 The following is a presentation of TFNN. Training Hour with your host, David White. Call now toll free at 1-877-927-6648 internationally at 727-445-1044. Now, David White. Welcome all to another exciting edition on the S&P cash. Down about 12 points on the down. Don't have a lot of stuff going on. And the NASDAQ talk about this. It's arrestable. I'm still thinking that maybe that trade deal might become as soon as many people think. At least that's my read on why arrestable is probably how performing a great deal as we look in the volume today and way, way under anything that approach a breakout. Volume or sign of strength breaking. 3.8 billion shares as we start the show. Okay. Does that sound a little better? Maybe that is that. I bet that sounds a lot better now. As we go back on here. Occasionally. They do it. For some reason we weren't able to taste test the microphone before the show. But that's it. Yeah, occasionally. The Skype decides to update its settings. And it wants to use the microphone on my. On my camera. But I got this nice expensive microphone in front of me. That makes me say sound at least myself. Like somebody saw like it. Anyway, we'll go back through it now. That everything is working. We're up, you know, a couple of points on the S&P cash. Dows up about 15. NASDAQ's off four. Russell's up about 12. And of course we're talking about actually getting. A lot of juice in the Russell, making me think that a lot of people think that that trade deal is not just around the corner. That they're voting with their dollars and that's it. When we look at volume in the market, we can't even or can't even get to 3.8 billion shares on the CBOE. Vol. CBOE can combine a volume. For all the tapes, which is pretty, pretty tough. We need or we were looking for something like in the 10 to 12 billion range. We've been averaging somewhere around 6 or 7 billion. Now, if you just hang out here long enough, maybe you can chew through the high volume that we've had at these previous highs. But that probably take another week or 10 days, I think. Just too many stocks also failing up here at these levels makes me think that what you want is the market. If you want a signal and want the market to go higher right now, then that market will probably go up there and fail and it will take a long time to get back. If you're bullish, I think you will want a retreat on light volume and yet another run to come up here and break these highs on high volume. What you don't want is just kind of sitting around here with no volume at highs. Generally a good sign of distribution in the market. So what else do we have? That's at least part of it. And of course, what we're keeping a close eye on this week because of all the fireworks is the dollar. It's down 22, 23 cents today at 97, 69. So you're coming off a little bit of that high. Really for the last year, the government, the Treasury has really tried to push this between about 95 and 97 and we're on the high side now. I suspect that they'll pull whatever levers they can to get it back down into that range. But we'll see in the next couple of days whether or not the market is actually bigger than the Treasury and the government. Of course, the ability to print money means that you can always make your money worth less. But no problem right now as I like to put in the den every once in a while. No matter what you call it, green backs, turnips, Benjamin's, as long as it says in God we trust on it. That's what everybody in the world wants except some people silly enough to buy into Bitcoin. They saw all of their profits disappear in an instant on last night. They're calling it a little flash crash. I'm calling it a little bit of a reality check or bit con as I like to call it. You can call me at 877-927-6648. You can always put a message in the den. And of course, you can, well, you can always email me at path at tfnn.com. I don't know. I have not heard it. Somebody in the den is asking me whether or not that the Ziz Ziz Ziz, but I don't want to call him a president. He's basically a dictator at this point as conciliatory as financial TV is hyping. I don't know, but you can never tell. Let's do a little history and then we'll get into some charts and some other things throughout the day. On this day in 1954, the salt polyovac vaccine field trials involving 1.8 million children began at the Sherman Elementary School in McLean, Virginia, children in the United States, Canada. In Finland, participated in the trials which used for the first time the now double standard and double blind method with neither the patient nor the attending doctor knew if the inoculation was the vaccine or placebo. On April 12th, 1955, researchers announced the vaccine was safe and effective and quickly became the standard part of childhood immunization. Of course, I was born far, far, far and on a distant planet away from that. But I always remember that the post office hired a lot of people that had polio and my mailman was one. He even just lived down the street. But I always thought, where did polio come from? Why did only old people have it? Well, vaccines not as bad as you would think. A lot of porons now kind of going against vaccines. They can be very safe and effective. We'll be back after this. The Taz Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions. In order to make the best decision, the first thing you'll need is a strategy that will help you minimize your risks. Whether we're in a bull or bear market, a good strategy is to have the tools needed to help you scan and analyze the markets before you trade. 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Details on the Tiger's Den are on the front page of TFNN.com. TFNN has launched our brand new website. You can still visit us at the same TFNN.com URL, but when you do, you'll see a new and improved homepage with a much simpler navigation, whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com, educating investors. Now toll free at 1-877-927-6648 internationally at 727-873-7618. Well, we're going to go through some of the earnings and give a little commentary along the way. Where's my earnings here and go through it? Is this right? I hope it's right. Did I get this? We should see and tell in this. Yeah, it's right. Just want to make sure I had the right day. American Airlines opened lower. Close the gap today. Volume's okay. And I think at least the last round of Baker Hughes rigged accounts were lower. Again, if you read the commentary, it's all about many of these rigs closing for Easter weekend. So you get a few of them that are actually set down. From now on, if my theory is correct and that we've seen peak oil prices but not peak oil, then we probably should see the crude continue down probably back into the low 50s, I suspect. But we've gone through the change over from the winter summer formula. We've gone through all the maintenance on most of these and short of a hurricane. I don't see a lot of reasons to think that oil supply, at least in the United States, is going to be, is going to matter much. And we'll see. Supermarket to the world, apparently on sale today, down to $40.39 at the low, but lower. And it looks like it's going to break through the previous low of four million shares on July 7th with a little more volume today. 3916 looks like this one is headed there. Kind of interesting to see with all the discussion of the floods, that it doesn't seem to ring true in the markets. And the markets are the arbiters. And generally they're right most of the time, 85%. They're going to be right over time. Afflack had earnings out, giant, giant doji out here. I don't know what you can make about that other than the fact another company like that applied. Industrial Technology, AIT, down. Volume is not as bad as you would think. But $55.94 looks like the next target. Alaskan Air Group opened pretty much where it closed yesterday. A nice little, almost bullish engulfing candle on the Alaskan Air Group. Generally higher prices include would mean that you'd see lower prices in the airlines. So you can watch those for confirmation. Amazon just slightly higher out here today. Very interestingly, I was looking through the short data which came out, which is the bi-monthly short data. I also talk about on this program looking at the stock data with daily short data from FINRA. And it was very interesting to see just since the numbers came out, how far the shorts actually dropped in Amazon over the last 15-day reporting period. Last time on the 29th of April, excuse me, 29th of March, he had, I want to make sure I got that right, 4.7 million shares of Amazon short. It dropped to 2.5 million shares. So a lot of people got out. There isn't a whole lot. And that's one of the reasons why probably, although the earnings look good, you didn't get that much of a bounce. There aren't that many people left. But one of the things I will tell you is that you want to watch very specifically these stocks have had big runs when the short numbers actually drop in half. Now at the highs back on late November, he had 5.6 million shares short that were now down at about 2.5 million shares, means that there really aren't a lot of people left to run in Amazon for the short sellers. On a daily basis, you have about, I don't know, 10, 11, 12, 13 percent. Seems to be kind of a run rate a couple of weeks ago. You had some people coming after it got up to about 20 percent on one day. But again, you don't know on those daily numbers whether or not the people held them or they cashed out that day. You're going to have a certain amount in every stock that's going to kind of be a base rate. And that is the option market makers trying to keep a market going. By the end of the day, they will clean those short positions out so you know that there's some base level. So what you're really looking at is kind of, you want to see the peaks and the troughs in this where there's very little people either shorting or everybody shorting and you kind of tell what the standard run rate is. But you had a few a couple of weeks ago, but they're all out and that's about it. But what you don't see is generally these stocks continue to run very hard if there aren't any shorts left to squeeze. Shorts on the wrong side are some of the best medicine that a stock can have for drying at higher prices. And when I hear about CEOs complaining about short positions on their stock the best way to do that is make your company much better. There's a reason that people are shorting your stock. Things don't look good and it's probably your fault. Maybe something you can't avoid, but I don't think if it was something you can't avoid like your headquarters got hit by media or something. I don't think you can complain, but that's just me. AstraZeneca went up to $43.30 on March 1 and going down. Since then, it has finally come back and filled this double gap. If you're really interested in stocks like this, this is what I like. But you want to see not much volume today. You might find something. I was along this stock because it had such low volume at the lows. But I had a very short stop and I think I lost 50 cents on a $25 stock. So no big deal on this and then I think that was a week or two ago. But it never had the volume. Now it actually did close up before earnings yesterday back into the trading range. Didn't feel like taking another swing at it, but it was one of the better-looking stocks. Got to $27.26. This is not as medical equipment. They make a lot of stuff for babies. I guess maybe everybody's thinking babies are back in vogue these days. Let's see what else is out here they want to look at. Capital One, COF, a nice little pop here today into the previous highs. Now this one, you wanted to see something like two, two and a half million shares. You got 2.9 so far. It's not a blowout, but it certainly gets you back into the 90s. And I don't like shorting stocks in the 90s because they almost always go to 100. What else do we have? Cabot oil and gas, a little pop in this one. I think they do a lot of natural gas stuff. There's a little pop on that one. CVX, which is Chevron, back into this support area. That comes from the gap up on February 1st. 11 million shares on that day. You got back into it so far today with 7.7 million shares. Not a blowout to the downside. Comcast had earnings out before the bell today. Did go higher and retreated pretty much back to where it closed yesterday on almost no volume. So again, we're continuing to wait for these signs of double repo patterns. But don't have one. There's that. Let's go ahead. Grubhub, another one. We have time. This one kind of interesting in that it had a great open up to 77. 49 and has been selling off pretty much the rest of the day. So good earnings and finding a lot of people to sell it. Almost incidentally, 63, 31 is the last low I suspect. Back there fairly quick. Be back in a minute. The path of least resistance is David White's daily trading newsletter. And if you're looking for active trading ideas, then now is a perfect time for a 30 day free trial to this powerful daily trading advisory service. David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter. Using a combination of equity trades along with options, David keeps his subscribers up to date with all pertinent market information with intraday afternoon updates when warranted. Don't miss out on this great chance to get a 30 day free trial to David's daily newsletter, the path of least resistance with no obligation to pay anything. David has been delivering solid recommendations for his subscribers recently. And if you'd like to see the type of newsletter he delivers every morning, then visit the front page of TFNN and you'll find the path of least resistance under Trading Newsletters. For all the details and to start your 30 day free trial today, log on to TFNN.com now. Hi folks, Tom O'Brien here. If you'd like to get my daily newsletter and market insights, then now is a great time to sign up for a 30 day free trial. Every morning by 9.30 I send out my morning letter to subscribers with market commentary on a variety of markets, currencies, and commodities to keep investors up to date on the day's trading action. Included in market insights are specific buy and sell recommendations for stocks, ETFs, and even options, which stops and price targets included for every trade in my newsletter. If you'd like to try my newsletter risk free for 30 days, then head over to the front page of TFNN and you'll find market insights under Trading Newsletters. I use my years of trading experience to bisect and dissect the market every morning and give my subscribers the most important information they need to know for the day ahead. I even issue afternoon updates for my subscribers whenever warranted with important market action. I'm always scouring the market for the next great trading opportunity. Sign up for your 30 day free trial to my daily newsletter and market insights today by visiting the front page of TFNN.com. Well, go get them, folks! TFNN is excited about our new software charting program, the Art of Timing the Trade Chart. In collaboration with Tom O'Brien and using his best-selling book, The Art of Timing the Trade, Your Ultimate Trading Mastery System, programmed an outstanding piece of software that will complement any trader's methodology. Using this first-of-its-kind program, The Art of Timing the Trade Chart allows you to scan thousands of stocks for Fibonacci Formation setups, including guardleafs, ABCs, butterflies, and much more. The Art of Timing the Trade Chart is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. 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Then, of course, back on Tuesday April 16th, there was that agreement right as a settlement right as a trial between Apple and Qualcomm was just starting. Settlement was agreed to and the stock is spiked. But I'm wondering if you can just describe conceptually what you can foresee happening in the next couple of quarters with the business itself, please. Well, certainly Samsung, I think, announced yesterday, maybe it was this morning, can't remember that their next phone will have 5G chips. So we're going to start seeing those chips ship fairly quick. It's not just Qualcomm with their 5G chips. They have something else up their sleeve too and that is if you hold the phone in a certain way with 5G, you can block all the signal. So they had to come up with a design for an antenna that will work no matter where it is. So they had to come up with a design for the antenna and then the actual modem chip that goes in the phone because someone's going to have to figure out a way to get around it. I always said that one of the things you don't want to be involved in is the black arts and that's radio frequency stuff. Digital stuff like I was in, it's either on or off. Maybe there's some interference in radio frequency stuff. There's all kinds of propagation issues and everything else and you just don't, you know, when Intel said they were getting into it, you just don't do that overnight. You don't go from an analog radio frequency kind of stuff to a digital frequency kind of stuff and of course they had all the patents on it, now they got all the patents on 5G too. So they got the old patents, the new patents. And I guess it slowly filtered out to me and that was the argument between Apple and Qualcomm in which Apple was actually getting ready to try to defraud the court. They were out buying basically worthless patents in this field and were going to claim that they were all kinds of stuff. I mean they were buying these patents for like a thousand bucks or something and they really wouldn't hold any water whatsoever. And apparently this whole thing with Intel dropping theirs and getting into Qualcomm happened extremely fast when the judge basically said, hey I'm going to fry you like some French fries at McDonald's over this. If you continue to push this kind of crap and actually I saw some more stuff this morning about it. But they've been basically someone ratted them out now and today and found out that Apple was planning this shenanigans over two years ago. So what they wanted to do was try to bust Qualcomm's patents and when the judge I guess Qualcomm actually said, hey we've got somebody they announced their witnesses and they added this guy at the last and that was it. Within 18 hours Intel was out of the business and Qualcomm was back and they didn't really negotiate too much from the existing patent formula which is based on price which is why Apple got so mad in the first place. Apple thought well you know we're building $400 phones, we'll sign this licensing agreement and we'll be happy. Well now they're paying twice that or more to Qualcomm because they're charging $1,000 for the phone and they don't think that they should or didn't think that they should but they knew what they signed up in front and they just decided that Hook or Crook they were going to get out of it and at the same time if they could destroy Qualcomm then they could be like Walmart going around crushing anybody and even try to act like they had pricing power. I just have to interject what that story you're referring to on Apple's tactics that sounds like the sort of material that would make the basis of a fabulous John Grisham novel. It is kind of a little bit like that but no one got killed at least that we know of but a lot of this stuff is kind of starting to take out and Apple's kind of gone up here on it was $140, now it's $200 I never understood the run from $140 to $200 they say they weren't going to have phones tell maybe next year with 5G and I'm wondering whether or not they kind of saw all this thing coming and we're already telling people like Buffett that own shares that will have a 5G phone by the end of this year anyway and they were probably thinking that it was going to be Intel that Intel told them it's going to be at least another three or six months after we told you until the modems are ready and much less getting a patent that would pass theirs for the antenna which I think right now may even be the serious issue at least in the short term I appreciate all that background and input can I lastly ask you just to make a wild guess in the next couple of quarters would you guess that Qualcomm's sales ramp will be sufficiently quick where people who have bid the stock up to 85 won't get disappointed and sell the stock back off I can't say that but I can say that maybe they'll hold it for the promise of next year there is something I'm going to try to find here while we're on the air maybe I can find it, maybe I cannot but I'm looking for this and that is I'm going to give you a real time news entry just on this very subject I'm just looking at a Bloomberg television screen and the news that is breaking that you always you always tend to try to fix is the headlines this Apple discussed buying Intel's smartphone modem chip unit source being the Wall Street Journal they're going to try to do anything they can I don't think they can do it I mean there's like eight countries that you can't ship an iPhone into right now yeah so the thing is when you get into a business like this especially for Qualcomm and you get 150,000 patents over 20 years you pretty much know the patent business you know good patents and they did we'll be back after this if you're in the CD market and looking for a secure investment the Tiger First mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg, Florida the tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the interest paid is 7% yearly paid on a monthly basis according to bankrate.com the best rate for a 4-year CD in the country as of February 20th is 3.1% a $50,000 investment at a normal 4-year CD rate of 3.1% would give you income of $1,550 per year or $6,200 over the 4-year period that same $50,000 investment in the Tiger First mortgage program would give you $3,500 per year or $14,000 over the 4 years what should you prefer a $14,000 of interest on your investment if you would like more information about the Tiger First mortgage program you can call me at 877-518-9190 that's 877-518-9190 if you haven't checked out the newsletters page of TFNN.com what are you waiting for? all of the TFNN newsletters are informative up-to-date, affordable and must have for every trader looking to gain a competitive informational edge in today's markets TFNN newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk-free for 30 days from all aspects of the markets including stocks, bonds, metals commodities and tech there's a newsletter to fit your needs exclusively from TFNN stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to TFNN.com and click the newsletters button near the top of the page TFNN.com educating investors will the S&P 500 continue to climb for bold trades on US large cap stocks in either direction trade SPXL SPUU or SPXS directions daily S&P 500 bull and bear leveraged ETFs direction leveraged ETFs an investor should carefully consider a funds investment objective, risks, charges and expenses before investing a funds prospectus and summary prospectus contain this and other information about direction shares to obtain a funds prospectus and summary prospectus call 866-476-7523 or visit directioninvestments.com a funds prospectus and summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor 4 side funds services LLC don't forget you can listen to TFNN live on your mobile device 24 hours per day go to TFNN.com and hit watch Tiger TV that's TFNN.com and hit watch Tiger TV the latest to market information well I was going to show this at 330 with Tom O'Brien but we'll bring it up twice and this is a bell curve called the technology adoption like a life cycle so when John was asking about fall calm and early adopters and innovators a very small portion of the money that's made is going to be in the first year year and a half of 5G it's what happens in the next 5 years after that and this is they've done a lot of studies on various products and it seems almost almost like a proverb of how close this curve and the amount of money that's made in technology actually it actually happens with the percentages that are listed on this chart and I think we've had the first 5G cell towers up there's only a hand full of phones out there and again we're probably looking at May to June when the Samsung's come out so that's really first and you've got a handful of cities about 5 and Manhattan they're really going to be probably the first million is going to be the easiest to get then you've got a handful of other cities where they're really kind of testing how this works and where they need to put the towers they're going to be a lot more of them they're going to be a lot lower powered but if you ever want this this is one of the, I mean it's become kind of a rote everybody actually believes exactly what this is but it's all some of the John Christians books on innovation and technology where he went back and researched it when he was a college professor but it works very well now one of the things I want to point out here is this big flag that says the chasm the key to accelerating NG111 adoption and this is where most new technology fails or new technology companies fail maybe is a better way to put it and when you talk about new technology let's talk about Tesla today that's about where Tesla is now we can look at the rest of the amount of money that's going to be made in that industry over time and we're probably just pass the early adopters maybe about 10% but that's when a lot of companies actually blow up and the risk is absolutely the highest that is where you go from being a boutique company to trying to actually produce stuff at scale and that is when so many companies blow up generally it's a little bit easier once you get into the early majority of people buying products because generally the risk is far far less now Facebook was exactly at that chasm point when they went public at 40 bucks and what they didn't have is a way to make money they had a lot of people and they eventually found it but that's why the stock IPO'd at 40 bucks and went to 20 they never really knew what they were going to do on how they were going to make money and that was a tough time to see the stock drop 50% that was growing like a weed but couldn't make a dime and that's it but generally if you can find stocks on sale that's where your risk is going to be the lowest if they kind of blow up if you're trying to take a flyer or buy a option on it but once you get into the early majority stuff then it's kind of that so as far as 5G which is what started this discussion we're kind of really in that innovator's part where the first 2.5% of the money that's ever going to be made on 5G is probably going to be made and that probably is not going to get into the early adopters till late this year maybe the first part of next year then we start looking but the reason that the stocks get bid up is that they know that Samsung and Qualcomm have their ducks in a row poop in a basket whatever you want to call it and that early majority money is going to dwarf anything in the next 6 months so they're not too worried about it they want to be in that for the long term they just thought that maybe Qualcomm wasn't going to be part of it I never understood the argument that with 12% of the phones being sold that Apple was that big a deal other than the fact that maybe that would be early adopters but I still don't think that there's a lot there anyway basically when you look at it 68% of the profit is made once they get past what they call an innovation that chasm that's where you go from being small and producing things to actually hiring legions of people and producing huge amounts of project that ends up hitting the market anyway we'll talk more about that with Tom O'Brien today because we're going to be talking all things in autonomous vehicles and electric vehicles and all that kind of stuff because there's a lot of news on them this week and I'm going to give you my opinion on it yes the Samsung phones will have the Qualcomm chips so that's I think why you kind of see that that's a little bit better but I mean I don't know I just don't understand why Apple is somewhat while it's a very small percentage of the market why everybody I think there's kind of a myopic view of Wall Street which is Apple their cell phones they make all the money but at the same time there's 88% of the market that we ignore because it's not Apple and I don't understand those guys a lot of times but I do make money when they go on the wrong side of that market what's your short and long term outlook on Home Depot if the market is going lower I did not like to see today that that Mohawk Industries had a big kind of nasty candle out here talk about big and nasty again I think this is pretty much supported by Buffett so I don't think he was going to let it sit on that low all day but they did run it down to one 1825 it's back up about 128 sales numbers were not good when you look at that you look at water heaters you look at all the other stuff that kind of leads the market in the housing business then you kind of have to look at Home Depot as being not selling to new homes so much as actually being one that's a retrofitting old homes when new homes quit selling I don't see that much happening but I do think that we could see lighter home sales for the next six to nine months without any problem and I think we're starting to see just the beginning of that with Mohawk and some of the others so I would say probably not the worst I can think of a lot of stocks that would probably get worse than Home Depot in fact what is that HD is that just HD on the symbol on that we will look at it kind of up here on Ether and we'll talk about this when we come back close the show up with it you did close below the nine day moving average today 3x3 not a good sign you may get a little bit more hang time like four or five days before this thing starts heading back 193.42 we'll be back in a minute I'm Steve Rhodes author of Mastering Probability and for the last 12 months Timer Digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6 and 3 months Timer Digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that has transformed me in what I do sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of TFNN.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls to sign up today David White's newsletter The Technology Insider is focused like a laser on finding the next big things in technology if you had invested only $10,000 in Microsoft you'd have been a millionaire by $2,000 disruptive technology like Microsoft is the key to these massive long term profits and the tech insider is the vehicle from TFNN to capitalize on these opportunities this is the go-to newsletter that identifies, monitors and profits on mostly little known cutting edge companies with great long term prospects David's experience is as an inventor of Emmy winning animation products for TV and Hollywood that propelled a company public for 14 years as a full time trader and he's uniquely qualified to guide you through the light speed world of ever evolving high tech if you're ready to ride the next big technology bull market for less than $40 per month log on to TFNN.com and get your 2 week free trial to the technology insider get in on the ground floor of the next big thing today Since 1984 Basil Chapman has been using the Chapman Wave methodology as an expert market opinion While originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply Later Basil found that computer software which included the standard market technical indicators enhanced the degree of accuracy in calling price turns as well as market trend calls Thus was born the Chapman Wave sequence Using the Chapman Wave methodology along with other indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter Right now you can get a 2 week free trial to the opening call Basil's daily trading newsletter by visiting the front page of TFNN.com Cancel at any time during that trial and pay absolutely nothing Get your 2 week free trial to Basil's newsletter the opening call today by visiting TFNN.com Special guest on CNBC Tom will bisect and dissect the markets The Tom O'Brien Show Next on TFNN As we said what we're looking for for highs in this market is a close below after being mostly above 3x3 or 9 day moving average for a while you got your close below that in Home Depot what you really like to see is for a clear signal it goes a couple of days and it stays underneath it then it goes back above it and maybe one or two days and then the next time it pulls down below it and then generally that means that most of the selling at the high is over that is a distribution and they're not going to try to hold the market up on it very much longer but generally the big destruction in these are when that pattern comes around it's called Joe DeNapoli's double repo pattern I really like it you don't want to bet on it happening but you do want to when you do see it you do want to react to it but if you're thinking short I think we want to look at a lot of these others that are like that didn't have a lot of time to go through more of the earnings we got more next week not going to say that there's a lot going on here in the market everybody thinks that they want to be long for a possible trade deal and I just think that they are waiting for Godot and it's going to be a long time if you ever saw the miserable play that I was forced to go to he never shows up spoiler alert and if I had seen the new Avengers movie I would give you spoilers on it too because it's something that I have zero interest in seeing but apparently everybody else does I just don't know movies are more like roller coasters and not a lot of there there cotton candy one big mouth and you're done how many people want to go back and see the movie a second time it's not like Star Wars there was a story to it or Jaws I enjoyed that twice I don't think that there's any reason to watch those new superhero movies more than once but maybe that's just me we'll be back with Tom O'Brien at 3.30 we'll be talking all about autonomous vehicles, electric vehicles the way they are powered because we learned a lot this week in the meantime so when you can not when you have to we will see you Monday same back channel same back time