 That's why we welcome in Melissa Armo, founder, owner of the stocks whoosh. Let's start with today's market performance. So what were you thinking when you were looking at today's market action? I mean, for at one point the Dow was down over 900 points. It improved some as a matter of fact, all the major averages improved some and the Nasdaq even moved into the green. What were you watching and what were you thinking? Well, when I get up this morning, I wasn't really surprised that we were down because my expectation for the entire last week and really since the beginning of September was that September was going to be a bearish month for the market. Now, why did I think this? One, just looking at fundamentals, I know people like that, even though I look at technicals, you have the election coming up, the market just came off making brand new all-time highs. You have many, many reasons here why the market may not continue higher, even though it's still in an uptrend in the next month or two weeks, let's say, to the end of September. Also, when I look at the technicals, we gapped down this morning and this wasn't a nothing gap down. This was a significant gap down in the market, specifically what I'm watching is the spy. So that's the symbol for the ETF for the S&P. So I'm watching that and the reason I'm watching that is because there's more stocks in that than there is in the Nasdaq and also in the Dow and also I feel like the Nasdaq is over-weighted with Apple. So when Apple gapped down today, people love Apple. They love buying it. Oh, it's down a lot. We'll buy it. It's a great price long term to buy this. So when Apple rallied today, the QQQ's rallied with it, but the spy still fell, Boeing still fell, the Diamond still fell, which is the ETF for the Dow. So you have a lot of drag on the market. Now, last week, what I was watching for an indicator was Amazon. I was really watching Amazon last week. I watched it break, break, break, break, break. That is lower and I still like the overall market lower. This week, I can't tell you the exact second that we fall again, but I will tell you this, if we gap down anywhere, anywhere at all tomorrow, we don't even have to gap down that much tomorrow. In other words, if we don't hold this rally into the close, which I don't think we hold between now and Friday, we gap down anywhere tomorrow, we're going to sell off again. The volatility is going to go up like this because it's going to be very tricky because people did buy today. One, you had short covering today from the shorts that sold off from Friday into Monday and then on the day today, two, you had people buying because people love to buy the dip, but I do not think this is a dip I would buy. That's also not what I look at. And I really think that there's no reason here to think whatsoever at all. The market is going to push through all the selling that's happened since like September 2nd, September 3rd. Yeah. And here's the Amazon chart right here. So you could see the more turquoise color is the 50 D moving average. And just like the Nasdaq and the S&P 500, we see Amazon breaking down below that 50 days. So the question is whether or not it turns around. What's next when you look at that? I know you have JPMorgan and Boeing too, but the quick thought here is you looked at that chart of Amazon. Well, right. I looked at Amazon because Amazon's got a long way to drop. I mean, and if Amazon goes, the rest of the market's going to turn around and sell off. I mean, Amazon can drop 100 points in a day and you're not going to have that sector, that big sector, that tech sector hang on when you've got Amazon, which is the big guy fall. So even Apple will turn around when that turns around. And Facebook looks lower to me. Facebook broke another level today. Facebook is lower. And again, when you're looking at all these things, you're saying, OK, you look at the financials, which are part of the spy. And that's one of the reasons I'm focusing on that ETF. Banks are going to be writing off substantial loan losses into the end of 2020. You cannot have banks continue to push off, push off all of these foreclosures. And don't forget, you're going to have other things happen to here. You have people, they're dealing the moratorium on the people that are paying rents. Well, guess what? Landlords don't get a moratorium if they have mortgages on their commercial properties. They still have to pay them. And what's happening now is banks are doing all kinds of loan reviews. I have a friend that's an appraiser. He's doing right now is appraisals for banks because banks want to know what properties are worth. He's not even sure how to set the tone for them. And here in New York City, and again, I'm talking about New York because this is a big, this is, there's so much business that happens in New York. And I truly believe that the New York City real estate is going to drop 40 to 50% in the next 12 months. And that is crushing. You have so much commercial real estate here. There's no way that's not going to affect the rest of the market. Right. And we're showing the JP Morgan chart here. So in the end, are you saying, really, you're not picking up anything? You're not buying, you know, I know you're watching names like JP Morgan, Boeing, Amazon to sort of give you an indication of which way the market is headed. But are you saying that you would buy some dips on any of these? No, I wouldn't buy right now overnight. If you want to buy in the day as a day trade and play it as a day trade or a one off or do a call for a one day fine, I wouldn't be long here overnight because you don't want to be against something that could happen like you saw one from Thursday to Friday, from Wednesday to Thursday and then Friday to Monday, which was what? We kept gapping down. You don't want to be long shopping overnight and then get up in the morning and we're down huge because then what are you going to do? You're going to be down in the trade. You're going to have to decide if you're going to, if you're going to basically buy more to try to help the position or sometimes what happens and this is with a danger with traders then the broker does a margin call and you have to come up with the money. Be careful right now between now and the election period or wait till earnings, which is about a month away. I wouldn't be long overnight. You don't want to be against what could happen here. I will be very, very careful with your overnight positions. You could do options because again, that has a fixed risk. You can't lose any more than you have on the trade and I would be extremely careful with anything. Go ahead. Now someone has a long-term portfolio and this show is really about a lot of long-term investing. Are they making moves now or just sort of sit tight and see? I would sit tight even for long-term moves because it's again the same thing. If someone told you that you could buy a stock at, I'm just going to make up a number. Say you could buy something at $100. Would you want to pay 150 if you know you're going to be able to buy it at $100 a strike? No, so just wait. I look at momentum. Right now the momentum is dragging down. Wait till the momentum starts to lift again. If we see some follow-through and then next week, if we rally between now every single day, between now and Friday, then obviously you can change your tune but I just don't think that's going to happen because if you look at it, we would have to go right back up to the highs and reverse all of the selling in five days then that we've had in the last two weeks in September and I don't think that's likely. Remember, what's going to do it? There's no stimulus right now with Congress. Congress right now isn't even thinking about another stimulus plan. They're thinking about what's happening now with the new Supreme Court justice. We're not even focused on that and I can tell you right now, the market saw that this morning too and that scared the market as well because Congress isn't going to deal with that. They may not pass a new stimulus plan now until the election and that's really going to hurt a lot of people. The long term I would wait. All right, Melissa Armo. I would wait. Great having you on as always. Melissa Armo, founder, owner of the stocks, whoosh. Thank you, Melissa. Good to see you.