Episode Summary:

Markets Recap
Friday's Close
TESLA
Oil Spill

REGN, PFE, BNTX, NET, MTOR, MO

Guests:

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

Twitter: https://twitter.com/_timquast

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

Coming to you live from downtown Detroit. This has been zingers pre-market prep with your host Joel Kahn. And this is a vowel tile puppy here. Isn't it. And Dennis Dick I've 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. And

my 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 for

construction 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 stock

portfolio? 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.

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