Transcript of Something Has Changed In This Market...
FX Evolution - Trading Academy
0:00an absolute volume collapse. That's0:03exactly what's happened on the South0:05Korean markets, which were once, just a0:07month ago, getting some of the biggest0:09trade volume. So, what exactly is going0:11wrong and how does it impact us as0:13traders and investors right now? With0:16semiconductors continuing to struggle0:18through the last week, even with0:19Nvidia's amazing earnings.0:22Well, a lot of it may come down to the0:24problems that we're facing and the bonds0:26market is certainly waking up, paying0:29particular attention to what Fed chair0:31Walsh just said at his first ever0:33Jackson Hole. Yes, guys, we're about to0:35potentially see yields break out and0:38inflation concerns come back into focus.0:41So, what's the good, the bad, and the0:43ugly leading into the worst month,0:46statistically, for the S&P 500 of the0:48year? Don't go anywhere, this is the0:50special weekend edition and I'll see you0:53very soon.0:57Well, welcome back to one of the largest0:58daily shows on the planet when it comes1:00to everything to do with markets. The1:02good, the bad, and the ugly, we'll be1:03bringing it to you today, including some1:05of the big macro storylines and data.1:08Hello, my name's Thomas. I've been in1:09markets for over 17 years from both the1:11institutional and retail side and we do1:13things here a little bit differently.1:15The price action, the data, and the1:17flows. What is Wall Street doing and how1:20do they tend to trap, behaviorally, us1:23as retail traders and investors? We'll1:25be talking more about that in today's1:26show as we are just seeing big, big, big1:30swings when it comes to overall1:32sentiment and of course confusion just1:34like that in the markets in 2026, guys.1:37And it's more of what we expect leading1:38into the midterm year. As you guys know,1:42the next 2 months often extremely1:43volatile.1:45Well, are we climbing the wall of worry1:46right now? The latest sentiment results1:48even surprised me at 44.4%1:51bearish read this week. That is now a1:54massive 29 weeks straight of being1:57highly elevated on the bear side. And2:00guess what the markets have done since2:01then? They've climbed up, and of course,2:03they've gone recently to be a bit more2:06kangaroo. Pretty normal heading into a2:08midterm election year. Naturally, it's2:10kind of going the way you would suspect.2:12But where are some of the big worrying2:14signs? Well, of course, we've gotten an2:15IPO coming up, and we do mention IPOs,2:18IPOs, IPOs, as these tend to inject not2:20only hype into markets, but also a ton2:22of liquidity and a ton of interest.2:25Well, the latest Time magazine cover2:26here you can see for September has the2:29most 100 of the 100 most influential AI2:31figures on it, and it's just another2:33sign of the times. Everybody's talking2:35about, of course, AI. Every day you're2:37seeing a new model, a new LLM. It's a2:40race to the bottom in terms of compute,2:42and at the same time, we have extreme2:44profits on Nvidia. They just gave us a2:47result that you would think was2:48completely bonkers just a couple of2:51years ago, but it's exactly what2:52happened, and it's showing up. Even so,2:55though, Wall Street is selling it. Why2:57is that? Why are they actually declining3:01the stock across the board as we see3:03South Korean volumes drop off3:06completely when it comes to these3:08exchange-traded funds and leverage.3:10Well, a lot of it has to do with, of3:11course, overall sentiment, and we'll be3:14going through that as we look at3:15behavioral ways Wall Street tends to3:17manipulate these markets, which we'll3:19see soon. Speaking of which, September,3:21the month that no one really tends to3:23like. It is usually the worst month.3:25October tends to be the worst in midterm3:28election years if you're looking at the3:29data, anyway. And this chart here from3:31Blue Car Deck kind of shows that3:33generally September tends to be3:34backloaded. That is, the bigger3:36volatility actually comes in the back3:38half of the month, and you tend to see,3:40of course, there the real decision being3:43made whether the markets are going to3:45turn negative. Remember, a lot of people3:47worry about this type of stuff. It's3:48only if you see the price action. You3:50actually have to see the movement. Wall3:52Street has to make its move. And on3:54Friday, the question was, did we just3:56see the Federal Reserve say, you know3:58what? The next move could be actually a4:00rate hike. Probabilities went up that4:02we're going to get a rate hike versus4:04down. And this is a huge deal because if4:07we do end up seeing a rate hike, it4:09impacts so many different metals, and it4:11also impacts, of course, debt. And4:14someone's been writing a little bit of4:15naughty debt recently. I'll guess Guess4:17who in the chat comments down below. 1004:20year bonds, just to name a few from a4:22couple of different companies. So, when4:24we have had a pretty strong kind of move4:27through to August, do we still see4:29pullbacks? Well, the statistics actually4:32go a little bit more, I would say,4:34towards the next 2 months being4:36volatile. In fact, it's not that4:37unusual. 55% of the time, so around coin4:40flip of the time we're bullish.4:42And almost a coin flip of the time we're4:44bearish. So, again, the data stats, when4:46you're considering all of the statistics4:48in hand in terms of these major ones,4:50they're not necessarily super negative4:52for the next 2 months, but they could4:54end up being volatile. So, you want to4:55be thinking about the VIX. You want to4:57be setting alerts for certain key4:59levels. And of course, the fear of the5:01unknown, the photo. Have we got yields5:03breaking up and out, and is that then5:05for causing the central banks to panic?5:08When they panic, you should be starting5:10to pay a lot more attention. So, we5:11already talked about the South Korean5:13story, but what about Kevin Walsh's5:15comments? Well, really, the big thing5:17here was that he was being a little bit5:18more hawkish than people suspected,5:21talking about how they want to get5:23towards the 2% that inflation hadn't5:25necessarily been beaten. And of course,5:28all sorts of stories around that.5:30Another story was, of course, that we5:32ended up getting the NAAIM5:35exposure up. And we'll talk about this5:37in a moment, but effectively, there is a5:39huge amount of money in the markets5:42right now, and not that much cash5:44according to the latest investor5:46sentiment surveys when it comes to the5:48big players. And this has been5:50considered in the past to be a point5:52where you've got to be paying more5:53attention because if there's not enough5:55cash on the sidelines, and I know you5:57will have seen some cash reads, but5:58there are different cash reads out6:00there, this can suggest that it is all6:03in right now and it is more susceptible6:06to macro shocks. In fact, macro6:08correlation, I've seen some charts going6:10around, have the chance of a macro shock6:14actually rocking at a higher level than6:16it has been in years. And one of the6:18reasons is complete complacency. Another6:21one that's important to note that is, of6:22course, this week we have the non-farm6:24payrolls. Do mark that out as we just6:27saw the Jackson Hole move the markets6:29more than you would suspect. And of6:30course, this means that every piece of6:32data that we're moving forward with is6:34going to be important. Let's now take a6:36look at the overall sector rotation6:39because it was pretty interesting and it6:41was gold down, it was semiconductors6:43down, it was metals down. Now, semis6:45probably not so surprising, but gold did6:48get smashed. And this chart here from6:49Koyfin basically goes to show a couple6:52of things. Number one, if you've been6:54watching the channel, the key of supply,6:56the key of understanding the charts more6:59than the sentiment. Remember, gold's7:01been actually bullish now for weeks on7:03weeks on weeks. We've seen that for7:05quite some time. We've seen breakouts,7:06etc., etc., etc. But then we hit what we7:09call cross correlation, something we do7:10so uniquely here on the channel. It's a7:12beautiful thing. It really does go to7:14show where the world straight's at.7:15Bitcoin, gold, silver, metals, all at a7:19resistance or a supply pretty much at7:22the same time. And it's probably no real7:24surprise to anyone who's been viewing7:25that we did end up seeing a fall. Also,7:28contrary to popular belief, gold7:29actually doesn't like short-term rates7:31going up. Remember, it is a currency7:33after all.7:35So, what else have we got going on here?7:36Well, we saw some consumer discretionary7:37go up and also oil. But the story of the7:40week had to be software. All these7:42companies suddenly we see, oh, yes, we7:45can import we can include AI into our7:47software as a service and suddenly,7:49boom, it's like Wall Street says, oh, we7:51love you now. It's funny how the times7:53change. And you know what? People that7:55were already thinking ahead, you guys7:57would have already been there 6 to 127:58months ago. But what did Wall Street do?8:01It trapped everyone, moved short, made8:04you doubt everything, and then all of a8:06sudden said, oh, no, that actually is8:07the case. This is just another one of8:09those cases of understanding how Wall8:12Street tends to move the thing. When8:13everybody can see it, when a lot of8:15smart people, especially the smartest8:17people in the room, see it, often Wall8:18Street will go off and do something else8:20first to trap liquidity. And that's why8:22they often say that it's not the8:24smartest person that makes the money in8:25the markets, it's the person that can8:27actually recognize, and of course, cut8:30out their biases. And this is one of the8:32most important things. There are so many8:34people out there moving just off a8:36couple of points. Remember, build a8:38strategy, build a structure that uses8:41high-quality separated information so8:44that you can therefore make better8:46informed decisions. Speaking of informed8:48decisions, what is going on here with8:49Fed Chair Watch? Usually you would see a8:51new Fed Chair, as you can see here from8:53the blue card blue card chart, actually8:55drop the markets when he's first come8:57in. Well, even though he said, "Yeah,8:59I'm not going to tell you what I'm doing9:00and we're going to give you less9:02information than ever before," the9:03markets have actually remained pretty9:05calm. It's not unusual, it has happened9:07before. Some Fed Chairs, when they first9:09come in, obviously drop the market9:11through new policy, but you may notice9:13something and observe something about9:14this chart. Notice the kangaroo style9:17nature of at least the new Fed Chair9:19coming through. Guess what we've seen so9:21far, guys?9:23Kangaroo style nature of markets. So9:25what has it been? It's been a sector9:27rotational market. It has been a stock9:29selection market. Abundant, so many9:31opportunities, just not where most9:33people are looking. So could it be that9:35all of these major trades that we saw9:37come through some of these ETFs on the9:41what was it Thursday or Wednesday last9:42week were actually shorts? Well, the9:44dark pool sweeps may have been obviously9:46the market shorted from this point. It9:48sold off therefore and these dark pools9:50will continue to watch throughout the9:51week. Not really too many notables yet,9:54but once we go through all of them, we9:55will share it with you. So make sure to9:57subscribe, smash that bell icon if you9:58like what you've been seeing so far and10:00of course it's great to have you here.10:02Let's now go to gold seasonality. The10:04drop in the market probably not10:06unexpected considering the cross10:07correlation, but are we going to10:10continue to see some, you know, whipsaw10:12markets on gold? It's certainly a10:13possibility. Gold seasonality here from10:15Polycarpe does tend to show that kind of10:18thing happening over the next coming10:20months into what is possibly the most10:22volatile period of the year. Tom Lee10:24thinks that, look, you know,10:25statistically you can see it on the10:27charts as well when you start thinking10:28about it, but again, will it come to10:31fruition? The classic case is October10:33becomes extremely volatile into non into10:36the elections themselves and then after10:38that things start to calm down. 202610:41though, it could be totally different.10:43Let's now have a look here at the10:44earnings releases this week. There's10:45plenty of companies though we are10:47through the thick of it. Of course,10:48we've seen Nvidia, we've seen the10:50general information. Now we get a whole10:52bunch of companies. Here they are, but10:54look at this. According to earnings10:55watch out and of course the options10:57market, some of these stocks are going10:59to move plus minus even 20% a session.11:02If you're just trading a stock and11:04you're not familiar with what the moves11:05could be, please consider thinking about11:08that. And let the options market at11:10least tell you the volatility that you11:12may not be seeing because otherwise11:14you're left and it's not not a pretty11:16sight when a stock moves and you're left11:18scratching your head saying, "How could11:19that happen?"11:20Yeah, it's probably cuz you're not aware11:22of what the options market already11:23expects. They're not that stupid guys.11:25They tend to know what's up. Now let's11:27go here to Bitcoin price and weekly11:29percentage change. This was a big thrust11:31last week. Well, actually it was 2 weeks11:33ago now. It forced the markets into key11:35resistances and we saw inflow on inflow11:37and inflow and inflow. It was a bonanza11:40of money going in. Well, the latest data11:42tells us that the 28th of August was a11:44negative day.11:45>> [clears throat]11:46>> No surprises, of course. And now the11:48question is what will happen this week.11:50Will we continue to see negative11:52outflows on Bitcoin? And is the market11:54going to start doing what we call as a11:56pit? A pullback in time is not a11:59necessary negative here for Bitcoin. So,12:02the price action, the structure, it's12:05going to be so important to really tell12:07what Wall Street is doing next. Let's12:09have a look here at the closest match12:10this year so far. It's 1978. What is12:12that? Horrible stagflationary period.12:15So, again, if it is to be like that, not12:18unusual to see the S&P 500 stall around12:21here, go a little bit wild for the month12:23of September, and then possibly October12:25goes worse. Now, this is just the most12:28correlated right now. It doesn't have to12:29do it. It's just an interesting chart to12:31put up. Speaking of which, if you're12:33interested in the story that we'll be12:34sharing just in the next day or two over12:37in our free newsletter, one chart, one12:39story, one market lesson. I think this12:41one's not to be missed. It's a12:42particular story about history, where we12:45are right now, and of course interesting12:47observations that I've made over my12:49career so far. It's completely free,12:51guys. There's no reason why you12:53shouldn't be thinking about it. Link's12:54in the description down below. What have12:56you got to lose? Of course, you could12:58sign up, check it out, and see if you12:59like it. It's great to have you on13:01board. Let's now go to the big one here,13:03which is of course software. That was13:05the story last week, software picking up13:07again. And this all started with13:09Microsoft. Or did it? Actually, it was13:11already happening in cybersecurity13:13months before, which we had been13:15observing when you start to look at13:16sectors. But this one here from XSW,13:19which is the State Street Software13:21Services ETF. Take a look here. It's13:23actually been closing to a new all-time13:27high. And you think, "Well, that's not13:29possible considering how negative people13:30were." Well, yeah, it's a massive uptick13:33here off the support, 54%.13:36And you would think, "Oh, that's not13:37possible." But remember, the story was13:40that when we saw semiconductors fall, we13:43would often see, of course, what? We13:46would see software pick up. So, if we13:47actually put a semiconductor chart here,13:49what you might notice is there's a13:52little bit of difference here. We saw13:53software start to pick up, money flowed13:55in, then all of a sudden this crashed.13:57When that crashed, this continued to13:59take over. So, basically, what happened14:01is Wall Street were early.14:03Wall Street were early. Everybody14:05started to realize, "Oh, whoops."14:07Wall Street continue. And this is all14:09about that markup phase. That is the14:11phase where the story starts to go14:13through everybody, and everyone starts14:15to figure out about it. Remember, to14:17find opportunities, often you need to14:19think a little bit outside the box. It's14:20not that hard, but you do need to start14:22thinking about it. At least my opinion.14:24Let's have a look here at software in14:25general. We've been talking about it.14:27Another new close, not of course14:29all-time high for this one, but software14:31still closing quite heavily up, and14:33that's because of of course CRM. CRM and14:36a few other laggards started to improve14:39off big announcements heading into14:41Anthropic's IPO. And I do expect the14:43thing about Anthropic's IPO is you're14:45going to get more and more announcements14:47to try to justify that massive market14:50cap. They're thinking about 30 trillion14:52dollars addressable addressable14:54business. So,14:56>> [laughter]14:58>> they're going to be going on about a lot15:00of pretty pretty crazy stuff, I think,15:02over the next coming weeks. US two-year15:04yields, let's talk Wall for a second15:06here. Look at what he's doing. Bullard15:08doesn't get to do any of this stuff15:09anymore. It's all about Fed Chair Wall,15:11and he's come out, and he said, "You15:13know what? I might be doing a hike,15:15guys. You never know.15:17Maybe I agree with those three15:18dissenters last month."15:20The markets clearly are starting to get15:22a little bit confused, but they moved15:24the two-year up. They paid attention,15:25and this was off the Jackson Hole, and15:27you can see here like a little inverse15:28head and shoulders kind of thing in the15:30direction of trend. It's putting15:31pressure now on a new high for two-year15:33yields. And this opens up, of course,15:35discussions about JP01s as well. What's15:39going on in the Japanese market? You can15:41see that actually picked up after as15:42well. Still on that dull, increasing15:45kind of market that's going on there.15:47Treasuries, meanwhile, they're still15:49stagnant around that level where Bessen15:51came in and said, "Two to four plus15:52maybe a little bit more." There's15:54clearly something going on here in the15:56bonds market. Clearly something going on15:58when it comes to a bit of panic. You16:01need to be looking. You know, I always16:02say when they've when they've signaled16:04something, you have to be paying a16:05little bit of attention. Another thing16:07that was interesting is the Russell has16:09actually started to underperform greatly16:11against the S&P. And you might think,16:13"Well, what's the Russell made up of?"16:15Well, it's made up of a whole bunch of16:16debt zombies, and it's made up of cuz of16:19course private equity's taken all the16:20good businesses, and we don't get enough16:22good IPOs in America anymore, which is a16:24bit of a bit sad really for all of us.16:26But one of the things is that the16:28Russell also has a whole bunch of16:30biotech and a whole bunch of regional16:33banks. Yes, you guessed it. So, let's16:35take a look at biotech. It's been very16:37strong recently. Did fall this week.16:39It's not going to like higher short-term16:41yields because these businesses burn16:42cash out of control. But I think the16:44interesting component here is probably16:46what's going on maybe behind a little16:48bit, which is KR1. The regional banking,16:51that's actually still been declining in16:53in recent weeks. And if that continues16:56to weaken, if we continue to see an16:57underperformance in regional banks,16:59again, the questions of debt, the17:01questions of credit default swaps. We17:03are swimming in debt in 2026. This has17:06to be considered, and I think it's a17:07real problem here in markets. This debt17:10levels that we're getting to, especially17:12in the the lines for the last two years17:14being pretty deregulated at the amount17:16of debt people can get. Now, let's take17:18a look at the call resistance. So,17:20semiconductors came up, slammed into17:22that resistance here on the options17:24market. Just goes to show you the17:25importance of options. Went down. This17:27is net expirations. Where did we end up17:29last week? Slamming straight into the17:31puts.17:32So, it's an important point here for17:33semiconductors because you need to kind17:35of want to hold this level. And you also17:38want to eventually, if you're a bull,17:39get above this level. Well, it's not to17:41be expected I'm unexpected I mean to see17:44these levels because this is exactly17:46what happens when all eyes go on17:48something and we see margin act the way17:50it did. And we see in South Korea Hynix17:53etc. two times levered the overall17:56industry over there, the central banks,17:58and of course the regulators. They're18:00coming in and saying, "No more. No more.18:01No more. No more." Just a few months ago18:03they were taking whole of life policies.18:05We were reporting it here. They were18:06taking their super funds. Oh, it was18:09terrible. And they're putting them into18:10two x levered funds. It's just a18:13disaster. Over what was it? Almost half18:15a million accounts liquidated that we18:16know of. Uh 1.2 million in massive18:20leverage18:21problems and then the markets fell18:22further. Then we stopped hearing about18:24it. You know, these are the types of18:26things that happen. And what it does is18:28it really kills sentiment. So, I'm18:29interested to know in the comments down18:30below if you're in South Korea, what's18:32the sentiment on the ground? I can't18:33imagine it's too good uh after all of18:35this. But we're seeing it as the18:37perspective unfortunately of not many18:39people wanting to get back into the18:41leverage side. They're just saying, "Oh,18:42no. I've learned my mistake. I'm not18:44getting in." And what that's doing is18:47it's also being lacklustre in terms of18:49recovery. It's the story is old as time18:52when it comes to markets. When18:53everyone's looking at something,18:55especially after it's been a huge18:57worldwide story, gold January, then it19:00you tend to see a weakness in the market19:03for potentially a sustained time. So,19:05it's kind of doing what we suspected,19:07but at the same time it's just trapped.19:09And what that's doing, lots of19:10volatility per day, but trapped in more19:12of a range. Speaking of gold, it slammed19:14into the resistance last week of 4,700.19:17Just so happened to also be one of the19:19major options levels at 4:30 here for19:21GLD. And where are we? We've kind of19:23come down to the first level of19:25potential put support. But, I think19:28gold's going to need to be a little bit19:29nuanced to what yields are doing. Same19:31thing with silver. We've pulled back.19:33You can see here on the daily. Have we19:35gone to a lower low? No. Are we still in19:37a series of higher highs and higher19:38lows? Yes. So, could this still be a19:41pit, a pullback in time? It potentially19:43could be. And that's why we're going to19:45be watching this level very closely. And19:47no surprise that it goes up, slams into19:50this level, takes more liquidity, and19:52then and then rejects it. That's typical19:54Wall Street in action here on the19:56charts. Nvidia did something similar19:58last week. If we go here to the 2-hour20:00and we just take a look at this chart,20:02went lower low, rallied up, got to this20:04little bit of resistance 230. Guess20:06what's there? Tons of calls. Came back20:08down. So, Nvidia's trapped between here20:10and around 200. And this is all kind of20:13the expected options range, at least at20:15this stage. So, yeah. No real surprise20:18there on Nvidia. UK oil time. Still20:21trapped. US oil is very similar. You'll20:23note here that it's just kind of sitting20:25in the middle. But, what we did get was20:27a pretty decent pullback here on crack.20:29So, crack sold, then it recovered. And20:31if you're not familiar, this is20:32basically diesel price concept. And20:34diesel is still continuing to rally.20:37That is that we're getting extreme costs20:40on the food. We're getting extreme costs20:42on the overall transportation. And this20:44is going to lead into inflation, which20:46is I think why Wash is sitting there20:49going, "Ooh, yeah, we might have a20:50problem here, guys. But, uh we're not20:52going to say that. It's low20:53unemployment. It's fantastic." This week20:56is unemployment, by the way. Nonfarm20:58payrolls. And whatever that means21:00anymore, guys. What Do you Do you think21:02those nonfarm payrolls are real numbers?21:03We'll see about that. But, overall, it21:06is a things are fantastic, AI's21:09fantastic, everything's great. But, we21:11clearly are starting to see the markets21:13make a big difference. At the moment,21:15still higher highs, higher lows21:17generally across the board. Now,21:18speaking of which, energy stocks did21:20manage to pick up. They came off the21:21daily 20, so little bit of a bounce21:24there. And we still don't really have21:26any fixes, I guess, to everything that's21:28going on at this stage. Let's have a21:30look here at copper. Long-leg doji,21:32long-leg doji, long-leg doji. What's21:34that mean? It doesn't really know where21:35it wants to go. But, it hasn't gone21:37bearish yet, so it's still a series of21:39higher highs and higher lows. And21:41remember, copper's considered Dr.21:42Copper. That is that21:44we're still seeing some form of growth21:46in the world, at least according to that21:47chart. On to S&P, hit the core21:50resistance and sold off last week. So,21:53the put support seems to be sitting just21:55around that anchored VWAP, which is21:577650-ish21:58area. And then we've got put supports at22:017500. So, if we're going to see, you22:03know, more weakness under here, does22:05this become the next logical kind of22:07conclusion? You can see the options also22:10help us to define resistances and22:12supports on the chart, which is pretty22:14beautiful. And we put them here daily22:15for a reason. When we go over to the22:17futures market, you'll notice how it22:19closed. Just want to get that little bit22:20of extra information. And I guess on the22:22very small time frames, you could argue22:24there's some short is here. But, that's22:26going against the overall trend. So,22:29there's always usually an argument for22:30the bear side and the bull side. The22:32prevailing trend so far has been22:34bullish. And I think, you know, the22:36thing with the the anchored VWAP, let's22:38say, off the blows is that's not the22:40best one. You should probably put it on22:41the bottom. Is it's around here, 7640.22:44So, effectively, this area here is22:47acting like a first level of a little22:51bit of an uptick. If it goes below here,22:53it possibly exposes 7500. And then, of22:56course, we lose that level, well, then22:58we're talking, you know, real issues.23:01And then a lot of people are going to23:03say, is that some type of Wyckoff23:05distribution? That is BCUTUTAD,23:09drop quickly off this. Oh, that would be23:12a totally different storyline. It hasn't23:14happened though. So, remember that is a23:15prediction. We don't like predictions.23:17We like instead what's the reality of23:19the situation at hand. Let's have a look23:21at the Qs, and the Qs are trapped within23:24those ranges as well as you could see23:25there. And basically, we've got very23:28similar level 700 705. We saw the puts23:31last week still 700s the net expiration.23:34And calls for this week is 730. So, the23:37net expiration signal at 730. I thought23:39we'd go over to Bitcoin. It's the same23:41story there really. Massive call23:43resistance on IBIT, which is the largest23:45options transactions that go through.23:47And put support for IBIT sits at around23:5043 for the this week's one, and the23:52major is at 35. So, we saw a little bit23:55of a pullback in Bitcoin, but is it23:57really that bad? Yet? Not not really. I23:59mean, it's been pretty dull leading into24:01this, and that suggests that we could be24:03kind of chopping around.24:05And if we do chop around for a while, go24:07to a pit that is the market kind of just24:09sits there. Or even if it just pulls24:11back and then quickly aggressively finds24:13a buy, that's not necessarily a negative24:15thing towards markets. What bears don't24:17want bulls don't want to see is this24:19market just falling off coming straight24:21back down here. That's going to expose a24:24real weakness, I think, to that rally,24:26and potentially a bunch of trap bulls24:28here24:29bull kind of positions. So, again, it's24:31fledgling days here. It we've seen some24:33great flows. We'll continue to watch24:35them and check out those options as24:36well. Guys, if you enjoyed today's24:38video, make sure to subscribe, and of24:40course, follow along. It's great to have24:41you here. One of the things that I'm24:43looking at this week is of course going24:44to be nonfarm payrolls. That's on24:46Friday. The way we often see these24:47markets is sometimes the Thursday comes24:50in, and it's kind of very slow day, and24:52then things kick off with that nonfarm24:54payrolls. Sometimes it's also used as24:56liquidity. Remember, we've said this for24:58years it's often happened. The market25:00goes off in one direction and then25:01sometimes reverses. Why does it do that?25:03To grab liquidity. It's all about what25:05Wall Street is doing and not what they25:07are saying. If you're interested in that25:09type of stuff check out the newsletter25:10totally free down below. You have a25:12fantastic weekend guys take a little bit25:14of a break from the markets. It won't be25:16long now till we're in 23 hour markets25:19according to the NASDAQ anyway. So25:22you won't get any sleep then.25:23>> [laughter]25:24>> Thanks have a great weekend. Bye for25:26now. Catch everybody.
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