Okay, good morning everybody
Welcome on in welcome on in bringing some of y'all up on stage. See if you even the audience
Don't want to go in morning morning. What's going on? What's going on? Hey, good morning. Yeah
Morning JJ. How you doing? I'm good. Good excited to have you on for some future trading. I I know you know a thing or two about it
Yeah, it's it's an obsession now
When did you start future trading futures?
2012 after my heart attack, I had to
Had to do something a little less stressful than taking companies public
There's fair. So you went just slightly down on the stressful scale. You went down a trading in queue
Yeah, it was I thought it would be a walk in the park
Little did I know that retail trading is the hardest thing there is in finance because you can't cheat. So
And they haven't went up on you right exactly
So you actually have to do the whole process thing and be disciplined and all the stuff
I hated doing as a kid. I had to do now, you know in my 40s and 50s
That is very fair. Well JJ. It's good to have you on here with us excited to chat more with you this morning. Thanks, brother
Let's see we got Paul up here to Paul what's going on by you guys?
Morning wolf. Yeah, just rubbing the eyes trying to figure out uh, you know, what's gonna happen today after yesterday's little fiasco
Yeah, yeah tell me about it what's your thoughts on how we came out of that
Well, I gotta say, you know
The sort of internal part of me is just sort of waiting to see, you know
Is this just a kind of a healthy pullback, you know, it's kind of the covers are drawn over it
You know with the big news release and everyone talking about oh what what was meant by what J. Powell said about this and about that
And it was was the market, you know, overthinking something here there
You know that could be debated at an ASEAN
But in reality would just looking at the level to level like I try and keep myself to it
This could just be a healthy pullback, but I'd like to see some, you know
I'd like to see ES get up to that 49 or three area, you know to sort of say like, okay
It's it's good for longs again until I see that reclaimed
I'm just kind of sitting here waiting to see is the pullback done yet, or we got to go down and check out some more stuff
Sounds like a plan good to have everybody that's up here on and shout out to you from the audience already
We're warming up here a little bit
I know that future is already trading just gonna work our way around the panel get some thoughts from everybody and then we will get
Into it. All right, Frank. What are you watching this morning?
Think you know, I think today is gonna be an inside day
I think it's gonna be really wippy with Apple earnings coming out tonight and
You know it showed over like the last hour it's been kind of wippy so we're like in the middle of the range
I actually bought some IWN
I bought some I I bought some calls and I might I may trade the future today
But right now I'm just looking at thank you
Yeah, if you notice the 10 years down 1.87 percent and the Dixie's higher
So first time this year, I've seen a flight to quality, you know, everyone's like oh, you know
PNX is down yields are down. Is that a flight to quality or is that a sign that?
You know, they're grabbing on to what he's finally saying that there is going to be cuts now that markets looking for six cuts
And it was like well, why don't they look for less cuts after yesterday because they are they're leaving themselves open to
Possibly there might be a cut because there could be some kind of black swan
So, you know, I try to look at both sides of the market pretty clearly
Up today pretty good, too
So, yeah, that's what I think I think that you know, see if we can regain that
In ES see for you great. I agree. We regain that 49.03 level will be okay
But I see today as an inside wippy day
You know higher off the lows
But I think we might test them at some point this morning and then yesterday's lows and then whip up and but trade inside
Until tomorrow tomorrow's big day
See we got a few others coming on here. Let's go over to Zeus. What do you have put on this morning? Good morning
I agree with Frank. Honestly, I see us kind of just staying range bound throughout the whole morning
I have a little range here based on the hourly chart
The range is from seventeen thousand three hundred fifty two to seventeen thousand three hundred thirty one
So until we pretty much get a body closed outside of that range, I'm pretty much just into my hands
Sounds good. All right Bizil, I think you need a few minutes
Evan are you able to go over some of the news here?
Sure, I was just about to send a DM but
Let's get the news up. I didn't I didn't cover too too much. I got up a little bit late
We had a Tesla Elon Musk saying they're gonna do a vote on if it should change the company's incorporated
We had a couple companies announcing some layoffs. Okta is laying off 7% of its workforce
Representing about 400 jobs. We have Deutsche Bank laying off around 3,500 people
Representing 4% of its workforce. We did also have a story just now that
Elliott management has built a stake in Etsy
So that one could see some movement this morning. We had initial jobless claims coming in above expectations
We had a lot of commentary from these banks and different analysts about when Jerome Powell and the Fed are gonna start cutting rates
A lot of those initial sentiment is moving away from March and most of it's going towards the May Ray cut coming first
But some of it's doing June Bank of America saying June might be coming as well. So a couple things to look out there
But yeah, not too much stock specific at this point
There was a couple of those stories that I said, but yeah, it's the majority of what I'm seeing waiting on all those earnings up to
Yeah, big day with earnings. I wonder if we are gonna see some timidness going into that. What do you think JJ?
Well, it's uh, I'm an inventory guy because I used to be a wholesaler and I was I was the supply
So, you know, we had a nice move up over 48 77. We got rid of a lot of paper up there and
Give it a little shake and bake yesterday got some shorts coming in and covering this markets been going up since November on multiple
the structure tells you that very very clearly and
You know where the shorts get trapped when we come back down these bids
because they're bid to cover and
So we're you know, the guys were saying inside day and pretty much in agreement with that
I think it'd be good to go give yesterday's law a good kick in the head and see how it reacts because you know
It's nice to give these levels a good punch and see
You know whether they can take a jab or they can take a Mike Tyson uppercut
You know, I want to see what's lurking underneath there. We got single prints from the 19th
So there's shorts trapped under 48 60. I want to see how how bid they are
We've got decent, you know, we've got a good amount of supply above 48 77. We're above it now
But we'll see what happens when it opens the overnight inventory is a hundred percent long and still hasn't corrected in a meaningful way
So I'd love to see the overnight low get tested down there in the 48 72 and
give that previous day low a good a good shake, you know and see if
If we can hold that, you know settlement
I mean it is a futures product, but it's based on equity
So settlements way above us and we'll see we still get some some liquidation and see if those lows hold
You know this this market, you know, the thing is every time it sells off and we have an inventory correction people think it's a
Massive sell and then they go and shorten the whole they get trapped and supply runs out next thing, you know, we rotate higher
So hopefully that doesn't happen today. Hopefully we get some liquidation because liquidation gives us better price action, you know
That's that's what I've noticed in three decades, you know, once markets get too short the price actions really really sticky
So you get a little liquidation it kind of greases the wheels. That'll be nice
Yeah, yeah, I like that Mike said Paul you got thoughts on that
I'm soaking that up. I love you know that thank you for sharing that
It's a great observation of it. And yeah, I think along with what everyone's saying, you know after big moves in the market like this
Good opportunity to sit back
realize that you know rarely does the market make another giant move after
Big moves like that and especially after big news days, you know, I think everyone's still trying to digest exactly what happened
So, you know having having this sort of range bound where the market is testing levels
Is to be expected and I think that's a great observation of well
Yeah, we're coming down and hitting into the 48, you know, high 60s areas and there's a big level down at 48 60
Are we gonna visit that and really test? Yeah, I kind of like that, you know, let's go see it
What is it? Is it gonna be that big uppercut? I really like that saying so thanks for sharing that JJ
Problem. Yeah, I want to see what's lurking underneath 60. I want to see where the bit is every morning for me for 30 years
It's been a little whippy this week
Can yeah, I was all yeah here Kim and wolf. I'm not sure. Can you guys hear JJ? I could yeah
I just I just cut back in. Sorry. Um
So obviously the market's been really whipping in for myself. I don't like to trade the FOMC and all that and so I've been
Trading future. I mean, I'm sorry futures. Obviously I've been trained silver
it's just you know, if you
Not liking one product and you know, you're not feeling comfortable in it go to something that
You do enjoy and silver has been just a really good trade for me for the last month
So every time it goes under the futures go under that 23
I put a good to cancel order in last night
Every time so far that it's been going under there
It bounces right off if it goes under 23 it bounces right off of that. So that's what I've been trading this week
I'm long again and futures is down but it's up for me because of where I got in at
in on it when I was sleeping last night, so
Yeah, and I've been using the
And silver moves really fast kind of like the NQ in a way
But yeah, it's been a really good trade. So that's what I'm long right now
Interesting I appreciate that Kim
I'm excited to see how it plays out and I wonder how these
Mega cap earnings after the clothes are gonna move just the random stuff not random but unrelated stuff like silver
So I'm looking forward to it. We got about a minute here to the open. I
Know wolf was probably in and out a little bit. I'm back. I had to reload the space. Sorry
Not sure what happened there
Apologies, I think I missed just your part Kim though JJ. Were you speaking there?
Yeah, it's been a while since I've done one of these panels. So if I speak out of turn just you know, just
forgive me, I'm an old guy once I can start using that I'm old especially once we hit the
The open everybody just feel free to jump in whenever really if you see someone. Yeah, what's in them?
Yeah, right now we're exploring lower the the the next set of stops are 48 789 and a quarter
So if those get taken out, you'll be looking at that lower 48 75 area. There we go. She's open now
Very nice. Okay. We're dropping down here a little bit on and cue. Oh, but pushing up on ES. Let's see
No, and and cue coming up a little bit
Anybody has levels feel free to call them out anything specific
upper stops 48 92 and half
Shrew into the single prints from yesterday. Sorry, go ahead. Oh, no, it's futures. We all
Thank you. Nice to meet you
Yesterday, I was short that I'm small caps as well because it it's just hasn't been holding that
2000 level so that is when I said that I wasn't doing anything. I actually did go short that
The micro future small caps
That's been another one where it just that resistance it
Hits that to a 2003 for somewhere in there and then it's been whipping back down
That's great we had a seller in the overnight around 48 91 and
90 48 92 there was constant selling competition there. So there's a little supply up there
So on team doing what's going on
Wow the man the myth of legend mr. Vwap trader JJ
Thank you so much. So nice to meet you. Nice. Let's do a couple of your spaces
You you introduced me to Dalton. I have to give you props for that. I found you on your podcast years ago
Yeah, that guy saved my life
When I started trading candles out dear God, I was lost. I'm used to making candle charts not trading the damn things. So
So you said you were to stop right here on ES?
No, that's the next that's my target is the upper stop
48 92 half and we're kind of creeping up there. Ah, there's the seller there is there they are
48 91 you can see the offer starting to come down now as soon as that offer starts to come down
Selling competition now, they're just gonna backfill that move off the open
Me no, no, no, no, I'm I'm just I did some decent trading in Globex and
I'll start kicking around here soon soon
When a market opens up I tend to be conservative. I'm
I'm a very risk-averse trader
So I test the market here and there on a couple of micros and see whether my brains working in RTH
I just love that the traders that have been trading a long time use the micros
Because it's you know, it's the safe safe and easier thing to manage. Oh god
It's like it's like having a market with training wheels, right?
I mean and if you're wrong, you know
You lose 20 30 40 50 bucks and you can recover from that and it you know
it gives you a good sense of of of order flow without you know having to
Take larger losses. I'm cheap, too. That's 30 years of being on desks and doing deals you get really cheap
We're bouncing right off trying to set an orb here
Yeah, we got short-term inventories under 48 6 48 86 half it's being distributed between 88 3 quarters to 91
If price stability holds little suck-in buyers and we'll run that 80
Yeah accepting over 91, let's see a little bit
Nice very nice. There's your four eight nine two. There's nine two. There's the stop
Let's see. Yep. Now they're gonna they're gonna backfill that move a little bit and see where the bid is
Yeah, a little backfill here to you know
We when markets go up we create demand then we go back and fill in that demand with some supply. So that's how you sell size
There we go, next stop is 93 and 3 quarters of the overnight high
Looks like we have good readings on all the market breadth here at nice e 4 to 1
RTY six and a half to 1 Dow 8 8 to 1
Yes, so this is what's nice about silver that little overnight
Trade and I'll probably now be putting a bracket on it. It's up 200 bucks
Nice, and it's just one small little silver contract. That's beautiful. I've never traded anything other than the ES
I love I love this silver
That's very cool. I need to learn more about that
I'm pretty focused in so I just trade one market
Accepting under 48 91 and we should come down and maybe tickle VWAP again at 85
Let's see if we offer over 91 quarter 91 half then that traits gonna go out the window
Starting to creep a little bit of competition at 91 on the sell side
We have a PMI and ISM coming up. Yeah, that should shake some trees
I think a lot of people got caught upside down when the market ripped and then dropped yesterday, so
Market looking pretty good today though
That's the problem with these markets is there's limited supply in these things because of the
The revenue model of US capital markets has changed drastically over the last 20 25 years so
People don't sell anymore they gather assets and get paid
Look like buyers still want higher here to me
Well, it's a funny thing everybody says that that buyers wanted higher nobody buys anything wants to pay more
What it is is that the sellers see that their buyers and they lift prices right? It's a wholesale business model, right?
So it's just interesting that when people say that buyers wanted higher of I've never wanted to pay more
Sure, sure. They want stock that they bought to go higher
Yeah, yeah. Yeah, you know the wholesale the wholesale. I mean now everything's so efficient with
They sent some bids coming in and the offers just start to lift to take advantage of it and soon as price competition
Comes in offers start to push each other out of the way and push down
Man they are killing ticker wolf today
You're getting rocked. No, no. Oh boy
Is this your deal it are you pulling no, no, I'm just fond of them. Okay. I
Was like you're public and you didn't call me to run your box jeez, man
I think that they IPO'd back in 2000. Okay
At which point in time, I'm not sure that I was doing a lot in the market, you know
Nice little pull back. Oh, yeah, it's a little backfill right? I'm short and 90 and a quarter
Okay, and if it accepts on if I've got a bid under 88 if that bid doesn't get hit
I know that there's no selling and I'll kill the trade
Shark are you a feeling short? Ah
Well, I'm waiting for data, but we haven't really broken
At least on NQ we haven't broken the opening range at all yet. So
That 88 bid needs to get taken out if it doesn't get taken out cost basis is under 88 for the first
The half-hour prior they open so we just came right back down to cost basis. So
I'll let it work for another minute or two
And if my if if the offer doesn't get under 88 and three-quarters that I know I am gone
I was just testing it on a couple of micros
Here we go, we need to offer under 88 for how about to get a chance to get down to be wet
NQ's basically had a 10-point range. So nothing. I'm just watching. Yeah, we're inside bar
Well, that's 30 points but that's like nothing I'm flat I can hear Kramer in the background
I'll be I'll be down there with Kramer tomorrow morning. No, he's nice
Mean, I'm not going to see Kramer specifically, but I'll be at the nicey and whenever you're there for the opening bell
It's pretty pretty hard guy to miss and he usually chats with me
I've been there. We've talked
Get his pick so we can inverse him. She's I was like my most viral post of all time
Looks like naz is accepting over the
17 306 so let's see if I can hold we might have run a little liquidity right underneath it
Yes, it's just a little distribution distribution balance here
It's all inventory in these futures markets
Feel this is how these Fed days go the first day
However, it is the next day they reverse it
Am I just making that up or what do you think I
Haven't taken stats, but I mean that's that's how inventory is
I mean futures trading is the world's biggest car lot
You know the wholesalers grab a bunch of cheap supply market goes up
They dump into it price compete push it back down to cost basis. They stop selling shorts cover
Price rotates back up, you know
It's the same thing every day. I
See if we can lift that off or over 91 and a quarter and get a print
Dollars pulling just a little bit. What's T and X doing today? Oh
Down down one one point seven and one eight first one point eight percent
There's that half print there's a three-quarter print
All right, the bid follows the offer. It's like kids chasing the ice cream truck. There we go 93 and a quarter
Deck looks like yes once that go up see if we can get over that 48 92
Yeah, we're over you now, yeah
There's a seller at 93 quarter. You're the first of that data in a minute or two a PMR. Oh
Do we have any more all-time highs being made
Too early to run that scan
There's not much on it at this point
Maybe here Charlie me read that out
Yeah, no nothing on the 52-week high list I tend to look at that at the end of the day
And then what other data was there today and of the way of the earnings you want the honest truth nothing that I care about
Manufacturing PMI in a minute ISM and contract and construction spend at 10 a.m
And we have Apple Amazon and Facebook earnings, which I do care about those are after the close
We also have non farm payroll tomorrow, which is a big one
I know a lot of people like to talk about that being the real jobs out of the matters
It's what I'm talking about buyers looking for higher
Ooh lemon to launch first men's footwear line
Yeah, this next set of upper stops is 93 and three-quarters there'll be a seller there
It's 0.750 point three was what expected. Were you able to hear Charlie there?
Yeah, it's mainly I tried turn them up on my yeah, I had him trying to come through but I guess you can hear
What's the market doing with a little pop a little pull down on back so look above and fail at 48 91
Now back above 91 it's choppy
Get closer for the next data we get out 15 minutes
There we go. There's that stop run over 93 three-quarters
Should shoot through all the several prints of yesterday except for two
That's not the big one the big one at 10 or 10 he said 1030 10 will be ISM manufacturing
That's on some stuff little to
Let's see with that 48 91 holds and we rotate back up to 93 quarter
Test that out at 91 and 3 8 1 2
Yeah out at 92 and 3 quarter nice how long did you stay in your average trade?
Me. Yeah. Oh god. I'm I I trade quick because in the old days, you know, I was you know
Making I was running the box on like 8 to 16 stocks simultaneously with so my screens would be like 16 level twos and
So I'm a quick trader, I like just getting in and out what these are test trades that I'm running off the open
And usually I'm no longer than five ten minutes, you know, I like to make three or four. Yes points on five to ten minis
And it allows me to do other things I
Yeah, no, definitely not Kim you do a little bit of swing in the futures though, right
Yes, yeah, but that's just I mean it's a different I
Do it because like especially during earnings when I'm long all these stocks
I'm using a short like a few short micro futures
View or view up. I'm like married to a floor trader. So if I didn't have a couple shorts on here or there
Miss shorting I miss shorting ever since they were you know introduced in 2005 regulation sho shorting becomes it became so, you know
You know it used to be fun
You just sell something didn't have to borrow it new drop pick up pick them up in the you know
Mid morning and be done with it, you know
You'd short that gap and trap and everything would be okay. Yeah, we're going to drop into view app now
The front running VWAP that's good the shorts that got caught
It come in bid the market a little bit
Sim what's going on? What are you looking at?
Sorry wolf give me one second. I'll be right back. Yep
Others VWAP on ES. Oh boy
I guess it didn't love that data
Crypto moving higher though. They claim back over 42.5 here. Mm-hmm. Yeah those ETFs established a nice cost basis over the last week
Everybody was like oh, it's dying. It's dying. I'm like it's a brand new issue. Let it establish a cost basis institutions
I haven't even looked at it yet much less executed
It's a month in short covering over the last couple of days too, it's nice
Anybody looking at gold or oil or any of these other areas I
Know comes in silver. Um, I'm actually out of it now
23090 and it's back. I mean it moves really quick. So now it's back to 23045. So I had a
Stop on it. So it was like 250 bucks
Yeah, that early morning cost basis under 48 86 still hasn't been violated yet. So they're gonna
Start lifting the offers again. Let's see if they can push it over 91 again. Are there uranium futures?
That I do not know Kim, do you know I
Don't think so don't think there are cuz I think I actually looked for that before when
People were calling for uranium stocks to go higher. I think I did a search for it. Uranium looks so good right now
I'm watching you are an M of 21% year-to-date up like 7% today
Yeah, the guys from Vancouver did a nice job on
Uranium energy UEC they did a nice little run into my end on that thing
Yeah, I mean these charts just look so good when you pull out
Yeah, I mean I I don't buy stock but
Yeah, they've done a nice job they've been lugging that deal for 18 years good for them
Yeah, I just just I just want them to have a little pullback but these things don't really pull back
Yes, he's a community bank continuing to move lower
You guys all trade any of you guys some trade small caps here
I've been noticing there's some beautiful dollar volume in these sub ten dollar deals
Kind of wants me to get me back into the other side of the business here instead of selling paper
I wanted to mention this at the end of this space we kind of mentioned this all through January
But if you were one of the few or many that tried out a simulator with the elite trader funding prop firm
Who we do these spaces with again. They did a there was a million dollar giveaway of different
Simulators and other items that was happening throughout January you had your opportunity to enter and the winners have been picked
And at the end of this space in about 40 minutes. We're gonna announce all the winners
From the giveaway from January Paul. I believe that's correct, right?
That's correct wolf. You know we've been talking about it all month and all month
We've had this special going on from January 1st till yesterday the 31st
Any purchase that you made using code ETF 24 put you
Eligible for that million-plus giveaway will be at the end of this
Spaces will be giving away 24 elite accounts so stick around and find out how lucky you are today
Perfect. Yeah, so I just wanted to get that out there
So do stick around to the end because we are going to announce those and you'll probably want to be here if your name gets
And also if you do want to trade futures alongside us and you want to give it a shot reminder
Why do people trade futures? Well, they love the volatility and
Unlike options. They don't have to deal with time decay IV spikes a number of other areas. So
There's a lot of tax benefits as well. Just a number of pieces why people do like trading futures
But if you do want to try them my encouragement is always don't go just dumping
$10,000 into an account and taking a first stab at it instead try it out on a simulator with the prop firm
They offer them if you go through the link in the top of the space. They are very very affordable
There's a 30% discount on there
You can use it on the 10k eval if you'd like or the 25k, whatever it is
That's gonna give you the opportunity to actually play around with this a little bit
I also do recommend I mean we mentioned it with JJ and others try out the minis. Sorry the micros as well
Play between those two obviously if you're in a simulator you can try out NQ M&Q some of these other items
You can look through we've talked about RTY
We've talked about GFC or GCF and some of these other areas as well
So just a lot of things to try out
But again, my encouragement is don't just try to jump in and throw a bunch of your money in
The most successful future traders that I've seen start with the prop firm
Get their feet wet and then go from there and if you want to try it out again
You could just give me the word simulator and I will get it to you
I just always like to put that out there because I do know a lot of people get excited and they want to trade alongside
Us, but I want you to do it safely. So just a word of advice
And we are pulling down here in the market
Yeah, once we offer interview up we'll get under that 48 86 and a half and start offering down into the 84s and 82s
Come back to the cost basis of the overnight, which is 84 and a quarter
That's good advice. Gav. That's really good advice because you know trading is a skill and
You kind of have to learn a little bit about the business before you start throwing money around. It's good advice
Yeah, better to better to risk, you know $50 then
And then and then of course obviously by the way for the audience if you perform well on these simulators
They'll give you a fully funded account
You can keep 80 90% plus to the profits. You never have to take out thousands of your own dollars out of your own pocket
I see it as significantly lowering risk and listen majority of people I think we know this I mean JJ you mentioned in the beginning
It's one of the hardest things to do right is retail trading. It's not easy. Well, a lot of people things
Exactly because people don't know how to take a loss. They don't they don't have any process in which to trade
So when you know, it's a great when it's all going good, but what happens when you get punched in the face
retail trading is like a street fight you have to condition yourself to be able to systematically take losses without having a big hairy fit about
understanding that when you get stopped out its insurance on your account and it gives you information about the order flow information about how
You're trading so you have to put that all together and that all takes time, right?
So use the simulator is a great idea because what it does is it practice use it teaches you to practice your reflexes
You know, so you don't freeze when things go wrong because they always go wrong
Pretty much equal loads the bottom of the orb on that. Yeah, there's the cost
Yeah, it's there's so many people caught short who shorted the market yesterday at the end of the day and then got caught in
Globex, so there'll be some covering bids here because we came right down to cost basis at eighty four and a half eighty four quarter
That's the overnight cost basis
We have that extra data in two minutes by the way
Yeah, I'd love us to test the overnight low and yesterday's low that would be very healthy
I'll be looking for bids at 82 RTY getting hammered right here
You guys a lot of people trade RTY cuz in our room it kind of goes in like it's like a fashionable thing one month
And then nobody ever asked me to chart it or talk about it
But I love trading it. Yeah. Okay. Yeah, I really well because it does definitely for me
it's not something that I
Trade every day. It's something once it hits like I said that 2,000 level or where that resistance is
It's one of those that you'll get this huge move in it, you know down or it trends nicely once it gets
Okay, I mean yesterday 50 points down but even if it wasn't an FOMC day
I mean there'll be days on that like coming up. Okay
Where it like once it hits like a resistance or a floor it like moves big and you know
So that's why I like that one and then they have micros in that so I use the micros. Yeah
Well, it's small caps. So there's dilution so it should liquidate normally not unlike, you know, like this thing this thing
It gaps up and then sticks and then goes sideways for six days until people get trapped long and then it liquidates, you know
Small cap stocks. They they do dilute them. So there should be liquidation
The book on the nads is really thinning out here before data. Look at the bid-ask spread. Holy shit
Not even there. Yeah. No, I know I'm there this
Manufacturing PMI 49.1 versus 47.2 construction spending plus point nine percent in December
That was good, I feel like Bud Fox there, you know now it's like get on your account get on the phones
Trade so I couldn't really concentrate on this but I'm watching a
SP expert call. I'm sorry SP X and yes recalls
Looking for a little bit more of a pullback back down to that 55. I'll share you
We take that 79 the next lower stop is 48 74 and 3 quarters. Yeah, I'm watching this 48 79
Yeah, we hit that stop right there to the tick and then got a little bit of responsive buying because the shorts always hang out
Where the stops are, right?
All right, just like dogs waiting for food to fall off the counter when you're making sounds
This is like the blowbacks. What is this 145 highs? Yeah
Silo format said company plans to pursue FDA streamlined
505 B2 pathway for clinical drug development crap. I had a level of 271 and a half on that
Zeus you've been doing anything any take any training got some levels
Now I'm just sitting on my hands here
We finally did break out of this range, but we are testing this for our domain zone that I have here
We're actually testing the lower half of the range. I
Want to see if we can actually clear back over 305 on in key I'll look to take some longs
There we go, it's not 82 bid
It got long silver on that big move down
But I'll cut it if I got in
little early, but I under that 23 again, so
Because it smashed itself down
And now it's back up so back up from where I bought it at I
Just took that little 82 to 83 and a half 83 and 3 quarters on to
See if it holds 82 now in the yes
Oh, what's your favorite to trade outside of yes, and then Q
That there there is no such thing
You know this is it's funny you ask that wolf because it's really you know
It's the worm in my brain since Kim mentioned it this morning of you know
It's it's a it is I think it can be beneficial for certain traders
You know if the market you're watching
Isn't moving and you're not feeling like it. You know check check out another market
I think this can be really beneficial for some traders to you know
Look around and see is there another one that interests you is there another market that you know
you've been thinking about that maybe the the price action and that sort of catches your eye and is a little familiar and you're
Able to sort of look at it a little bit better, and maybe test some micros
You know out on it. I would say you know as
You know a trader in their early years as I am you know just having a few years under my belt
It's I have been primarily just focused on
ES and NQ and you know for the past year plus primarily just yes
Really just trying to get you know my read on the price action of it, so
I haven't really looked outside of these indices as it is right now
But I I do sort of feel that pull of you know maybe it would be interesting to check out oil
Maybe it would be interesting to I think this is this is an interesting time for sort of treasuries
That's sort of jumping into the deep end, but there's a part of me that says well
maybe it would be fun to start checking out the price action in that a little bit, but have I
I have not but it is definitely on my mind and that's I think Kim bringing that up this morning is another thing to be
Like okay, maybe I should start looking at that a little harder
Long eighty two out half at eighty six and getting the rest of now here in the 88's
Adding them out. I also think there's certain tricker
Trickers tickers like the silver one that it just it's been bouncing
Consistently and I I don't know if that's geopolitical risk that it's not getting pushed down below a certain level
But like right now I just went long under that 23 again, and it's that
I won't stay in it long. It's up over a hundred or not a hundred seventy bucks already in the two seconds
So I know you can do that with NQ and stuff as well, but this one has just been very consistent. I
Am I didn't want to interrupt I bought a NQ it on that tip
I had some sitting orders there and I'm out
From up 30 to up 40 points it happened like in minutes. Yeah, it wasn't it wasn't they're nice rotations this morning
Yeah, I think it's like really gonna be whippy like whippy up whippy down
Until tomorrow, but I'm looking for inside day today
Inside inside yesterday's range. I love these
You know with the NFP tomorrow and with
Apple tonight. Yeah, what walk no one's gonna go crazy, right?
But I think that there's a lot of people like out of out of position after getting whipsawed on that
Sharky didn't yesterday, but a lot of people got whipsawed on that said news
The drop was was surprising it was like it's it's a it's amazing
Try and trade the news and they just
You know don't have the skill to do it or the execution, you know, I sighs down and and yesterday
I was just like, yeah, I can't even follow this
Well, the other thing is retail traders. We don't have
The fastest data. We don't have the fastest execution. So you're at a disadvantage, right?
immediately when news hits in a thin book and
90% of retail traders when the book thins out the way you guys, you know talk about
You know, you're gonna get punched in the face and how are you gonna react it's it's difficult
That's I don't even trade news and I've been trading for 30 years
So just you know, I'll let everybody else get run over and then we can just quietly walk in and pick up some money
Little flush. Yeah that little flush crapped out a lot of inventory. So that's nice
Yeah, I just blew out my runners
All right. Let's see we accept over 91 and then 93 quarter. They've got a standard deviation at 95 40. So let's see we can
Take out that overnight. Hi, we take out the overnight high. There'll be a lot of stops in the forest buying get up over that
Yeah over yeah over 48 95 we can get
They took a guy I wm they shook them out there also
Yeah, as Ricky Bobby says shake and bake, right?
Yeah, I wm. I'm long some
February late February and March calls. I bought yesterday
That's Romeo Charlie Dima, yeah, I must snag 310 I hesitated
Names are holding up pretty well today
Now we're testing the top of the orb here for NAS
I'm in some SPX 48 80 calls. I'm looking to actually go along on ES as well
Once we can get the body close over 48 92
Wow, that's unbelievable that move from 75 look we're free you're up
They're gonna park the sellers at that overnight high and once they clean the most look for 90 Wow
There that was the day trade
Yeah, I gave them away. Sure. Yeah, I got
At least you got it. I was telling them one at a time. Yeah, I
Just get them inside. I just got them half position overnight. Hi
Let's see if we can run the stops now
They spoke once to get over 400 heading in turnings
There's that seller at the stop so there we go nice stop run come on let's
Help see they're gonna stuff the bid here
Well, if I threw in a prediction for meta
Nice. Yeah, we did some upside. I think you get to 400
I'm so close on my spy upside
By the way, did you check the leaderboard this morning? I did not reset
I would actually give a check to check yesterday's go back to the last season when I saw
No, I saw yesterday's no, it's it updated. I don't know if you saw where you're at now. Oh
It's like a seven day and 30 day. What am I looking at go to season eight?
I don't see many predictions in yet. That's season nine. Good season eight
Did we finish last? Oh, no. Wow. What do you know?
Exactly. You guys almost came in and beat us. Oh
You know my feelings they probably didn't get all the bots Evan and there's something
Another that would have moved this up about point three percent. Yeah, you know right around there
It's probably it's probably what it was
Nice nice though. Thanks. That makes me feel good
the shorts are trapped under
4896 there should be bids there. They see size. They'll drop them down to 94
So you're getting a lot of a lot of love in the comments, oh
I'm just an old eye gouger
That's great to have you on here. Yeah. Thanks. It's been I haven't talked to you in a while
We talked and then I got so busy. It's just just crazy
And we're moving cities again, too. You know what that's like. Oh, I do move a lot. Yeah
Excited the worst of this time we get to go to Liverpool. So I'm
Man I'm from the prairies I watch like football where there's blood and broken bones, but I will have to learn how to put this soccer thing
I just love the city. It's a great never pull. They're losing. We're losing our manager. So it's a
Rough time. We'll see the time to go though
Okay, and I still have yet to go to a as they call it football game here
Yeah, the guy it's basically Bill Bell check just left Liverpool give or take oh got it. Oh, so that's happening there
Yeah, that's big. That's big. All right stocking stocking a potential entry
Yeah, well, he's about to leave you're gonna collapse leaving at the end of the season and go
Stuff in the bit a little bit a little backfill here
There's that 94 that we were looking for right now
They got backfill see if it offers under 93 and a quarter if if you can't offer 93 and a quarter and underneath
It'll rotate back up to 95
I love that squawk. It feels like I'm on the desk and I'm trying to get people to you know
Trying to scream at the brokers to get their clients to start buying it just reminds me of the old days, right?
The US desk for a little company in Vancouver that was like the Oakland Raiders in the 1970s
We traded for every scoundrel
You know NASDAQ down to the penny stocks gray market pink sheets, you name it
No because he was in jail
but all his other people were when they they realized that they could make 50 million in a week instead of 50 million in a
year by doing their own deals and
And so yeah, they were all our clients. They you know, pretty pretty crazy people
so I did crazy crazy things back then, you know, we
What I did was I was the liquidator of offshore stock from the Cayman Islands and Switzerland through Canada into the US markets
All right, I might try this long here I
Thought I detected a Canadian accent there. Oh, yeah. Yeah, I'm from the prairies
Yeah, my grandfather was Alberta Edmonton. Oh nice. Nice. I'm from Saskatchewan. That's where I grew up and then I lived in Vancouver
I'm in Seattle. So we go up. Oh, are you? Oh, I love Seattle. We used to go every weekend
You know from like 92 until you know around 2,000, you know, I love Seattle great city
Shark did you take along there? Yeah, that's 3 41 on the NAS
I'm long gone. Yes here at 92 92 50 but it's not lost at 90. Nice trade. Nice trade
It clears 96 if it offers over 96 you're good to go
They're just gonna distribute a little bit up here because the inventory is underneath us for the most of the morning
We're going to rise up to 60 million dollars in share of buybacks over the next 24 months. That's the LBT
That's not a large amount I
Love that squawk I keep waiting to hear you know, lots lots of names in that zip code book start dialing for dollars
Yeah, they're pretty they're pretty early with it that's cool
He's a little to be desired but it's you know, it's good enough for the retail
Yeah, I don't I didn't even know those things existed. So it's pretty cool
It's been coming up a little bit
Sorry Frank said he lost connection. Oh, okay back up. I
Know Frank is always watching interest rates and what he thought about them
Frank we got you back. Yeah back up
Sorry, what do you need thoughts on the interest rates and Kim was talking about them getting knocked down if you have any thoughts on them
Well, you know, there's two thoughts right? You have to look at it from both sides
one is the flight to quality after yesterday's sell-off and
They have they have a path now traders have a path of when they're gonna drop interest rates. It's not gonna be March
So like it it could go either way
You know, but we're seeing some weakness in the dollar. So that's gonna push you so a little higher too, I think
Frank we shouldn't interest for am I wrong about this shouldn't interest rates have bounced up if the Fed said that they weren't going
That it was gonna be higher for longer. Well, that's the thing, right?
So it's it's convoluted, but now they're looking at all right. We have a clear picture the smart traders are like we have a clear
They're looking right now for six times there's still a 30% chance in March, which is not gonna happen
I don't think you pretty much said that yesterday
But now they know they're gonna they're gonna they have six
They're they're predicting that they're gonna lower rate six times
Now whether those times are for good reasons or bad and and don't forget rates
You know, the market is traveling with
This is this is going up on lower rates
You know in the old days, you know rates rates up rates down stocks up
Thank you that makes more sense so maybe there'll be some stability now in rates
Instead of kind of them trading like meme stocks if there's more clarity
Small distribution here between 93 and 96
Need to accept over 96 to take out the middle of yesterday's range a
Little bit more backfilling here as
Yeah, I'm kind of leaning now a little bit shorter than I was earlier I
Want to see some price competition under 93 and a quarter you get short
I've learned the hard way not to short the front side of a move
I don't need to sign in that one myself. I don't need to sell 4,000 contracts
So I don't need to the liquidity of the front side of the move
trading twos fives and tens so
Look you'll get company like in China. They just they just cut stock borrowing to keep people from shorting
So things like that. It's very very difficult. It's hard being a short seller these days
And we need to see like 400 million shares of Apple hit the tape to shake it loose
That's what I love about net NQ futures, you know, it's
Stairwell up and elevator down. So I kind of I love the shorts. I like both sides. I love the short side
There it is. I got the 93 and I just covered here under 91
One left can we get down to 90? I'm 90 bid if we don't give I don't get hit at 90 bid. I'll just flatten it
So this thing don't kind of like the way I thought it would be violent up violent down, you know
In NQ the moves are pretty pretty steep
Nice rotations. It's tradable. Yes, definitely. Yeah, I mean we haven't had much violent action in a long time
Yeah, thank you that up that that that rally from the ball bottom was like
Almost 90 points in 10 minutes. Yeah, that thing moves
It's great, but it's you gotta be it you have to use stops obviously and I'm too old to trade it
I'll leave that I'll leave that for the yeah, we're just seeing that the young kids
The elevator down right here unbelievable
These are just nice rotations guys. That's all it is. They were distributing they ran out of buyers
They sold the market back down to cost basis
Now if we don't rotate up to 91 it should start to offer and review up let's see how desperate they are to get out
That's cool sounds like you got like an execution Butler
It's a point of to start I only bought like a couple you should see there's sometimes like auto rejected
It's pretty crazy, and then order partially filled is when I've heard to stop build
What software is that great debate? Oh cool Ninja trader. Oh, I guess it works for both of them
They should simulate it like on a real trade desk you know where the software insults you you suck
You're staying late tonight
yeah, if you lose 50% it just automatically sets a
Talk time to talk with your boss
Sim you can you can call it whatever you like I
I'm looking at some see I for calls of just not yet
SMC eyes been having itself a year
Probably do a stock split soon a super micro done stock splits
What trigger is that guys I said, yeah, yeah semiconductor Mikey $600 calls must be up crazy
Yeah, she's been catching that AI theme so far this year. Oh
It's one of those ones where like I'm fairly certain when new data centers come up
This is like a big thing kind of helping out with it
But it doesn't have the same boat as an Nvidia donate as an AMD. So there we go, Frank. Come on
Playing the theme but maybe a little bit less of a proprietary way proprietary way to do it
But they gave some strong forward guidance recently
Nice. I don't know the cost isn't year-to-date forward guidance, but hey
Yeah, and the cost basis is under 350 on that stock. So they're doing a beautiful job. It's gotta get kicked out of IWM soon. I
Don't know how that necessarily works exactly but smart recap is way too big at this point
Well, we had some decent bids at view up at 87 pushed her back up to 90 we lap
Frank where'd you get filled at?
Super micro is now 0.9% waiting in the Russell 2000 the next biggest stock is 0.3%
All right, I just just because I mean I don't know
For me Tesla and NQ and they all they'll move a little bit in tandem together
I did just put out a Tesla chart on my timeline for those that want to check it out. This is my last post
For me, I don't know. It often does move in tandem a fly to the rest of tech and then Q and other pieces like that
My NQ charts don't look nearly as nice
Now it's going to get back over POC here getting a little bit back over the orb
Think where'd you get fill that but
Another one just sold a little at 51
Once we get over the highlights around 95
I'm offered at 95. I'll move it down to 94 and a half and get out. I always sold a strength there done
Nice rotations today guys
There's another little it's having an issue getting over that that that if you look at the five minute
Sharky, it's having a trouble getting over that 60 level
Yeah, all morning. That's the all night or morning. Yeah. Mm-hmm. I
Think we're gonna continue to back and fill
I'm gonna stop. I'm just just wait it out
Wolf I hear you bought you went all-in-on calls for peloton yesterday. How you doing today? I don't think I've ever traded peloton
Nothing stole what's that stuck? No, I've never I've never traded peloton a single time. It's down twenty six dollars now
What is it five? It's four dollars. It's down to twenty percent today. Oh, it's under five bucks. I'm here we go
Well, if your calls aren't looking great
Thought I would try to trade peloton at some point, but I guess never all right
I'm paying a little tax here gonna scale in this momentum
Peloton missed EPS beat beat revenue forward guidance was below expectations
Certain them at least for next quarter. Well year wasn't too far. Oh
So any yes, we're just under the middle of yesterday's range
Well, I'm looking at Tesla
Unsurprised it's not running a little hotter today because like volume relatively
Here we go, come on now there they go. Yep. There they go. Come on. Keep moving
Accepting over 48 99 your target is 40 4901 and 3 quarters
Here we go. 4900 once we get over that too
Sixty seven I got to pay a little bit more tax here. Oh, absolutely. It's it's that kind of day
These things are whippy. Um
Yeah, so Tesla's moving they're gonna move to Texas
It kind of puts the lock on that judge
That voting is Elon. I think that once once once they get it over in Texas. They're gonna give him a huge contract for
50 billion and then he'll build the next of a bunch of his companies inside Tesla, which will I think give it a push
Yet single prints now shorts are trapped from
197 DC at first at the drug 202 expected
What a film natural gas is falling here now two dollars ninety two dollars nine cents
Yeah, we're in shorts are trapped there were some shorts are trapped
Shorts are trapped under 48 97 in ES. So that's where the bid is. You've got a double top
We're gonna come down and test that bid right now
They're trapped when they took the stops over the overnight hide last time here
That's how you create buying
There's the there's that 97 come on come on my grandmother hits bids harder than this come on
Too much competition at 97. Let's see if they can run that double top
Yeah, 4900 that's gonna be the next big spot
We've tested that 97 bid twice now
Yes, I'm gonna 378 for the next target on that
By the way, we are a little bit past 1030
so if anybody has any other trades commentary that they want to share feel free to go ahead and get that out next minute or
Two and then I'm gonna turn it over to Paul to walk through some of those winners from the giveaway that we were running throughout
Yeah, that's quite the pump
We'll see how short they are at 96 just where that overnight high was taken
That's what they'll be bid to cover
The nice thing about market profile it shows you where people attract short really really quickly
And then if they see size they drop the bids and they fill those single prints
Well, I think what's that what's that software
I use something called Sierra chart. It's been around since the 80s and it's one of the most stable programs
It's one of the most infuriating programs to learn how to use and build charts on but once you do
You get a love-hate relationship with it
No, the guys started out in the 80s
He's did he built it for his father who was trading and then it caught on but there's a lot of larger traders
We use it. The nice thing is it's stable as hell
It's never crashed on me since 2012
Okay, you ready to go Paul yeah, yeah, I think why we kind of watch yes here
You know check out the overnight high see if they can get anything to push up a little bit higher
We'll go ahead and announce the giveaway winners of these 24 elite accounts
So I appreciate you all sticking around and for you know using the code ETF 24 this this back in
Yeah way back last month in January, you know
Let's let's make it happen. So we're giving away 24 elite accounts. I want to remind everybody that
You know we ETF follows all US regulations so your country has to
You know be eligible for a winner. So hopefully you are not
One of those OFAC listed countries, but let's go ahead and get to the winners right now
We will be sending out an email
So please watch out your watch watch your email from us for the prize what you've got and any details you need to follow
First winners we will be announcing are for the 150 K evaluations. We have Dion be
The four of you are our lucky winners for the 150 K
Evaluations the next winners we have are for the 100 K of ours. We have Peter K
Those are the four winners for the 100 K evaluations
And next ones we will be announcing are the 50 K's we got our tourists s
Those are our 50 K winners. Next one's coming up are the 25 K winners
the lucky 25 K winners are yasser Z and
To round out the winners for last month's 24 elite account million-plus giveaway
We have the 10 K accounts starting with Wayne
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Thank you for being a part of this giveaway
As a reminder make sure you watch your email from us with your prize what you got and further details of how to claim that
Prize and again, we do follow US regulations. So your country of residents must be eligible to use our service
Thank you. And thank you wolf. And thank you all the speakers. Appreciate you joining us this morning. JJ
It's gonna be an interesting day everyone trade safe and be well, thank you so much
Thank you, everybody. Hope you all enjoyed this morning's futures if anybody else JJ you got anything else you want to share on here
No, just you know, come say hi to me on Twitter and
You know if anybody needs any help in this ridiculously crazy business DM me. I'm I'm always open
To us the panel next week switching some stuff around
We are going to be doing some other future stuff during the week
But I still will have this space on Thursday as a live trading space
We'll probably mix it up and do a little bit of futures and a little bit of more regular stocks as well
So I just wanted to throw that out there as a heads up for next week
But that's gonna do it. Thanks everybody for being on with us this morning
Let's go ahead and just say our next base is gonna be at noon 12 p.m. Eastern
Jump in an hour and a half. We'll see you all then. Take care everybody. Have a good one. Take care. So