Transcript of This Chart Is Getting Out Of Control...
FX Evolution - Trading Academy
0:00a new all-time high. Yes, what we've0:03been talking about for the last few0:04weeks seems to be coming true, and it's0:07finally being picked up in the press.0:09With diesel prices skyrocketing, this0:12could have massive impacts to everybody0:14when it comes to inflation, and it's0:16starting to move certain markets around0:17the world, including creating a lot of0:20volatility even in the hardware stocks.0:22The South Korean market's down over 4%0:24at the time of this recording, and we've0:26seen a huge movement in the options0:28market when it comes to semiconductors.0:31So, what exactly is going on, and what0:33is Wall Street up to? Today, we take a0:35look at some of the big dark pool trades0:37that came through, and of course, some0:39sneaky moves from some big players. I'll0:42see you very soon. This is not a video0:45to be missed.0:49Well, welcome back to one of the largest0:51daily shows on the planet when it comes0:52to everything that you love about0:53markets. It's great to have you here,0:55and today we need to talk about what0:57just happened in semis as we got a huge0:59movement and of course, energy stocks.1:01But, there was much more than that going1:03on underneath the hood. My name's1:05Thomas. I've been in markets for over 171:07years, and we bring things a little bit1:09differently here on the channel. Price1:11action, data, and flows. Really1:13understanding of from the institutional1:14side what they're doing, not what1:16they're saying. If that's something1:17interests you, remember to subscribe and1:19smash that like button. It's great to1:20have you here. So, let's kick things off1:22here with the big stories that were1:23moving the markets. And first up, I want1:25to do one that maybe isn't getting1:27enough coverage, and that is the dull1:29market of the JP 10Y, or in general, the1:32Japanese bond market. Remember, there is1:35something called the carry trade, and1:37this I was speculated to put extreme1:39pressure on treasuries moving forward.1:42Just over the last 48 hours, we saw that1:44big tech issuance, that is AI issuance1:47that pays higher interest rates, is1:49starting to crush liquidity, and then1:52cause massive concerns for treasuries in1:54general. So, treasuries are actually1:56falling, and they're about to approach1:57potentially all-time lows from the2:00recorded history that we have from the2:02exchange-traded fund. So, could that be2:04a capitulation point? Could that also be2:06an area of interest moving forward?2:09Well, I think we're starting to get near2:11to breaking periods and this is really2:14exemplified from this chart because2:16remember there is a saying, "Never try2:17to short a dull market." And in this2:20case, sometimes dull markets can be face2:22rippers. That is, they move very2:23quickly, very fast as something suddenly2:26becomes a problem. Speaking of problems,2:28well, maybe not so much. The Nasdaq just2:30put out, of course, their announcement2:32here. This one shared from @TrendSpider2:34over on X, guys. And it basically goes2:37to show that we are moving closer to2:38that 24/7 dream for some people and2:42possibly nightmare for others. Yes, it2:43looks like the Nasdaq will introduce new2:45trading sessions on the Nasdaq stock2:47market from 9:00 p.m. to 4:00 a.m.2:51Eastern Time. And this is, of course, on2:53top of everything else that we're seeing2:55right now, which is, of course, options2:56markets expanding and everything else.2:59On the plus side, I guess it gives a3:00little bit more liquidity around earning3:02season. And as you guys know, the3:04earnings moves after hours are starting3:06to get extremely wild, sometimes3:08plus-minus 20% and that's the type of3:11risk that you'd rather have maybe a3:13market open for rather than just sitting3:15there underneath the desk. You don't3:16want to be there, do you guys? Have you3:18ever been there? Let me know in the3:19comments down below. Hopefully, you've3:21learned that lesson once before and then3:22you never do it again. All right, let's3:24talk about artificial intelligence. This3:26is actually the artificial analysis3:29intelligence index. And the reason I3:31bring this up is because each one of3:33these massive, you know, companies is3:35basically fighting to get the cost of3:38compute down and they're fighting a race3:40to the bottom, but they're also fighting3:41a race to be the most accurate. This one3:44shared here from Mayhem for markets over3:46on X and it's, of course, basically3:49showing that there's this huge3:50improvement, supposedly, on the new chat3:53GPT version. So, is this just a symptom3:56of the times? Yes, but we also saw that3:59supposedly there was a whole bunch of4:02new cost cuts coming from chat GPT over4:06the last couple of sessions. And this4:08basically is going to show again that4:10unless we see a huge amount of usage4:12spiking, which we may because so far you4:14cut costs, you should spike, then we4:17could have a problem on our hands. And I4:19think this chart probably exemplifies4:21this from Bloomberg here and from Liz4:24Thomas Strat over on X, Liz Thomas.4:27Great chart here, Liz. And basically it4:29shows that Silicon data, the LLM token4:32expenditure has fallen off. And this is4:35a huge drop over the last couple of4:37months. It actually spiked into the4:39middle of this year, and now it's4:40dropping. Why? Well, they're having to4:43compete, and there's too many of these4:45LLM networks. So, I think it's going to4:48be at the end of the day they'll4:49probably be like what, two or three4:51winners, and there'll be a whole bunch4:53of niche kind of LLMs. And I think you4:56guys know this because that's how the4:57internet worked. And it's actually how4:59most technologies work. Whenever you5:01introduce something, there's usually one5:03to three companies left at the end. It5:05always brings me back to the automobile,5:07where of course the Model T dominated5:08everything, and then you ended up with5:10basically three major car companies at5:12least in the US. So, let's now talk5:14about semiconductors versus software.5:16Now, these have been disconnecting a5:18little bit recently. Of course, we5:20talked about why. The idea was that AI5:22bots were basically going to kill SaaS5:25or software as a service, and everyone5:27would suddenly have their own version.5:28It's not quite the case, and the5:30market's been good at delineating which5:32ones are and which ones aren't in recent5:34weeks. We've seen a pick up in software,5:36a drop off in, of course, hardware5:38stocks, and then a pick up and then dump5:41over the last 24 hours, which we'll talk5:43about in just a moment as we look at the5:44dark pools. Speaking of which, let's5:47check out semiconductors first up, the5:4913th largest, I repeat the 13th largest5:52trade ever to go through on5:54semiconductors ETF, that is SMH, and you5:58can see here from volume leaders, that's5:59pretty significant because as soon as6:01that was placed, pretty much markets6:02started to drop. Now, as you guys know,6:05we don't know with a dark pool6:06transaction, that is for anyone that's6:08new here, and a transaction done between6:10two large entities, usually, you know,6:13banks, institutions, that kind of thing.6:15They're done off market and then they're6:16basically reported on by the end of the6:18day. You don't know who exactly is the6:20buyer and the seller, and of course6:22there is always a buyer and a seller,6:23but I find that the price action after6:25these points is pretty important. We6:27also got a couple of large ones through6:28SoFi, a few through CRM, which was6:31interesting cuz CRM actually happened6:33right at that previous resistance or6:35supply peak, and we saw the largest one,6:38remember, down the bottom, inflection6:40points can be very important here. And6:42we also got one on NBIS, another big one6:45here, the 11th. And of course, this one6:47being in all the news for, I guess, I6:50think this is the Barry stock, isn't it,6:51that he's going against? Yeah, is that6:53Barry? I don't know, is that Barry going6:55against this stock? There's a whole6:56bunch of people, of course, fighting6:57over whether we are about to see an AI7:00crash or whether of course this is just7:02a pullback that had to happen, margin7:04some people, and continue on. So,7:06there's really big questions here being7:08asked in the semiconductors market.7:10We'll take a look at that later when we7:11look at the charts, we break down each7:13one of the sectors, and look at the7:14backbone of this whole industry at this7:17stage. But the financials market also7:19pinged a big, big trade over the last 487:22hours, and that was the sixth largest7:23ever recorded on XLF. Now, when there's7:26a big financial transaction, I tend to7:28pay attention, and so should you. And7:30the main reason is because we're7:32interested in debt. We're interested in7:34what is going on with deregulation, and7:37of course, basically debt creation. And7:39who's better at creating debt than a7:40bank, guys? Yeah, probably not many7:43people Maybe the US government.7:44>> [laughter]7:45>> Maybe Maybe Maybe all our governments7:47around the world. We're all pretty good7:48at creating debt, it seems. Well, not7:49us, but them.7:51Uh and that sucks, actually, but anyway,7:53their financials market here is one of7:55those things that I always pay attention7:57to. Big trades, then if we end up7:59getting, let's say, a short,8:01then that could mark a important8:03inflection point that could lead into8:05further contagion. And of course, then8:07you start to look at the VIX and the8:08volatility around that. Now, why is all8:10of this happening? Why did all of this8:12start just like 48 hours ago when it was8:14pretty much in plain sight? Well, it8:16turns out that these massive bonds,8:19these 100-year bonds from Google, these8:21huge bonds from the general Magnificent8:24Seven and hyperscalers are competing8:26with the US government for debt. Now,8:29this one here is from Hedgeye Markets,8:31and I do And of course, from Bloomberg.8:33And you can see here the government8:35treasury average allocation is actually8:37dropping, leading to people saying,8:39"What the hell's going on?" And then8:41over here, we've got a whole bunch of8:43people jumping in to the AI debt. And8:45the reason is quite simple. There's more8:47interest payments over here, and this is8:50while it's pretty good, 5% plus,8:52obviously, which is not bad historically8:54over the last, let's say, 20 years.8:57Uh yeah, at the same time, people are8:58saying, "Well, I I don't mind taking on8:59the risk of the Magnificent Seven. I9:00trust these businesses. I think that's9:02good." In fact, they're trusting them9:04more than the US government debt. Uh9:06whether that's right or wrong, I'd be9:07interested to know your comments down9:08below, but either way, it just shows9:10that with 36%9:12more issuance in bonds, and that's9:14expected to rise potentially into 2027,9:18there's illiquidity starting to come9:19through here. Do remember as well that9:21JPY,9:23if that keeps going up, people in Japan9:25are going to pull out the carry trade,9:27and if that happens, then of course,9:28you've got further pressure on9:30treasuries. There's actually a lot going9:31on in the bonds market right now, and9:33you have to be paying attention. Bonds,9:35bonds, bonds. Doesn't mean you need to9:37them. Doesn't mean you need to even look9:38at them from a money aspect. You're9:40observing a lot of the time to see what9:42they're doing. Cuz the bonds market9:44starts freaking out, that's more likely9:46to be a natural panic kind of sell on9:50markets. Versus, of course, what we saw9:52just recently, which was a hardware9:53mismatch in price and really a basically9:56an attack on retail taking on too much9:58margin. So, let's talk about dollar10:00positioning. This chart here from10:02Duality Research. Always like a good10:04positioning chart. Why? Well, we started10:07to get to pretty extreme bullish levels.10:09Not the most extreme. I mean, if you go10:10back to 2021 into '22, actually US10:14dollar was going wild back then and it10:16went past this level. So, if we put like10:18kind of a line in the sand here, you can10:20see this is not that accurate from10:22necessarily stopping a market. It's10:24about what happens afterwards. But what10:27this tells you is that a lot of people10:29are at least long right now. So, if the10:30market starts going short on the dollar,10:32then it's basically a reverse squeeze.10:34So, you get a lot, you get capitulation,10:37you get potential waterfall, and you get10:39fast moves. Because remember, if10:40someone's extremely positioned on one10:42side, that can cause some sig-10:44significant concerns in the markets.10:46Let's take a look at FINRA margin debt.10:48There's a lot of way to cut this. I will10:49have a special on it soon cutting it10:51with GDP and stuff, so you can see the10:53different ways of basically interpreting10:55the same data. But I think the raw is10:57not that bad. A lot of people say, "Oh,10:59you shouldn't be looking at this way.11:00Blah, blah, blah."11:01You know, one little dip doesn't mean11:03much. It does mean stuff once you're at11:05a new high.11:07So, because we're at a higher high, I11:09always pay attention to these drops in11:11margin. We already knew it was coming11:13because of what happened in July. We11:15knew that people got wiped out. We saw11:18that mostly in South Korea and of course11:19that meant that it was everywhere. And11:21there really is a question of what11:23exactly did that do to people? Did that11:25just wipe out free capital? Are now11:27people in margin even further margin11:29debts? And now they're all going into11:31effectively loans. You know, there11:33really are questions that you have to11:35ask whenever you see a wipeout like11:36this. And I noticed that's not in the11:37press. So, therefore, we have to start11:40asking that question over the next11:41coming months. So, make sure to11:42subscribe, guys, cuz I think this could11:44be critical11:46critical to our understanding this year.11:49Let's take a look at earnings releases.11:50We're pretty much through the bulk of11:52earning season. It was exceptional. I've11:54shown you millions of charts with11:55everyone on Wall Street upgrading across11:57the board for next year.11:59And that's not unusual. When you hit12:01peak earnings, generally they continue12:03to actually upgrade the earnings12:05expectations past that point. And we12:07don't know if hit that yet, but we may12:09have. Now, the big question of the next12:1124 hours, it comes down to these guys.12:13And I think a lot of people are going to12:15be paying attention to this. Remember,12:16we've got Target and we've got, of12:18course, Walmart coming as well. Now,12:21everyone's looking at Walmart. Firstly,12:23it's going to potentially hit $112:24trillion,12:25which is pretty cool. And at the same12:27time, it's really going to tell us12:28what's going on in this economy. Are we12:31seeing some form of K-shape weakness?12:35Speaking of which, if you're interested12:36in finding out a little bit more about12:38markets and you're in Melbourne,12:39Australia, Melbourne, then you can jump12:42in to the pin comment or description12:44down below. We've got a couple of more12:45tickets left. Not too many left now,12:47guys. So, make sure to sign up. It'd be12:49great to see you there. And more12:50importantly, you can view and and12:52actually talk to people in the12:53community, like-minded people. One of12:56the worst things about trading and12:57investing is it's a bit lonely, yeah? We12:59have a great community here. We have13:00awesome people. So, get to the event.13:02I'm going to tell you it's going to blow13:03your mind if you're in Melbourne,13:04Australia. And we hope to bring it to13:06other countries and areas of Australia13:08very soon. I'm looking forward to13:10meeting all of you guys. All right,13:11let's jump into the charts that matter.13:13JP 10Y first. The main reason I'm doing13:15this is just to show you how extreme13:18this movement is. And of course, it13:20looks like they can't control it. So,13:22basically, at this stage, we've got the13:24JP 10Y going out of control, higher13:26highs, higher lows, and it is moving at13:29an astronomic price. And remember, once13:31you get to the 10-year, it's more than13:33market's expectation. The Bank of Japan13:35loses control on these types of ones.13:37So, from no inflation to extreme13:40inflation coming, 3%. This is going to13:43put pressure on, of course, further13:44intervention possibilities in the13:47Japanese yen. Remember, they just did13:48that the other day. It's already climbed13:50back to almost a 50% fib of that13:53intervention price. So, the reason you13:55pay attention to this is because if we13:57see a breakdown of this, it could then13:59fall on over to US yields, and then we14:02might see spikes into things like the US14:0410-year, and of course, the Treasuries14:07may drop to that thing that I think will14:09become a huge story in the press.14:11Imagine if we get below 80.14:13All of a sudden, there's going to be so14:15much panicking on the streets. And14:17funnily enough, that's when you often14:18want to be thinking a little bit14:19contrarian, but at the same time,14:22cautiously, cautiously. You need to14:24think about how do you have a systematic14:26structure? Now, one of the big things14:28I'm I'm huge on here at FX Evolution,14:30and I'm big on in our courses as well,14:33is understanding that you need to be14:34able to take basically a lot of14:37decision-making out of this from14:39willpower standpoint. Remember,14:41willpower's all good when you're feeling14:42great and everything, but there'll be a14:44point in everyone's life14:46that unfortunately something rocks you.14:48And you know this to be true cuz it's14:51happened to you. It's happened to me14:53many times back in the day. And if you14:55don't have systems in place, then you14:56could have issues. And then all of a14:58sudden that creates regret, FOMO, fear,15:01all the horrible emotions. Remember, no15:03FOMO, no fear, indifference whenever15:06possible, so you can objectively look at15:08prices. I think we might be witnessing15:10something like that on Treasuries15:11relatively soon, but we'll find out as15:13the price keeps moving on. Let's see.15:15Magnificent Seven time, absolutely like15:18paint drying. Even though underneath the15:20hood Magnificent Seven is moving quite a15:22lot. I take a look here at Meta, it's15:24down 4.45%15:26over the last 24 hours. Look at that,15:27it's actually moving down since they15:29kind of got out of doing AI, they kind15:32of went to the we're going to sell some15:33of our AI compute, and all of a sudden15:36their stock rallied and now it's15:38dropping. And that's about, you know,15:39getting close to pushing that support.15:41So, there's a lot going on there. And we15:43talked about dollar, it's doing nothing,15:44that's absolutely paint dry at this15:46point, but we do know positioning, at15:48least reportedly, has been quite high.15:51And UK oil, that is Brent oil, just made15:54new high. Now, we always check UK oil15:55against US oil, because look at this, US15:57oil hasn't gone above, diesel price is16:00off in the sun, energy stocks at new16:03all-time highs. We've been following16:04that, and of course, we knew that this16:06was probably going to happen after the16:09market tried to do that flag. So, is16:12there still a little bit more length in16:13energy? Possibly. So, it could go a16:16little bit further. The flag length or16:18the pole is kind of what I guess a lot16:20of people will be watching. But yeah,16:22key things, and obviously a critical16:24zone that we'll be watching in these16:26markets moving forward. So, let's take a16:28look at crack. This is kind of becoming16:30a popular ETF at the moment to look at,16:33because it has, of course, the diesel16:35properties or the refining properties16:36with it. It's been moving in a series of16:38higher highs and higher lows as the16:40media picked up on it. Of course, it's16:42kind of extended a little bit. Look,16:44could it continue on for a little while?16:46Again, this really comes down to the16:48geopolitical side. So, you've got to be16:50of course, risk averse with all these16:51types of things. But right now, we just16:53hit an all-time high on energy stocks.16:55So, it makes sense that at the moment,16:57there's a lot of interest in it.16:58All-time highs, yeah, they tend to be17:00pretty strong for markets. Let's now17:02take a look here at IGV. So, the17:04software market has hit the supply and17:06it's kind of come down off that. Not too17:08much to really report here on software17:10as it had that huge movement up. So,17:13when you get a huge move, yeah, guys, it17:15tends to like going into a pit or a17:17pullback in time, similar to kind of17:18gold. Gold became the best performing17:20asset class just a few weeks ago for17:23about 2 weeks, and now it's having a17:25sleep. It's having a pit. The good news17:27for balls is it's doing it in a tight17:29range. So, you kind of want to see it,17:31you know, tighten, stay around this17:32area. At the moment, you've got highs17:34and lows, and you kind of got a channel17:36or pit at that point. Silver's dropped a17:38little bit more, no real surprises on17:40Silver doing something like that. It was17:42trending, which is always a concern17:45whenever something trends, but at the17:46same time, it's both a hedge metal, that17:49is a precious metal, and also a usable17:52metal. So,17:53you've got to think about that from17:54Silver's perspective. Just kind of17:56patiently waiting to see what happens17:58next on these charts. And if you're18:00thinking about Silver in terms of, you18:02know, key observation levels, one of the18:03things I'm going to be looking at is18:05things like 60-ish and 61, because18:08that's going to be where you've got that18:09anchored VWAP off the lows. Let's now go18:12over to the backbone, semiconductors. It18:14fell pretty hard. I mean, let's just18:16quickly take a measurement here. So, we18:18hit call resistance that we talked about18:19in the last video. We went down 6% We18:22saw SanDisk, I believe, have a monstrous18:25put contract put on it. There were quite18:27a few large options placed the previous18:30day. And basically, what happened is18:32semiconductors went straight back down18:34around that put support of 560 to 570.18:38So, we're kind of trapped between big18:40call resistance, which is what we hit18:42all the net expirations were there.18:44Let's see, 600. And then we've got this18:46560-570, which could act as potential18:48support. The other thing, of course,18:50whenever you're looking at these types18:51of charts, it's always good to put on a18:54little VWAP off the bottom, and we get18:56the level that we're at right now. So,18:58it makes sense that we're going to be18:59there. Now, guys, I didn't actually plan19:01that. It's just that I knew it would be19:02there. Remember, when you get good19:04enough at indicators, and you've done19:06your 10,000-plus hours, and you've made19:08mistakes, you've done well, you've done19:09this, you've done that, you'll end up19:11just being able to pretty much know19:12where any indicator sits due to your19:15deep understanding. That's the beautiful19:16thing. You're constantly putting in the19:18work to get that deep understanding in19:21markets. Semiconductors, as I said, the19:23main thing you want to be looking at is19:24have we lost the backbone?19:27And unfortunately, right now it does19:29seem to be. So, effectively, we looked19:31at this chart for ages and we said, "Oh,19:32it's fantastic. The market's great when19:34semiconductors are up because that's19:36showing us that the AI kind of boom and19:39bubble and whatever it is doing very19:40well." Unfortunately, that's dropped in19:43recent times. So, yeah, the question19:46really is is this a blow-off top? And19:48that's to be determined. I think it's19:50going to be kangaroo style up, down, and19:52all around for semis, but it's not19:55exactly the strength market. And that's19:56because all eyes are on it. Remember,19:58when everyone's looking, you might want20:00to go and have a look somewhere else,20:01and that's exactly what happened last20:02month, guys. Gold, metals, energy. No20:06one cared, but then20:08look what happened. XJO time. Australian20:11market weakening mostly due to banks,20:14you'd have to say, and some of the20:15sectors underneath. But yeah, it's a20:17very different market to the US at this20:19stage. And SpaceX just kind of floating20:22around that 145 resistance. So, pretty20:24much the IPO price as it came in. Q20:27time. We hit the Q's call resistance on20:29all expirations, both net and zero DTEs.20:32We've dropped through put support, but20:34we're not really down near the proper20:36net expiration puts, which still sit at20:38660. In general, this is still a bit of20:41a weakness in markets. It's not really20:43an absolute collapse. And if we go to20:45the futures market, what you'll notice20:47is we're not even down below the lower20:49low. So, we've got a high, low, higher20:51high. We do not have a lower low. We20:53don't really have any perform of change20:54of trend just yet for that. SPX. Now,20:57that did drop underneath the previous20:597700. We went to the options one-day21:01min.21:03And you'll kind of note here, I've left21:05the uh previous day on just so you can21:06see, but basically we're at call21:08resistance. So, you know, is this weaker21:11for the markets? Well, when we take a21:12look here at the futures market action,21:15it kind of is. I mean, we're not quite21:17at like a 7,600 yet. We're lower21:19underneath this point here, which isn't21:21exactly strong from the current rally,21:24but you've got to remember this is all21:25small time frame stuff. You zoom out,21:27you even zoom out to a daily, you zoom21:29out to a weekly, monthly. Weekly,21:31monthly in particular are still going to21:32be bullish. I guess daily and below,21:35they're technically now more on the21:36bearish side. So, it really depends on21:38time frame and opportunity, but you are21:40going ahead against a very, very large21:43overall rally for a long time now, so21:45it's going to be a little bit tougher if21:47you choose to go down that line. Uh21:49you've got to remember that we've got21:51also levels such as the anchor VWAP, and21:53then of course some other key trade21:56nodes, uh which I've put in here as21:58well. Looking for big dark pools on S&P22:01some ETF. I'd like to see someone22:03actually place a big trade up here. Um22:05if if it does pull back. Bitcoin,22:08sideways. It is doing nothing. That is a22:10paint drying market, and the beautiful22:12thing for us as traders and investors is22:14you can just set alerts. You set alerts22:15at the top, you set alerts at the22:16bottom, and then you just watch the22:19market when it hits the alerts. I mean,22:20realistically, there's not much going on22:22unless you love kind of getting down and22:24dirty with the 1-minute charts or the22:263-minute charts, and uh22:27that's uh is is more difficult than ever22:30before. It's better to usually be on the22:32higher time frames, at least in my22:33opinion. But, what is your uh view on22:36that? Let me know in the comments down22:37below. I've always thought that as we22:39get a more matured retail market, uh22:42it's better to go slightly higher time22:44frames. That's what the institutions do.22:46You got to kind of think about it that22:48way a little bit, I think. Sometimes22:49that approach does help. Guys, if you22:51enjoyed today's video, then definitely22:53give us a sub, but also follow us over22:55on X because we do post before these22:57videos a couple of our key observations22:59of the day in terms of news. Um they're23:01really awesome. They get great feedback23:03as well. So, if you're interested,23:04follow us over on X. And of course, if23:06you're interested in finding out more23:07about what we do at FX Evolution, we23:09have a whole bunch of different courses23:10to help speed up your learning journey.23:12You know, why put in 10, 20,000 hours23:15making all these mistakes, losing money,23:17freaking out over things, and getting23:18stressed when you could actually go and23:21speed up your process. And I think23:23that's a huge thing. Don't go through23:24the pain, guys. The pain sucks. And uh23:27we've all been there. So, if you've23:28actually found some value in them, let23:30us know in the comments down below as23:32well. Help some other people out. Thanks23:33so much, guys. I'll see you in the next23:35video. And as a brief summary for today,23:37it's not really anything that's changed23:40too much, but suddenly the market has23:42paid attention to debt. And that means23:44that credit default swaps and our23:45analysis on those is just around the23:47corner. See ya.
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