 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 come at the appointed time the following takes place between 2 p.m. and 3 p.m. so what do we have well we're down 53 points on the s&p cash down 316 on the down nasdaq's down 200 rustles off 44 crude oils up just a tiny bit about two tenths and percent golds up about 0.15 percent sovers up 10 cents and of course when we look at some of the other stuff out here that's interesting TLT did try to get a bounce today let's go ahead and bring that up TLT didn't do much again it's broken through these lows we've talked about this early and the next real move is probably what 101 I think is what we talked about earlier in the week we went back in the way back machine to look that's probably the next level now what do we have we've got Monday Tuesday Monday we probably have some volume Tuesday probably gets quiet going into the Fed announcement tomorrow Wednesday at 2 you also have a dog and pony PR press announcement discussion questions from 230 to 315 so do you think you're really going to get a lot of people who want to get up in front of the Fed probably not so that is one of those things where you just have to say if you don't have it by now what's that song if you don't love me by now you'll never know if you don't know me by now you'll never never know me well I don't think if we we haven't rallied by now we're probably not going to rally before the Fed announced but in my opinion right now we're about 30 what 38 44 38 45 on the S&P cash we are at the we are at the very edges of support and really the next level of support is down almost 100 points when I look at the charts on the S&P cash so could we be going into the Fed announcements next Wednesday at 2 o'clock at 34 3750 or worse if we can't rally question is just how are we going to do that very tough uh we have a question here um question about the XLE everything is broken in the options market just it's broken we had an opportunity to pop back in to that today and we have it so when you're this far off uh you probably don't even want to look at options because everything in the market right now is broke to one level or another for the relationships that most people count on going forward so I would just say it's kind of like a jet fighter the F16 I think was the first unstable fighter that was made and they had to have three computers and if two of the three would agree then it would do something but it was so unstable that it had to move the surfaces on the tail and on the wings about a hundred some odd times a second even just flying normally because if it didn't it would just get into oscillation and start start tearing the plane apart I think that's now like a thousand times a second or 10,000 times a second um but once you get to some level of support if you've got systems that are not uh self uh leveling they just get worse and worse and that's why I would say that is weird as it may sound you could have another 90 points down yet today the reason that uh you are at support though but you break this and really the next level is about 90 points lower doesn't mean it's going to happen maybe it happens on Monday or Tuesday or into Wednesday but you're getting to the point now where not only do you throw the baby out with the bath water but you start getting a self actualizing system i.e. people sell because they have to sell which creates more people selling that don't literally have to sell but they sell and it becomes this kind of a perpetual feedback loop that drives markets a lot farther than you ever think that they could get so you want to watch out for that we talked a little bit about the two o'clock update and that is federal express coming out with an earnings pre announcement uh almost never done i went back this morning and tried to find any pre announcements before a quad witching ever and i couldn't find one there's a there were a couple of earning states didn't turn out well but there was never one that i found where they announced it and i always kind of thought that everybody knew uh that there uh it was probably something you shouldn't do far too many things going on so it was just the last bit of straw to break the camel's back i don't know i thought maybe you could have seen weakness uh again earlier this morning but it certainly seems like maybe someone was doing somebody a favor was it going to happen anyway yeah but uh you know maybe you maybe you talk to the analysts over at goldman sacks or morgan stanley and you go you know things aren't quite looking real well they say uh you know what thursday night maybe before the bell on friday maybe that'd be a good time for you to let people know and in the meantime i'm going to run back to the office and short everything i can um and that's generally why it's not done they will have made themselves some enemies on wild street uh and somebody earlier in the den was uh in the morning was uh saying that uh some lady on cnbc uh did a wtf and uh yeah i can i can see that that is uh that is a faux pas and we're not talking about two uh limousines pulling up to each other and asking them themselves if they have any great coupon uh we're talking some real dust up so maybe somebody's already on the way out the door felt that it was a good time to repay a favor or maybe somebody's in on it but man yeah it doesn't pass the smell test to me and in 20 years i couldn't find anything where anybody pre-announced on a quad witching day eight seven seven nine two seven six six four eight email me at path at dfnn.com and of course you could always put a message in the den let's see what let's keep a close eye um oh go to the break we come back we'll talk about uh margin selling maybe some of it's over maybe not all of it but uh we're getting to the point here in the next 15 minutes uh where we might start seeing some and if there's enough we could break the support level we're at now we'll be back in a minute booming inflation we are purchasing powers eroded there's no better place to protect your harder and money than any 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 tail 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 combined with the approvals of all major operational as well as environmental permits this distinguishes mount tawd as an attractive diverse part ready development stage gold project this the gold trades on the new york stock exchange and the symbol v gz are you grinding in the market but seeing little to no return or are you a successful trader simply looking to make your job a little easier learn to take the path of least resistance with david white's powerful trading newsletter david white is an accomplished trader whose deep understanding of technology and the markets allows him to consistently find and share winning trades support and resistance define the ranges in which stocks trade by understanding these trading ranges david white is able to find a path of least resistance david white's trading newsletter the path of least resistance is delivered daily before the markets open to make every trading day an easy win visit tfnn.com today and subscribe to david white's ultimate trading newsletter for $119 a month and try all of our newsletters risk-free with our 30-day money back guarantee take the path of least resistance at tfnn educating investors are you looking for a way to consistently add winning trades to your portfolio tom obrien is here to help tom obrien has been successfully trading markets for over 30 years a frequent contributor to td ameritrade network and cnbc tom obrien founded tfnn over 20 years ago to help educate investors just like you tom's daily market newsletter market insights is published every morning when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio get tom obrien's newsletter market insights today and try all of our products and newsletters 30 days risk-free with our money back guarantee at tfnn.com tfnn educating investors free at 1-877-927-6648 internationally at 727-873-7618 we uh come back uh we're watching kind of closely uh as uh that options are not options the margin call time is coming that's generally the order to put in at 230 if they don't receive your wire transfer if you haven't made the cut so we shall see uh but uh you see some uh some permutations fairly quickly over the next 15 30 minutes that's uh probably what it is then we're going to go into market on close orders for the week um just wonder how many people want to sit on a losing position going forward and into monday that's uh we shall see in the meantime let's do a little history then we'll move on to a lot of charts and on this day 1997 12 years of the day after resigning from apple steve jobs his name interim ceo of apple only seven months earlier jobs uh company next was purchased by apple just two months earlier gill the mallio resigned his apple ceo much of the technology acquired with first of next was used to build the mac os operating system which became the core of the ios operating system still runs the iphone in the ipad although i'm going to say that uh not not all that much it's certainly part of the mac but not that much of the iphone in the ipad and of course this is one of the next machine was really one of the first linux standalone machines that had some kind of graphical interface on it um but uh almost 12 years to the day kind of a almost kind of a moses story where you uh are put out in the desert for a while only to come back later but almost biblical on this day in 1997 okay so what do i want to go back to this okay we were looking at the tlt still under the line i don't see anything it says that's going to bust out anytime soon what i did go through is a few people talking about some of their favorite fanboy stocks in the din today i wanted to go through uh some of the most shorted stocks to see if there's anything we can find in those because at some point don't know when it is we will get a bounce and these are the most hated stocks in the world at the moment so we can take a look and see if there's much in here uh abcl which is a biotech really don't have a lot of volume you're back to support on this one today adma which is another biotech you may get a little bit of a bounce out of this one don't know enough about them on why they would be so massively shorted other than it's a three dollar stock and i think you have to be kind of nuts to be shorted anything uh less than 30 but uh keep an eye on that one allo allogene therapeutics and notice that there's starting to be a theme here on what on the most heavily shorted stocks i did have a question too i'm going to get to uh for uh for uh cindy and uh she's asking about the vaccine stocks um we'll take a look here in just a minute anyway kind of back down light volume a pph short break there for a sneeze break back to under actually gap under support i don't know what this stock actually is let's do this app harvest there must be a little software stock it has broken the previous lows with fairly light volume out here that's when you may look at i don't mind going long these stocks but uh i'm not much on somebody shorting a two dollar stock or still being short a two dollar stock uh i'll gunk when power and utilities down a little bit today that's on lighter volume at i a little bit really light volume i think that there's i mean we've got okay volume today and probably we'll have more by the close the interesting part to me is that uh they're really going after the uh bigger stocks today uh than some of the others bridge biopharma bbio bce another one he's all gapped down and as they said broke through ice which is sport uh bio crystal pharmaceuticals this one's back to support actually one of the better looking ones out here so maybe something in this uh come monday right now this gapped up on august the fourth did so on almost 12 million shares back into it today with two million shares so as i said not a lot of these bios tech stocks looking that good but that is one well let's get to the one where i look at it i think they're cute it's just going sideways question about uh phyzer probably the most interesting thing lost in the news this week is at least in the uk and from my reading it sounds like this is going to go through all of europe fairly soon and that is that uh they will not be giving uh and actually i don't know if you would say it's illegal but they're certainly taking it off label to give anybody vaccines that are under 12 it always seemed from the data i saw somewhat problematic but starting on monday nobody in the uk under 12 will be getting the jab i'm wondering if that isn't something that it's going to slowly move like i said to the rest of europe uh what's some articles i read this morning that talked about that and then um and maybe uh maybe over here the same thing i've seen more than a few people that aren't crackpots saying that probably the risk reward is rather for for the young anyway uh it's kind of down at lows you know the market started out here could that bad news already be priced in for the lack of new customers priced in don't know uh august 31st 26 million shares just going sideways out here the last three days so a lot of shorts in these biotechs we'll be back in a minute 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 nothing to lose every monday morning i publish the gold report with coverage of gold silver bonds the xAU hui gdx as well as more than 30 different mining equities to see for yourself the types of profitable trades that are recommended within the gold report sign up now by visiting tfnn.com don't miss out on the next great gold trade sign up today 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 tfnn is excited about our new software charting program the art of timing the trade charts in collaboration with tom obrien and using his best-selling book the art of timing the trade your ultimate trading mastery system david white has programmed an outstanding piece of software that will complement any trader's methodology using this first-of-its-kind program the art of timing the trade charts allows you to scan thousands of stocks for fibonacci formation setups including godly's abc's 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 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 got just a tiny bit of short covering and some of the more heavily shorted stocks over the last few days microsoft nvidia actually nvidia positive on the day buy a buck i thought we'd probably have a bigger rally today so we were buying apple microsoft and nvidia calls on the big dip this morning i got out early after the first big pop didn't want to hang around to the rest of the day i just didn't see that much in you can always get back in later of course but uh you know to actually see nvidia up on a day like this um means that maybe you've seen enough uh short covering i mean um margin calls not really seeing much at this period of time i don't know if there's a whole lot to the upside but uh does maybe give us an idea that maybe this morning we did have kind of a decent washout uh still off uh 40 45 on the s and p cash we've really kind of been bouncing around uh down 40 to 56 57 points for a while uh let's take a look at some other ones out here b l in k again we're going through the most heavily shorted stocks on the chances of something really good happening uh for like a short squeeze not much going on this blink charging uh just down not a lot of volume though b and s uh bank of novus scotia now actually doesn't look too bad here we don't know the close quite yet uh september 7th low is one and three quarter million shares at 53 08 you got uh yeah 53 05 you hit it to the penny today you got about half that volume so far so maybe you want to take a little bit closer look over the weekend on the banks clear channel outdoor down a little bit on light volume let's take a real quick look at chk chesapeake energy i'm very kind of interesting to see that the stocks around natural gas and crude weren't as good as some of the uh wasn't as good as the underlying instrument itself people talking about the xle and the din this morning and afternoon um you kind of gap down you got to think that generally when people are are afraid they're either going into gold or energy and while the uh food was basically flat uh xle is down volumes about okay this looks like you're going to get a retest of the september 7th low that 30 million shares you got 24 already so you're already back into that candle you're probably going to have that volume it may just be that you need to trade the crude until this gets back in line and we find some kind of low but uh it's not in common to find people selling whatever they can instead whatever they should uh that's a big thing on wall street it's just too low to sell we'll wait for a bounce and of course they sell the thing that probably is going to make them the most amount of money uh in the near future which is crude uh yeah i i saw jim uh zack i already saw that uh let's take a look at t dock t doc uh just kind of hanging out the lows t doc i do like the way this thing's facing out on the monthly you got 21 you got 21 percent in six days to cover so that is a very interesting setup i want the market to find some kind of low because you can still break through it in a bad enough uh market but uh yeah that's everything you're looking for in a pattern a very long sideways consolidation uh very narrow risk reward let's see what we're doing out here today and 30 and four cents not bad i mean ideally you'd want to see this thing in the 28's maybe the high 27's but uh going against almost 12 million shares uh with uh a little under three million right now and even if you look at the this last low on september 7th you had a little over four million shares which are going to come under so kind of what you're looking for good decent risk reward my guess though is none of these are probably going to see a significant turn until we get to wednesday uh continuing to see a little bit of action and some short covering uh mostly in these bigger stocks uh as we said in nvidia let's take a look at microsoft kind of late in the day but still getting it uh microsoft's got a little hammer candle down here developing not bad into the candle of june 14th that had 46 million shares you got about 31 uh that was from yesterday today you only have about 23 million shares who are making kind of a light volume hit on there so you could maybe see some people giving up the ghost on uh perpetually hammering it away quick question uh about amd is there anything else out in that one still a negative on the day for uh am well about 72 cents thank right so you're kind of in there you are a little higher than the open but still down doesn't look bad though downside is you just have too much volume on amd uh wrote a little bit about it gonna write more about it on monday in the tech insider but utherium has had its branch and that means that you no longer have to mine for utherium you're doing a instead of mining away and having gpu's that that is over and a lot of questions on how many more cards are gonna are gonna become available in the market for nvidia and amd uh i think that there is a always a bull market somewhere if you look and i'm gonna be covering that on monday on uh just uh where that bull market is because of maybe more uh and cheaper video cards uh but certainly you got too much volume at least you're only down about 10 15 million shares uh into the previous low and you haven't tested the 71 60 so that's still there and yeah we're just kind of bouncing around on there now down 44 points on the s and p cash but a very light um and variable i don't see it a lot one way or the other my guess is it'll probably be the last 30 minutes of the day as most of the quad witching days end up having their big last moves in the very uh tail end of it a question to look at micron real quick we'll do that too you have everything handled here uh yeah okay that eats got we're all caught up uh email me or give me a call 877-927-6648 tap tfn dot com or put a message in the den 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 in 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 the technology around us is changing every day with so much happening it can seem impossible to keep up with all the information david white's investment newsletter the technology insider is designed to give you all the information you need to understand the technology that shapes today's markets and tomorrow's future david white has made his living staying on the cutting edge of technology 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to obtain a prospectus or summary prospectus please contact direction shares at eight six six four seven six seven five two three 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 for side fund services LLC this program is brought to you by vista gold traded on the nyse american and tsx under the symbol vgz micron uh pretty nice light volume test of the previous low out here you just have a few more pennies to go test the previous 51 dollar and 30 cent low that's July 1st low of this year uh 44 million shares uh you got uh 10 now you had 15.6 yesterday so certainly coming back into some level of support and like i said uh if you break support here it becomes far more problematic because the next real support level i have uh penciled in here is 100 points lower on the s&p cash so we shall see uh what else were you talking about oh uh during the break uh duffy and then brought up international paper and packaging i brought that up by packaging uh two international paper but if you want to see what's going on in the industrial sector of the united states international paper and packaging corporation of america tend to be the leaders and are very good to look at uh going forward but the huge uh destruction today in international paper um on volume tells you a lot if you're going to ship something if you're going to put some dog food out if you're doing anything a label for a can these guys do it all you got uh two uh the big two out here both telling you the same thing breaking the previous lows with heavy volume and that's generally a response to uh orders being pulled back or i.e a recession so good to you know when you start seeing those uh hit back up in six months or a year or whenever the recession's over they tend to lead a little bit too as orders come back so those are good canary in the coal mine stocks to watch uh to to what else do you know question about ibb as we go through these uh yeah not bad getting back into the low of the 7th of september that had 1.3 million shares uh uh 3 is a day before you had 2.8 and you've got about 1.2 today that's actually not too bad you still need to retest the 1931 before i'd want to get involved in such a nasty market but weird things have happened uh but at least light volume in that i can't move right now did that one did that one oh question about tesla um why most options don't matter um i'm going to tell you that they're pinning tesla today at 300 and we'll see how that comes in but my guess is that it comes in with uh and closes within 50 cents of above 300 or below 300 so keep an eye on that there's a ton of people playing options and the easiest thing to do was send all that money to money heaven uh as they probably normally would in the rest of the market uh but uh not today again quad witching is one that i don't spend a lot of time uh trying to pick the clothes it just becomes way too problematic with all the hedges that come on and off and so if you're going to use kind of max pain stuff and look at it uh does it still work you know some things like tesla a great deal there's just too much uh hedged on different things like futures and everything else uh options become a little cloudy uh i haven't looked at the metamucil yet today someone brought that up in the uh den uh just keeps going down uh i brought it up a little earlier but we've got some stocks with some mountainous amounts of fines from the eu coming you've got uh apple facing a possible 36 billion dollar fine you've got google facing maybe a 24 billion dollar fine and my understanding is that facebook is yet facing another fine they changed laws over there for these big companies and they can find them up to 10 percent of their gross worldwide receipts for violating a variety of their privacy laws and uh uh i think at some point these guys gonna start paying attention what you haven't really done you've got a little bit of volume out here is really blow through the lows on a heavier volume i mean it's been good uh is it a knockdown drag out no but uh these guys haven't gotten religion um for uh facebook meta mucil apple google or the rest i don't think much is half gonna happen either and uh is that rupert rupert wants to know i'm suspecting rupert is not his real name uh how many rupert do we have here in the united states not many i'm not making fun of your name i'm thinking that it'd probably not be standard being uh roku they just go in sideways uh this was one that i got a lot of heat for two years saying i had no idea how they made their money and uh what we found out that they weren't they uh maybe the most interesting thing that happened is the last earnings report came out they did start to lewd on how they make some of their money and if you get one of their little remotes you'll find that it's got like apple plus and stuff on that but when you get the remote depends on uh what is going to be the button that goes to apple plus or amazon prime or the rest and uh very interesting uh that uh they finally admitted that selling those buttons was about half of all the money that they made and uh not that many people using them and so they had to charge less uh for the buttons that go on to a mode take a quick look at docks i don't have all these with many of these doximity have made some lows out here on lighter volume this is looking interesting doc s uh except the really the reason i'm looking at these is not that i want to marry them but they have super high short interest and if we do get any kind of lows probably out of the fed on wednesday uh if we get any kind of short squeezes they'll probably be biblical uh with as many people uh have already sold and not that many people left to sell and if you haven't sold by now i wonder the question is you're not just going to ride these things in to the ground anyway uh 2.2 million shares on september 1st at 3114 uh four cents shy shy today but on less than half of all you we'll be back in a minute vista gold owns and operates the largest undeveloped gold project in australia the mount todd gold project vista gold just completed their feasibility study resulting in a seven million ounce gold reserve vista gold has all major permits approved and has retained civc capital market assistance in evaluating alternatives and in completing an accreted transaction vista gold trades on the nyse american and tsx under the ticker symbol vgz vista gold executing a strategy to create shareholder 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 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part of 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 we get ready to wrap up the show for today down 36 I have 35 on the S&P getting just a little hint weren't able to bust through the loads here today so maybe we get a little bit of short covering before the end of the day and we're back over some of the ones I bought earlier but I sold earlier when they went into uh in the money today when I bought earlier but yeah apples about where it was when it popped earlier Nvidia is just a little higher it got to about 131 earlier in the day kind of hovering around those numbers so you've got a little bit my guess is you're going to have to stare down the barrel of a gun into the clothes today but it wouldn't be surprising to see a 3,900 clothes out here again you are at support levels and if those break it's much farther down but this is really the last line in the sand and I don't know if I'd want to be long those come Monday but there is the possibility that you get a little bit of short squeeze before the end of the day uh does that cover just about everything I wanted to other than it's quad witching we've got about a little less than eight billion chairs on the CBOE consolidated tape which isn't huge not but on quad witching you tend to get about three billion chairs in the last 10 minutes um a lot of that is from dark pools that gets reported late so you really don't know about that so we want to watch the volume pretty much you're gonna have to wait until after the close to really figure out how well these stocks did or didn't do into the clothes but that's it uh that's pretty much it we'll see you monday same bat channel same bat time remember to sell when you can out when you have to building wealth trading in the stock market seems important