 The following is a presentation of TFNN. The Power Trading Hour with your host David White. Call now toll free at 1-877-927-6648 or internationally at 727-873-7618. Now David White. Welcome all to another excellent edition of the Power Trading Hour and as we start the day off we always or at least the show off we always like to remind you that this happens between 2 and 3. The following takes place between 2 p.m. and 3 p.m. So what do we have going on off half point on the S&P cash although it was down about 25 points at one point or pre-market. Nasdaq's been varying almost negative 100 to flat today it's off 38 at the moment. Dow really flat at 9. Probably the more interesting stuff is the crude up a little bit 73 76 gold and you could call it flat at 1751 a little up a little off it's low really would have liked to see gold move a lot better with China declaring Bitcoin or Bitcoin I believe it's bit con is is illegal in China and that is because people have been using it to move cash out of China as a way to move do things and yeah I kind of been struggling with the idea whether or not the chai comps and if you are unfamiliar with that term that is the Chinese Communist opposed to the Chinese capitalist who went to Taiwan the Chinese communists were really upset or just worried about losing control or other issues I suspect what they are really worried about after I thought about it this week is the loss of control you know if you're one of these guys what hail if you're in the United States we've seen what happens when absolute power corrupts absolutely especially over the last couple years where everybody thinks that they can out do one another on restricting the rights of a US citizen some people say well yeah but it's necessary well the problem is that many people died for that to give it away so carelessly anyway I of course am residing in the in the freest state in the nation Florida another great day down here Chamber of Converse weather so we're looking here at the time where we've just turned into fall and we're gonna get a drop one day five ten degrees and it's gonna be absolutely perfect anyway my point on that is next week what happens and I didn't get the slide ready but I'm gonna say next week is a entire week where the market's gonna be avoiding I'll type this in as we talk avoiding what would you call it I'm gonna call it avoiding landmines is a special addition of next week literally every day next week there's something going on we've got the debt ceiling which really nothing has kind of happened on that yet we've got if you're into streaming Disney to lesser extent Amazon because they don't make that much money from the movies and streaming and of course we've got Netflix all facing a big strike in California on Wednesday we've got just just a litany of things that could if they go wrong could really hit the market kind of interesting to see the market just off two points on the S&P I was yeah I thought more than likely we would see with the Nasdaq almost down a hundred we probably see a lot more damage in the S&P and didn't get it maybe that happens next week maybe the signal on no volume comes tonight for next week but we shall see in fact let's check the volume right now 5.7 billion shares on the S&P cash so yeah I haven't done this lately but I think we can do this for the volume today yes it wasn't hefty hefty hefty it's wimpy wimpy wimpy so already getting questions today in fact I think I already have one here about the GDX and this is a three-gap play and does China getting rid of Bitcoin really help the gold story kind of a mishmash of many of those we'll take a quick look on this GDX do we have a three-gap play down on on GDX and the answer is close generally though I would give you three days for it to start heading back up if then you really are talking about negating a three-gap play lower one of the things you want to see on those gaps is they have a lot of volume and you do have volume on all three the gap down on the GDX on the 17th of what is that June the next one comes in on August 6 and the next one comes in on September 16 but what you don't have in the three gap play is a a closing of that first gap normally either happens the same day or sometimes extreme cases as many as three days but you go right back the GDX on a three-gap play should have closed within the next three days back above that 32 level probably 32 and a quarter so why it is a good look out here after about three days you want to give it the Amsgrey Attenley of getting out of that trade because if they don't work very quickly in fact most of them happen on the first day and most of them actually see the reversal inner day and so if you aren't watching there you don't even see the gap anymore because it just came all over especially more in stocks and commodities the three-gap play tends to happen almost instantly that day after the big gap down and at worst about three days later so let's say that you got long at 31 three days later it hasn't broken that you go ahead and just take get out of the trade if that's the pattern that you're actually playing for as I said man these things probably shouldn't have gapped down they should have gapped up we should see probably fifty dollars in gold so there's one of two choices one I'm missing something entirely that's who I'm not maybe there's something else going on I'm thinking gold can't pop on 1.6 billion people not being able to be there's something else I can't are you grinding in the market but seeing a 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 what's separating you from the most successful men and women on Wall Street that's right information having all the information gives us the perspective we need to place the right trades at the right time the TAS 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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 all now toll free at 1-877-927-6648 internationally at 727-873-7618 and we're back it's another wonderful day in the neighborhood won't you be my neighbor anyway couple other questions coming out here today Bitcoin somebody wasn't watching it apparently wanted to know what was going on actually I thought it might be down a whole lot more it was down like three or four thousand dollars it's down 2400 on the last take I see here now 42,134 last take we talked a little bit yesterday about the idea that good money runs out I mean bad money runs out good and the future of gold maybe gold was going to be down 50 bucks maybe that's where I'm wrong today and it was it's not because China closed the door on on crypto currencies but hard to say anyway when we look at this when we go back you've got three good gaps I would have liked the last one to be a little bit more but it rolled over and went down throughout the day but you know each one of those had considerably decent or if not high volume now doesn't mean it can't go up no it just means that as far as me saying this is a three-gap play which either to the upside or downside is three extremely large gaps on light on the heavy volume and that third one is an exhaustion move and by the exhaustion means that almost always goes back and fills that gap almost well almost instantly in most cases but I don't let it if it doesn't move within three days because really what you get here is an exhaustion move when I get back to this and that exhaustion move is the high volume day on September 16 so you're probably not going much lower for a handful of days the downside is a lot of times when you get those huge candles it's just done so what you're looking for a lot of times is a bounce so you can get out you didn't get get that you didn't close the gap you didn't do anything that looked good today you got a little bit of nothing probably the best thing you can say about today is the incredibly light volume of about 9.3 million shares compared to 28 million shares yesterday so that there may be another pattern that you might want to argue not be argumentative but argue is in play but the three gap I pull the trigger on three days after it happening if that doesn't move by then it's time to out of lay at and lay okay and I got a few more emails give me call today 877-927-6648 I got a couple of other questions that I had and I wanted to see you back here you talked about boxing in this morning in your newsletter what is that and that is one of the things to do that if you're trading options and the special if you're trading options like I do on the last day of expiration was looking for a good move in the UV XY didn't get it I mean pre-market it was starting to look fairly good today it didn't look good though so I bought the 22s yesterday for expiration today on the UV XY I think it opened at 2230 or something 2229 2297 something like that but then instantly started going down so if you've already got the short if you already got the long side in something the easiest thing to do especially on options expiration is know that you've got whatever the risk is in my case I think it was 33 or 35 cents you can always short the other side of that which is what I did and if you short the equal amount of shares then you know your limitations for the entire day but let's say that you had a thousand shares via the options for today you could go short a thousand shares right after the open after you saw it started heading lower and recover almost all of your cash fairly quickly and there you have kind of a low-risk trade for the day you know and if you're long the thing you're not gonna you're not gonna if you you know if it starts going higher and you've got options you've got the other side of it so it is a very good way cheap way of being able to go back and maybe fix some of your errors if you don't think you're getting exactly what you want or the trade moves against you doesn't mean you just have to say sit there and take a beating I don't I don't have any problem of just taking the other side of that with the equity mostly because a lot of times you're not going to get the fill you want in the options side itself but sometimes you can even make more money on the opposite side being short because guess what you now have a very defined risk for the rest of the day and you know a lot of times with a buck or two dollar option it's a lot harder because you can get a lot of decay you got a 33 to 35 cents in an option that's the most you got a problem with and like I said if you got you know if you're short and you've boxed in the trade with the equity side of it you can always get in and out of that side at least in the uvxy almost instantly so again this is probably not something can be done in an email where it may take you 15 minutes or 30 minutes to get it but it's something that most traders graduate to fairly quickly when you know you're wrong you know the worst thing can happen as you lose your whatever in this case I think I had 35 cents it so the worst case is you're losing what is that cup maybe a couple percent if you had proper money management on the trade compared to everything you have in your account that would be the worst case generally the idea with options is to reduce risk not put more on and just taking the opposite side of the trade a lot of times will work out and certainly means that you really don't lose that money and it gives you an opportunity to go up against it the worst case scenario is it closes at whatever the strike price is and you don't make the money on the short side the best case is it goes against you and you get out of it and you make the money on the option side of it so I don't spend a lot of time because these are more esoteric trades I tend to say hey this is it I think it's right we got the bounce that I was looking for the morning we didn't get the continuation I suspect that the Fed is going to help as we said next week we've got so many things coming through out there that could blow up in our face that it's going to be a very tough week to say that you want I think you're gonna have a lot of interday turmoil and confusion next week we'll be back in a few having fun trading the markets but having trouble finding like-minded individuals to discuss your trading and investment ideas with become an apex predator in the trading markets and join the 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allows you to scan thousands of stocks for Fibonacci formation setups including Gartleys 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 think or swim for more information just click the think or swim banner on the front page of TFNN.com and another question from Robert who said that nine months ago or a year ago don't know where it you said California is broke yeah it's kind of like saying somebody's got a bill due in 60 days in this case two and a half trillion dollars with unfunded mandates they continue to chase everyone out of the state that is actually pulling the cart leaving only the people that are writing in it I don't see how it gets any better and that two and a half trillion is not going away the only thing that they could do is maybe get some bill through the through the Congress that relieves a little of that two and a half trillion dollars of unfunded mandate but the real question from Robert is would I be shorting the bonds in California and I would say as it gets closer to the midterms if we see the shift in the house that almost everybody is predicting and there isn't anything that fails them out I would say yes you want to be short the bonds long term from California I don't think you have to to dig through the books like in Ron to figure out that if you're giving everything away and paying a retired police chiefs a million dollars and captains you know $750,000 a year it dust will not be you can't do that everybody knows you can't but you know you've got one-party rule out there and there's not a lot of people to say no to anything everybody's kind of in the same kind of boat and you know no one's gonna want to upset the apple cart until it crashes but I don't see any change in the in the amount of companies leaving California they won't face the problems they have with electricity mostly those are not going in there and cleaning and clearing out a lot of the woods that surround the power lines not updating any of the power lines mostly because of course people say that it's not environmentally sound or some other idea until it burns everything to the ground they they still haven't updated any of the power lines with the problem they had a year ago so no I don't think anything changed out there everybody just keeps on pointing fingers at other folks but eventually someone's gonna have to come in and say I'm an adult and I'm gonna clean this mess up but most everybody just keeps whistling past the graveyard out there yeah do they have a little cash now that has a lot to do with the bills for COVID when those when that cash is gone papering over the two and a half trillion dollars of unfund funded mandates just think of it we've got a country with 50 states and 20 trillion dollars worth of debt they've got their one state at a 50 and they have two and a half trillion dollars I can't overemphasize how bad it is but like Bernie made off or in Ron William Buffett William Buffett yeah who loves to say you only see who's swimming with a bathing suit when the tide goes out that's gonna be it when it goes out or the other one I love is how did you go bankrupt slowly and then all at once the history would say that that is it but if there's no bailout of California via the house in the next year and they get lose control of the house with Nancy Pelosi running it she's probably the best chance California has for a major bailout of that state before bigger problems ensue so would I go short today I guess is the question the answer is I'd wait until we see a little bit more but if it becomes very clear politically that there's a switch in the house and I what is the average 50 seats or 40 seats in the midterms they're up by 16 so yeah I have a feeling that it probably a fairly good bet the question is when does that tide turn right now they've got the some cash from the COVID stuff to keep it going but it's always how quickly that stuff starts to fail other things going on here today we have questions that are equal to similar conditions over the years I scored some nice gains with wrangled resources I have to believe gold in general is gonna get a bump up with the crypto news from chikoms please look at gold am I looking for a swing up to 1950 the thing is you're going into a weekend and you really you know you should be seeing something today I mean the volumes light you got to say that the question is is there something else out there lurking that's going to make this happen it's just hard for me to see the sell come in again on this one you wanted to see it close back above February 26 of 2011 or excuse me 20 21 that's $18.57 you would want this thing to close back into the trading range the signal low as in you do have a gap here let's go back and look a little farther out here maybe this is just some huge extension you actually have a double gap let's go back here and look at it of the same range and this double gap goes back to March 24th so where I would expect this to be since you're sort so close to this is that 17 I'm gonna say about 17 20 would be it and that if it's this is just testing those double gaps and if you get one gap there's pretty good chance you go back and test it you get double gaps I'm gonna say a single gap probably 70% chance of a re retest I'm gonna say more like 85% when you get double gaps so what that's what you're looking for right there and that is the day the 24th of March and if you get a test on that with continued light volume that would be nice you really if you were looking for that high volume on the 16th of September with 40 million shares that's the one that kind of set up the blow through of $18.57 that February 26th low so I don't so okay the question is how far would the jump be if you find a low at that 1750 1725 area energies about same way up way back down like volume back you know we'll talk about this when we come back but ideally 1750 1725 a very light volume and then a pop higher probably going back up 20 yeah that'd be good first step we'll be 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 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 to help buyers and sellers make the most informed decisions across all price levels from the price you should be paying per square foot in certain up-and-coming areas to the type of cash flow investment properties are capable of creating Tiger real estate can help you make the best decision when it comes to all areas of the market before you make one of the biggest decisions of your financial future call Tiger real estate LLC today at 727-329-8322 or email us at tiger at tfnn.com that's 727-329-8322 call us today 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 it's 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 his weekly newsletter will give 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prospectus please contact direction shares at 866-476-7523 the prospectus or summary prospectus should be read carefully before investing and investment in the funds is subject to risk including the possible loss of principle 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 question in the den about a particular laptop skis someone gave me one of the things I probably wouldn't be buying is laptops that didn't have some kind of significant graphics card in them and by significant I mean like an NVIDIA 3050 at least 2700 series NVIDIA in a laptop this one he gave me he's got the iris video from from Intel I think right now just so much stuff is being worked on for artificial intelligence I like to call it machine learning there'll be new apps and everything else especially as a trader I'd probably want the door open to be able to run those and actually have a fairly decent graphics card the rest of the machines great the crap part is that the that the integrated graphics is I don't know probably the equivalent of six years ago the weak part of it I'd much rather get something that had that and like I said an end an NVIDIA let's call it a it probably the mobile equivalent of a 2700 or in fact a 3500 right now there's some new new laptops and the next break I will check it for you but I saw one either yesterday the night before it was being compared for about 1100 bucks compared to one that was about $2000 and it was a killer laptop I just can't remember the name of it right now but I can find it during the break if you've got a question on anything in technology give me a call 877-927-6648 or email me or put a message in the den but if you use email PATH at tfnn.com okay other things going on thoughts on Tesla to TSLA question about whether or not we broke the high here now I still love this on a possibility of a short I'm just waiting for some kind of signal that says pull the trigger but you've got 25% lighter volume for the May 19th low you're coming back up to this high that had 49 million shares you got 15 million shares so far so was a you end up with 20 million shares let's just make sure because I didn't look at it today I was probably going to look at it I didn't want any risk over the weekend because a lot can happen what you want to see is continued low shorting in this and yeah you got about 15% short yesterday that may be in just enough to move this thing up to where it got here today but now you know maybe you get 780 on this certainly don't like the volume today could be much better but maybe you get a test of 780 on lighter volume and push it but I'll be watching it I have a a idea that I'll probably be short this thing in the next week if this thing flinches at all as I said before this is not a good setup especially with way China is going my guess is the ideal short would be you short in the next day China says they're nationalizing all the Tesla production facilities because Tesla delivered a bunch of cars that were had problems and they do all you have to do is catch the internet YouTube channels where people are complaining about all the problems with their Tesla cars over there in China it is a regular occurrence the Chinese do not have any kind of self-loathing that makes them cheer a product that is defective and what I say it's a horrible car no what I say that the people in China are probably not willing to take as many flaws as the cars are now but you know the sales in the United States are not that strong they lose China I think they could lose half the price their stock price in a matter of weeks and like we saw yesterday wouldn't take much so we can see and of course they're actually funded by China and the money so you know you can do anything like say you know what we're gonna do we're gonna we're gonna call your loan you do a lot of different things and again a lot of people think that they're all singing kumbaya over there they're thinking about every day how they can get everybody else's money they are the consummate capitalist for being a communist country they are going to look for a way to clean Tesla's clock eventually yeah I would say so yep pretty close maybe it's Monday maybe it's Tuesday maybe get a test of that high again no sign here today but I would be looking at it very closely okay that answers that question I just want to make sure that the shorting in it remains low on a daily basis okay what else do we have question on AMD you know the problem I have is this thing should be back to 110 115 it's hovering about 105 all you've done really is go out here and have a bad hair day on the 20th and it's back right back to going sideways I don't like stocks that go sideways at or close to highs because that generally that's a good sign of distribution fundamentally it's hard to figure out how AMD does poorly other than maybe even worse shortages in the chip sector that I guess maybe also problematic is you know the old story of what you don't know you don't know but I would like to see this better everything eventually says better but maybe there's one big hiccup before the next earnings comes out that really puts the pressure on them I mean AMD and Nvidia are basically hooked together at the at the hip the problem I would have for Nvidia is any close over the next couple of days below below this 3x3 displaced moving average it really other than a couple of days has just done nothing but going sideways back for about 20 days you had three days where it came out you came up but you didn't get the kind of all you need one I think we probably yesterday should have seen something in the neighborhood of maybe 70 80 billion shares what we get 26 million shares yesterday 25 that look good which we think 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 it's can rise and fall like the tides subscribe to Basil Chapman's 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Petersburg Florida your investment can be anywhere from 100,000 to 500,000 you want to make 1000 per year on 100,000 dollars invested a 7,000 per year on a secured Tiger first mortgage the Tiger first mortgage program may be just the program for you the Tiger first mortgage program pays 7% per year paid monthly for more information you can call 877-518-9190 that's 877-518-9190 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 and we have people asking questions here about laptop switch ones should I get I'll post it in the den if you're listening the best site that I've ever seen for good reviews of what's going on and what you're looking for in computer hardware is Tom's hardware I'll shoot you a link at path at TFNN.com and I'll just send it but it's Tom's hardware but that's it we've got another question here before the end of the day DMYI yeah you got all the volume in the world great from Lutz Minnesota apparently no you got the big move you got a 10% move in here you got everything you want that is exactly what happens Tim Ortt is a big fan of these trades I call them Lazarus trades the things are just dead and dead and dead and dead and then something out of the blue comes out but no you may get a retrace in fact I'll put an alarm on this below $10.50 but yeah you can get back up to 15 bucks on this one this is exactly the kind of pattern that he loves but most people can't sit for three months waiting for something to happen but yeah this is pretty much everything you have been looking for to see what the headline is on this merger okay so maybe that didn't end up being something that long it's got bigger problems that's it if you have any questions on laptops I'll be glad to see you that link we've got Larry Pesavento once again at a cleanup on Friday thanks Larry so when you can not when you have to we'll see you Monday same that channel same that