 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 Hey well all to another exciting edition of the power trading hour when we left yesterday we were down maybe 20 there and maybe at the end of the show what may have been flat but I think we were down about during the show down about 30 points on the S&P cash we're what about 110 or 120 points higher than that now on the S&P up another 33 on the day let me update that just to make sure eh or have 20 on the day 41 75 so a little bit but it's been kind of light and variable as they like to say in the weather pretty much everybody now just taking a big breath and waiting for the Fed tomorrow the question is whether or not the Fed will do some kind of Pearl Harbor my guess is they will not and that they used job boning to get a lot of people out of the market and let the market do the work instead of them actually have to raise rates as quickly and fast as they've been hinting they would but you know variety things have come out maybe it will you know I have a feeling that the markets price for or is kind of price for what half a percent we just get a quarter I think that's probably will put us off to the races and we'll make yet another high by Friday that may take us back up to some level where we're thinking about shorting again but I think it's going to happen this week again first of the week yesterday just about you can almost set your watch on it and that is fun money coming in yesterday and a little bit more coming in today but again around two o'clock a lot of the fun guys and you know the hangover is kind of worn off and the coffee started to work and they're they've had a couple of meetings and ruminated always like people ruminating anyway they've ruminated and they're ready to throw some money at the market and yeah it's just mostly throwing money at the market for the most part as always though it's great when you come here at this time the following takes place between 2 p.m. and 3 p.m. so yeah we've got that but yeah the one thing that we probably don't have a great deal of is a lot of volume and it's been around this 7 billion share mark at the time we started the show for last week so we're not getting a lot of hints there just to have a hair lighter today but that's not a big deal 6.8 billion shares as we start the show 6.8 6.9 which is it just 200 million less than yesterday at this time so not a big deal yet we're not getting any burning bushes out here saying that we've hit the highs now the question is whether the Fed is going to be nasty tomorrow are they going to talk to Janet are they going to call her miss Jackson are they going to be nasty well I don't know but I'm thinking that by the preponderance they're probably going to be rather sanguine and the market's probably going to take it as a sign that there's a little bit off of it as I said we could have a fairly decent amount of a bounce even the TLT's see and just a little bit of love today at 1 18 53 up about a percent but I think they're probably gonna want to do something that maybe kind of mellows the market out as I said I think what we're probably going to do is see kind of some kind of slow plotting move higher right now is there a chance we retest the lows of Friday Monday yeah is it a big one probably not if you didn't throw up then you're probably not going to throw up now they'd really have to have something else I don't see a lot in earnings coming out this week or anything else it's all about the Fed so I think just kind of sideways and when the market doesn't go down a lot of these people that have gotten short will probably slowly start to to cover and a market could just kind of meander up into the end of the month but we'll see but you know everybody wants to be short all the time and after you have a big move probably the worst time to be short the market it's going to digest it it's not going to believe it it's going to go back up you're going to have no volume and then the whole thing starts back over again if we're in the bear market I believe we are in 877-927-6648 the huff and the puff and the do a quarter well that's yeah ruminating I used to have a grandmother that talked about chewing chewing the cud which if you've not had cows you do not know the reference but that's it I don't think there's a whole lot out here not going to be surprised to see maybe a little bit of selling pressure tomorrow morning and all the volume deteriorate but this market's especially some stocks are set up for some probably huge squeezes even if the market does nothing I think we're going to probably get some squeezes and at least a handful of stocks and some of them could be rather big I don't know if they're going to be AMC Robin Hood kind of big but I think there's a few stocks out there that we could see 50 100 percent moves in just because literally there are no shares left to borrow on so you know when you get too short you want to be real worried that someone's going to do something that's going to light the market on fire I talk about reminiscence of a stock operator and it like I said there's not a day that goes by that something out of that book doesn't appear to me as some kind of wisdom almost like the Bible of trading but there's a part in the book where he's stuck in some trade I think he was in corn and he was on the wrong side of it and kind of like now it was going straight up and it could have wiped him out so what he did he he took whatever money he had left and he sold as much corn as or as much weed as he could because there was no way that they were going to do anything on corn for him anyway selling the wheat spooked them and made them think that there was something big to be had and maybe in the weather or something else and suddenly everybody started letting go go of the corn and you know there's a lot of that in the market market manipulation but it kind of six degrees of separation and the thing is you don't want to overstay your welcome especially if you're on the wrong side but markets tend to crawl on up even in bear markets only to jump off the top of the building later on we'll be back in a minute 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 whites 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 the 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 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free at 1-877-927-6648 internationally at 727-873-7618 as we return it's always about history and something i saw and listened to last night i knew was obviously wrong and of course not surprised to see news folks not check their stories before they began but let's do a little history and we'll talk about how this intersects with the stock market from a ways ago and how it affects us today last night i heard somebody say well it's never ever happened supreme court has never leaked anything well as a student of market history because past is prologue i knew this was untrue unfortunately we saw people from the media and even politicians uh uh saying that but it's patently untrue um in 1919 there was a guy named ashton imbrie ashton had been a uh a a clerk for the supreme court where a fairly new thing at the time uh but uh he got to see a lot of decisions before they were made uh not so many uh headline uh kind of decisions uh back then about uh about social issues they were mostly things about business for the most part there were a few uh big cases but most of it had to do with business and most of it had to do with either steel or the railroads back at the time uh but uh ol ashton he was an enterprising guy uh he did a little bit more than uh most clerks in uh that he would get a hold of uh of uh rulings by the supreme court and i probably five or six rather large ones but in 1919 it was uh one with the southern pacific railroad in which they uh actually committed fraud when applying for the land uh and uh the supreme court was going to come down and uh the stock lost 10 percent uh the price the next day and i think somewhere around 40 percent the price of the stock uh over the next week uh but uh he was uh he didn't have a lot of money himself at least to start with but over the years uh he would help out uh people uh in wall street and give them the old tip of the hat not of the head and let him know that things were coming um they all knew it just because so many people were shorting right before the big news came out and it almost uh occurred almost over 10 years anyway ashton embri when a newspaper uh article was ready to appear i think it was in mid december of 2019 quit and uh told his boss that he was going to work at a bakery well little did he know that he owned the bakery uh and uh most of the bakery was uh well paid for with uh money that he got back from these guys uh on wall street that he gave the insider heads up on uh of course uh the the only real proof they ever really got was uh this uh southern pacific thing uh after putting somebody undercover uh but as most things uh the undercover guy uh kind of crooked uh and certainly wouldn't stand up but the other thing they figured out after trying to prosecute him for 10 years after this it wasn't against the law what that we did find out is it took till 20 or excuse me 1937 before there was any kind of insider trading laws it's been amended a few times uh we got an uptick rule in the early 30s i think 1933 but uh there was a lot of uh uh shenanigans going on and uh when you look at what he made he put uh on the last one he put down $600 and you think okay that's not bad well that's about $17,000 in today's money you'd buy basically equivalent still uh not billions right but the one thing you don't understand is that these guys shorted right before the close and the news was coming out the next morning uh they could also have 10 to 1 leverage which they had so his uh $17,000 was actually more like $170,000 and uh worth of shorts and again in 1990 uh 1919 dollars anyway uh he would go to uh actually own i think six or eight bakeries around uh the area that he went to live in and became a decent citizen but all funded by nefarious action and as we said people really didn't especially people in congress didn't know what to do and it took till 1937 of course we talk about insider trading now with the uh members of the house and the senate and a lot of noise about it but uh we've got a speaker of the house who's made about 250 million dollars from deals uh with uh mostly banks uh that uh they are supposed to actually uh be overseeing uh but uh you know what probably not probably not much gonna happen um there's been a lot of talk about it this year but uh guess what a poison pill in the bill would make it so that uh it would be impossible for any judge to actually sit on a case uh of uh this in which either a congressman or senator actually did trade on insider knowledge but anyway one of the more interesting stories of uh the early days and of course as soon as we figure out one way uh to cut off people doing stuff like this they find yet another but yes he made some real dough ended up dying i think in 1963-ish and owned uh eight major bakeries across the midwest uh but uh he started all like a lot of these folks with uh uh dirty dirty stinking money anyway always history and how we got both the downtick rule and insider trading at least for those people not in politics in 1919 it hit the front page and started something that would take another 18 years to get done okay so what else do we have uh let's take a quick look at some of the bigger movers and shakers as i like to call them the usual suspects um you had some nice bounces off the lows uh like microsoft uh and uh it's just kind of been going sideways that's not uncommon uh for bounces off a low even in in a bear market um but you've got about half the volume you actually had yesterday you may close under the three by three but you're on uh the gap up and that gap happened up just a few days ago on 63 billion shares uh and then down today just on 15 so 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 published a gold report with covered 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 tfnn has just launched their new trading room the tiger's den hosted at discord tfnn has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours and now they are expanding their reach with the tiger's den available to all tigers and tigers for just one dollar for the year there's no cash or added costs when you join our community of traders in the tiger's den you can look over the shoulders of tom o bryan and the other tfnn hosts while they analyze charts during their live tiger tv programs and join an interactive trading community with hundreds of members exchanging ideas interact with 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on the gap up on the 28th uh it had 7.4 million shares uh today we've got about three million shares so um kind of an inside day but not surprising in front of a fed meeting uh the rest of the usual suspects everybody's looking at um you've got a little bit of what could be a uh Gartley pattern but kind of a smaller one uh in AMD uh the probably the interesting thing is uh you're up against a 91 dollar high the April 29th that had 82 million shares you got 83 so it's uh you you got a bounce uh you're back up into it with about the same amount of volume uh the down day back on the 21st of March had 76 million shares so not as bad as I said yesterday a lot of things could be a lot worse and uh they just aren't uh in most stocks some are but uh we'll continue to keep a look on them uh other stocks out there that people have been uh prognosticating the end is nigh is nvidia uh yesterday 57 thousand uh 57 million shares uh day before that 50 million shares 57 million shares and a low at 50 million shares today you got about 33 million shares so far that one's a little bit heavier of the two take a look at the smh's real quick um all of these have a kind of a similar pattern out here uh gap up on some decent volume of about 9.5 million shares in the smh's uh that was on the 28th uh you go seven million eight million uh and you got about three million today so you really haven't broken a previous high out here you're just going sideways uh but you are uh sitting on the uh upward side of the three by three uh let's take a look at some of the other ones out here a little bit of a bounce in bowing today very light volume so far this one may take a little bit more before it turns higher i think the fed may need to do something of course the stink on it from earnings still a bit there uh but uh you know there's not much in the way of uh shorts left to hop on that thing let's take a look at uh bank of america uh to to this one did gap up today uh you're back up into some 80 million share days about 31 million shares right now so you broke the lows you didn't really do it so badly on volume in this one about 64 million shares to 80 uh and you meandered around but you are going to close above the three by three so you may need a few more days but tomorrow um if you want to be looking for stocks that could have some room to run if the fed is rather benign uh you might want to look at the banks because they look like they're turning around uh as we said yesterday there was rather large uh double repo pattern uh setting up on corn uh the etf uh you've got a little bit more not much in the way of volume today but of course uh this was another one that we were talking about uh finding a confluence level somewhere around uh if i'm not mistaken let's go back a little bit longer about 26 bucks uh which is not the end of the world for these things but uh probably over a little bit over the tips of their skis but you're getting uh not a lot of confirmation today but certainly more uh this could pull back the first level is going to be about 2780 and then the next one about 26 uh at those levels you might look at after this big run of finding another position in them if you want uh fdx i want to take a look at this one um especially on energy um when you had a fairly nice uh retracement yesterday uh after getting hit early in the morning uh in the giblets that's a technical term by the way for uh crude oil uh and we're off two bucks now i think it was 100 went to 105 on the close we're now back a couple bucks uh just the con uh the normal consolidation of a rather large move higher in my opinion so far uh but not seeing much of that action transferring to companies like fedx uh you're not going lower uh but today's again pretty much a light volume ahead of the fed uh let's take a quick look at gld um and yeah if uh if they're benign you could see a move in gold right now in the gld uh you're going to have very strong resistance on any bounce and that would be at 181 to 184 so you've got three gaps down um could you go fill that gap around 180 you could but uh you're really feeling they're kind of finishing out here in abc on the way down so it wouldn't be surprising to see a rather large pop in gold but again tomorrow uh depending on how benign they are um could be kind of interesting okay a question about the spies so let's take a quick look at that and what we have um you went down below the previous level we talked about how light the volume was uh on friday got a little bit more uh toward the wash out in the clothes but the february 24th low and the spies at 4 10 which was my target and why i was talking about it for the last couple of weeks and we were looking for a low around that low in spies and that uh we kind of hit it on friday uh we tried to wash a bunch of folks out yesterday but closed back above uh that level and probably the more interesting thing is that you had 145 million shares on the worst day on friday yesterday only a you only had 158 but that's against the uh benchmark of that february 24th low with 214 million shares so you uh it wasn't great but you didn't get at least that time everybody to cough up their cookies uh that means that maybe a bounce and in this case 435 ish would not be beyond the scope of reason for just a bounce and a downtrend if you had very light volume uh then the next move down you might think of as busting 410 if we get volume on the way back up then uh maybe choose through that 433 433 ish level out here uh that is confluence 8 7 9 7 6 6 4 8 is the number that i find you calling right now and asking me some questions okay what else do we have out here uh question on tesla um again i don't know if technicals are all that great with tesla um i found on the long term the fact that they are uh a slight volume bounce and are one of the most uh sensitive to interest rates so uh i think that's the top part are you in the market for buying or selling real estate 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ETFs china a shares in either direction visit direction investments.com today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 8664767523 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 four side fund services LLC don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv and we get back probably not going along for the next 24 hours until the fed comes out and then we'll have a little bit fireworks actually 23 hours in about 15 minutes from now but not a lot of you know just a lot of people standing back waiting I think for the fed to see if there's anything worth going on a question from Ron about work day take a quick look at that see what we have okay well you broke the lows and you got a little bit more of the way the volume 2.8 million shares on the 26 to 1.6 today so yeah could you know some of these stocks are still selling off a little bit but not as hard as you would think check in on royal gold we talked about that one yesterday you got a little bit of a bounce out of it yesterday I mean today you're awful close to that support level you're going to close over the three by three but with on no volume my I would love to see maybe pre-fed if they are going to be benign that you go through the 127 on royal gold maybe 126 or something they close back above 127 and a quarter or so but that would be kind of the best thing for it if you're thinking along on gold I wouldn't be forecasting it but if it does it I would react and say that it's bottomed out question on micron here still one of the better looking tech stocks for a bounce you don't have a whole lot yet again I think we're going to need to settle out but probably doing the best got to 71 96 today my guess is this is on its way to 78 46 and at that point maybe you would think about it short again but you went through the previous slope about 25 million shares you went below it on April 27th you popped right back above it and and decent volume okay just about nine million shares today but again all this stuff tends to be a lot of who shot John until two o'clock tomorrow okay another question from one of our gentle listeners watchers viewers on the XM E you had a doji yesterday the volume was a little bit more than I would have liked you're still under the three by three it went right to it today and is kind of turtling and prairie dog and back down a little bit volumes and probably going to be in line with what we had yesterday you want another close kind of above and then maybe another one below and then the next one above it would probably be the one to buy so that may take a little bit more to sell settle out the TLT we talked about it you do have a bounce kind of anemic about half the volume if the Fed is going to fold up to 132 tomorrow not all in one hitch by the way but if they're really benign that's where I will want to go next time I'm not exactly sure whether it could ever get there what else did we talk about another request to look at qualcomm again the pride of the field at the moment you've got three days really four days out here after the gap hire you did have a sign of strength with 31 million shares you got about four and point four right now on kind of just insider days maybe another day or two before this starts heading up real resistance comes in at 149 to 154 ish so and I think you got a little bit more room to run in that before it could turn lower if you're thinking short out here uh is this what I want to look at maz tech yeah a little less IA yeah could it bounce back up to 90 yeah uh let's see what JP Morgan's doing today uh as I said this one probably looks fairly good to 134 that's not a whole lot in the scheme of the downtrend it's had but yeah 133 132 ish looks like that's where we're gonna start resistance 134 is probably gonna be a brick wall on the bounce but where do things have happened but maybe you get there on a very benign fed if you're thinking about shorting that's where you're gonna have to see it before the risk reward starts picking up at least in my opinion okay let's take a look at UNG you are and did come back up and retest the previous high of April 18th that had 20 million shares I've you done it today with seven million shares it didn't quite bust the top but it did enough you don't have much in the way of volume I would watch out that is a valid sell signal in my opinion on UNG we're getting to the summer part it may not come back as far as a lot of people think but my guess is you are probably going to see this on a sell note going back probably that $22 mark probably late summer and then see it pick back up again it is or could be a double repo but you'd really need it to pull back a great deal before it ever got there but you know you've got a fairly good setup out here as I said I can get that to reset so yeah I'd watch I think this probably just because of seasonality has the opportunity to come back around 22 bucks remember as more and more people decide that it's time to go back and mine or not mine but drill for oil and pump it and shale it there's always a lot more natural gas than they can ever use so this may be if I was thinking long crude at this point I might be wanting to think short at UNG as a pair of straight on it okay what else do we have out here okay FLX anything going on in this one yeah I think it's just dead money here for a little while let's take a look at Disney and see if it's done any better but I think most of the streamers out here little or nothing on the bounce today's bounce pretty weak on Disney with eight million shares uh what else we have amazons really not a pure play but we'll see what it's done now that it's kind of blown up um at best you've got an inside day with light volume on amazon so no real signal out of this right now a lot of hurry up and wait and we're almost down to 23 hours and 10 minutes 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 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 not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at tfnn.com the opening call newsletter is written by basal chapman creator of the trading methodology known as the chapman wave the chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by basal chapman in your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up tfnn.com educating investors 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 metals 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 published a 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 catch tom will brian professional trader and educator founder of tfnn also a special guest on cnbc tom will bisect and dissect the markets the tom will brian show next on tfnn as we return jay wants to know where you think uh u p x y would come back if we get the market affirming uh non-threatening uh tunes of j pal tomorrow uh my thought is it could come back to about 14 bucks maybe 1350 generally this thing decays faster than ice cream melts on georgia asphalt in mid july so just keep an eye on it but you don't have remember you don't have to go higher to kill this off all you have to do is quit going lower uh and yeah and these bounces and it went right to the gap that it had down uh for uh to to on the 16th of march uh got into it you were down on 69 million shares you got into it with 121 million shares gave it all up yesterday so my guess is that everybody that was long this thing van moost and sold it to uh bag holders uh and you're back down into the gap today but my guess is you're probably going to work your way back down the next support levels at about 14 dollars and 40 cents but uh when this thing's on the other opposite side of it it just melts incredibly fast so maybe i'm wrong on the fed tomorrow we'll know like i said within 23 hours now in five minutes but uh yeah not much else is going on in that but uh i think we're either going sideways or higher out of tomorrow uh i'm in amt says marie uh well let's have a nice to bounce in a decline well you kind of broke through already but uh the big problem you have is just overhead resistance um 247 245 is resistance so yeah could you get a bit of a bounce but pretty small i'd rather buy this above 250 bucks and know that it broke through the resistance level then be in it right now i think more than anything you're probably talking just side consolidation but uh and there's not that much to the upside on this so when you can not when you have to uh join you back tomorrow when it's going to be time to rumble with a j pal so when you can not when you have to building wealth trading in the stock market seems impossible to