 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 internationally at 727-445-1044. Now, David White. And welcome all to another exciting edition of the Power Trading Hour with me, the unbelievable and squeezibly soft host. The following takes place between 2 p.m. and 3 p.m. Anyway, what do we have going on today? Well, let's take a look. Certainly a lot different than yesterday. Go take a look at that dollar down 10 cents. We're back under 97. That's been the big stick for the market, for the Treasury Department to try to keep the market. Everything else going well. When we look at the volumes, we're doing about 4.3 billion shares right now. So a little lighter than yesterday. I expect as we get this bounce to get some back and fill. Yesterday, when we were on the show, we were telling you that we were buying indexes in the daily newsletter. And had already bought a bunch of individual stocks. Those seem to be doing well today. Ended up stopping out on one of them, but that's the way things go. But what else do we have? It's a pretty decent market. Unfortunately, we did come down with heavier volume. So this is not going to be an easy move back higher. One day does not a market make. And of course, the Chinese actually saying we're not going to war kind of calmed a little bit of the market. But we'll have a lot more to say, but you know what? Do we have a low end? I think we actually have to see something really bad happen. And of course, the next big event for trade is that G20 meeting and what is that the 30th? I think the 30th or 29th of the month. So we've got a little ways to go. We've got a very long expiration this month. So the monthly expiration is on the 21st. So you've got darn near, you got certainly 15 trading days in this month for those options when we started the month on the third. So we've got a lot of stuff going. It's going to be, well, tomorrow it'll still be a week away from them going delta neutral into that 21st of the month. So there's a lot of good trading setting up what we have. When we talked yesterday, I think a lot of people were looking for a bounce in the market. I haven't seen it take more than a day or a day and a half after we get huge book call readings. And of course, yesterday we said that we'd published in the newsletter in the morning that we finally had that big bounce from about it's been running about 60% put to call ratio. We went to 80 on Friday. And that generally means, well, with about one trading day, you're going to have a change in direction. I've got a, not a cut, so what is it? Corollary. Dave White's corollary. That is the most amount of people will be the most bearish just before the market bounces. And generally, they can't wait to jump on puts right when the market's getting ready to turn or within a day or so. And of course, if you bought them on Friday and then got the reversal on Monday, you not only lost out of the weekend premium, you were on the wrong side of it too. So a double whammy for buying puts on Friday. Anyway, we're going to have a good day. It's actually, I'm still real tired. I was, I worked very, very hard last week on a variety of different things. One of the things that I thought was the most interesting was I was waiting for the bimonthly short sell data. And guess what? A bunch of people quit posting it on their website. I talked to IEX, the other exchange, the guys that were in the Flash Crash, or yeah, the Flash Crash Boys book a couple of years ago. They're still doing fairly well. I talked to one of the individuals because they said they had an API for actually downloading it. Well, come to find out it was only the stocks that were listed on the IEX, but we got to talk in a little bit. So basically they have one stock that's listed on their exchange and that's Interactive Brokers. The other thing was that just how expensive it's gotten to get short data from the exchanges. Each day I will talk about what and how many shares were shorted. It doesn't tell you how many were covered before the end of the day. That's the daily data. And then twice a month, the exchanges, the New York Stock Exchange and the NASDAQ, actually publish the data. We get it as peons a couple of days later than everybody else, but at least we get some kind of idea. Well, it was about $3,500 or three grand a month to get that data from both of them. So about six grand a month, if you're somebody like Yahoo or something like that. Well, the big exchanges didn't like that. They decided to double the rates. It's now six grand a month or so from the NASDAQ and maybe eight grand from the New York Stock Exchange to get that bi-monthly data. So it's very tough to find. The Wall Street Journal used to publish tables of it. Now you can only go to one individual stock at a time. And it takes a little conniving to get it if you don't want to pay that eight grand a month. And who does want to do that? But one of the things that was very interesting is that they're not allowing, apparently, I'm going to have to do some more research to double check this, but they're not allowing to publish short data on ETFs. I found a source that shows it. I'm going to wonder in about two months, in the next couple of weeks, if it changes at all. And then maybe I've got a source for how many people are short these ETFs. But my guess was that there weren't a lot of people short when the market started to turn down. But we saw a lot of shorting, I suspect, and those ETFs, the daily numbers are huge. But that bimonthly or twice monthly, is it bimonthly or twice monthly? Data is going to be very interesting going forward on whether or not we even get it. And whether or not the big men of Wall Street have a way to short that we cannot ever find out about. But I'm going to talk to Finra about it and see if there's anything else. But if you're paying $100,000 a year to get data, you've got to make some money. It would be $96,000 to get it for a year. Maybe they've got, if you pay for the year, maybe there's a little discount. But I don't know why it's that way. But yeah, many things going dark is a comment from John and Phil that Alfie in the den says today. I'm always worried, but there is kind of a night. There are signals that we get right before the market turns. And I always think that there's malice involved. Maybe it's stupidity. But when tech started running late yesterday and hit the light on many things, that was about as much as I could stand. I had to buy before. Anyway, we'll be back and then talk about a little history and some charts. 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Sign up today. Steve Dahl and Tom O'Brien have just announced a special webinar on June 19th for all subscribers to the Taz Profile Scanner. Steve and Tom will break down the trade matrix, market breadth, heat grid, as well as the three-step process you can use with the Taz Profile Scanner to identify market movers and how to capitalize on that move. For all the details and to get started with the Taz Profile Scanner today, visit the front page of TFNN.com. With a 30-day money-back guarantee, you have nothing to risk. Go sign up today. Call free at 1-877-927-6648 internationally at 727-873-7618. And as we come back, we're up 48 points on the S&P Cash Dows at 433 NASDAQ up 157. Russell up 29. Anyway, as I said last week before I went on vacation, I'm wasn't going to get all wrapped up into the end of the world. Markets go higher and markets go lower. But I didn't see anything that made me think that it was 2007 or 2000 or 1998 or 1987 or 1929. But man, did I hear a lot of that last week and it made me think that the real money was probably going to be on the long side when this was over. We'd already made our money being short right at the top and took the easy money and then got ready to buy these lows. As I said, we were buying stocks through last week and bought my first ETF sector index yesterday. But it was pretty easy to see that these things were going to turn and that's up 3% or 4%. It's not a bad day's pay, but you know what? We're going to move on. We're going to do a little history and then we're going to look at some charts. So let's get going. It is nothing but history repeating exact, you know, kind of rhymes, maybe not exactly repeats. But on this day in 1876 a mere 83 hours after leaving New York City, the Transcontinental Express train arrives in San Francisco. That any human being could travel across the entire nation in less than four days was inconceivable to previous generations of Americans. During the early 19th century when Thomas Jefferson first dreamed of an American nation stretching from sea to shining sea. It took the president 10 days to travel to 225 miles from Monticello to Philadelphia very via his carriage. And now we're mad if we don't get Wi-Fi in the first five seconds of walking in a building. But that's the way things are. No one's ever really happy. Always looking for a little faster, a little better. But man, when everybody tells me about the gloom and doom and how everything's going south, it seems like things just continue to get better. And I don't know why everybody's focused on the doom and gloom of the world. But I continue to be rationally optimistic. Markets go up and down. Markets go down about 8% on average to being up 10%. And this depends on where you're at, but over time, not a bad living. Let's go ahead and get into some other stuff. You can email me at path at tfnn.com. You can call me at 877-927-6648. After the bell tonight, we have the big probably mover out here. He was very interesting to see everybody throwing the baby out with bathwater yesterday going into earnings. But I don't think anything has tremendously changed for Salesforce. It'll be very interesting to listen to their commentary. I don't think their earnings are going to be bad. It's going to be what they're forecasting in the future. But you know what? I don't know if they really can say that things are going to be bad going forward. Especially for them, they're highly concentrated in the United States. A little bit in Europe, but not a lot of exposure to third world hell holes or China or some of the others. So still a good business. And the question is whether or not someone knows something already that I do not know. Maybe they've felt pressure from Amazon or Google or Microsoft's your web systems. But this is probably going to set the tone for all of the Nasdaq tomorrow. So you want to watch that after the bell with Tom O'Brien tonight. Rationally exuberant. Well, thank you, Mr. Tucker. And of course, yes, Mr. Green spanned and is rationally exuberant in 1996. Only was about four years ahead of time. And that is the problem. The crisis takes a lot longer than you'd ever think to develop. And it becomes much more violent than you ever thought it could when it happens. And I forget who said that. I did. I just said it. I don't think somebody said it before me. Anyway, as I said, Salesforce kind of getting involved on that after the bell tonight. Let's see what else we have. Game stop. That thing's going to circle in the drain forever. Ambril is probably going to give us another little taste of what's happening in the space for cameras. Of course, they make the chip for the GoPro and other companies like that that make compression chips. Gap down on the 22nd of May. Some huge volumes kind of back up to that level. Don't expect a great deal of what's going on in that another company out after the bell is guide wire software. They're back to what should be fairly decent support. Just under a hundred bucks here. I think go and 97 twenties the last take I show. But you continue to see a fairly decent pullbacks on this market. Some with a lot of volume yesterday. So you've got to be a little bit careful. The downside is how many people have been shorting the living daylights out of this stuff. And let's take a look at least the dailies. CRM and you know what, even in all this downturn yesterday was the heaviest day with about 14%. Not a lot of people hopping on it. Let's take a look at what we've seen for sales force and about two and a half days to cover. So not that much, but it's still significant. You've got what 73 million shares. So look right at 73. 735 million in the flow. And you've got just under and just under. What one and a half percent of the flow. So it's not that bad, but because they don't turn out the volume, some of the bigger players out there two and a half days to cover. Let's take a quick look at guide wire and see if we've got a somebody wandering around a powder keg with sparklers. Let's see what we have here and 15% yesterday again, not piling on. Now this one you got to watch because it's got 11 days to cover. If someone's on the wrong side of this thing and earnings turn out good. I wouldn't be surprised this thing to pop up to 105 again. Just on the 10 days to cover. It's going to be hard to play this. I wouldn't be getting into it before if you didn't already have a position in it, but let's. Lots of shorts. The path of least resistance is David White's daily trading newsletter. And if you're looking for active trading ideas, then now's a perfect time for a 30 day free trial to this powerful daily trading advisory service. 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And as we come back, we'll take a look at stuff. Tiffany on the heels of their conference call, a nice bounce today. It got to $95.85, but now about $93.21, nice bounce on it. But they're thinking everything goes fairly well. CSIQ, got a big contract for solar in Texas. I haven't looked at this in a long time. It's bottoming out. Not a lot of volume, though. It's going right back up into resistance. Hog is in the news, so we'll take a quick look at that. See if there's anything going on in the chart. Yeah, we're still in a downtrend. I don't think anything changes that. I saw some really ridiculous articles over the weekend about Harley-Davidson selling lots of big Harley-Davidson's in India. Because everybody rides motorcycles, you've got to be thinking about buying a Harley. And of course, what they don't tell you is the average price of those motorcycles is $500. But always interesting. Cruise line stocks are kind of the ones eating it today. NC was at LH. It's down about 4.5% today, Norwegian cruise lines. And most of this is based on restricting cruise line trips to Cuba. If you haven't been there, well, you haven't missed much. I mean, it's a nice place that people are fine. But I mean, it's another crumbling relic of communism. Probably just as exciting as going to Venezuela. If you can escape with your life, you're probably lucky. But that continues to move on. Anyway, Norwegian cruise line got down to 5156. It's kind of getting back up there with huge, huge volume. Let's take another one, RCL. And this one's not as bad. But you get up on fairly decent volume going back. What is this? May 1st, got up on 3.8 million chairs. You're down in there today with 2 million chairs. I don't know if they ever got that much actual business to Cuba. I think when it first came out that you could go to Cuba, I think that was part of it. But they continue to make evil around the world. I don't know if it's good to reward those kind of folks. But just one of the other things. Let's check in with the biggies on Wall Street after getting hammered yesterday on mostly antitrust news. You had some huge volume and some huge shorting. As I'm showing here, a little black part of the volume bar is how many chairs were shorted yesterday. That actually is a percentage, fairly decent as an absolute number. Pretty big. In fact, why don't we go ahead and look at it that way? I'll give you the numbers. AMZN. But anyway, as soon as you see everybody piling on short. And yeah, the last couple of days on Amazon, you had Thursday, last week you had 25%. Friday you had 21%. Yesterday you had 19%. Generally, a low comes in when everybody piles on. It's averaging about, I'm going to say the week before, about 18 or 16 somewhere in there on the monthly data. Got what? Got a half a day to cover. Not many people buying shorting $1,700 stocks that are generally buying puts and calls. But again, that's it. Let's check back in here with a volume of 4.6 million chairs. Let me update that just to make sure. 4.65 billion chairs. So huge amount of volume, no. But probably a huge amount of short covering for a lot of people that piled in on Friday and yesterday, thinking the end was nigh. But not such luck. What else do we have going on out here? We've got a question about the SMHs. I was thinking about them this morning. But, you know what, other than a one day pop, I didn't think there was going to be a lot in here. This did come down with fairly decent volume, so there's got to be a little bit more out here. And I don't think it's the regular names, like Micron's doing fairly well today and some of the other ones. But I think there's a lot of second and third tier bananas companies out there. And those are the ones really kind of languishing and having problems with. So far, like in the SMHs, you're up on a little less than 5 million chairs compared to being down about 6.7. So you might get yesterday's volume. The real power back here was the heavy down day of the 20th of May that had about 19 million chairs. So you kind of get on it, kept on trying to break it out. What you really want to be looking for is any close now above $100 and 58 cents basically puts a cork or a pin in this down move, at least for probably a few weeks. I'll look at the options tonight, but my guess is that the options are going to play out that at a minimum, we're probably going to hold somewhere around the close today. And at a maximum, we could get back up to 2850 before expiration, which is not a lot. What are we talking about? 50, 60 points on the SMP cash, which would be off the top, maybe about a 50% bounce off those. I do think that a lot of people think that the market's just going to rip back up to the highs, or probably sadly mistaken. It's probably going to be a long, tough slog. And there'll be a lot of news articles and very whippy trading as we go along. But I just don't see the end of the world that everybody continues to focus on. And that probably means that you'll continue to have heavy days of shorting followed by today's like today of huge rips in a market where a lot of people just get far too bearish for market conditions and then they get turned around. Let's see what else we have. I got a couple of emails coming in here. Let's take a look at here. Okay, well, we looked at IBM yesterday. The question is, what else do we want to look at out here? And let's just take a look at the NASDAQ. Because I think I've got... Is that in there? Is that in my scans? Yep, there we go. We'll pop through the most important ones out here. I looked at Adobe in a couple of days. Take a look at that. Big volume down yesterday, a little pop today. Volume, not all that exciting. Got back down to 257.56 yesterday and trading around 265.92 right now. You're back in, but you've got really the completion of an ABC on the way down off that 291.70 high. Back around 265 in March and April, this thing just never really had any volume all the way back up to the top. It's kind of coming back here. And it's probably a little fairer value around the 265 period. We'll be back in a minute. We've got a lot of... We'll go through the most of the NASDAQ stocks as fast as we can in the next segment. If you're in the CD market and looking for a secure investment, the Tiger First Mortgage Program may work for you. The security for these first mortgages are building lots in the Tax Opportunity Zone in St. Petersburg, Florida. The Tax Act of 2018 set up tax-free zones across the country where you can build and hold for 10 years and pay no tax on the profits, which makes these lots valuable. The investment is anywhere from 30,000 to 75,000. The interest paid is 7% yearly paid on a monthly basis. According to bankrate.com, the best rate for a four-year CD in the country as of February 20th is 3.1%. 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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 for the latest market information. Anyway, what else do we have going on out here? We'll go through a few of these NASDAQ stocks. So we said looking at the Adobe and analog devices. Nice little pop out here. Got to 95-51 yesterday on the low back right now just above 100 bucks, 117 cents. Autodesk and this thing not much of anything. Had a huge volume day down yesterday. Found support right where it should where this big gap up was on the 1st of April. Did with about 4 million shares. Got into it yesterday with 3 million shares. So you were a million shares light pop today though on just 1.2 million shares. So not a lot of push on that one either. Aligned technology of course these guys make the invisible braces for teeth and kind of a nice little turnaround. Still have a lot of volume from yesterday broke the previous low back here at 271 on April 17th on heavy volume. So you at least probably need to come back and retest that about 175 inch. Ape mat applied materials. Nice bounce today a little bit more volume than it had yesterday. You were really looking on Friday for about anything less than 11 million shares. You only had a little less than 8 million on Friday yesterday. Excuse me. Yesterday you had 8 million shares. So you were able to test that May 13th low fairly well. And now you've got a little pop up here but probably not a much. These things are probably going to have to consolidate so much or a little bit. Yesterday biotech space was one of the better ones. They were having a conference out there and talking about a lot of the stuff going forward general positive tone. A big pop yesterday in Amgen and followed up by a little more today was take a quick look at the IBB and we have 1.8 million shares so far about 2 million shares. It's not much going on there. Amazon we looked at that. I don't see much changing here. A lot of volume yesterday so you think that that's going to at least have to go sideways or go retest it for a while. Let's take a look at a Vago. These cell phone stocks really kind of took it on the chin because of China. You got your first bounce today on 2.2 million shares so far and it's about 2.9 million shares yesterday and your big low at 250 came in with 6 million shares really went sideways for four days and then this pop but I think some of these could easily pull back a little bit if anything happens in the market. Let's take a look at Baidu I haven't looked at them for a while. Not much of a bounce at all of course in China. Things probably looking a little weaker. BIIB Biogen IDAC just going sideways. Bookings.com kind of interesting to see the cruise ships down so hard but this up strong and not much juice in it but certainly a big candle back 5-6 days of trading back to about the 23rd so not a bad day I don't know if there's any specific news on it that made it do that. Charter communication CHTR this one not backed off at all went sideways through all the hell and actually made a new and higher high today and it looks like it may even hold above that 741 from the 17th of May so keep a close eye on Charter communications. Costco and what do you got a little pop and anything that probably has to do with China probably looking a little bit better participating in the third gap up or takes another rest with your thoughts on SNAP SNAP well you certainly have the big move out here not enough volume though is the problem I would look at let's take a look at this a little longer we've been talking about this the there are basically two big gaps already and then you're looking for the third possible gap and then that would be the end of it if you get that you would want this thing to creep up without having a gap this thing gaps up tomorrow next day or three days from now and you got you know like a 10% or 5% something like that gap higher I'd probably pull the trigger instantly if I was long this you want it just to continue to creep up same thing in the GLD one of the things that you really got to watch out for is you've got two nice gaps what you really want to see in gold is it consolidate this out and pull back on lighter volume one gap higher and you've got a three gap play in the GLD and generally the play on that is it will instantly go back and fill all those three gaps rather quickly so it's a nice pattern to look at and the reason why is that you don't have to act until it happens you don't have to say hey I worried about it gapping higher because if it gaps higher you still have the opportunity to sell it if it pulls back on light volume that's exactly what you want longer term but in shorter term if it gaps up one day I was saying the next three or four days and you get yet another gap like we've had then generally the I'd say about 80% of the time you want to take your money and run because those will be it if you wanted to short it no real sense here probably 75% of the time you get two gaps like that you're going to get a third so that's got to be one of those anyway so back to snap yeah like I said you got two nice gaps in there if you want to hold it longer the next reporting period is August 5th for snap guess we can go back to that there's nothing out here that says you want to sell you've got your two gaps one's kind of been filled a little bit which is exactly what you're looking for that is especially if you want to compare this to GLD you would like for it to come back to that gap and have no sellers and then continue on higher like this because you can as long as you don't gap higher generally these things can just continue on the alarm though should be the big gap higher in both snap and GLD without it if you just continue to kind of meander higher sit on your hands which is exactly what you want Expedia after booking.com we'll see what we've got in Expedia nice move on it not a lot of volume either we're going to the break or we'll be back we've got plenty of time to email or give me a call at 877-927-6648 and path at tfn.com I'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we Tigers and Tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done how to time the markets I'm Steve Rhodes, author of Mastering Probability and for the last 12 months Timer Digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6 and 3 months Timer Digest also ranks me as the number one market timer for bold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do I sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of TFNN.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls to sign up today David White's newsletter The 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Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basil found that computer software which included the standard market technical indicators enhanced the degree of accuracy and calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with market indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call Basil's daily trading newsletter by visiting the front page of TFNN.com cancel at any time during that trial and pay absolutely nothing get your two week free trial to Basil's newsletter the opening call today by visiting TFNN.com catch Tom O'Brien professional trader and educator on TFNN also a special guest on CNBC Tom will bisect and dissect the markets the Tom O'Brien show next on TFNN and we're looking good here feeling good up 48 points on the S&P cash was make sure that's correct 48 436 points on the Dow the Nasdaq's up 163 Russell's up 27 so we've got pretty much everything that we're looking for in a in a bounce but that does not put in a low we want probably a little bit of pullback on light volume to set that up and again a lot of this is news driven so you don't want to get to wound up thinking that the markets either going to go down or go up but I think you can probably say that at least between now and the G20 meeting at the end of the month that maybe cooler heads will prevail this news will die a little bit we'll start looking at those earnings that we talked about earlier and that is of course to where they do that sales force after the bell and umbrella and then of course tomorrow morning before the bell got American eagle outfitters don't expect a lot out of that I don't see a lot of people going to the mall very Bradley after the bell tomorrow night start getting a few more stocks that could move the market but it's really I think I got seeing a Wednesday morning a few others out here some new IPOs on Wednesday night I thought it was next week maybe it's tomorrow kind of a light and variable I guess for a little while so not happening a lot happening to drive the news not a lot of economic news and I think if it just quiet down everybody will get back to earnings but keep an eye on that CRM it will set the tone I suspect for the NASDAQ for tomorrow and listen to Tom O'Brien in the four o'clock hour to get the play by play on that in the meantime you want to sell when you can not when you have to and we'll see you here tomorrow same that channel