 is a presentation of T F N N. 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 addition to the power trading hour with David White. Thank you all for joining us. Welcome to the possibilities we like to empty it this time. The following takes place between 2 PM and 3 PM. So what do we got? We're up 16 points as we speak on the S N P cash. We had a little news come out, and I've seen more volume in the 10 minutes before the Fed announcement. Um this this I don't know, but I can tell you that I don't think that the risk reward has been any better in the last two or three years than it has been right now. This market either rolls over or it doesn't, and you probably don't have that much to the upside. There aren't a lot of shorts in the market, but volume has been ridiculously low all day long. Even with the little pop that we had, we're still just at about three and a half billion shares on a Tuesday, and that just isn't much. Certainly, we're going to go through earnings that we had out this morning, talk a little bit about earnings tonight and then earnings in the morning. I suspect though that the weakness comes in the morning as a lot of the stocks down there, probably a little high in valuation for the current conditions. I'm expecting that we get that little move before either the close today or on the open tomorrow when we pull back a little bit. When we look at the volume, we'll go through some of the charts. It's scary, scary light. What else do we have happening right now? Well, we're up 16, as we said, on the 17 points, on the S&P cash. Dow is up 155. Nasdaq accept 29, Russell's up 6, but man, we have a lot of stocks that are continuing to roll over, but we'll see how things go. What else do we have? That kind of starts it. Why don't we get a little history out of the way, and then we'll go on to some charts. Just about broke on this day in 1885, Civil War hero and former president Ulysses as Grant dies of throat cancer. After just completing his memoirs, he got them done because he didn't want to leave his wife and kids penniless. It ended up being a huge seller, and they ended up being rather rich. Of course, a very complicated guy and alcoholic. He got alcoholism when he was sent to a post in his early military career. They finally convinced him to retire early before the Civil War. He went off and became a variety of other things, including a farmer and someone who tanned leather. He was kind of a miserable failure at all of them. Come the Civil War, though, he decided to get there and as a miserable drunk, didn't really care much what happened, but he was, as Lincoln said, the pivotal man that won the Civil War for the North as no one else would fight. He said with all his various problems and personal issues, he was the only man that would actually stand up and fight. And sometimes, that's all that matters. On this day in 1885, Guy had a lot of personal problems and issues but he did one thing right. Let's go ahead and start looking at some charts here today. I think I've got them up. Come on, there we go. I wanted to look at a handful of them and see how they were doing. We'll keep an eye on it. We're just above 3,000, but as I said, if you want to be short, the risk reward does not get any better than right here. A lot of these stocks have all day long been looking like they would roll over. I don't think the trade news is anything new. Six months ago, nine months ago, three months ago, whenever you tuned into this Program E, if you spelt the way they do in the UK, I've said that this is going to take at least a year, if not longer. The international negotiations are meant to be slowed down to an absolute crawl by people in the State Departments of all governments. They make themselves necessary by causing problems. I'm not big on the State Department. For most of them, 95% of the time, they're the one causing the problems, not trying to actually solve any of them. But we'll keep an eye on it. Anyway, volume light, no real volume on that bounce. We'll see how this happens and whether or not we get a little bit. But today is the second day of options roll over and they continue to push out as many calls as they can extremely cheaply, which makes me think that they have very little belief, at least the option market makers on the street have very little belief that those will ever pay off. And got a question already. I will do it. Okay, we'll answer that one in a minute. The first question was, what are the options look like? And really haven't changed over the last few weeks. And that is that for the most part, everybody on or at least the consensus of Wall Street is that we continue to see a market that has kind of a lot of particular downside in these. And of course, this is a technique that really can be called the wisdom of crowds. And that is that 85% of the time, if you go to a horse racing, paramutual, that track, the odds are absolutely correct over time, that you get kind of the same thing in options. They're not always right, but they give you a good indication. And so you basically have about 302 is where you hit a wall in the upside on the spies. And the only thing that market makers think is that it's probably not going below 273 before August 16th of next month. So very, very little upside at least is what they look like. And they are probably the best at doing it. A 1% chance is what this is saying of over 305 in the spies. So you get a little idea just how dramatically the upside is limited at present time. And it's not completely blown away, but they don't want any of the downside risk to about 272 on the spies. So got a bit isn't afraid. Yeah, that's probably true. Anyway, yeah, got the one the uncivil war. We'll be back in a minute. If you're not currently using the Taz profile scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. The Taz profile scanner is a standalone piece of software that instantly filters over 2500 global financial markets such as stocks, ETFs, commodity futures and forex headed by Steve doll. Taz understands that in today's technological world, the use of top flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve doll and Tom O'Brien just hosted the best way to use the task profile scanner to profit. This webinar archive is available for all subscribers immediately upon signing up. 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One of the first emails of the day asked about SNAP potentially playing this for a huge squeeze. There isn't a lot out here in what is going on in SNAP. Certainly the shorts are out of it. At one time we had 15 days to cover that has gone down absolutely significantly to you know basically about half a day. So there isn't a lot going on in that. And of course we used to have days where it was shorted 30 40 percent six months ago. The last big day of shorting was on the ninth of July where you got 30 percent. But this one's a lot more like a big cap in the low 12 15s. So no longer shorted. That's when I really get scared for these and that is that there aren't a lot of shorts in SNAP. If they whiff you could make a pretty good case that it will try to work its way back down to the dollar mark. It's gone up. It's had a nice move. But I would be extremely wary of being long this stock going into earnings. There just aren't enough shorts. And if that's kind of the entire market when we see the inability to push to higher levels as we've seen this 3000 level being extremely tough resistance and no volume as they push up kind of the same thing. And that is that there aren't a lot of people short. So it makes it very tough to shove them out of the way. Get them to buy and even drive the market a little bit higher. As we watch that probably nothing more important today than the last 30 minutes of trading. We'll see whether or not people really interested in buying higher highs without any volume. But so far not much. What else do we have. Give me call 877-927-6648. Been watching ATI try to test the July 1st high. And again we talk about how as stocks start closing under the three by three the last few days they get pretty huge acceleration to the downside. We are getting that in ATI already today. Now that opens up a move back to $22.50 cents which is the gap up from June 4th of stocks that are making lows. The only thing that looks really even sort of interesting is the biotech space. You got a lot of them testing lows on lighter volumes. But that is the only sector I see any bright spot. And to biogen up today not a lot of volume. And of course this is where it got blown apart back on March 21st and came down with 21 almost 22 million shares back up on 2 million shares today. So it's going to take an infinite amount of time for it to wear off all those people hoping to get their cash back for when this blew apart back at the beginning or at least in the first quarter of the year. CIT. What else do we have on that. Oh these are all earnings by the way. Not much happening. This one is holding the three by three but on just very light movement above again this thing has been making lower highs and excuse me higher lows and lower highs from back into March. So there's not a resolution in earnings today for CIT. Centine and other biotech as we were talking about these did go back and test the June 9th low 7.8 million shares with about 5.9 million shares so far but open lower closing a little bit better. DGX which is quest diagnostics is one of the few bright spots up here. It did get back up to the previous high. You've got some decent volume but it is kind of rolled over throughout the day. So we'll keep an eye on that one. Fitbit again a lot of these dog stocks excuse me Fitbit fifth third bank testing previous 10 million share highs today so far with about five and a half million shares. You'd like to see how this one ends up FITB. I wonder why I thought that was Fitbit. That's it. What else do we have. We got Hasbro the big winner of the day winner winner chicken dinner. And of course most of the big winners of earnings are all these massively shorted stocks in this course in the in the toy industry. But there's basically saying things are fairly good. But Mattel on the opposite side of this tells you a great deal. A lot of people were expecting Hasbro to do the same thing that Mattel did. Mattel is actually testing its June 9th 10th high at $12 and 14 cents that had 7 million shares with about 2.6 million shares. So rich man poor man. Of course rich man is Hasbro and Mattel poor man HOG again a lot of these stocks massively shorted was Harley Davidson and it's been so for a while. I don't think anything significantly changed in the last few months for them. But it is and does continue to be problematic for what's going on. Don't see a lot like I said happening in these. But what can you say just not a lot of juice in to the downside. But you got a high lot of high volume. And again they try to push it down through the previous low didn't get it had a fairly decent move. But for the most part just continue to see a stock that's probably too heavily shorted. It may take a little bit longer to get down. Okay. What else do we have in the emails coming in. Okay. JetBlue Airways. Kimberly Clark. We have on this one. I want to say you got a whole lot of nothing here still under three by three doesn't see anything. Energy was about the same on the way up. Yeah. We'll look at the next one. Lincoln Electric, which we'll talk about when we return. Good day for these guys. 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. 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Get your copy of The Art of Timing the Trade Charts today by visiting TFNN.com. And we're talking about Lincoln Electric earnings this morning before the bell. These guys make welding equipment and robotics, a lot of industrial equipment. Nice volume. Of course, this thing started heading down starting in May, went down to $75.65 back up to $88.54 a day. But any of these kind of, I think this is kind of a decent play on a lot more manufacturing coming back here to the United States because they do make a lot of robotics products, including welding gear, but very big on the industrial scale of things. Lockheed Martin, not much happening in this one today, did open hire, did spike lower. It's got a little bit of everything, a little country, a little rock and roll, but basically flat with what it closed at yesterday. So I don't know if you can make a great deal out of that. A lot of news then pushing hypersonic missiles and aircraft, but even the talk of another billion dollars worth of business doesn't seem to do much other than at the open. Let's see what we have here. Let me make sure everything's updated. Yeah, 3,002 on the S&P cash. That dows up 161 NASDAQ except 30. Russell's up seven. One that kind of made me go, hmm, and probably tells us a great deal more about the overall economy is Poltay Group. It really cracked today. And again, you're right back to where certainly the last major run started. That was back on April 23rd at 7 million shares. You're already hitting 8 million shares as we get back into that today. But the housing business does look like it's slowing down. Except for one area of the country, Miami Beach, where everybody that can leave New York City is decided to move to apparently half of the condos being sold right now around Miami Beach in that area. Half the people that live in the five boroughs of New York City. And as I always said, I thought escape from New York was a documentary. Go Snake Plisken. Plurus Industries, another one of the big winners of the day, got some decent volume, not out of its trading range, but certainly back above. Of course, not breaking the lower high at 94.91. And of course, not breaking through the lower low or the higher low at 81 bucks. But some nice movement out here, but nothing that changes any signs on the charts at all. Sure, when Williams also earnings out before the bell, it's just kind of a lackluster day going through just about a 2 million share high going back to September 21, 2018. But no juice today. At least you might, by the end of the day, get the same volume, maybe slightly more. But there isn't a stampede into getting into these. Stanley Black and Decker back into its gap down from the last earnings. The ASCO, that was on the 6th of May, two million shares on the way down, three million shares on the way up. So it sounds like people are buying screwdrivers, box planes and sanders, orbital sanders. That'll get my motor going. UTX, another one in the industrial military complex, popped higher, not holding, that's holding enough of it, but certainly you're going in right now, five million shares into a 14 million share high from June 10th, not getting any farther than that. So again, the risk reward as far as I can say in looking into earnings the last week or so, very muted on the upside and kind of open ended on the downside. So we'll continue to see how some of this stuff looks. Okay, so that takes us through earnings today. Let's go ahead and start looking at earnings after the bell tonight. That starts with visa. We'll take a quick look at that. It comes out at 405. This thing has done nothing but go straight up, but volume has really done nothing but go down since about the 10th of June. So we'll see what happens. But this one, I can't imagine a whole lot of upside. I can't imagine whether or not they don't miss earnings. Certainly your downside target would be about 160. So you got to pray that you make it on this one. I'd probably be ringing the bell on this one. What else do we have? Chipotle, CMG, another one that's gone up. Now this one has shown some weakness that you don't see in many others. It is below the three by three. You've got a gap at about 715, another one at 695. I don't think that earnings have justified this price. A lot of people have been shorted, and I think they've been early, but haven't seen a lot of shorts lately. And again, that makes it much harder to drive this stock to a higher high. Risk reward is significantly to the downside. iRobot, which has had some very interesting moves off of earnings, both to the upside and to the downside, has done nothing but go sideways since back at the very first week of May. And I don't know if you can say anything about this one, other than it's been building steam to either blow up or blow down. If you're looking for one with a lot of range after hours tonight, I think this will be it. Texas Instruments, we're going to get a little bit of a taste of technology in the semis today at four o'clock. They come out right at the bell, so you should see something in the futures. Right after, volume has been horrifically poor for the last couple of weeks as it's gone back up to test this April 24th high. It's 1932, 13 million shares. Any close lower than the three by three or nine day moving average would be a fairly good indication that you're going to test the 113 gap at 113 bucks. You also have yet another gap from about 105 to 108. Energy off the May 29th low was about 20% lighter than the leg down off the April 24th high. What else do we have here? Turradine, Navadon Coast are Carlisle companies. Let's take a look at Boeing. I suspect that they'll have some fairly decent damage in the Dow tomorrow from Boeing. If they can't say when their planes get back in the air, I think the market will have to eventually say that that is problematic. We don't know anything yet. And certainly, from what we're hearing from airlines, Boeing is not telling them anything. Upside surprise, $385. Downside surprise on the way back down to a possible test of that $330.67 low. It would take you back to the June 3rd target. We'll be back in a minute. 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. 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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, foresight fund services, LLC. TIGER TV for the latest market information. Untied parcel, UPS also before the bell. Again, you had an okay leg from June 25th up to the high on June 16th. You've been kind of going sideways and again this June 20th high at 103.69 has been resistance. I don't see how FedEx or UPS get any better with Amazon taking some of the most profitable parts of their business away, especially the Christmas part. I continue to think that these guys basically are suffering the Amazon effect and that is Amazon building a vertical delivery market. I would assume that any kind of antitrust action in Amazon when you look for it or start hearing about it would be the time to get back into these. Amazon is kind of holding up at the highs. It's pulled back a little bit. It's a monopoly. Until the news comes out, it is probably okay. The problem is I wouldn't be long this one with cash. You've got to be playing the options on this in case we get the news, even if we probably saw action against Facebook, which I think is fairly likely. You just don't know the date when those are going to come out, but look for all these to probably have a bad day if they start saying that the Justice Department is really getting active with the antitrust issues. Is there anything wrong? No. Is there anything right? I just don't see a catalyst for a lot higher prices in Amazon, but higher price to get to 2,000 tomorrow and probably. I just don't see a lot. I see a lot of downside risks mostly from political and antitrust issues in the Justice Department. What else do we have? Okay, got that. North Grumman. So the last of the industrial military complex will be out in the morning. This one's had trouble holding the previous June 10th high. It was $323.73 with 1.1 million shares. Got about 1 million shares to the downside today. I think probably a narrow range on this one. I don't see a lot on the upside or downside. Now, we've had probably 15 events in the last couple of weeks from the Russians and the Chinese trying to fly into South Korea to a handful of other big issues where China is trying to move its or flex its muscles, a little bit of saber rattling. I think, especially with Iran, probably the most likely to get out of hand and quickly. You'll see these things go higher. I don't want they don't look good, but I don't think there is a good reason to short them either. Just not much upside. Now, North Grumman would make probably a great deal of money to make sure that I'm not just having a senior moment. I don't think they're going to make as much on this. I was thinking maybe they had some big contracts also for the FY22, which they've moved a bunch of into the Middle East, but it looks like all the money is Lockheed Boeing and General Dynamics, but it certainly looks like when you want to scare somebody, you put in that plane because without afterburners, it can cruise at 1600 miles an hour and not be seen by radar. Although, they're going to upgrade that. I thought they may get a contract for some things in that plane, but maybe I'm mistaken on that. Anyway, keep an eye on that, but I think it's just a matter of time before the Iranians continue to push. The Chinese continue to push into South Korea. Some other issues, they are getting ready to try something, I suspect. What else do we have? Granger, and it tells a lot. General Dynamics also in the morning. Again, at least lately, lower high and higher lows. This is back into this huge day of April 24th that had a reversal from 193.11 with 3 million shares. Got into it with 1 million shares on the 16th. You're just kind of hanging out here. Could you get up to 193? You could. Downside projections, though, are 175 on a width. Again, risk-award, very tough to be long going into these earnings after the bell and before the bell tomorrow. What else do we have here? Okay. Let me get this. Okay. What else do we have? Preport, Mac Moran. Also going off in the morning. FCX. That's certainly, well, you got a 30 million share test back on the 19th as you got back into the $11.79 high. Energy is okay. You got a nice volume in there on the 19th a couple of days ago. Into that high. I don't see a lot today, though, very light volume on that. See what else we have. Okay. NASDAQ North Folk Southern in SC. Quick look at this. In a nice range, of course, CSX dropped the Chalupa on their earnings. Go back and look at that. That's probably put a little bit of issues in North Folk. But again, you're right in the middle of the range. I don't see a decent play. I do see a fairly decent test up at that $211.49 high from April 24th. That had 2.7 million shares. Got into it with 1.6 million shares. Of course, you rolled on the CSX stuff. $191.88 in that range for a target. Moving back. I'm certain you are or strive to be one of the best of the best at everything you do in life. It's the most common trade that we Tigers and Tigers share. If you're looking to become the best of the best when it comes to managing your money, let me teach you to do what most wealth managers tell you can't be done, which is how to time the markets. I'm Steve Rhodes, author of Mastery 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. 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We've got little or nothing on volume, just cracking four billion shares with one hour left to go. So certainly we need to be up here with about 12 billion shares. We're cracking four billion as we speak. So this is one of the lightest volume tests of previous eyes. Now, maybe volume does come in until it doesn't. I have to look at this as the glass half empty, not half full. Of course, probably the big movement out here more than the S&P and the indexes is the dollar up 46 cents to 97.40. That kind of tells you a great deal of about the weak dollar theory. You'd really think that if there was a lot of other issues going on, we'd be weaker. Some discussion about whether or not the Brexit deal will push more money into the United States. Of course, we've got a new prime minister over there. He's saying that he will have Brexit by Halloween. I don't know if that means that you get a little better trick or treat. You certainly see that. Let's see if there's anything else out here in the news before we close. Again, I'm kind of looking for a very weak open tomorrow on some of the weaker stocks, especially in the Dow and then the S&P 500 in the morning. If we're going to see a pickup in earnings, I suspect it will be in the morning. But we'll have to see what they say. It's just very hard for me to see market up another 10 points on trade talks that are not going to prove any fruit for probably six months down the line. I would be wary of them. In the meantime, sell when you can, not when you have to. I'll be back tomorrow. Same bad channel, same bad time. Listen to Tom O'Brien for all the earnings tonight in the three to five o'clock Eastern Standard Time hour. Be back tomorrow.