 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 excellent edition of the Power Trading Hour. As always we love it when you come to us at this time. The following takes place between 2pm and 3pm. So what do we have today? Well we've got the bounce that I was looking for. I was out buying calls this morning. Probably getting the kind of the turn now that I'm looking at a couple of the stocks that I've been chasing. I've added one in the newsletter. The other ones sometimes they just move too quick to put in a newsletter. Pretty bullish through expiration now. What we're up 33 34 points still shows that 4500 to 4525 maybe even 4550. We'll see how they close tonight. But really the market makers have never really blinked through this entire segment. The one thing I dislike has been that there weren't a lot of people shorting this. And that generally means that if you get a lot of people shorting it I'd say another hundred points higher in the S&P. But probably not getting that. But we'll see. Maybe there'll be some good news. Some of the things going on in the market out here. I also felt fairly good about the market bouncing this morning mostly because one of our premier subscribers to the Tigers Den let me know that Kramer was out there and Kramer was saying sell sell sell sell sell. Bring me the head of the false prophet Jim Kramer. Yes the false prophet. Anyway I'm generally just morally disposed to taking the opposite side of whatever he's actually slamming the table. And we have a little bit more on that today. But options market makers as I said you know it's one of these things where a lot of people go where it's going that way. Well yeah but it's kind of like a drunk. They can go down a lot of wrong streets before they get there. So I kind of tend to wait till about now to put together options and I didn't think much was going to happen before Apple yesterday and probably that Apple whiffed on a new product. It was very interesting to watch the YouTube influencers and tech channels and the rest of the bloggers go after Apple and try to make it sound better than it was. But it wasn't all that. It was rather tame. And I think there's continues to be kind of an aura around Apple that it lost many years ago with the previous CEO anyway. So yeah there's not there much you know you can buy a high dollar camera in it. There's some other stuff but it's it's you know the thing is Apple was known for being and Steve Jobs to was known for being not an incrementalist. That was actually Microsoft and and that ilk. They believed in the in fact what's his name now. Just losing a loser right now for that Steve not Steve Jobs I know the Microsoft CEO think of it the second. He was always a big fan of the Japanese method of just make it one percent better every time and eventually we'll get there not not not the Della the no before bomber before bomber I'm just having a mental blank on his name. I see his face the goofy little guy Gates yeah Bill Gates anyway Bill Gates was a big fan early on he would if you read probably one of the best books on all that time frame through about mid nineties. There's a book called Accidental Empires by Robert Crangley and Robert Crangley is not his real name but it was like a it was a name that he had he wrote for him for Info World which was kind of the Bible of computing through that that time. People would fax him all kinds of incriminating stuff from their company when they were doing nasty and bad things. So you got to read you know the first thing you wanted to do is open info world and go to that that column and find out what was actually going on. But anyway he was he wrote this book and it was a lot about the first 20 years or so of Silicon Valley and the computer revolution and all the Accidental Empires none of these guys really plan for it. Some of them just stood in the right spot like Gates I mean he was kind of there kind of knew it but it wasn't like he was omniscient at 18 years old and knew exactly what to do he just he was smart and he got lucky generally you have to have both of those things. But he wrote a very interesting treaties on Gates and how he would take two weeks off every year and all his underlings would try to get him prostitutes and women and everything else and he would just go hey I'm not interested go down and read his books but he was a big fan of the idea I'm trying to remember the name of it now it's Japanese just make it one percent better. Well Steve Jobs was just the opposite. He was a revolutionary not an evolutionary and over time it was the tortoise and the hare. I think that's really what you see here is still the DNA of jobs where they tend to throw big bombs and then because they've done such big things everybody continues to expect it. I think if Steve Jobs was still there I think maybe you might have some new products. I just don't see the current CEO being anything more than a very good guy that's very sharp with a pencil. Is he dumb no but again I always go back to this in technology it is the difference between Spock and the why am I having such a tough name a day with name today Kirk and Spock the difference between Kirk and Spock. You want somebody that's a risk taker you want somebody like that you need somebody on that wall like Kirk and of course Spock a rational no risk taker that kind of thing you get that with CFOs and why I've never really liked CFOs becoming CEOs because they tend to just run the clock out over time and he hadn't really come up with anything that Steve Jobs wasn't working on when he died probably the earbuds were the last thing to come out and that was because of battery. But anyway Kramer as we always say bring me his head but a little bit of apple but I thought maybe you know maybe they would have had something yesterday not much. We'll be back after this but we're looking for hire. 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My word I'm not exactly sure what happened here I had something here so let's see if we can't get it you know what right now breaking news here stocks all around the world are tanking because of the crisis on Wall Street. Pauline choose in for Jennifer this morning. I can't imagine how jittery the nurse must be in Wall Street for that open. Well I can tell you already that the Dow is expected to open down 300 points this morning Robin. So that gives you an indication of how jittery the markets are. This is such a blow to investors whether you're a big trader or whether you have a 401k and we're waiting for the market to open in about two and a half hours. So we'll see how this plays out around the world. Both Asian and European shares are sharply lower. Asia's biggest stock exchanges in Japan and Hong Kong are closed. But every market open is in the red. India down 5.4% Taiwan down 4.1 percent. Same story in Europe. German shares are off 3% London down 2.7 percent and US stocks could open lower by 300 points as I mentioned earlier and this is all because we're waking up on this day in 2008. The venerable Wall Street brokerage firm Lehman Brothers seeks chapter 11 bankruptcy protection becoming the largest victim of subprime mortgages crisis that would devastate financial markets and contribute to the biggest economic downturn. That's a great depression. I remember that day. Well I had no idea. But interestingly enough I heard early in my trading career that you need to go through a few cycles before you really understand how the market works. But certainly what seemed to be almost the end of the world in 2008 on this day by March of 2009 or May. Yeah it would be March of 2009 was some of my biggest trades ever once the market all got washed out. So kind of every every dark cloud does have a similar lining. If you've got the cash to go and use it once the dust has settled. But yeah it was a tough what seven or eight months seven or eight months that March I want to say March 5th low. I just remember that I had a bunch of stocks and really believed in Wycoff methods and found everything that was testing previous lows on 10 percent of the volume. And just I had a four or five stocks that just made a absolute killing on and it wasn't. I didn't need any any Robin Hoods or reddits. Just found a lot of stocks that were testing previous lows on 10 15 percent of the lows they had pretty much the end of October November. They came back and retested on March 5th. I remember that day. Anyway no thought at least I don't have a thought that we're in the same kind of condition. A lot of what's going on is I think waiting for the Fed next Wednesday at 2 o'clock. In the meantime I think a lot of people threw the baby out with the bathwater and we're probably going to see a lot of people were shorting today. And I'm not a big fan of going short during options expiration when the option market makers don't agree that lower is going to be the close on Friday. You know we're up 33 points 34 points. Probably when I look at the options tonight I'm kind of hallucinating. But I'm going to say what probably shows 4500 to 4525 for Friday's close. And everybody's jittery. You got nitwits like Kramer telling everybody to sell. It could he be right. Yeah the old stop clock is right every once in a while. But I you know generally even people that are right on the market for predicting huge downturns are almost always three hours three days or three weeks ahead of time. Heard Larry show today and kind of jives a little bit with what I have which is generally get these moves down. Generally they're fairly quick. Then you spend you know maybe they take three or four days and then you'd spend the next week going higher and running the early shorts out. And of course they don't have the were with all the stick through it. And then you get that next move. So if I was thinking much of anything that the markets were going to fall apart I would really look to next Wednesday with the Fed and whether or not they decide to drop the big chalupa in the market doesn't mean everything's going to go up. I do think that we have a bit of risk off especially in the biotech sector which is problematic. A lot of reasons for that. But you know I think a lot of people bought into a lot of things they've heard on TV from also a bunch of knuckleheads who don't know and don't spend a lot of time actually researching the the laws behind a lot of what's going on. And for the most part I think especially for the vaccine stocks it's all going to be about what happens in court. A lot of people believe that they know what's going to happen. They but I've listened to a lot of lawyers debate what's going on. There's a guy that I kind of really trust debated a lot of people about this particular issue. And I think you may be a little high on the price and a lot of those vaccine stocks going forward if you're betting that 100 percent of people in the United States end up with it because of a mandate. But that is my opinion but based on more than just watching the TV. Anyway volume earlier in the day as I said I didn't say earlier I said earlier in the den maybe that's the best way to put that. And that was somewhere around 11 11 30 the volume maybe it was new volume had just stopped and it ended up being kind of a a standoff. Can we say Mexican standoff. I don't know what I can say anymore. Anyway as far as I know a three way standoff with two folks the bears and the bulls and those standing off into the corner doing neither. But that's why I was kind of looking for this bounce. My guess is it will have a lot of people think that at the end of this day the thing to do will be to short. We'll probably gap up a little bit in the morning that are probably on Thursday afternoon. We'll probably have people wanting to short yet again. And you'll have another bounce up and probably squeeze those people out on Friday. Maybe we go sideways for a handful of days and then get into the Fed. And if the Mr. Powell decides to drop the big chalupa. Yes we are really that we lied last time. I know it was only 30 days ago maybe not even 30 days. We lied and said we were going to tighten and then we backed off of that within three days. I don't think he's going to try that again. It's going to be a little softer a little bit more nuanced as they like to say in politics when they're talking about not a dime's worth a difference. We'll be back in a minute. 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Let me just update the app. Up 93 on the Nasdaq Russell's up 20. Dow's up 228. Kind of funny to hear people freaking out about Dow down 300 points back in 2008. But always interesting of course now it'd be a thousand that would be the equivalent of a thousand maybe 1100 points today. So inflation goes everywhere. I had a question earlier. You can of course put a question in at path at tfnn.com Ali Baba and I like this setup but I'll probably wait till Thursday or Friday. But you do have the retest of Ali Baba at 15280 that had 89 million shares. Got about 20 million shares so far. You don't always have to test these but I do kind of like it when they do. This is another one that might be rather interesting to watch in the next couple of days. I probably will. I'm not in the big mood to be throwing a lot of money into equities at the moment but thinking that if you can get some decent prices on calls for Friday probably not a bad deal. Not just specifically on Baba but many as I was buying some in the newsletter some for me. Sometimes they're just too thin. If there's only 10 options at 10 cents or 20 cents you can't put people more than 10 people into that can you. Anyway some bigger options out there that look fairly good. I see one stock that was in the it was around 40 bucks this morning that has a range for expiration at 50 to 60 bucks and I thought well take a little stab at that one. But again very interesting to see the option maker market makers so stingy at the open not wanting to give you any kind of decent price with the market lower. Always a good sign that hey their mama didn't raise any fools and this market's going to be higher and not too long. So anyway we'll keep an eye on that and as I said market volume better than it had been but not blow out here. 6.6 billion shares at the bottom of the hour. If we do like 7.2 by the end of the show here that that'd be kind of just middling. It wouldn't be any kind of blow out low on heavy volume. Again I would love to have seen super amount of shorting on Monday and maybe yesterday. We never really got it today. The market just kind of died out of its own lack of sellers. I suspect there aren't that many buyers but I have a feeling a lot of the people that did short are going to be continuing to push back up. I had some stocks that were kind of close to my stops. Looks like they're going to turn before the end of the day. So we'll see how well that does but as always you kind of I'm a big fan of on longer term trades waiting to see what the close is because especially with high frequency traders just about anything can happen anymore and generally does. But give me call 877-927-6648. Now tomorrow we will have Tim Ord back and we'll be listening to him so you have any questions. Start getting them ready especially if you want to call Tim and also if you want to have me ask him before the show so that he has time to go through him because he's not one of these guys that's really on the fly. You really need to either you need to ask him if it's a chart issue way before and then I'll get that to him and he can answer it when you call in or something like that. Other questions out here. Question about Joe DiNappoli being what would you call it enthusiastic yesterday. Generally I'm a big fan of understanding a book that I bring up many times on the show and that's super forecasting and there is when you want to forecast anything whether it's the weather or the price of tea in China forecasting you know whether or not you're saying whether or not China invades Taiwan. This guy spent about 25 years doing surveys and found out that generally the people that didn't know as much as the experts somebody that had a more generalized education someone that wouldn't date deeply what would you call it and sensed by the news the closer you are to a subject the more emotional you are on it the harder it is to actually do something and whether it's Kramer or anybody else yelling about the end of the world I generally am one to take the other side there's a lot of reasons why first would be if you truly is the end of the world there won't be anybody on the other side to give you anything they'll just declare bankruptcy take their money and run to Costa Rica if that's still there if we're not talking about true Armageddon so I never bet on the end of the world it's just one that you're never going to get paid off on and generally when people are right about that anyway they're almost always fairly uh linked the Lee early on those calls I'm also not a big fan of people that are perma bulls or perma bears I'll always remember I'm trying to I want to say his name Joe Bada Paglia I think that's his name was a famous bear that told everybody to go long all through 2000 2001 2003 when the s&p finally hit the low almost to the day he decided that it was time to get bearish and of course I being the contrarian some people call me the uh a contrary what do they call me a cccr a cultural contrarian I don't know I forgot um but I thought that man if there was a time to go long is when this guy'd finally decided to throw in the towel but you know I don't know if these people just get paid to come out and be wrong for years at a time also kind of surprised that CNBC would have somebody on that was wrong for so long there's nothing wrong with being wrong but at some point you should stop out and decide that whatever you've got it and work and and move on one of the big things I had about now I want to say Joe Grigiolla he's the baseball player grab Joe Granville who proceeded to make a absolute land office amount of uh money and then be bearish for the next 13 years and give uh more than twice that back um the reality of uh being short whether or not it was this day in 2008 for the Lehman brothers or anything else is the markets always going up about three-fourths of the time going down about one fourth of the time you've got to be able to sit through the three-fourths of the time it's going up deciding on and into the play first of all most people don't have that kind of rich back in a minute 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 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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 and we're back okay about that amazon amz and did a little bit better than i thought the pullback i think what we were talking 30 well we got close today i was thinking that we could get down i got 34-02 i will i trying to remember what we were talking about but i vaguely think because i don't play this but i think we were looking for this candle of the 30th of august the low of the day there was uh to to to uh 33 55 we got to 34-02 but certainly back into that candle which was the big volume date um question is will it get back to 3500 by friday and let me see do i have i wonder if i have the options up on it say well doesn't look good the option of market makers but of course you know there's a lot of people that have this that are buying puts um underneath it for for protection especially a 3500 dollar stock um so you generally the big thing of using options to predict um expiration price assumes that there are shorts also in the market there's not a lot of shorts i think there's one day of shorts and amazon uh in the equities themselves there just isn't much um and when you can't do that or when being in a short position and you don't really want to generally you're buying puts for perfect uh protection uh so you're hoping that they go on uh unexercised and i think that's i i don't play amazon for options expiration a lot but my guess is that yeah 3500 you could be close there could be 100 bucks above uh the prediction price four options on friday uh just based on that um you're kind of at a uh what i want to call a uh hockey stick right at that 3500 level so if i saw 3500 print for a second i probably would um think that i would be very close to getting out but uh yeah 3400 but that's not uncommon with super high price stocks generally the stocks that i want to look at um i look at every month and if it's like 100 or 200 dollar stock you still still have a pretty good prediction when it starts being a 500 dollar stock or a thousand dollar stock like tesla uh generally you have a lot of people in uh those that don't want to see them exercise because they're going to make more money if it holds up so when you're sitting out here like 750 on tesla today and you start looking at it and not a lot of volume not a lot of other stuff going on uh what you don't like about tesla out here though is uh a nice really long pushback higher up here but it never really had a lot of energy especially the last couple of weeks have been extremely light on tesla uh the new rivian pickup became available i think yesterday or today i think that uh between that the f150 probably cuts off tesla of ever having a big pickup business also that they decided to make something that looked like it was a baby of the road warrior and many other apocalyptic movies and it looks so bizarre that i don't know if it would actually ever sell and i don't think they even started the factory for them either but i have a feeling that those are going to be the big competitors the rivian truck of course a lot of neat features in that thing if you've not seen it i think ford kind of tried to borrow a lot of those but i don't think there are many in the 150 yet but both of those trucks i think i'd much rather have than a tesla car now the roadster yeah that may be a little something different but if you're talking about a four door i'd rather have a quad cab four def 150 or this rivian if you're going to be buying an electric car give me call 877-927-6648 keep an eye on out here anyway um yeah lower for very high price stocks really doesn't mean that much in the scheme of things what you're really looking for people oh somebody delivered something to my door during the show isn't that always interesting for amazon hey they placed it at my door so we'll find out okay uh got some more see here uh am i pro or con automation uh new documentary uh uh question uh did you see uh on this uh company that wants to make a woolly mammoth um yeah i kind of watched this documentary on uh making uh animals that had been around before i think it was called Jurassic Park don't think it uh the doc documentary didn't make it look like it turned out that well anyway if you've missed it there's uh a startup i think they maybe they were on cnbc last couple of days or something else but they've been out stirring up trouble by uh trying to say that they're going to make a woolly mammoth uh well if you think there's traffic now when the dog crosses the road wait until that woolly mammoth comes by um not exactly sure why you would want to stir up a woolly mammoth most of the dinosaurs of course the dna even if it's an amber only lasts about a half a million years so we're about 20 200 million years past reviving any dinosaurs but woolly mammoths 10 000 years 20 000 years you get enough of them get some dna yeah you could you could make one i'm just wondering what animal is going to be the one that that gestates it and uh an elephant maybe that's kind of big i don't know uh i just don't know what you do with a woolly mammoth and why you would want one maybe a zoo and maybe someone will call in and tell me why maybe i'm just missing the point uh 877-927-6648 uh let's take a look at some of these other stocks uh questioned about apple after we talked about it at the beginning didn't really look at the chart you're back to support here today uh no big surprise um probably the biggest surprise is that all the pr on all the king's men wasn't able to push apple up again oh boy i'm going to write that one down see what i did there uh anyway yesterday you know you're kind of back into that trading range of yesterday now anyway um does this mean apple's worthless no does it mean that you should fear the exact same thing that happened out here this morning with microsoft the answer is yes um these i'm not a big fan of going after these companies even with these days uh with the ability for them to dip in their pocket and buy their own shares back microsoft if you missed it what is that 80 billion 60 billion or 80 billion i don't know something with a b uh buyback today of course huge pop-up for them uh can apple do the exact same thing yes and will they post well i think they'll defend it whether they'll pop it like microsoft uh hey i stay away from shorting these guys with a lot of cash just kind of we'll be back in a minute sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at tfnn you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv live every market day from 8 30 a.m to 4 p.m eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world from the moment the market opens until the closing bell sounds tiger tv has eight different shows with expert hosts to help you make the right moves with your money watch online at tfnn.com or on tfnn's youtube channel and become the investor you were born to be tfnn educating investors can rise and fall like the tides subscribe to basal chatman's newsletter the opening call and you too can ride the wave basal chatman is an authority in technical analysis his chatman wave trading system has been helping traders identify trends and capitalize on momentum in the markets since 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to push that any farther 45 25 or so for the s and p cash on friday at the close uh nervous market not uncommon um this one generally finds a bunch of people shorting that sets the low what we had in this one at least if this is the low for today uh was uh sellers giving up and buyers giving up the same time um and that was kind of it it just kind of died with a whimper generally lows kind of come in with a bang um so you know if you're very only in bearish i suspect that your opportunity will be waiting until next week into the market he had a question whether or not microsoft was a three gap play i suspect he is talking about the gap uh the day before yesterday and today and i would say that the what you want in a three gap play is probably something like a minimum of a 10 gap higher these kind of you know two three percent gaps aren't going to be much of anything uh when it comes to it now you get one more gap and is that it yeah but the whole idea of a three gap play is it develops over months sometimes or at least a month or weeks anyway and that sets the tie that instantly gets filled on the back side kind of the last pull off in the stock so when you can not when you have to we'll see you here tomorrow same bat channel same bat time hold on for tom on most of pfnn building wealth trading in the stock market seems important