 Welcome all to another excellent edition of the Power Trading Hour. We meet at the appointed time. The following takes place between 2pm and 3pm. So, what do we have going on today? Well, certainly after a bad day at BlackRock yesterday. A little bit less disconcerting today. This is the second day of options roll over. Generally, the market movement will be for the next few weeks, probably be set tomorrow. So, again, I don't put too much weight on expiration or the couple of days after it. Generally, they don't always have and aren't always a counter trend move. But generally have a lot more to do with options going forward. And this may be the most important options roll over where options are taken off and new ones are putting on. Because this pretty much takes us September, October and into November over the next week or so. A lot of 30, 60, 90 day options are going to be put out. And so, we'll keep an eye on it, but the idea is that you probably, or at least I do, put whatever moves of whatever magnitude they are at about half the weight that I would in the coming weeks. So, is it uncommon to get major dislocations during options roll over? Mostly because they have to get these on or off, and if they have to blow the thing up to get them done, it's not beyond the scope of reason for them. But, again, a lot of this stuff can be just smoke in the rear view mirror as we go forward. If it starts to continue, then you probably want to start weighing the market a lot more. Now, could we just be seeing incredibly light volumes again into Labor Day? We could. That could be on the upside or on the downside. Generally, that would be the side that you would want to probably fade after Labor Day. Because generally, if you go into Labor Day with a light volume down move, then you're probably going higher. If you go into that with a light volume up move, then September generally can be, or more than likely will be a September to remember on the downside. 877-927-664-8. Email me at path at tfnn.com, and you can always put a message in the den. Okay, we've got a few things going on. So, let me just update this to make sure that I'm in like Flynn down 6.5 points on the S&P Cashdown 153. On the Dow Nasdaqs at 20, Russell's up 2. Crude Oil's up 350, or almost 4%. Gold's up about 6-tenths of a percent, 17-59. Silver's up 10 cents. So, as far as things go, pretty quiet day, as I said, after a very bad day or two at BlackRock. Not the company, the movie, if you have not seen it. A great Western. Okay, let's see. I know we've got some emails here, so let's go to those first. Okay. Yeah, I'm not going to add too much to that. Much. Okay. Okay, let's go ahead to the first thing I wanted to talk about today, because I wanted to wait a few days. This news came out last week. I wanted to see how Carvana was actually responding to the news. You missed it for the second time. They've been kicked out of doing business in a state in the United States. That state is Illinois. Let's go back here and look at it. Hadn't been good since that news really hit. Of course, the market's been pulling back a little bit. If you're unfamiliar with this, this is a company that really is an intermediate car seller. They transfer cars and titles. If you've got a car that's probably not the most in demand at the moment. Let's say it's just an average Toyota or a Hyundai or something. You go to the website and you buy it from them. They actually buy it from another company and then deliver it to you. Well, what the problem is, it's not always playing who's got the title. It's not a game, title, title, who has the title. A lot of times cars are known what is called a floor plan. That is that they are financed. A lot of times the floor plan is actually assisted by the car manufacturers to some extent. What car dealers tend to do is hang on to the title as long as possible. Therefore, be able to carry on their floor plan and use other people's money. As I said, a lot of times this can be like one and a half percent. There are some kind of severe penalties in some states on whether or not you sold a car and not delivered the title. Illinois, as I said, it's been sometimes 90 days or longer before buyers in that state have gotten the title from Carvana. This may be one of the things and that is that you're dependent on Carvana being pretty much Johnny on the spot, making sure they get that title for someone else. I don't know if this is an issue that will get worse, but certainly over the last year or so, it hasn't been a positive for Carvana. Maybe somebody has done some business with them. They want to call in today to be good or email me about your experience. Some people say it's good. Some people say it's bad. In my experience over time, there's always the point where at the very end, no one gets their money. And probably in this thing, nobody gets their title. And it's very unclear in all this if the music stops who is going to be the biggest loser. And generally, that's always the customer because they'll make you sued to get hold again. But maybe somebody else can tell me. Anyway, Carvana, running a little bit of foul of Illinois, but my guess is this is what we know it's been going on in the rest of the states. But just be careful if you're going to use them and let me know if there's maybe some value I'm not or I'm missing on CBNA. We'll be back in a minute. Blooming inflation, we are purchasing powers eroded. There's no better place to protect your hard earned money than in gold. This the gold flagship asset is the Monk Todd Gold Project in the Northern Territory of Australia. This is Australia's largest undeveloped gold project. 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A frequent contributor to TD Ameritrade Network and CNBC, Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. Tom's Daily Market Newsletter, Market Insights, is published every morning when the markets open to give you the competitive informational edge you need to succeed. These newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio. Get Tom O'Brien's newsletter, Market Insights, today and try all of our products and newsletters 30 days risk-free with our money-back guarantee at TFNN.com. TFNN Educating Investors. Three at 1-877-927-6648 internationally at 727-873-7618. Hey, somebody in the den said half glass, full half glass, empty. I say big meat or bring me a 48 ounce, 48 ounce big gulp. That's what I say. But that's just me. Anyway, keep a close eye on it. Volume is the first thing I'm looking at here today. And as we said yesterday, we were doing a little bit over six and a quarter billion shares. And we got about 6.2 right now. So we're a little under the run right yesterday, but certainly yesterday wasn't a big volume day. If we looked at the dollar volume, it certainly was fairly light too. And that would indicate that a lot more action or many more shares were a little bit more on the small cap side that were traded yesterday. So we may be seeing a few of those small caps bottom out or wash out first. But that's kind of probably not going to do a whole lot for the indexes. But keep an eye on those. First question we have today is take a quick look at Apple and see. Finally got back to this gap higher that goes back to the 10th and see. So you get up on 70 million shares today got about 35 million shares yesterday at 69. So you really came into it with the same volume tie kind of goes to the runner. Today 35 and you've gone just a tad lower. So that's a little bit better. But does it look rosy? Probably not. Let's go back to some of the other ones we looked at yesterday real quick and then we'll get into some history. The SMH is gap down yesterday was fairly light. As we said, probably didn't think that was much or didn't have much to say that it was lower. Let's take a look here. That is the 23rd SMH. Okay, it's up one. There's something wrong here. Okay, let's do this. Okay, there we go. That was the gap from yesterday. Here's the bar for today. Okay, two, see. Okay, what are we doing here? Okay, so kind of sideways action. We went into the low of 6.8 and a half million shares on the ninth yesterday with 3.5. Not much of a bounce today, certainly light volume, which you would like to see and continue until and if the market starts moving higher. But yeah, 1.7 billion shares are ready. So a fairly quiet day on the western front for the SMH is we'll get to the rest of those in a minute. I wanted to do a little history and then we'll move on. And see. On this day in 1939, Germany and the Soviet Union signed a non-aggression pact. And of course, stunning the world given their diametrically opposed ideologies. I can even talk today. Ideologies. The fascist dictators were despite appearances both playing into their own political hands. Supporters of the Bolsheviks around the world had their hairdo for romantic view of international socialism ruined. There were outrage that Stalin would enter into any kind of league with the fascist dictator. And of course, he would later to go and kill more people, his own people, than Hitler would ever. Today in 1939. 877-927-6648. Certainly question about CCJ. Nice looking move off the low. Let's take a look at that real quick. Somebody says they were both for government having total power. Well, what I always say is I think Stalin and Mao got the short end of the stick when it came to Hitler. They both killed more people than Hitler did. But Hitler gets all the love. So what can you say? You got a nice move up here. You really have to say that you went back into support for and bounced off of it. But the whole sector for energy looks very good. As we said yesterday, it's hard to pick anything in energy that will probably do bad. And we'll look at UNG here in a minute. You got the gap up in the XLE too. And CCJ kind of moves with it. So take a look at that. Volume's okay on the XLE today. You did gap above the previous gap lower that had more volume. But I think with what the Saudis said yesterday, which we talked about just briefly, I think it took a little while for it to sink in for the market. But they're going to raise prices in September. And I don't think anything really is going to change that much. Of course, the Saudis saying the futures are not reflecting reality of the supply and demand in the market. There was probably just a little too many people on the long side. And they all got washed out now. My guess is that the futures will probably come back in. And that's going to be higher prices all through the winter. I can't see that much changes since then. Okay. Good deal here. Okay. What else do we want to look at? Let's talk about the XLF as we look at that. And then we'll go to the usual suspects when we return after the bottom of the hour. What do we have here on the XLF? You had the gap up on the 10th of August. You did that with 45 million shares. Got into it yesterday with 36 million shares. Got a doji out here today. And again, a lot of people talking about a potential top. I would say that, you know, why we had some decent moves down. If you're really looking for the pattern I like that says it's the end of the world, that is one more attempt to go higher on lighter volume and then give it up on a three by three or seven by five displaced moving average. So, ideally, the most bearish thing here probably be a move back up into over the next week but then fail. And then you'd have, but is normally a tough September anyway. We'll be back after this. If you want to take advantage of this sector now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector as well as the markets that move gold, which is the currency and bond markets. New subscribers get a 30 day money back guarantee so you have nothing to lose. Every Monday morning I publish the Gold Report with coverage of gold, silver, bonds, DXAU, HUI, GDX, as well as more than 30 different mining equities. To see for yourself the types of profitable trades that are recommended within the Gold Report, sign up now by visiting TFNN.com. Don't miss out on the next great gold trade. Sign up today. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNN, you'll get advice and guidance from the authority in technical market analysis. And it's not just dry, tedious text either. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV. Live every market day from 8.30 a.m. to 4.00 p.m. Eastern. For free, each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN. Educating investors. TFNN is excited about our new software charting program, The Art of Timing the Trade Charts. In collaboration with Tom O'Brien and using his best-selling book, The Art of Timing the Trade, Your Ultimate Trading Mastery System, David White has programmed an outstanding piece of software that will complement any trader's methodology. 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I just thought it was incredibly interesting that yesterday for the S&P 500, the most shorted stock was Oxy, so I wasn't very surprised to see it pop higher today. It has not held the previous high so far, but you had a huge shine of strength on the 19th, kind of an inside day yesterday and now pushed back higher. But my guess is that you're probably getting ready to break through the $74 level of energy stocks once again probably heading higher. It was not the only stock that was seeing real weakness yesterday, or let me put it this way, supreme bearishness. Occidental had 38% of all shares yesterday, instantiating a trade as a short and over 30 on Devin Energy. A little weaker than that, of course a little less well known. As I said, most of the love on the downside was coming to smaller cap stocks instead of the larger ones. But you did get a nice little move into this gap lower that goes back to the 13th of June that had 15 million shares down. You got about 12.6 now, so you're going to have about the same energy. It's just been kind of low coming off the bottom. So there are a couple there. There's some others. In fact, we'll take a look at them. There's always what I call the usual suspects, which is AMD and NVIDIA and Netflix and Tesla, of those always being highly shorted in our day. We've got some other new ones out here, but we'll look at them. The question is the XLE and Island Bottom. XLE, take one more look again, and that's for Hector. And the Holley six barrel, six pack. Okay. So you gapped up above this gap down on the XLE. That gap down had 58 million shares. You only have 20. Yeah. Is that more of a pop and a down trend? It could be. Now, I guess the question is whether or not we're looking at the July 14th low as being a Island Bottom or abandoned baby, depending on how you like the terminology. I had a good time. I don't know if it was last week. It was probably last week giving all kinds of names for candlestick patterns that probably wouldn't fly in today's woke world. But if I ever make my own pattern, I've got a few names now in the quiver that I can go back and use. Of course, they'll all be like mangled baby ducks or something like that. Be something that people won't like to use. But yeah, abandoned baby, kind of that kind of stuff. Island reversals. Yeah, just depends what terminology you like. So the question would be, do we get another one? Maybe he's asking, do we get another one if we gap lower tomorrow? And of course, we'll have AEI numbers tonight and EIA numbers along with the EIEIO tomorrow at 10.30. And that would be it. 877-927-6648. We've got a few more things to look at here. Oh, we didn't go through AMD, which is always interesting because so many people are shorting these that you always get interesting action, at least at some point during the day did go to a slightly lower low yesterday with 61 million shares. Today you got about 41 million shares. So you're probably going to be a little lighter, maybe 50 million shares by the end of the day. You had some big upthrust just above this price point. So yeah, I suspect we're getting a lot of short sellers in now that will probably end up being covered or probably cover next week into the lighter volume going into Labor Day weekend. Okay, a question about my comments earlier about China. One of our senior fellows in the Tiger's Den known as Dudette made a comment about four o'clock in the morning because she's over in the UK, I think maybe. Anyway, our senior fellow man with boots on the ground except I think she's a woman with boots on the ground was bringing up. There was a nice little pop about 2.40 in the morning. I just happened to be up in the dogs jumping on my head saying they had to go out. So I took him out, came back on. Of course, you can't go back instantly to sleep after you've walked around with some dogs. So I turned on the TV and watched a little Bloomberg. It's always interesting to see just how different the Bloomberg channel is and what they talk about when it's aimed at Europe and China for theirs. You get a very different take than the U.S. folk here and what they like to talk about which is a very, I'm going to say narrowly focused New York view of the stock market where you get, I think, a better world view in the middle of the night from Bloomberg. They were bringing up the dip that she talked about. I think they ran it down about 24 points real quick and came back. It was about China and there was a lot of stuff. It wasn't easy to digest but it basically came down to this and that was that there were a lot of news coming out of China about how they had the government was trying to force banks to make loans but no one wanted to take those loans and I guess the numbers and the discourse about that didn't go very far. Like I said, I think the market was about flat at the time. It went down to about minus 25 on the S&P cash and then, of course, pretty much recovered and were flat-ish, I'm going to say. Not a whole lot of difference to where we were when the dogs so rudely looked at me at around 2 o'clock or so, 2.15 in the morning. But that was it. I got to watch it live but I don't know if there's a whole lot more to that. At least the people that did the follow-up were talking that the banking system of China does have a lot more problems than us Western folk are giving them credit for. Yeah, much more for Bloomberg in the middle of the night than during the day but I thought, you know, just for a test at about 9 o'clock I wanted to turn Bloomberg back on and see if they were talking about anything that they were talking about at 2.30 in the morning and almost nothing. It was all very focused to exactly what the New Yorker Wall Street guy wanted to hear. It didn't seem to me like there was much in it for anybody that wasn't a big-time investor or somebody invested exactly in the politics of not the state so much but even the city. So there wasn't a lot of, what did I say, viewpoints from outside the Citadel itself. 877-927-6648. Again, looking for what's going on tomorrow, a lot more than today because of options all over. When we come back we'll look at DocuSign. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNN you'll get advice and guidance from the authority and technical market analysis, and it's not just dry, tedious text either. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern for free. Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN. Educating investors. The technology around us is changing every day. With so much happening, it can seem impossible to keep up with all the information. 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Got down to a low of 60.48. What is that right now? That's the high. 57.38. So still a couple of bucks above it. But that had about two and a half million shares lighter than that June 16th low. The downside here today, 2.8, 2.9 million shares in the last known low was 2.9. And then you get back here on the 30th with 5 million shares. So you're getting back into support. You're getting back with a lighter volume. But I would certainly like to see a retest of this June 16th low on much lighter volume. Of course, one of the big losers of the day was Zoom. One of the other lockdowns. What, why is that doing that? Zoom technologies. Is that right? That's not the right thing, is it? It's not the same one. Oh, ZM. OK, that's why it is. Look at that. Yeah, thanks, Steffi. Why did I, yeah, I hate that. Shouldn't Zoom be Zoom? Let my people go and let Zoom be Zoom, not ZM. You're getting a high volume test of the previous low of 79. So still have a great deal of the lockdown specials coming down with heavy volume. With this much volume, you're going to test 7903. So I would say any of the rest of them are probably in a basket of deplorables. And you want them to actually test that May 12th low out here. And with all the volume, you have to make a question of whether or not 79 could even hold on this, although this is a huge gap lower. And you do have some gap downs out here. But we'll see. I always thought it was very weird that this thing was valued so much more than Skype was. It was better. I don't think it was that much better. It was really being applied to a much different part of the market, but not one that anybody could actually ever not duplicate, which you always want to worry about barriers to entry for any big company, especially one with huge growth, because someone else can do the exact same thing. It's really not that special, which has always worried me on stocks before. It's kind of one of the first things I think about if I'm looking at something longer than a week away on a trade. And that is, are these people doing something that has some kind of magic than thinking of your patent or literally is some kind of intellectual property that would be very tough for other people to do? But yeah, it looks pretty horrible. Now I was thinking about yet another stock that I wanted to pull up. Zoom and its cousin TikTok or its buy vehicles? Well, certainly we know TikTok is. I always thought that anybody that when they let TikTok off the hook, that someone had to be paid off by the Chai comms themselves because too many people have disassembled the code for TikTok and they all know that it's sending huge amounts of data back. But you know what? It's not any different than Apple. We know that Apple has its own, it's found its own fingers in the pie. And that is, you would think if you used a VPN that your communications were and anywhere you went on the internet was not being tracked by third-party apps on the phone. Well, you know what? Apple says that's a feature. Yeah, you may have a VPN, but we're going to let that data leak to anybody that wants it anyway on our platform. You probably shouldn't be using a VPN. And I think it's been over the last few days that that's kind of filtered out. I don't know if that's the reason that Apple has pulled back to support here today. But for the people that have been talking about privacy, pretty much miserable hypocrites for that. And we found out a lot more about it over the... Security is always that way. Someone kind of says, hey, there's a problem here. Apple and the Big Tech press say no, there isn't. It's just conspiracy theory. Move along. Don't want to see anything here. But then a couple other people go, well, yeah, we've done the same kind of test. We found the same thing. And they go, yeah, but that was last week. We just brought it up. And then, of course, a few more people come along and then go, yeah, no, you're lying. You're just lying sacks of cow poop. And of course, then it becomes kind of a thing. Apple has a lot of goodwill on its balance sheet, mostly because of that privacy and the ads, kind of a black eye on them for basically trying to give lip service to letting their operating system, not just be a spy mechanism for others. My guess is including governmental agencies, some with ill intent. But it came down with the market. The real question is, will it have any staying power? And I know the first question will be, is Android any better? Well, you never know totally, but at least to this point, yes. If you do something with a VPN on Android or on Windows, it doesn't leak where you went. 877-927-6648, you got about a minute to get in. And that was it. Question about Tesla. We'll look at it real quickly here before the break. Yeah, you're still going. As long again, the old story from Warren Buffett is you only know who's swimming without a bathing suit with the tide goes out. And right now, with limited deliveries of competing products, Tesla is probably still okay. My feeling is that the superior ground game of Ford and General Motors and BMW, there'll be a tipping point. And that will be some point where Tesla no longer is selling the preponderance of EVs out there. And it's kind of like the story of the guy that went bankrupt. It was little by little than all at once. There'll be that tipping point. And that's where I think Tesla's going to have to compete with a bunch of other folks. $20,000 additionally for their self-driving vehicle software that will still run over bicyclists and motorcycles. Yeah, I'm not a big fan of that. Nobody else is doing any better, but still $20,000 for the self-driving option that doesn't work quite correctly. We'll be back in a minute. 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Catch Tom O'Brien, professional trader and educator, founder of TFNN. Also a special guest on CNBC. Tom will bisect and dissect the markets. The Tom O'Brien Show, next on TFNN. Question about DLR. Take a quick look at this one. I haven't looked at it in a couple of days. Again, this is one who, I get a couple of email lists who tells me who's on CNBC and Bloomberg and what they're talking about. I saw that one of the big short sellers in DLR was on at noon. He's the same gentleman that shorted in Ron. He says there's a lot of problems with the books here. On a chart basis, coming down on fairly decently lighter volume, you still have a fairly decent high at here with some volume. Of course, interest rates are tough on any kind of realty trust. Most people don't know that the 1929 desktop, little flesh wound in the stock market in 1929, 80% of the losses were in REITs. Probably not going to change anything in the near time future. That is because REITs tend to be the most heavily leveraged toward real estate. The question is, on a chart basis, do these guys look maybe okay? My guess is that by the time we get to Friday and Jackson Hole's speech by Jay Powell, it's probably going to be a wash. I think everybody saw his preemptive bombing of Dresden over the weekend and into Monday as a precursor and the news is in. Sell when you can, not when you have to. Building wealth trading in the stock market seems impossible.