 Hey everybody, welcome to the market update video today is Sunday, August 6th and Looking at the SPX as you can see it's a really bullish time right now And I think a lot of expectation is being built into the SMP 500 I mean into the indexes in general because of the expected at least some something on tax reform so The SMP is fairly richly valued at the moment And at the same time it could go higher, but however I want to just highlight one thing Which is at an all-time high is about 2484 right there, so Okay, so this is the 2485 and so it's approaching a very big round number and that's the 2500 So whenever these major indices approaches big numbers big round numbers You you can expect to see some kind of a battle and so to get an example of what I'm saying is even if you look at 2,400 and of course 2,500 is going to be a bigger round number than 2,400 but if you look at 2,400 level all the way from here So this was what 2395 96 something like that And so you can see that it got rejected at the 2,400 came down and and then it took about two to three to four months actually to completely to clear that level and Even then it sort of came back to that level, but now the 2,400 acted as support right here In the June-July timeframe, so 24 2500 is going to be a big round number. So that is something that may Sort of put a damper to where it's going. However If something like tax reform or something, you know gets underway, then it could go Higher as well, but I would doubt it given the current political environment Not sure that anything can be passed at least not in the next couple of months or so Regardless, let's go look at some stocks. The one that I'm really looking at is Tesla and sort of this is like the trade idea of the week, too Tesla just reported just about two three days ago if anybody was following the results were nice And you can see that it's made a big move. Let me zoom in there All right, so this is a great move here. And so from 320 around 320, let's say moved up to 351 It's probably going to go higher However, you know, you may want to wait for a slightly better entry point even about five six dollars lower I would say would be a entry point because I think you know people are going to be coming into the stock again You can see the all-time highest 386 So it's only a 351 and then for the next until the next earnings report at least given overall market conditions also Cooperate I think Tesla is probably looking to go to 400 So maybe, you know a anything on the long side which is on the long bullish side would be good You know, if you want to go straight out calls or a call spread a call calendar Call condor all of these trades would be good But what I would say is given that it's just gone up the last two days Really nicely. I would wait for a pullback now the risk with that is obviously we may not get a pullback and come Monday Tesla might charge higher, but I I don't think so. I think it's you know, it's okay to wait for Couple of days two three days if you know to get the right entry point now Bear in mind any of these trade ideas are based on a swing trade sort of an environment. So basically You would want to you know, think of it as a good idea for anywhere from three weeks to maybe six weeks Something like that because you know at with all stocks obviously when the next earnings report comes There's an element of speculation there anyway. So you want to be careful of that? So anything I think between that given that it's just released earnings over the next three to six weeks I would I would expect Tesla to sort of go higher and Try to take out this previous high of 387 So you might want to play it according to that but given that it's just gone up Maybe a better entry point would be the thing to wait for so that's the update All of the stocks. I think many stocks are going to report earnings as well So Apple was a blockbuster and so but I think Tesla is going to be a bigger better trade idea than Apple now This is the insiders program if anybody hasn't If you don't know about this can come here on option tiger you'll see the main on the main homepage itself you can see the insiders program and You can take a look at that. I think it's a very Very cost-effective way of accessing everything and including a lot of members only sort of videos Thank you very much. Look forward to seeing you inside. Thank you