Welcome back to another episode of the Matt core show where it feels like every episode is getting a little bit spicier than the previous one. And that's mainly because everything going on in the world of the stock market, the economy and even politics is all getting a little bit crazier. Today we're going to be talking about how another bank is apparently on the edge of failure. We'll also be getting into Heli Billionaire Wall Street Legend Just took a pretty big hit from a new short report and then finally, we're going to be getting into the insanity that will be tomorrow in the stock market because of Jerome Powell and the Fomc meaning and really all the Ridiculousness that is our central bank.

So I hope you're buckled up. Don't forget to smash the like button and obviously Let's Ride to kick things off. Let's talk about the crossover event of the Year bipartisan group including Gates and Ocasio-cortez unveil build to ban lawmakers from owning stocks. As I said, this is a pretty ridiculous Duo I Don't think any of us had that on our bingo card for this particular year, but hey, I'll give him a round of applause for attempting at least to do the right thing.

A bipartisan group of house lawmakers have unveiled a bill that would prohibit members of Congress from owning and trading individual stocks, a proposal aimed at restoring public trust by preventing lawmakers from profiting off Insider information in a sign that the measure enjoys support across the ideological Spectrum The Bipartisan Restoring Faith in Government Act is sponsored by GOP reps Matt Gates and Brian Fitzpatrick and Democratic reps Alexandria Ocasio-cortez and Raja Krishna Morris There's no way I'm gonna get that one I'm sorry for butchering your name, but there's a couple too many letters I Truly do applaud their effort. This is something that I've been talking about for quite a while I Know it's something that you've been listening to for quite a while, but it is absolutely insane that our elected officials are able to trade in the stock market. Even though they clearly are able to get information that is not yet publicly available in any other profession, this would most likely be considered Insider training, but for whatever reason, we apparently allow our politicians to do it very quickly. The one thing that I want to point out here is how they're talking about individual stock trading.

Now, this might sound good, and it does sound good, but I Fear that this is a pretty evident loophole. If you look into any of the reports, you'll find out that our elected officials you know those people who kind of should be running our country and not sitting there yoloing their entire account on Robinhood options or doing exactly that they are trading options. So if we come up with some sort of law that just stops them from Trading stocks, I'm not hearing anyone talking about options and I fear that this might be one of those things where it just sounds good of like hey, I made a bill that turned into a law that stopped Congress people from Trading stocks and that sounds great and it sounds like an obvious win. But what about options trading? So I just want to throw that out there that if this bill does become public and we could read it and we dive into it, see if it says anything about options training Futures Trading and even Crypto trading.

The fact that members of the Progressive Caucus, the Freedom Caucus, the bipartisan Problem Solvers Caucus reflecting the entirety of the political Spectrum can find common ground on key issues like this should send a powerful message to America I Have to admit, it does send a powerful message. but what's going on That this isn't how things are already run? That's really what leaves me scratching my head. We must move forward on issues that unite us, including our firm belief that trust in government must be restored and that members of Congress including their dependents, must be prohibited from trading in stocks once again, not options while they are serving in Congress and have access to sensitive inside information. This is basic common sense and basic.

Integrity 101 I Agree, it is basic sense. it is basic Integrity to why isn't it already this way? Speaking of ridiculous things, it appears as if the pain within the banking sector is not really close to being over. As a quick reminder, Silvergate Signature, SCB and FRC are all done though, but apparently we aren't stopping there. Pack West and Western Alliance lead Regional Bank Stock rut First Republic Bank ticker symbol FRC was the most recent bank to collapse and it also happens to be the second largest bank collapse like ever, which is obviously still highlighting the frailties of the banking sector.

Pac West and Western Alliance led the big sell-off in Regional Bank lenders today Tuesday As renewed fears over the health of the financial system hit Wall Street After the second largest U.S Bank failure ever, we're talking in excess of 200 Billy for one failure, Trading in both firms triggered multiple volatility halts after Pac West fell as much as 42 percent while Western Alliance plunged 27. The KBW Regional Banking index dropped as much as seven percent the most since the crisis that engulfed Silicon Valley Bank in March Now I Don't think this is that much of a big brain call out here, but it feels as if we're not really done with the banking crisis. Wall Street is wondering which bank could be the next one that needs a rescue and that is making it easy to pick on other. Regional Banks It looks like JP Morgan's deal for FRC gave us just one day of calm for the banking sector.

Regional Banking stocks are still looking vulnerable until we can see clear signs that emergency lending programs can go away now. Obviously, none of us have a crystal ball, but I Would love to get your thoughts and a comment below related to the banking sector: Do you think everything's actually A-Okay and this is being overstated? Or do you think there's a bit more pain to be had? and if you're in the ladder? Camp I Would love to know which banks you're particularly watching. While the banking sector story is obviously an important story that we should all be paying attention to I Want to let you know that there's a new story starting to develop that's causing some heads to turn because it involves a pretty down and dirty fight between a famed short research firm Hindenburg research and a Wall Street legend by the name of Carl Icahn Obviously, on one side of the fight you have Hindenburg research which basically goes around and they look for companies that they believe to be overvalued for one reason or the other and on the other side you have the billionaire icon who is considered by many to be a legend on Wall Street Other people consider them to be a corporate Raider and I just consider him to be a very powerful and wealthy person that I really don't want to piss off that much because you never know I might just disappear. Apparently the employees at Hindenburg Research don't really care too much because this is what they just dropped today icon Enterprises The Corporate Raider throwing stones from his own glass house I Just want to let you know that this is a very lengthy and thorough research report.

so I highly implore you to all do your own reading of it. But I just want to give you the Tldr Icon Enterprises Ticker Symbol IEP is an 18 billion dollar market cap holding company run by corporate Raider and activist investor Carl Icahn who along with his son Brett owned approximately 85 percent of the company Hindenburg believes IEP units to be inflated to the tune of 75 or more. They think IEP trades at a 218 premium to nav vastly higher than their comparisons. They've uncovered clear evidence of inflated marks for IEPs less liquid assets and IEP has suffered additional losses year-to-date Following its most recent disclosure, we're to put that another way.

Overall, Hindenburg believes Icon, a legend of Wall Street and has made the classic mistake of taking on too much leverage in the face to sustained losses. a combination that rarely ends well. Now in all honesty, I have absolutely no clue who will win this fight, but if you caught the stream this morning, I was able to make some nice money off of the move and this really doesn't take some big brain research If you pay attention to whenever Hindenburg drops a report, generally that stock takes a pretty gnarly hit on the day that it's dropped and that's exactly what I did with IEP at morning open I bought some, puts the stock fell and I made some money C'est La Vie Let's move on to the next one, switching up gears a little bit I very much hope you're watching this before the market starts trading on Wednesday May 3rd and that's because it happens to be the date of the next Fomc meeting. We will get the results from the FED members at 2PM ET and then the chairman of the FED Jerome pal will be speaking at 2 30.

very quickly. For those of you watching who maybe don't know what the Federal Open Market Committee meeting is or what it does, it's basically where a bunch of our Central Bank members decide what they want to do with the FED fund rate. Do they want to push it up? Do they want to lower down? or they want to keep it going sideways And this has a massive impact on you individually, the overall economy, and even the stock market. in the short, medium and long term, it can kind of prompt things to go a bit.

Haywire In fact, it's not that difficult to show how the Fed's decision, among other things, to be fair, is what led to the recent downfall of some pretty sizable Banks So without getting too preachy I Hope you can understand the importance of this meeting and the decision because it could have a massive impact in many different ways. and it also explains why people are getting a little bit nervous as we are getting closer to the announcement. Speaking of which, at the time that I'm filming this, there's an 84 chance that we will get another rate hike of 25 bips AKA 0.25 which will bring the running cumulative total to 5. In all reality, this is pretty much already priced in.

I Mean we all know that there's an 84 chance, so it's probably gonna happen. But what we don't know is what Jerome Powell is going to say in his preface conference that happens at 2 3 30? Is he going to be dovish? Is he going to be hawkish? Is he going to be leaning towards the fact that we're done with Freight hikes? Is he going to be leaning towards the fact that we're going to get another 25 bips, right? hike? That's really what everyone's listening for. What is Jerome Powell's tone gonna be what's his demeanor gonna be and is he gonna hit at anything? That gives us an indication of the next monetary policy steps. And for those of you who want to enjoy the chaos together, you might as well break out the popcorn because I will be streaming the whole thing.

What's that saying? Misery loves company. And now for you short-term D-gen day Traders Today was not a good day in the market. well it was if you were a bear. But overall we could pretty much say it was a bloodbath.

The overall: Market The S P 500 dropped over one percent. the cues were down 0.9 and as you can see, Pac West was down almost 28 while Carl Icahn's IEP was down almost 20. In fact, the only green thing on my watch list was Rumble. So shout out to everyone watching on Rumble right now in terms of earnings: CVS reports before the Market opens some tomorrow.

But really, the major thing of tomorrow once again is that Fomc decision and the following announcement at 2 30 pm on Thursday Make sure you're paying attention to Apple because obviously as the biggest company, the biggest stock in the whole Market you're gonna have some sway whether to the upside or the downside. So make sure you mark your calendars as you can see here, it was a pretty rough day in terms of the S P 500. We slashed through various levels of support and gratefully we were able to close above 410. But let's see how long it holds.

if it doesn't hold tomorrow I will be watching the 406 region. However, if we bounce and recapture for 13 for 14, I'll be then looking for The Gap fill up to 415.27 For those of you who care about seasonality I Want you to know that tomorrow actually favors the Bulls Based on the past 25 years, tomorrow has favored the Bulls only 48 of the time, so a little bit less than flipping a coin. but the profit factor is 1.7 as in every dollar spent has returned 71cm on top of the initial dollar. And really, the bullish Trend started a couple years ago.

Before that it was pretty much flat and sideways. That's what I have for you today. I Hope you enjoyed the video and I truly appreciate your time. Don't forget to hit the like button, Don't forget to subscribe and I'll catch you in the next one.