 The following is a presentation of TFNN, the power trading hour with your host David White call now toll free at 1-877-927-6648 or internationally at 727-873-7618 now David White and welcome all to another exciting edition and there's still something going on in the background there another exciting edition of the power trading hour with me and of course it doesn't matter where me is as long as we aren't together at the appointed time the following takes place between 2pm and 3pm so what do we have going on today well certainly it is a market that is starting to get the message and you know you had to know that the chickens were eventually going to come home to roost on the massive incompetence of a lot of stuff happening over the last year year and a half and we're starting to see that right now it took a little while but the dock situation mostly taken care of in in California on the docks where I actually spent some time I lived for about six weeks on the Queen Mary during a movie shoot over there and all the animators were in the ballroom there so I spent a lot of time at on Long Beach and on the Queen Mary and in the bar which I don't know if it's still there it was called the Churchill Winston Churchill and I started a lifelong love affair there and it was with a beer it's very tough to figure out that you would end up loving motor oil but yeah there was there's some beers in the Churchill that were very very very thick almost syrupy so full but yeah I do digress anyway as I said a lot of things we're seeing today after the bell last night of course uh one of the big losers of the day uh and last night where uh was walmart it currently is off about eight percent I think it was down as much as 12 earlier or later last night or earlier this morning I guess we probably ought to pull a few of these up on the charts already in progress over most of tfnn uh wmt uh two two two so what do we have out here anyway uh right back down to the lows we've got a few out here um what's the other one um it's not that and I'm thinking about it now okay oh it's Shopify SHOP Shopify too on my list of stuff that we'll get to here uh anyway walmart started the party rolling last night right after the earnings with a pre announcement um again uh the dollar election of duty and uh just the uh in sheer incompetence uh of the docs uh are starting now to roll through the economy and you you knew that eventually it was going to hit and uh so really walmart's talking about issues with um you know not getting their christmas stuff and it's still hanging around and the spits and starts from getting all that taken care of actually it's going to roll through at least for their earnings all through the next quarter uh so they wanted to come out and uh as I'm saying uh the next few days are going to be the come to Jesus moment if you're unfamiliar with a kind of a Baptist upbringing uh at the very end of the sermon it's all about coming to Jesus well we're gonna have that come to Jesus moment I suspect over the next week or two uh where people at least uh get the idea and uh as far as I can tell um there's no shortage of uh reality deniers um about changing course in our policy so I don't think they're gonna get any better from energy to a great deal of other ones uh they are incredibly destructive to the economy and I thought maybe we'd get to this point and throwing a few of these folks uh under the bus by their own party would be enough to give a wake-up call but it doesn't seem like anybody seems like we're headed in the tri-tanic to the iceberg and the captain's just yelling was uh let's get there twice as fast there's no there's no reason to avoid it or make it any better let's just just double let's let's put on more coal not less uh and so I thought maybe we'd get to this point and there would be an awakening uh political um over the last week as I said we kind of saw uh some of these folks throw the uh the big guy under the bus it didn't change any of the policies at least till now generally um those things probably would have mitigated some of the downside but I see absolutely no evidence that anybody's going to do anything we're going to see Nero play the fiddle as Rome burns so we'll see if that changes at all maybe we'll maybe there'll be a bigger wake-up call but I don't see any evidence of it whatsoever and generally in politics and world events you start seeing it about now for our election cycle and if you're not going to change anything don't be surprised that the results are not going to be any different anyway on Walmart we see a huge move down 22 million shares really uh looks like you're going to go blow out the 117 27 which is the low of May 20th so don't see much out there probably one of the bigger stories of the day is Shopify which is already down a lot um and uh let's do this um one of the interesting things is a gap down today they don't report till tomorrow and options still have plus or minus 15 percent on them for tomorrow even after this huge gap down it hasn't changed so uh do they blow through uh the lows at 30 dollars really 20 high 29s that could be it uh but uh yeah that's it anyway uh as I said I've really started on Friday I was kind of fairly bearish and uh you know I don't think anything's going to be good or uh wonderful this week we'll be back in a moment booming inflation we are purchasing powers eroded there's no better place to protect your harder and money-thinning gold this the gold flagship asset is the monk cod gold project in the northern territory of Australia this is Australia's largest undeveloped gold project we are talking a world-class gold project in a tier one mining district this is a large-scale low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction this the gold just completed the mount tawd feasibility study which resulted in a seven million ounce gold reserve in a 16 year mine life all of this 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1-877-927-6648 internationally at 727-873-7618 yeah i gotta type this out and anyway rodney change your field uh he comes to me in my dreams uh eight seven seven nine two seven six six four eight uh got a lot of stocks out here moving today uh not expecting any uh uh one of my favorite movies of all time uh is dos boat both in the uh english and german versions of the thing it was originally a six part mini series for uh for uh german and british television and then it was uh whittled down into a movie uh but uh man probably the best war movie ever made probably i'm gonna say so but i always remember that uh they're all uh all they're they're all believe uh that the ship's gonna uh go to crush depth and blow up and they end up on a sand bar the only one in 20 miles in any direction and save the boat but uh oh spoiler the movie's only been out for 40 years or 35 years but excellent movie excellently shot uh makes me think of when i see movies now that could be good and they're just horrible uh just makes me sad kind of like netflix's uh gray man movie that could have been i mean the book had so much stuff in it no of course all they did was make it the same uh the the genre now is called gun fu g un f u instead of kung fu and uh it uh yeah just getting old like all the superhero movies i thought it could be a lot more they spent 200 million dollars on it it's gonna come and go and no one's gonna understand it or not even remember it my guess in a month and probably brings up a great deal of uh flashbacks to apple uh getting into the ipod business and the music business and running it into the ground right now i suspect that between disney and netflix and amazon uh they're getting ready to to actually destroy the movie industry instead of save it uh with the line of very forgettable things uh and spending huge money on it you give me 200 million dollars i've never made a movie in the world i'll guarantee it's gonna be great um just like smuckers anyway as i do digress a lot of other stocks we're gonna just go through as many as we can uh as we get into probably what is gonna be horrifically bad news for the rest of the week uh zooms down a little bit five percent not a lot of volume so far i've been watching that on the rare occasion that maybe uh that the uh plan for this fall which is massive shutdowns again for some unknown reason um since they didn't really particularly work before at least the results weren't any better than not shutting down we already know that so don't see much going on in that uh other ones out here that uh are interesting uh dollar tree uh it actually had a little bit more volume back up here at the highs i did test the 177 19 that goes back to april 21st that uh 203 quarter million shares got into it with three and a quarter million shares but did not hold that high just got into the candle now you have a couple big gaps lower again a lot of this is pin action from walmart last night py pl some of these other ones out here uh also down five percent on the day um we talked a great deal about the uh double repo pattern setting up and the 10 15 18 days above it in a bear market that is something you really want to watch for because that's generally when you start having your problems again could we are we going to blow out this week no probably not maybe late on friday but i'm suspecting we get a couple of days uh maybe a little bit of a attempt to rally either late this week maybe monday next week and then if we go lower then it's going to be car katie bar the door so those patterns haven't all shaped up but i think we at least have a 3750 on the s and p cash uh test coming my guess is it's gonna bust that low and we're probably looking more around 3600 to find some kind of low before we go into the uh into september and fall okay um other stocks uh significant misery and downfall f t n t um is that right f t n t uh to to okay uh fort net um big candle not a lot of volume so far but a lot of people getting out of the way i think that tells you a great deal support probably comes in at 55 question in the den uh about uh horizon and uh i think we covered this with another um stock and that is no because again uh especially in a recession no one likes a company that has to spend lots of money and these companies are going to have to spend huge amounts of money even then uh the supply chain crisis as they're calling it now is very problematic for fiber optic fiber optic cable and that's what these guys are on waiting on to actually expand so not only are they spending money it's hard getting the product and it's very expensive right now but uh for horizon it's all about buying fiber optic cable and putting up 5g towers and uh just on a variety of uh forward facing uh issues cellular probably not going to be a good investment until these guys get done building out now i'd much rather be somewhere else in that space uh like the people that make the towers or or that uh then in these guys themselves until they quit spending a lot when they quit spending it's going to be time to reap the world wind but until then problematic uh another thing is you've got two gaps down i would look for the third in Verizon before any kind of low comes in uh to to to what else do we have uh other tech companies uh not looking good having a bad hair day uh to to uh MongoDB down volume had really picked up what are we about 230 here uh but certainly looks like we are going to get in a lot of these a retest of the low i've been saying that for about four days now and that's 231 34 and if you want my call on just about everything this week it's going to be this yes they will a giant sucking sound if you want to take advantage of this sector now is the time to subscribe to my gold report the gold report is a comprehensive look at the metal sector as well as the markets that move gold which is the currency and bond markets new subscribers get a 30-day money back guarantee so you have 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money to be made on both sides overall it's going to be down but uh you know during the day you're probably going to have sharp uh in her day uh short squeeze rallies out of this thing and then it's going to just give it all up again and i think it's going to be uh you know three steps back two steps forward kind of stuff um we had kind of we went through all the uh ballistic stocks yesterday and generally you get those ballistic stocks it doesn't come down just the same way it does get that kind of uh uh cha cha when you go forward and back a bit and i'm kind of expecting that kind of very choppy but uh overall lower trading uh now probably through the uh memorial day weekend i don't see unless we see some kind of true change in policy but i don't think we get it in the fed uh they historically uh if they're tightening they're going to tighten right up until uh the first meeting of september uh in which case they'll get out of the way before the elections and probably won't do anything uh before the elections until after the elections so probably if you see something happen it'll be in that september meeting and then uh you're done they're in fact they may not do anything in september either but generally uh in election cycles they like to get it done beforehand not after so that they can stay out and act pure as the wind driven snow uh in that lead up into the November elections whether the presidential or just congressional as they are this time so i'm not looking for them to do anything other than be uh their continuous rockiness uh and maybe the only thing that happens is they get this all out of the way by september become or sound a little bit dovish and maybe we get some kind of uh fall rally uh that starts in there but i don't see a lot changing out here as i said uh 3900 for today would not be uh past the stretch of imagination when you have stocks uh like Shopify uh that are down 15 percent and still have another 15 percent implied move into their options for earnings uh tomorrow that gives you everything you need to know about what market makers uh behind all this stuff think and that is they don't want a lot of exposure uh question about what i'm looking for in microsoft um it is uh to to to to uh thoughts on uv x y direction and uv x y calls uh kind of covered that a little bit before and that is that i think that it's going to be so choppy that the decay may be problematic on the way down uh if you're going to do those you're probably going to want to play him during the day and i think you can make a lot but the problem is just one day of the market going sideways or slightly up and they'll take it all back in the uv x y uh why i'm kind of favoring the positions i have now for my subscribers which are basically ones where we can sit on our hands on them for a longer period of time uh because it's going to be very tough to go in there and pick out every little put uh higher and lower in the market uh see that i know that thing actually there's over a fourth gap why do you think this occurs something about companies not having bad news tend to do over longer i don't know um but uh i like the three gap play and generally it sets up especially at highs great opportunities to short uh markets for stocks that are generally highly shorted and finally everybody gives up the ability to short and uh that's it but sometimes there's a fourth gap that's generally because they're going to zero i think that's it jay okay so we got that one the new man check checks in saying swing away from uh the movie signs which is actually another great movie probably the last great movie that m night shamalon uh did although i haven't seen the one he did after broken but uh i'll have to get a chance to see it uh to to okay oh it's a tv and another room kept on thinking that someone was in here trying to talk to me okay what else do we have strategies okay a little more okay let's get back to the market already in progress okay z scaler down about 10 percent let's take a look at that tractor supply uh looks like it's uh headed lower back down to 166 49 i don't think there's a lot in that uh z scaler uh z s um yeah down to 125 you got a lot of volume today you're certainly going to be able to do more volume than that june 16th low and you never really tested that to may 18th low for so first target would be 125 12 uh for ronald uh ulta salon ulta which i you kind of have to like because it's got a lot of traffic around it i go by that store and there's always a line going in and out but uh i don't know maybe that's more antidotal for my local area but uh as they say in boats it's not the cost of the boat it's the cost of the rigging and uh ulta beauty sells a lot of rigging uh for uh for making females look uh more attractive so uh nice day got a little bit more volume out here this kind of sets up a little bit more as a triangle pattern so i don't see it as weak as the rest uh on the upside on the sunny side of life what else do we have out here uh 3m uh for those people that are saying today that i i i have too many negative waves why don't you dig how beautiful it is out here why don't you say something righteous and hopeful for a change yes well 3m uh trying to unlock some of its value is splitting off its medical division so if you wanted something that looked good here today and positive there's a few of them out here certainly 3am the rest of their business didn't look that good but uh about 25 of the revenues come out of uh the medical field and they're going to spin that whole thing off uh and say that they're going to unlock some value probably not a probably not a bad strategy going into what most likely will be a recession unless we decide to actually change uh pass on policy as i said earlier in the show it looks to me like uh they're doubling down we've got a bus driver who's drunk uh and crashed uh three buses already and we're giving them a fourth and two bottles of jack daniels so we shall see anyway uh huge top on this one it's probably gonna hold up better than the rest we come back we got a question about the tlt and we will handle that tfnn has been your trusted source of analysis for bonds metals stocks commodities and options for years and we are happy to announce that we are bringing that same caliber of analysis for the forex market teddy kextat has 30 plus years of experience in forex trading commodity risk management forex hedging volatility and so much more teddy releases his weekly tiger forex report every monday morning with elite coverage of all major currency pairs including the dxy euro dollar pound dollar oz dollar dollar yen dollar swiss frank and so much more teddy will recommend specific trades when the market presents them and provide updates throughout the week when warranted for the month of july inaugural members the tiger forex report will receive 25 percent off the monthly subscription for as long as they're subscribed just 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is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz quick question in the den for bristol meyers web um you at least got kind of close into the uh june 16th low back here on july 20th volume was about two million shares lighter not enough for me to say that uh 71 22 doesn't get retested but you have to like the pullback from july 27th on light volume down to that low uh which came close but not much uh probably uh if you uh if i'm wrong about being uh bearish on the general market um my guess is that this one would probably out perform on the opposite side uh general electric uh just too many people short for the most part a nice bop bit of a squeeze up to 73 37 gave back about half of that so far uh actually a little dour on uh its uh ability to sell windmills going for uh yeah windmills going forward as it's somewhat problematic but uh yeah actually everybody was just a little bit too bearish on that adm supermarket to the world uh i'm actually showing this higher i don't know what's going on here it is the 26 right i get oh i put an amd here uh instead of adm supermarket to the world you got to say that every after every time uh you got some nice decent volume of course uh if you're going to hide out in something uh food is probably one of the things since they're busy making a mess out of that with its with policies on fertilizers and the rest so probably not a bad idea um tlt had one of the best bond actions in the year on the five year today uh not a lot of volume out here uh but i do expect uh what three quarters or one percent tomorrow and that's probably gonna set this thing sailing back down to the 1205 level but you know when things uh everybody's starting to get nervous when they're gonna buy a loser like bonds just because they think they're gonna less lose less money than buying a loser like equities but uh one of the strongest bond market buys by a non bond insiders that is a general public corporations that kind of stuff finding places to shove their cash people are starting to run for the exits not a good policy but if you can get two or three percent and you just think that inflation is going to be six percent at least you're going to get three of the six percent back if you put it in other corporations uh during the next three months in a giant flush lower that's it but uh they went for the five years in a big way today so that was interesting uh mcdonald's uh talking about more regional pricing depending on conditions a nice candle on this one generally a bad sign for the general economy but if you're looking for a nice engulfing kind of candle out here on the mickey d's you've got it today you got more volume you're not holding the previous high but again at this point uh you're looking at the bad looking for the best house and what's going to be a bad neighborhood i suspect for the next 60 days maybe a little less man memorial day weekend okay what else do we have on my list of stuff um although in the military sector um rathion did not really report anything uh that was horribly bad uh certainly didn't respond well to earnings but again i suspect a big triangle pattern out here where since really the june 7th high you've had nothing but uh and the uh june 17th low you've had lower highs and higher lows and you're just kind of inside that today volume is a little bit better you want to watch for the close out here uh we're down 50 what let me see did i do that right down 51 52 ish uh at 315 could we get a flush to 300 i mean 3900 on the close uh probable um but uh you got a couple things out here telling you things uh that are bad and probably getting very bad quickly uh with uh crude um the supply not getting that much better and the price going lower uh you also have gold kind of at least finding some kind of low out here too but uh i think crude oil being lower with the supply really hadn't changed that much uh is really telling me that uh apparently a lot of the things going on here are now starting to really have an effect okay what is out out here uh okay ubs ubs always reminds me of ibs because all those ads on tv about irritable bowel syndrome but ubs out here back into the lows uh not quite the almost 13 million shares back on march 7th of this year of our lord uh and uh what we got about seven seven point five um hard to really think that uh these guys are going to do bad with higher interest rates uh visa still holding better if you're looking for the best house in a bad neighborhood uh visa certainly looks interesting um the master oh what is master card uh ma okay senior moment there master card maybe 325 ish but certainly higher interest rates are generally uh good for the master card and visa both of those could probably pull back a little bit but if you have to be long uh my guess is that is where everybody's going to go to if the market does start moving higher uh what else do we have out here uh ups on earnings um didn't do well don't think that's going to change with the rest high fuel prices uh declining recessionary economy um even fuel prices coming back that didn't help them a whole lot um but uh you got a high with about the same energy uh and volume as the high back on june 6 and gave it all up again not a good sign almost across the board on these uh kernel motors used to be general motors uh but he's been demoted today down about 3 percent uh it's very hard to think with higher interest rates the things are going to change uh and be any better until we probably see stabilization in interest rates but uh down today volume's okay uh i think 30 bucks is where this thing is going to find support yet again holder value 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 like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not 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this educational community of traders just visit the front page of tfnn.com catch Tom O'Brien professional trader and educator founder of tfnn also a special guest on CNBC Tom will bisect and dissect the markets the Tom O'Brien show next on tfnn what else we have out here okay I think that answered I answered the rest of the questions during the break and see what else we have out here nope take a look at it again volume was fairly weak up into the highs and again volume probably going to be fairly weak into the Fed decision tomorrow at 2 probably going to have some earnings action first of all into what else do we have here into that reaction from earnings tonight and tomorrow so a lot of action I don't think we've gotten enough bearishness out as I said I think between Microsoft and Google Microsoft maybe down to 240 that's kind of where I'm thinking although I'm not betting but I am thinking that it could hit 240 Google hard to tell another 5% lower maybe again there's nothing that's good for the news for any of these companies and Microsoft to a lesser extent Google Facebook and the media stocks to a bigger one a bigger issue out here on the EU new laws that are really going to put a drag on it as I said they really just did those about two weeks ago so maybe everybody thought it was just a little bit too late to really comment on them but tonight tomorrow night really want to start watching about what they say about the EU and how much of a drag these new laws are going to be I think they're going to be rather substantial so you're going to tell the truth and it goes down or they're going to like or avoid it but I think everybody knows in the know so when you can not when you have to and I mean that now see you tomorrow we'll be back like a bad rat building wealth trading in the stock market seems in