N N Oh W oh good morning, good morning, good morning. Welcome back back to another episode of the Madc show. I Would ask everyone to keep your voices a little bit quieter because Piper Here had a pretty rough night and she's finally going to sleep. uh actually can I get this Piper Cam up.

Does this work at all? Is that working? No, that is not working. How do I Video Video Video Video Video Video video. How do I add a new video source video capture device ad Source uh we're going to do close look at her, she just she is passed out she um she's been all doped up, all drugged up and then I don't know what happened. so we have her in the surgery onesie so she doesn't like rip at the I suppose like the sutures, the stitches.

uh so it's just like a little onesie that you put on her and when I woke up this morning she was like both her head was coming out of her paw hole and then both of her paws were coming out of the head hole and it was completely discombobulated. It made no sense whatsoever. Uh so that's the kind of night that she had so we had to take this off and there. This was completely dirty so we had to throw it in the wash and then because it was in the wash, you have to put the cone back on her.

And this cat. This little kitty is revolting against having any cone on her head. So all morning when we were quickly like the quick cycle wash, the quick cycle dry, the whole like hour hour and a half that was happening. She's just running into the wall with her cone on.

Um, but as you can see, she's now finally calmed down a little bit. She's finally calmed down a little bit. So I'm just asking. you know, nice in in voices today.

let's talk about the market actually here. I'll get the Cat cam up. How do I get the Cat cam up on this? Nope, that's not working. Uh I Just figured this out.

so I should be able to do it again. Cat Cam Cat Cam Cat Cam Cat Cam Cat Cam Cat Cam Did I Do it? No. All right. Why is that not working Now We literally just got it working.

All right. We're going to delete all this other stuff. It might be conflicting sources, conflicting sources. Uh D we have a lot going on on these.

All right. So if I drop it to this I feel like I'm accidentally going to delete my own cam here. All right. If we do this video capture device, add this, we'll add a new one in there.

We go. All right there we go. Let's see how we can get this better set up. She is zoned out.

Did you know that they give little kitties Gaba Pettin. Did you guys know that that's a thing that they give cats like legitimate drugs? Thr it over here for now. This little this little goober she's had a morning there we go. Sweet Baby Angel I Feel like I've been stealing that from Shane Gillis My sweet baby angel which is a little bit of a bummer cuz you guys are missing out for my eagle-eyed viewers.

you see what's right behind my head. I Fully planned on introducing you guys to the wheel. The wheel. The wheel.

The wheel. This wheel behind me. It's a giant wheel. I was going to spin it.

Obviously red is a bearish day. Black is we're going to be in the black. It's a green day and I was going to use this thing to decide what would be happening in the market for the remainder of my time streaming with all of you and obviously with this one. I I won't be able to spin it today so I won't be able to like it I did get that particular wheel blessed by a fortune teller so it is imbued with like expert predictive ability.

Um, but I don't know if we'll be able to get to use it today. If Piper's like nah, we might not be, we might might not be vibing with it today. Well, that's not going to be the best place for this camera, but then if my hands there that'll be blocking it. How do how does one do this I have to move it even closer.

Dude, this cat little Kitty's just all pass out. She's not feeling the trade today. that's Perfect All right. Uh no, she's not a Russian blue.

she's I think just a domestic short hair, just a tabby that looks like a Russian blue. So she's really really gray. but she has the white patch and then if you catch her in the right sunlight, she has all the stripes like just a. she's a mut.

she's a jungle Kitty She she's definitely mut definitely jungle. Kitty But anyway, we could talk more about her in a second. Obviously more than excited to talk about her as much as you guys want to. but as she's passed out, we should probably prep a little bit.

day. Uh, she gave me all of her notes of what to expect on the day. so I'll uh, be sharing those with all of you. But what you need to know is Dow futures comes 100 points is Market heads for third straight weekly gain.

So we had a crazy recovery yesterday. Strong pre-market Technically a bit of a gap up right now, but not as high as we were we were tagging 452. We're coming down off of that after we got the building permits. uh, data point that came out at 8:30 I'll be goinging that in a second.

but also at 5:00 a.m. things were looking pretty decent when we got the CPI report out of the Euro Zone which came in at expectations Feds Meer wants quote unquote much more evidence that inflation has been defeated. so Meer Gouby, Hashari, Kosari, uh and really Pal himself have all been saying the same thing of like we might be done with the whole Fed interest rate thing but we're not afraid to do it again if we see dat points that we don't like. Pal's Fed sticks together in fight against inflation despite differences.

For all the tough decisions the FED officials have made during the 20-month inflation battle, you wouldn't know it came from looking at the policy votes over the last past 11 meetings of the Fomc, not a single member voted against the actions led by Jerome pal and unusually long stretch of basically agreement among all them here. I just want to show you what's happening uh, average numbers of descents per meeting so pal uh, interestingly enough, leading the FED with kind of a I guess a very strict sense a very very strict control over everyone voting I guess back in the vulker days he had a lot of descent uh Bernan had a lot of disain descent Yellen more descent but pal uh, kind of running u a very tight ship if you will treasury yield slip further amid hopes of a doish pivot by the Fed So remember, yields up bonds down. uh, probably releasing some downward pressure on the Fed and what's happening there. So paying attention to yields especially the 10year I mean most recently us 10y still hanging out below 4.5% So if yields keep diving, look for bonds.

This is the 20-year bonds continuing the trip upward, especially if that's paired together with with the dollar going down. This is all alleviating downward pressure on the old stock market. So dollar down yields down bonds up, most likely leading to a pretty bullish a pretty green, a pretty hulk-like scenario for the old Equity Market which you can see in the Spy ripping which you can see in the Q's ripping which you can see in the Magnificent Seven ripping which you can see in a lot of these things. Ripping: Uh oh, Piper on the Move What are we doing? Dude: what are we doing? Are you done with this? You done with this for today? You waking up? You done with this? Is it better? Do it this way.

No, she's still kind of passed out. Dude, she is Zed out today. Guess that's what happens when you give a little kitty a bunch of little kitty drugs. But we just got the side eye as a Community Oh, she's actively giving us the side eye right now.

Yeah, she's She's not happy with this one. She definitely. She's working for the weekend for sure. Working for the weekend for sure.

Let me see if I can adjust this a little bit. Pass out the pass out kitty cam. The pass out kitty cam. Oops.

All right. Anyway, Uh, Market's going up as yields are going the way the FED wants them to go as bonds are going the way the FED wants them to go as the dollar is alleviating. and hey, inflation still very, very bad. but at least we are making steps in the right direction.

Inflation is still running hot, we're still running above where we want it to be, but at least things are simmering down. Speaking of inflation, if this ever loads, come on. Come on. come on.

come on. Uh, right here. Early this morning we got the CPI report out of the Euro Zone coming in at 2.9% So as expect and that's good. building permits A little bit hotter than people wanted to see coming in at 1.

487 million when the expectation was 1.45. So CPI out of the Euro Zone in line hit expectations Bueno building permits in the US coming out at 8:30 an hour before the Market opens today. little bit hotter than expected Biden Signs Bill averting shutdown te up 2024 budget battle. So pass the House pass the Senate early this morning.

uh, we are kicking the can down the road till January President Joe Biden signed a stop Gap Bill to extend Government funding into early 2024, averting a government shutdown for now, but kicking a politically divisive debate over federal spending into a presidential election year, the White House confirmed the move in a statement early this morning. Friday Less than a day before existing funding would have expired. Biden In California for a summit of AP leaders signed the legislation on on Thursday so late last night after the Senate approved, it got to Biden's desk. He signed it so there is no government shutdown which would have been happening at midnight tonight.

In the same vein, uh, X's big week ends with rare wins on Us ties Taiwan and economy. So for those of you who maybe have been sleeping under a rock, we have the president of China president Xi Jinping who's been in San Francisco all week meeting Biden other government people meeting a lot of tech moguls all that good stuff president Chinese President XI Jingping is set to finish his first visit in the US in six years on a high note and a week that scene a raft of rare good news for Beijing on everything from the economy to Taiwan XI will leave San Francisco after a broadly positive trip that Tom him agree with US President Joe Biden to better manage tensions and reassure Americans that China wants friendship, not war. kind of like fish are friends, not food. that type of a Vibe They could reduce the risk of a crisis that raises military tensions at a time when she is struggling with major property Market slump and a shakeup in senior leadership positions.

Don't forget within China their economy is very much like suffering. Right now, you have a real estate crisis you have Shadow banking. You have a big population issue. There's various things going on that honestly China doesn't even want to deal with some form of conflict.

They probably couldn't afford it. But speaking of Biden and everything I did see some interesting things on. Twitter I Wanted to share with all of you about this so this was from last night. Uh, didn't watch it yet.

Someone just sent it in I Feel like this is a good place to react? but uh President Biden's commentary from last evening? Uh, you know, uh, we're in a situation where we agreed that uh, Fentanyl and Prec his precursors will be curbed substantially and the pill presses that's a big that's a big movement they're doing. and by the way, uh, you know I won't I guess I shouldn't identify where it occurred. but John I know two people near where I live their kids literally as that strange they woke up dead. Somebody that inserted in woke up.

the young man did or not. how do you wake up in uh, a drug he was taking fento again I I I don't I Hope you don't have any experience with knowing anyone, but this is the largest killer people in that age category. and uh, you know, uh uh, you know, uh, we're waking up dead. Uh, didn't know that was possible, didn't know that was about.

but obviously that was a big aspect of the talk between President XI Jingping and President Biden of cutting down the Fentanyl route from China to the US oil collapses into bare Market as robust Supply pressures OPEC plus oil headed for fourth weekly loss after sinking into a bare Market a development that poses a headache for OPEC and their allies set to Review production Targets later this month West Texas Intermediate is on course for weekly drop of about 5% Even as The Benchmark Edge higher on Friday, it is down more than 20% from the high in September The latest slump has been driven by a myriad of factors: Prices of real world Barrels have been steadily softening over the last few weeks and part of the supply exceeds expectations. Obviously if demand is staying the same and Supply is going up, price has to drop shipments from Guana uh Guinea excuse me I don't know I said Guana Maybe because I was watching videos of lizards this morning with Piper Um, and the North Sea are set to rise next month. while US exports have been surging, oil slumps into a bare Market Uh, going from about 94 and some change all the way down to sub 75 at the point that I am reading this right now 74 oil I Mean you see this Spike Oh, actually just above 95 95 down to 74 big drop I mean clearly EMA Cloud You can see a switch right here late October the 24th and ever since then just vomit, vomit, vomit. Uh, so just want to let you know what's going on, because obviously, not only does this have an impact on oil itself for all my commodity Traders but if you're looking at XLE or individual names Exxon Chevron Ocidental.

Obviously, as this is going down, you're not going to see as many profits in the world in that particular world of the individual companies. Pardon me Elon Musk boosts anti-semitic tweet claims ADL and other groups Push Anti-white Messaging Musk agreed with a tweet that said Jewish People have been pushing die Dialectical Hatred Uh, that's a word of the day where we now we have to break out the thesaurus to get this one. Dialectical dialectical. Well, we nailed it.

relating to the logical discussion of ideas and opinions concerned with with or acting through opposing forces, a dialectical opposition between the artistic translation and transcription. That's a word you don't hear often at all. so that's I Guess the word of the day. Um, Anyway, Musk agreed that a tweet that said Jewish people have been pushing dialectical hatred against whites and later criticized the ADL notorious anti-semites are celebrating what they see as must complete conversion to blatant expression of Jew hatred.

What we saw similar rans from Ba last: October Anti-jewish hate crime spiked across the country. Musk leads half a dozen companies that collectively employ around 150,000 people and then this had an impact on some of the funding backlash spreads over Musk's endorsement of anti-Semitic post European commission and IBM halt ads on exciting hate speech. So the EC and IBM Tesla investors criticized the CEO and because of this we actually saw Tesla taking a hit. The stock Fallout from Elon Musk's post endorsing anti-semitic views continues to spread with Tesla investors criticizing the billionaire and more advertisers fing his social media platform.

the European Commission on Friday joined IBM in announcing its decision to stop advertising on the service formerly known as Twitter after Musk affirmed a post accusing Jewish communities of hating white people uh and then hang on I want to find the actual post? Do they link it in here? Here's uh: Musk's actual words and at the risk of being repetitive: I am deeply offended by Adl's messaging and any other group who push de facto anti-white racism or anti-asian racism or racism of any kind. I'm sick of it. Stop now. So it's getting really muddied.

It's a complicated mess. I myself am not the most up to date on it, but maybe some of you have seen the new Rift that is appearing in the world of Daily Wire between Ben Shapiro and Candace Owens Uh, obviously Ben Shapiro Um, probably the predominant face of Daily Wire a co-founder of It Candace Owens Like obviously a well-known employee and just really personality from Daily Wire. They've been fighting with each other a lot. Like really really fighting with each other.

Um, and then that spilled over into the public. Arena So it it just seems like right now on the social side of things, uh, turmoil is still just brewing. Still, just Brewing But on that particular story, you might have more insights than I do. I was just like literally reading about it this morning.

Uh, it's just things are a mess. things are a mess. Uh, very quickly. Just want you to know.

Earning season basically over. Basically I mean the major one is coming up next week Nvidia Tuesday November 21st. That's the final one that I think a lot of you are going to care about. So we're kind of done with this particular earning season.

last about 3, four, five weeks Major One: Tuesday Nvidia That's the last one. Probably most of us are going to be paying attention to. Uh, very quickly. M.

Locals.com This is not in the description of the video. Let me fix this for you. Let me fix this for you. All right Ma.

Locals.com This is how you get into the Locals Community via the Locals Community You're going to get access to a free newsletter uh that contains seasonality. You could also get access to the Discord Ma. Locals.com Pinn To the top of chat it's in the description of the video. Um, that's how you get into the gooni.

Discord is through Locals just so everyone knows. But on top of it, you're going to get things like this: where I break down the previous week when I'm looking toward the upcoming week, all the major macroeconomic events, all the major earnings, and I just want to let you know about the seasonality for today. Yesterday was from a historic standpoint. A bit choppy.

today does favor the Bears. The Bulls have only won this day over the past 25 years 46% of the time with a profit Factor of4 9 as in every dollar spent in the bullish. Direction has only returned 49. And here's a look at the equity curve of buying it open, selling it close on this individual day over the past two and a half decades slightly favoring the Bears.

Now is that a guarantee? Absolutely not. It's not a guarantee, that's not how things work, but it's just to let you know the daak is stacked on which side's favor. today slightly stacked in the favor of the bears. But does that mean that the Bears are going to win? No.

I'll tell you better at 4 p.m. Also I give you updates of the zero DT Strategy: Last week it went 8 out of 10. This week it's going uh thus far 8 out of 8 so looking good and then I do some chart breakdown and all that good jazz but anyway it is pinned to the top of chat. it's in the description of the video or just go to Mcor locals.com and if uh, you're a person who cares about the gooni Discord and you want to trade with me after the show, trade with other people training competition.

there's a giant button uh, right here that I hope you can see giant button right here. you just click on goon Discord or you just come to any of the pin chats and follow the link and all that good jazz. Uh, so just want to throw that out there. Five things to know before that stock Market Bell goes ding ding ding ding today November 17th.

Just so you know, this is an options expiration day, so don't be surprised if there's more volatility. We're definitely be watching Spot Gamma monitoring that throughout the day just because I'm expecting larger swings within the world of options, which could relate to larger swings within the world of equities. All right? Steady As She Goes As of now, Market's looking still pretty strong I Mean ever since 11:30 yesterday? Nice bounc to the upside: Tesla Under a little extra pressure because of just some recent stuff going on with Elon on Twitter AKA X Nvidia Still looking strong, Knocking on the door at 500 if we look at plays like Meta strong at 330 Netflix is repping some serious strength you have Microsoft That hit a new all-time high in pre-market trading U Not necessarily holding it, but watching that throughout the day. Uh, Apple Trying to recover above 190 it's alltime high is either 195, 199, something like that, but very, very close.

Amazon We're just seeing these big Tech plays. Had a very, very nice recovery among other things. I Know that Target had a big bounce I Know Walmart got hit I know Macy's is up paler. Where's Paler out? Are we still holding? Okay, we're not holding 20, but paler.

still kind of in that breakout region right now. Like I Get it. At a certain point, you have to ask yourself how much can this rally continue and yet it's still continuing. So hold the trend, Hold your trade if you're playing the trend.

If you're a trend following, Trader you hold it for as long as the trend is apparent and right now we're not seeing much of a breakdown. Deflation Nation Um, well. I wouldn't say we're not actually in deflation yet. Uh, but yes, inflation is heading in the right direction.

Order up. This relates to Boeing if you're a Ba Trader Done deal. UAW Um. workers that ratified a labor deal.

Okay, so General Motors Part of the strike? Uh, but don't forget, other strikes are starting right now with Starbucks and debt relief. What is this one? More student loan borrowers are walking away from their debt and bankruptcy proceedings. The result of a policy change by Biden Administration Intended to help people who are settled with debt and struggling financially. 10 months after the policy change, student loan borrowers have filed more than 630 bankrupt CA bankruptcy cases marking a quote unquote.

Significant increase from recent years. Uh, our efforts have made a real difference in the borrower lives. Outstanding Student debt in the US exceeds 1.7 trillion. Economists have said that the swelling debt uh could lead to a Slowdown in the US economy.

Uh, I Feel like 600 cases is not that many relative to how many people have student debt like that? Actually seems like a drop in the bucket relative to how many individuals have student debt. Maybe I'm missing something there, but something seems a little bit off. a little bit off on that uh to say that it's huge but hey who? Am I Who am I you know? Oh, speaking of that, I Need you guys to very very quickly vote on this poll, Start a poll. Um Market at Open Up Down.

You guys know how we do it. I'm in a need your luck today. uh and actually I should probably open up this all right I Need you guys to vote as I'm getting all this ready to go because I need to take your gen trade at 929 and55 seconds I'm asking you the poll's up and on Rumble I Just need you to comment. Um, first minute from 9:30 to 9:31 Which way do you think the Market's going from 9:30 to 9:31 The very first minute of the day? Do you think the Market's going up? Or do you think the Market's going down? That's what I'm asking you.

That's what I need the answer for. And even though it's my account, I'm Ling You Guys fully trade it. We've been talking about this for a while. Uh, did you talk about AMC's earnings report from a while ago? No I don't really like AMC it's it's a show right now.

their CEO their leader is like a scumbag pedophile. Basically I mean he was thought he was talking to a 17-year-old like I'm not going to why would I give that any airtime. That's disgusting. The people who are still supporting it, those cult-like members.

they're absolute and then even the CEO like what? what about him is something that I want to support like uhoh, my ninja is not loading. Okay, there we go there. We go there, we go there, we go. Um, but overall, the numbers are not looking good whatsoever.

It's just they have too much debt. There's not enough people going to the theater. Uh, things like Taylor Swift are not bringing in the amount of money that everyone wants it to bring in. Uh, so it gets suspect and gets suspect pretty quick.

Uh, all right. I think I did this right. Uh, where are we at? Full monitor? All right. We're going to have to lose the cap for a second as we're going to place this trade All right.

How are you guys voting? I'm going to give you 20 more seconds to vote and then we're going to see if we can actually pay off my Texas Roadhouse bill today, see if we could pay off the old Texas Roadhouse bill today. All right. the vote is. Oh, you guys are close end poll.

You guys are 5050 down. barely one. All right Rumble Which way are you guys saying Rumble up or down? And I need you to tell me quick because we have seconds to go. Someone needs to step up to the plate and put this on their shoulders today and be like yo, this is how it's playing down technically W So I feel like I need to go with that just like morally cuz that's what voted I Don't know how I feel about this though I don't know you guys.

this is the closest you've ever been on a vote. All right. Well I think I have to go down I think it's just the rules of the game. this is how we do it.

So at 92955 I'm going to hit sell Market I'm going to hit sell Market The order should already be placed and ready to go. We'll see if we can bag a quick 300. Oh man, this is going to get a little wild. This is going to get a little order, fill, order, fill Target filled Target filled all right.

Locked in on the Nq's faster than it could even update the system. so I don't mind that at all. This is like yesterday where the Nqs hit instantaneously, so three of the six hit already, $180 locked in, have $180 already locked in. Uh, and unfortunately, just half.

but we're holding out over here. Three of the six hit 180, locked in, and obviously we still have three live positions. so thus far this was a good bet. Good bet over here.

You guys were licky, splick fast and that worked. Hit hit, hit. Uh, so don't mind that whatsoever, but what's going on over here? Do I Just need patience because you guys told me from 930 to 9:31 it would be down and it looks like the first minute bar is green. So does anyone have anything to say about that? We have five 3, 2, 1 the first minute's down and the bar was green.

So what what's going on Guys, Are you guys going to step up to the plate and tell me why you were wrong? Are you guys trying to screw me over? You guys, you guys trying to ruin my life financially? Uh, I told you Green MADD K Well, why didn't you get other people to tell me me Green? This is a democracy. This trading system is a democracy and obviously some people in the Democracy knew what was up, but half of the people in this democracy did not. So what's the deal? I'm not mad I'm just disappointed I'm not mad at you? No, I am actually mad at you. What's going on you were? you're technically wrong on both.

Both of these first minute Bars were green. Most of you voted red I went with it because I don't know I Guess it was the right thing to do. Come on, come on. Market Gods don't embarrass my chat.

Just let him get this fill. We'll play the song We'll celebrate as every Friday should be. You know what? I'm going to get the the song Ready Now I'm That confident I Don't think you guys would screw me over over here. You guys can't see it.

It's on a different monitor but literally right now I have the song keyed up queued up I should say key up ceed up is keed up like a Coke thing like oh, I'm all keyed up if not, I feel like it should be uh I'm all keyed up brother. Just something to consider. Uhoh Piper Mobile Well while we're waiting for this to potentially hit, well, it's so close I Don't want to change the screen I don't want to change the screen right now. Here we go.

Come on, come on. hit it. Hit it. We hit three of six already Target Target Target Filled Oh Target Target Target Filled Botom Big Bada Boom $330 Locked in Muchos Gracio Brothers W Street Wall Street Street Wall Street Wall Street Street Wall Street Street Stre there we go I Never D Doubted you guys for a second I never I know I said some harsh things I get it I heard it.

It's all for the show. Don't take it personally. don't don't take it personally. It's all for the show.

Uh, three easiest $300 not the E you guys have made me $300 in an easier sense in the past. Uh, but I do appreciate it. Tell the video should be Matt cores getting torch I didn't get torched I just made $300 like that was the easiest $300 known to man. That was super easy.

Uh, and if okay I see some Qu people asking where I'm doing it I'm doing it on Apex and actually right now they are running a 90% off deal for the next couple days. so I'll just drop this in chat. Um, so it's prop trading that if you trade well enough, you can then trade uh where they like actually pay you. So you guys traded well enough that you passed the T Test and now we're into the realm of real money that like actual money could be taken out.

Um, but I'm just I'm turning it in chat really quickly just because it's running 90% off and those are the times that I tend to buy Apex Um, just because I want to save myself money I don't want to like if I know they run 70% off deals, 80% off deals and 90% off deals. Obviously I'm going to take the 90% off deal situation like I want to like do it the cheapest. So if you're looking to do it in the cheapest situation right now I think they're running a 90% off deal up till like Thanksgiving or something like that Piper doesn't care though, she's tuckered out. she's on too many kidy drugs.

Speaking of that, is she breezing? Are you breezing little buddy? Okay, she is. Oh this. PO Postop Postsurgery life. The life of a trading cat.

Honestly, the fact that I could call this the Piper show, not say anything and just put the camera on Piper for a couple hours and there would be more viewers than like me breaking down the market and attempting to entertain you I know that that's true I know more of you would be interested in just watching Piper sleep than like whatever I have to say and it blows my mind. she is out. Dude. this cat is conked out.

She's conked out, zonked out. She's just I don't know. We gave her some breakfast, we put her in a nice new clean onesie. She's living life right now.

This is. this is the life she was meant to live. The life she was meant. we used to turn in for chair I get it.

Imagine if there was like a crossover event. What if I put Piper on chair dude I would be back at streaming to like 50,000 people and I wouldn't have to do anything I just put cat on chair it'd be I don't what would even Piper and chair the PNC show the CP show chair Piper Piper and chair the P the PNC So P Ampersand C The Piper in Chare show. That's all it is. That's all it is.

Maybe I'd get some tickers scrolling across on the bottom of the screen just so you can see stocks every once in a while. but that's all it is. That's all it is. The PNC show she is.

she's zoned out. Does anyone know the recovery time from getting neutered? Anyone know anything about that? Matt Did you see Senator Tuberville bet 50k on puts against Tesla DT Uh Tesla 1215 yeah I did see that Dakota um yeah two. Ville Who's my favorite political Insider Trader uh because he day trades corn Futures and he's on the a committee. Recently in his disclosures, he has puts against Tesla Uh, it's up to 50K I Don't think we know the exact amount, but it's technically up to 50K Um, but it's wild I Don't understand why politicians think they can like morally.

it's okay for them to trade. It blows my mind. Uh Tesla taking a hit this morning morning Microsoft is as well. Oil is actually somehow in the green.

Bitcoin's sitting at 36k eth now below 2K Uh oh remember So even though I did the degenerate trades uh folks, as many of you know I wait those first 10 20, 30 minutes I Like to see the market open I like to see what's going on and as we're waiting for that to happen I do have some other things saved such as Ray do talking on squawkbox this morning of debate and play. Play this out a little bit longer. Which is to say, where do you think interest rates are a year from now you know, on a very just straightup basis. but then even longer than that, you're talking about the debt problem that we have in this country.

That's becoming a a main feature of of debate and and a topic of course in in in the Presidential Election and what's going to happen uh come November 2024 uh and Beyond uh. As far as the question of where uh, uh, the rates are, um I think that the most likely I think the rate structure is going to um be staying at its level perhaps, uh, slightly less, but there's a range of uncertainty around that having to do with the supply demand question. We're now at a period of time where the supply of bonds to be sold will be hit the start hitting the market and now we have to see the demand of that and that'll be around there I think that probably I would say somewhere flat I Don't think there's going to be uh, any important change in the FED uh policy other than um, maybe a slight easing as the economy slows down I think the thing to realize is that there, the economy will likely weaken. in other words, its growth rate going to something close to zero plus plus or minus maybe 1% and with that that that exerts a slight downward pressure on interest rates.

At the same time, the supply issue becomes an important issue. All right. So those are some words from Ray Doio remember Bridgewater Influential dude. Uh I'll tell you about the dinner just in a second.

I think I think I Just want to emphasize the US China relations I'm a markets guy trying to uh, think about the world ahead and there are five main forces that are at work and they're interrelated. And that is the uh, the debt, money, economic Force the internal conflicts that we're having. particularly the populism, the left and right, the geopolitical that we're seeing. Most importantly, between the United States and China, then of course there's climate and its costs.

and number five is technology. And so I think we have to see that all interacting. Um, the dinner uh was mostly uh, a gathering of um o' old friends in um, at a moment where there was, uh, stepping back of uh, the risks of War I was there last in March and at that time there was a a very clear risk of a military war and I think that uh, that really concerned both sides and there was a stepping back I think uh, that dinner um had had to do with relationships over a long period of time. In my case I started going there 39 years ago.

they didn't have any money I didn't go for money I went for the relationship I I curiosity at first then I over a period of time. um I My son when he was 11 went to a Chinese school because it was interesting. we evolved and we developed uh, good relationships over that time. Others did, um, a lot of people uh, had had uh, friendships with people who they were working together, uh to help to develop relations to help the economy and so on.

So it was sort of a gathering of uh Chinese and Americans who knew each other and there was an element of warmth and and an element of relief that there was a stepping back from. uh, the bad uh risks of War nobody wants War right? Nobody wants War right? Uh, this has nothing to do with China or the economy, but this is from Crowder and something with Dylan Mainey and Bud Light Uh, just wanted to a little bit longer which is stop This is from uh louder with Crowder This is an exclusive that was sent to us. We verified uh, you can bring this up. This is the document obtained by Mugclub.

Undercover shows that the figure is much higher. Wow. Dylan Malany was paid. There was one deposit there of $185,000 paid by Budlight.

$185 ,000 Yes, another man being paid more than WNBA Star Play 18 Dylan Milany paid $185,000 by Budlight Neil Patrick Harris 240,000 Jenna Ortega 245,000 and Martha Stewart paid $275,000 These are all the influencers and their payment and obviously the related dates. Uh, for Budlight and their campaign I Want to know who? How do I get on this list? This is a lot of dough. We're talking in the realm of a quarter a fourth of a million dollars. Dude Martha Stewart Back in 2022 getting that bag $275,000 Who's seu I Don't know who this person is Neil Patrick Harris 240 Jenna Ortega 245 Dylan Milany 185 This is crazy Dude $5,000 Yes, Another man being paid more than WNBA Star Players I Know you're thinking.

but that's true. And here's the issue. If it would have been successful working in this industry, you don't pay $185,000 to an influencer. If you don't plan to continue some kind of a campaign, they were testing the waters.

This would have become a national campaign if they thought it was going to work. This is an exclusive that was sent to us. We verified That's a lot of money. There's a lot of money.

just Those ads and shout outs. What did you see happening? That's crazy. All right. Anyway, Market's still getting hit a bit Tesla Uh, two 32 down to 226 Microsoft Taking a hit Q's taking a hit, Spy taking a hit.

But remember, this is all just like the market open. We might continue this day. Don't forget the seasonality of today is to the downside. Uh, but I wouldn't be sold on anything quite yet.

Don't feel pressured to make a trade instantaneously like you can wait. There's going to probably be better opportunities and even if you miss the perfect opportunity, okay, you're not going to hit them all. Uh, options Market this is by SP Amma there is a free twoe trial in the description if you want to monitor the options. Market But uh, as price is drifting down, so is the zero DT which is the teal line and the all expiration which is the purple line.

We have the net Delta over here and then obviously the associated price on the left side. uh. Tesla Getting the Beats What is this one dude? I Love these Just Jack Up day is a 20 minute. this audio awful.

Let me turn it around day as a 20-minute Trader I wake up sometime before 6:30 I prepare my trade which takes about about 5 minutes I set up the graphs The Brokerage for what I'm going to be buying and then the Market opens I make my trade sometime around 635 or 640 and then I sell it a minute or two later and then I close my laptop at 650 and then I'll usually kind of do things that people do like brush your teeth, go to the gym. By that point, I've already made $1 to $3,000 for the day. Now there are days where I lose money too. but I have enough winning days that it way overshadows The losing day is a I like the I do what normal people do like brush my teeth.

That was my favorite part of this video buying and then the Market opens I make my trade sometime around 6:35 or 640. I sell it a minute or two later and then I close my laptop at 650 and then I'll usually kind of do things that people do like brush your teeth. go to the who if you're not brushing your teeth. right when you wake up, you're a crazy person.

Like unless I'm completely just like I wake up. First thing I do is brush my teeth. First thing I do is brush my teeth. Do people really wait that long into the day to brush your teeth? Am I missing something here? Or is there legitimately people in chat who like you wait to do things You drink your coffee first.

That's not good. My dentist told me that if you brush your teeth after drinking coffee, you're actually scrubbing some of the stain into your teeth. So like my my dentist is telling me that the very first thing you should do is brush your teeth. and because like you could be rubbing the stain into your teeth.

if you're drinking your coffee then brushing your teeth and also your something with like cortisol levels or something like I try to like I know you're going to be like well the taste is all messed up and I agree with that. So my retort to that one would actually be well hang on a second, you're supposed to to wait an hour anyway for like various I don't know like hormonal things. Um so I brush my teeth and I'm not really. Cons: Big Stretch Big Piper Stretch Oh dude she is.

This cat has no idea that Tesla's floundering right now. This cat is just she's gone to the world. Man she is. She's just out.

She's out. This kind of sounds like big teeth propaganda shower beer than brush. I actually like to brush my teeth in the shower? That might be a little and I like I'm saying that because I feel like this is a safe space where you guys aren't going to judge me. but I actually think that is a superior way because if you're like me, if you're like me and you're an aggressive brusher and you get toothpaste everywhere, it's super advantageous to be in the shower.

So I know it's crazy I know a lot of you are not going to agree with me on this one. but I'm just telling you before you judge, try brushing your teeth in the shower. It It's a timesaver and it lets you get as like creative with your like brushing technique as you want. You're not going to be worried about getting toothpaste everywhere, um, just want I just want to share it and like I know that there's going to be some hate I know that there's going to be some judgment but I'm fine with accepting it because I know at least one person in here is going to be like you know what? I'm going to try that and it's going to change your life.

Do you cook breakfast in the shower too? like Kramer yes I I'm usually eating my like cereal my Cinnamon Toast Crunch in the shower like as I cry in the shower I'm just like spoon feeding Cinnamon Toast Crunch into my mouth. that's generally how because the the hot water keeps my cereal warm which is nice cuz I don't like when my cereal is cold cuz like you know how milk is cold from in the fridge generally I like to heat it up like so I basically throw my milk into the microwave so I can have hot cereal and then a thing that keeps it hot is the hot water. so yeah I do that as well. You get.

You guys are crazy. You guys know that right? Like you guys are verifiably crazy. Do I eat my breakfast in the shower? Are you sitting standing while brushing your teeth? Are you sitting or standing in the shower? I'm always sitting in the shower. Wait.

Why would I be standing in the shower? Of course I'm sitting I'm taking a shower. What else? What else would I be doing inherently by the fact that I'm in the shower, you know I'm sitting. You guys are. You guys are so weird.

You guys are like actually weird. Who are you You guys trying to tell me that you're Why would there even be an option to stand in the shower I Only stand if I take a bath exactly I don't want to sit in that like weird dirty water. So of course I'm going to stand in the bath. you guys after crying I guess Oh, you guys are something else.

You guys are on one today. You guys are 100% on one today. All right, Are we missing anything? Market's starting to bounce a little bit. Uh, you guys know me trying to wait till the first half hour.

Uh, we did that D Gen trade to get it out of our system Seeing a decent bounce back right now I Like it I Dig it. Options are still very much flat. Is there any breaking news on Bloomberg Is there any breaking news on on? CNBC We could also double check the Wall Street Journal just to make sure Ray Delu says us. reaching an inflection point where the debt problem quickly gets even worse.

Feels like it's always been getting worse. brother sock slip Friday But head for third straight winning week. Amazon Says employees may not get promoted if they ignore return to office mandate. Oh well.

You also might not get promoted even if you go back to the office. Something to consider GOP House Ethics Shair files new bid to expel George Santos After scathing report alleges theft dude this dude was using I Don't know if you guys saw the story yesterday. so GOP House excuse me GOP House Ethics Chair files new bid to expel George Santos After scathing report alleges theft, the title could have been so much more weirdo. George Santos Caught using campaign funds to buy only fans subscriptions.

That's the real title. That is what would get everyone to click and on top of that, it's also accurate. Yes You heard me right. A sitting member of Congress was caught using campaign finances to buy only fan subscriptions That's real.

That is the US government that happened. This is real life. I'm not making it up Fact: Check me. Double check me.

Triple check the person who's fact check me th this happened. That's that's our real life House Ethics Committee chairman Michael Gess Filed a resolution to expel George Santos from Congress The resolution came after a damning report alleging the Scandal plagu GOP freshman committed campaign fraud and theft. Guest said that the evidence uncovered through the committee's investigation of Sandon is more than sufficient to Warrant punishment and he must be I didn't know I didn't know I couldn't use campaign Finance funds on only fan subscriptions I I Don't see the problem. Um, they should have have a breakdown of what we could do, but wild truly using it on only fans.

Love it. Absolutely love it. Love our government. Wouldn't want anything.

Imagine having a boring government that does their job and isn't like completely corrupt and messed up and immoral and stupid. Um, imagine if we had that, we would have so much less content to cover. I Love the fact that it's a legitimate Zoo G's big week ends. we covered that Apple plans to make it easier to text between iPhones and Androids G I don't want to text any green greenos uh backlash spreads over Musk's endorsement of anti-Semitic post Hamas Master mind Who tricked Israel into top Target in Gaza Tunnels oil's plunged SpaceX ways IPO But remember Musk said false I hope I hope that's all a joke though I hope it's a joke.

Uh, what else do we have? What else do we have going on? These are the upcoming earnings for next week. Uh Monday after the market closes Zoom Trip.com Tuesday Kohl's Lowe's Best Buys Burlington Dicks Nvidia HP and then on Wednesday John Deere um Thursday the lone Futu and then on Friday the lone Hworld whatever in the world that is. Uh, I Guess we also have Nordrum. So like I said earning season.

It's still technically on next week, but it's as you can tell, really, really slowing down with the major one being Nvidia uh so I'll make sure that's in the newsletter later on. Kremlin Finland has chosen confrontation with Russia it's a big mistake. Finland When is Finland ever try to step up and do any crazy like let's just calm down Kremlin I'm just going to assume that Finland's probably doing their own cool Finland Life stuff where they're just chilling having a great quality of life, great health care, great education Finland Everything is too good in Finland for them to want to fight. By the fact that I know Finland's amazing and amazing people and amazing countries and just people who are happy with life.

Those people don't go to war like right away. I'm going to have to call BS on Kremlin and I don't know what went down I don't know what the news relates to I don't know anything I'm just telling you Finnish people love their life. so why would they go to war like they're not. They're not the people like in the US here we like oh we're so bored with everything that like let's just start a whole another conflict to steal oil.

No no no Finland people are stoked about life like they're like dude, we're we're happy. How like Kremlin you got to fact check your sources on that one just cuz like this seems like obvious BS H obvious BS No one Finland doesn't want to fight with people. Finland's just living great Finland Life Tap Brothers are appearing on Piers Morgan show next week if you say so. Uh, we haven't had any magical domination yet since says the Olympian What? as trans women are women.

We have been competing with this women for decades now and we haven't seen any magical domination yet because we're never going to. We are women just as much as a ciswoman as a woman as trans women are. Uh, I mean biologically? that's incorrect. Uh, from just like a science standpoint, you might want to play like some games here and there with like, uh, society and culture and like what we call men and women, but male and female like biology's already figured that one out.

So they're saying something about magical domination which I don't think's seen in Olympics But recently we're seeing it in Brazilian jiu-jitsu tournaments and cycling tournaments. Uh, that trans women are definitely definitely dominating. um I wonder? maybe? Is it just because there hasn't been enough time in Olympics cuz like I guess the person speaking and I want to be respectful of their pronouns? um I think they're right I don't I can't think of on the Olympic Level Trans women who have been dominating but it might just be escaping me I can't I don't know um weightlifting. So I actually I followed weightlifting a little bit and I don't think that that transom actually won on the Olympic level.

Remember, there's various lifting competitions MMA We did have that story of the Transom woman who like broke the other woman's face and that was horrific. Watch the trans MMA fighter a few years ago and felt that they smashed. yeah, like the transwoman MMA fighter like actually broke the skull of her opponent. uh, like legitimately bash her skull and which is a little crazy.

All right, let's set up some alerts for some high and lows of the day just because we are getting ready to run. Rock Getting ready to rock. It's almost 10:00 A.m. Almost 10:00 A.m.

All right, we're setting up some alerts just so we know some breakouts and breakdowns. It is all right. my signals should be turning on. Let me go through my checklist.

my checklist of the things I should be looking into. Uh, all right. First of all, let's see what's going on with the daily. Did we actually break yesterday's high? We did.

We did break yesterday's High All right. Interesting thing to note: I'm trying to not disrupt Piper too much. As you can see, she's very comfortable. Uh, I've notied that when I wear my tiger based paraphernalia, it makes her feel closer to home.

Back in the days that she was on the Savannah back in the days where she was in the jungle, back in the days when she was prowling at night, um, within whatever. Animal Kingdom she chose to dominate in. So when I wear my own stripes and my own big cat based clothes I've noticed that it makes her feel a lot more comfortable. So don't get confused like yes, there is a living cat right here which I accidentally just woke up.

she loves pens. Uh but the cats that you see behind her are actually just cats on my shirt like this isn't a real tiger behind her. this is more for just Comfort purposes, just just pure com I Just want to clarify because a lot of you are probably watching this be like is that a cat with more cats that it's one living cat and then other fabric based cats to make this cat feel more comfortable I was reading about it in terms of recovery processes for Jungle Cats and obviously you want to make them feel like comfortable and at home And then I thought to myself well obviously cat's home normally from an evolutionary standpoint is not like your home, your apartment. It's obviously the jungle.

it's the Savannah it is the open Plains um so I'm I'm doing everything I can do to transform my apartment into like the actual serengetti. um and I I think thus far based on her recovery time I I think it's working out pretty well. Look how comfortable she looks. This is how comfortable she would look in the jungle.

No, you don't LOL Candyman You don't know me, You don't know how un you don't know how untethered I am from reality. All right. Uh, what was I doing? All right? Oh yeah, uh. hang on.

hold on a second. Uh, well. I Just wrote B for bullish. but I Just realized that B could also stand for bearish.

So let me just actually now write out the whole world word. Let me write out the whole word. All right. Well, this looks a bit negative.

That looks a bit negative. All right, let's Al So this is the by the way: Es. For those of you who maybe are not familiar with the Futures Market Es is the contract for the S&P 500 contract. The S&P 500 futures contract es is the symbol for it.

So anyway, I'm looking at the 5 minute obviously below the EMA red. I'm looking at the 10-minute below the EMA red. The 30 minute hasn't gone red, but it is below the 48. EMA Just something of note and I do want to load another one? So we're looking at the S&P 500.

but we should probably also look at the tech sector just because there's so much influence. 5 minute Red: 10 minute red 30 minute below, but also sideways choppy. Um, interesting. This is looking a little bit heavy there.

Team: A little bit heavy there, but let's see, let's see which way things actually break. Let me look at some of these Market internal readings. Uh, start. When we opened up the market today, it actually did start off bullish, but we're as the time progresses.

Uh, we're we're trending a bit more bearish, so still in the bullish territory, trending towards neutral. Uh, I'm not getting any clear signal yet. So like my the way I do things, just a signal has not fired. so as of now, looks like we're going sideways.

Not really definitive and you could kind of see that like we went down. We went up roughly halfway through range The Q's a little bit more volatile, down up halfway through range. so right now it's just waiting for either the Bulls to step up or the Bears to step up. Uh, for me to feel a little bit more confident of where we are actually going on the day.

hahaa just known to this the cat? Yeah, no, there's a cat right here. This cat is a big fan of pens and ChapStick those are arguably her two favorite things. She's not really food driven much more ChapStick and Pen driven than anything else, and she's in recovery mode. Can you research the seasonality impact of the end of the year? Market Wide wash sales and they Blindside US every year? Most certainly.

Uh, you could just go to Equity Clock, go to Equity Clock.com then you come to Futures Equity and then you scroll down to the S&P 500 and you can see the seasonality of how things tend to do. And as you can see from about a third of the way through October all the way up until Thanksgiving, there's a little bit of a dip around Thanksgiving and then from there it continues on a seasonal basis to basically rip until about halfway through January. So overall a third of the the way through October to halfway through January Generally not all the time, but generally very, very, very much favors the Bulls. And then there's a bit of bearishness, bit of bullishness, bit of bearishness.

And then obviously we return to the general drift to the upside. um, on a month-over-month basis November Not in terms of magnitude, but just in terms of the accuracy because it's one thing to be right, a high amount of the time, but only get a little reward or be write less but have big rewards So based on accuracy of just how often a month favors, the Bulls November is the highest accuracy month as in most of the time, most Novembers do favor the Bulls. Uh, and I'm not talking about the biggest return I'm just talking about how many times you actually are right on the call because remember, accuracy and magnitude. Two different things that you need to consider.

But anyway, November in terms of accuracy is the most favorable bullish month. not in terms of return, magnitude of return, but how often you're right November is a very bullish one. Uh, but you could see here that even though people are doing wash sales, maybe that could argue. Like this little dip right here as people are getting ready like halfway through.

December Maybe they do a little bit of selling, but generically the Santa Claus rally is a very very real thing. A very very real thing. Um, so just please pay attention to that that like yeah I get people do it for like tax, harvesting and stuff. and maybe you could ascribe that to this like little dip right here about a third of the way halfway through November Excuse me December Uh.

but overall October to January Pretty freaking bullish. Pretty freaking bullish. Uh, title is bears are getting torched but they look like they're winning. Have you seen the daily chart? Doesn't look like the Bears are winning much to me.

uh the Bears are very we are up 99.97% in 3 weeks. The this is this was fueled by the tears of bears. the clearly the Bears are getting tortured. Look at this you you think the Bears are somehow winning in this? Look at that lipster.

they're getting absolutely smoked. They're getting smoked on the Spy they're getting smoked on the Cu's they're getting smoked on bitcoin. Look at Bitcoin ripping from what's this 25k up to 36k eth. Going from what are we 1,500 to just over 2K, we're now down to 1,00 salana.

even more salana bottoming out at 17. trading at 55 dude over the past three to six weeks depending on the asset you're looking at the Bears have had a rough time. Hey Tesla Big bounce back actually intraday at least 227 back up to 231 Microsoft going flat Amazon's one of the few green things Amazon's up right now is it's actually the only green thing on my watch list? Not that you can fully see it because you're more so looking at Piper sleep. Um, but let's see how this all plays out.

Patience, Patience, patience, patience. Don't be surprised if today's a funky day because it's options expiration. So if you're not seeing your like four or five star a A+ A++ setup. Dude, it it's A- okay, it's you don't have to trade.

Checked out my new brim my daughter and granddaughter gave me for my birthday. Look at that. Charles Pay Looking Dapper As ever. Uh, oil is about $9 lower.

We're not want to listen to oil stories. What else do we have going down Doing a quick reload? Amazon will start selling cars on its website starting next year. That's why Amazon's up 11 minutes ago am. ZM The ticker for Jeff Bezos's brainchild.

uh, customers will be able to order and pay for the car directly on Amazon and the car will be delivered to their house. Love it, Love it, love it, love it. That's why Amazon's up right now I Actually think that's really cool dude. stop I Just want to scroll.

Why is my scrolling? Oh, it's sorry because I my control if you hold control and you scroll, you could change I didn't know that. Whoa Whoa brother. Uh hey. you learn something every day folks.

If you scroll with your mouse while control is there, uh, you go in out of your screen. Crazy crazy. You learn something every day. After much consideration in conversation with my family, I've decided to give up putts.

Please respect my privacy at this time. That's a joke about Michaelb that's funny. There's no difference between this and Piper Piper you could imagine P like literally look at those cats and then look at this cat. There's arguably no difference.

She could fit in there and it would be perfect. Ly fine. No one would say anything I think I should get Piper sibling that that's I see no difference between that cat, these two cats, and then this cat right here. Except they don't have cool little onesies post surgery.

they just have giant lion cones. uh whoa whoa. She almost took a nose dive there. Uh, what are we doing? She's really just kind of doing this ball up thing.

Yes, a sibling, one dog, one cat. So my apartment is like relatively folks I live in New York My apartment's really really small so I kind of feel like getting um, a dog is a little bit mean cuz the dog I want I'd want a bigger dog I'd want either like a golden retriever, a black lab, a husky, a German Shepherd a pull something like a mediumsized dog like I'm talking like may I don't know somewhere between I don't know. like was it like 50 lb, 75 lbs something like that um 50 lbs I think is probably like a reasonable size. so that's the kind of dog I want but the apartment I live in? There's not going to be space for a dog.

and like dogs need space. Um so I don't know how I feel about that necessarily. um I I very very much want one I Love cats I Love dogs I'm not one of these people that like, oh, cats are better, dogs are better I just love animals I Love pets I just want to hang out with my pets. Um so I I definitely want a dog I Just don't think I'm in a place that like.

It's fair for me to have a dog. Um, while cats are fine in seemingly any area, this cat would spend all freaking day on her little cat jungle gym if she could. um, seemingly needing less space. You seem like a poodle kind of a guy.

Uh to me I think getting like a border collie or a lab like something that I could go like hiking with and go running with like I I want like a very active dog but that's just my opinion on it. I don't know if you're in New York and you have a big dog and you're Like getting pissed off that I'm saying that it's just my thoughts. it's just my opinions like I just don't necessarily think it's uh, fair to like medium to size to large siiz dogs to keep them in like I have a very small apartment. it's just not I don't know.

not fair I guess I'll turn this way so you guys can see her I Should I Should have just made Moon gang onesies for everyone's cats. goony goony onesies like little space outfits for posts surgery for all of our pets. Choco Lab is it dude. Labs are awesome I Love Labs I Love golden retrievers I am Honestly I Know pit get a bad rap I Get it I Know that pull get a very very bad rap.

Every pull I've met in my life has been awesome. Like before, there was seemingly a big media push against. PES they were literally called nanny dogs like I I don't know what happened with like I I think media had like, uh, like a clear effort and impact in kind of like making people think that pimples were like absurd dangerous. But my opinion on any of these dogs is they're going to be as good or as bad as like the trainers are.

so like I I I don't know I I end up generally taking the side of the animal and like looking at the training and the environment they were brought up in rather than just generically calling an entire breed bad. I've been around many many Pit and the Pit I've been around have been awesome. Awesome dogs. Um yeah and I get that they're in dog fights but once again that's the environment they're in that's they're piece of owners like that has so many more things to do that's like outside of them of it's still an animal and like less people like care about it if it's like a smaller dog like a chihuahua or something because it's not going to actually hurt you.

And yes, a pull could hurt you. Yes, a German Shepherd can hurt you Yes, uh great. D Like all these bigger dogs, yes of course they could hurt you. they're still animals.

Um, so like just to generically call an entire like breed bad. it blows my mind. It has so much more to do with the environment that they're in and how they're trained and how they're brought up. Um, of course of course of