 Hey, all right everybody Lilo here smart option seller calm We're in for another Saturday synopsis, but is but today is Friday today's Friday March 11 2022 I'm filming this on Friday instead of Saturday morning getting this thing done ahead of time So this is the Friday's version of the Saturday synopsis. What do we do? We look at the charts We look at the index as we look at individual stocks We see what's been going on in the market and what's possibly going to happen in the future I show you my trend lines. I show you support and resistance I show you the technical indicators that I'm using 30 years worth of me being in the business This is what I do technical analysis chart reading. So this is what we do every Saturday and today Friday And let's take a look at the charts. Let's open it up. Here we go Always look at the SPY exchange trade of front for the S&P 500 the spy or the SPY Whatever you want to call it not much different since last week when I made the video We've we've been in this downtrend since January 1st, basically So everything that I said last Saturday pretty much is just the same as this week And and the reason being is because the Russia Ukraine Conflict is still ongoing horrible horrible thing. What's happening? We don't like that. We don't like war. We don't like invasions and This is what's upending the market markets all around the world, right? And when there's uncertainty, we don't know how this thing is going to end markets don't like uncertainty So typically that that leads to selling Selling until the uncertainty is over. So we have to contend with what's happening right now Global headlines is what is what's driving the market right now. And unfortunately, that's what we have to deal with Most of the time in the long run as I've been saying many many times Stock charts or stock prices will be affected in the long run by the company's underlying fundamentals And how profitable that company is over time, but in the shorter term we have to contend with Short-term news items and things that could that sways people's emotions fear and greed mostly fear right now So as traders and investors we have to deal with this from time to time So this is what's happening. So the the the way the charts look this week aren't much different than they weigh the way They look last week. So we'll probably be a little bit shorter in time today. So what are we seeing? Well, here's the the SB 500 the spy In a downtrend you can see the two lines the two blue lines that that I've drawn That's the trend of the market right now Before it was all upwards now. It's downwards and Since we're bullish or a lot of people like to be bullish now is not the right time to get in unless you're really trying to To pick bottoms here and sometimes that's very hard to do now I've been nibbling on the way down buying bits and pieces small amounts on the way down of stocks that I that I'd like That I'm willing to hold for the long run. I'm talking years here But if you're a trader interday swing trader day trader, whatever this is this is really hard It's a hard environment. We have lots of swings up and down throughout the day Just today this is Friday March 11th. I'm talking about so here on the chart. I look at the daily bar chart That's what I do each line is one day's worth of trading. Okay So this was the the the market today This this bar right here and we've had look at these big ranges. We've had okay Let's go back and look at the the movement here Look how tight this ranges meaning the the the highs and lows of the day On each day was not a big range from high to low Nice and small ranges nice uptrend, but look at these big swings. Look at these big swings We've been having here these large intraday moves right and and and You know going out a little bit you can see we're in this downtrend since january. So we're coming on one two Uh, all of january all of february about half of march now. So about two and a half months Right january first is here It went down all of january for the most part all of february now we're into march So we've been over two months on this downtrend. It's tough to take We don't downtrends don't usually last that long if you go back to history. Look at your charts You know, maybe we get a month at a month at most You know, the pandemic was a little different that was that was you know Once in a generation once in a lifetime basically kind of moved But otherwise when you get pullbacks a couple days a couple weeks at most maybe a month But this one's ongoing You know, we had inflation. We have the u.s. Federal Reserve That's going to be raising interest but on top of that is the russia and ukraine thing That's just adding fuel to the fire So the market is in a downtrend right now and buying or being bull having bullish positions whether they're just buying stock or Having bullish option positions is is not the greatest thing right now And in our newsletters, we do bullish trades We bought we sell put options and we sell put option credit cards Both are are neutral the bullish types of directional trades and we're out We're not we have been taking any new positions for weeks now Because the market's just been too treacherous the market the price action has been telling us It is not conducive for profitable bullish trades right now And you can see it the market is headed downwards You don't want to try to buy into a downwards heading market Just like trying to swim upstream against a strong current. It's really hard to do So we're light and we're out. We're just sitting on the sidelines. Unfortunately I mean, we want to get in on the action But the action for us bullish wise is not happening Now if you're if you know how to play the short side of the market meaning the bear side of the market This has been a pretty good Environment for you two over two months is is that's a good environment for a short seller But you have to know how to play it Because you can buy put options and it goes down in your favorite and then it quickly bounces So if you're not taking your profits quickly, you're giving your profits away so playing on the bear side is is Can give can make money if you know how to play it. I don't do it. I'm not a short side player. Just don't do it So I'm waiting with patience and so are my readers of our newsletters waiting as well When will that be or what do we need to see in order for us to to get back in? We need to see the market go upwards. I mean, that's just simple as it is And so while the market's going down What needs to happen first is that we need to get some sideways action and Out and above the down trending channels You know, these are the things these these patterns that you can draw on the charts to help you understand where and which way the price action is moving Clearly you can see the price action moving up You got your trend lines and these are all things that I've drawn when you when you look at charts You can draw trend lines yourself now the RSI down here, which is an overbought oversold indicator Is not helping at all Because the market's not getting oversold and it's not getting overbought. It's just kind of hanging around in the middle But we're just having this slow slow slow drip lower Which is agonizing, right? It just if you watch the market, it's agonizing to watch this just slow drip lower And so what we need, you know, these are the trend lines that I've drawn Okay, I'll remove these so you can you can see what we're doing And how do you draw trend lines? Well, you know, you connect tops of of the The moves and you connect bottoms of the moves and there you go. There's your there's your current trend And until the market pops out to the upside outside of the The trend lines and above some of the moving averages on the charts I have a 20 day 50 day and 200 day moving averages. Those are very widely followed Popular moving averages. So until the price action starts to trade up Over here and outside and starts to move higher then we can draw up trending trend lines, but for now it's not happening So We we sit and wait we have to have patience There's no sense of putting your hard earned money into the market if the market's just going to keep going down now This morning Friday, March 11th before the market opened We had there was some good news that came out of Russia Ukraine It looks like they were possibly making some headway on on a ceasefire and you know, the market opened up early in the morning To the high and it looked like we were gonna we were gonna trade higher. Let me let me open up the The e-mini futures contracts and I'll show you what that looked like Early on in the morning go to the one minute chart So each bar here is going to be one minute's worth of trading. So right here This was around. I don't know 6 15 6 20 a.m eastern time today March 11th We had this massive move higher in the futures market because that's when the news came out that, you know Russian Ukraine were possibly You know coming to some kind of an agreement to end this conflict And so it popped higher and then when the regular Trading and then it started to come off as the morning went on. This was this was before the regular market opened So here's 9 30 a.m eastern when the market opened So it here was the high from early in the morning and then it just started to trend down And you can see just the rest of the day. No one was believing the ceasefire the agreements Um, so the market just continued to sell up all day long So these are one minute charts every line is one minute's worth of trading. So there's a lot of bars lots of one minutes And just all day long the market just came off and it closed on the low of the day Here's 4 p.m eastern time So, uh, it was not a good day If you tried to get long the market just kept pushing it lower and lower and here's the daily chart again These are the nasdaq futures just just this massive sell-off Since the beginning of january. Um, we can look at the triple cues Same thing You know that follows the futures just down down down down down And until we get some sideways action and out and above to the right has to move up and above to the right Get out of the downtrend then we can start looking at some bullish positions But for now We've got nothing we're just waiting and that's part of trading knowing when to get in and knowing when to get out That's part of that's part of profitable intelligent trading You know, there's no sense of getting bull bullish when this thing's still just moving down against you. How low can it go? Anybody's yes, don't know you have to look to the past to see where the next support areas may be Uh, for now, that's the low from this this big thursday candle this thursday day Which was a few weeks ago. So right now the low is just just under 320 on the triple cues Right here and then you can see there was the the last time I traded here was maybe around 318 or so back here in last may 2021 on the spy You look to the past as well right now. It's this big day here. So this was about 410 411 411 dollars So that's the next mark that the market will shoot for and then it may try to get down To connect with the bottom leg of this downtrending channel under 400 dollars for the spy We don't want to see that happen. The only thing i'm thinking that might be See that I could be seeing here. You got a head a reverse head and shoulders pattern Which you got a shoulder here you got a head here and then you got a shoulder here Which is typically a bullish pattern But it's it's not it's not your a it's not your typical Head and shoulders pattern possibly it's kind of like a sideways head and shoulders I'll wait to see how it develops if it was a true head and shoulders then We would start to see the market move up over here The mark would start to move up So that's really all I can say about the indexes right now I like to see them start to move higher But but until this russia ukraine thing comes to an end the market's going to be on the defensive So let's take a look at some individual stocks. We'll look at a couple of the most more popular ones And then we'll we'll probably call call it a day here Let's look at tesla Tesla so I drew these chat these these trend lines Uh couple saturdays ago, I guess you can see clearly tesla is in a downtrend And it's sort of been hovering and hanging around its 200 day moving average. This is a big one You know when a when a stock breaches the 200 day moving average either to the upside or downside It's a pretty big deal So it's it's been trying to Trying to hang on here But it's clearly in the downtrend and and and this this blue line right here is the 20 day moving average And so it's sort of been hugging that as well once it pops up it gets knocked back down So you got the 200 day and the 20 day converging right here Which one will win out? It's hard to say. I mean the overall market has to move up itself And and you're going to need tesla to bounce out to the upside here outside of the downtrending channel So that's tesla. We're just all in a in a wait and see mode amazon amazon came out with big news the other day They're finally going to split their stock 20 to 1 which is a great thing. It's going to make it a lot cheaper It doesn't really do anything financially, but psychologically You know if it split today, it'd be about 140 150 a share That's A lot of people retail players who could not afford a $3,000 stock can now afford a $140 $150 stock So that could add some some bullishness to the stock Over time because more people could could play it But for now, uh amazon not looking You know it had been in this long channel And now it's it's sort of hanging around Trying to find some support here. We'll see just nothing really looks good right now We're just waiting and seeing amazon Um, you know, maybe a double bottom here possibly double bottom Um, but you know, it's it all depends what happens in ukraine Apple let's look at apple apple's been hanging in there too hanging around above its 200 day moving average Waiting for my chart to pull up here. It's taken a little while. Let's see what's happening All right, here we go with apple. Sorry about that my my charts weren't loading up. So here's apple Here's the 200 day moving average right here still up sloping which which is a good thing We don't want you want an up sloping moving average if you're bullish So here's apple right here Finished today around 100 just under 155 dollars a share So it's coming down to hopefully support at the 200 day moving average I got a lot of lines drawn on here, you know, let's let's take away some of these so we can see these See this thing a bit better And let's get rid of this line here Get rid of this line here All right, so now it's kind of a little bit clearer You can see we got a little down action here and coming on support right at the 200 day moving average I'd like to see this thing hold here and have it bounce. It'll all depend what happens You know over the next week or two Um, but i'm hoping that'll hold there. What else what other stocks do we have? Popular stocks microsoft also in this downtrend starting to pop down below it here Um, you got one two three Maybe triple bottom here some usually triple bottom should be at the same level this one Maybe this could be a double bottom here. Um, but microsoft coming off You know everything's just going down. There's not much else to say just this everything's on the down Um, let me see if I could find some other what let's look at some of our Stocks in the list here. Let me go through this real quick. See if there's anything of note I can tell you about all right, let's look at we'll go through a couple that we use you amd I talk about amd all the time. I've been a buyer and a put seller When it's getting close to a hundred dollars a share So a hundred dollars is my line in the sand for amd I've been buying some shares selling some out of the money put options on that hoping that it'll hold there disney And also talked about disney before disney a hundred and thirty dollars is also my line. We got one two So this could be a double bottom here. Hope hopefully the support at 130 will hold You draw a little support line here see what happens with that it could go lower everything could go lower Right, so that's why nibble. I buy a little bit at a time on the way down You know not going all in but just nibbling here and there just just kind of dollar cost averaging lower Because I know these stocks will go up over time and I hold them for a long time Walmart same thing 135 is my level we drew this support line earlier. It's trading up around 142 right now Um, you know, there's not much else to say. Let's talk about some of these commodities now We'll go back and look at some of these commodities we talked about we look at the at the wheat market Because russia is a huge producer of wheat. So the wheat market's gone Gone up still kind of hanging around the highs soybeans. So these are the these are the futures market Okay, so these are november soybeans november 2022 soybeans Options expire in october. That's the the weird feature about futures options They expire in the month preceding the futures month So these are november futures and the options expire in october one month prior so these are The soybean futures corn futures Also going up. So commodities are going up You know, I've been looking at some of that hoping for I've been looking at some out of the money put options to buy Just as a spec in case these these things collapse when when this russia thing gets resolved Let's go back to our list here again. What other stocks are worth taking a look at Uh, so netflix still on the lows falling through possibly the 350 support area Facebook which is now called meta Um getting new lows here getting to some new lows So things are going down. Oh, actually there is one thing that I want to show you there's one stock that's doing pretty well And I've got something to share with you Let's where is it on here it is. We all know and love them warren buffet This is the berkshire hathaway fund. So while the s and p 500 will look the s and p 500 is going down Warren buffets berkshire hathaway Is hitting I think it hit an all-time new high today. Yep, it certainly did So here we go. This was fraud. This is friday march 11th Well, we'll look at the we'll look at the Let me move myself out of the way here for a second. We'll go to the monthly. So look at that all time new highs today March 11th for berkshire hathaway. So warren buffet. He's the man That's why he's one of the wealthiest men on the planet So I do want to tell you I want to show you something that I do have here you know Trading with warren buffet could be a thing, right? You can just piggyback him follow along what he's doing But on our website on my website. I have written a report About a strategy that could help you piggyback warren buffet For basically pennies on the dollar a lot cheaper than buying his stock So here I got this on my website the secret to buying warren buffet for pennies on the dollar It's not free. It's something that I've written. It's a big long Report how to do this trading strategy in order to find this on our website Go to our smart options seller.com website And and hover your mouse over the more tab and you click on shop right here And I have this report. I'm really advertised as it's just kind of sitting there. I'm on my on my website So if you're interested in learning about how to Follow along piggyback warren buffet for a lot less money on the line. Take a look at this report If you want all right, so let's go back to the charts here You know, I really don't have much more to say here Is there anything let me let me just kind of go through my list here So we went through some of the commodities coca-cola even coca-cola has been coming down Where's mcdonald's mcdonald's? Coming down to getting a little oversold on the rsi. Let's open this up. So mcdonald's get It's just kind of had this big nice waterfall down move, but the rsi hitting some oversold levels So maybe look for mcdonald's to start get holding some support here possibly So keep that in mind pepsi Also falling down through the channel and below the 200 day moving average twitter Everything's on the lows. There's really not much else. I can say right now peloton still down those There's a lot of these a lot of these tech stocks these momo stocks that have all been hit docu docu getting nailed teledoc Getting nailed all these all these high ones high ones high flyers even Shopify $1,800 stock at one point just getting hammered So there's a lot of stocks out there that just getting beat up really badly So be careful out there if you're playing with long positions. All right, this is a short one today There's really not much else to say We're just waiting for the for the market to turn around here and start to move to the upside We need the market to to pop out and move up to the right outside of the down trending channel Before we can feel comfortable getting into bullish trades again. That's just how it is This is the environment of the market right now. There's no if ands and buts. We just have to wait around All right, so that's it for me today in the synopsis. Let's go back to our website real quick Here's the Warren Buffett thing Put some put selling basics. Here's our free put selling basics guide go to our website Put your name and address in in the box here. We'll send you a free copy And also if you want to learn about what else we do our services tab We have two newsletters that we run and we have our one-on-one coaching for those looking for more help in their trading game All right, um, I hope this video has been helpful a little bit shorter than usual Give me a thumbs up. Don't forget to subscribe to the channel Send me an email. Leave me a comment, you know, all that good stuff. All right. I think that's all for today So have a great weekend everybody and and I'll hope to see you back here next weekend. This is Lee Lowell signing off