What up what up, what up welcome to the afternoon session of whatever we want to call this dumb money or whatever, whatever whatever we are going live, as you can tell we're, going live early matt? Why is that? Why why? Why is the group meeting up early today? Well in all reality? It's because we have a lot to talk about there's a lot of things we need to go over on this particular video. This particular stream before the market goes ding ding, ding cause man. Oh man is something brewing. We have to talk about a recent development from the justice department.

We have to take a look at gary gendler's interview today. It was on bloomberg, we'll be going over that entire interview. We have an update about their earnings. Remember amazon! Coming out - and we have to take a look at the market, because things are red right now as we're about to close out 40 minutes ago.

The spy is down 1.8 percent. The queues are down 3. The russell's down 1.4 amc is down. 3.8 gme is down one uh, somehow tesla's, actually green bbig's down eight.

There was some red in the water actually about 20 minutes ago. Things were worse, we're getting a little bit of a bounce right now. Facebook is still getting its entire face slammed into the sidewalk down 26 paypal's, not doing the best, there's so much to talk about there's so so much to talk about and that's exactly why we're starting a little bit early because we got ta go over all this To see if we can spot some attendees making opportunity, so with all that being said, let me switch this up and ta-dah here we are. This is a look at the s p 500 right now.

Here is the heat map and boy. Oh boy, is it red boy, oh boy, is it red amazon? You might want to take note right here, amazon down down down down 7.82 percent as we're heading into its earnings, i'm going to go over the importance of that kind of closer to the bell going. Ding any ding ding ding, but overall you can see that there's some red there's some red people are like. Okay is this was the low, but in are we actually balancing what incarnation is actually happening, and it's kind of actually a similar vibe over here in crypto land too, you can see crypto another sea of red, at least for today, but as we know, these things Change on a dime, the overall goal is to just always do your best to identify the current regime we're in and play that trend.

The trend is your friend very quickly before we get into the hot stuff um. So here's a look at the spy kind of been selling off all day. Here's a look at the russell. I still have my futures put contract on the russell, i'm actually going to hold this to a little bit after the bell closes.

I have to like 4 15 to close it uh, i'm basically betting on amazon not really doing the best. Maybe i'll be right, maybe i'll be do like crying tonight, because i could have just locked it in right now for about like a thousand dollar profit. But i'm going to hold it post the bell reaction, because i want to see the actual reaction to the market. Facebook, like i said, bleeding off similar to the qs, but bouncing a little bit amazon down on the day down 7.3 right now.

People must not be feeling the best heading into the earnings announcement um. If we take a look at amc, we did get a little bit of support. Support was found early above 1450. I was actually kind of surprised, it didn't have it.

So the fact that it's bouncing earlier actually tells me that's a little bit more bullish, that's a positive sign right there and then jimmy. It was doing its best to hold above 100, but recently just got knocked just below it. If uh you're, particularly interested in the short interest numbers, it does look like amc, will be setting a new all-time high short interest today, 21.31 jimmy almost at 20 19.81. So both increased today and, like i said, amc almost at a new record high in terms of the overall market, the s p.

500 short interest is almost 36 percent, the q's, the nasdaq 100 2.6 percent and then the russell, the russell, the small cap sector. Iwm being shorted at a rate of almost 44, so between the spy, the queues and the russell, these etfs, the overall markets being shorted right now and then obviously here uh there's particular interest in amc and jamie, seeing what's going on there and they also have high Noteworthy short interests, so that's the quick check, i'm hoping we're gon na have time by the as we're getting closer to that uh, the market closing for the day, but we have some important important things to go over and the first important thing right here. Uh shout out to dave lauer. If you don't follow dave lauer on twitter he's an absolute must he's the one guy in this um group that has that expertise, knowledge of what happens in markets in wall street, with market makers with high frequency traders - and he explains it to us - he's been on This show, i don't know four or five times already he's the one that really explained to us like what is actually happening, he's a wealth of information, truly an expert in this field and he has great threads on twitter.

He has great threads on reddit. If you want to check out some of the interviews that he's done here on this channel, but definitely worth a follow, but anyway fox business reported that the justice department, investigation into short selling abuse, has expanded to up to 60 firms with focus on activists short sellers. Aka market manipulators - so we heard rumblings about this before and we covered that story, but at that point it was not anywhere close to 60 firms. So what they're talking about is some of these activists short sellers, such as like hindenburg or citron, those types of things like you've, probably heard these reports they're almost like these hit reports and what some of them have so much like clout and notoriety that when they Do anything uh just by the fact that they wrote an article, those stocks automatically plummet, so they're definitely now being looked into, and it's one of these things that the field is changing.

Um with these activists short sellers and like when think activist is like they go out, they write these reports. They go on the media, it's kind of like bouncing that line of uh kind of stock bashing in a certain sense, but um. It's gotten so crazy that actually some of them have been like we're, not shorting anymore, so i think it was actually citroen you're, like you know what we're just going to go along. It is absolutely wild wild stuff, so the list is expanding.

Expanding expanding so it'll be interesting to see where this investigation actually goes uh, but just wanted to share that with you. I guess fox business reported it. I couldn't find the report from them, but i did find the report from dave lauer there's something else that we definitely definitely need to speak about today. This happened a couple hours ago, sec response to meme stock mania coming next week, according to the sec chairman, gary gensler agency, to waste shortening stock settlement time next week, hey that's good used to be five, then it was three currently two, the closer and closer.

We get to uh t evening instantaneous like the shorter the settlement cycle. That's gon na close the window uh where people like they kind of use that, as like the loophole, the window of settlement to do various things that, in my opinion, increase the fragility of the overall market we'll get into that more in a second sec chair gary Gensler speaks to bloomberg television uh if you haven't seen it yet. This is definitely worth a listen and we're going to be going into it. We're going to be dissecting everything that you need to know.

So let me put this up on the big screen, so here we have gary genzler speaking today, and this is very, very important for the stock market and particularly retail a lot about things you'd like to get done, but there are quite a few things that we Haven't seen yet, let's start with crypto, because everyone loves to talk about crypto. You said you think a lot of these tokens really are securities. Are you seeing evidence? Actually, there are things being done in this market that would be violations of the securities laws if the securities laws apply well david. I thank you for inviting me here and you're right.

We do have a broad agenda and crypto is part of that agenda uh, but it's an agenda really to make the capital work. Its markets work better for the investing public and for the companies on the other side to drive more efficiency in these markets. As to your question about crypto um, the agency is really just looking out for investors and many of these tokens not trying to pre-judge anyone. But many of these tokens have the attributes of securities they're, raising money from the public and the public is anticipating profits based upon the efforts of others, and so uh.

We've brought a number of actions we're trying to work with the various crypto platforms, the exchanges, the lending platforms to come in, get registered, find where we can uh to adjust our rule set to get the investor protection for the public. As you say, you've encouraged the exchanges to come in and get now hang on one. Second, oh. What we need to talk about this is um.

If you want to know more about the sec and the historic law, and like kind of what's going on with crypto, you need to look at some of the content from oh. You could just check out actually the interview with uh professor verit. We had him on and hey he's a lawyer he's been involved in this world on capitol hill, and, what's nuts about this like, and this is going to be a key takeaway from that interview is um, are kryptos securities and like whatever that's up to them. To like really decipher, but what's wild about this is they are basically using you're, going to hear the term like howie test, which is um, it's very, very antiquated.

So, basically, from like the 30s or 40s, we have laws that were based on rules that were even a couple decades before that, so we're basically using definitions and like legal definitions and the way to examine if something is or isn't a security from almost a hundred Years ago, that would be equivalent to what's going on right now with crypto. Like the best metaphor, i can come up with is, and this is actually exactly how professor very explained it was imagine if you had all these rules based on like like a horse and buggy like a carriage and then all of a sudden hundreds of years later, We're now applying these like horse and carriage rules to a car and we're like well hey. They both have four tires. They both have four wheels so like.

That means that we can still use these rules, i mean regardless, if they decide certain ones are or aren't securities. The methodology that they're currently using to apply it to see if it is and right now like the hot topic, is like the xrp, the ripple case. Um, it's insane, it's absolutely wild, it's absolutely archaic. They need to make a new set of rules and regulations.

That properly is, i guess, descriptive, of the current crypto landscape, because you can't use something based on rules from a hundred years ago. That's insane registered uh. At the same time, a lot of them have not, as far as i can tell yeah. Well, no, it's because look if you're, if you're a platform, and you have 75 or 100 or sometimes 5 000 tokens on that platform.

Probabilities are that a number of them - and maybe many of them are what's called a security and and it's congress painted with a broad brush - and it comes down to this - are you raising money from the public and the public's, anticipating profits, based on the efforts of Others, uh and uh my predecessor, chair clayton uh the agency that i'm honored to uh share at this point in time. Uh is gon na try to pursue investor protection and if that means bringing greater enforcement actions we'll do that. But it would be better to have these platforms come in work with us and come under the securities laws. Do you think you've done everything you can under the statutes as they exist now? Do you need legislation in order really go after and really get registration from? Those exchanges, i think, that they um.

I think that the laws are pretty clear. It's laid out in the 1930s uh and we have an ability right there, laws laid out in the 1930s. Those laws were the ones based on rules from decades before that. Is it appropriate that we're using those raw laws which then created these? Like those rules that then created these laws, he said it right there.

I think it's time for some. Some adjustments ready to work with these exchanges using various authorities to to uh basically tailor some of these, because these crypto exchanges and lending platforms uh have operated differently than the traditional new york stock exchange. But would it be helpful to work with congress on some things? I've i've said this in the past around some details: around transfer agents and others. Yes, but unless congress says otherwise, we have to ensure there's investor protection in this space and we're going to work with the commodity futures trading commission, where there's some that are commodity tokens, because while many of these are securities, some may be under their remit and we Work together as two federal agencies, let me turn gary if i could to a second item on the agenda in no particular order here, and that is payment for order flow, something that you've come out against.

Last, oh brother, it's about to go down august. You said you were considering actually banning it all together. Where does that regulation stand at this point? Do you still think that's possible to ban it all together, or is it more likely we'll have full disclosure? Well again, what we're trying to do within our uh remit is help. Investors get a better deal on one side and companies raising money on the other side, a better deal and drive greater transparency and efficiency in the middle of the market.

So in the equity markets. Right now, if you place a market order, a retail market order, 90 95 do not go to the lit exchanges, do not go to nasdaq or new york stock exchange, they go to wholesalers and they don't have order by order. Competition and part of that is because of what you just said - payment for it or flow, which is yes, it's banned in in the uk and in canada and australia. The european union, through something called esma, is looking at that right now, and so i think it's natural that we look to say how do we drive greater competition and efficiency of this market and use the tools that congress have given us, but are you keeping? How are we gon na? We just have to drive it.

We just you know sometimes you're, on the right side of the road, sometimes you're, on the left side of the road, sometimes you're on the right side of history, sometimes you're on the wrong side of history, and the answer to that is just you. Just got. Ta drive it right in the freaking middle all right, we got ta. Stop there a couple important things: yes, it does seem like gary gensler is against it right there.

He was just signing it's banned in australia, it's been in the uk, it's banning canada, um, and previously he was talking about how it does like really increase the conflicts of interest. Let's see if he gets a little bit more into that, but isn't that wild that right there we knew this, and this is what really blows my mind. 90 to 95 of retail traders are not getting to a lit exchange. That is crazy.

We know in about 50 to 60 of all trades getting to a lid exchange, so you have 90 to 95 of retail. That's going off exchange which is inclusive of these internalizers, such as, like virtue, citadel securities and also dark pools, but most of it is going to internalize there's a high majority of that is going to internalizers so and then so that's just retail itself. You count everyone of 50 to 60 percent is not making it this situation, it's crazy, and this is from the previous new york stock exchange. Uh president stacy cunningham, when you have that it truly is hampering price discovery.

So when you are given all that information, especially for some of these people, who have been this for a year now, nothing drives me more up the wall than people who are like allegedly apes, but are currently trading on the likes of robin hood. And now it's weeble, i'm telling you folks, so many people who you know large followings, allegedly apes, all of their trades. They sometimes they brag about it and they're posting it on twitter and no one questions them and then other ones are just telling me and closer yeah i like to spot on weeble. What are you doing? I don't get it it's insane.

That's exactly why i use a different one, a non-payment for order flow brokerage, because i want all of my orders to go to a lit exchange. You heard it right. There 90 to 95 are not hitting a lid exchange, they are off exchange trading and most of the off exchange is going right to a retail wholesaler, a market internalizer whatever you want to call it, but it's citadel securities and it's vertu go from the possibility. The optional lease of banning it all together and if so, when will you make a decision? Whether you'll do that or not well, it would be a decision for the five-member commission.

We would put it out to notice and comment so the public gets to weigh in. We benefit from the public's view from the investor side, the issuer side, to basically a lot of our market right now is dark. It's not in the lit markets, david, it's dark and going to wholesalers and how we get more transparency and competition in the market. So each feature is on the table, whether it's something called the minimum, increment or tick size or the national best best bid best offer and how the order routing works.

And yes, that includes not just payment border flow but possibly what's called exchange rebates. So it all fits together and we haven't served up a recommendation to the commission yet and the commission, if they supported it, would put it out to public comment. Do you have an estimate or a guess before we get into the like the estimate to guess like just a little bit more clarity? I know there might have been like some cute confusion there of what he's talking about and how this relates to. Maybe some real world examples um.

The best example i could give you is what's going on in canada right now, uh in canada, if you're trading on one of their exchanges, they have a system, that's referred to as trade at it's like the trade at system. Basically, it has to get executed on a lid exchange unless they can find a material price improvement somewhere else um. A very close example to that is what we have going on right now, with the brokerage public uh on public 75 of the trades are going to the lid exchange. The only time it's not going to a lit exchange is when they legally have to give you a fill somewhere else, i.e off exchange because they found you a better price.

That is something such dave. Lauer taught me about it. I hope to teach all of you about it, but it's called the trade at system. It hits the lid exchange and the only time it's not going to get filled.

There is, if there's a material price improvement elsewhere. So that's what he was talking about. Like kind of confusion of like oh well, you have this and the routing this and that that type of thing and rebates is like another kickback to get like your trade, some somewhere else. Overall, i think yeah that makes sense.

Everyone should start out at the lit exchange, and then i guess if the broker can find you a better price, i don't know like i'd, have to find a little bit more of the specifics on it. But if you want to read a bit more once again, look at the trade at like methodologies of the commission david i learned long ago, not to sort of do that. I i i have occasionally and it's about trying to get the economics and the law on the policy right, get it in front of a commission if so get it out to the public. So i understand the question, but i'll beg off first, i learned long ago to expect that answer, but nonetheless to ask the question: you never know you're doing your job.

A lot of us really focused a lot on the payment for overflow when we had the robinhood situation with those meme stocks, which i think we just passed the one year anniversary of at the time. I know this commission was looking into the possibility. There was some wrongdoing. Have you drawn a conclusion? The fact we haven't seen enforcement action? Does that can suggest that maybe there wasn't any wrongdoing well again for the public uh in the job, i'm in i'm also a chair of a commission and sometimes uh has to vote on these various enforcement actions.

So i can't get into any one matter or prejudge anything, but there was four matters of policy, not enforcement. The policy that we noted in the staff did a staff report and one of them we're going to take up next week. Actually, an open commission meeting is about the plumbing of the stock market, what's called clearing and settling and how we can take some risk out of the system, and also last year, the retail public found that they were foreclosed from trading that that a number of brokerage Apps said nope, it was a fateful friday and they said you couldn't buy any more of this stock or that stock. So we're trying to address the plumbing and put a proposal out next week, we'll also, i think, hopefully uh i'll, be taking up.

What's called digital engagement practices, what some people call gamification and and what to do there and and as you've and i've, been talking about the actual market structure itself. So there's three or four projects that we have here and next week we're going to put our first proposal, hopefully in front of the public, so very quickly on that uh. The one that i don't really care about is gamification, like they're, like they're, basically trying to hate on these apps because they have like superior user interface. In fact, i think other applications should take a page or two out of the playbook of robin and how they pulled it off, because it is very good ui, very good, ux.

Okay, maybe they want to get a psychologist in there and say like okay. Is it prompting people to buy like more? I don't know about that. I think that's a like i've. Never seen like a confetti wheel go off or something i'm like.

I might as well buy 10x more. That was a really good. Like result, like i love this, i don't know if anyone's ever really thought that way. So in all of those gamification is by far my least worry um.

I think one that's important, but i'm confident it's going to get changed is the settlement cycle right now we're on a two-day settlement cycle and that's why it gets a little bit more difficult to track shorts, and it's also it really does kind of change. The risk of the overall system, because, with two day settlement that kind of changes how much collateral these brokerages have to have at the dtcc and then that relates to the whole liquidity thing. We were talking about robinhood, which, like really prompted them to take away the buy button and it's all because they have to have the money on like a net trades in the day instead of the gross. Well, if you have like a smaller settlement like window like if you shorten that you're gon na be closer to like the the gross amount of trading opposed to the net, and it can help it's not perfect, but with shortening the window.

That is a thing that many people it's actually become bipartisan now that which is also why i'm confident that, like we're gon na, probably do it really? In reality, the only people who are against, like shortening the settlement cycle, are brokers uh because they're using that to loan out their extra money to get more payments, but anyway, that's a different story. We could talk about that later, but overall, i'm confident it's really coming down to payment for order flow to the extreme nature of off exchange trading. Uh, subject to my commission's approvals: uh, a third item on the agenda you laid out has to do with climate and disclosure respect to climate. My understanding has been bloomberg all right, i'm not saying the climate's not important.

I'm just saying that this has already been running for a little bit, so i just wanted to pause it here and kind of wrap up this. If you want to know more about the climate, uh make sure you're checking out this bloomberg article. But what i wanted to tell you and please, if there's any questions about payment for order flow or this off exchange training or what's the difference between an ats, a dark pool and like this, i guess internalization the hotel, the retail wholesaling, whatever you want to call It how do all these venues work blah blah? If you have any questions, please post them in a comment below, but overall here's what you need to know one of this guy, this guy, whoever the interviewer is he used the word disclosure. Are you gon na ban payment for order flow, or are you just gon na increase disclosure and gary gensler basically said? Not only do i not have an answer, but i don't even know when i'm going to give you the answer that i'm not sure that i have at this moment in time.

What i want to stress is increasing disclosure. That's like i don't even know it's like a fuck. All result, it doesn't matter. We have enough of the higher level numbers.

We know how many trades are not getting to a lit exchange. If you give me the specifics of like okay citadel handled this one and vertu handled this one and they got paid this much and they got paid that much, it doesn't help me just to know that data, because it's uh it's more of like if you have A cancerous system, well, okay, and you already know it's bad. Well, okay, knowing the specific details of it. Like you just know, you have a cancerous system and yeah.

Maybe knowing some of the details can, i guess, help with the ailment, but in this scenario we already know the results and we know how to fight it. You just get rid of the cancer. So with it this concept of disclosures, you know what disclosures aren't going to do if the public knows about it, disclosures are not going to help with the the power concentration in the duopoly. That is citadel.

That is virtue. What am i talking about when everything went? Haywire about a year ago, now citadel was literally bragging. They are they're like we are the only ones who continuously provided liquidity. We are gon na pat ourselves on the back.

We did so good. That is not good. Only one person per like continuously provided liquidity to me. That's a pretty fragile system, so there's too much count power concentration in too few of players.

That's no bueno! That's not good! On top of it, it's not solving many many other issues, okay, so on top of it, like i said, we have 50 to 60 off exchange trading and we know 90 to 95 of retail is all ending up on off exchange. So right there. You now have a new age of conflicts of interest. You're gon na have someone like robin hood, someone like weeble, who cares more about the money they're getting paid and not necessarily the quality of execution.

In fact, gary gensler in may of 2021 said this himself. He said robin hood explicitly went out of its way to accept higher payment for order flow in return for worse quality execution for its clients, and actually that difference was so bad that it would have been net better for the clients to be on a commission-based brokerage. So from there there's just a host of issues, um, what's another one, the the spreads disclosures do not address that with all this being taken into account. Now on the markets, you have wider spreads price discovery, the fragility of the market.

The list goes on and on and just disclosing it giving us more detailed information in no way fixes any of that. So if i wanted to wrap this part up, the the best thing, i would say is it's: we've been at this for a year. Payment for order flow is not good for the system, it hampers price discovery, it increases the fragility and it incentivizes conflicts of interest. That's your tagline right there and my take away from it, especially out of these, like quote, unquote, people who have a following.

If you see you someone using robinhood, if you see someone using weeble, if you see someone using a payment for order flow brokerage, if they are pitching themselves as an ape, i would not trust them in the absolute slightest. It's simply been too long. We have too much time has passed if you're following them for something else and they're, not necessarily taking up the mantle to fight for market transparency and fairness. Whatever have added, i don't care, but i'm telling you if they're pitching themselves as an ape and they're on weeble robinhood, another payment for order flow brokerage.

That is the biggest hypocrisy, that's crazy! That is insane. It needs to be stopped. They need to be called out. There is literally no room for it like that.

It's the opposite of what this movement is. If you want more informed, like i guess, decisions and opinions on this, i'm telling you follow dave lauer check him out, see what he has to say see some of those interviews. The guy is a wealth of information. He literally is an expert of what's going on right now, um, very, very cool guy and this stuff.

This is wild. So apparently we might be getting some sort of update next week. Obviously fingers crossed. Hopefully it goes in our way, but time will tell so that's what i have for you there uh before we get over to watching the market close out.

I do want to let you know um similar to yesterday, and this morning it was very, very volatile. Wild reaction expect another one: amazon will be reporting, ticker symbol, amzn will be reporting after the market closes today. Previously, google did pretty well. Microsoft did pretty well um apple tesla, all kind of one recently facebook.

Yesterday they reported fb, also known as meta. Now i guess. That's their new name. They reported after the market closed yesterday and they got slaughtered slaughtered slaughtered slaughtered um.

They dropped like they're down 26 right now. They really really got beat up. So there's an undue amount of pressure right now on amazon um. If it misses look for everything to go down, i'm i'm sparing no victims in this scenario.

If amazon misses, especially if they lower guidance, if they lower their 2022 guidance, look for the spy, the queues and the russell's to all go red in post market and look for a lot of equities to get drug down exactly by those um. So, but on the flip side, if it does really well - and they raise guidance, look for everything to rip - this is a double edge sword and it could go either way. I wish i could tell you which way it's gon na break seriously. I wish i knew the future on this particular play.

I would bet it that way: i'm currently not vetting amazon in any way. If i knew the future, i would tell you, but it's the flip of a coin, either they're going to beat they're not going to be, and i would assume right now who the only people on this planet that know is probably the finance team at amazon, or I don't know, maybe there's some insider traders or something i'm not sure, but anyway, very few people on this planet know what the result's about to be and we're going to find out in just over 10 minutes. The earnings announcement is typically an hour or two after the market closes, but some of the results get posted right at market close. So a couple minutes after, like maybe between 4 and 405 you're gon na see a big reaction, not only in amazon but most likely across the tech sector, which means you're also going to see a reaction across really the entire like equities segment um.

So that's the update on amazon and then there's a couple more tomorrow morning before the market opens on friday, but i don't think there's gon na be any um that are like. Our particular group has a major interest in uh. If you're trying to follow dave, lauer, it's at d, lauer is his name on um twitter and i think i just recently okay yeah. I recently retweeted him.

So, if you're, having a tough time following him, uh just come to my account and you could track his account there. If you are one of my followers all right, let's take a look at how everything's going yeah things are still coming down a little bit crypto. Looking a little bit heavy, i'm checking out btc and ethereum. If you want to know my thoughts on where i'm going to be a buyer and like kind of dollar cost average uh, you could check out the channel over there on crypto cores.

I covered that in detail. Today it looks like the spy is selling off and enclosed. It looks like the queues are selling off and it closed. It looks like the russell's selling off into close um.

I have that one russell put position just one contract. I got it around 8 30 this morning, an hour before market opened and i've just held that short all day, currently up 1400 and i'm just gon na press it as close to market close, as i can i'll, probably hold it after market close for those of You who are just curious, the futures market trades on what's referred to as a globex session. It tweet it trades 23 hours out of the day from sunday night to friday, night um, it's only not trading from 5 p.m, to 6 p.m. That's the one hour the futures market has off other than that.

It's open, it's open, it's open so like. If i don't feel like doing. I guess stocks when i think there's gon na be big movements after hours um. That's exactly why i have a futures account.

Someone just said that thumbnail will haunt my dreams forever uh these thumbnails, they absolutely always crack me up uh. I should stay on for amazon. You should stay on matt. Should we close all of our positions today because of earnings uh i mean i have no idea.

If it's good earnings everything could rip i'm not here to fearmonger i mean this concept of like crash crash crash. I mean we're far away from that. It's just like there's a lot of turmoil, there's a lot of volatility and the next leg of it is gon na be decided by amazon. If you guys want, i could stay on for a couple extra minutes here and like we could see if there's a reaction right out of the gate um, but that's what i'm in uh my the way i'm playing this is.

I just have that one contract um, if i'm being completely forthcoming, i would have preferred to do it through the nasdaq. It's just those contracts because of volatility. Right now are very, very expensive and i didn't have enough money in my account in this particular account uh to possibly trade that so i just got exposure to the russell. But overall i did want to take a look at some of these.

So we talk about gap fills this technically still has a gap to be filled. The high today was 452.97. The low from yesterday was 453.05, which means that we were off by what eight cents. This was almost a gap film.

Not so, we still technically have a gap filled to the upside um, but the main support i'm watching on the spy right now is between 443 444. We have technical support at 444 and we have the 200 simple moving average at 443. I am looking for this. If the spy taps it and bounces great, the bullish party is on if it taps it struggles and breaks down, then i'm looking for a sell-off all the way down to 428.

That's 100. My plan for the overall market and we're gon na get a better idea of which one's more likely with the amazon numbers in terms of the nasdaq. Clearly we gap down uh yesterday's low was 469.29. Today was the highest 460 193..

Eventually, both of these gaps to the upside will get filled. It's just a question of when, anyway, the nasdaq tried to break above its 200-day moving average couldn't hold, it came down, sold off, i would say the next support is at 450 about two and a half dollars below where we are right now and from there i'd Be watching 340 and the russell yesterday tried to break above this trend line couldn't hold and unfortunately we're breaking through the support right now of 197 and a half we're at 197.25. So not the best setup. I would say the next major support is 194 and from there we have 191.

So that's it for the major indices. Let's take a quick look at amc, um, a kind of a doji candle day. It's opening and it's closing not much of a difference. A very small bar, we know we have support at 14.50.

We also have support at 1340. looking to say above that amc will have a tough time getting going if the overall market is bleeding at a considerable degree. If there's blood in the water higher risk assets, amc, gme, crypto, memes, meme coins mean tokens meme socks, all that stuff you're gon na see them running into very serious headwinds. If the market is going down high risk high reward is exactly that when things are good.

They're very good when things are bad, they're, very bad, that is the nature of high risk high reward plays in terms of gme um right now it's at 99.60. I prefer it say above 100, just a nice psychological when we do have support at 86.. We'd love to see the breakout above 105.. We know it struggled there recently over the past two weeks and then after that, i'd be watching.

Like 110 112 ish, we do have somewhat of a crypto update on gme and a new partnership um i'll post that mini clip later on today. Just if you are a gamestop supporter, uh kind of an interesting update of what's going on with the nft marketplace and their new partner for that um, all right we're getting a little bit of a bounce, as we have just over three minutes. Three and a half minutes till that bell goes dingy, ding, ding ding, what's volatility, looking like uh, u v x y, making its way back up. Not that long ago was that, like 22 got knocked all the way down to like 13.

um, the volatility of volatility, uv xy, this, like leverage volatility uh. Definitely a noteworthy mover, noteworthy mover uh. Some people talking about sends oh back up to it's 200-day. It's right at resistance resistance, resistance resistance, thus far rejected if this breaks out and gets above i don't know roughly 310-ish, this thing could get moving i'd be watching 360 after it uh, but clear level.

Clearly, important price level, rejection, rejection, rejection, three rejections, 200, simple day, moving average you're. Looking for that breakout, i wouldn't um be like chasing this one. I mean you're kind of late to the party. If you don't already have a position, it's already up like 50.

In the past five days, and not only is it up, 50 you'd be buying it at resistance uh. But if you already have a position like, let's say you got him back here, hey! That's awesome like look for this to keep going spotify and snapchat getting completely violated along facebook. Um they're also reporting today after the market closes or no spotify already reported, but snapchat activision blizzard and i think unity reporting also with amazon after the market closes, but um. The way we're going to see a very volatile reaction in amazon in postmarket expect the same thing for snapchat expect the same thing.

Oh, if you haven't already, could you help me out and hit that like button uh, we have almost 2 000 in here, so it would be great if some of you could help me out. Um just helps me out the algorithm and don't forget to join up with the moon gang by hitting that subscribe. Button same thing goes to everyone on rumble and on twitch, except on twitch you'd just be hitting the follow button instead of subscribe um. Thank you.

I truly do appreciate the support it's. What allows me to do this stuff day in and day out, go through all the articles. Do all the interviews find the people and convey it to all of you for 100 free 100 of the time i don't put any of my content ever behind a paywall. It's all up for you, um, and my reasoning, for that is when i got started trading.

Um i paid a lot of money and didn't think it was worth it. So i figured i'd put in more effort and give it to you for free. What did you buy today? I mean early this morning early early this morning, um about 8 30 right around. I don't know right in here: when was it yeah? 8 30.

I took one futures position short against the russell, so i didn't mess around the iwm and the only reason i did. That is because i wanted to save some money for other plays and because of that i did to get other plays, and i got a tesla. I believe 800 for not this like not tomorrow, but next week, um just to see if i could get a quick little percentage pop on that. If things go haywire, i will be updating everyone on my positions and how it all goes.

Uh after the market, wrap-up and i'll put that in the locals community tab i'll, like type up all the information of my trades and positions from the day, all right, we are a couple seconds out and then we're gon na. Let's throw up amazon, let's see how this is about to react, ding, ding, the casino is closed. All right, let's see how this plays out. Let's sit here for a couple minutes: uh we're waiting for the numbers to be released and they're, probably gon na you're gon na know, you're gon na know when something comes out, because there's gon na be gigantic bars in one direction or the other.

Let's see, let's see it's the anticipation, that's the worst, the anticipation's, the worst all right, amzn nope, that's not it amzn! We are waiting. Wait in wait in here are the expectations. Expectations for amazon are 367 per share. On a revenue of 137.6 billion 367 per share on a rev of 137.6 billion.

All right whoa did. It beat jumped up 100 bucks. There we go, there's some green. Is it going to hold? Did it come out? Oh, it came out somewhere.

Someone must have the information conference call today at 5 30.. What are the results? Well, i'm seeing some green look at that. It went from 280, it's already up, 8 in post-market trading. This is what i was talking about of the double-edged sword uh.

Maybe the q's will be going for that, like gap fill or something well, even more must have been some good numbers, folks, good, good, good numbers, so everything's looking a little green. So this is literally kind of the opposite of what we saw with facebook of like with facebook. They reported bad numbers and everything went down. It looks like amazon's reporting, good numbers and everything's going up.

Um, hey. Sometimes you just get these. You get these playouts. You get these scenarios and now i'm actually curious all right.

I just here. Let me see if i could actually find the specific numbers for all of you. Uh amazon sees q1 sales 112 of 117 versus 120 billion. Amazon moves above 3, 000.

amazon, q4 sales. 137.4. Wait what it looks like it missed it missed on sales. Why is it going up? Oh, that seems interesting.

It's really it's up. 16 right now holy and it missed on sales. The estimate was 120 and the upper end of the ban was 117. sales 137.4 versus the estimate feels like the market's drunk hey.

Well, let's take some green. You don't look a gift horse in the mouth. Oh someone said a stock split. Is that true all right? Let's get to the bottom, oh announce the stocks, but all right, similar to google like we.

If you want to know more check out like kind of um with stock splits, they just cause enthusiasm. It doesn't really change anything about the market cap, except for the fact that it like really pumps up enthusiasm, uh all right earnings per share uh to raise prime membership to 139 a year from 119 amazon shares jumped more than 11 in post market. All right amazon sees net sales of 112., so it seems like the big news, is very much the stock split. It actually missed on sales.

That's crazy, uh net sales miss there. This is the breakdown of it. So the exciting stuff is the stock split stock split stocks with stock split missed on oh holy shit. Is this a typo there's no way the earnings per share was 27.75 and the expectation was 3.89 uh that has to be a typo, no holy cow.

It very much that's why it's up right there, so they miss on revenue. But no one cares because the earnings per share crushed 27.75 versus an estimate of 377. That's exactly why amazon's up so the it crush on earnings per sale or eps earnings per share and with the stock split. That's exactly why you are seeing amazon rip rippity rip rip rip, so the question is, is let's see if they we got to get through the earnings call still it's at 5, 30 eastern as long as they don't do something like hey.

We're really worried about our future guidance as long as they're like no like we're stoked our number's rock. Like did you see our earnings per share like we, we like kick ass, um, most likely leading into a very bullish day tomorrow, um. So that's the final thing. I would say: pay attention to.

Is the future looking guidance uh for amazon? Well, that's it things are green amazon. Thus far has crushed it. The numbers are looking impressive: uh wow, wow, wow wow, that's exciting stuff! Well, folks, i hope you have a truly beautiful morning evening afternoon night, whatever time it is, i thank you. I thank you.

Thank you. Thank you. I appreciate the support thanks for the likes thanks for the subs shout out to everyone who's newly joined up with the moon gang. I appreciate all of you too.

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