welcome welcome welcome welcome to the calm before the storm moon gang so happy that you can join me if you're watching the stock market or the crypto market today on wednesday june 29th you're going to feel like there's quite a bit of moves doors big swings up and down but if you zoom out to any larger time frame you're going to realize that it was pretty much a nothing burger we did a really good job of going nowhere it was essentially a premium burn day and that's why i'm calling this the calm before the storm because in the stock market consolidation leads to expansion and expansion leads to consolidation or another way to put it is that little ranges beget big ranges and then vice versa so right now the fact that we're kind of consolidating it's telling me that an expansion is coming soon the golden question is just when and in what direction is that expansion gonna be it could happen as early as tomorrow because there is a very important report going coming out and i'll be covering that in this video or because we're getting close to the holiday remember the markets closed on monday july 4th people might be a little bit saying hey i want to go on vacation i want to enjoy what's going on let's come back to training next week so i'll be going over the scenarios that you need to pay attention to and the important levels in this video just so you're a little bit more prepared but before we get into all that if you're watching this before 11 a.m on thursday june 30th you are in time because live i will be doing an interview with martin shkreli aka the pharma bro aka america's most hated man and aka the person who i'm finding out his story is being very much misconstrued and mispublicized by media so if you have any questions shoot them my way but we will be doing a live interview with martin 11 am thursday june 30th so i hope to see you there now with all that out of the way let's hop right into the video as you can see i really wasn't kidding when i said the market did a great job of going nowhere today today both the spy and the q's pretty much were range bound yesterday we had big red days and today just didn't really go anywhere the spy ended the day down 0.08 percent the queues were up 0.09 just nothing really happened very quickly just so you know oil right now at 109.50 a barrel and bitcoin just above 20 000. so i'm in all honesty very surprised that we didn't have a nice range today because we had some important reports we had the final numbers for q1 gdp the expectation was down 1.5 but they actually came in worse they came in at 1.6 as in our economy and q1 shrunk larger than expected and then if you look at all these other numbers basically these price index and all these you're going to see that they were either in line or slightly higher and they're somewhat inflationary gauges and surprise surprises yes we're in a very bad inflation time this all came out at 8 30 a.m today what also happened this morning was we got the fed speaking with other central bank leaders around the world and we got this doozy of a quote from jerome powell we understand better how little we understand inflation whoa that's that's quite the quote right there we understand that we have no clue what we're doing love it love it love it love it love it from the person who basically gets to control the u.s fiat currency and thus all these other fiat currencies phenomenal quote 10 out of 10 for sure well because of all that not much of a reaction to gdp at first there was a bit of sell-off but then as you can see graphically we didn't go anywhere so this leads us to when's the next big move well it could come as early as tomorrow the pce report at 8 30 a.m this is the personal consumer expenditure report it's like the cpi report it's another inflation report in fact this one's more popular according to the fed than the cpi report that comes out an hour before the market opens so that could easily prompt some volatility and maybe a nice tradable trend so make sure you're paying attention to that we also get disposable income consumer spending personal income initial jobless claims so this is all coming out at 8 30 a.m on thursday june 30th so this can easily have the power to move the market in one way or another this then leads us into friday we're not much is going on it's the friday before a long weekend so i'm expecting it to be very very quiet remember the market is closed on monday july 4th and then it reopens back up on tuesday july 5th i'm still not expecting much out of friday i think it's going to be low volume low volatility but thursday this could totally move the market and even if it's not hey i hope you are enjoying the interview with mr shkreli at 11 a.m et so those are the big things you need to know about and right now it's still maybe it feels like we're in the eye of a storm but let's see how much longer we're gonna remain in these calm waters speaking of what's going on in the overall market i wanted to show you the daily this is the zoom out where you realize we didn't really do much but we did get the gap though we finally hit the high from june 23rd which was 478 83 so i hope you made some money on that so now we're slowly but surely cleaning up the chart we have a gap to the upside 40144 and a gap to the downside at 369.38 these are both tradable unfortunately right now we're pretty much in the middle we're very neutral so the chart the markets aren't really giving us an indication of which one's going to be traded first because of the poor gdp numbers personally i am betting against the market i have spx puts i'm looking at 3650 but my expiration date isn't this week it is july 8th so i'm giving myself some time as i'm filming this in real time i got him a little bit earlier today so i'm underwater but i have so many days to swing this that i'm not really too worried yet if anything i will actively be paying attention to that inflation report coming out tomorrow thursday june 30th there's really no need for me to continue on because not much is going on it was a super super quiet day and i think everyone is on the fence for the inflation report and then really they're probably hoping nothing happens so they can start their vacation a little bit early yes when anything does start to develop and anything gets crazy whenever there's new breaking news and media and that type of stuff to cover hey i'll happily do it but right now this is pretty much all we have for you because not too much is going on i hope you enjoyed the video be prepared for the storm to restart and i'll catch you in the next one have a beautiful day.