 is a presentation of T F N N. Trading hour with your host David White. Call now toll free at 1 877-927-6648 internationally at 727-445-1044. Now, David and welcome all to another exciting edition of the Power Trading Hour with me today. We'd like to come to you at this time. The following takes place between 2 p.m. and 3 p.m. So we've got a market up about six and a half points on the S and P cash about 154 on the Dow up 32 on the Nasdaq Brussels up nine. To me, the thing you've got to be what you're looking for is not only the dollar, I mean the share volume, but the dollar volume. It is puny puny week week week and the volume right now just turning 3 point and I was called 3.3 billion shares for the day up to one o'clock lightest day in the last two years of a full trading day. So there has been no energy for the last few days. In fact, extremely light volume. Of course, we start getting earnings in later next week. I had a question just as we started the show that asked me what I'm thinking about earnings per share in the banks and tax. I don't think there's a great deal up or down in most of these companies on the actual earnings. It's all about what they forecast. There were a lot of stocks last cycle that had rather poor earnings cycle, but gave good forecast. A lot of them had good forecast had good earnings and poor forecast, and it was more of the forecast than anything else. Let's go to the first one here, I want to think about because they actually gave really nasty forecast. A D B E Adobe and it all mattered for about. One day and they went just started going back up now that they've had one decent day of volume back on the 20th and that's it and a great deal of these companies that that's exactly what these charts all look like. Did they have volume at the highs? Well, it was about what the previous high was. So is it a ringing endorsement? No, as the last five or eight days been literally starved for volume, narrow trading ranges, sideways trading ranges, generally a good indication that highs if you go sideways in the volume slight, it's distribution. If you get up to the highs with lots of volume and it's pushing higher, more people are buying the buy the breakout, not seeing that and a great deal of what I'm looking at. In fact, we'll look at some more charts later on in the show. But. You know what? Just I mean, incredibly incredibly light volume doesn't mean that we can't crawl up a little bit more. It could, but I'm saying there's probably 50% chance of, you know, 10, 15 points higher in the S and P. And it equal 50% chance that you see maybe the next couple of weeks, a 100 points lower. So the risk reward is pretty horrible up at this point, and it just gets worse with the lack of volume. Generally, they do not be short a quiet market, and I would say that except. At very much at highs. Now, maybe they know something about the trade deal that we do not know. Handful of people keep pushing the market. I suspect that everybody is just sitting around with a straw. A piece of straw. Throwing it on a camel's back, just asking when is it going to break? Um. Is there a lot of downside problems? No, but at same time, everybody's seen this big move. They're not about to buy it at the same time. They're about to buy it at the very highest price. You nearly almost always need some kind of retrace. So people at least think that they're getting a good deal. That they didn't pay top dollar and then the stock market collapsed on them. And right now there's just nobody are very few people willing to throw money at this market at the very highs. So yeah, I don't know what they're going to say. Going forward, and even then it will probably be ignored. So I don't know what else you can say other than that. Sometimes they believe people. If they're out there singing the roof, the roof, the roof is on fire. Let the Well anyway, some people may know that song, uh, but that's it. But we haven't had any volume now for a couple of weeks. We've had some big short squeezes. But I tell you what, especially I wrote in the Tech Insider today the issues that I have with the SMH's. But that's it. What are we got a few minutes here? Let's go ahead and do some history and then we'll get into the rest of the show. On this day in 1979, it was a glorious day. It was a day that kissed the earth. Disco was killed by a public backlash that reached its peak on this day in 1979 with the infamous disco demolition night at Chicago's Kaminsky Park. That incident, which led to at least nine injuries, 39 arrests and the cancellation forfeit of a major league baseball game is widely credited or depending on your experience, you'll see that with dealing disco. It's death blow. The event was a brainchild of Steve Dahl and Gary Minor, a couple of shock jocks, one of which had his station had just of course, like most management waited for the absolute top of the market to switch to an all disco format. The doll was the one that originally moved from WLUP when the station switched to its all disco format. And of course, at least I don't think music really recovered until maybe 1986 or maybe 1987. There was some bright spots in it, but for the most part, a plague was released on the airways of America and at least the tide started to get turned today in 1979. As most people know, I love music. Disco was an anathema to that the cotton candy of music, in my opinion. But that is a day that will live not in infamy but in glory. Okay, what else do we have? Go back here and look real quick. Dollar index. It's down about 20 cents. $96. 47. No, excuse me. $96. We have 47 cents. When we look at the rest of it, like I said, the market volume is just barely moving 3.3 billion shares on the CBOE consolidated tape. And of course, even with all the yelling and screaming of impending doom for for the golf when we look at crude where's that at? Oh, there it is. It's up so not that much going on. Gold up $8.50 silver up 10 cents. We'll be back with it. The Taz profile scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions in order to make the best decision. The first thing you'll need is a strategy to help you minimize your risks. Whether we're in a bull or bear market, a good strategy is to have the tools needed to help you scan and analyze the markets before you trade. 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You can still visit us at the same TFNN.com URL but when you do you'll see a new and improved homepage with a much simpler navigation whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com educating investors. Call now toll free at 1-877-927-6648 internationally at 727-873-7618 We're opining in the Tigers Den about how I have to listen to a almost an hour of Dave Matthews band to get sane again after a chance encounter with Disco and of course nothing better than this seven eight time songs that I don't how many people can still play in seven, eight time and do it well. Maybe he's the last one I guess you go to like a concert pianist somewhere but yeah that's about it nothing more to get a Disco song out of your head than seven, eight time themed songs see anything else out here we'll go back take a quick look three thousand and seven on the next but again no real juice see if there's anything else going as John from Philadelphia and the Tigers Den brought up the Anheuser-Busch Budweiser Asia IPO is officially kapoot that's a Russian word I think and I think it's been kind of signal for the last few days that it was going nowhere fast always kind of an interesting idea to take a brand that's an American brand and then have it bought by yet another company and see you got down to eighty five dollars and twenty five cents so far today and it's bounced up a little bit I just never understood taking a brand that had a flag on the label and pushing it that way but of course I'm not a beer drinker it's not a big deal to me but I've always have been in love with one of the former Bud girls Luanne Tweedon if you ever look her up in my racing days she used to run around the paddock racing and I thought she was the prettiest girl I'd ever seen in my life what else do we have big movers today ILMN he fell off the cliff today and we get the news on that just blew apart but this is kind of what I suspect a lot of these stocks look like right now we've been bringing it up I was looking at I didn't see a lot fundamentally with the company that's wrong but we've been talking about the double repo pattern and this is what kind of the entire market looks like I'm not expecting the death of Illumina as bad as we've seen it here ILMN Illumina let me get that back up okay and see okay let me read the article here um it's tanking today down 16% at 1030 after the genomic sequence leader announced preliminary results for its second quarter on Thursday Illumina said that it expected to report 835 million which is 50 million lower than Wall Street Dan and List anticipated and of course nothing like seeing revenue numbers did because those are the hardest ones to phony the company also updated its full year 2019 guidance and now projects revenue growth around 6% less than half of its previous forecast at the beginning of this year between 13 and 14% pretty hefty price this thing has done nothing but go to the moon I think that there's a good business core business here it's just ridiculously priced didn't quite make it down to the 300 dollar and 35 cent low on May 20th but I think that there are a lot of tech companies out here that could do a similar pattern and again we've been talking about this double repo pattern that highs or ballistic markets I like it a lot better than a parabolic SAR and some of the others but what you want to look for is a 10, 15 days sometimes longer in this case you had 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 25 days basically going above a trending uptrend either 3 day displaced moving average or that pattern you got to close again yesterday below it the gap down would have been the trigger to pull to yesterday but of course you were going into earnings who wants to get in front of a buzz saw of biotech that can go either way you had a fairly good one but this is kind of what a great deal of the market actually looks like right now I was actually going through these so we'll just go through them as fast but these are possible double repo patterns that I was scanning for and some of them are and some of them aren't. Adobe is one I'm watching very closely for yet another close under a 3x3 this thing as we said to begin with I gave poor guidance forward market ignored it started pushing it up anyway and I wonder if this isn't when the chickens will come home to roost. What else do we have out here and Akamai this is going back into a huge gap that instantly got filled this goes back to May 1st got up to 8619 on 4.6 million shares going back into the base of that now today with this 270,000 shares so we're talking about light light volume if there anybody stuck up there it's going to take forever with this kind of volume to chew through it so I do think that either being in cash or being short is probably the wisest thing to be right now Altira another one of these stocks that had been on a one way ride since the low of June 5th that was a 3370 you're getting a close below the 3 by 3 today on very light volume and I think you've got problematic issues in all of the SMH's and I wrote about that today in the tech insider one of the reasons I decided to get out of our long positions yesterday is I suspect this will kind of infect it AMD is on the war path and that war path is going to mean diminishing margins for probably both Nvidia and Intel and with all three of those problematically being hit it's going to be a very tough ride on the SMH's as we said we were pointing out earlier I think yesterday advanced micro devices already tested the $34 30 cent high of June 10th with about 27 cents shy but only two thirds of the volume on the 11th we're back in there it still hasn't cracked on that right shoulder set up by the 3 by 3 or a 9 day moving average but it's close couple more days that closes below it I suspect we'll be back down in the 28th really quick we'll be back in Washington the path of least resistance is David white's daily trading newsletter and if you're looking for active trading ideas then now's a perfect time for a 30 day free trial to this powerful daily trading advisory service David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter with no obligation to pay anything David has been delivering solid recommendations for his 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allows you to scan thousands of stocks for Fibonacci formation setups including guardleafs, ABCs, butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're gonna 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 thinkorswim for more information just click the thinkorswim banner on the front page of TFNN.com and we're back looking at a few stocks a lot of these have some trend lines on the way up just no volume like Ambrilla let's say look at the retracement here Ambrilla's backup got to it's a 618 retracement that was $46.22 you got to $46.36 but I mean this thing hasn't had any volume last day was on the 5th of June so just nothing and sometimes described as pushing on a string maybe you get a little bit of action but that's about it let's take a look at Abbott I'm not not a good stock to short because it's been in this trading range but a longer trading range is fairly good same kind of thing not much energy on the way higher let's turn a few of these off so they look a little clearer you've got kind of the first signs in a lot of these that they are getting ready to do a double repo pattern through next week this credit court BAP symbol you want a couple of days above the 3x3 and then the next turn down would be highly problematic you want if you're mostly if you're trying to get this one correct you want it to go above that and then the next close below it a lot of times you will just find that these things fall directly out of bed when they do do that well somebody in the then saying that they had a friend that worked for Abbott we were kind of a small company making huge margins and the CEO decided he wanted to get into that business and I showed almost all the shares of the company I had needless to say they did not like me much anymore and of course two years after that they sold out for a fourth of what I sold my shares for but little companies shouldn't pick on big companies best to buy this is coming into its April 24th high $75.91 2.4 million shares you're just shy of that by 50 cents with 1.4 million shares today and generally this is when these companies pull back fairly significantly until there's a product to buy for Christmas present. I'm unsure why this thing is rallying on very light energy out here but this may be generally you get a good mid-July 1st of August to first couple weeks of September of a down move in consumer electronics why everybody's trying to figure out what's going to happen to see what else we have in our list of things out here and then we'll see what Delta Airlines is doing going into earnings next week it's through its previous two highs around this 61 and $60 level 11 million shares 12 million shares today you're rocketing through it with 6.8 million shares so far so again just whatever shorts there are out there are getting squeezed into the front of earnings a question about 3D systems in the mail too so we'll do that again pretty wide trading range in this thing got down to $6.36 this may be a washout they've got a brand new centered metal printer that is supposed to be extremely hot and everybody's in the industry saying a lot about it I'm wondering if they weren't attacked to wash out the weekends today we'll see how this trades the next couple of days but I'm starting to think that there's a lot more to these 3D companies in the near future Stratasys had a huge day a lot of these companies are massively shorted in 3D printing space it's kind of hanging up here which is kind of amazing I didn't think it would hang up here this long but a little bit of a pullback you want to be able to see if you could buy this back at $26 for 3D systems EGO again these stocks as I said yesterday to the caller who was looking to go short in dust I didn't see I like the patterns in these there's going to be a fairly sharp and quick pullback when these do turn but as far as I can tell you right now there is no signal up here that says you should be froggy and start jumping after these no volume on the way back up what you want this thing to do is close below 3x3 displaced moving average close back above it pull the trigger what else do we have Finistar FNSR a lot of these stocks just barely keeping an uptrend going and literally vacuum for volume Finistar got up to $2,404 came back down it's been going sideways for a little while this one looks like it could easily get back to $20.75 for those stocks in the liquefied natural gas business you've had kind of a little bounce off these lows in this case the June 14th low at $12.94 you got up to $14.93 a little dojiat here this does not look like it's an improving business I still think this business will be good one day but not so good that way Goldman Sachs coming into earnings here in the next two weeks going through it's 5 million share high of April 12th at $209.97 I got through that yesterday with a 3.7 million shares today up on 14 yeah 1.4 million shares yesterday with 3.6 million shares so again breaking out no sign of strength these things can hang out for a few days but generally the problem with playing these is you got to just sit on your hands if you get short for these things to pull back in I am not one that will short Goldman Sachs or the rest of the cabal of evil on Wall Street mostly because they have their own trading floor if you short them right away they do everything in the world to put out fake articles and everything else to run anybody that short their stock out of it it is incredibly tough stock to short maybe a lot of signals trying to get you to do that I just think that there is greener pastures elsewhere to go after these stocks they have their own mostly because they know all the tricks and they pull them all to do Lockheed Martin since this last gap up has been moving fire last two days starting to see kind of a crest in that I think of course Iran Iran doing a lot of the saber rattling has moved the stock up but 1, 2, 3, 4, 5 6 days sideways so far watch out for the pullback is generally flat at highs is distribution if you are in the CD market and looking for a secure investment the Tiger First mortgage program may work for you the security for these first 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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 4 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'll take a look at a few more of these but get I mean this is about as close to nerve racking at these highs with no juice take a look at SBLK this is star bulk carriers a lot of these bulk carriers have been moving up over the past but the last four or five days the volume is significantly dropped off so I think that maybe they've gone a little bit over the tip of the skis for thinking a trade deal is becoming imminent but I do not see that anyway you had some volume back on the fifth but the last few days this thing's really done nothing but go sideways at about ten and a half I think we're probably going to see some action in these bulk carriers next week and that may tell you more about trade deals happening than not happening in the near future and see if there's anything else someone wanted me to look at Microsoft Microsoft had a nice announcement about what they were doing with the Microsoft teams versus SBLK we talked about this when it first came out which is a symbol of work Microsoft actually said yesterday that they had two million more users on Microsoft teams than there were for SBLK SBLK still in its quiet period so they cannot respond but I wanted to see how if anything I figured it would be down a little bit there isn't a lot of volume but there isn't a lot of shares in this stock so I'm not too surprised the question is did they push this out just in time and get some cash in and of course a lot of other people are debating the exact same question that LinkedIn had and that is can you survive by yourself anymore going up against Facebook or Google or the rest is their size and scale basically a monopoly in the market capitalism is great we found one mistake and that is just like playing monopoly eventually one person can end up with all the money so we have monopoly and antitrust laws to fix the one real big problem with capitalism but certainly this broke lower I don't think anything is going to happen soon and of course during quiet period they can't really even defend themselves if there is something to defend themselves against but we brought this up and this stock came out that it was problematic at the best and another teachable moment it doesn't matter how much I love the company the stock doesn't always represent the company it may be a wonderful product that no one buys or it may be a wonderful product that no one is willing to spend money on and the question is what if Google didn't do anything with your searches just did it for free but you had to pay a dime for each search would you do that after paying nothing for it would you ever pay anything for it that is the problem with Slack in that they've been kind of doing it for free for a long time and the question is will it monetize there used to be a late night host that did a thing called will it float something in a pool maybe it will float maybe it won't well the question is you don't really know and maybe they went public just so someone would have to buy them out at a higher price that would give them enough cash to hang around a couple of years to go after it but not looking good today to do what else do we have okay got a few other things a lot of these stocks in my list are all in these bulk shippers and they're still a little higher but certainly looks like everybody's front running trade deals and have been for the last week or 10 days but these things are looking especially like today some doji's out there with not much in the way of volume always make you want to go a IPO for a couple of years ago continues to run that is Shake Shack looks like awful close to finishing in ABC on the way back up pulled back from 6702 on May 3rd in two days back to $56.63 and started its move once again back higher still no signal that it's over I don't see a lot left in the tank here just infantile volume that we see Oracle got kind of some bad news lost a lawsuit I wrote a little bit about that in the tech insider which you can go to the front page of TFNN and subscribe to so once a week fairly inexpensive it will keep you up to date and have some fairly good trades in fact we took some good money off the table this week for a nice trade from what 38 bucks to 49 on one so nice anyway a lot of these stocks like we're saying any close below some of these moving average and you can have some fairly quick pullbacks to support and resistance levels there's a big gap from 53 to 56 from Oracle wouldn't be surprised to see that get back to 55 bucks for expiration next week seems to be one question coming in about restoration hardware no signal quite yet but close still no cigar I would like to see at least 128 on that to pull the trigger and I love a lot more for it get to 130 and get rid of a lot of the too easy shorts in this in the market slumber J which I think earnings coming up in a week or two up to 42 bucks and that is a fairly decent retracement level to to although you're going to get a little bit more out here and that's this confluence range that starts at about 43 and a half bucks energy and it's often on out here but I think if you were in this long from 34 or 46 which is the low on May 31st or somewhere around there your target would have to be 43 dollars and 37 cents where you would have to say ams gray at and lay I did that royal gold we look at this one already yeah oh no he didn't we looked at another one gold same thing no sign just yet royal gold when it does pull back pretty good indication that 95 dollars is support on it from the one 10 25 it hit today so as soon as you start seeing this weekend and set up for the next ABC got a pretty good target on its back right there to to to that's SLB got that anything else got a question coming in on the email on XLF and what's going on on that well certainly you're going against the previous high of May 1st that had 68 million shares at 28 dollars and 14 cents you got over it on the on July 5th you're back up here today with the 16 million shares going after the 68 million share high and of course you just got 40 million shares on the 5th going on into that May 1st high so not a lot of juice back up here at these eyes a little bit higher a whole lot low point 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 trait 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 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Using the Chapman Wave methodology with other indicators, Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter. Right now you can get a two-week free trial to the opening call Basil's daily trading newsletter by visiting the front page of TFNN.com Cancel at any time during that trial and pay absolutely nothing. Get your two-week free trial to Basil's newsletter the opening call today by visiting TFNN.com Catch Tom O'Brien professional trader and educator of TFNN also a special guest on CNBC Tom will bisect and dissect the markets the Tom O'Brien show next on TFNN and had a e-mail to take a look at the fang stocks just before we leave NFL X take a quick look Do I see anything there? I mean this one as we said you want to watch these when they close below and you certainly got a decent close below on Netflix already it doesn't have that pattern that I'm looking for but it does show you that it's probably in some weakness and will stay underneath that three by three display moving average for a little while or a nine day moving average whatever you want again I think this one has and is showing with both volume and its business model that it's spending a ton getting less for content they will also be losing some of the bigger shoes come 2020 and I think we talked a little bit about that earlier 3009 is the S&P as we speak so it's up nine points volume is ghost town we don't even have going into three o'clock four billion shares yet and this is this is this is weak 3.7 billion shares so this could be the lowest of volume full a day in a couple of years so very very quiet and not a lot of reason to push other than the fact that we are going to earnings season so we'll see what happens on Monday I don't expect that a lot is going to happen in the news other than our friends out there in New Orleans who are already flooded but I guess if you live 10 or 20 feet below sea level you got to kind of expect it certainly not the place like a tall mountain we're going to find Noah's Ark one day but certainly there anyway we're back up to highs there has been no volume got a little bit of short covering into the end and this is you have to have the faith if you're going to be short that is looking down the barrel of a gun you got one then you pull the trigger to shoot back we'll see you Monday same bat channel same bat time and so when you can