 The following is a presentation of TFNN. Power Trading Hour with your host, David White. Call now toll free at 1-877-927-6648 internationally at 727-445-1044. Now, David White. And welcome all to another exciting edition of the Power Trading Hour. The Power Trading Hour with me are humble, lovable, and squeezibly soft host. As always, we like to come to you at this time. The following takes place between 2 p.m. and 3 p.m. So what do we have going on? We're up six points on the S&P cash. Again, volume very light, 3.5 billion shares as we go and start the show. There's no real juice higher, but we're in a kind of a path right now where if the market was headed lower, it probably would have crested by 2 o'clock on Wednesday. Now we're going into two things, which is the FOMC meeting next Wednesday and of course, fund buying after that. I can imagine that we could be up a couple of points every day on the S&P cash until that FOMC meeting now. You know, it's like a storm. You get the warning and it just kind of veers off and goes somewhere else. I don't think that there's anything that I'd want to buy and be long going into the FOMC meeting. There may be some targets of opportunity that present itself, but headed a lot of positions and just covered them or got out of them. Let me put it that way. And of course, a lot of dog stocks that have been down really being pushed higher today. Netflix is one of those up about 3 and a third percent. We also have a lot of earnings. We'll go through those today and then take a peek at what's happening tonight and tomorrow morning. But that's about it. Yeah, if you're long, can you make a little money? Probably can, but man, there's a lot of stocks here that look absolutely horrible. But we hit a bunch of the bottom parts of the 3x3 over the last couple of days and they've kind of gotten back in there, which makes me think that the market's at least at worst going to go sideways and maybe even up just a tad into the FOMC meeting. We got, of course, some big guys out after the earnings. Tesla, one of the more interesting ones, they've changed their earnings report to 5 o'clock and then, of course, their conference called the 515. So no one can have any time to actually ask them any questions. And perfectly legal, but gives you an idea of how fast and loose Mr. Musk has to play with Tesla. But again, high short interest stocks, you've got to really keep an eye on them. We had a really good one in the tech insider where we started shorting the thing around $340. And I think we shorted all the way down to about 295-ish or something. Kind of, it's 290, 295. And then wrote it down to about 230. So we had more than 100 bucks or around 100 bucks from the top where we started adding positions in it. One of the clearer trades of this year. Things are a little bit more foggy as we start the show today. But like I said, there just isn't much going on right now to hang your hat on. We've had options roll over both days that kind of pushed it up. Today could be the end of options roll over with all the light volume we've had this week, the lack of volume we've had this week. But we're not seeing that. The market generally by 2 o'clock, maybe at the worst, 230, will roll into these if you're going to get an air pocket or something. We haven't seen that yet. So it's just time to take my lumps on this. And of course, if you want to look at the S&P, not really that much have arranged since I started getting bearish to the point where we got out today. You know, we wanted and went for the spike. But again, just not much out there. Everybody believes that the Fed will always have their back. Question is what happens next Wednesday when we get a quarter poor raise and the people that were pushing the half a point raise get disappointed. Or we get half a point cut, excuse me. And everybody is shocked that the end of the world is coming and they sell the news. But very tough to get excited about going long here with minuscule amounts of volume throughout the day. And again, very few people very worried about lower prices. And I suspect it's because so many of them have been buying on the way up that they probably don't think that they would be in a losing position tomorrow if the market turned south or any day if the market turned south. I think they think that they would have time. That's always a very dangerous part of the market. We were talking about the SMH is in the newsletter today. And I was going, OK, if if this rolls back, then probably before the close today, probably pretty good indication that all the shorts have been run out of the market in this one. We're about 123. It looks strong. But a lot of times that strength is just when you keep running shorts until they give up. It certainly looked like I was watching the tape today. There aren't a lot of shorts going after SMH is up in about two and a half percent. A lot of other things are going on out here. I thought real estate was rather weak. We bought puts on the VNQ, which is kind of the REITs. And they're at that point made a little money on that one lost in a couple of the other ones. So can't say it was a great week, but, you know, it didn't really go bankrupt either. Even slightly. So again, just kind of a week where not much really happening kind of hard to watch. Again, if you see SMH is closed below 120 to 50, keep an eye on it. I don't see that happening right now just because I don't see much happening at all. And generally, like I said, if you're going to get a sell off on a Wednesday, it normally happens by now. We haven't got it and they pulled it back a couple of times and that's been it. But not a lot else happening. Okay. What else do we have? That's about it for the moment. Of course, the big news in the market, I guess right now for me is the continuing strength in the dollar 9740. Let's call it 9744. When we go back and look at the TLT for the bonds. Where are you, Mr. TLT? Where's my list? Come on. I know you're in there. I'm going to call it 13165. Getting ready to go to the break. See if there's anything else. Of course, we'll talk more about it. Like I said, Tesla after the ballot 5 o'clock tonight and of course, fake book, PayPal, Ford, Xilinx, Align Technology, ServiceNow, Las Vegas Sands, Six Flags, O'Reilly Automotive, F5 Networks, Citrix Systems, NetGear after the bell. We'll be back. 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I liked the risk reward yesterday being short. You're up six points on the S&P cash, 35 on the NASDAQ. I was really kind of interested in the way that NASDAQ worked against or ignored the news this morning. We'll talk about that today. In the meantime, what we're going to do is a little history and then get moving on. 50 years ago today at 1251 Eastern Daylight Time. Apollo 11, the US spacecraft that had taken the first astronauts to the surface of the moon, safely returns to Earth. The American effort to send astronauts to the moon had its origins in famous appeal of President Kennedy's admission. What would you call it? Challenge, I guess. Challenge to America. I believe this great nation should commit itself to achieving the goal before this decade is out of landing a man on the moon and returning him safely to Earth on this day in 1969. Fulfilled that promise and also got rid of just about any excuse for anything else since then. It's always been, well, if you can land a man on the moon, you should be able to do this or that. Kind of like that. And of course, computers used to always be down. That was a good excuse. Between that and this, I thought it was a gun in the top 10 of excuses back to 1969, 50 years ago today. Okay, what do we want to get into? First thing I want to do is take a look at the Tesla. We love people that talk about things like the Google and the Facebook and the Snapchat. There's a the and everything in front of it. Always tells you something about the people and their technological skills. Or what century that they were born in. Tesla up just a little bit. You've got volume that really has been decaying since back here on call it June 5th. And again, it energies off by about 40%. I've been thinking for a long time, this is going to be a big ABC on the way down on the next move. One of the reasons why is ALB, which is one of the big producers of lithium for lithium ion batteries. Maybe something else is going on that I'm not aware of. That one today is actually closing its gap down of May 8th that had almost 4 million shares. Got into it today with 437,000 shares again. Probably a lot to do with what Tesla says tonight. They have as anybody that's listening to the show knows, I like to watch the House of Commons on Sunday night occasionally where everybody gets to yell and scream at the Prime Minister. And the only thing they can't do is call you a liar. So there's a thousand different ways to call people a liar without calling a liar. And it's always the one I always liked the best was you have an economy with the truth, sir. A bunch of other things. But it's always, you know, tell them how great they are and then stab them in the back. A lot of political theater, but it's enjoyable sometimes. Kind of talk wrestling at a high level. Kind of like Marcus of Queensbury Rules where they have their fists, the back of their fist to people. I never understood how that was actually supposed to work. It didn't seem like a very smart idea to box that way, but they do. Anyway, back to Tesla already in progress over the most of TFNN. Again, you could look at this as a huge ABC on the way down, but generally after you have a big move like this, you want to be looking at a kind of a longer term move. Let's see what I have out here. The way I look at it as this gap down is the first one. So, see, take a look at that one. That's A, we'll make this one B here. And we'll just say today's high is C. I think you could get yet a little bit more of a squeeze. And the reason why is there's this gap up here at about 290. And I think that's where maximum resistance is going to come in. And certainly we can look at it that way. What else? I'm sure that's not the symbol, Mr. Engineer. Is there another symbol out there? Maybe, okay. That one's much better. Mr. Engineer just gave me a nasty little message telling me someone's calling in. Why don't we just go ahead to Dave in Massachusetts. How you doing? Hi, thanks, David. Can you take a look at AKS here? See where it's headed? It looks like it's trending up. Things are looking a little bit better for these steel stocks. Again, this is all about whether or not you get a trade deal. And I don't think that's going to change until it happens. I don't think we get a trade deal for at least three months, if not six or nine months or a year into the future. The straight department is all about dragging things out at a glacial pace. You don't have a lot of volume as you're breaking through the July 1st high that had 12 million shares. You've got, what, four and a half million shares now going up into the high of May 6th, which had almost 12 million shares. So, you had a nice day, had a couple of nice days, actually, but I don't see the demand changing. Either you need, well, I think either way the trade deal goes, it's probably good for US Steel, not the company, but steel from the US. But until that happens, I don't think there's a great deal going on. You do have the opportunity here for an ABC. I would have liked to see a lot more volume breaking this July 1st high. Not bad. A one-to-one takes you to $2.81. But I don't know. Where are you in now on this? I got in around 170, 175. Where are we planning on selling it? When it gets back up to about five. Okay. It did that back in 2016, but the thing here is that Donald Trump last week signed something saying that any federal, the federal government will only buy American Steel. That's what's kind of positive. Yeah, but I don't think that's enforceable. Well, he's already signed it. It went through. They can only buy American Steel. The federal government for buildings and whatever. Yeah, but since you know how Congress works, right? All spending bills have to come from the house. He can sign that and maybe they can fight them, but I don't know how much you can enforce that. Yeah. So that's it. That's what I'm saying. A true trade agreement would be something that would be huge. All right. We'll be back in a minute. But I'm going to stick with this one. Okay. Thank you, David. Path of Lease Resistance is David White's daily trading newsletter, and if you're looking for active trading ideas, then now's 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 Lease 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 Lease Resistance, with no obligation to pay anything. 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If you'd like to try my newsletter at 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 Market Insights today by visiting the front page of TFNN.com. Well, go get them, folks. In the end program, the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups, including guardleaf, ABCs, 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. And we're back. I had a question about Slack, so we'll look at that. Work is a symbol on that, by the way. You know, you've had a bounce of the day or two here, but we covered this kind of succinctly when it went public, and my opinion hasn't changed. That is, you can't really short these things. One, it's an IPO, but two, it's probably going to be bought out by somebody else if it continues down the road that it's on. So you always have to wake up thinking that maybe it could do that, but by itself, just like LinkedIn, eventually these guys figure out that unless they're one of the big boys on the street, like Facebook or the rest, that it eventually ends up being problematic trying to go it alone, and not a big platform. But of course, today we also had another issue with two, with all the big companies finding out that there's a massive antitrust investigation for all the big four, except Microsoft. I wanted to see how it did. It's really kind of avoided it, but Facebook and Apple and Amazon all have a multitude of sins that they've already admitted to. So the question is, are there some more things out there? Generally, the Justice Department already knows what they're going after when they announce something like this. The question is, I suspect that there just isn't a lot of thought as to whether or not it's going to happen this year. Generally, these things plot along, but once they get started, they don't go away. And again, there's so many reported versions of this. Of course, we knew a week ago that Facebook was paying $5 billion, and I don't know if you can say anything other than that. You pay $5 billion. It's kind of the equivalent of Bo Paul, where Union Carbide killed all those folks at the Chemical Center. I mean, pretty much a tacit agreement that you are a serial killer, at least in whatever you're doing, whatever business you're in, whether it was chemicals or privacy. But Microsoft kind of leased a bit, of course, Facebook after the bell tonight, and it seems to be kind of one of these stocks that a lot of people think that the government won't or can't touch. But my guess is that it will. There's enough people on both sides of the aisle that dislike Mr. Zuckerberg now and some of the things that he has pulled and basically lied to their faces. So you generally want to back one horse to the other in politics and have them keep everybody else off your back. But I don't think they have. I think everybody's mad at them now. So they are immensely problematic for and going forward. Of course, other ones in that same space that just by the letter of the law is amazingly guilty of antitrust is Amazon. Most people don't know that there's a huge canon of law about making vertical markets. And that's exactly what Microsoft or Amazon has done is made vertical markets that no one else can answer. And of course, the size that they have nobody can compete against. When we look at things like UPS, I mean, they actually had a fairly good earnings, but they're going after other folks too. I think a lot of people way too short this going into earnings. You did fill the gap, which is kind of amazing on this. But you're right back up to the top on this. Other stocks of interest from earnings this morning is Caterpillar. It was down. It's got some decent volume out here. Of course, they're saying tariffs are a lot of the issue. They weren't doing well before tariffs were announced. They had a problem. What else did we have out here this morning that I was thinking of? Boeing down a little bit. They've got what you really find out is they've got a huge cash burn. So that means that they're kind of hiding some of the losses from the grounded 737 maxes. It's hard to say that you know where that billion dollars went in the last quarter for having them grounded. But that's basically what it's cost them to reimburse a lot of the airlines for those planes not flying. So we can look at about a billion dollars a quarter. If we looked at Facebook with much higher margins than Boeing has, a billion really does kind of matter. Don't have a huge amount of volume out here yet. I thought maybe they would have weakness back down to 330 bucks. And again, probably plus 30, 35 bucks if they give a date on when they'll be back in the air with the 737 maxes. But nothing so far today. And that's it. So I probably wouldn't be short them now. But you know, any day they could come out and say whether they are or not, they will be flying again November 1st. And as I said, I think that puts a quirk in the end of the Boeing deal if they actually can say that, at least for the short term. I got an email in about the SMHs and says, what do you think of the SMHs at broken resistance? Well, it's going to have the volume. I got to 123. If this thing doesn't instantly reverse by the close today, you're kind of up there. What I dislike is just the energy off this May 29th low has been, let's call it 25% lighter than the move down from the April 24th high. The big thing I see is just the amount of people willing to short the SMHs over the last handful of days has gone to zip. That means if we do get a market correction, there aren't a lot of people to buy this thing and you only have sellers. So I kind of like being short. I think I shorted this today at $1,290. And was looking for a huge reversal before the end of the day, but it doesn't look like we're going to get it. I've already covered that. So whatever I lost, 20 or 30 cents on $123 stock. But that should have reversed today. If we were looking for lower prices in the next few days, keep a very close eye on it. You do not have a lot of volume. Again, you're looking for at least 7 million shares. You have a 13, almost 14 million share low back on May 29th. So you have a high volume low that has not been tested. You got a lot of gaps down below and rather dubious upgrades over the last week on all these, which always makes me think distribution in these. You can give me call it 877-927-6648. But certainly we're kind of close on those things. What else do we have out here that we want to look at? We look to TLT. And when we come back, we'll start looking at all the earnings of last night and this morning. And we'll go through them as quickly as we can. 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 investment is anywhere from $30,000 to $75,000. The interest paid is 7% yearly paid on a monthly basis. According to Bankrate.com, the best rate for a four-year CD in the country as of February 20th is 3.1%. 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The Perspectus or Summary Perspectus 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. And we're going to go through the earnings from last night this morning as fast as we can. Anthem, electronics distributors, a little disappointing. Got down to 280 back up around 290 now. No real juice back into the previous highs. Wasn't horrible, but didn't have any kind of sign of strength. Other stocks out here. Amphenol, which makes connectors for semiconductors and many other areas of any kind of electricity, also whift. One of the reasons why I was kind of thinking that the SMHs might have some bigger risk involved than we've seen so far today, down fairly significantly and with some strong volume. Not a good sign for that entire SMH sector. Boeing, of course, we talked about a little while ago. I'm kind of surprised that it didn't go down more, although maybe a lot of that's already priced in. And what else do we have? And we've got Rich from Oregon. How you doing today, Rich? Good, Dave. Thanks for taking my call. Ultra-cranial holdings. So you're looking at... Go ahead. Well, I was looking at it. It's been sort of a dismal performer since 2017, but it's shown like it's sticking its head up a little bit. Do you see anything there in your oscillators that tells you it really is or is this just a head fake? I don't know. I don't know if you could call it a head fake, per se. But, you know, just off the bottom, I think you could get 19 bucks. 19.09, the 2.09 high, and it could just be in a huge trading range. So today, you've got a little bit of a sign of strength. See how that closes out here today. You certainly would like to see a little bit better sign of strength, kind of like you had on May 3. And this was up on 2 million shares. You're up today with about 700,000 shares so far. So, again, is that the end of it? No. Could it stumble up to 19 bucks? Yes. I just watch it very closely. I think you've got a handful of days, as I said at the beginning of the show, where we're probably just going sideways or higher into the FOMC meeting now and then fun buying after that. So we've kind of missed the storm. I just don't see a lot of upside for the indexes themselves. And that is problematic because, you know, if you don't have any real market movement, there's not a lot of wind at your back. I would watch it closely. What price again? Well, no, I was looking to get in. Okay. I mean, you really want to buy it at $14.50 if you can on a light volume pullback. Maybe even all the way to $13.12 at February 6th high. But the way this is set up right now, it wouldn't be, as far as I can tell, it wouldn't be a huge significant run, but just kind of stumble up to $19.09. So maybe another three or four bucks. But I don't think it would be a great trade. You came down on a lot of energy. You're up on fairly light energy from the March 8th high, low out here where it found support at a couple of gaps. So, you know, if you were in this, I think maybe you could stay in it. If you're trying to buy it, you need it to pull back on a very light volume. And, you know, more than likely the next couple of days could, I don't know what the short numbers are on this. It could just stumble up as it squeezes a lot of shorts out. I'm seeing that in many stocks out here today. That is not a lot of volume, not a lot of shorting, but just a lot of squeezing of people up here at the highs. And they've got earnings coming out next week on the 31st. Yeah. So maybe it just kind of stumbles up to 19 bucks, you know, between now and then. But again, kind of more of a gamble. More of a gamble than I could say a excellent trade. But I think you got till Wednesday next week. So, you got it? I got it. Thanks again, Dave. Okay. Thanks for the call. Appreciate it. You bet. CMG, of course, they came out with earnings. And what do we got here? You know, you did break out. You didn't really hold it. Again, kind of a short squeeze move back into these highs. I mean, volume's okay today, but it's not really that big. I would have looked if I was wanting to pull the trigger of shorting it at about $789. I'd watch this over the next few days. But again, I'm not going to be thinking that there's probably a good opportunity to short these until next Wednesday. And then, of course, you get into fund buying. That makes it even more problematic. We could drift up into the first couple of days of August before we have any significant pullback now. But again, everything tells me that there's not that much higher out here in the market. And especially, you know, with some of these big tech companies having the problem with antitrust, you don't know when that knock on the door is going to come. FCX, little pop out here today. And this one, not a lot of juice so far. You've got about 14 million shares compared to about 17, even 22 million shares back in this area in mid-June. So you're really not blowing through that in volume. You do have the opportunity, though, if it holds this price to maybe stumble up to about $13.25. But, you know, without a sign of strength in the next couple of days, I think that's about it most you can look at it. iRobot was the loser after the bell. Again, these guys have some massive moves. They had that last time in, yeah, last earning cycle duplicated it today. Now you've got two giant gap downs. What you're waiting for is the third gap down in iRobot. I'm going to say that this is the textbook, three-gap play setup. And you get that third gap. You may not want to instantly buy it, but you want to watch that gap for a possible buy. So keep an eye on that one. But it's going to gap down another $20 or something. I'll give you a good idea that maybe $50 or so might be the place where you want to keep an eye on that one. We talked about Snap a little bit earlier. Tupperware, another one of the big losers. You know, no Tupperware parties anymore. We don't know what's going on with them. And of course, it's just plastic, which is now available everywhere. I never really understood currently the business model for Tupperware. Maybe there's more going on that I know of. Down huge volume, broke everything. Just the super loser horn. I don't know if we can say anything about that other than that. That's it. Loser horn, which I could not find. I'll be back in a minute. 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Don't see a lot of other reasons to get too excited being up eight and a half points on the S&P cash. And again, the volume just now cresting four billion shares. We ended up with just six billion shares yesterday, which again is about half the volume that we had before last Christmas, six months ago, whatever. We were up pushing these highs. So again, we continue to push highs, and we're still pushing the ladder to ladder volume. Nothing that really says that the market's going to crack. We had a lot of stocks that were giving signals the last couple of days. Those have been negated today. Doesn't mean that we've got a much higher market, though, coming for us, but I do think we could stumble up all the way to the FOMC meeting now unless we have a giant whiff and something like Facebook or the rest of them. Again, my guess is that no one believes the markets can go lower, and that's always what makes me incredibly nervous. And that's about it. Again, a double-stop secret thing. I'm going to show you tomorrow that I've been working on for a while. So you want to tune in for that. Keep an eye on that next couple of hours, of course, with Tom O'Brien. He'll be going you through the earnings and, of course, tomorrow morning, we got more. So it's a never-stop 24-7 earnings now for a little while. So keep on that. Anyway, we'll be here tomorrow. Same bad channel, same bad time. Remember to sell when you can, or even cover when you can, not when you have to.