Foreign. Thank you Foreign Oh brother oh brother oh brother oh brother. We're in for one today. Good morning, good morning, good morning.

Welcome back to another episode of the Matt Corey Show today is Wednesday June 21st but it ain't no normal Wednesday ain't no normal Wednesday at all. We're gonna get to hear from the chairman of the Federal Reserve Mr Jerome Powell as he's being grilled by Congress particularly the house today starting at 10 A.M So of course we're going to be listening to that, but you might be thinking to yourself and that's going down at 10 A.M What are we going to be doing over the next 60 Minutes What are we going to be doing from 9 to 10 A.m ET And don't you worry, we have a lot to talk about. so of course we're going to be getting into kind of the overall scene. I Want to set the stage if you will in terms of what's happening in the overall market right now as it relates to inflation, monetary policy.

all that good stuff. I have an update for you related to what's going on with that mini sub that was lost off kind of the coast of I believe Nova Scotia Um, not the best updates right now, but a little bit of positivity there. So I want to go over that and then just some updates of what's going on in the UK what's going on in China Some individual stock updates because don't forget FedEx Reported after the market closed yesterday. Not the best signs from them favoring the Bears a little bit, but yep, the market is still rippity skippity.

Duda And then there's just some other stories that I want to hop into that seem to be of interest to all of you guys. So good morning, good morning, good morning obviously before we get rocking with anything. If you want to get a little bit of good luck rocking for today, don't forget to destroy the like button as always, right out of the gate. our goal is 500 on both Rumble and on YouTube So if you're watching right now, check that out! Uh, just Smashity Smash Smash Smash Smash Smash! Um, and also pay attention to what's pinned to the top of Chat in the description of the video Macquares.locals.com it's the Goonie Training group.

There is a free version. There's a paid version that is ten dollars a month or 100 a year. On top of posting my trades, my entries, my exits, you can post your trades, your entries, your exits I also give out seasonality, but that's even in the free version. And as soon as I get my own robot training to where I want it to I'm going to start putting the signals in there on top of having it connected to a Discord but that just takes some software engineering in the background so you have something to look forward with that coming in.

If you want to get grandfathered into a cheaper price, that's exactly how you do it. so destroy the like button helps out with the algorithm on YouTube helps out with the battle leaderboard over over there on Rumble and get to everyone. Just a little bit jazzed, a little bit excited, a little bit pumped up for what old Daddy Powell has to say, but I'll give you the tldr of it. Right now.

We think the market ripping is a little crazy. We think the economy is a little bit hot, and we pretty much unanimously agree that we're gonna have to continue raising rates. The last time I checked it a couple minutes ago, there's an 80 chance in 88-0 a little bit less than 90, a little bit more than 70 80 percent chance that we're going to get another rate hike at the end of July at the next Fomc meeting. If you want to mark your calendars now, it is July 26th.

so make sure you are paying attention to that. but probably another 25 bips And then the question is, when are we going to get another 25 bips? Because remember the last. SCP The summary of economic projections was all like yo brother, We're going up more. For whatever reason, the market seems to be in disbelief and we've seen this before.

We actually saw this a couple times last year, most notably in the July August time period. the market was ripping thinking no, no, no, the Fed's not going to be that aggressive, chill out brother And then what happened was the Jackson Hole Symposium Jerome got up and said I don't know what like your dealer is giving you, but you guys are definitely acting like drawing some of that marinara because we're seriously fighting inflation and the Market's like oh ah oh we we thought you weren't and then the market sold off I Want to be very, very clear? That is my opinion of what's going on right now. I Think the overall rip in the market, particularly in the tech sector, is not going to be sustained I Do not see any reason of why we just keep going and going and going now. Unfortunately, timing that downfall is the difficult part because if you're mistiming it, then you're just going to end up helping you go higher as the shorts get like completely put through the meat grinder and then it gets pushed higher and higher eventually though I Do believe gravity will win out I don't know when I wish I could tell you when I just don't see it.

Fundamentally, we're crazy overvalued. Inflation is still double two and a half X Where we should be. We know the Fed's fighting it. We see some questions in the real estate market, especially in the commercial real estate market.

We know student loan repayments are going to be starting in October There's just various things going on that are just arguably not bullish. and I get it if you listen to Main mainstream media, you're going to hear strategist saying yeah, this is going to be the start of a huge huge bull rally and it might. I Just don't think that's what we're going to be seeing in the short to medium term and the short to medium term. I Very much think that there is pain ahead of us.

Not much pain I Do believe more with these people who are calling out a mild recession I Think things get bad, but I would never call for doomsday because I just don't think that's what really the data is suggestive of. But overall, Pow will be setting the tone today and tomorrow he speaks to Congress Today, tomorrow, the house today Senate tomorrow starts at 10 A.M Both days of course we're going to be listening to it, but this pump up I Think we're gonna get that Daddy pal rug. That is. My prediction of what's going to play out for the remainder of the week.

Might be wrong. Might be right I don't know. Give me a 50 accuracy. Whatever.

I Do I mean you guys have seen me win trades. You've seen me lose trades. I'm not a person who should just arbitrarily be followed. Maybe sometimes you agree with me, maybe sometimes you disagree, and the times you disagree, at least one of us is making money in this scenario, so that makes me feel a little bit better.

But anyway, should be setting up for some exciting movement. So we're going to be talking about what's going on in the U.S What's going on in the UK We got updates out of the UK this morning. A little bit of a diplomatic issue currently brewing with us in China Not that that's surprising to you. there's a new one I Should say I'm not saying that there's a diplomatic issue and that's new and you're like oh, wow, we have issues with China No, there's a new little aspect to it that something that Biden just said.

So we're going to be getting into that. Um, so it's going to be a good one. It's it's gonna gonna be a good one. Um, what is this? Dang.

Weeble Customer service sucks. Well, of course they do. And we also found out yesterday that their iron Condor customization absolutely sucks, but that's what you get when you're on a free brokerage. You kind of get what you paid for.

if you're not paying for something that typically means that you are the product like I Think that's a a good message that we could all all remember. But anyway, folks, destroy the like button. We're rat like just rapidly trying to send that to 500. Today we are currently at 139.

It does have about with the algorithm on YouTube I know it's annoying to remind you. Same thing with Rumble helps us get us on the rumble battle leaderboard and all that good jazz also in the description. remember just on YouTube the content's already on Rumble You don't have to do anything differently there. There's a new Evergreen Channel There's one video up right now with my interview with Tom Nash that is in the description of the video if you're searching for it on YouTube Once again on Rumble it's already there and you don't have to worry about it.

So with all that being said, let's take a little look you see, let's take a little look you see at the market. So interesting. spy coming down I like that I do have some spy puts um Q coming down, not as much. Unfortunately for me, I'm heavy into Tesla puts right now and if you've been looking at Tesla it's been nothing but ripping.

In fact, yesterday went from 261 and then pre-market we got as high as almost 280. as in it almost ripping. like like 10 counting that kind of some crazy stuff from that low to this high and this is just a continuation of its run from like 99. so if you zoom out on Tesla it's still going.

You might be thinking why is Tesla up And it's just because they are doing a similar deal. They announced with Ford and GM of basically these companies utilizing their charging stations and this announcement was with Rivi. That's the most recent announcement. but what's crazy about it is if you do some quick math on the announcement.

Tesla Tesla added more to its market cap than Rivian is worth in total. So is that I mean I Guess the the eyes are, it's in the eyes of the beholder. But when you announce a partnership with a company and you add more to your own market cap than the entire other company is worth it. It uh, some would call that batshit crazy, but hey, that's the funny trading.

Not everything makes sense here. It's not really supposed to make sense. It's uh. it's a very, very wild living organism we've set up that is the equities market.

and sometimes if you try to apply logic to it, you're going to drive yourself absolutely crazy. So that's where I'm at. and I'm totally not mad about it at all. Stock futures are slightly lowers.

Market Rally falters. Yeah, just taking potentially a little bit of a breather, but a much needed breather. In mid-march the market the Spy was trading at 380. we recently just almost tagged 444.

Like this, it's not sustainable. higher highs, higher lows, a breakout. and this is a classic sign like of right here when you're ripping and then the velocity picks up even more. That is a sign of things just topping.

Um, kind of an exhaustion type of a run when you're picking up picking up picking up breakout pickup, even at a higher velocity classic exhaustion. But that doesn't necessarily mean this is a peak. Obviously it could Peak at 448, Peak at 450 452 or it could actually be the peak. Um, if you're looking for specific call outs from anyone, that's just not really the best way to view the current situation because like we live in a time of just absolute Insanity So it's always comes back to your risk reward.

it always comes back to your price action. Yes, my favorite saying recently over the past two to three weeks is things can remain illogical. far longer than any of us can remain solvent. So as much as I think Tesla's overvalued and I put my money where my mouth is obviously I didn't top ticket, it just kept going.

and now it's costing me money a lot of money. even though Tesla is clearly fundamentally overvalued in the short term treasury. yields are little change as investors await comments from Fed Chair Pal, he will be speaking with the house at 10 A.M ET Today Pal expects more fed hikes head as inflation fight has a long way to go. Federal Reserve Chairman Jerome Daddy Powell on Wednesday affirmed that more interest rate increases are likely had as inflation is well above where it should be.

Now please correct me if I'm wrong on this, but I believe the reason we already know what he's going to say is because that initial testimony it's made public beforehand. So you know how he reads his like little mini speech before they start grilling them with like weird social issue questions even though it has nothing to do with him. You know before all the politicians do the pandering for their own constituents even though once again it has nothing to do with him well before then, he reads like whatever one two, three minute little testimony I believe that is already out, People have gone through it. and basically it's just yes.

the Federal Reserve as a group as an entity is clearly prepping up to raise interest rates again. which caused the spike in the odds of the Late July meeting. The Late July Fomc meeting to go up to 80 for the next Uh, 80 for 25 bips, right? Like inflation pressures continue to run high in the process of getting inflation back down to two percent has a long way to go past that. The labor market is still tight, though there are signs that the conditions are loosening.

So this is the classic thing we've basically heard over the past year now of things are bad, but we think we're trending in the right direction. Breaking Fed Chair Powell reaffirms that more rate hikes are likely as inflation remains well above where it should be. Odds of a 20 basis point rate hike in July just hit 80 percent. There's now a 15 chance of two more rate hikes by September.

The FED is not backing down so the FED is not backing down I Like I think it's important to realize how some of this stuff has played out historically, and there are multiple times last year, but the most evident one was this: run right here from mid-july to mid-august This market right here. Um, feel free to go check out the headlines and everything from that time period. But I'm talking about mid-july to mid-august of 2022. The market went rippity skippity Duda It even got a breakout from the previous high and everyone's like, dude, this is the start of a bull market.

Everything's good. The Fed's going to cut rates and then all of a sudden if you look at this exact day Friday August 26 when we really started to shit out, that is because Jerome Powell at the Jackson Hole Symposium reminded the word world that no, we, the FED is not going to be accommodative to the bull sentiment here. In fact, they are fighting inflation, which is going to have the side effect of most likely driving the economy and thus the stock market down. So this was the brutal reminder day.

In fact, how much did we drop that day? 3.36 when the market started to realize, uh, maybe the car got in front of the horse there. So please remember, just because we see things rip, that does not mean that it's going to continue. That does not mean it's going to be a bull market. Does anyone see any similarities between what happened in mid July to mid-august to right now? Once again, it very much feels as if the Market's getting ahead of itself.

Things are not being priced in a fair fundamental value. but once again, just because you don't think things are fundamentally accurate does not mean that's the time to bet. Obviously, at that point, you would want to wait for some sort of technical setup where you have a reasonable reward to risk ratio. Anyway, that's going to be the exciting stuff of the day.

But before we get too hard into all of the market things I Do want to cover a wild story that's been developing noises detected in search for Titanic sub as oxygen dwindles. So yesterday we covered the story and we knew at that moment in time. Uh, if you go back about 18 hours, Uh, they had about 40 hours left and now they're in the realm of 24 hours left of oxygen Unfortunately They have not found the crew I Believe there's five people on this mini sub that was kind of off the coast of Nova Scotia Looking at the Titanic wreckage which I don't even know how many of us even knew that the Titanic the wreckage was around Nova Scotia But anyway, it is. Reports suggest banging sounds heard at 30 minute intervals.

Five missing crew have only 24 hours of air left so they are hearing sounds which it sounds like people within the sub are like banging on it at specific intervals so that that's definitely positive. Canadian P3 Aircraft detected underwater noises in the search area. As a result, ROV Operations were relocated in an attempt to explore the origin of the noises. Those ROV searches have yielded negative results, but continue So obviously thoughts and prayers with everyone that's on the submersible, everyone that is searching for it.

and hopefully this sound detection some sort of I don't know, sonar echolocation? something like that. Hopefully it ends up uh, proving to be fruitful. but I'm I'm very much open by even today I would love it. Um, some sort of positive update on that that they were able to find them.

uh, coming out of the UK this morning somewhat related to the U.S inflation High except theirs is trending the wrong way. United Kingdom Consumer Price Index Came in at 8.7 and the forecast was 8.4 That's not good. So within the U.S we keep coming in. um, softer than expected, cooler than expected.

Unfortunately, the report coming out of the UK their inflation uh, I mean ours is in the realm of just under five. I Believe or is it just under four? We're at four or five. I Forget the numbers. there's too many numbers to remember.

But anyway. uh, they expected 8.4 coming in at 8.7 So a clear, uh, hot reading. It was clearly hawkish and obviously that's going to drive the Footsie down and that's going to have a negative impact on our Market most likely causing the Dixie to spike as well. Let's see coming up.

We're trending up now. um, slightly. but like no huge Spike I Mean, if anything, we had a massive sell-off on Thursday June 15th. Uh, but clearly the dollar Index starting to Trend Back to the upside.

so definitely something worthwhile to pay attention to. On top of that, UK net debt hits highest level in more than 60 years, topping 100 of GDP. So when you're at a record debt level and battling inflation, that seems like a losing scenario seems like uh, really, really, really, really, really bad scenario. But who am I besides the dipshit that founded Cameron started recording himself Senate Banking Committee to consider bipartisan Bill to claw back Executives pay when Banks fail I'm a fan of that.

If your bank fails, you kind of weren't doing your job and you most likely cost a lot of people a lot of money. So um, yeah, their Executives paid I think it should be Claude back. So I'm just bringing this up because tomorrow the Senate will be speaking with Jerome Powell and I bet they're going to be asking his opinion on that. So I just wanted to add a little bit of context.

a little bit of flavor so we're not completely taken off guard by random questions about Banks and payback. Uh, pay clawback and all that good jazz China says biting calling Xi Jinping a dictator is provocation U.S President's comments come days after trip to cool tensions. new flare in bilateral ties shows fragility of relationship China said U.S President Joe Biden had made a public political provocation by referring to the his Chinese counterparty Xi Jinping as a dictator as fresh tensions flared in bilateral pot ties just days after meeting to stabilize the relations. Yeah, that's not good and you wonder if it was strategic or if you wonder if it was Biden's mind.

just kind of like not reading the situation. well like I mean I kind of agree like I I don't think Joe Biden's wrong on this one I really don't I I just wonder if it was strategic if they're like okay, no, we need to piss him off again for whatever reason or if it was just Biden's mind like kind of once again glitching out, faltering and he said something publicly that he shouldn't have said. um, it it happens and especially when you're a Geriatric the way Biden is. so um, that's fun.

Tensions once again getting reunited with the US and China This is an update from yesterday. Now we're going on the individual level just to relate it to individual. Equity So yes, we talked about Tesla partnership with Rivien. Uh, same thing as essentially with Ford and GM using their charging stations, but here with FedEx They reported after the market closed yesterday were not in earnings season.

The earnings that are coming out right now are fairly described as a bit obscure, but anyway EPS FedEx drops 4.5 after delivering a sales Miss for the quarter reported quarterly earnings of 494 per share which beat the consensus of 489 and then their sales missing um by almost a full billion dollars which is a chunk of change, but apparently one billion and just kind of picking on the US government here. not that big of money to be missing on allegedly to them, but more on that in just one second. So I need you to know that at 10 A.M today we will be listening to Fed chair Powell talking to the house later on, there's going to be other you're we're gonna have right here. Senate nomination for Jefferson Cook uh, Coogler, they're going to be talking um, not a nomination from the Senate and then Goolsby will be speaking at 12 25.

Then obviously Powell will be speaking with the Senate tomorrow. and then on Friday We're going to get the PMI numbers for today individually. the seasonality is pretty much neutral, not running into headwinds not really be supported by Tailwinds Uh, the Bulls have won 56 percent of the time. The profit factor is just over one.

and like I said, buying an open selling at close over the past two and a half decades, this day individually is pretty much a neutral day. Five things to know before that: Bell goes dingy ding ding ding today Wednesday June 21st after the rally Uh rut. Well to be fair, not much of a rut. I Mean we're just kind of at where we opened on Thursday of last week.

Remember that picture that CNBC used yesterday of a guy kind of looking distressed with like his uh face in his hands and they're like acting as we've We had some huge three, four, five, five plus percent sell-off and in reality the market ended up like The queues Lost point three percent. The Spy loss point five percent and yet people were acting like it was some sort of like Armageddon Modi in America um, the Indian PM will be meeting with Tesla while he's here Biden labels g a dictator I Don't really disagree, but I don't know if it was smart to say the next wave in the ESG fight. there is some House Republicans with a new bill trying to limit the amount of ESG investment and once again, that's a giant misnomer. I Mean you have company Oil companies that have a higher ESG rating than Tesla What's it Environmental? What is ESG Environmental? Something Governments societal.

It's just basically like how I don't know Quote: unquote by their definition of like a good company are you? And yes, there are really, really, really strange things going on right now. Where you have some oil companies, you have some cigarette companies with a higher ESG rating than Tesla Social? It makes no sense. It absolutely crazy. but that's what's going on.

So interesting news from yesterday: Justin Pentagon says accounting error provides an extra 6.2 billion for Ukraine military aid. Now first of all, I Know none of you are surprised, but let's think about that. Imagine just like accidental 6 billion if you miss your taxes by six grand, the IRS is going to be so far up your ass that you're gonna have to go get like, uh, go to a doctor like you're gonna need some emergency intervention of what the IRS would do to you and then our own government which remember this is our money. 6.2 billion just oh sorry about that like ah shucks, ah we hate when that happens.

An accounting error. A 6 billion dollar accounting error? This is. it's absolute insanity. And here's the the actual video of them discussing the accounting error.

Oddly, following up from some announcements earlier this year during the Department's regular oversight of our execution of Presidential drawdown: Authority for Ukraine we discovered inconsistencies in equipment valuation for Ukraine in a significant number of cases: Services used replacement costs rather than net Book value thereby overestimating the value of the equipment drawn down from U.S stocks and provided to Ukraine. Once we discovered this misvaluation, the Comptroller reissued guidance on March 31st clarifying how to Value equipment in line with the Financial Management regulation and DOD policy to ensure we use the most accurate of accounting methods. We have confirmed that for FY 23, the final calculation is 3.6 billion dollars, and for FY 22, it is 2.6 billion for a combined total of 6.2 billion dollars. These valuation errors in no way limit or restricted the size of any of our Pdas or impacted the provision of support to Ukraine.

And while the Dod, while the Dod retains the authority to utilize the recaptured PDA, this has no bearing on appropriated Usai or Ukraine PDA replenishment funding approved by Congress. Uh, so just super calmly explaining how they screwed the Us out of six billion dollars. So yeah, um, ridiculous. Uh, absolutely ridiculous.

What is the Reddit Revolt means for social media in the AI era? So this is, uh, something that's a little bit more humorous and I think it's funny. Uh, so if you guys don't know about what's going on with Reddit right now, Reddit has made the decision. As a business, there's a lot of applications built on top of Reddit that are basically going to start charging API fees and they're not negligible. They're considerable.

So then there was like a two-day I guess Revolt where a lot of the major reddits. they kind of went private and people weren't using it. So obviously that wasn't good because Reddit's usage took a nosedive and even now that it's come back, the users of Reddit are still fighting against the company and this one is absolutely hilarious. They're doing it by on all the major reddits just posting.

let's say, content that's not safe for work is probably the best way for me to explain it. So that means ads can't be run and they're doing this on just like so many many reddits right now. once again to drive down the ad dollars. So massive, Massive massive fight back against Reddit right now.

Very very interesting stuff. um I and like it's all coming when they're kind of like prepping up. uh I don't they were prepping up for an IPO uh but right here. uh, gaming piano I don't work here lady just like crazy like bunch of strikes going on against Reddit Um I Know some of you in here are hardcore Reddit users.

some of you might be super users. so I'm sure you could explain the situation better than I can. but I Have to admit it. It is always humorous to see when like an internet Community comes together to quote unquote fight Against the Men and in this case I very much support them because what Reddit's doing, they're just trying to charge people a considerable amount of money.

So then the users themselves will are basically saying well, we're going to cost you a bunch of money because we're the reason that you're even a thing And you're as popular as you are. So a little bit of uh I guess news there on Reddit Absolutely wild. Absolutely wild. All right on that news.

Uh, let's take a little look you see at the market. Let me drop this to the one minute chart. so we have about three minutes left. three minutes left.

And on that note, uh, feel free to post your questions as you're as I'm waiting for your questions to come in just to give you an update of where I'm at. I have Tesla puts I have spy puts and I have IEP puts. Those are my three current live positions. Uh, if I'm being honest, um, it feels like a lot of undisciplined training.

It feels like a lot of Revenge trading right now. Uh, so I kind of probably should take a breather and see how things are going. Um, see how things are really going with it because I'm not happy. It feels like I'm chasing it.

feels like instead of setting up or waiting and being patient and disciplined for a high reward low risk setups, it feels like I'm just like kind of hoping things go in my favor and then if they don't I like instead of cutting out my risk I end up doubling tripling quadrupling down. So I feel like I need to kind of bring back that discipline that I had for like a good two month run there. Um, but whatever, we'll get there, we'll get there. we'll get there.

I I Just put it on you guys to ensure that I don't do anything stupid. It is. It's if you guys see me doing something dumb. maybe you guys should step in and be like Matt Matt Maybe maybe don't do that one.

Um, so we'll see how it goes. Um, if you haven't already, while we're waiting for that, Bell to go Dingy ding ding ding. Um, help me out with the algorithm by destroying the like button. It doesn't cost you anything I Know it's annoying for me to remind you, but it really does help out.

Destroy the like button on both Rumble and YouTube Rumble helps out with the rumble battle Leaderboard on YouTube it helps out with the algorithm or goal is 500 on each of those. so just take a quick second of your time, tell your manager to shut up and then you can hit the like button. Don't forget to subscribe and also specifically on YouTube Make sure you're checking out that new channel in the description of the video. So yes, we know at 10 A.M 10 A.m ET in a mere 31 minutes, Jerome Powell will be speaking with the house Congressional panel.

So we're going to be listening to that because we're going to be getting an update on the state of the economy, what's going on in the banking sector? What's going on with inflation? It's going to be boring. Maybe, but it's going to be very, very important and will most likely push the market either up or down. Also, at 10 AM we have this if you want to like. Maybe if you're getting a little bit bored with listening to Pal Well, you could.

Also, there's a big Nintendo invent today. so this in the world of gaming uh I'm just thinking that this might prompt some I don't know swings up or down I'm watching all the gaming socks I'm going to be paying attention to Nintendo Roblox Activision uh, but there might be some other gaming related I Guess stock swings today and it's also good just to kind of know what's going on in the world just because that's such a big aspect of streaming. and I like to know what's going on with streaming. but if you want to check this out, there's going to be, um, some updates.

Live updates here I Found this one website: Nintendosupply.com if you want to check that out, but this is all it's going to be a gaming update GameStop Yeah, like anything gaming related could very much be impacted by this. So once again, Nintendosupply.com will probably be bouncing back and forth, but that's also scheduled for 10 a.m ET today, so kind of going on the same time as pal. If you're just curious about what this is I don't know. Found this pretty cool website so just wanted to throw that out there with all of you.

Uh, thank you guys very very much I appreciate it. You guys just rip the likes on YouTube there up to 320 and what did we get to on roombao Rumble 125. All right, a little ways to go, but I do appreciate all the support. Oops.

Accidentally played my own voice there for a second. On that note, the casino is open. Best of luck to all. Play responsibly if not have fun I hope you crush it.

Remember you can get yourself uh, some good vibes Good Vibes by just ripping it I Don't think anyone's gonna have a winning trade until we get 150 more likes I'm just throwing it out there I'm not the one who makes the rules I'm just playing the game that I just don't think we're gonna have good luck within the goonie. Community until we hit some basic social media goals because of our AI algorithm overlords. Uh I don't know much about gaming anymore. Well, you could probably learn quite a bit from what is this.

Nintendo Supply 10 The Voice through Paper Mario Uh, it's about 40 minutes. Uh, 7 A.M PT Roughly 40 minutes of information focused mainly on the Nintendo Switch titles launching this year, so it'll be interesting to see I mean Nintendo Switch massively popular? uh, but to see the games which ones? I Don't know. maybe there's going to be a whole new Pokemon and stuff I Just the other day I was thinking about how much money and time I spent on Pokemon growing up and I Loved it. Uh, absolutely absolutely loved it.

Uh yeah and Matt said two three days ago the market top so he will. He would say I think don't forget. Well I've been bearish on the market for a while. like longer than two to three days.

I mean look at my tweets I'm now on day 13 of saying when rug So even more than two to three days ago. um and I I still strongly believe it eventually Falls over. It's just a question of when and we just haven't been seeing the opportunity quite yet. Interesting.

The Spy got rocked, but the cues are actually going right now. Um, but no. I've been very very public of how I just think that from a fundamental and from a technical level, this run is currently unsustainable. Uh, a hundred I have you been on money spent on Pokemon uh fuzzy I would not disagree on that uh I would not disagree whatsoever.

Same actually with Chaos Chaos uh big big Pokemon fan I Just remember uh there was this mall like when I was growing up. There was this mall that we always went to was like 45 minutes away and I would always just beg and beg and beg my mom to buy me like one of those little packs every time we went. just like a little pack of like the random cards you could open and I was always just so stoked to see if I got a holographic card or like what cards I got and it's just like that pure Glee of like building out that collection. What's funny about Pokemon is I don't really know if anyone knows how to play it like the actual card game I feel like we all just did the collecting and I Remember at summer camps there was like one day a week where everyone could bring in their cards and everyone look at it and do their training.

and yet none of us played. None of us. none of us, none of us played it. ever.

We just looked at the cards I'm like cool and then if we played it, we played it on. Game Boy And obviously a little bit different from the card game itself. Uh, fun times though. Fun times, fun times, fun times.

Uh I still have an original Pokemon Red with Mew from Toys R Us Noob all of you in here. you're like no, we played. we actually care. what a poser.

I Don't think anyone actually knows the rules of the card game? Uh, this is a conspiracy theory. Yes, I'll admit it, but it's a conspiracy theory that I think has quite a bit of. Merit I Don't think anyone actually knows how to play the card game I think everyone just collects the cars and plays the video game. Uh, I used to compete at the mall but don't remember how to play anymore.

So I remember playing like in competition? What was it? Yu-Gi-Oh and Magic I remember those card games and like actively playing those games. but Pokemon I don't at all I don't even actually remember anyone playing Pokemon I don't have a single memory of it, just the video game did you get into Yu-Gi-Oh yeah for a bit there I think my Pokemon addiction was Stronger but for a bit there I played Yu-Gi-Oh I also played Magic the Gathering Um, but that was more of like the competition while Pokemon was just the card collecting. uh Toys R Us used to do Gym Battles and would stamp gym badges. That's kind of cool man.

you just wish Toys R Us would come back I Need Tesla to fall like 15 which it doesn't feel like it's gonna happen beings it's already green again on the day. But remember, um, for folks, if you're joining in right now, first of all, you're late Demerit, you should be embarrassed. Class starts promptly at 9 00 a.m and in fact, it's a little bit rude to the other people in here. The other Goonies in here because you're like awkwardly walking and you're like excuse me, is that seat taken I'm like no I'm saving it for my friend like who's your friend here like no but I'm saving it from like well I need that and then like, just like it's a lot of awkwardness, There's only so many digital seats in this particular classroom.

Uh, so let's be mindful of that. But anyway, if you are late in 25 minutes at 10 A.M ET a half hour into the market Jerome Powell will be doing a live testimony with Congress He will be speaking with the house and we are expecting to hear here and understand things about the economy, what's going on with the banking sector, what's going on with their overall mindset with the really monetary policy and inflation and the fight against it. So probably some updates about the labor market, their future looking expectations. So we're going to be listening to it I Think it can actually be very, very important? Like I said at the exact same time, Nintendo's going to be doing their thing at 10 A.M so feel free to check that out on Nintendo Supply I'll probably end up listening more to the FED but if you want to bounce back and forth I Completely understand in terms of the daily chart, this is what I'm watching.

There is an upside Gap film The Spy tooth. We'll call it 439. As of now, we are within yesterday's bar, so no clear Trend at this point. Like if we were to close right now, this would be considered an inside bar.

As in we didn't break above or below the previous phase bar. as in no strong Trend So just waiting. Patience, patience, patience. We sold a little bit out of the gate in minute one and then for the next six minutes we've gone flat.

The cues as in the NASDAQ as in the tech plays are looking a little bit stronger Nvidia had a beautiful push into close yesterday. Meta training at 282 we have apple looking strong actually above 185 and going Amazon looking at 126 also going Google training at 122 the other major Tech play Texas Roadhouse trading at 108 uh row, what is Rblx is Roblox right? Roadblocks trading at 41 Microsoft trading at 336 making a fresh High not too long ago, Oxy recently getting destroyed bouncing back a little bit right now at 57, Palantir trading just below 16. what else do we have? What else is of interest? Uh Luv recent breakout holding at 34. Shopify also reason flake out holding at 64.

uh what? Um I'm trying to think of other major plays that you guys are interested in. What's the major things you guys are watching. How's coin doing Coin up to 59 now getting smacked? but I don't know I don't really trust on what's going on with coin just because of how much the CEO has been selling out Brian Armstrong just selling selling selling actually the same thing with Salesforce massive Insider sales going on at Salesforce Uh Tesla how's Tesla um Bitcoin ripping 29 000 going from 25 to 29 East ripping from 1650 to 1825. So that's actually crypto's looking really good right now which I would assume means Mara and those are looking Mara trading at 12.

Riot Up Four percent trading. Yeah, so you have the Crypto related plays going as well. Uh, Gme up one percent trading at 24. AMC Not even above Five Ape? Uh, is this going I don't think Ape's uploading or we're not getting the data.

What's the one that I'm new? Gns just keeps getting slaughtered. To be very clear if you guys missed my update video from yesterday. um I Kind of went into a little bit of a rant. a little bit of a baby tirade of why Gns is absolutely trash and clearly it's showing that it's trash.

But once again, uh, I'm I'm fighting with him replies right here: Roger This is the guy who he's just trying to get the Mmtlp and the Ape community and any overlap there to support his absolute trash stock, his absolute trash company. It's so horrible. Um so and right here. I Mean, look at these shows right away.

They're like no, no, no, we're good, we're We're really good. Like it's gonna come back. You should like it's just bag holders. The only people who don't see how bad Gns is.

It's because they have blinders on and it's 100 100 because they are just bag holders. It's trash. It's a trash company. There's no signs of manipulation if you look at the fundamentals of the company.

I would argue it's actually trading at a premium. We have proof from Zacks that they paid. They paid for the analysts to give them that 19 price Target anywhere between 10 and 50 000. It's just I don't know who would be buying that I truly don't understand any of the bullish notion for Gns whatsoever whatsoever.

Do you think of your Voyager conversion? Um, it's horrible I'm from the highs that my Voyager account was worth which was 100K I'm getting 9k back I'm getting nine percent of my money back. Can we take it out yet? Uh I Actually don't like thinking about it because it makes me want to absolutely vomit. Absolutely vomit. Hang on.

recovery. Would you like to enable enable a lab transfer of your crypto or not yet enabled. Once the 30-day crypto withdrawal window opens, we encourage you to take all the crypto off the platform so the window's not open yet. But I am taking a 90 haircut 90 haircut which is brutal brutal.

Uh, that should be criminal. Well it kind of is Criminal because remember 3ac blew up so Voyager had money in 3ac and then three AC blew up because of Celsius and FTX and I have to like what FTX did is Criminal it's absolutely Criminal uh did he say 90k or nine? I was at a hundred thousand dollars I'm getting nine thousand back as in I lost 90 000. I lost nine zero followed by three more zeros from that Peak to what I'm getting from Voyager So no brutal, absolutely brutal. Um, they are supposed to release more at a later date Oh Wait, we're getting another installment.

Like there's going to be two installments. Is that I didn't know that? If true? Uh, well, at least you're You're making me feel a little bit better about it. Maybe I'll only take an 80 haircut. Look at your Voyager account.

I'm looking at my Voyager account right now I Don't think I could take any out. Transfers of crypto are not yet enabled. Once a 30-day crypto withdrawal window opens, we encourage you to take out all your Crypt off the platform unsupported tokens have been liquidated. This asset is not.

Yeah I can't do anything with it. Maybe you could take out like your USD but I don't have any USD I have Bitcoin eth I actually do have some Usdc I can't even move that I have some cardano I have some Doge Litecoin she Phantom and sandbox I only care about my Bitcoin and my eth and I guess my Usdc because why not? Yeah, the recovery price on Voyager for the Bitcoin is 28 000 and for Eth, it's 1788. my recovery value I just don't understand like I just want my Bitcoin I don't need it in US Dollars just give me my amount of Bitcoin and my amount of Ethereum back I I Just don't get it. Um, Robinhood is removing Matic on the 21st.

On top of that, we got an update yesterday from Weeble that they're also kind of stopping their training of crypto stuff as well I Don't know if it's all of them or most of them, but this is probably in response to what happened recently with Gary Gensler The chairman of the SEC kind of I Don't think he could legally do this, but he basically just called like cardano Matic polygon. Um, all that stuff, he's like, yeah, there's Securities I was like he kind of just did it out of nowhere and everyone's like, are you allowed to do that man Um, so we're We're waiting to see how that truly plays out. AI Not doing anything today. Uh, looking a little bit weak lower highs.

Watch this 42 30 area. Q's taking a hit. The Spy is also looking heavy at this moment in time. Gns is absolute trash.

Um, you can look at the Twitter fight if you want, but I mean just my argument is, just don't get duped into buying something that's like actually trash like truly trash. All right. I'm looking at the Futures Market I just have some key levels mapped out here. Uh, 4410 50 is what I care about.

That is the low of yesterday. Obviously, if we go below it, that can then set up potentially a test of this low. Four, three eight, three fifty. Uh, so that's what I'll be watching in terms of the Futures Market spy drifting down the cues.

try to pop Minute two: there was a big pop, but quickly giving back somehow Tesla's holding and it blows my mind I don't understand who the fuck is buying Tesla here Nvidia taking a nosedive Netflix Dove but then came back Amazon pop giving it back now Microsoft same thing Google Looking exactly like the cues Apple pop but going flat. so Apple seems to be holding up the market a bit right now. Uh, the fact that it's not really giving away meta giving way. Definitely okay.

The cues just snapped. Um, it's Apple this is the final one that needs to come down and then I think we're going to see a bit of a capitulation. Matt Greg Monero Another Financial podcaster is claiming Wells Fargo will be the next big bank to fail. Can you pull the chart and provide your feedback on his statement? Well, the chart doesn't really have much to do with it.

Failing it failing would be probably more so I Don't know his reasoning, but it would probably have more so to do with. um, like a bank run or something along that. I mean the chart's actually looking decent I mean it got a new uh, got a new Fresh High Here new, fresh High I Mean you already can see some higher lows here. Let me extend this to the right.

Let me extend this to the right as well. From a technical standpoint, you're actually seeing a bit of recovery after this huge sell-off. If anything, I would argue it's on the way to like 45 ish now. I'm I wouldn't I'm not trading this I'm not long I don't I'm not sure I don't have a position but in terms of like that statement of it failing that wouldn't be kind of.

that wouldn't really be seen in the chart here. it would be more of like a biggest statement and then people all of a sudden like you have a bank run or maybe their bond positions all messed up and maybe they're underwater on that. Um, but from a charting perspective, we're not real, we're seeing a boring stock. We're not really seeing a failing stock.

I'm not going to say it's doing well because a lot of the times Financial stocks are just like whips all up and down and essentially net out to going nowhere. um Wells Fargo In terms of the major, Banks is a very unpopular one. like if you considered JP Morgan Bank of America City and Wells Fargo Wells Fargo is probably the one where most people have disdain. and that's just because a handful of years ago they got an A Heap load of trouble for basically like malicious practices.

um and like they were, they were just signing up people for accounts. They were pressuring people to make more accounts. Uh, there was a whole documentary on it I think it's on Netflix but um Wells Fargo like I Wouldn't be surprised. it sounds like they're a pretty shitty company.

Um, but I would have to know his reasoning to fairly comment on it. um and I Don't know if I I would want to give it a listen, but I don't think his reasoning would be in the charts. It would probably be something more macro economic of like hey x amount of people have like this amount of Leverage this amount of credit or they're this exposed to the commercial real estate sector and I think that's going to go under I think most likely for a big Bank blowing up, you're gonna have some overall thesis on the economy rather than just paying attention like what's going on in the charts if that makes sense. um Nikola Tesla and Nicola received a thirty dollar price Target Just now, how are they under two dollars? Anyone can give a price Target That doesn't mean it's going to go up.

Sam Remember, analysts are as shitty or arguably even shittier at this game of trading and prediction than we are I Want to be very, very clear about that? Um, uh, just because an analyst gives a 30 price, Do you know the history of Nicola Nicola was run by one of the greatest scam artists of our time Trevor Milton and now he's out of the company, but it's making a bit of recovery. Does this look like something good for you to buy? All it is is lower highs, lower lows just because some asshat analyst puts on a price Target I could put a price Target on it I Get my price Target is 60 cents. Is that going to drive it down? I Mean just because someone puts a price Target We we now know that people are out there being bought for their price. Target I mean I showed you evidence of how Zach's when giving a price Target To Gns paid somewhere between 10 and 50 000 and they said no, no, no, we truly believe it.

But it came right out here on on the 23rd. It came out on the 23rd when it was trading at three dollars and whatever sense ran up to eight and they had a price target of 19 and look where we are now: 77 cents. So I would be I mean Nicola If you're looking for an EV play I mean there's other ones that are looking more exciting. Rivian looks like it might legitimately having some sort of breakout.

Nice accumulation. We have higher lows. we're testing this high. It's just a better chart setup with more reasonable risk.

You could choose to risk 1360, you could choose to risk 1260 and if it breaks and holds above this. All right, you're buying the breakout. You're hoping it goes to 18. You're hoping it goes to 20.

I Just think there's better opportunity. I Would go with the companies that are more respected and don't have a history of horrific fraud the way Nikola does Nicola like I mean like I said Trevor Milton is one of the like great scam artists of our time. There's a reason he got fired and absolutely destroyed. um Neo also kind of coming back I like like the consolidation pattern a little bit more on Rivin, but it there's some similarities there.

Definitely a lot of tests or a lot of EVS been beat up so I think it's easier to if you're gonna be bullish, be bullish on the ones that have been representing strength namely Tesla which is painful for me to say beings. I'm currently short Tesla but this is in the same sector and it's wildly outperforming. wildly outperforming. How's GM been doing? GM's been doing better.

Look at that breakout bite right here on Friday the 2nd that was in a 34 year at 37. Not bad at all. probably. I mean this is looking a little toppy right now I if I had that, I'd be locking in my gains GM was the other one Ford Ford's even better.

You see how there's major differences between like what's considered like a quality appreciated automaker and then these other ones. Like, there's a clear like break between the two. There's a group of good ones and a group of shitty ones and you're seeing it in the price action. Um, definitely seeing it in the price section.

All right, let's go back to the Spy All right. Apple Finally vomiting I'm actually surprised that on Apple's hardcore vomit right here vomiting almost a dollar. uh, that the spy and the queues are not vomiting even more. What's going on with Microsoft Microsoft thought wow, how are the Spy and the queues holding up right now I I don't I don't get it? Uh, confused with Neo Neo's and Evie play out of China um I liked.

So they have interesting batter battery swap technology. but remember with Neo you're taking on additional risk of U.S and China tensions. If we wanted to, the US government could just kick Neo off of our Stock Exchange because remember Chinese companies these ADR the American depository receipts. They do not go through the same auditing process that U.S companies do.

and that's why you have certain situations like luck and coffee. so you I'm not like I'm not the biggest fan of Neo I used to be a way bigger fan, but then as tensions started to boil over with Trump and Xi Jinping and he was threatening to kick off all these Chinese companies I Just thought like you have to be very very confident about these Chinese Investments to like because you have to also consider the risk of just the fact that tensions like there is extra political risk that you don't have in other Investments So it's just a little bit of food for thought. a little bit of food for thought. Uh, once again, I get more information here than CNBC Well, that's actually really, really kind.

Gary Shucks Man, you're starting to give a good name to all the Garys. like a really like a shout out to the Gary's in chat I Know you're maybe cousins to Greg's and like obviously we don't want to talk about them but Gary Gary pod's in here really Gary All Gary's in my book just went up by a point. all Gary literally Gary that was so nice. All Gary's just went up one point one point in my book.

it's time. it's time that we separate Gary's from Greg's and we understand that they are in fact two different groups of people. even Gary Getzler. Well no see the fact.

that's what I'm saying is like with Genzer, he's bringing it down. but then we have this Gary in here bringing it back up and it sucks that like it seems like internally, there's a lot of fighting between the Gary conglomerate. um, maybe and I I Don't go to the Gary meetings obviously I go to the Map meetings. but maybe at the next Gary meeting, you guys just vote Out Gary Gensler just so you don't have to like bring him with your conglomerate anymore.

but yeah, uh, just a little food for thought. I don't know how you guys run things at the Gary meetings. At the map meetings, we do vote out mats that we think are like besmirching the name. I Don't know if you guys have similar rules or processes in place, but that's how we do it at the Map meetings.

Gary 2024 My stepdad's a Gary he's an okay dude. Hey, it looks like you're getting some of the Gary votes going. When is Pal speaking in about five minutes as we're watching Apple vomit Microsoft vomit accused vomit, spy vomit the spies level we're coming up to yesterday's low at 435 flat and then it could potentially get a little bit more interesting if it broke breaks below 433.59 Just like two clear technical breakdowns: Um, is Tesla coming down? Dude, it fucking it just won't come down I don't understand what I have to do here, but Tesla just will not come down and this is probably going to cost me tens of thousands of dollars because I was being dumb. It's all 100 my fault.

but I'm still obviously going to be complaining about it because I can, why not? It's just like it's actually even for like I need it to just vomit like I need I don't know I need it to come out and like maybe like oh we found out Elon's in a lizard person. Actually that would probably help the stock. they'd be like cool we like a lizard guy running our comment I need something to come out that will like quickly like get it to drop to like 255 I could take my gains and then from there even if you're bullish on it I want it to pop out great like I just wanted to get out so I can get out because right now I am taking a how much am I down I am down 54 on that play but it is bouncing back a little bit right now we're getting a little bit of a bounce back in my favor IEP is screwing me too dude I am just not I'm not on a good one, not on a good one. All right, spy coming down.

that's the one I just don't know I do have spy like but that's in my other account. How do I see this interactive brokers scan position I have June piano oh no, that's down a lot June 30th, 4 25 for what the fuck was I doing with 425s? How much time do I have left I have a week and a half okay I need D-Day to occur. Apparently when does Pal speak in four minutes? Pal speaks at 10 A.M ET As the market is vomiting vomiting, let's see if we can find that pal uh, fed schedule here we go. What is today Today is the 21st, 21st, 21st, 21st nomination hearing semi-annual monetary policy report to Congress and then nomination hearing.

So nomination nomination and we have this one All right. I Think we're breaking down on something. We are breaking down on something All right. What did es just snapped yesterday's low.

We just punctured yesterday's low. Next stop I would say on the spico. Uh, we broke yesterday's low Next Level I'm watching is a retest of this kind of Gap fell too. Let's just call it 434.

Really, it's 433.59 but just for the ease of remembering. Uh, looking for another dollar? A full dollar sell-off from where we are right now I Want to see how the market reacts there Apple Looking heavy Tesla Looking heavy Q's looking heavy. Is the dollar ripping dollars not ripping dollars kind of flat here? What's Vic's doing is The Vic starting to get a little bit Juiced All right. what else do we have? What else might be dragging this Market down? Meta vomiting Microsoft kind of vomiting but holding a little Amazon definitely vomiting uh AV Geo Broadcom 858 Nvidia Nvidia Straight vomit.

All right we I think this is a good watch Crypto though. holding crypto actually may be ripping to 30k question mark eth looking good too. Strange, strange, strange, strange on the Es. I Do want to point out that we're coming up to a key level.

Uh, in the Futures market for the S P 500, we're at 4409 obviously 4 400 key, technical level, key, psychological level. So that is about roughly a dollar from where we are. that is going to roughly be aligning with the 434 on the Spy give or take I Don't know about 20 cents or something, but we are waiting for Jerome Powell Jerome Powell should be rocking and don't forget at 10 A.M Also this Nintendo Direct event, you can check it out on Nintendosupply.com but that's starting if you want to know a little bit more of an update in the world of gaming. once again, Nintendosupply.com Uh, spy bouncing off of yesterday's low as expected Nvidia vomiting Tesla vomiting Apple Coming down.

how are the cues going? The cues did they break below? The cues are also at yesterday's low and then from there. Yeah, so on the cues I would be watching uh 364 which is where we're at right now and then that would be filed by 360 and 50 cents. Those are the key levels that I would personally be interested in. Uh, we are actively if you're joining right now, we're just waiting for Pal to get started I don't think they played music or anything I just didn't want to get Dmca.

but what I will do is I'll set it up so we can watch pal and everything uh to do I need some charts gonna get this set up so I'm not behind like I normally am like I normally am all right. Let's do the three minute let's do this. Let's do this. Let's do this.

Let's do this all right. Your boy's getting set up I'm figuring it out all right I Don't know why we're not necessarily rocking quite yet. Uh, how will I do this all right? I'm gonna do it this way. Well, I might as well put it up so you guys can see this for now.

But anyway. I Need a window capture I need to add a source, add source. Did I do it right? Nope, that's the wrong one. Scratch that window capture, add source, add a new source.

Uh uh. there we go. There's street beat. I'm gonna clean this up a little bit so you guys can see it.

There's that. There's that. There's that. There's that.

We'll drop it over here for now. All right, we're just waiting. Market vomit Market vomit uh I need Tesla to keep coming back down like I said this morning I was down 54 as of now I'm only down 21 so it's coming back in my favor I bought many times. Uh, let me actually orders filled Tesla I I was so degenerate if I get out of this break even I am just like the luckiest guy on Earth Uh I bought my first one at 4.95 I bought more at 460.

I bought more at four and then I bought even more at 235 I went uh 10, 10, 10, 20. 495 464 235 I just kept averaging down which is stupid because I was just being a dumb fuck. Um, but it is coming back in my favor today. Definitely coming back in my favor.

Uh, you can see it right here. Um, so I'm still down overall, but today making a 6.7 K recovery and making a 1.8k recovery on these two. Um, so my average is 389. uh I have 42 puts like this is insanely levered right now.

it's really dumb I should probably drop at least half of them at break even just because I'm carrying simply too much leverage. Um so I'm going to be paying attention to that and then I have other Tesla puts that they're in at 577 those are trading at four. so definitely making a recovery. but I I just needed to keep vomiting AMD I guess is breaking down AMD yeah snapping below this.

Um, actually I wouldn't do anything yet if this were me. I'm seeing a shoulder head shoulder I would actually love for AMD to pop back up here maybe to 127 and then to come back down just so we have a beautiful shoulder head shoulder. Oh fuck man, no one reminded me. Shame on all of you.

Shame on all of you. Uh, hang on I just want to make sure we're not missing anything. Jerome Powell has not started speaking. Check this out! This is what you guys get for being late to Today's show.

You get a cool piece of information. So I was looking at this um last night I couldn't sleep. so I started doing a bunch of back testing and I was thinking about like just normal Strat like technical setups. everyone's like, oh we got flags, we got triangles, We got channels.

We got double tops. Like all that good stuff. double tops Head and Shoulders All that and I was like no way. and just maybe to add a little bit of color to this conversation here, say we're looking at Es and how do I draw shit right here? Like obviously we have setups like that we have Penance Um, we have I don't know.

We have channels downward where it's training like this. Uh, we have a shoulder, head shoulder. We have a lot of setups that everyone talks about and then I thought to myself, no way on God's green earth are they all roughly the same. No way on God's green earth, are they all good I have a question for all of you Out of all major patterns I'm talking about uh, Head and Shoulders inverse Head and Shoulders double tops, triple tops, channels, triangles, Flags pennants.

Which one do you actually think is the biggest bullshit? This is actually like I have all the stats and everything right here. and of course I'm going to give you the top grouping. but out of all those, there's one that myself I believed it was a really, really good one. And the odds just don't say that at all.

All right, we get some votes for Head and Shoulders Flags cup. What else do we have? Flags head and shoulders and I'm asking you for the worst one. So fun! Freaking fact for all of you. Now that your votes are coming in here, let me switch this over the Spy just so you can see where it is.

the odds out of all the major ones that were tested. Um, actually that's really messed up here. I'll draw it over here. This guy.

this guy right here say price action is trading up. It comes down up, explodes up, and then starts making a pennant. Bullish and bearish pennants and the way this was tested was basically move into it and then if it breaks out, measures move like