 Okay folks, good morning and welcome to Swing Trading Today. This is Bob Desmond and it is 5.30 in the AM Eastern Standard Time, the 19th of November. There seems to be a little bit of confusion about market rappel which I put up a couple of times so far this week in the evenings talking about the day's events and I put up the podcast which is free and there is a member's version which gets emailed out that has video on it because I got a couple of inquiries about where's the video if you remember you have access to it all you need to do is to go to the members area and or click the link that was sent out to you via email and you get access to the audio video version so the one that's posted on YouTube with a picture of me on it usually I think last night's we're not blank and I know it was just a black screen that's the podcast because we're now on iTunes and Google so members again check the members area check your inbox there's a link that was sent out and you should have access to the full audio video version let me know if there are any issues with that all right let's get to the pre-market activity we're going to kick things off with what's coming out today today's Thursday jobless claims they could knock the market down they could boost the market up one of the two but very influential unlike prior to the COVID outbreak we're seeing more and more nefarious activity get uncovered in Georgia potential election fraud with the Dominion machines and foreign interference in our elections and today we have a bit of news out of M5 that M5 is the British intelligence service and they may have some involvement so things are unraveling here and it's really quite again Orwellian this talk of a great reset at some point in time it's going to have an impact people happen to like this country and these I don't know these Bond villains I'm going to call them Bond villains that are coming out whether it be Justin Trudeau with their talk of a utopian society they're out of their mother effing minds if they think that the American people are going to stand for this so it's going to be a crazy new year I don't know how else to put it I've never seen anything in all my years in this country anyway so let's begin with the dollar which is shockingly up and we're putting in higher lows here you know do we break out you know we could but we did that back here it failed we did that back here it failed the dollar is weak overall this morning it's strong but overall the macro view let's go to a weekly chart weekly chart lower highs lower lows maybe we do have a higher low here on a weekly time frame we won't know until we get a breakout so right now we remain negative on the dollar and give until it gives us reason to get positive on the dollar longer term the daily chart you know we had a bullish reversal bar yesterday today we're up new daily high you know so it's probably going to be an update for the dollar gold is getting whacked down 17 dollars per share we are breaking down below this is a 5 a.m. bar it opened up just over a half hour ago we are threatening to break a lower band of support actually this is a daily chart it's going to a four hour chart but so we already have broken down below that support level so gold's in a lot of trouble here it's weak and getting weaker and I'm kind of surprised given the strength in bitcoin but if you know if you put a lot of faith in seasonality well then gold is doing what it should be doing this period of time oil down about a half percentage point this morning not even more I'm sorry one and a half percent this morning now we sold half of our energy position in Exxon mobile yesterday we made profits were real there we did add to shorts in our of the cues and open up a short position on the Russell 2000 so we'll see whether or not we want to close out those trades let's go to equity see how it poised to open let's begin with the Russell 2000 the Russell is coming off the lows we're down about a half percentage point we did break a support level yesterday let's highlight this and there you have it so there's our break of support on a four hour time frame RSI lower highs lower lows the Nasdaq 100 down spot 42 percent no support level broken per se but we do have the potential for a lower high on a four hour time frame so this is not broken yet however it is under pressure let's check out the Dow down 105 points or about a third of a percentage point now here we did break support yesterday we are coming off the lows at current take a quick peek at silver silver is very weak down over 2% on the session so commodity prices on the pressure due to dollar rally the markets are confused at current this time of year they should be doing well they have been doing well but the headline risks folks are beginning to mount simply look at these headlines coming out of Germany we the people that spring water cannons on these people because they don't want to be locked down this is coming here soon just as the second wave quote unquote second wave of covid began in europe as did the first wave and made its way into the united states so too will the society unrest especially with an election which is undecided and it appears as though some nefarious activities going on and nobody even on the republican side nobody wants to do anything about it and you get this guy was seeing his face more and more claus Schwab the great reset mastermind suggests risk assessment brain scans before allowing travel so can you imagine these morons in government those who could not cope with the private sector certainly not everyone but a lot of them these are the people who had to latch on to the teeth of government to make a living and now they're going to make they're going to make decisions about brain scans before travel and i don't know who this claus Schwab is but he tell me this guy doesn't look like a bond villain this is off a zero hedge all right as we leave off here i'm going to go over two stocks that were requested one was from larry yesterday larry i apologize if you're listening right now i uh just saw your your request for riley i didn't see it yesterday in the box so my apologies but i will go over it this morning uh nikola is up first so far this month is a monthly chart bullish reversal bar on the month you can see the vwap in yellow here volume weighted moving average acting is a lower band of support weekly chart we recaptured support last week follow through this week so the technicals are looking good here and i'm not a big follower of the news out of this company but i know it hasn't been wonderful so i would really caution do you do diligence here before entering i'm just speaking to the technicals i have zero opinion on the company and their business model so we do have a breakout on the week very nice daily chart uh we broke out yesterday we are leaning into the third standard deviation bolinger band that doesn't mean we can't go higher i think we probably will uh very very tight bolinger bands so the setup here for a bolinger band squeeze is it's the stage is set and the pierces though it's already begun so it looks as though the path of least resistance there's something that the market holds up is to the upside so bullish rsi putting in higher lows and higher highs b riley financial never heard of him i think this is going to be a riley auto parts all right so this is the value of trend spider i'm going to take these automated trend lines off you would think i would have automatically started here with my manual trend lines and said okay this is looking really good right however when you click the automated trend lines take a look you have resistance above so just be aware here i think that it's a buy it could be bought on any pullback but on a continuation move higher we have resistance at around 3321 so a couple of dollars away then we have resistance above that level with a 34 to 35 dollar handle weekly chart i think we have more room to run here a little bit of a topping tail of your top yeah topping tail yesterday and that's okay the market faded taking rally down a little bit rsi higher lows higher highs daily chart yeah there's the fade yesterday but it's still eked out a game so the daily chart still looks bullish let's overlay the monthly resistance levels you can see here's your resistance in dashed line on a monthly time frame on top of a daily chart we have seasonality going back to 2009 uh traditionally a favorable period of time in november up around 58 percent of the time drops down a little bit in uh december but really spikes up higher in january to 64 so this is the season to be long of riley it looks good here from a technical and seasonal perspective just keep in mind you do have some resistance up and around 3344 then a 34 handle then a 35 handle and with that folks everybody have a profitable trading day if you want the video version of market wrap become a member 14 day free trial offer fire me at any time be well