Well, howdy there partner! Welcome back to the Mad core show where we're here to talk about the stock market or as I like to call it haha. Now you're poor because if you looked at the market today, it doesn't matter. if you're bullish or bearish, you're probably gonna end up losing money. But beyond that, we're also going to get into some of the breaking news related to the economy and politics.

It seems like a whole host of politicians just got in trouble for potentially some very serious fraud and then obviously I want to prep you for the remainder of the week because the volatility we saw in the market today the Stock Market, the Crypto Market The Futures Market will undoubtedly be continuing for the remainder of the week. So with all that being said, buckle up, destroy the like button and let's ride. So the big news of the day was the CPI inflation report, which came out an hour before the market opened. In all reality, this was the Kickstart of today's Purgatory and what I mean by that is.

We whipped up, we whipped down, and basically whatever you thought should have happen, Whatever made logical sense. Well, it seems as if the exact opposite happened, and then when you get on that train, then it would whip back and it was just, uh, not really that fun of a time. if you ended up making money, congratulations to you, but it felt like kind of a painful day. So here was the big official headline of the day: U.S Inflation shows signs of moderating, giving Fed room to pause.

Consumer prices went up 4.9 percent year over year, which was below forecast. And because inflation came down even more than expected, that's why things were looking super green. That was, until the Bell actually went dingety ding ding ding. To add a bit more context to this video, let me hit you with some facts, figures, and a couple other fancy numbers.

Inflation rate eases to 4.9 in April less than expectations. To put that in layman's terms, the market in a general sense was expecting CPR at the Consumer Price Index on a year-over-year basis could go up five percent, but instead it only went up 4.9 percent. Now, when you cut out food and energy also referred to as core CPI they were expecting that on a yearly basis to be up 5.5 and that's exactly what the number clocked in at. And for those of you who care about the month over month, reading expectations for both were point four percent and that's exactly what the readings were.

So basically the numbers came in cool as then. they came in lower than expected. and that's exactly why things were rippity skippity doodah early this morning. In fact, there were so many good vibes that the rally wasn't specific just to the equities.

Market It even spilled over into the world of crypto. Bitcoin Rises Slightly after key inflation data comes in. better than feared and it's that final word feared that I really want to focus on? From an inflationary standpoint, we are clearly heading in the right direction. In just June of last year, we clocked in at a scorching hot 9.1 percent.

So obviously we've Fallen quite a way now that we clocked in at 4.9 So yes, the progress, the trend, or both. Absolutely phenomenal. But do you know what isn't the magnitude? We should be in the realm of two percent. And as of now, we're about 2.5 x that.

So the magnitude of inflation is still very much a problem. and unfortunately, it seems as if the average person within the US is being forced to handle this situation with their credit cards. As of now, we are trending to one trillion dollars in Consumer Debt a situation that is no bueno. And don't forget, just to make things a little bit more fun, there's currently political gridlock related to the debt ceiling, and if that isn't solved by June that could be absolutely horrendous.

There's one more thing going on. What was it? Oh yeah, a banking crisis. So to summarize all that: the inflation report we got this morning. Yes, it was arguably a good one, but when you consider the backdrop of the situation I think it was a sobering moment.

and in reality I think there was a lot of traders who were using the mornings Pop as more of exit liquidity. Speaking of exit liquidity, we have to talk about Carl Icahn and icon Enterprises ticker symbol IEP and how it's getting decimated. For those of you who need a quick reminder earlier this month, the stock took a pretty serious hit from 50 all the way down to 30 when Hindenburg Research came out with a short report basically saying they don't believe anything that IEP is saying or doing or is up to. Then this morning things got a little bit worse when they came out with their earnings and their EPS was pretty much a massive Miss And then from there things got really spicy when we found out that the company's being investigated Carl Icahn's Company stock Falls as much as 20 after prosecutors seek financial information now I See this going one of two ways if the investigators find out that everything's being done above board and the short report was being a little overzealous.

I expect IEP to jump and jump pretty dramatically. On the flip side though, if they find out that the company's been up to something Sus I'm expecting a continuation in the already pretty dramatic sell-off. You want to know who else is having a pretty rough day with investigators and prosecutors? George Santos Representative George Santos is in federal custody facing money laundering, fraud, and theft charges breaking breaking Read All About It A U.S Congressman has just been arrested George Santos has just been charged with fraud for applying for RONA government relief while making 120 000 at an investment firm. He also is being charged for theft of public goods and falsifying Financial closures isn't karma for those of you who want the specifics of the indictment.

Representative: George Santos is facing 13 counts including wire fraud, money laundering, theft of public funds, and making materially false statements to the House of Representatives according to the U.S Attorney Santoshu's political contributions to Linus Pockets unlawfully applied for unemployment benefits that should have gone to New Yorkers who had lost their job due to the Rona and lied to the House of Representatives Several Republicans have called for Santos's resignation, but speaker Kevin McCarthy has said that he will Reserve judgment until Santos has his day in court now. I totally get that in the U.S you are innocent till proven guilty and I never want that to change. But given Santos's history and now what he's being accused of, it looks pretty bad. And to be fair, we just got a piece of breaking news that I want to share with all of you.

The congressman just pleaded not guilty to all charges and he's being released on a five hundred thousand dollar. Bond Obviously the story is developing, so if there's any major updates, I'll make sure to share them with all of you. But on that note to major stories, Boy oh boy do we have a big one for you. This one comes to you courtesy of Elon Musk and Tucker Carlson Tucker Carlson says he's launching a new show on Twitter after the market closed yesterday.

Tucker Carlson Posted a video on Twitter entitled we're Back In the video, he explained why he picked Twitter and that could best be summarized as it's a very large platform that still supports freedom of speech. I Have to ask out of my own curiosity: Do you think that this is a good move? A bad move? Are you indifferent to it? Let me know in a comment below. And last but not least, I Want to talk to you zero DTE Trading degenerates basically I Want to let you know what's on the horizon for tomorrow. an hour before the Market opens, we'll be getting another inflation report.

This one will be the Producer Price Index the PPI report, and to make it a little bit more exciting at the exact same time, we'll also be getting the Jobless Claims Report similar to today. I'm expecting these reports to prompt a lot of volatility, so make sure you're prepared. I Should also let you know that at 10 15 Waller a Fed member will be giving a public speech. In terms of C seasonality, tomorrow does once again favor the Bears.

The Bulls have only won 44 percent of the time. The profit factor is 0.83 and as you can see from the equity curve, it's slowly but surely going down and down and down. And this is based on the concept of buying it open selling at close. Over The past 25 years.

In all honesty, I want to share this with you because it frustrates the living hell out of me. So I figure misery loves company and I wanted to frustrate all of you as well. When the closing bell went dingety ding ding ding, the Spy was up 0.46 but if you're just looking at that number, it doesn't really tell you what you need to know. We closed out the day yesterday at 4 10 93 and then today we opened up at 4 13 88 and that's because we got a pretty good inflation report.

At first we started a trend upwards and I was thinking myself great easy Upside: Gap Fill Play to 4 15 27 and then the overall Market God said no way Jose were breaking down and I said okay that kind of makes sense. Maybe we'll get this downside Gabriel to the high I have yesterday which was for 1209 and that hit but then we kept selling. In fact, we broke down below the low of yesterday which was 4 10 69 and when that happens when you Gap up trade downward, get the downside gavel and then even break below the low of the previous day. That's a lot of bearish momentum.

So I figured hey, it most likely makes sense that we're gonna keep selling and selling and selling. And we did that. And really, this is because of commentary from politicians saying they're confident that a debt ceiling agreement will be reached. But regardless, maybe it is that, maybe it isn't.

The market came all the way back up to 412.80 So to recount, we had one of the strangest trading days ever. We had a bearish engulfing candle that somehow then turned into a bullish engulfing candle. Absolutely wild. So obviously you should be preparing for even more Insanity tomorrow.

And I very much hope that you didn't get two whipsawed today. With all that being said, I appreciate all the Good Vibes I appreciate you watching the video. Don't forget to like And subscribe and I'll catch you in the next. This one show.