 The following is a presentation of TFNN Trade what you see With Larry Pezzavento Call now toll free at 1-877-927-6648 or Internationally at 727-873-7618 Now Larry Pezzavento Okay, looking good Billy Ray feeling good Lewis. We're going to look at the footsie Starting off the show like we usually do I'll follow that up with the Dax in just a moment, but I wanted to chat with you here for a second folks I was listening to Basil show before we started I prepare the charts for the next hour And then when my when Basil tells you to be careful and to be nervous You better be nervous He hasn't been nervous in a long time So I see nervousness all over this market the problem that exists out there folks Is if you believe that that Federal Reserve has your back You better go back and look what happened in 2000 and go back and look what happened in 2008 Because the Fed didn't have the back when the Nasdaq dropped 85 percent both times Maybe this time is different, but then again, maybe it's not if you'll notice some of these markets are getting hit pretty hard We've had a little bit of a sell-off here in the crude oil We were at $85 a barrel just three weeks ago and Goldman Sachs was telling us this has $100 a barrel written all over the top of it And it may have but right now we're trading at 67 and that's a long way from 100 Anyway, I just want you to be careful folks. I've posted some things here That look really interesting, but in fact you you just never know what's going to happen But I know people, you know, they say well, if you don't know why the hell am I paying you hell? Don't pay me do the work yourself. I'd love for you to do the work yourself Fortunately, some of you folks are and that really makes me very very happy Let's go over and talk a little bit about crude oil. Okay yesterday. We were talking about crude oil Well, let's get the big one up here so we can see where we are Right now because crude oil is as what we say folks at the proverbial Moment of truth. We'll get it up here. You'll be able to see it here in a second. Okay one second here Get it up here and then we'll chat about this Okay, here's crude oil over the last six months. You'll notice that we made a beautiful abcd down there in august That was at 62 dollars a barrel. We ran up to What 86 dollars a barrel? No, excuse me. Yeah 86 dollars a barrel and look where we are. We're down to today's low Was a 78 retracement of that low so that low at 66 89 it has to hold today. Otherwise, you know, we're looking at some serious trouble The crude oil has been in trouble for quite some time folks If you'll notice the the first Gartley that stopped there at 75 and then we had that three day rally Folks that three day rally was a rally to get short I mean it had everything in there that you could possibly ask for You were sitting right at a three eight two retracement on the darn thing And not only that but it started down very very quickly and didn't you know didn't give any Notice of what was going on. Let me just show you this three eight two that we were talking about here because You know repetition is the mother of knowledge And uh, you'll notice here that you'll see the three eight two retracement and then we had those equal moves Those are those dark black lines now. We went about 60 pips above the three eight two But frankly if you would have taken the three eight two or the higher number back there It would have been exact there at 72 80 but from there folks. We've broken down. We've making new lows Now the new lows today is extremely important because we're right at that 78 percent level We have to hold that level folks. Remember the news follows the trend and they are feeding us stuff that Just doesn't make any sense. They keep telling us about The super high inflation and yes, there are problems in certain areas But i'm going to go through some of these commodities here today And you're going to see here that hey, you know, we got lower prices You know coming down the path here. I mean, that's uh, you know, that's a main thing that you've got to remember that these When the only way is up the only way is down So just remember that what goes up must come down and speaking of that We've had a couple that have been extremely good to us With these past few days if you remember here, this was the one we were looking for the big top up here in wheat We got right up there within a heartbeat of it Yesterday we had that little pullback right to the 61 percent retracement at 852 we dropped to 60 cents a bushel from that level And so we're we're having some really big corrections in some of these things and I think it's important That you pay attention to these things because uh, you know, none of these markets are going to go up forever You know, well, maybe they will but right now they're in sort of corrective modes Here is another one that we need to chat about. I'm not in this but I know mr. Z I think probably if he if he's not in it He's probably adding the contracts right here because right now in the in the coffee We've had a four day correction It stopped exactly at the 382 retracement of the low we made back on november 8th So as long as coffee doesn't get below 228 This still has a bullish bias, but that's where we are in it right now is we've had a four day correction after making that Expansion up there at 247. So this is a very very bullish market Is it's bullish as long as it doesn't take out that 382 if it takes out that 382 It's not going to be bullish now I some people will keep asking me why folks I don't trade coffee because there's so darn much else to trade that I just don't have the time To follow everything that's That's the bottom line to the darn thing hold on here. I wanted to show you this is one of ruby's favorite Then we had this massive double top up here in the hold on one second here and we'll get this up here Oh, there's allergies today are really For some reason we've got a lot of things in bloom here in december and that is very unusual We have so much water this year here in the desert that these plants are confused about what spring and what is winter And we're having 85 degree weather. So it's it's pretty nice here now if you'll notice here the The double top that we've had in sugar Look what's happened since that's dropped over $2,000 a contract And you know now we're determined whether we're going to have any support down here at $18 a pound Now remember folks that sounds like a lot, but the high price in sugar was in 1966 at $65 a pound And it has never Gone anywhere near that price anymore. I think this the retracement that we had four years ago At $25 a pound which was a 382 retracement Stop sugar from going down and that was another one that I think is pretty important now There is a uh, I hope hopefully I can get this chart up and show you what I'm trying to show you here This is going to be a little bit small for us folks, but this is all I could get this morning This is where the problem lies folks. This is the australian dollar versus the us dollar. It's weakening badly Look at the abcd that we had back there. I mean, there was a perfect guard leave right there 50 percent retracement abcd everything lined up and now it's breaking down This tells you that commodity prices are getting hurt folks Australia supplies china and if china is not buying, you know, who else is going to be buying So that's why the australian dollar is weak iron ore all these things are getting hit And uh, you know, that shouldn't be happening if they're playing the tune of high inflation high inflation high inflation Do you remember? I don't get on my soapbox. Ah I'm sorry, but I get excited about this because you know, it's the same thing over and over again You got to get used to the games that they play. Do you remember six months ago? Zero interest rates zero interest rates zero interest rates. Yeah, well Saw what happened there eight seven seven nine two seven six six four eight. Billy ray valentine capricorn You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball. After all, it's impossible to predict the future, right? 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I posted the chart of the euro It's a uh 15 minute chart and as you know, we were buying at that 382 retracement At that 127 laryl today it had a little over a $1,200 profit in it That was about 15 minutes ago And then as I noticed the and I what I did was I said well Let's raise our stop to break even and see if this is uh have a chance to run We had a really nice profit and goal 1400 today But the of course we were short to stock indices But one of the things that I wanted to bring to your attention is what really happened To the euro down there now. This is going to be a little bit smaller. Hold on I think I might be able to blow it up a little bit. Yeah, I can't. There we go Ah, there we go. Hold on one second here. We'll be able to see it Now this is a long term Long-term chart here a daily on the uh Uh the thing here you'll notice here that we have uh Just made a 382 retracement today at that 137 66 level from behind that we made back on november 1st Those those moves were exactly equal folks Uh from november uh from late october to early november we rallied about 150 pips. That's what we did this last time Now I assumed that was going to be The bottom but in fact, you know, it just just crashed I mean it just literally fell out a bit at the same time that the gold was falling out a bit And so that's uh all the gold did today was go up and make a 78 retracement level and then and then start down again So the I'm bringing this up to you because you if you think that you get frustrated I get frustrated too everybody every trader does go through frustration because you see things and then they don't Do what you want them to do or they do and you're not in it That's all part of what we have to do here folks the difference between you and me is I shake that stuff off I don't really care because I know that you know There's another trade coming down the pipe just as easy as the one that That you had when you got in the trade and you don't know which one I I assume when you have a thousand dollars. I made a bad mistake there Sure, I should have booked it booked at least $300 profit in it I'm on the show here and this thing started down just as the show started Uh, whatever that was about five minutes before the show So there's no way that I can send a chart out and say hey raise your stop to 300 point $300 profit because I just don't have the time to do that But if you're in it and you're you're seeing something like that If you've got $1100 profit in something and you don't hear from me God don't let that thing go to break even because when I sent that thing out You know, we were trading at about 30 or 40 pips under the old hybrid still with a $700 profit then when it goes up it looks really great and then all of a sudden boom So the secret to this it's not how I'm saying again Keep saying it till you believe me. It's not how much money you make folks It's how much money you don't lose And I know that's a hard thing to grasp but uh, that's great One of Truder Jones' favorite sayings is you know, his winners think How much money I can lose losers think How much money I can win that's why we need to go into a Las Vegas casino or any casino You see these beautiful flashing lights everywhere and folks When I go into casino, I always play some slot machine for 20 to 40 bucks 40 bucks is my minimum I usually pay a dollar machine if I don't hit it on 40 spins They send me a ticket saying go home and I go home. So that that's just entertainment. That's all it is But I happen to be quite lucky. So sometimes, you know, I have some pretty good ones, but Anyway, it's not how much money you make it's about how much money you don't lose if you focus on that That's it. That's what the floor trader handbook is all about folks That a bcd pattern that we deal with here Lines up with everything that you could possibly do for trading I mean basil uses them. Tom O'Brien uses them Steve Rhodes uses them now they use it maybe a little bit differently I keep mine just as simple as possible But if you'll just do that, you're going to be, you know, far better off now Let's take a couple look take a look at a few other things By the way, I did see that 382 in the The reason why I saw it is you'll notice on that chart that the limit miner went off to tell me that it hit the 382 And by golly by the time I saw it, I mean, you can see the collapse that we've had in the year It's dropped about 80 pips here at about 15 minutes And that's that is highly unusual and I and it's I know the fed chairman speaking and stuff like that But I don't know if it's whatever the reason is we'll have to See there's another market that is Is really surprised everybody and here again, you've got tremendously bullish news just like we did in Crudall Look at look at where we are now natural gas folks The the high that we made on friday with that pattern up there. That was a 382 retracement of the high at 640 We now broke below 450 today folks. The last two days folks has been a $12,000 move in Crudall with a margin of 2,900 now you tell me where you can get You know leverage like that. I mean to get a $12,000 move in the s&p The margin on those trades are around $13,000 it's six times What it is on natural gas and natural gas is a large contract. It's it's a big one So it's bigger than gold All right, let's move on here to the next one here that we got to talk about if you have any questions folks I need to take a little sip of water because I took a little any histamine for these Okay, all right We have these Palo Verde trees that are blooming three times a year usually the only bloom once All right. Now, let's we've talked about the sugar. We've talked about the coffee We need to talk about another one that has been very good to us even though we don't trade it I have I made a consulting Deal with somebody for a hundred bucks. This is more of a less than ghost a go a joke But here is Palladium folks look at the 382 and Palladium now You have a perfect just about a near perfect a bcd right at the 382 Takes out the high of october by about a dollar and then drops from $2,200 to under We're hit under 17 today So and this is this is something that is used in all the electronic stuff the batteries electronics and everything I don't know how it's used in it, but I know that that's one of the key components In these components. So this is telling us that maybe demand for some of this stuff is slipping a little bit All I know is folks the news that it's out there It's so ridiculous to even listen to it anymore because some of it is I wish I knew a channel to go to well, I don't even like to watch the news So I don't even watch a channel. So let's not worry about it Just be being really careful about what they're trying to feed you out there folks Remember the one thing that you've got when you've got these charts and that is you've got something that says look If there's more buyers and sellers the prices are going up Okay, if there's more sellers and buyers prices are going down That's really all you really need to know you don't need to know more than that I mean, that's just amazing. Look look at this wheat chart folks. Look at this wheat chart I mean this thing a perfect three drive to a top pattern Look at the abcd starting back on the and we bought gold down there at seven something That was a one three five pattern And had a nice run, but look you make an abcd That abcd folks measures to 872 The high on the this happens to be the uh, December week The the high on this contract was 874 two cents and now it's trading $3,500 under that I mean, that's uh, that's the kind that you look for now We don't get them all but you know, we do get some of them That's it. We're going to take a break eight seven seven nine two seven six six four eight Are you having fun trading the markets? 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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 Using this first-of-its-kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including guardleaf abc's butterflies and much more The art of timing the trade charts 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 and right now we're offering licenses available at only $79 a month We are so confident that you're going to love this new charting software that will even give you a 30 day Unconditional money back guarantee don't miss out on this incredible new piece of software Get your copy of the art of timing the trade charts today by visiting tfnn.com This segment is brought to you by think or swim for more information Just click the think or swim banner on the front page of tfnn.com Okay, folks, we're going to switch gears here a little bit We'll go into never neverland and that is something I never trade and that is cotton the fluff You notice here the cotton made a 382 retracement then it went up made new highs Then it made a perfect 135 pattern folks. You can see it right on the chart there downtrend lower tops Had a 382 retracement. Look what happened when we broke the 382 retracement Yesterday, I mean we dropped what four cents in cotton. We're still down quite a bit from that level So the reasoning behind this particular pattern and you see it in everything We the same pattern that we're showing you right now in a field just You know defy human nature do the work yourself Take this chart right here. Look at it. Put it on your desk Then pull up a half hour chart on the s and p And go look and see exactly what you're seeing here right now because that 135 hat 135 pattern happened in the s and p last night I sent it out before it happened because we could see it happening It was easily to see that we were right at point five. And so that was trading at uh, 46 uh, I think it's 46 65 or something like that is where it was. So and it had a break of you know 50 handles. So, you know, we I think we went a little bit lower, but I'm not sure where we are right now Anyway, pay attention to that pattern But you got to do these yourself folks because uh, you know, I'm really good at doing these uh, charts, especially in in In the past tense in other words If you asked me what happened in the past, oh gosh, am I good at that in the future? Ah, that's so meant so not so much so much Anyway, by the way, if you happen to be in the Hebrew faith, make sure you like the second candle tonight of Hanukkah and uh, we'll be able to uh, I have to tell you a funny story folks You're you're going to laugh about this, but this is this is really true What I was finally going to college after my illustrious Sporting career in in high school with very little academic. Uh, so I had to go to uh, I was going to go to school and so, uh My wife my wife my mother said to me she says now look she says they're going to probably ask you to Join a fraternity. She said that that's okay. She says but look she said I want you to hang around the jewish boys And I said because we had very few jewish people in terror in india. There were a few in winter school But very they went away to school. Anyway, I said why mom? She says well, first of all She says they have better manners than you second thing is she says they're much smarter than you And the third thing is she said they're socially connected and she said if you do that She said you're probably make some contacts. I said, okay mom. I will I will do that. So anyway, that's uh, That's neither here to there. Anyway, I I was a typical mama's boy folks I thought after after I left college, uh, I talked to my mom every day I don't think I missed the day that I didn't call her. I know that's probably being a little Little too close, but we were very close. Unfortunately. I lost her when she was 48 years old but and heck. Hey, I was only What am I talking about? I was only I was only 32. So it was we were almost the same age almost anyway, let's move on here To cover a couple things here I've covered the charts that I wanted to cover today folks So I really want to give you a warning and what's going to happen here The reason why I'm trying to give you this warning is I've seen it before And if you think that the federal reserve has your back, you're going to be very naive Just look what happened in 2000. Look what happened in 2008 And this time they're not going to be able to even help themselves because this market is built on debt And la la stuff. I know I know everybody thinks it can not happen And there's only a few people out there that are sensing something really sinister. Hey, and I hope I'm wrong I hope I'm wrong, but the the markets right now are telling you to be really really careful You're going to come in here some morning and there might be a game changer. It could be a catastrophic a volcano it could be Somebody like jp morgan is you know, I don't know what it could be Be something create long-term capital something like that But the fed will come in and try to help it and stuff But there's only so many things the fed can do And believe me they are very very overextended just like most people, you know We have the highest asset prices that we've had in the history of our country If you're in stocks and real estate and stuff, but you're a poor person just working for a living You're not involved in this at all So remind yourself this can be really nasty because the illiquidity that could hit these etfs and some of these other things Could be very very painful. Look at disney stock folks. I mean, that's one of the premier stocks That thing's been going down paypal another one. I mean some of these stocks are just not acting very nice at all So just be really careful. I I'm not you know, I'm not going to get on my soapbox every day, but today Well, it's important because I feel something sinister is coming and I don't know what it is And and I might I might be a hundred percent wrong But and I think it's going to happen in the cryptos too Because you know, they've they've had a pretty good run and now You know, they're you know, people are able to trade them and there's more and more people I think there's more people trading cryptos actually that are trading in the stock market I don't think that's even a stretch of an imagination. So I'm going to start watching the cryptos just for trading purposes, but There's uh, when I have a nervousness like this folks, uh, I you know, I'm wrong occasionally, but usually, you know Not this time I don't think you remember those if you've been following me for a long time, you know in 09 if you remember March 5th of 09 I said, we're going to see the strongest short covering rally that the market has ever seen I said that it compared to 1938 where the market went up 138 percent. Well, this one went from From October from March the the 5th of 2009 it is still going up So who knows we got it might have a question coming in here and we have Michael from Niagara Falls Michael How are you my friend? Yeah, hi there Larry. Thanks for taking my call. You were talking about nasty And uh, I want to look at AT&T. Could this be the canary in the coal mine? I mean, I know there's a pending dividend cut To this uh, to the shares of the stock but um It's it's no no michael I Well, it hasn't been behaving well for a long time, but AT&T would be like a moth in the in the in the in the coal mine Not a not a kid. Oh, yeah. No, this has got to be something It's got it's got to shake people. It's got to scare people haven't scared anybody yet My assumption is we're going to be probably down about 10 or maybe more and then they'll scare them But the one thing about the things I look at patterns and the patterns have never failed me in all these years Hey, I take losses along the way, but as far as knowing where in the heck I am I know pretty much where I am most of the time and I see something disastrous coming and I I don't put it I don't put it in the newsletter because I don't want to scare anybody But I know I'm scared some people now, but that's okay and I can't remember I'm wrong a lot, you know Yeah, I know you are Yes, that's good. Thank you for reminding me remember. I was very I was buried on tesla at 300 Of course, I was I was bullish at 320, but no, I'm not gonna stay white Dave white was bearish on tesla at 100 On his 2 p.m. Show and he kept kept talking about how the transmissions were all going to blow And the cars were going to be all all drunk. It's all found in the junkyard and where did tesla go? I think he went higher Yeah, it did well, we're all you're all wrong a lot The difference is is when you recognize you're wrong and if we make new highs here folks I will I will put up the white flag and say bye golly, but right now. Gee. It's just uh, you'll be hunting for Arizona roadkill, right? Uh, I always look for that every day, man. You put a little garlic and onion on the stuff. It's delicious Yeah, hey hey michael. Thanks for calling in my friend. I hope nagger falls doesn't freeze over this year We'll be right back folks 877-927-6648 Are you in the market for buying or selling real estate in the bay area? Including the surrounding st. Petersburg tampa and clearwater markets tiger real estate LLC is a firm that has extensive experience in the tampa bay area Whether you're looking to sell your current property for maximum value Or you're in the market for a second home or investment property Tiger Realty has the experience across all areas of real estate in the tampa bay area to help buyers and sellers Make the most informed decisions across all price levels from the price You should be paying per square foot in certain up and coming areas to the type of cash flow Investment properties are capable of creating tiger real estate can help you make the best decision when it comes to all areas of the market Before you make one of the biggest decisions of your financial future call tiger real estate LLC today at 727-329-8322 Or email us at tiger at tfnn.com that's 727-329-8322 call us today The technology around us is changing every day with so much happening It can seem impossible to keep up with all the information David white's investment newsletter the technology insider is designed to give you all the information You need to understand the technology that shapes today's markets and tomorrow's future David white has made his living staying on the cutting edge of technology His weekly newsletter will give you specific recommendations for value tech stocks as well as entry prices target prices and stops to set for each trade Dave delivers his weekly newsletters every friday with updates throughout the week You can get the technology insider at tfnn.com for only 37 in 50 cents Sign up for david's newsletter the technology insider and get an inside look at everything the technology sector has to offer Try it risk-free today with our 30 day money back guarantee tfnn educating investors Are china a shares hot or not? If you trade china a shares now may be time to take a closer look trade chAU or chAD Directions daily csi 300 china a share bull and bear ETFs china a shares in either direction Visit direction investments.com today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before Investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus Please contact direction shares at eight six six four seven six seven five two three The prospectus or 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 four-side fund services LLC Don't forget you can listen to tfnn live on your mobile device 24 hours per day Go to tfnn.com then hit watch tiger tv That's tfnn.com then hit watch tiger tv Okay, we're back folks and i posted the chart of the gold As you know, i've been pretty bearish gold. I was bearish and fortunately unfortunately I put the stop a little too close today And uh, it's left me with another $3,000 leaving it on the table, but that's neither here to there. We did make a 1400 which is okay Well, it's not really okay, but that's it now. We've had a question from bow in the den about yulet packard I want to bring this chart up so we can take a quick look at it here This is yulet packard folks. I hope let's give me my fondest hope that this chart did it Did it post? I know it's going to post a little squirrely, but can you see the yulet packard chart? Okay Okay, I think you can. All right the main thing is If you're in this bow, it's acting very poorly make sure That you put a stop in this is a much weaker than market stock as you can see here We're taking out lows of last month, which is bad. So just be really careful To look at it and we'll be We'll be able to wait it that's not yulet packard Oh, it's oil services. Well, there's another there's another that's how I thought yulet packard It's how it is. What's the symbol for yulet packard? Maybe they've been taken over. I don't I don't do stocks. So I don't know so evidently That's an oil stock. So that's telling you oil has been going down. So that's it HPQ is uh, there you go. HPQ is yulet packard. Anyway, that this oil services stock is It looks like it wants to go lower much like with the oil market folks. Remember that oil market There's another perfect example, you know, people tell you there's going to be $100 oil the next thing you turn around It's $40, you know, you remember You gotta you gotta See what the action's doing. They can't lie to you here folks If you know if they're telling you that prices are going to go higher and prices start lower somebody's in They're selling So keep that in mind. That's that's one thing that the news is going to do is Is they're going to give you misinformation and you've just got to let the that's why I'm a technician, I guess, you know That's uh, really the bottom line. I don't know. So we'll see here Okay Oh Now david david whites got a great quote here Do you ever wonder why leaving money on the table often is more painful than taking a loss? When we live there's number there's never a number of ways We can shift the blame to the market to accept responsibility But when we leave money on the table, we can't blame the market The market didn't do anything and for whatever reason we didn't act appropriately just like I did today in the gold market And also in the in the euro market. Look at this. I had $1200 in the euro I ended up scratching the darn thing and I had uh, $1200. Uh, yeah, $1400 profit and gold And all I had to do was stay and I have a $4,000 profit So the only person I can blame now is david white for not bringing this to my attention earlier No, you can't blame anybody else. It's just the responsibility, but he's right What he's talking about there. That's the biggest thing That the these professional guys that came here to visit mark when he was writing that book trading in the zone The number one thing is when they left money on the table They really didn't like that they I guess they expected to get Either the high tech or close to the high tech or when they left money on the table, especially a lot That did bother them and you know, you it doesn't make any difference just move on to the next trade You know grandma pass used to tell me, you know Always have two quarters in your pocket because if you don't get the girl on the first quarter on the bus Take the next bus and by golly, you're going to find one And if that doesn't work keep putting the quarters in until you do find the bus Anyway, anyway, let's move on here to a couple other things that you might have interested in about I'm bringing these things historically to your attention because this is 20 some years ago on some of this stuff, you know And you don't remember it. So you've got to remember Especially that zero interest rate thing folks, I That to me was the dumbest thing I have heard in all of my 61 years of doing this stuff That is the dumbest thing that I uh You know, no, this is a good one David just posted Mark Douglass is uh Idioms that he lived by one I objectively identify my edge I pre-define the risk on every trade. I accept the responsibility for every trade I act on my hesitations without reservations or hesitation I pay myself as a market makes money available to me And I understand the absolute necessity of these principles are consistent with my success And I should never violate them So that's pretty much what you want to be watching Anyway, that's all about the middle part of this game. It's not how much money you make folks It's how much money you don't lose Now, let me check to see what the old markets are doing here because I believe We are getting ready. Oh dear. They're really having a little fire sale over here in the old, uh, NASDAQ today and I believe that uh Oh, they're having a fire sale in the s&p to folks be careful up in here because These markets are acting very badly. They rally and boom. You blink your eyes and there are 100 points lower So this is not a good sign, you know I hey, I can tell you here's my prediction that the market was down 990 we'll call it a thousand points On monday. All right, uh, tuesday Well started monday. We rallied a little bit which we did that's nothing wrong with that but Take the 1000 multiply at time 1.618 the next daily drop in the s&p The next daily drop in the x&p will be 1600 points and we've got mr. Z in the house. John. How you doing? Clearly, I'm fine. Thanks for taking the call John, I had no choice. You were the only one on the line It was uh, it was fascinating this morning Given the relative strength of those big eight tech names comprised within that NASDAQ 100 futures contract. So we popped up Larry, it's just unbelievable. We uh popped up and peaked this morning. You know what 945 10 whatever it was Just, you know 10 points away from the 5 618 level Why and how those fit numbers Seem to work and work and work just as amazing to me Well, it's still amazing to me john and I've been doing it for Oh my goodness many years now So, uh, all I know is I respect them so much, especially You know the 1.618 number which is really uh, really something but look how quickly these markets are giving up the gains I mean that's a sign that fear is out there, but it's not really out there yet When you start seeing fear these things you're going to see moves of these markets that are going to scare some people and uh, I want I wanted to ask, uh, you've done all your prep work. You did it over the weekend for customers Um looking at the four hour or the daily chart. Larry. I wanted to ask do you have Any ideas of what target levels you'd see if in fact that NQC one contract the NASDAQ 100 breaks Last Friday's low. I think that low was 15 990 or thereabouts if we break that um You have any any ideas as to what you'd be looking for as far as lower prices Yeah, well, all I would do is take the 1.27 of that move there So that would be down about 800 points in the s&p. So that would take it down to probably Somewhere around 4100 to 3,900, but I think we're looking at something Uh really sinister here very similar to what we saw in 08 and what we saw in 2000 john Right. Thanks so much Larry. Thank you buddy. 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That's 877-518-9190 Okay, folks, I posted the chart of the eBiddy S&P after we were talking to John Thanks for calling in by the way You'll notice here that we had the three lower tops. That's the one three five pattern I sent that out right near the close yesterday Within an hour and said, you know, you put your stop above that last high which was at 4670 I said and I think it was trading at 4664 at the time I said, that's all your risk is and you know, you can see where I came up with that 1.618 expansion That brings you down another couple hundred points Now, uh, whether it's going to get there. I'm not sure but it started in the right direction If you notice the thrust that we're having today is actually exceeding the thrust that we had on Monday So fear hasn't come in yet folks, but it's out there. It's lurking And when you start to see it, I don't know what the reasoning is going to be it could be fear of covid it could be Anything, you know, I and I I don't know it might not be nothing I don't know all I'm saying is be careful. Hey, look, it's not just me There's you know, I I respect everybody that we have here tf and add but let me tell you Basil Chapman is a little younger than me But he's been doing this for a very long time and when he tells you to be nervous You better be nervous because that guy has been, you know He's been bullish for a very long time and Steve Rhodes has to but basil is telling you the last few days He said yep, some of these are still going yet, but be a little careful in here Be a little careful in here pay attention to the old master folks. He knows what he's talking about I'm seeing the same thing and I'm also feeling it in my bones when I look at all these charts Look at these commodity prices falling folks. That's not a bullish market You know and they're telling us that you know inflation's running wild Yeah, it is for a short period of time But if prices of houses and cars come down, we're not going to have much inflation And the first time they put a chip in a car that can sell look out and prices of cars will drop 20 or 30% So we've got this straight-up flagpole economy and that's what scares me the most when I look at that I say, oh brother, where are the valve because this is where we were in 2000 And this is where we were in 2007 with that I will get off my soapbox. See you tomorrow jc parents All star charts will be our guests