Apple To World Domination?

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Unedited Transcript:

Good morning. How are we doing? How was your weekend ad? My my weekend was excellent. Let me, I share my charts here, folks. And, uh, we're we're on the March contract.

It's official because I did my levels on the March. So leading into quad, which this Friday we are now trading E S H 22 on your platform, whatever it may be up eight and three quarters handles it 12 and a quarter found support right above that close at oh three 50 pre-market high 23 and a quarter only one number for you up there.

The old time. Basis the March contract 47 35. Our crude is in the red by 58 cents. It's 71 0 9 gold just hanging out under 1800 up three 40 and 17 88 30 silver back over 22. That's up a dime at 20 to 29 and a half Bitcoin flat at 48 K Ethereum, slightly in the red by $55 $52 and 50 cents at 39 87 50.

Just looking at this chart, it looks kind of leaning heavy on the downside. Uh, stop the screen share. Let's bring on triple D triple D. I have a question for you. Sure. And then maybe two questions. The first question is after your incredible presentation on Saturday and give me away all that information.

Did you feel increased competition in pre-market trading this. Hmm. Not quite yet, but that could be quite yet. That's always the concern when he'd given away specialized proprietary trading secrets, which I gave away a few of them. You're always concerned. Well, you're creating more competition for yourself.

So that is always been the concern. But yeah, I don't see it yet, but I think there was a few questions from some smart people out there that they're probably getting to that. So maybe I am creating more competition for myself or, or the opposite. Maybe there's people out there they're going to go out there and try and learn and you're going to be, well, I know they get smarter than you.

And then they take the opposite side of your trades. It's like, oh, this is how he trades. Well, okay, well, he's going to screw up this way. So it's true. Lots of smart people out there. Lots of smart people were at the event. Fantastic questions. It was her best turnout ever, I believe. Was it natural?

Yeah. So thank you very much, everyone, for your support for the event. Um, it went very well. Spencer hosted for us. It was a lot of fun. It was. And then the last thing along those lines is, you know how like the apes, you know, they're all pretty much caged up now, right after this AMC thing, they're still set in AMC and ready to go.

So I don't know. We can say the apes are over there. They've been quiet lately though. As AMC, they be quiet, David quiet. So why can't we create our own brand traders and have a name for them? For the pre-market traders? For our tracks, we call them the preps. The properties now, I don't know if he or the, perhaps what do you think Spencer, or is that like a side it's peppy, offside thing.

Let's workshop it let's workshop it, the prep, the preppies. And then one final thing before we get into that, to the markets I in, in folks, you know, I'm always joking when I, when I say this stuff, but I have a personal upgrade, uh, coming to Lulu lemon. Yeah. I had, uh, I had incredible experience and your story yesterday and I, I dropped some money too, and they were everyone.

There was so nice to me and so helpful. And I just kept buying stuff, but you don't just last fashioned tip. Do you know when you need new socks? Do you know? Absolutely. When you need new socks, when you have holes in the bottom, that's a halfway thought to have holes in the bottom of part of the lore, and then you mix and match them with the, like the same ones you bought before you didn't know.

Okay, anyway, take it away. A lot of crazy tangents here. Let's go. Let's start where we can sort of overall market slash apple here, right? Because there's sort of one in the same. Cause the question I was posing this morning is do we see new highs this week? And the same, the same could be said about an apple, which is at new highs right now.

Uh, w just about a trillion dollar market cap for apple, which sorry, three joint matters, which is crazy to think about. Cause it was not that long ago where we were asking, uh, is apple worth of $1 trillion in it. And he took a while to get there. It was on the precipice for a while and, and finally he got to one and then he got to, to look a year later.

And now here we are, and we're almost at a $3 trillion now in apple. Um, so the question is, uh, two-pronged, uh, apple 3 trillion. Uh, do we, are we buying that or not? And to new all time highs this week, do we see them yet? Definitely not buying it, uh, own it already. I've owned it for the better part of a decade.

I'm not selling it either because I simply don't want to pay the tax. I think my average cost basis is $25 on apple. So the majority of it would be tax. I mean, there's a, there it's unbelievable that we were talking on the show about this approaching that who is going to be the first company at 1 trillion.

It was like two years ago, we were talking about this who was going to be the first company to $1 trillion. Maybe it was three years ago. And you know, it was a race, it was Microsoft, apple, and, you know, and ended up, I believe being apple. That was the first to 1 trillion. And here we are three years later and we're talking about it at 3 trillion.

So, I mean, holy mackerel, I mean multiple expansion. And one thing to consider if you're coming in and buying an apple now apple historically has traded from 15 to 20 times. I think it's trading 35 now, so it's starting to get expensive. And why is it expensive for the simple reason is that it's flight to quality.

People are flying out of everything that you know, and they've flown out of the Kathy stocks this year. They're flying out of the high P stuff and they've expanded the lower piece stuff. So the lower piece stuff, some of it is actually getting expensive, not all companies, but I would say apple relative to itself is very expensive here.

Now, still you say, oh, 35 times earnings. Isn't bad. The company is, I guess it's growing. I don't know how much it's going to be honest with you, but if I, uh, if I had on for a trade, I would ring the register. I don't want to sell it for some reason. I don't want to pay the tax and I don't think it's going away.

I don't think this is like, you know, uh, oh, well this is the top, the forever top. I don't think that's the case, but it's definitely over extended. Um, I think we hit the 3 trillion. Maybe it gets that, you know, buyer exhaustion after the 3 trillion. Cause this has been the drive for 3 trillion. You hit it.

Maybe then there's going to be a little bit, what's the price, what's the price we have to hit to get to 89, 180 2, 8 ISO or buck away from it. Right. So we're in there. I mean, but if you're coming in and loading up your portfolio in apple, now I Def I believe you are absolutely doing it backwards. Yes. I am talking against my buck.

No, I do not intend to sell my apple position for the simple reason. I don't want to pay the tax, like I said before, but wow, man, this has been a move. Pre-market high 180 2, someone has their foot there. They will just want to sell that's their target. So 180 2. I mean, there are no numbers out here. This is trading up to 35.

I would use that close. If you were looking to buy this on a depth, uh, I would look for support at the closing price. I don't know if you're going to see that old time closing price, um, on Friday. And that came in at 1 79 45, 180 2. Pre-market high. Uh, just one quick note. And this, um, Wednesday, Wednesday afternoon is going to be a little special on that.

I'm going to be joining, uh, Aaron and Spencer on the power hour for bending alive. We rebranded really rebranding and, uh, we're going to bring on two pretty good guests and probably no other guests to talk about it more before and about apple gene money. We'll be joining Spencer and I, and he will be going not up against, but, uh, you'll be doing a dual commentary with Todd Gordon.

Oh, that's great. Two for one on the same side though. Aren't they both, I'm curious what gene thinks about apple now. I mean, who has been more right in the last 20 years on apple than gene Munster, he was the one on CB on CNBC every week. Just preaching. It's an apple by apple, by apple. I mean, he preached that for 20 years, obviously, you know, when he was over at Piper, but I mean, he was obviously covered it as well, but I mean, I can remember so many times it'd be pulling back a little bit apple and he'd be like, you gotta be buying an apple here.

You gotta be buying apple. He was the, basically the analyst on apple for the better part of a decade early on. And when people doubted apple, he never. So you got to give him props. So whatever he says on apple, I would listen. Right. It's like I said, he'll be out of time, Gordon. It's so funny. Cause it was only a couple of months ago.

I speak, speaking of apple is like, when, you know, I think it was an August where they, they warned that their holiday, uh, iPhone sales were going to be weaker due to the chip shortage. And then there was also those reports from like, was it two weeks ago now that said the man was actually a little bit weaker than expected this right here.

That was the day. Yeah, that was the day. Yeah, exactly. Right. This is flight, the quality tech it's been going on for a while here where obviously we know Microsoft, same story. Break it out right near a new, all time highs. It's just the flight to, it's kind of a, the Tina trade, right? There's no alternative.

So I'm like, okay, well, I don't want to pull out and go into cash. And then cash, I'm losing six, 7%. Or as they were saying over the weekend, when you, when you put it in housing, inflation's running 11 to 12%, which we've been talking about on this show for a long time. I mean, you're losing guaranteed money by sitting in cash.

And if you're scared of all these higher risk assets, you're like, okay, well I'm going to consumer staples or utilities, but eh, is that very good? Consumer staples? Retail is well, let's go down. Because we know technology is still there. I think you're getting an inflation flight to safety flight quality trade in apple.

I'm not sure that it continues because it is, you know, people are thinking, oh, Apple's not risky. It is at this valuation. It's definitely risky. It could pull down 20, 30% still probably be expensive to itself. So, um, I'm not, absolutely not buying more apple at this point in time, but don't discount the fact that people are hiding an apple due to the Tina trade and due to inflation concerns.

I mean, probably some analyst, you know, some Renegade analyst might come out in like downgraded or something that might bring up the ratings on the pro that's a genius went to two 50 on a day. Here's what I'm saying here. Gina. That's what someone's re uh, the, uh, uh, the reporter, our Chan, we show Spencer the ratings and the pro on apple, just to curious to where everybody is on this.

Yes, we can share screen. So he's going to show the pro right now. This is the nice tools. When you bring up the pro you can just type it all up. They can look at, is there anybody got a salary rating on it? Uh, anybody have a salary? I'm going to sort it by date. I'm I'm only going back the last two years.

Uh, yeah. New street research. That's tough from, they put a sell on it. And any other sales, a couple of years, no neutrals underperformed to me a year and a half ago. So they probably upgraded since then. Oops, I shouldn't have downgraded it. And you can actually check that because you can see it's Wolf reach your chair, but no, I am down officially downgrading, apple, myself.

I'm not an analyst, but just on the pre-market paper or whatever, I have downgraded from bite a hole. I'm not going to sell because I'm not selling it, but I'm holding it, but I'm not buying it up here. Nope. So I'm officially on this day, my official moderate analysts. This is not a recommendation, but just myself on my own trading.

I am downgrading it from vital hole today at $181 and 85. So. We'll see how we do when you're only 180 2, you're a genius. That's made 2 cents just like that, but I, yeah, so I'm still locked. So I actually lost 2 cents drill. I went to hold. I'm still holding. All right. Let's, let's talk about frozen for a trade though.

Let's talk about the news of the day and using the morning. One of the headlines you've got here is on Harley Davidson. This one is very interesting. So it's a bit of a complicated situation, but as I've gathered from the press release, so Harley Davidson is spinning, they're spinning off their Evie unit.

They're combining that with a SPAC that is buying this other company, uh, called, uh, uh, w oh, I just had to hear a wive wire, right? Uh, so the combined Harley Davidson. Livewire company, uh, is going to, is going to be, uh, uh, valued at a $1.7 billion. Harley-Davidson will control about three quarters of this new Evy bike company.

And this merger is with I M P X. Yes. FAC yes. So if you want to see the spec, which actually is not up much, it's only up 15 or 30 cents here, so it's not up much, but Harley Davidson I've been saying the people who are making money on these backs are the ones who are ushering them. Um, Harley Davidson is rip roaring and rallying on this.

Joel, we're not getting her autumn. We're not getting her autonomous, uh, bike here, but we are getting, uh, the, not the driverless bike, but we are getting Evie bikes. So I don't know. Kick it 42 out of my head on this one. Uh, you spiked over 42 on a couple of different occasions up nearly 12%. You can see these spikes in the pre-market trading as high as a 40.

You got a spike at 42 34 42 43. Now you're back down at 41 10. Uh, since that was the August higher this year at 42 0 1, I'd be, I'd be a little bit Larry here. I would take a look if you know, if I had a long, I'd be saying, Hey, come and get me a 42. I'm not worried about the pre-market highs much. Um, it gets to that, you know, who knows it really opens up even more.

And there's a big candle there back from July, but I'll use that looks like you found some intraday support at 40 or pre-market support. That's it for Harley Davidson, probably a rally to be sold. But the one thing to consider is that we have moved into this value oriented market in the last few months.

And that continues in Harley Davidson. I know Spencer's laughing, but H O G I think the multiple, like the Ford multiple on this thing is like 10. Is it not? The P is low on this thing. This is a cheap stock. It's cheap for a reason. Cause nobody likes the story. But now you're talking to Evie. Harley's, it's a little bit more of a sexy story.

It's got a forward P of 8.8, 8.8. It's under 10. This is a very cheap stock folks. Um, I'm not saying cheap is cheap for a reason, but now you get an, the V story behind it. Uh, not shorting it. I'm not buying it up 12% cause I don't buy the rep. But uh, just a little bit of caution. I, if I was in, I probably would ring the register for the simple reason is that it's just been a stock that's underperformed for so long.

But we are in a value oriented market and the value stocks. It's starting to get a bit, I just real quick for Afrin here. He asked me in the event just to give a demonstration of when I, you know, John, the 50% retracements, you know, for this, what I would do, um, you didn't take back half of this move, but you had at what I'd be looking for.

If I was long, if I was long hog here, you had that major top. That was a major top at 52 0 6. I called this low here around 37 or 30, 35 31. I called that a major bottom because of what the stock's done. So my expectations for this, if I was long to haul. Target 43 66. Can we get the 43 66? Can we consolidate, can we hold there?

Can we make a run at 52 0 5? So I just, he was asking for an example of that. So it has to be a major top or bottom, and obviously you don't see that until the market's giving you that information. So I hope that hope that helped Afrin. Uh, but then Lou, I was talking about this with Luke this morning and then so Luke's thought was wait a minute.

So you're telling me that for, for the rest of time, Harley Davidson itself is going to be producing gas based bikes because

do you really want to own that? Well, yeah, but how much are they going to own of the V 74%? So they still own it. I mean, they're on, on 74% of it, so they're still going to own a huge chunk of it. And that's what I said. That's what I right. Uh, it, I I'm really torn on this because I, you know, I wish I would have been thinking about this, you know, a couple months ago, we've talked about Harley Davidson getting into Evie.

We have talked about on the show a long time ago, like probably back in the summer, but you know, now you get the headline. Now you get the rip roar and rally, is it a sell on news event? It might be. But at the same time, stocks cheap, you know, but people are commenting. It's not Harley. Davidson's been underperforming the company itself for a long time, too.

So cheap stocks are cheap for a reason. Uh, I'm really torn I'm on the fence on this one. I just, when I think about, you know, that, you know, first of all, the long-term trend is not your friend. I mean, this thing traded nearly 75 bucks in 2014, and now it's almost, you know, a little bit less than half of that at, so, you know, this is horrible.

Under-performer since 2014, if you think this is the catalyst to kickstart it, get it going. Fine, but I don't, I mean, I'm, I mean, I had a Honda QA 50 when I was seven and I think I one other bike, but now I have apps. Oh, I had a moped in college. I have absolutely no interest in, I mean, I think the people that are going to buy bikes are going to buy bikes, whether they're electric or where their guests.

So I don't see a huge increase in demand. Like you think about a hog, why is it hot? Cause it's loud. It's powerful. I mean, the bike's going to be the exact opposite. I thought about that too, but I thought, you know, yeah,

it still won't make that noise. Won't it is now

like when you do it really. They want those things loud. That's a good question. Yeah. I don't know. We should get some Harley Harley members, uh, on here, especially. Well, there are hardcore Harley people buy the electric bike when they, you know, rev her up and they go.

I'm not even making it a call. This one, I don't know what the big differences is. You know, like when you're driving on the freeway and then all of a sudden, you see, I get all hundred bikes behind you and you're like, oh, you know, and you can hear him calm. You hear them coming. And now you're going to be out in the highway, not even gonna know they're coming, you know, you kind of pull over, like, I'm going to let these guys go, but now you won't even know them knowing, all right, Spencer's getting upset with them, but I'm not getting upset.

Uh, let's talk farmer for a second year. We got to do, we had several pharma headlines this morning. I'll start with, with the deal five. Yes, paying a pretty premium here. They're paying a, basically a hundred percent premium they're buying arena. Pharmaceutical was takers, a R N a a, the stock closed on Friday at like 15 co closed at, at, at 50.

They're paying a hundred for it. A hundred dollars in cash for a stock. They closed at 50. If you're on this thing on a Friday. Congratulations. Yeah, I mean, that's all to say. I mean, what's the takeout price, 95. What is it? Hundred a hundred. What's a hundred. The takeout price, a hundred. This time value of money.

All of a sudden it's only 95. Look at this. Why maybe it's going to take a while to get this deal through, but time value of money matters. All of a sudden with inflation happening. It doesn't matter. The bonds apparently. 94 88. So you trading significantly under that. So if the deal goes through, you think eventually to just up to a hundred bucks, I mean, people logically, you know, you come in, you think, okay, well, Pfizer should trade down on this cause they trade a huge premium, but not so fast.

One cash deal to how big is arena pharmaceutical relative to Pfizer, not very big at all. You're talking about a $3 billion company. At least it was on Friday and obviously paying a big premium, but Pfizer is a $300 billion company. So it's basically a drop in the bucket for Pfizer, which is why it's not being effective.

And the reason Pfizer is actually trading up farther is that it's upgraded today. So I don't find some long-term account, not going anywhere. Is there a potential selling opportunity that people are going to look at this and say, wow, they really paid a premium for that? I don't know. The mercury capsule is small.

I don't think it matters that much to shareholders. What do they have in the pipeline? I mean, what are they working on? Do we know that? Because the reason I ask is because, you know, for simple, I don't know if there's really any sympathy plays for them. Yeah. So I don't follow arena. Do we know what, you know, their drugs, like w what they're into, we're going to tell you right now.

Um, they have, uh, this is from the PR, uh, they have a gastroenterology, uh, uh, candidate, uh, dermatology cardiology. Uh, what else do they have here? Um, it looks like they treat, uh, immuno inflammatory disease. You know what I wrote about this stock, like a hundred years ago? I can't remember. I can't think of what the, uh, no, I didn't.

I wrote about it. Uh, I'm just taking, if there's someone else out there that's doing the same thing, it might be bad news for them, you know, because they're choosing arena. I don't know,

whatever. They came up. Spencer, you likes you. I think nothing happened to Joel. He's still around. Okay. All right. Let's take a look at Pfizer real quick and then move on a full disclosure. Belonged Pfizer for quite a while. Ooh. Well, you did have a, you did have a triple top just around 53. It took that out.

So let's look better. Hold 53 on this pop. And if it doesn't all 53, it will work its way into yesterday's range. Um, you gotta pop near 54 off the news. 53 97 is your pre-market high. If you're looking at a target and then you got another daily high right up there. So 53 to 54 and Pfizer, it will, it will be up and down and all around.

I mean, for, uh, for $50 pharmaceutical stock, this does move around pretty good. I don't know, like, so I'm logged Pfizer to long-term account again. I think if you're coming in and do it now, I think you're late to the party. So again, talking against mine and Joel's book here. Aye. Aye. Aye. Aye. It's run quite a ways here.

We're $41. Was that an ad ladder? No, it's a closing cross. They want me to do some tape reading with you. So it was on FINRA 52, 78. Somebody look reporting something from Friday at the close, because somebody did the trade. You can see it's 325,000 shares of closing cross. So it's always good to look at your level to like, look at your quote monitor.

It's still bid 53, 38 it's as traded through. So that is an off exchange trade. You can see it gets reported. The FINRA trade reporting facility, thinner DRF. You can see it's 325,000 shares probably at liquid net. We, again, you know, I've asked for, we've asked for color, you know, to the regulators, FINRA, just blankets, everything that's off exchange.

So you don't really know anything, but you can speculate when you see size that. It's probably an institutional cross at the closing price of 50 to 78. So two institutions just said, yeah, let's do the deal. Maybe it's even a late report from Friday. Some of these report late that, Hey, we had a big cross there, you know, and it could be done this morning, maybe, but the crossing and at the previous close, they agreed to cross at the close.

So some institution want to buy, some institutions wanted to sell us that let's do it at the closing price. They do it for the tape up to the thing. It's obviously nothing to do with where the stock is trading right now. Uh, Bristol monitor had a couple of headlines this morning. They, uh, had some data and then while they're at it, they also announced a dividend increase from 49 cents a share to 54 cents a share on the, also raised their buyback by $15 billion.

Uh, by the way, buybacks, we, uh, in Q3 a record number of buybacks, uh, in the third quarter of this year, um, should we should really be a surprise, right? All these companies are flushed with cash. So buyback raise increase a dividend raise, uh, for, for BNY this morning. How's the stock. At top of buck. Okay. So again, any saw another crossroad is going to look at his thing and see 330, 2000 shares.

It was this across, it was across, it happened. It looks like in a lot of different stocks here. Maybe you're just a few minutes ago or a minute ago here. Um, it's 57 35 beds. So it's up a buck here this morning. So don't worry that you last is 56, 36 is not correct again. That is an institutional cross from closed.

Not where it stocks trading right now. It's bit 57 35. So it's trading up a dollar here. Stock is cheap. There's a lot of cheap stocks Bristol-Myers which obviously did not participate in the vaccines. And the opposite is to pay really anything in the COVID thing. So people have forgotten about it. It has been getting beat up.

It is a cheap stock. I do not own this in invest portfolio. I've thought a couple of times when this gets to the low fifties that I might put it back into the mess portfolio. I've had it in there before. Um, but stocks cheap yield got higher. Bristol-Myers uh, probably not a bad long-term. You got anything?

It, uh, 57 and a half. Can you see out that far? Probably hang on with, because the only reason I say that if you spiked up to 57, 60, a couple of different occasions, uh, but Wehrli do I give you a five-star in a pharmaceutical stock, but you got a size of 58. Yeah, you gotta, you gotta quintuplet top. Uh, it, uh, let's just call it fifty seven eighty four.

Look at that 1, 2, 3, 4, 5. Yeah. Big, big resistance there. Maybe get a breakout. I'd be more. I'd be, we'll see what the highest today, but I would love to see this saying, you know, have a little pull back from this move, but it doesn't look, we'll see what happens today. But major resistance at 57 80 level, that's really sticking out to me.

And then I also noted on there. The Bluebird bio had some news, but the stock was up well higher. Much more than it than it is now is up, had $12 this morning. It's well off that. Uh, yeah. Hit 12. Yeah, it did well. Wow. What a stock left behind, huh? Well, they did do the spin, so they bought off something. But anyways, this has been in my long-term retirement account for a long time.

If this wasn't my regular cat, I would have sold it off for the tax write off a long time ago, but it's just been sitting in there and the long-term account. I bought this back and I don't know when they were buying kite and everything else. They were going to buy this one too. I think I pay like $58 for it or something absolutely terrible.

One of the worst out of longer-term holdings that I have right now. Um, I did get that other company. That's why, like I know, cause I was in it. I think it spun me off something. Uh, Very very tough. And long-term investment just continues to go down. Um, when stocks fall this far, you just wonder if they're even going to survive, but definitely talking that's my book now.

I don't know. It's 150, $2 back in March when Kate went off the board and who was the other one? Went off the board. There was the big three. They always talked kite Bluebird bio and right Jay wasn't jazz. It was like, cause they never got bought two out of three got bought. And it was Jasmine, the bought somebody.

It was kite. Joel should remember this was kite. Chad helped me out. No, it was the four horsemen. Right. And Gilly was in there as well. Uh, well and who was the other one? So it was kite, there was Bluebird bio and then somebody else got bought and two other three got bought and I was like, well maybe they're going to buy kite too.

Or Bluebird bio two. And they never didn't believe her, but I was just leaked and leaked forever. This is the one you bought at like one 20 or you bought, you owned it? Yeah. Celgene gene. Yeah, but we're talking to the smaller ones. So the ones that get bought like kite got bought by. So, you know, we're talking to smaller companies like that.

That was like a height. It was Bluebird bio chat. You're not helping me out here. And I remember it was like, it was like, it was in January. It was like January of 17 or something. I'm not. Anyway, holy macro project Biogen off this, look at this thing. Look at this Biogen long-term portfolio. It's cheap stock too.

It's been cheap for a reason. I mean, obviously they got the Alzheimer's potential. They're huge support down here that four 50, what a selling opportunity that was when they approved that drug. It was so quick kind of approved it. I don't know what to say. A lot of biotech stocks, and I know you can look at the index and say, well, no, it's been doing well, but maternal was carrying the IBB there for awhile too.

But I mean, really the XBI let's give a perspective, $174 back in February. It's $109 here today. You're talking about an index down 30%. So the XBI has not been a good performer here for awhile. Biotechs have been forgotten. So they will, they get, you know, thought of again and we'll start to pick up. I think so maybe the Tina trade comes in here to eventually to help those lift those stock prices back up.

But, um, I think I'd be a buyer of biotech stocks down here. Sarepta just hanging out here between 80 and a hundred traded a couple times. Yeah. It seems like you get down mid seventies, it's a buy. And then you're right up in the nineties.

Yeah, silence. That's fine. He did that the other day too. It's kinda nice. All right. There, there's a bunch of things in, in the chat and bill is reading my mind. Don't worry, bill. We will cover the NASDAQ 100 rebalance. I promise you right after Tim, we will cover that after rubs him a few B we'll ask them about reveal and ravines in the news this morning.

Cause there are one T was named 20, 20 twos, motor trend truck of the year. First time ever that Evie truck got that title. If you care about such things, our IVF is trading off this morning a little bit, probably off by the headline. Um, but I'm not at this valuation of those vehicles. They hold a lot of people.

Uh, yeah, I think so. I don't know how well let's look it up. Uh, it's sleeping down here. I don't think I could. Uh, if you're looking for some targets today, you're opening, right? Right here. We're hanging at Friday's high. So show me, you can get through this one 18, hold one 18. And then, uh, there's no daily highs up to a 1 21 32.

That's another three bucks higher, but the rain it's just, it's common down here. It's kind of raging a good support under, you know, under while there's nothing perfect, but we'll call 1 13, 1 14. Good. So five, five people at all. Five people really nice ring central doing a buyback too. I believe I saw that go by this morning.

We got a D the D in the chat saying it. I believe I saw it goodbye on the other hill. Well, that's why I'm looking at it. Cause it's been murdered again, valuation higher growth, higher valued perform. Val wrong. I got that loud on that one, $500, $449 in February when they had the own everything. Well, you got not just a two for one stock split.

You're working on a three for one stock split right now. We didn't get any extra stock again. You gotta know what you're paying PDs do matter. And they matter on everything right now. Wait, that's wait a minute. Oh yeah. RNG. Is it okay. Uh, and, and just for awareness, if anyone cares about such things, we talk about the, the Benzinga portfolio, right?

These companies that they have been or uses or doesn't use, uh, we have basically canceled almost all of our RingCentral at Benzinga. In fact, in fact, I think my, I think me, I, in the last holdout, I think I'll make one of the only people here that still has like a desk one. We like don't have desk phones anymore, basically.

Um, cause why nobody comes here. Why do we have desk phones? So, um, yeah, I've been thinking a is basically offering central. If you want to use that as for such things, my indicator for these stocks is right now, because growth is so out of favor and we can see that. Cause I R K K was down on Friday again, despite the market making new highs.

When I bring up the PE for something. Cause I'm curious about what's this trading on, ICNA not applicable. That's telling me a yeah, no thank you. No, they didn't just go over the price to sales or your, your, your backward PE. No, I'm just saying in this market that the non applicable. Is, um, you know, not what you're looking for because they are just not in favor right now.

It could have growth eventually get back into favor. It could, but I tell you right now, growth is so out of favor, um, it keeps getting hit and you see these peas like that, or say N a not applicable. It means they don't make any money. Those aren't the companies that are in favor right now. It is 8 36 on a Monday.

You guys know what that means.

Mortgage structure Mondays with Tim Quas, sir. How was your week? Uh, it was, it was great. We had a combination of snow and 10 degrees and sun and 60 degrees in Denver. Uh, which, which is par for the course here. Right. How about you guys? Uh, yeah, we had kind of the same, actually. It was, uh, it was like in the sixties on Saturday morning and by Saturday night he was down to like the twenties.

It was, it was, it was cold. Uh, but we, yeah, we had kind of the same weather. Uh, all right, Tim let's talk markets. We were talking last week. Uh, you and I, that this week is going to be, uh, very important, uh, for a couple of reasons. We have, of course, the fed on Wednesday. We have opposite expiration on Friday, the last such events of the year.

Um, how are you positioned or positioning yourself, uh, in, into the. Well, there, you'd never know what's going to happen around options explorations. I I've said for a long time on this program that I prefer to Portage around the falls, uh, of options expirations. It will depend on what the overall, uh, sentiment, what we call broad sentiment in the market is doing.

If it's peaked into options, expirations I'm out. Uh, and it doesn't mean the market will decline. It's just that it's just a, it's a, the probabilities are not in your favor when those conditions exist and it's sort of the opposite this time. Believe it or not, uh, broad sentiment is rising everywhere.

Still, even after that big surge that we had, uh, we're, we're still approaching five. So historically that has meant that we get a nice move during options. Expirations doesn't mean it will happen. Uh, but I'm a little, I'm a little less concerned here. Now. I might try to be out of positions by the end of Friday.

Uh, but, uh, I'm not to look at, I, I look at the probabilities here and say, they favor us more than hinder us. I'll add it doesn't mean that the market isn't down today or tomorrow, uh, those conditions tend to proceed a surge into expirations because if the underlying equities deterior deteriorate in value just a little bit and a hedge funds with big baskets of options, then can drive them up into options.

Expirations, you can exercise those rights force people to cover and turn right around and sell what you've just covered. And that's a very popular hedge fund strategy. If you've you borrow eight or nine times your economic interest and leverage into positions, uh, at options expirations, and that can happen.

I'm not saying it will. I'm saying that there's a probability that that could have. And Dennis, you were talking about this split between growth and value, and it seems to be the case, but it's, but it is not linear. You could say, oh, I mean, look at apple. Uh, there, there are growth stocks that have performed very well, but there are also oddly value stocks that have performed very well.

I don't know what is apple is the question too, not really growth. It's kind of value tech. So I drove it in value even though the multiples now 35 times, but starting to make it think like people are paying a growth multiple for a value stock, which I don't totally understand, but I mean, I don't know what category I kind of throw it in the value tech.

I don't want to throw it in the growth. Could do the same with Google and, and it's done. It's done well too. Yeah. And those are values. So I would argue for the value trade to continuing there. So what growth stocks are you seeing? Really, if you go away from apple and Google and say they're more value, are we seeing any growth stocks really take off here?

You have to hunt around. Interestingly, if I, so maybe I'll do this. Here's a, so if you've not done this with us before folks who are listening, uh, I'm going to take you to market structure edge, and you can do this just to you go to market structure, edge.com, sign up with your name and. Free for 14 days and you can follow along and I'll show you things that we look at.

I want to show you, uh, a deal stock as well and how you might screen for those, uh, with market structure edge, because those there's always opportunity and those sorts of things. Uh, but if I look at so here's, Benzinger December 13 and here's the, you know, the demand side should be rising and the supply side should be below the trend.

That's the condition I like to see. So clearly the mix of things in this portfolio fit those two criteria. Uh, so if I look at things that might rise that are growth stocks, they're the weirdest, one of all would be alpha and omega, but ju this is a, this is a really, this is exactly the kind of condition that you want to.

In a, in a growth stock. So it's spending a lot of time at 10. That is, it's all the ways that it's banging against the ceiling because there's excess demand. And the supply trend continues to be trending down. This can signal, maybe be a bit of a slowdown, but those kinds of stocks have done very well. I would say once again, Synoptics did very well.

HP did well, very well. Um, uh, Lam research, all of these are stocks that have fit those criteria that I've talked about. Um, and so those are some examples of growth stocks that have been terrific. The funny thing back to your point, Dennis, about growth or growth versus value split here is Pepsi. And we talked about Pepsi last night.

I said, you know, you look at that and, and a steady demand and supply dragging below the trend, that's likely to rise and it, it behave like a growth stock. Well, while they're behaving, because it's flight to safety like Pepsi. So if you're just throwing it all, I'll even all those stocks, Lam research, I would put Lam research as a value tech stock.

I wouldn't put it as a growth stock in Pepsi. I would put as a staple. So what we're seeing, and maybe didn't hear us wrap the hot, but right after eight o'clock, we're talking staples utilities and value tech. That's where the money is moving. Tina trade. If you're sitting here and you're worried about equities and you're like, okay, well, I'm, you know, worried about the stock market, but I don't want to go to cash because I'm guaranteed losing a cash to inflation right now.

Where do you go for safety? Staples, utilities, value tech. That's the hiding ground. And all those stocks that you're mentioning right now kind of fall into that. They do they do yup. Proctor and gamble. Here's another state. Very same thing. Yeah. Rising demand, steady, steady supply. That's the kind of thing that produces gains.

And it started here. It started actually at the end of October, this is where we saw the big disconnect between supply and demand and we saw it all over interestingly. Um, so I, I, you know, I'm, I remain somewhat of a skeptic about the staying power of this trade because of the, the enormous reliance of the market on.

Uh, growth, growth stocks. They comprise such a tremendous amount of market cap that unless we're done with these big surges in the market money will have to come back to them. And Spencer, we talked about this a little bit on Friday, how, uh, passive money has to get a bunch of rebalancing done. There's their inflows into the market that have to be deployed before the year ends it's happening now.

And we haven't seen that effect yet in the market. So I, I still think there could be surprising opportunity and even things like Netflix and Shopify. I look, I, you can make the case against it, but we'll see what happens here in the next week. Uh, and then the chat is, you know, following up on this thread here, things like commodities, right.

Which are typically considered, um, relational hedges. Yeah. Well, we're beta inflation hedges, quote, unquote, safer in quotes. Building materials. Uh, you know, you can look at the supply demand balance here for the, uh, I've got seven companies in this portfolio looks very good. If, uh, if short volume is falling and demand, which is an algorithm that calculates demand from all the different purposes that, uh, that drive buying and selling stocks looks like that.

That's pretty good. You can look at home builders, home builders, uh, you know, with, with wood prices rising. These is not necessarily how I think about it, but I look at that and say, wow, there's now the run might be just about over right into options expiration. So if you own home builders, that might be the time to leave, because look how.

Uh, demand is now pushing toward 10 for these eight companies comprising that group, but it fits the thesis, Spencer. Yeah. That, uh, uh, con commodities, uh, in an inflationary environment, clearly you're going to work that I don't, you know, we, we think differently than a lot of folks I'm going to go to supply and demand.

Short-term changes in those. That to me is how we, as retail traders can compete with high-frequency traders. It's the only way otherwise they will run circles around us because they have better data and faster machines. Uh, and, uh, to, to, uh, to reference it, say this you'll have to go hunt for this youngsters, but, uh, it says, Roger Miller said don't roller skate in a Buffalo.

It's the wrong equipment for, for this. It's a great song, but it's very old. So we want to make sure that we're not the ones where in roller skates in the Buffalo herd. And that's why I think supply demand always trumps. It will tell you where the money is going. I could look at every trend right now, despite what we're seeing the bifurcation toward value.

If I look across every portfolio here, there is an uptick in demand and the supply side's pretty weak. It's says it's possible. And again, I'm not saying this will happen, but it's possible that the whole market goes up a thousand points that the Dow goes up a thousand points this week. Again, I'm not saying, going to keep it.

Uh, yes. To me that isn't done particular learned options. Yeah. Let's bring up a forward because this is a good example of the stocks that we've been talking about. Obviously I own for it in the long-term account, but I've been talking about, you know, here's your way to play Evie and it's not expensive. I mean, you're talking about a coming straight nine or 10 times earnings and it starting to get the story behind it as well.

What's it look like from a supply demand perspective though? Well, so I would say there this, see this big jump for supply over the trend, uh, that can be additional demand into options. Expirations. It is a supply demand imbalance, but it goes back to a core there's this there's this fine line. When you have a, when you have a deficit in supply, then a surge in supply and it, and it, uh, accompanies options expirations.

It can mean that market makers are creating stock to fill orders. And those orders are tied to call options. Again, I'm not saying that's absolutely the case, but we're well below 50% short volume. So that's, uh, it's, it's the S the principle applies, but that can happen right into options expirations, and you can see Ford move three, four, 5% general motors, similar chart.

Just curious, because we were seeing, obviously from the technicals general motors approaching new highs as well here, again, just wondering your supply demand. We're just cherry picking some stocks here.

Uh, th that's pretty, very positive. So it's not, there's not a creation of stock to fill a derivatives demand, but that's a very nice ramp. We have demand rising and supply took a big dip. So the, the it's very, it's very easy to understand. Logically there was a supply chain. If everybody rushes to buy Christmas trees, there becomes a deficit in the supply chain for Christmas treats.

There aren't enough. So then what happens? The prices. The only difference is that this weird little feature of the stock market where market makers are exempt from having to locate shares to short, which is why you want to make sure you short stuff, where you have a high probability of, of wins. And that's a whole separate topic, but that's the only difference.

Otherwise, this will almost always produce a gain, particularly into options expiration. So I agree. It shows the same thing, Dennis, what about Harley Harley? Harley? Yeah, the one problem with this, this adjust on the flack of Harley. Davidson's up 12% here this morning for pre-market data. So, um, does your data, like, it's not going to adjust that quick because it's slower, like looking at, you know, the overall trends.

Right. We want to know if that's coming and the data would actually suggest that there were some, there was some indication and let's look at arena pharmaceuticals too. Is that because this is curious because it wasn't looking like before the action happened. Yeah. Right. And I want to look at ADP. I'm not saying ADP is going to be in a deal, but I'll show you the data.

So here's so see this demand ramp and all of a sudden boom, that short volume drops. Those are conditions, precedent to deals. I would say, not a lot of people saw this back deal coming. So they're spinning off live wire, which is their electronic hog business in a spec. And so, uh, that's why the stocks way up, you could say there's a little bit of an indication overall.

I'd look at Harley Harley Davidson and say, that's not great. You know, it's, it's having a hard time getting back above five. And if that's the case, it's difficult for price to rise. Uh, so let's go, let's go look at. So those of you watching the news arena was bought for basically a hundred percent premium by Pfizer.

So was there any indication in the data? Well, the indication so internally, and we've been doing this a very, very long time for public companies, one of the things we will look at is when short volume drops below 3,000. So believe it or not, the market runs about 42 to 45% short. That is that's the supply chain.

So stock that is either borrowed or created feeds the, the market's capacity to fill continuous electronic orders. And so when that, when there's a deficit, what it can tell us is that there are people who know, things are happening and they say, well, we don't want to have our shares out on loan. So those things like that will incrementally drive the cost of borrowing up.

And we will see that in a decline and demand by automated systems that are just running around and borrow and cheap stuff. And they don't have to, if there are surges, their higher priority is to fill the bid or the offer. But look at this. So this is where short volume was for, for arena, right before the deal.

It was 24%. So below 30%, those are things to look for. Uh, I want to show you ADP again. I'm not saying that ADP is suddenly going to be in a deal, but these are interesting features to think about and something you could actually screen for. You could go look for stocks that are at five and have suddenly dropping short volume, uh, using market structure edge and look at this.

So here's, here's demand steady. And look at that plunge. Supply side. Well, in most cases that will I do that. Why is the supply plunge? Like what, what, what, what in, like, I don't want it to give you a secret sauce away, but what is it that's causing them? W well, what is the simplest explanation is it means there is a sudden decrease in, uh, borrowed stock in the market.

And think of that as supply. Not that you have to check your old, uh, presumptions at the door, it's not people shorting the stock. It's the supply chain. It's a supply chain disruption, and it likely reflects higher cost to borrow because machines will do that first, even though they're exempt. And look what happened here, right at October expirations, this happened to so big drop in the supply side, right at five.

And this that's where the stock took. So could that happen again? Well, it could, right. Could happen. It could also mean that there is speculation that ADP could be sold. I'm not saying again that that's going to happen, but we have track this data for a very long time and routinely that happens. So, uh, just another way that you can find opportunity traders, uh, you know, that you're in a pretty good trade when that condition exists, regardless of what the.

Tim Quast runs market structure, edge. The link is in the chat and market structure, edge.com. Tim, always a pleasure. We'll talk next week. Hi. Good to see you. We promised we get to the NASDAQ rebalance. Let's do that right now. This was a PR actually Joel was the one who called it out. Dennis and I both, it was after Friday close after eight o'clock hit at 8:00 PM on Friday.

Get inspired that yeah. After, so I can't trade them late night news Dom. Here's what you need to know. The NASDAQ 100 index rebalances once a year. Um, this is what the Q Q Q is tracking. Uh, here's what it's going in to the index of effective next Monday. So basically as of the close, as of this Friday is closed slash Monday is open.

Airbnb. Do you have. Uh, yeah, I, yeah, I can't, I have it written down somewhere else, but ideally you're going to do the ads first. Yeah. Yeah. That's one, two, the ads here. So here, he's going to, he's going to make me show it to the pro. So hold on, let me find it in the pro. I have I copied and pasted, so I wouldn't have to go digging around for it later, but here we go.

I got it for you. Um, oh, there we go. Okay, just screen-share here. So we're going through the ads first. All right. Airbnb being added, port net being added Palo Alto being added lucid group LCD, nice being added Z scaler being added and data dog being added. These are all stocks that are, that will be in the NASDAQ 100 as of Monday market open.

Now six go in that means six must come out. Who are who's coming out. You ask. Great question. Glad you asked that CDW is out Fox Corp, Fox a is out. And actually there's two there's two tickets there. It's Fox networks, uh, Kerner, or certainly, you know how to print off that one. Cerner Kerner. I dunno, CRN. So that's an old one.

I haven't seen it. CRN they're out checkpoint software, chk P if they're out trip.com, which is TiEcon, is your ticker there out and insights, which is not a name I've thought about it for a long time, Tara also out. Yup. So there was all your six in six out of the six that are in our trading higher this morning.

Yes. There are six that are out. I haven't looked at those yet. Uh, so I mean, the index is matter. I mean, if you're getting traders to try to get ahead of the obvious, the rebalance, they're going to trade it on the press, releases the ones going in and get bought the ones coming out, get sold. We are clearly seeing that in these stocks here this morning, and some good pops historically, like if you're just looking and obviously other things being equal, we're not talking about shirts on individual stocks from a longer-term perspective.

They usually ring the register opportunities. Um, when they're, when they're popping in the last year and like, uh, in a situation where it's like going to be a huge component like Tesla, you know, moving up to be such a big component in the S and P this is a different story. So, um, you know, you get these, you know, boom, these, you know, moves one direction, the other, and obviously nothing to do with company fundamentals, just to do with coming in the index and coming out of the index.

They're usually fading opportunities, longer term, but shorter term, they can be sticky. They can be a little bit of momentum there. They're going to get talked about a major media. We're talking about them right now. Um,

I'm not going to do all of them, but this Airbnb's the one that looks most interesting to me, because if you were up at 4:00 AM, which you should have done, Dennis, she could have lifted some offers and then sold it at 180 7. The reason I like 180 7 Afrin, this is for you. You had a, you had a big break here and there saying is attempted to get all time highs.

You put a bottom of there. One 60, you got a double top rate here. At, uh, right at the 180 7 50 level exact double top from last week, you had 180 8 in the pre-market. So there's your zone. You're down to 180 3 50. It's going to take some, I think it's going to take some heavy lifting to get back up there.

So I'd use that 180 7, 51 88 targets on the upside. If not look for a little bit of a fade. And his dad has mentioned to several times, sometimes they're coming out of some indexes too. And the, you know, the rebalancing, you know, they have to be sold at some indexes to take out the others. So the net effect.

May not be as strong as you know, oh, it's just being added. So, but, and that's done on Friday, right? Yup. Friday, it'll be Friday into the closing and PJ as to, is there any criteria to be added to the, to the NASDAQ 100? There are the biggest criteria are that you have to obviously trade on the NASDAQ. You, and you have to be one of the largest one, a hundred companies in terms of market gap.

And you can't be a financial company. You can't be a bank, you can't be a REIT. So it's basically the 100 largest non financial company. That trade on the NASDAQ. And there are some other, there are some other proceeded, uh, some other criteria, you know, you can't, uh, you know, be in bankruptcy proceeding. You, you know, there are certain, uh, liquidity you have to have, but by and large, if you're in the 100 largest companies on the NASDAQ, you're eligible for inclusion in the NASDAQ 100 and they rebalance it once a year.

And that once a year, it happens to be this Friday slash next Monday. So there you go. Um, we got two minutes left. Uh, let me just quickly talk some of these growth names. There's a lot of them popping up in the child, like S E upstart. I mean, obviously air K K is a great indicator for growth. We know air K K has, you know, how the big pop in the last two days they're hammering it again.

I mean, there's a lot of stocks approaching or now taking out their lows from last Monday when everything washed out, which is not. You know, we talked about the possibility of the Kathy stocks, all being a dead cat bounce. It starting to look like on some individual names. That is the case. The higher multiple stuff continues to be at as E one of them obviously stock.

That was very much in favor for a lot of the year came out of favor. At the beginning of November, really started getting hit 360 down to 2 25 or 2 35. Now, you know, you get the bounce in the last, just Friday. Boom gives it all back in one day and now taking it out and making new lows, upstart, same thing.

I mean, you get the bounce. You're like, oh, here we go. But you struggle right in an area. You'd think it struggled a big psychological 200. Couldn't get up over it. Couldn't get up for it. Tried for three days and then boom. In one day they pull the rug out. Right back down to $160 here today, or you do have support at the Mondays low 1 57.

That's the level. So if you're in any of these growth names or you're trying to know how to play the bounce here again and say, maybe they bounce off it. You absolutely want to see them hold Mondays low. If they take out Mondays low. Whenever I say a stock is making new lows on the move, you gotta go. And a lot of these stocks are already making new lows again, like as he knocked good.

Oh, oh gosh, that's true. I mean, we've fallen from grace, all these names. Again, we, you've got to understand the market that we're in. We was $401 on the person on CNBC. Then we know what they do. They just buying it just because it's going up. And I mean, this is the telling you stuff like that is indicative more of a market top than a buying opportunity.

Here's they pull the rug out from under this and people will look at this and say, look how cheap it is. It was $400 is 1 61, but sheepness is not a relative term to where price was due. You've got to go to company to find the cheapest. You've got to go and say, Hey, you know, what's the earnings look like if there is no earnings, well, that's scary in this environment right now, but what's, you know, the cash flows look like, what does he know the growth look like?

In some cases, some of these stocks might be cheap. I haven't done this. The, you know, the analysis on all of them, but all I can say is right. Nosebleed PE stocks continue to remain out of favor. I'm going to say the reason against still is inflation because when you're looking at inflationary environment, stocks that have future earnings are worth a hell of a lot less than stocks and have current earnings.

Don't kid yourself. What the driver here is the boss, you know, one, you know, the fed potentially taking the Punchbowl away, but two is inflation when you're seeing inflation data pop up like it did on Friday. They're buying stocks that make money. Inflation money is worth money. Now spend it. Now we don't care if you're making money two years from now because we're cooking at 11, 12% inflation, which the data shows on our housing, we are, those future dollars are worth less.

So I interrupted you tripping. I'm gonna hop here and we were a little, just a little quick little fade on the S and P off the high, uh, but that the old 3 75 is the pre-market low and that's the close that's important level to keep an eye on. I'm going to hop over. I'm going to cover all these symbols we missed and pre-market prep.

Plus triple D. I'll check in with you later on. So that's a Peloton as well for turning. Uh, if you didn't see it over the weekend, Peloton turns the sex and the city thing from last week into a marketing opportunity, uh, they posted a video that has, uh, over 3 million views, uh, uh, related to that. So shout out to Peloton.

I stopped out on my Peloton on Friday and made the new low. Oh, see, there you go. Well, I was actually even Thursday. I think I might have sold a third. I think anyways, when it made both days, so well, yeah, but that's it, you know, you're lucky in your self. Okay. As a 40 going to hold as a 40, going to hold as a 40 gonna hold doesn't hold, what do you do?

You're like, oh, well, I don't know what to do. I know, you know what to do. If that was your out, you got to get out done. Okay. I lose my dollar. I'm happy to move on. I mean, that's, you know, you're trying to make a call. You got it in this environment. You've gotta be willing and all environments, I mean, piss is what everybody does wrong.

They don't have discipline. They won't take the loss. They're like, well, I can't sell at a loss. I never have. That is how you end up losing in this game. Long-term one thing I can almost guarantee you, if you are unwell, you, as a trader are unwilling to be disciplined, to take losses in the long run, you will highly, highly, highly likely not make it in this business, because it's not about what you're making.

It's all about what you're losing. Those losers have to be small. You've got to protect your capital as much as you can. It's all risk return. The best traders like Christian from Hertz, the best traders out there have, you know, set up their trading momentum. But you know what, when it breaks, they quickly admit they're wrong, they're wrong.

And they move their capital into another area. You can't just sit your capital, hoping it comes back. And we see it again and again, and again, it is so consistent. You know, I see it at break trading because of traders coming in is so consistent. They'll traders that, you know, very much, you know, a highly probably don't make it are the ones that refuse to take.

All right. That's going to be a rap Dennis. Great to, uh, great to see you as always, and, uh, have a good rest of your day. We'll talk to you again tomorrow. I'm going to hop off as well. We have live training with Benzinga starting in a couple of minutes. Uh, Ryan Florida, uh, is Junaid Mitch. I will do my very best to stop.

I can't make any promises. And after that, we've got a futurist trading with ninja trader 10:30 AM. Eastern time today. I'll be on with Jim Keck, Nina for that. So everyone, please remember all the information from our show is meant to be used as informational purposes and not for investing or trading advice.

Thanks to our guest today, Tim quasi, thanks to all of you in our chat. If you missed this show, we're of course, available on YouTube. The show is also available as a podcast on all the major podcast platforms and, uh, that's a wrap. So I'll catch you guys over on wive trading with Benzinga going live. Okay.

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