Takeaways From The SEC GameStop Report ; What is BTFD?

Episode Summary:

• Market Recap
• Takeaways From The SEC GameStop Report
• Bitcoin Futures ETF opens
• Earnings from PG, JNJ, and more
• The Level of Heat in the NFT Markets Is Insane
• Valkyrie switches the ticker of its bitcoin-linked ETF to BTFD

Link to SEC Report here

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Guests:

Ivan Feinseth, Partner and CIO, Tigress Financial Partners 33:00

Meet The Hosts:

Dennis Dick

Twitter:https://twitter.com/TripleDTrader

Spencer Israel

Twitter: https://twitter.com/sjisrael

Joel Elconin

Twitter: https://twitter.com/Spus

https://www.premarketprep.com/

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

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Unedited Transcript

We buddy happy Tuesday. We've got a big day today. We're going to talk about that. Uh, that sec game cyber report. We're going to talk about the Bitcoins. You have. We are earnings, big show. Whoever's in charge of this thing. Can you please hit that intro? Thank you.

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

oh yeah. Good morning. Good morning. Good morning. Hope everyone is having a great morning so far. I am. Um, I am ho I was hoping to be back in the office today. I wanted to go back to the office, but today I was told what I have for wait. Basically 10 days from when I've been symptom-free. So I'm not allowed back in the office till next week, apparently is the rule.

So I'm stuck home for the rest of the week now, but, um, doesn't mean it can't do the show. So here I am. And here we are. Good morning. Good morning. Good morning, everyone in the chat. Let's catch up there. Good morning and war Jim Dino, Evan Donkin, Dave, everyone, and everyone. Good morning. Good morning. Good morning.

Um, Ivan's fine. Seth will be our guest today. 8 35 tigers, financial partners, users, CIO, or gait. His thoughts on markets. We'll talk the Bitcoin ETF. We'll talk earnings. We'll talk about the game. Cy proport from the sec. Last night I read the whole thing, so you don't have to, but it actually was a good read.

So we'll get to all that. But first we have to get the charts up on the screen. Joel, how are we doing on this Tuesday morning? Um, well you had the small dip yesterday. Now a dip is any time that the SLPs are rat even by tech. Now we've done. We're off 2250. Spend a little time beneath the clothes snug into the 4,500 handle all four fifties, your eye, your next daily high that's coming up at oh nine and a quarter.

That's usually a timber ten's high crudes. Do it okay to up 76 cents at 82 44 challenging night. The move from yesterday, you have silver catching, a bit of 65 cents to 2392 Bitcoin. That's up 7 55 and 62,000 4 0 5. Ethereum. That's up to $37. It's 3008, 1150. So triple D uh, boring after hours. Huh? Did you have, it was really slow.

Last night we had like a three point and P range for the better part of three hours. It was just nothing happening. Um, a little bit of movement, more movement. It's been kind of a straight up climb here over. Again, by the dip. When's the day yesterday, I was hoping for a little bit bigger dip, but I did get down and dirty, uh, reallocating the longterm portfolio, doing a few things.

So what I was doing yesterday was trading in utility stocks. For bank stocks. Um, and the, on the, in the Canadian side, not the U S side, because some of these Canadian bank stocks haven't really run that much in there. Yeah. I bought a bunch of this in my long-term retirement account yesterday. I sold what a stock called Canadian utilities, which a big utility company in Canada.

My thought process here, obviously this is the long-term hat on is that if inflation is sticky, I believe it is. That's not good for, you know, instruments and investment vehicles that are just basically dividend and which is a utility stock. I think the Canadian utilities is like a 4.7 or 4.8% div. And I was like, I'm not sitting around in there to just collect 4.7% and inflationary environment.

I'm going to actually go over to banking Nova Scotia, which gives me a 4.4, 2% dividend, almost as nice. But with the upside of participating in appreciation, if interest rates do start to create. So that was my thought process yesterday. So I was doing a little bit of buying in the Canadian banks. I also bought a, uh, a bank called Laurentian bank, which is called back.

So I don't believe that's traded over here, so they won't be able to see that one, but just getting down and dirty, getting a little more exposure for if we do get into a rising interest rate. I remember wrenching. You know what Laurentian does trade in the U S central bank. Does the ticker is L R C D F.

Yeah. Whenever they have more than four assembles. And I just don't so, yeah, L R C D F I guess, is what I was buying yesterday. I think it's got like a 5% and it's got a pretty nice one too. So you're getting the dividend again, getting exposure to banks, because I just feel like we're in this environment, that inflation is not going to magically go away.

And I do believe that eventually. Especially if the market continues to rise, that's going to have to do something about it. So John Dawson in the chat says, this is what John Dawson loves Laurentian bank. I don't know if he's, uh, if he works there or if he's a customer, maybe circle back. There's a lot of, he's a cool back, I believe.

And I know Ontario

Laurentian bank headquarters to a Horseman's convention outside of Montreal. Last straw you ever been there? That was probably seventies or eighties. That's the headquarters is in Montreal. We're going to expose exposer exposure to some French facts, but I think there English as well, or exposure to banks, all I wanted was more exposure to banks.

Let's try and look at the charts and look at a few of the Canadian banks that haven't just ripped and roared. I mean, Royal bank. Really how or why is that one? It's really how to run here. So whenever give Canadian banks the lot we shut, there's like 5:00 PM banks we've been looking at

double digits. 13 Wu is a pretty good. Yes, it was a pretty good guy. Remember when that was going on of business, that almost happened. Yeah, that almost happened. I remember there was a lot of books in the office that I remember in the office that day. Anthony Loverde said, this is just like how it was with.

And then, um, in terms of the trading that they anyway. Um, okay. So I want to talk about this a sec report for a minute, and then we can move on, but I read the whole thing. So you don't have to, actually, I, I do think it was a pretty interesting read, even if you, you know, what happened in January, February, and you were there and you follow the story the entire time, it was still an interesting read.

I thought you could just skip to the last page and see the conclusions, but, but if you're into this stuff, which I am, then, then I think, I think you might actually enjoy reading it. Um, a couple of takeaways that I had, uh, or that I had from the, that the sec had number one, um, off exchange trading, uh, volume is the sec thinks that's a problem, right?

They talked a lot about that. How, uh, not all, uh, retail order flow gets to the market. We know this, and as you've obviously been complaining about that, I don't know a decade. So I think it's 12 years. Yeah. Um, th this is an interesting stat and I can pull up a chart here in a second. Um, the increases in price coincide, this is a I'm reading now direct quote, the increases coincided with a sharp increase in the number of individual counts, actively trading GME, uh, by January 27th, the number of unique accounts trading GME on any given day increased from less than 10,000 at the beginning of January to nearly 900,000.

Whereas that chart, let me pull it up for you. This is a chart that shows the number of active accounts. We're trading it as many as 900,000 in the beginning. So where did it go come from? Oh, from fro it started here. I don't know what is that like 10,000, no, less than that. Uh, yeah, to show how much this retail movement, when they get on a stock, how much influence the retail traders have.

It's uh, it's absolutely amazing to see that shirt that's yeah, incredible. Incredible. And you can see, so the green is, is institutions and headphones, so that increased, but not nearly to the extent that the retail accounts increase. So, um, I thought, I, I thought that was very interesting. Yeah, sure. It tells the whole story.

I mean, this was the buzz, this was the hype. This is, you know, the whole reason behind it. The the sec point out that there are some headphones that will cost money and other hedge funds that that made money. So if you're thinking this was like, um, you know, the, the, the populist movement, the little guy gets it at the expense of the big guy while some hedge funds made money, too.

So not quite like GameStop did not, uh, did experience some fails to deliver, but, uh, not enough to indicate there was any naked, short selling. So that might have some people, uh, upset, uh, sec things that clear needs to be a lot faster. The T plus two could contribute to the problem. Um, the sec things that need to be improved, um, the ETFs, right?

XRT and gamer G AMR, which both hold GameStop and both. Uh, and oh, the, we have a typo in our chart, sorry, in the graph say, sorry guys. Uh, um, the, the ETFs are really good job there. Their spreads got water, they traded a little bit premium to nav, but other than that, they did a pretty good job of handling the, uh, the, the, the, the increase in demand for, for GameStop, um, cheek.

You know, I talked about this on Saturday that I believe GameStop and the X 30, which is equally weighted, meaning that, that adjusts they're supposed to stay equally weighted, but it only rebalances quarterly. So obviously any movement in January, February is going to be rebalanced until March. I believe at the peak, um, that excerpt GME was almost 20% of XRT from 0.8%.

That's just incredible. Yup. Um, as the month went on in increasing percentage of volume in game stop, actually. The percentage of, of GameStop trading that happened off exchange is higher than the sec thinks there should be. But as the month went on, that percentage actually went down because nobody wanted to take the risk.

Right. Right. Exactly. So here's a chart that actually shows shortly that again from the beginning. So the, the, uh, email of GameStop trading volume that happened off exchange is higher than the, than the sec wants it to be. So on January 21st GameStop open at 39 and closed at 43. So nothing really crazy there.

62% of that day's dollar volume was executed off exchange. I was on the 21st. Okay. On the 28th, a week later when GameStop opened at 2 65 and went to 1 93. So like, this is like peak craziness, right? Um, yeah. It reads the percentage of game, time, dollar falling in that trade off exchange got bullet down to 32%.

Yeah. Right. Cause nobody sit it out and all that. They didn't want it. Well, Citadel was actually, they said they kept making markets. They may be one of the few, but you got to think as a market maker, you're trying to make the spread. And when it starts to get you this knotty and you see just lifting like that, it's the same thing.

As when we had the flash crash where I was like, oh, now all of a sudden the oxygen American makers don't want to make markets cause there's too much risk. So literally you got to a situation where GameStop was rising so quickly probably had a lot of off exchange market makers saying, no, we're not going to trade that.

I mean, that's been my area. All along with off exchange market making is that they provide ample liquidity, 99.9% of the time during times of, you know, price. Uh, you know, when, when prices are really going crazy or prices are falling drastically, they can just stop making markets. Now, as apparently, Citadel did not at least what we can Griffin set, obviously.

So maybe they were the 32% that kept making markets, but there was probably a few off exchange market makers that said we're just not going to make markets and game GameStop to that. Yeah. Yep. Uh, you want to see the short interest in GameStop actually like chart it out? I thought this is interesting to take, take a look at that drop.

So this is when the gay stored interest was over a hundred percent, right. And in January and then boom, come crashing back down. Uh, in February, which I thought was interesting. Okay. Some high-level conclusions here from the report and then a, well we're short interest actually fell dramatically. Yes.

That's what that chart is showing. Yeah. And that makes sense too, because you've got firms like set it, or like not like Citron, Andrew laughs. You know, who were short on fundamental saying, well this is disconnected from fundamentals completely. So I'm just not going to participate in this. Yup. And this is my argument too.

Um, I just want to say one more thing. Go ahead, go ahead. Finish your thoughts. And I got the conclusions from, from the report. Uh, there was, there was four, um, essentially the forces that can cause a firm to restrict trading are complicated and there's not any one reason. Um, uh, Consideration should be given to whether game-like features and celebratory animations that are likely intended to create positive feedback from trading the investor as a trade, more than they would otherwise in addition payment for order flow and the incentives that creates may cause broker dealers to find novel ways to increase customer trading.

And this is nothing new here, right? Including through the use of digital engagement. Yeah. There's nothing new there. Um, trading in dark pools and through wholesalers. Yes. Yes. See, like I said, things it's too high, right? Much of the retail order flow and Jimmy was purchased by wholesalers and executed off exchange, such trading interests is less visible, visible to the water market and may raise questions about execution, quality investors receive.

We know this, um, and those were kind of the big takeaways. So nothing really new, but like I said, if you're into this kind of stuff, it was a good read. Um, were there, did you read the. Oh, no half the report with footnotes, I guess I should know, because I like stuff that we said like six, eight months ago. I mean, this is like repeating a lot of the stuff that we said when we had people on and we had a bill hard sign and we had different people that talk about market structure.

Dennis has been writing about this stuff for a decade. So, um, good job by the sec. See what, you know, I think that the biggest thing that came out of it, you know, when you talk about these stocks running it, you know, whatever means stocks, they brought a whole new group of investors to the market and what they're trading and what they're doing is their choice and is their money.

We did have some people, um, in the, um, in our class on Saturday that said, Hey, they, they had a great run in those stocks and they gave it all back. And now that, you know, cause they're waiting for that to happen again, they're waiting for that to happen again. It may happen again, just the probability is a little bit less than, you know, doing, you know, other ways to trade.

This has happened in other stocks. Like this is not the first time. I mean, we went all out because game stop. But this happens when newer companies come in, the buzz happens, bring up Tilray. I mean, this is how till re. This is what Tilray did. Bring it up, bring up the chart and go back. Oh, they have the Aphria.

So I, don't not sure what after the merger, but all my charts still shows that stock went from $20 to $300 in the matter of about a week and a half, this stuff does ochre. So it is not out of the realm of possibilities that you can get just these crazy moves. And do you want to know the main reason behind these crazy moves?

And this is not even speculation. This is just, you know, common sense. It's the lack of shorting that is behind these crazy moves combined with increased demand. It's right back to, you know what Tim would say too, on his stuff. You have got to ask yourself a question as a fundamental trader and you're seeing price completely disconnect.

Think about Andrew left, who shorted game stops the Tron Jordan stop at 40, at 80. He said, I'm out. It doesn't make sense anymore. So we have all the fundamental traders that would normally short, you know, channels, you know, maybe he stays short on some stuff, but you have a lot of fundamental traders that are like, okay, this is too disconnected.

I can't short. So now you lose all that. You have increased demand from the huge buzz combine those two and you get this rocket ship mode that happens. We see this happen. When stocks get hard to locate in the shorts, can't keep the prices in line because shorts provide a very valuable service to the market.

They keep prices in check. So yes, it probably did start as a bit of a short squeeze. And then the shorts with that shirt that you showed Spencer, the short volume dropped dramatically because one, whoever was short, it got the hell out and probably took a big loss earlier. And then two, no new shorts were coming in.

I mean, bright trading. Our company actually came out and didn't allow you to short that stock. Like even though we could find a locate, they made an internal rule that none of our traders were allowed to short that stock for about three weeks. Because, because of the risk, we, you know, you didn't know where it was going to go and they didn't want to trader.

So we just ban that stock and break training is rare to do that, but because the risk was so high, the firm had a discussion actually banned trading in that stock. So, so that's what you have to understand is it's all supply and demand right back to what Tim always talks about. On Monday, we've got supply and we have demand when demand increases substantially and you don't have the supply and the supply, obviously we don't even know off exchange market makers from your stats.

Weren't some of them weren't willing to provide liquidity on the short side and you have no fundamental traders provide liquid. On the short side, you have very few shares that are willing to sell, and everybody thinks it's going to the moon. That's why the drastic rise happens. Shorts, keep price in check that's doesn't fit the narrative of what everybody wants to hear, but that's the reality of how the markets really work because we see this.

And in some cases where all of a sudden, like the Biocon, remember the via. It explodes away from BIAC and everybody's like, what's going on? Well, there's no shorts. Nobody can locate. So there's no ARBs to keep the prices in check. So if you can't get the locate, can't borrow the stock. You can't, you know, and if you do do naked shorting, it is the illegal and you will be fine as a prop trader and possibly worse.

You'll lose your license or even go to jail. There is step fines. Is there firms still doing naked shorting? Apparently there is a few. But it's on the radar. I mean, I can tell you, you have to be very careful if you're a professional trader and you're doing naked short-selling because your broker's looking for it.

The regulators are looking for it. There's a lot of people looking for it. Does it still exist in some smaller firms that maybe don't have good compliance possibly. Um, you know, but I'm not going to speculate on what's happening other firms. I'm just saying, in some of these instances, when you see these crazy moves higher, it's actually the people who are not willing to provide liquidity on the sell side, either selling their lungs or shorting the stock that contribute to the high rise, because the demand and supply is way out of whack.

They have abandoned now their stock, uh, uh, before. Yeah, we've had it from time to time, but I'm not, I don't remember in a long time that all of a sudden we have a memo out to a traders who can't trade that stock. And the reason for that is we don't want one trader getting involved when stocks are moving around and going crazy and disconnected from fundamentals to a hundred to 300.

And everybody's, you know, and the buzz is going on. I think it was only on the short side. Joel. I don't know if it was banned. I don't think it was banned altogether. Maybe it was, I can't even remember now my goldfish memory, but be careful when you're running a firm, you know that you don't want to trade with blood and bring it down.

I'll also be in a market maker. Yeah. Joel wasn't with buyers. Yeah. And you're, you're just not, I mean, eventually you're saying, okay, man, you can't, you can't beat them, join them. And if you don't take that, some of these hedge funds and these market makers made a ton on the long side too. I mean, it's there it's airport, you know, you're getting buyers to 10,000 buyers at 10,000 buyers, you know, all of a sudden you short 50,000, you get another buyer for 50,000.

I mean, there is a point where, you know, the market makers do that. So they, they made some money on the long side. And then when it gets then in the middle of the day, when it's just at, you know, it's just moving 2, 3, 4 boxes at a time they're like on the bed and their offer. And they're taking that retail.

They're going Bing, Bing, Bing, Bing, bang, bang, bang, and printing money. So a lot of dynamics there, I don't know really what's going to come out of this, but. It's I guess it's interesting disguise plants. I'll give you kudos for Rita. That whole thing I don't. Uh, and you know, what's better just read it for us and give us the outline.

I've got a feel for it. So I probably won't read it. We're going to sit in class. There really wasn't offensive footnotes from it. There really wasn't a lot new someone in the chat was asking about like a Robin hood specifically the sec, didn't say anything that Robin hood didn't already say with regards to why they restricted the buying.

And someone asked about this one interest in GameStop, I'm seeing 12%, so that's not insane or anything like that. Um, that's relatively normal for GameStop actually. Um, So the agency, they didn't say anything really that new, it was just interesting to get some color on the situation. That's all I'll say.

Or the ACCC agrees with Dennis, apparently that, um, you know, the market is too decentralized. And did you read the bibliography? No, I just, like I said, the report is 45 page report. Hathaway's footnotes. So I, I skipped off the footnotes. So I guess, I mean, I don't want to say we're leaking because we're April, we're eight points off that is, will yell at me.

We're down, we're down eight points off the high. We got up to over four 50. So that's a decent number. Now we backed off eight points. I'm not sure what the reason is. Let's move on here. Bitcoin ETF opens today. ProShares Bitcoin strategy. Do you have B I T O E is your ticker, your nav, your net asset value is $40.

So that's kind of someone, you know, you know, someone that pending it asks, where's it, where's it going to open? Probably somewhere around 40, uh, probably a little bit higher than that because it's going to be open at a premium. I would, I would assume, but somewhere in theory it should trade around $40.

That's why the volume is going to be today. That's the old. Going into your own. Do you want to make a bet on that? I think it's going to be huge. I mean, he's like so, so, okay. People were asking him like, who is the, who is this for? Who's this Bitcoin futures ETF for, if you already trade big, if you already have Bitcoin, you already have a wallet and Coinbase account, whatever, this is not for you.

I mean, you can do it. You can find, you can trade the buddy. It's not for, you're not the target audience. The target audience here is anyone who does not know or does not care to know to how to open. And I think a Coinbase account or get a credit crypto wallet, or even trade a futures for that matter.

This is the simplest way to get cryptocurrency exposure aside from owning a mining stock, right. Amara or a riot. This is the other than that. This is the easiest way to get direct Bitcoin exposure. And not even that you're getting exposure to Bitcoin futures. It's kind of one degree removed, but, um, I'm with you, Joel.

I think this is gonna trade serious series on today. I don't know how much, I don't know. It's a new thing. I mean, I'm sure people are going to be, uh, I mean maybe it'll give it a day to shake out or something and it, and the ARBs are going to be in there with, uh, you know, with the. The futures and cash. I mean, the thing to me is that the beauty of the Bitcoin market, it's, it's a 24 hour market, 24 7.

There's no gaps. Right? I mean, it closes it mint. I mean, that's, that is, that's a big dinner house coin based on this is, I guess this would be, would this be? Yeah, but this really wouldn't be good for Coinbase. What it, um, I talked to somebody that it's pretty much grading onto the exchange, as opposed to having to go through Coinbase.

I kind of agree with you, Joel. It's been motoring. I mean, Coinbase is because the Bitcoin, I mean, these obviously are Bitcoin related instruments. If you bring up any of these things, gonna move with the price of Bitcoin. So, you know, Bitcoin rally coinciding nicely, obviously with the big move in Coinbase, you can bring them all up.

Riot blockchain obviously had a rating, but it's moved up, you know, the last couple of

I'm not sure why I don't follow the stock closely enough, but it's definitely liked then there's, MSTR all these Bitcoins docs. We got our buddy I own hive. Um, that's obviously our buddy who got the jets ETF, Frank home SU I disliked Frank Holmes and I wanted to have some exposure to crypto mining. I believe Frank is one of the smartest people in the business.

So that's why I put hive in my portfolio. I'm a link I'm holding high. If I've been in it for a while, I've actually been all over the place in this I'm averaged in Canadian dollars, but it's around two 50 us and left a three 50 quickly. I was like, oh, Frank's my hero. And now he's down to Frank. I'm feeling good again.

So anyways, trying not to look at it, trying to Hodel it, hoteling hive just for Frank, I might be. Am I? And that speculative capital only remember. So on the chat I asked, uh, w how so BTO is your ticker. They asked how that's different from the grayscale, the GBTC, uh, Like their legal, their regulatory structure is different.

GBTC is technically our trust and also doesn't trade on exchanges. So if you're, if you use a broker like Robin hood, for example, that doesn't let you buy securities, that don't trade on the NASDAQ of nicey. You can't get the GBTC on Robinhood. You, um, also the GGC holds physical Bitcoin in cold storage.

This ETF does not actually hold any Bitcoin. It only holds Bitcoin futures contracts. Okay. Mirror the price of the movements of the Bitcoin market. But, um, it's just a different regulatory thing. It's a different vehicle. And like I said, the point here is to open the doors to, you know, your average investor who does not know or want to know how it doesn't know anything about Wallace doesn't care, but just wants some Bitcoin in their 401k maybe, or right.

You know what I mean? Yeah. I wonder if the premium, I mean, look at that thing. Look at, look at GBTC. I mean, it had that huge premium the entire time and it's still just trying to work that out. Look at it. What's the old time Highness, what? 56 57. And it's the spreader has not come in. That's that's interesting.

We've got to get Michael, we got, can we send a

and let's uh, let's start the, um, uh, try and get used to go on again. We can do that. Yeah, we can do that for sure. We can do that for sure. So talk stocks here for a few minutes. We can talk some stocks, try to bring it to stocks. Producer. Spencer was a little thing on the side. It says we're supposed to what we're supposed to do here.

Tuesday earnings is next on the list. We can do it. Let's talk betting. We got Procter and gamble. We got Johnson Johnson. Uh, let's start with PG. That's more interesting to me than that than the James was saying about supply chain. Find out earnings per share to be their sales. Be they maintained. Hey, actually, maintaining guidance is pretty good.

And this environment, I think so for a consumer staff, for consumers, product stock. Yeah. Cause you just don't know. Um, they announced price increases across different. We don't have inflation. We only running 2% increase on beauty, oral care grooming products. I guess the three things maybe, hopefully just three things.

That's what says in the pro they hit on CNBC. With the questions. I mean, like you can tell, like they had to prompt her up and then like, they, they would ask the question and then they stuck the answer up there. And what he said was, well, yeah. It's did you just say that he had, he put his answer up on a teleprompter?

Oh no. I just, the way he was like, you could just tell, like, when people they're like giving your answers to stuff, whether it's like coming from their heart, you know, I'm just speculating here anyways. He said the bright side is, well, yeah, higher prices, you know, and maybe live in, but that means demand is strong and demand is strong and that's good.

So that was the argument you said there were some supply chain issues and stuff, but it was just a, a signal of strong demand and strong demand is, oh, wait a minute, wait a minute. I said that a couple of the other week, I think last week I said, it's, everyone is going to say, oh yes, price is going up in inflation because we have strong high demand.

And we're not going to know there's going to be no way for us to know whether that's true or not. Right? Like we're only going to know in like six months or a year who is actually lying about the demand increases and who is strong demand and who was not w w everyone's going to say the same thing. Yes, yes.

Yes. Demand is strong. It's why we're raising our prices, but we're not going to know. We don't know. Just 1 39 is a pair of clothes. That's all I'm going to give you from a technical standpoint here, going back. I mean, I don't even know if you're going to get there 1 38, 67 splits of parallels from October 5th, October 6th.

All right. It's good to the Jane. What's the bomber yesterday's range 1 42 10. If you're trying to wiggle out super staple stocks in this environment, same thing as utilities. It's just, you know, there's so many reasons not to own these things. If you think inflation's going away, maybe, you know, you do want to own this stuff.

I don't think inflation. Johnson Johnson earnings per share, beat sales beat, and the guidance res uh, an EPS and a sales guidance rates for the entire fiscal year here. Um, and that compound out of favor, out of favor, it comes on the backs of their getting their, uh, booster shot approved. And the FDA is apparently going to announce that you don't need to get the same booster as your vaccine.

I mean, drug stocks are all hated right now. And then Johnson Johnson is like the drug consumer staples combo. It is. And you know, this chart is, you know, got a lot of people who are caught in the last couple of weeks. I don't want to own this one either. There's just, you know, if you're, and it all depends on your views on inflation.

I mean, we've been talking about inflation for a bit and maybe we get to a point where inflation starts to cool off, and then some of these stocks will become a lot more attractive. So, but right now I just don't see, you know, cooling off early anywhere. I see everybody using as an excuse for everything.

So just to Jack prices on you, and we've got Procter gamble, raising prices on a bunch of stuff today. So I, these are the types of stocks that don't work well in an inflationary environment. They are oversold though. We'll give them that. And it's a very good point. You make Dennis because Johnson Johnson, we always talk about it within the context of drugs, but they do so much more than drugs.

They do. They they're their staples, they, they, they do shampoo and things like that. So there's lots of stuff, all kinds of stuff. Um, it's a great company. And if it got down to like the one 40 area, I probably get down and dirty just because at one point in time, it's cheap enough, but I, I don't think you need to chase this one.

The range 1 58 to 1 62. You're just about it. And trivia question for Joel where's Johnson, Johnson.

Now, you know how it feels. Yes. Near Brunswick, New Jersey cattle over from where? From where I grew up, I leave all the Michigan every time I say that it's, uh, how's La-Z-Boy doing in this inflation. I don't check lazy boy in a while. Let me see. All right. Side tangent there. Okay. What else do we have for earnings?

Uh, Halliburton, if you want to go there, we're going to have, I haven't focused on in a second. Halliburton.

Yeah. What's the chart doing? I didn't look too. Oh, this is interesting because, um, well, the reason I say interesting, I'm looking at the bottom right chart here. I'm looking at the, monthly's a pair of monthly highs at, uh, just over 25. Uh, this was pre pandemic 25, this called 25 and a half. You broke above that.

I mean, it's taken it sweet all time following it, but in breakout on the monthly holds 25 and a half. I see more upside here. Oh, how old were, I know almost a 30 anyway. Can you know, I can't the people that own Halliburton and oil, uh, you know, moved up 80 bucks, 70 bucks off the low. Yeah, it's come, it's come back a long ways.

So, but I mean, if you go out to the month on Halliburton, the $70 we got back to in 2014 seems like a pipe dream at this point in time. All right. It is 8 35. Let's bring on today's guests. I haven't find Seth partner and chief investment officer Tigris, financial partners. I've been good morning, sir. Oh, wait.

You're on mute. Unmute that mic there. There we go. Come on, sir. How are you doing? How are we doing today? Very good. Always happy to be here with you guys. Always happy to have you on. I've seen what is on your, what is top of mind for you right now? Are you all about the earnings or is. August September, there were no earnings.

There were no stock catalysts. So all the market did was focused on, uh, the fed baby tapering inflation, the dysfunction in Washington, there was nothing to go on and the market was just drifting lower. And I said, as soon as the earnings start and I believe this is going to be an incredible earning season that, uh, the market will turn around and I'm still expecting a strong rally into year end.

I still maintain my 4,600 to 46 50 year price target on the S and P 500. And I think we will more than get there. And the most exciting thing yesterday about Apple's event to me was not the incredible Mac book pro and Mac that they introduced or even these new AirPods. But the fact that these things were announced yesterday, they're taking orders today.

They will be available next week, which goes to, again, negate all of these people out there who try to call out apple to say, oh, I phone sales are not going to be what they were that they're, they're going to be impacted by chip shortages. Apple obviously said yesterday in between the lines, there is no shortage problem.

If they're launching new products ahead of the holiday season, then they have to believe that they will be, you know, more than enough supply. And I still say that apple will have a record holiday quarter December quarter. Uh, I think that they will. Last year's record of 111 and a half billion dollars by at least 15%, if not 20% this quarter, so optimistic and earnings, you just think, God, just all this pent up demand the optimistic glass optimistic, by the way, I know no successful and no wealthy pessimists.

To me, it's just a fact, but I like the fact that you cannot manufacture demand, but you can always manufacture more supply. And so many CEO's, uh, Frank Del Rio, the CEO of Norwegian cruise lines had said on a number of conference calls, you said, I worry about a lot of things. Demand is not wanting. Now think about that too powerful.

So the consumer is flushed. We are near record, low unemployment at 4.8%. Wages are up. Consumer balance sheets are strong. There's pent up demand to travel and purchase and get out and do things. And that is a phenomenal backdrop. And if all that's holding back is supply, which I don't really know if that's as bad.

I mean, I think unfortunately, companies that may miss earnings may point to supply chain as for the board. If they may not have strong, you know, not every company, unfortunately has strong demand. We know apple certainly does. The cruise industry is experiencing strong. The travel industry is, um, and a lot of things are, but again, not again, we're getting too positive and it's making me what don't you like?

That was going to be my question. Let's go and go up less than everything. All right. Well, uh, I've liked Albertsons and they've done a great job. I downgraded the stock at $28 from a buy to a hold cause it hit my price target and they had a great quarter. They're doing well. The CEO is good, doing a good job.

They have raised the dividend, which is always a positive. However, the valuation is kind of stretched. It's still just a grocery store chain. And I think both consumer focus will shift from at-home dining to outside dining once outdoor, you know, um, in restaurant dining as well. Spending money on other things.

And I also do believe we're going to see a record holiday season. The symbol on that. I know the other one was what's that propane company that, uh, we talked about a long time ago. I think Raz mentioned it that, uh, the propane gas company, I've heard that outside that because I know I'm looking at well, the one, oh, there's well, you know that, uh, let's see, there's the company that makes those who's going public.

Um, the outdoor stoves and the, uh, the lamp. But again, those are kind of niche things. Yes. When restaurants open, you know, restaurants were saved by delivery and outdoor dining and takeout. And certainly as it got colder, especially in the, in, you know, areas where it gets colder in the fall, they bought these, uh, like these stand up heaters.

So they can maybe.

Uh, I think it is trying to SPH kind of fads and trends to me. I want companies with long-term stable growth that have unique market niches that are defendable and a strong brand equity and unique attributes that drive customer loyalty and customer demand because we found something that Ivan is not jumping up and down 400 grocery stores, but it doesn't look good here.

I mean, it's sold off. I mean, it's really, but my favorite staples retailer is Costco. Because they've shifted by the way, when consumers needed staples, they went to Costco and Costco sells a lot of discretionary purchases as well. And, um, look, they're noted for selling a $65,000, uh, collectable, baseball and bat and, uh, a $200,000 diamond.

And, uh, so you never know what you're going to find a Costco. Why don't you? It's part of their, uh, unique shopping experience. Wait. Uh, yeah, they, they sold a collectable, baseball and bat for each like 60 or 65,000. Uh, they have diamonds, they have, um, they've had fancy watches, uh, Rolex. And actually we're seeing a story.

I remember seeing a story like 10 or 15 years ago. And they, I think it was like 60 minutes or something and they just like, maybe it wasn't, but they just compared the diamonds at Costco to the diamonds out, like some fancy jeweler. And they took it to some expert and they didn't tell him what was what?

And he was like, yeah, these Costco, these guys are some guys go well, but, but diamonds have their grading and category somewhat. They're not manmade. So the comfortable nature, if you will. So there's one, you won't find a Costco. There's one thing you will find at Costco and that's the onion ground. To put, you know, they used to have that thing up on the wall for your hot dogs because of COVID they got, yes.

They just said they brought back relish and that

is back. I mean, it was because of the pandemic that got rid of the, the food court, they got rid of sampling. And then when they came back and they'd gotten people who normally did the sampling having displays, and I said, you know, this is sampling without sampling. You know that we are in a post pandemic world when Costco brings back sampling.

I, I understand that you're a bullish, can you give me some w one scenario, something that would have to happen. For any of, for your S and P year-end target or for your estimations for earnings for that not to happen. Oh, there's some S you know, in October, Halloween is coming in. There's some scary things out there.

And the number one thing that scares me is, is oil. Okay. Um, you know, the, uh, friends from California send me, uh, pictures of gas stations, sewing. The gasoline is five, six, and in some cases, $7 a gallon. I mean, that could derail, uh, on a number of cases. Unfortunately, we, we were a few years back and, uh, Washington oil and president Biden cut back pipelines, cut back production, and it's caused a arising oil prices.

And the other thing is it's not only high prices because you know, consumers, why they don't like paying for gasoline as long as it's available. It's okay. And then you add to that shortages and we've heard that there could be natural gas shortages in Europe, and that China is going to start to have to ration energy.

And that could be further disruption to supply chains, um, already, uh, what caused the weakness in the market when we started this week, uh, yesterday morning was the fact that China GDP came in at 4.9, not the 5.3 expected, and they were supposedly energy issue. So I mean, energy is. And I think it's a long time coming till we get to electric cars.

But it's exciting about the number of electric car choices that we will have available by this time next year. But energy is a scary thing. All right. W w what has to get Ivan back on when we're the next time that we feel like downright terrified about the market? So we gotta iron, I've not gone to reassure us that everything will be okay.

And then everything is fine. And we're going to new highs by the end of the year, because you, you you're, you are, you are nothing if not consistent I've and I can't remember ever you becoming on our show and being anything other than bullish, and Hey, you've been mostly right. So it's paid to me, but all right.

Yeah. He's yeah, you're right. He's been all right. Glass, glass, half full and the, Hey, it, it, it works. So, uh, I've been fine. See, I was a CIO at tigers financial partners. I've been a pleasure as always, sir. Thanks a lot. Great to be a thanks for having me on he's always so positive. It kind of makes me sick. I know what I mean, it feel better kinda makes me sick.

You've been positive too. And you've been right here. I'm a hundred S of people. It's a go you're like, we're going to make the all time highs by the end of the night. Yeah. Yeah. But there's a difference between like, thinking that like the stock market's gonna make a new, all time high and just being a generally positive person.

I'm generally a pessimistic person. I am too. People tell me that in the chat all the time, like, okay. I have one bullish call out there, but in the rest of my life, I'm pessimistic. Okay. We need it. We need to be surrounded by more optimistic people. I've always been pulling I'm too negative. I've always been Jason.

Jason tells me all the time. I'm a dude. I'm a two negative and it's not now. It's just your, you know, people have different personality traits. Yeah, yeah, yeah. Yep. You're right. Anyway. Okay. What else do we have today? I saw the, yeah, someone mentioned Merck in the chat. I saw the merch headline, right? That there was a group affiliated with the world health organization.

That's going to buy those pillars of the COVID pill or fill that gap salad. I'm along it completely talking against my buck. And obviously it's not investment advice because I'm holding it long term. But as a. Two point rally and Merck. It's been going down. I think it's selling opportunity for you traders out there.

I'm holding my Merck. Yeah. Still holding the stock that I bought a decade ago. You guys want, uh, you guys want a level of levels and this one, your pre-market high 79, 74. If you don't think that the good, the folks that were selling at 79, 66 and 67 on October 13th and 14th, weren't palms out at that level.

Uh, let's see if we get back up there. Uh, but that looks like great resistance today already starting to leak about 60 cents. You want to talk to Macy's for a second here. Uh, Joe and I discussed this at the close, but DAS, we didn't get your thoughts on the Macy's, um, report that they're going to IPO there, Saks fifth avenue business, which is at this point basically entirely e-commerce.

Um, and that was a headline yesterday. What drives the price like this? I mean, this investors just want a story, Saks fifth avenue, which, you know, obviously was traded at one time and basically they didn't make it. And now they're going to bring it back. Um, Um, I find it hard to get that excited about this story.

I think it's another selling opportunity, but again, we know my strategy by the rips or buy the dip, sell the reps. This is a hell of a. Maybe it has continuation here, maybe when it actually does spin off, maybe there's another bump, but wow. I can't believe that tack on that much for that news. Yeah. I think with the kind of move that had had, and also on a historical basis, you got to put a lot of emphasis on the close 28 and a quarter and add high 28 41.

Now being down 60 cents a share line. Oh, if I could just get out at the mark. So write down probably a mound of paper at 28 50 as well. We haven't been up here since what, 2019. Wow. 31 90, 26, 48. Really took that out. 31 99. Your January, 2019 higher was wondering, there are 13. I didn't realize there was I'm sorry, 15 Saks fifth avenue locations where you can actually rock up to the store and do some shopping.

It's not the one in Somerset anymore. Is there? No. There's one in Troy. Joel. Well, that's Somerset. Okay, fine. Sorry. Okay. Uh, all right, it's take your time. I'm here. Drop your questions in the chat. We will take a look at what you're looking at. Um, what did we miss here this morning? Talk Ali Baba and their new chip.

We got a new chip to compete with Microsoft and, uh, Amazon, e-commerce gotten a pop, got the 1 78, 1 71 50, all those highs at one 70. Let's see. Old resistance. Yeah. And Baba, you know, it was massively oversold. We obviously got lucky call on the bottom on this one. Um, I'm still longer than the long-term account.

This consolidation after a big move is usually to go higher. So I wouldn't be surprised. Baba could see actually one through that 180, it'd be tougher 180 5, not today, but I think the path of least resistance still higher for Alibaba. It's still long in the longterm portfolio. Well, we got to take her slime now.

Um, so you know, someone asked us, we can ask everyday about this pay safe,

P a P S F E Y. I mean, we're called when the ditch is looking for stocks that haven't gone yet, it's been a storied stock that the story has won, gone ice cold. The trend is absolutely horrible. So not much to like above that, but if it got above 8 0 7, maybe it gets a little bit more just, uh, everything, you know, rising tide lifts, all ships type trade.

Um, there's a lot better looking charts out there. The trend is still clearly down, not even broken that downtrend above $8. It gets more interesting Neo. I haven't looked at it in a long time. That one for a minute. Oh, nice. Nice, nice move yesterday. Um, so now you start to think, okay. Break this down. Niche guys listen at the end of pre-market prep yesterday, MIPS did say this

I was there different areas to look at department stores, auto specialty realtors, trucking, diversified, industrials, and railroads. In fairness, you mentioned the, you know, for like three, it was like two seconds at the end. I think so. That's why I. Anyways, nice call Mitch. Um, I kind of, I would be a buyer pullbacks, not buying 90 cent rip and a $3 rip yesterday, but on pullbacks here.

Interesting. Long-term you know, I'm talking from trading perspective. Long-term I still think there's too many UV companies, but short-term starting look perky, starting to look a little more life there. I kind of like last week. Can we please discuss Fastly? Okay. Fs. Oh, why wholly? Oh, well he says he's in from 39.

Well, that's good. Yeah. It's starting to trend higher. It needs to like it's, it's run into resistance to put a double top in the last couple of days, same area. It needs to get up up there. So we need this thing above 46 and then he can start thinking about 50 right now. My concern would be the little double top that we printed from the last two days.

I don't want to see that. Hold on a third. So today is a very important day for, it needs to take up too high. So the previous two days, and then it can resume its trend upwards. There is room to 50, but you know, it's kind of when going up here and you're starting to get into a little resistance area in this 45 46 area.

I'm trying to look at some tickers. We don't talk about a lot as contrary as that sounds. Um, what about w we haven't talked Wayfair in, in a little bit, and maybe the other week we did a couple of weeks ago. W how was w doing, it's got the zoom, it's got the Peloton problem where, you know, we're looking at reopening and it's been, uh, one of those that benefited, obviously from stay at home, you know, on the Saturday I talked about the zoom Peloton, obviously underperformed, because there, the stay at home stocks, Wayfair as a stay at home stock as well.

So it has, you know, been hit from that, with that being said, it's come off, you know, quite significantly it is a storied stock. Um, so, and it is a little bit over. I still have trouble buying it here. One, because the trend is down at two because it's a stay at home place. I want to make a quick public service announcement.

Um, if you are planning on flying somewhere this holiday season, you need to book your flights yesterday. I'm just putting that out there because I was doing some flights off last night, but I think I'm going to fly to New Jersey for Thanksgiving, which is only five weeks away now. Uh, and it was insanity insanity.

So if you're flying somewhere for the rest of the year, do your flight booking. Now the prices are through it up. Maybe it was just work, but prices were through the roof, through the roof. Okay. You're outta here. Justin ans has definitely, I don't know if he's talking to me or not, but. You heard it here first, or maybe not first, but do it, get that done.

I could get talked in some airlines. I've hated the airlines for a long time here, even the cruise lines, but you start thinking, you know, you do have holidays coming. You do have people who might anticipate this. We do have a little bit of a reopening feel happening, at least in the economy. I'm like, I don't know where the COVID number is.

I used to look at them daily and I don't even look at them monthly anymore. Um, you know, I think the fear of COVID has, you know, definitely it's not as much as it was before. Could the cruise lines, which have been selling off eventually get some life here. Cause some of these airlines, Joel, that have been selling off, I mean, Southwest is straight down for a week and a half.

Is it gotten to a point now where it's oversold not talking longterm portfolio, but just as trades, you know, can there be a bouncer eventually in some of this stuff asking you Joel. Is that why we haven't heard

I haven't heard that. I'm like these guys interrupt like crazy. I'm like trying to figure out, like I say something like Spencer is like talking about booking airlines, these people, these levels 10 minutes. I can't even, I can't even give it. I can't even forget all the levels I gave. I gave you guys so many good logins for all these docs to

I was wondering where Joel went, what the hell is going on here? That might be the longest mute trick in the history. Of of new tricks. Um, I don't, I mean, Southwest airlines, could you get talked to any of these airlines managed airlines before the pandemic?

No. Why do you have to get bullied? I mean, I don't know

the airlines, but I mean, I'm not, I just, I get stuck on these certain things. I think you need smaller planes. That's why people are asking about Boeing. I still think there's going to be plenty of air travel, but it's, I mean, these big, what do you want to buy airlines with $82 crude, unless you're doing some great edging there.

I mean, are they, you know, alleged, they're doing some sophisticated hedging also. I think, you know, you talk about, you know, behave. Okay. And change and deal. Yeah. We're coming out. People are like, I'm getting in my car and I'm going somewhere and I'm going camping. I'm the, you know, I mean, I just, I think the over demand is going to come back business travel, what's business travel.

I'm saying we have this. Spencer is real. I'm booking my flights to go see my family. I haven't someone haven't seen them in two years. It didn't do it last Christmas. Do we potentially have that trade where we get this relief rally into the holiday season? Maybe we're early. Cause we're still in October.

But that's what my argument is, is because these things are sitting near the lows. A lot of them, you know, look at American airlines. We're at 19 bucks. I mean the low of the whole move is like $18. I don't think it's going back to 10. Um, it, it just makes me think that maybe. Maybe, maybe we're too early, maybe we're too early yet for this holiday season trade.

But when Spencer's talk and like, you know, the plight price tickets growing up, people are going to travel more this holiday season than they did last. Is there a lower bar in there? Is there so that the expectation is so low for the year. That it's actually going to be easier for them to get over those expectations.

I mean, as long as people aren't like, you know, brawling over, you know, mass and stuff, and you know, that having that change, changing their, you know, whatever the mandates are. But I mean, I didn't like flying before the pandemic, you know, so it's, I'm probably the wrong person to be asking. I mean, it's very convenient when you gotta go do things and I definitely have done it probably a dozen times, you know, since, you know, since we got out of COVID, it's just, but it's like, it's not an, I think the business, I would say business travel and oil prices are two things.

Joel, before you go, we need a dad joke of the day and we need it for yesterday. Also the dad joke of the day. Um, well, uh, this is kind of, and I do this to dads saying that's my little girl, even though their daughter's fully grown. Okay. Okay. Um, dads love to say they want to buy a smoke. Yeah. And learn to smoke.

You know what

really? I let Lisa do the cooking. I love the grill. I got my tank, I got my propane tank. And then the one over the weekend, dads loved camping in a tent in the backyard with the kids. That would not be me. I, when we go camping, least we don't go camping because Lisa would set up the tent and do all the cooking.

But Don, I'm sorry about misses so many symbols. I'm going to hop over to pre-market prep plus and cover them for you all and get over there. I'll see you later in the morning. I'd definitely. I would like to buy a smoker and wanting to smoke meat. Um, but I got you. I got you. Should we all go along Weber?

I want to buy a Weber. Yes. Top of the class parents have this Weber. That's like 30 years old and it's still, it's still working while those Webers are good barbecue. It's like I buy a barbecue and like it falls apart after five years. Cause I buy the cheap one. That's why you're going for the cheap, cheap, cheap, cheap ones match.

Like the whole Walmart slash Canadian tire slash special. The one that's discounted from 600 to 300 bucks. Like that's my barbecue. And then like after five years of rest out the bottom and just falls apart. But whatever it still goes, man, I might get a Weber now. Yeah, let's take a look at, let's say let's take a look at Weber versus cook real fast.

Uh, they both cook what's there a brand that's trigger. Oh, that's Trager. Yeah. All right. They both have not been great since then. They haven't been great cook, whatever. We stopped going down, at least on cook. I have not. That's the first time we looked at this chart maybe ever. So I don't mind a night, 1847.

Lowe's is not enough information. That's like 10 days of trading. Yeah, well, yeah. A couple months of trading, but yeah, it felt like 10 days. It feels like 10 days. Yes. Okay. Have a good rest of your morning. And I hope the day I hope today is a little bit more interesting yesterday, Sunday morning for you.

So it was somewhat boring. It was somewhat boring, so it cannot be fun days. Hey earnings tonight, by the way, guys, we got Netflix after the close. Um, so what, what we're going to do is, um, we'll do the attic close show, right? Joel, Joel, myself, and then at four o'clock Mitch hop on, we're going to do like, uh, an that's to close.

Watch party. Uh, we'll probably going to do this every, every Tuesday, Wednesday, Thursday, um, for the next few weeks, because we've got a Tesla tonight, like I said, I'm sorry, Netflix. And I'm like I said, we got Tesla tomorrow night, Thursday night, we have Snapchat. Chipola Intel Whirlpool. Um, so we we're, we're getting into it now tonight.

We also have United, um, intuitive surgical, interactive brokers, smaller name, but people care, I care a little bit. Um, so that's what we're going to do. We got our, we are in it now. We are in the earnings. See, I call it earnings season, game day, right? You only get four games per year for game news per year.

Um, and this is game day for stock market because you actually get to know what these companies are doing. So it's exciting time. Very, very fun stuff. Looking forward to it. What else we got today? We've got David Green going live today. And as usual time until his usual time, he'll go live from nine 20 to 9 25 to two 11 SPACs attack has a great interview today.

They're talking with, oh, my screen just froze. One second. They're talking with Pathfinder. Um, the, or the Pathfinder acquisition merger partner. Which is a PFD. R is your ticker a service? Max is a company that that is merging with PFD are the talking with the CEO of ServiceMax at 1115 today. Thereabouts, we got, um, experimented a little bit with the, with the middle of the day, a little bit.

Uh, if you guys guys called that yesterday, we're going to start doing, I think, longer, longer continuous dreams, maybe from like 11 to two on the middle of the day. Um, Mitch, myself, Aaron Brie. So check that, check that out, check that out. Let us know what you think of that. We've got the roadmap, our NFTE show guys, um, w the, the level of heat in the NFTE market is just like, is dwarfing.

Like the stock market is downright boring compared to what's going on in the NFTE market. It is insanity. Some people have been Zynga, so like, like one of our video guys. It has made like just an insane amount of money on these NFTs. It's like ridiculous doing it wrong, Spencer, we're doing it wrong. We all are doing it very, very, very wrong.

And uh, so if you don't know anything what's going on, you don't even know like what the biggest entities are. I recommend that show two o'clock Eastern time, every Tuesday and Thursday right here, youtube.com/benzinga TV. Um, those guys are talking with the, with the biggest names in, in, in the NFV space.

It is, I'm telling you it's insanity. It's like it takes what happened with GameStop on in January. And it's not, it puts it on steroids. It's ridiculous. Um, at the close, you know, you know that myself, Joel, Mitch will be on and then our cannabis insider show at 4:30 PM Eastern time today. That's the plan.

That's the Palais. And let me just check up on the chat. I know we missed a lot of takers. I apologize. We'll cover more of them than the middle of the day and the at, to close shows. Um, we're only at 292 likes. Let's get to, let's get to 400. I think we can get the 400. I think let's not. We come on, we got it.

We got a thousand people watching this. I think we can get 400 likes. That's a reasonable, I would, I would like more than that, but you know, like I said, glass, half glass, half full kind of guy or glass I'd have be kind of guy 400 is a low bar, ugly red 300. Let's get the four. Let's get the four. Um, Hey, as reminder, I don't say this enough, but Benzinga pro right.

It's bending this real-time news platform. Get a free two week trial pro.benzinga.com. I'll put the link up on the screen. If you have any questions about Benzinga pro just shoot an email to onboarding@benzinga.com. Those guys monitor that email 24 7 again, free two week trial for everyone, no credit card and nothing needed like that.

If you try it out, if you like it. Great. If it's not that's okay, too. Won't take any offense to that. Um, oh, you can also use the offer code of YouTube 20 to get 20% off by the way. Y O U T U B E to zero on the screen there. YouTube. Uh, let me check the chat. What else are we missing? Yeah, onboarding that's where I just an onboarding@benzinga.com.

You got it right there in the chat. Hey, let me, I put the link in earlier. I'm going to put it again. Here's the link to the sec report for those of you who care about such things. Again, even if you were there in January when it happened and you follow the story, I still thought it was interesting read if all need to get, you know, the SCCs perspective, uh, on, on what went down.

Um, you know, even though we didn't have any, you know, world shaking earth, shattering conclusions, it was a nice play by play. It was a nice play by play of what happened. If you don't have no idea what happened and then read that it was pretty good play by play. And, and, um, and I thought, I thought it was a good read.

So, so there's the link in chat. Um, And that's what I got here. That's where I got, uh, I send my PSA about, about flying. Um, seriously guys, I'm talking like flights that normally go for 1 50, 200 going for 500, 600, $700, um, between Detroit and New York. Um, so I don't know if that's a lack of supply or, or what, or maybe they're just already booked.

I have no idea, but maybe, maybe it's labor, no clue, but, um, yeah. Uh, nosh and Davenport's has that report was trash. It didn't say anything new, right? It didn't say anything new. So that's, that's the night and it didn't really say any with regards to like the, the major parties at play, right. Robin hood Citadel.

It didn't say anything that they themselves haven't already said. So in that sense, it really just agreed with, with the status quo. So if you were looking for. Anything new on that front? You, you were disappointed in this report, right? It really didn't. It didn't lay the blame on naked. Short-selling didn't lay the blame on Citadel or anything like that.

So if that's what you're waiting for, then yes, you, you surely were disappointed in this report, but, but, but a good read otherwise. So, um, okay. Have a car backup. Yeah. That's maybe a good idea to do tires. I'll just drive there 10 hour drive. All right. I'm going to hop off here. It is 9 0 8. We got David Green going live in 15 or so minutes.

This video, uh, should end we'll redirect to that stream when it starts everyone. Um, go to log at the open today. Oh, actually last thing before I forget is, and I'm sure we'll talk about this tomorrow as well, but there was actually another Bitcoin futures. ETF. There's. One opens today. That's ProShares, that's a, that's a bit, oh, there's another one from Valkyrie funds opening tomorrow that ticker is better.

It's BTF D that open tomorrow. They do the same thing. They're probably a little bit different fees. I think the, the ProShares the BTI IO, the fees 0.95%. So for every thousand dollars you invest, you're paying a fee of $9 50 cents. I think the Valkyrie fees probably close, but probably a little bit different to that.

Um, so BTI IO today, BTF D tomorrow, both Bitcoin futures, ETF, ETF, both do the exact same thing. Really? Ryan BTF D really? That is the taker. PTFD I'm not lying. I guess that makes sense. Right? Big, big BTS Bitcoin FD could be fun, but we all know what they really mean. Great taker. Yeah. Maybe they get all the, all the assets because of the ticker premium.

That's a thing. Um, so, okay. I'm done read 379 likes, which is not quite 400. If my math is correct. Um, which is disappointing. I got to say, I hope we can get to 400. I feel, I thought we could. I appeared to have been wrong. Um, that being said, please remember all the information from our show is meant to be used as informational purposes, not for investing or trading advice.

Stephen BTF D stands for by the F and dip by the F and damp is what BTF D stands for. Uh, and it usually just works. That's the way it goes. Uh, okay. That's a wrap. You hit the like button hit subscribe. Hey, we've got the 400. Thank you very much, everyone. I appreciate that. I'll be back in the office on Monday.

I feel like. Just waiting to write out the policies of the office very early, but I'll be back in looking feeling great. Good to see you guys. David Green, going live in 15 or so minutes and, uh, good luck at the open stay green and, uh, yay goes so far. Woo. $21. Yay.

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