Call your mom, reach out to your grandmother, break out the Ouija board to get in touch with your great-grandmother because man oh man am I scared. the Old Ston Market is currently getting rocked. Now to be fair, there is a little bit of a silver lining Crypto, Specifically, Bitcoin is looking really, really good right now. So I want to touch on both of those and what's happening and what to pay attention to in the short term.

But I also have some generic economic and political updates that will obviously be influencing the next couple days and weeks of trading. Obviously, if you enjoy these type of updates, don't forget to smash the like button. Don't forget to hit the Subscribe. With that being said, let's rock.

By the time the dust settled on the day S&P 500 tumbles to the lowest since June NASDAQ heads for worst day since February Put that in another way, all those nice, beautiful summertime gains completely erased, completely gone, stand snapped out of existence. And for those of you who like to see it more colorized in HD take a look at this red red and a little bit more blood red. Now there are a couple things to jump into. and the headline here is recently we heard from Microsoft and they had actually a pretty good earnings.

That's why it's one of the only green things on my watch list. On the flip side, Google Also had their earnings and they plumed almost 10% and what's interesting is the success and failure. Actually both relate to the cloud as in Microsoft crushed it in its Cloud sector and Google absolutely fumbled the ball. So I want to talk about that? What's going on in crypto? What's going on in some of the recent earnings As I'm filming this meta AKA Facebook just came out.

But before we get into all that, let me paint a picture on the larger scale of life because there are some things developing in real time that will end up having an impact on the economy and thus also the stock market. So hold tight with me for one second. Announced today: Mike Johnson Elected House: Speaker Putting Louisiana Republican in the spotlight Republican Rep: Mike Johnson of Louisiana was elected Speaker of the House of Representatives today Wednesday Ending a multi-week big issue of not having an elected Speaker of the House, Johnson was elected unanimously by 220 Republicans who voted despite being the fourth nominee tapped by the fractious conference in 2 weeks. Johnson will wield the gavel as America faces a looming government shutdown.

Mark your calendars for Mid November There is obviously massive conflict in the Middle East and also massive conflict slightly East to the middle of East He is a staunch social conservative who backed efforts to overturn the president in 2020 election Victory And here's what he had to say. Actually, after getting elected, Extraordinary crisis right now and the world needs us to be strong, they need us to remember our Creed and our admonition turmoil and violence have rocked the Middle East and Eastern Europe. We all know it. Intentions continue to build in the Indo Pacific The country demands strong leadership of this body and we must not waver.

Uh, our our nation's greatest Ally in the Middle East is under attack. The first bill that I'm going to bring to this floor in just a little while will be in support of our de dear friend Israel And we're overdue and getting that done. Some chears, some booze I'll exp that in a second. We're going to show not only Israel but the entire world that the barbarism of Hamas that we have all seen play out on our television SC Screens is wretched and wrong and we're going to stand for the good in that conflict.

So as you heard from the newly elected speaker Johnson the first bill that he's going to be bringing to the house floor is another spending Bill and really a support Bill not only for Ukraine but particularly Isra is and this is already over A1 billion. So it's safe to say that we're just getting more of the exact same thing. On a similar note, this is effectively bolstering support for the previous President Trump Trump Ally Mike Johnson elected house Speaker Shifting GOP Further right. Also, in that same ve judge findes Trump $10,000 over second violation of gag order.

So this is what he's choosing to do is continuing double triple quadrupling down, continuing to get hit with the gag order. if you ask me. I Don't think he's going to be stopping anytime soon on just that note of getting in trouble with judges and court cases and all that. I Have an update in the world of Crypto Sam Bakman free to testify in FTX fraud trial.

This is interesting because it was kind of the Willy Wy type of a thing and his excuse was prison's not giving him Aderall so he can't testify because he won't be mentally there and now he is and I Guess the only assumption is is that the prison ponied up and decided to give him all I don't know. that's the only assumption I'm taking away from it. But yes, officially, Sam Bakman freed the alleged biggest Financial criminal of all time will be taking the stand in his own case. And since we're talking about crypto, we might as well get into the next exciting thing before we get to the sad negative stuff: Bitcoin is up 100% this year.

It's not just because of the spot Bitcoin ETF hype so that's probably the major thing you've been hearing about is we're getting closer and closer for regular ators AKA Gary Gendler at the SEC finally approving a spot Bitcoin ETF which would basically just clear up some regulatory questions, create Highway onramps for big institutional investors and really open up the doors for people who W want Bitcoin but don't want to go out of the way to create like crypto wallets and all that good jazz. So yes, clearly this is just potentially increasing the demand for digital gold. but there are other things going on in the background that I just think it is interesting to bring up before we get into all this. I want you to know that I am invested in Bitcoin I Don't want it to be a surprise to any of you I don't actively Trade It by any means I'm in it and I'm holding it and for me, it's a multi-year most likely a multi-decade play.

I Just want to be transparent with my own excitement and bullishness on this particular digital commodity. But speaking of the other things that might be, continue pushing it to the upside. that isn't just this: ETF Give this a listen I Mean, look to understand Really where Bitcoin is right now. You got to go back to 2018 2019 Bitcoin had been up 20,000 in the bull market.

It drew all the way down to $3,000 what happened there and Stanley du Miller said it was. The thing that convinced him to go buy Bitcoin is that none of the bitcoiners really sold about 80% of the people who, long term right now, so there's there's no supply for it either. It's highly liquid. 76% hasn't been sold in the last year, 56% hasn't been sold in the last two years.

And really, what we saw what drove Bitcoin's price from that $3,000 bottom to $69,000 I mean 23x in about 3 years is that there was a supply and a demand shock and we had printing of money low interest rates and we also got the having we look like we're headed right back to that right now. We do have high interest rates and they're trying not to print money, but we' have a$ 33.5 trillion dollar debt. they're trying to fund two proxy wars. we have the southern Border issue.

We've got all sorts of uh inflation they're still trying to uh combat. and so what's likely to happen here is that they're going to have to return to loose monetary policy. When they do that, it is likely to coincide with the Bitcoin but near term. Uh, just talking about the ETF you've got.

Nothing has happened in the last 3 weeks to indicate it's any closer. Well, I definitely think that it's closer, right? I mean because three weeks went by? Well, three weeks went by. But also Black Rock is now going and they're seeding the fund. They're seeding the fund in October which is new, correct And so they just amended the uh uh uh application and so really, what you're just seeing is they're getting prepared for the approval.

The big question is are they going to J Do they know anything? They may know nothing either. They may know nothing but I Don't think that uh Black Rock is going to go through all this effort, right? Remember, there's reputation risk here in terms of people know what they're doing and so it's much more likely that it's going to get approved. You need a different change on who's in charge. I mean you've got three Democrats and two Republicans Right is that we we had one of the Republicans on that and she said I think it's I have no idea why.

It makes no sense, it hasn't been approved yet, but that doesn't mean the that she's going to convince her her colleagues at the end of the day Bitcoin doesn't care about the politics of it all right now. the SEC and other organizations definitely care well. Here's the thing is: Bitcoin is just highly, highly disciplined, right? It is the most disciplined Central Bank in the world. It's that final point that I really want to talk about.

My support for Bitcoin is exactly that: It is perfectly known. Monetary policy. We're not banking on the thoughts and opinions and votes of elected by the Pres or I should say selected by the president, fed members. It's already all algorithmically coded in.

it's open source. All this could pay attention to it. And because of that and really my disdain for the government and the Federal Reserve and really central banks in a general sense. That's why I Like Bitco Coin, it's monetary policy that is mathematically known to everyone.

There are no surprises. The code is open source. You can read it right now. I Could read it right now.

Everyone could read it Right now, there are no surprises. and to me that's a massive massive Advantage When it comes to the world of monetary policy and very quickly. For those of you keeping score at home, Bitcoin is continuing its rip to the upside: not so long ago it was sub 27k and now it's knocking on the door of 35k. Obviously this is more of a shorter term View and there's a lot of bullishness momentum for various reasons.

And yes, I'm not going to actively trade it. but I just want to show what's going on. and more so I want to bring this up cuz there's excitement. There's a certain energy in the air.

so I want to get your thoughts if you've made it to this point in the video. First of all, thank you for watching to this point. But let me know your thoughts on Bitcoin. Do you actively trade it? Are you just invested in it? or do you think it's a complete scam and you don't want to touch it no matter what? And while you're figuring out your thoughts and opinions on digital gold, let's talk about what to pay attention to for the the reman of the week because as I alluded to, the stock market is getting smoked.

Let's kick this part off by looking at the technical structure and the price action of the S&P 500 because it is not a good situation. As you can tell, the Spy the ETF tracking the S&P 500 lower highs, lower lows not recapturing the support that we've been talking about, slicing through the recent lows from early October breaking the very recent lows of Monday of this week, and seemingly heading to maybe the next level of support in the realm of 416. If that doesn't hold, I'm then watching 414, maybe 413 and some change and things get really bad. in the short term, I'm watching 41.

Those are all my downside targets. Now, obviously, if there is something positive and bullish that develops within the equity, Market I will then be looking for a recovery above 420 421 Follow by 422 setting up a potential shot to 425. So that's my Bears case and my bullish case. But I Want to let you know at least as I'm filming this in the very, very short term: I Do believe the Bears have the upper hand, and that's namely because we're getting a mixed bag of earnings.

People are getting a little bit nervous about what the FED is or isn't doing. It feels like they're continuing to Echo this entire sentiment of rates higher for longer and there's basically no Bulls to be found in the equities. Market The Bears are just running through all these major levels of support now. Obviously, this can change on a dime the way we could rip rip rip, and then drop drop drop.

This is the natural E and flow of the market, so it isn't very important, not just important. Incredibly important to pay attention to things in the short term that could have an influence to the upside or to the downside. And it's on that note, we should talk about earnings. So earlier last week we heard from Tesla Netflix Tesla Missed Netflix Beat this week Microsoft Beat Google Missed Snapchat Eh.

Mixed bag but doing okay? Uh. Visa Also doing okay. Um, so really. continuing this tune of a mix bag situation for the remainder of this week.

Literally as I'm filming this, Meta came out. so we're going to check that out later on this this week we have Amazon and then on Friday we have a bunch of oil energy plays. Speaking of meta, look at this. Meta beats on top and bottom line as Revenue jumps 23% So if we were to pull it up I would be willing to wager that at screen and it is currently up 1% in postmarket trading at least at the point that I'm filming this.

And let's see how it really reacts after the earnings call. It's not just earnings though later this week as in tomorrow morning. I Hope you're watching this in time. And also, to conclude this week, we have some important reports.

So Thursday October 26 Like I said I Hope you're watching this in time. We are getting the GDP report for the US. This comes out an hour before the Market opens. on top of an ECB Paris conference.

We have the normal initial jobless claims: there's a lot going down on Thursday so if you watch my stream at all, I stream every single morning from 9:00 to 11:00 But tomorrow Thursday October 26th I will be starting early to capture all of this. On top of that, I'll also be starting early on Friday October 27th because we get the next inflation report the Pce report the person personal consumption expenditure important to pay attention to because this is going to have a strong influence on what Jerome Pal, the Chairman of the Fed, and the other voting Fomc members are going to decide at the next Fomc meeting where we get the results: Wednesday November 1st at 2 p.m. and then Jerome Pow will be speaking at 230. So pay attention to all of that.

Also, you should be paying attention to not only the earnings, not only the major macroeconomic events, but also seasonality. So today, obviously very, very bearish, and who would have predicted it? Well, seasonality did over the past 25 years. This particular day favored the Bears. In fact, the Bulls only won a third of the time, as in the Bears won 2/3 of the time.

so the deck was already stacked in the favor of the Bears. Now for tomorrow, Thursday Pretty neutral, but I do want to let you know Friday actually favoring the bull so I just want to call out all this seasonality to you. and also just in case you pay attention to the stream and you're a little bit more interested in the degenerate trades. Today there was a spot buy call Credit spread 422 spread by 423 Obviously, we concluded the day below 422 so this one was a perfect hit.

And then the same thing with the Qes this was another call Credit Spread spread 357 by 358 so another one that hit. So not only did we go batting a th000 last week 10 for 10 thus far this week we are an additional 6 for six so we're on a nice 16 trade win streak. Absolutely awesome! So feel free to join up with locals to get the newsletter to get these trades or even feel free to Chang out in the Stream in the mornings cuz that's when we talk about all this kind of stuff. In the short term, pay attention to what's going on the market, the technical structure, and the price action favoring the Bears in terms of announcements very important with macroeconomics inflation.

GDP reports also important in terms of earnings, but don't forget, in the political scene, we now have a new Speaker of the House Tensions are continuing to boil over in the Middle East A lot to pay attention to, so if you want to hang out with the particular goon Community Where we talk about this stuff day in and day out. Don't forget to like, Don't forget to subscribe I Appreciate your time I'll catch you in the next video. Peace out.