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So it is March 31st, 2020. The bear has officially made it to one of the large-cap webinars about fucking time. This is Austin's and we are going to talk about patience versus greed, recognizing patience versus greed. And it's a really, really, really interesting topic and Sam sent me some notes that he'd taken over his break and this is pretty much his topic for the most part. So what we're going to do is I'm going to go through the market analysis because he's been out of touch for about the last month with the whole market. So it's pretty much just going to be my insight on that and if Sam wants to pitch in, he can pitch in anytime he wants and then we're going to get to some trades. I had a pretty nice trade on Boeing on the first red day and then right after that I took a red day or on the first red day and then I took a, I had my first red day right after that the next freaking day and so we're going to talk about recognizing patience versus greed. It fits perfectly in. It fits perfectly in. Like a glove? Like a glove? I only had. So actually in LA I took, this is literally my, I had one trade in the beginning of the month which was MRNA and that was the loss and then I decided to try the spy weekly calls. This was like two weeks ago and yeah it was like the weekly 250 call and it's actually part of this topic because I ended up turning that winner into a loser because of greed. I thought the market would bounce much more because the spy is always a buy the dip until it's not. Yeah, it works every time until it doesn't. Right, until it doesn't and I was reading how everyone, you buy protection obviously on spy and whatnot and whatever the case is just in the market but the market just kept going up and up and up so people got lazy and no one would buy puts or whatever as protection to hedge and fucking crazy man. There's just so much, with all this happening in the virus it kind of opened my eyes to like how much we don't know and it's just like crazy. There's just so much, you know large caps trading like small caps is just so much. Yeah, for sure. Fucking nuts. Like we can get the large caps to avoid this but it's funny. Let's talk about the theory of window dressing. So this is part of the market analysis today. Brian mentioned this this morning. That's central time so that's actually about 10.18 market time and at that point he mentioned this quarter end, his hunch is that the quarter end was getting what you call window dressed and a lot of people that haven't been trading for a long time or have been trading for a long time and just don't know what window dressing is. This is a strategy that a lot of mutual funds use and other portfolio managers and this is generally near the year or quarter end and it's done to improve the performance of funds or sorry it's done to improve the appearance of a funds performance before presenting it to clients and shareholders later in meetings. So a fund has to file a 13F filing and the cutoff for that quarter one ended today right to end of quarter one. So they're going to file an SEC forms called a 13F and it's a quarterly report. It's filed by institutions or hedge funds or mutual funds with at least a hundred million in equity assets under management which is most funds. Yeah, it's really not that much and it discloses their equity holdings to the SEC and provides a lot of us with insight into what they're doing. They say smart money but that's debatable. So you can see positions from big firms and what they will do is most funds measure their performance of their portfolio against the S&P right. Most funds will say we beat the S&P by X number percent and that's a measurement of success in fund management. But what happens in this scenario is that big money can control the market and over the last probably over this last week the market's volume has been rather low compared to what it was during the panic. So that's why I thought Brian's theory on window dressing was just fucking spot on. I think it was spot on and the reason being is that my arrow doesn't work. This is our chart right and we found our bottom for the most part for now we found our bottom. It doesn't mean that it's not going to get tested again. President Trump just said that the next two weeks for the U.S. are going to be some of the worst two weeks in this entire thing. Personally, Tom it's already tanked. I don't know if you've been watching but spy already tanked. It should continue to fade because it's official Sam while you were gone it's been confirmed that I am the grim reaper of the spy. Every time we do one of these spy drops every time. Any thoughts on JPM? JPMorgan. Good old JP. So kind of every every stock that's been following the spy kind of has the same chart like Boeing for example you know JPM it's like it's got that you know the bounce and then it's kind of pulling back so it's like is that pullback going to be supported or we're going to you know go further and test lows. So JPM the way it looks you know the chart looks like it's going to retest low but you know it's just it's I think everything is just kind of in line with the market you know if markets up shits up in general so the market looks like it's going to pull back and you know I think things are going to pull back so you know based off the daily chart today it's like a you know solid red candle on JPM it's you know 88 now so you know that support level is kind of like 85 so you know that could be bottom retesting but you know I think like I said the idea of the bank stocks I think like once the market once kind of the virus blows over I guess and just in general you know there's going to be like you know probably new investment obviously all this like surging in and whatnot so I think the bank stock could be a nice move but I think just it's like I don't see myself personally like I don't justify position in anything so I just I'm waiting and yeah yeah I'm with you buddy buy my DVD I'm kidding I think I think it with something as related to the market as JPM is I'm I'm definitely not buying anything now if if somebody came to me and they were like okay well maybe this this and this and it had to do with maybe a long-term call option I could see the justification yeah that's the only thing I see honestly is the long-term calls for and as long as you're buying something that is at the money or in the money you'll pay the premium for it obviously but yeah that would that would be a situation that I I could justify a starter at least yeah and in general too like you know I've been just like you know like reading people's kind of what's it called like like things from like you know 2008 during the financial crisis I've been reading kind of what people are saying like oh you know reminds me of like 2008 whatever whatever all this but you know I feel like in 2008 and whatnot like from what I've you know read and whatnot people thought like oh shit like the country's like that's it's the collapse it's whatever and like there was a legitimate you know financial sort of issue and you know you see you look ten years later and you know markets you know like triple or whatever quadruple so you know I think you can't go really wrong in like long-term calls because it's you know it's not like knock on wood you know it's not like the world's like ending so you know like you know hopefully you know two years from now whatever a year from now two years from now whatever the case is you know we'll be looking back like shit you know amiss the best buying opportunity of a lifetime on spy at whatever 220 or like just down here so like in general if you're looking for long-term things I feel like you just can't go wrong because like like by default we're you know it's like a whatever like 25% what's it called like 25% off sale kind of thing so you know I mean you just can't I feel like you can't go wrong with long-term calls but that's like the only thing I can justify you like I can't even justify like shorts even though I think the market's gonna pull back just because like my thoughts like how much lower can this shit go and like I'm a short and it's like how much lower can you go I don't know so we'll see and then I mean it's just like SSR and whatnot like yeah there's there's a lot of yeah I just I feel like the a lot of uncertainty like the sort of you know like you said the fear is kind of over sort of thing or like the you know that's pretty volatility so I feel like in general it's like the risk to reward is kind of more in favor of the like on the long side but you know because like you know everything kind of put in the bottom already so it's like you're sort of shorting you know kind of looking for that bottom that you know stocks were at a week ago or whatever the case is or two weeks ago so you know that's kind of everyone's like everyone who's short I feel like that's everyone's target is you know sort of that previous bottom so it's you know just a matter of are we gonna test that low or is this virus gonna blow over and you know everything's gonna go back to normal so you know it's if I knew I'd be on an island alright guys have a good night we'll see you alright guys stay safe out there house obey your risk and be patient sweet see you guys oh dang who's that sexy guy whoa thank you so much for watching our video you want to see more of our videos please subscribe to our YouTube channel by clicking the button here we do our best to post a new video every single day if you have any questions about it might see or any general trading questions please text us using the number here also stay up to date by watching some of our most recent videos right over here