask him on our show too, if we think we should, we should not do that. But, um, Mitch coma through with some pictures. Uh, can't see. I like them all, but some of them at least were new for me. So thanks a lot. Uh, for that major, I'm seeing, I'm seeing some ones in the chat.

Okay. Maybe our email, maybe, maybe I'll reach out to mark, like, Hey man, do you want to come all again on that? Or, or what can I ask you? What upstart does? It was pretty funny. If you can laugh at yourself, I don't know. You, not everyone can laugh with herself, unfortunately. So, um, that's the way it goes. All right.

Here's the deal for today? Everyone. We are going to end this show here right here. Right now. Uh, Bob, we've got a, another, a full day of program. Okay. The cannabis Capra conference was the last week. It was Thursday and Friday. We're back to our normal stuff today. Here's the schedule of guy David Green going alive and around 10 or so minutes, but we're going to cut David Short today.

David usually goes from like nine 20 ish, 9 25 to 11. We're going to cut David, uh, at 10 o'clock today. And here is why we're doing a new show today. It's going to be every Monday at 10:00 AM futures trading with ninja trader. It's going to be a half-hour show all about futures. Okay. We talked about futures a lot today, right?

Vis-a-vis the Bitcoin ETF. Um, we're going to talk more about futures. If you know anything about futures or me, or even if you do, it's going to be a show to vote. To future, as we've got, uh, an, uh, uh, an expert from the trader on with me, we're gonna do a little bit of, uh, education. And also just more analysis right here is what the market's doing.

Say he trades everything, any future. He trades at all this guy. So 10 o'clock Eastern time tonight, right here on this channel, future training with ninja trader myself, um, and, uh, and, and their expert. Uh, and, and it's a new show. We're trying something out, right? We're always trying new things. Uh, so that will be at 10 o'clock today.

Uh, at 11, we've got SPACs tech and power hour. We've got a new one. We got power hour. Um, Matt Hammond from IPO warriors will be on then that's his new time is middle of the day, not 9:00 AM. We're going to do Matt Hammond, Alec 1230 today. Um, we've got Mooner bust. We've got at the close, we got money, Mitch.

We got a full slate of shows today, or back to our usual schedule. So that's the plan. I hope to be back in the office tomorrow. We'll see. It's much easier for me to stream from the office rather than doing this, um, at home. So, um, thanks to everyone in the chat for the engagement as always, even the people that are not so nice.

We appreciate them. I appreciate you. Um, yeah. How many likes we at rat two? Not even 300 likes. Can we get to three 50? Is my question. That's not a very high bar to clear. I think we can do it. Christian Gallagher hit the like button. Well, what was that image? What was that? Mitch? Uh, okay. Future show will be cool.

Yes, it will. Local nine to six president. Yes, it will. That's the idea, right? The show devoted to futures. Not. Talking about the stock market or anything like that. It's just futures. It's education, right. It's how the market works. And it's also, what's the market doing? We're talking, we're talking stock indexes.

We're talking Bitcoin. We're talking commodities. Right? All of it. All of it. So I'm just catching up on the chat. Okay, cool. Hit that like button. Please remember all the information from our show. All of our shows meant to be used as informational purposes. Only, not for investing or trading advice. David Green, going live in about nine minutes, nine and 10 minutes.

And, uh, I'll see you guys back here at 10 o'clock Eastern time for futures trading with Benzinga everyone. Good luck at the open stay green, stay filled, stay healthy. Make that money. And I'll catch you guys in 45.

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