 Hello to our mms to Jack Gleason as we do each and every Thursday and every day folks You can check out jack at major league trading calm Jack Gleason. What's going on, brother? What's going on? So I'm in my new office. I feel like every time I'm talking to you guys I got you know some someplace new so I got I got this bull bull hide I wanted to show you guys me hanging out my wall here got got a little bit of work to do but I'm getting a bull hide and for all of my Vegetarian animal lovers. I'm gonna get a bear skin rug as well in here. So I was gonna say where's the bear hide man A little more expensive so bulls and bears gonna be battling in your own in your own office. That's a pretty cool thing That's perfect, you know Know you're so well Jack I think you'd be on the run every time we that would do do an interview with you get like it That almost looks like a cell block back there Pretty much is a cell block at this point in time Well, you know, I'm in Chicago So I'm on like a busier street and I'm on the first level and it's like if you look in my office It's like it looks like a goldmine to Rob, you know, I got all these computer screens here So I keep the blinds closed because it gets rough over here in this neighborhood So what are we looking at out here Jack? So I'm looking at the S&P 500 You know, I want to see a deeper pullback. I don't think we're gonna get one If we do get a pullback 2864 half is my number That I'm looking at and then really I think we're gonna continue on. I mean, this has just been obviously a very bullish Reversal out of the lows going back to like what is that last Wednesday? Not this Wednesday, but the previous Wednesday, is it? Yeah, it's only Thursday. I was gonna say it's not Friday. Is it? So Yeah, so I have that going on and then really what I'm thinking I'm actually looking to To get in a continuation trade, but unless we can clear this 2884 I think we're gonna be range bound here to the rest of the week if we can clear 2884 I'm gonna be looking to get into a trade in the S&P 500 all the way up to you 2898 but for your friend gold here, I mean man, this thing is we getting killed I want to see this gold pullback down into It's a 50% of tradesmen along from the November lows. That's November 13th Too high that level would be 1273 1273 So that's where I'm looking for gold to like work its way down before I think we can end up really Higher the thing is gold has been sold into the halfway back short for the year so if you start at the high of February 20th, which is a high the year in gold and then draw it to that low it made right thereafter on the 7th of March Yeah, 50% of tradesmen was 1350 now We did tag all the way up to that 61 But I really think as long as we stay below that 1315 that it's gonna be pretty difficult to have or stage a Continuation rally that's gonna be and you know any bit bullish this year So, you know, if we start going back above 1315 at some point this year I think you can you know begin looking for maybe that bigger offside move similar to like oil Actually, let me go to that chart Had You know, it was that if you go to like a even bigger chart like you can go to a weekly chart and oil Oil was running into the full 50% or tradesman from you know, the major swimming live 2018 that's all the way off to you know, $42 now that halfway back had really what I would consider to be no participation like nobody home 5963 was that level okay, and You know, you can see on the daily chart. There was a couple There's some sellers there and typically what will happen is, you know, they'll be somebody trying to take a position Add around those major levels, but as soon as they fail to hold Below that level you can see that breakout that began on the 29th, you know, that's you start You'll just run all the way to that 61 So I would look and that's 60 ones at 63 71 So if I'm looking at gold that is a trade I would look at For the future if we start getting bid above 1315, I'd look immediately for a move to 1323 It's not as big of a trade is that oil trade is because that oil is more of like a weekly Sequence to play out. So, you know, everything below that level I'm not gonna get too excited on wanting to get long gold unless we pull down into the pullback at 1273 So that's what I got going on in about all of those markets, but I'm I'm really just the the best trend here I think is oil and then I do think the S&P's are gonna get that Was at that 98 level, I think I gave you yes I guess, you know, I mean, you know the S&P's it's just laying right at this top I mean even yesterday I think it had every break every chance to break topside and it's having a hard time with that October 10th the downtrodden When we gap up like that into like a new high because it doesn't really give much structure to run too hard Like, you know, I think we had like a 15 or so point gap the other day And you know, when you have that large of a gap, it's kind of hard to run another 15. So we ended up coming down Getting close to a gap fill, but here based on this morning's tape Um, yeah as soon as we get above 86, I think, you know, we're just gonna lift up and then begin working our way towards those 98s But still it's just it's not a market you you can be aggressively shorting Because you don't get more than a couple hour continuation Right and then even if you do we're right back at high So, you know the pullback we had the other week was enough to trap a couple of Permabares lift it back up take up the highs, you know So it's like even if you get to the day sell-offs like the deeper sell-offs We had down to the 20 the lows of the 25th and the 27th It's like, you know, we're right back through highs faster than we are through the most recent swing lows So that continues to be the theme here of 2019 is uh by the pullbacks and You know be patient for him. That's that's been the theme since you started trading Yeah, that's what I started trading. Luckily I don't have that Well, I I started trading in 2008. So I did see a little bit of a bear mark But I had no I you know, I had no idea like what what trading really was Um, but you know, I think I saw a lot of guys that I traded with that are older than me Like to develop the permit bear disease after that Yeah, I luckily never got to I was I wasn't around when that was getting passed off like the plague But I'm sure going through uh something something like that really just changes You I mean, there's so much fear involved That's such a heavy emotion that you know one down year like you had in 2008 is much more significant than 10 up years from a memory standpoint You know just it's yeah, and sometimes from a performance standpoint It's been like a far one town. There's that one year to get it all back, right? Listen folks, you can check out jack every trading day major league trading dot com jack You have a great one. Say fun. I have a great weekend. We look forward to speaking next thursday Take care guys. Have a good one. Thanks jack. Stay right there folks. Tommy and I come right back