What's Happening to Facebook Stock ? Market Reacts to FED

Episode Summary:

Reacting To The FedProblems at Facebook FBRobinhood Crypto Wallets HOOD

Guests:

Jay Woods, Chief Market Strategist at DriveWealth, NYSE Executive Floor Governor 35:00

Twitter: https://twitter.com/jaywoods3

Peter Tuchman, The Einstein of Wall Street, Wall Street Global Trading Academy 63:00

Twitter: https://twitter.com/einsteinowallst

https://wallstreetglobaltradingacademy.com/

BENZINGA CANNABIS CAPITAL CONFERENCE

The premier gathering of cannabis entrepreneurs and investors in North America returns for a 2-Day Hybrid Event on October 14-15.

Speakers will include $SNDL and other major Cannabis Companies, for more information visit https://www.benzinga.com/events/cannabis/

MEET THE HOSTS:

Dennis Dick

Twitter: https://twitter.com/TripleDTrader

Mitch Hoch

Twitter: https://twitter.com/STORYInvestors

Joel Elconin

Twitter: https://twitter.com/Spus

https://www.premarketprep.com/

Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Subscribe to all Benzinga Podcasts at https://www.benzinga.com/podcasts

Unedited Transcript

Coming to you live from downtown Detroit. This has been zingers pre-market prep. Good morning. Good morning. Good morning, everybody. Happy Thursday. Welcome to pre-market prep, Spencer Israel, Joel Al Khan. And Dennis Dick. We're going to talk a little bit, a little bit, uh, about, uh, the reaction to the fed yesterday.

Uh, mostly just doing with the same thing they always do, which is, oh, wait until next time. Wait until next. But what's talk about that, but that's my take, but we'll talk about that. Talk about the market's reaction to it. We'll talk about Facebook. We'll talk about Robin hood. I want to hit on some Darden restaurant.

We got an earnings this morning from DRI. I want to talk Peloton. Their CEO made some interesting remarks at a conference yesterday. We will take questions from our chat, uh, two great guests today. First of 83 35, a brand new guests for us, Jay woods. He is the chief market strategist at DriveWealth. He's also the executive for governor of the New York stock exchange.

So he'll be on at 8 35 and nine, as always, as we are on Thursdays, we'll be joined by Peter topping from wall street, global trading academy and also a floor trader himself. So a great day for us plan, do us a favor, hit that like button and while you're there. Shameless plug next Tuesday. Right? Joel Tuesday, one-to-one 30 Joel with gene Munster and a mystery guest, debating tech stocks.

Pre-market prep.com to sign up for that. Now let's get Joel starts on the screen and let's see how we do on this morning, Mr. L Connie. Good morning. I hope the markets are doing better than your basement. Yeah. Yeah. We got the old, uh, the old water and the basement trick and, uh, uh, got my shoes on don't wear shoes very often.

But you guys want to hear about the markets markets spoos are up 23 and a quarter handles 44 0 7 and a quarter. That's your last print? Just a dip that didn't even get to the close off to 6:00 PM. Open pre-market low 85, 75 pre-market high, uh, three points above that close from Friday. It seems so long ago, but in order to get positive on the week 44, 21 75, that is a big, big number.

Our crude down 36 cents at 71 87. Nothing really sticking out to me except a couple of pesky eyes in the 72 hand. Gold down four 70 at 17 74, 10 silver in the red by 18.20 cents in 2273 Bitcoin. Nice rebound yesterday off 40 K up $395 at 43,915 and Ethereum that's up $51 and 50 cents. It's 3 0 9, 2 0.75.

Take it away, Spencer. I let's just start with like broad, high level. We'll start with the fed. Obviously we all know by now, uh, what we said yesterday, which was basically, uh, Powell doing his best to, to, to generally signal that. Yeah. We're like maybe probably thinking about starting or announcing our taper in November or December.

Uh, we know, uh, thanks to the dot plot, that half of the memories of the FOMC, uh, foresee, uh, a interest rate hike next year, at some point, uh, we also know that they've said that they're probably going to do now. It's the start of there. They're going to announce the tapering of bond purchases. By the end of this year, we only have two meetings left November and December.

So all eyes now on the next treadmill don't meet in October. Uh, no, I don't think so. Oh, okay. I didn't know that. Yeah, but don't they do a policy. They don't do a policy decision. Yeah. Thank you. Joel. No policy decisions. Uh, no changes yesterday. Uh, Powell, just trying to, uh, you know, gently, gently, I, the way I acquainted is like the market is like a child.

And the fed is like the parent ripping off the band-aid. You can't just rip the bandaid off. There's going to be tears. You fear. You have to be gentle. You have to distract them. Look over here, ear pain, Spencer pain, and then you gently do it. And then anyway, uh, that's that's my take on all of this. Um, so yes, no, nothing new.

Just. Kick the can down the road. So the next meeting November, uh, I don't know if I should tell you to cancel your beds because you probably want to get hit on like every bit out there. Right? We just, uh, we said like a 3, 4, 4 point drop here showing a little bit of weakness, but, uh, go ahead, which is nice to see, you know, as a trader, you want to see volatility and the VIX obviously come down the last couple of days, but we've seen some more volatility.

We're seeing some movement. We're seeing some chop, again, lots of chop yesterday, too, even with the fed. It's good. We held the rally. We still got that major resistance point. Joel, four 40 almost right on the button, you know, for the spy. That's where we're bumping our heads up against here in the pre-market struggling right there.

We're trying to fill that gap. And we know stocks light to fill gaps with soda indexes as well. The gap I'm talking about in the chart is a spy, the gap down from 4 41 0 2 all the way down. And Joel doesn't look at spy, but he would see a gap. If you looked at spy all the way down. We're trying to fill that gap.

Are we going to fill that gap today? That is the question spoos did fill the gap. It's boosted. So spoos did fill the gap. So what would that mean? A whole, and Joel said, you know, Friday feels so long ago, but like, let's say let's just hypothetical. Let's say we do throw that gap. That, that, that would mean, I mean, I guess we, I guess we kind of did already.

I think it, I think, yeah, I think are those people in the chat? I think you're selling reps and buying depths. I don't think we're out of the woods. I don't think we're going straight back up to 4,500. And I think if you're sitting here and you're buying the rep, you're doing it backwards. So we've had so many opportunities where we've seen the same story again and again, and again, it's way better than 50% of the time.

I'll tell you lately that's buying the rep has been the bad play. It's not. But, you know, maybe this is different. Maybe we're just going to continue to rip higher here, but lots of unknowns, lots of concerns still. Evergreened all still in the news. I see on the headlines. There's lot. Those same worries.

It's still out there. So you've had this natural bounce. It's a bounce, it's a dead cat bounce in the markets. And yeah, if you're like all in, this is the balance to sell. In my opinion, if you're way under invested, then you know, maybe you're gonna hold on to some of these stocks a little bit, if you were buying them.

But you know, I'm not buying the rep. I did buy a couple of stocks. We know that I've put a couple in the longterm portfolio, put Cleveland class in the longterm portfolio back around 19. It's right around where I bought it in 19 and change. I put some more Regeneron because I think COVID is not going away.

I bought something else. And the long-term portfolio. I can't remember now three stocks about the longterm portfolio. And that's just because I had like 40% cash. You want to get down like 35. I want to get down a little bit more in the weakness, but now, today is not the day. I mean, we're 120 points off the, off the low from three days ago.

So I think the opportunity has passed now. There is opportunity still. There is some stocks, probably individual stocks that maybe haven't run as much. But I think the overall market here has probably had its balance. Now you're coming in. You want more of a bounce? Uh, I just, I can't get Friday's clothes on out of my mind, just for the fact that, um, you know, it was a quad, which, and you see turns into markets on quiet, which is a lot of times they've all been a turn, a turn higher.

Uh, I mean, you got that closer Friday at 2175, right? You got, uh, today's high so far early in the session, 24, 75. That's close enough. I'm splitting hairs there. And then also half of the rebound in this booze comes in at 44 17. So, you know, I, you know, the price action on Monday, Tuesday got me lean in a little bit, you know, to the bear side, obviously Wednesday and Thursday and pressive days.

Uh, but you know, this market, if it just, if it gets back above Friday's close, which is 2175, and it holds that area. Then, I mean, I, you know, specialty look in a hell of a lot better on his back. If we've, if we fail at this area, I already forget the, what was the bat all time high before the end of the year?

There's a good chance that could happen. I mean, here, you're going with the overall trend. I'm never going to argue this market. So, you know, obviously I'm still somewhat invested here. So I still believe in the market long term. I don't know the end of the year as long-term, but I don't think, like, I know there's some people who are saying this is the beginning of the major bear market and there's always those people in the media saying, I have not been, I've said, you know, do we need a correction?

Are we over bought, you know, at a certain point in time? Yeah. Is this the beginning of the huge bear market? I don't think so. Are stocks overvalued? Absolutely. You know, that's why my longterm portfolio is a little bit more cash. I just don't see the value there, but there are certain stocks. Cleveland cliffs.

Yes, it's cyclical, but it's true. Like three times earnings and I've been screwed like this before. I know micron was trading five times earnings and then the cycle goes the other way and it doesn't look as good. So we know it's been as good as it gets environment for some of the steel makers, but there's opportunities there.

I mean, Regeneron to like, you know, look what I'm picking on and picking on I'm the value guide on the longterm portfolio. I'm the value. So I don't go buy something 25 times sales and hope for the best, you know, hope for the story to still stay hot. I, I stopped and I think it's reasonably priced. I love the growth at a reasonable price.

So I'm always picking on those types of stocks. Sometimes it works. Sometimes it don't, sometimes we're in the story stock environment, but as a trading and put on anything as a trade, I think you're booking your profits from the last few days, because if you had the guts to come in and buy the debt, which has been working nonstop, you were rewarded handsomely in the last three years.

What are you doing? Joel, it's also my rotation. I mean, I'm pretty, I'm much less cash than you, but man, I'm just not super excited about it, but putting things to work Reno right now. I mean, there's not, I mean, I do some stuff just, you know, automatically, you know, on a, on a monthly and a quarterly basis, but I mean, as far as just going out there and picking individual stocks no more, more, more tempted to sell them like Peloton, but uh, you know, what the hell happened to that stock?

Yes, we can go there. What's Lisa doing? Uh, but yeah, she said one 30. That is where, you know, but then when it would have filled that gap, I mean, it's just, it it's worthless. W w w we'll get back to Peloton in a little bit. Let's let's, let's, let's start with Facebook here. I want to get to Facebook. Cause it is like the big, one of the biggest stocks in the market.

And, uh, Dennis said yesterday on Twitter, when it rains, it pours, it is pouring on Facebook. There was, uh, the tremendous series in the wall street journal last week about Facebook and Instagram and all the just bad effects that though those apps have on young people. Um, and then this morning, or yesterday morning, they come out with a blog.

That reel basically realizes some fears while you're in the summer flashback to a few months ago. Remember apple did that big privacy update on the, on, on their phones. They, and I'm sure you've all seen this by now. If you have an app, the app now has to ask you, do you want to let us track your data and you can opt in or opt out.

And there are some concerns for Facebook in particular because their whole business model is serving people ads. And the reason they're so good at that is because they can follow you around the internet and track you through everything. And there are some concerns that people are going to opt out and that would, that would hurt Facebook's ability to, to, to, to track people on hurt addict conversions, and that's Facebook's whole model.

And Facebook said, no, we think we're going to be okay. Well, yesterday morning they come out with a blog post and says basically, uh, talking directly to business owners saying. We know some of you are probably seeing a less adequate versions than you're used to seeing from Facebook. We think it's not as bad as it looks is basically what they said.

Uh, we think they're being under-reported, but regardless, this is what people were afraid of. They were afraid that everyone was going to opt out, uh, of the, of the tracking on the iPhone from the Facebook app. And it was going to hurt Facebook's ability to track people and, and, and provide addict conversions, uh, which is how they make money.

And that's. So that was the headline this morning, that those fears appear to have been realized at least to some extent. And then yesterday after the bell, they announced that their CTO is leaving. So there's a lot going on here right now with Facebook marketing. And, you know, this does hit, you know, obviously if there's going to be people that are opt out on their, um, on their app, it's not going to be able to target those people as well.

So does that mean the advertisers. Completely. I don't know because this is the way people advertise now. So I, every time Facebook has pulled back, 40, 50 bucks from the highs, it's been a buying opportunity, same stories, Adobe. It's not a crazy valuation, I think is trained like 24 times or something. It's not cheap relative to itself, but it's not crazy either.

So am I buying the pullback? I don't know. At 300, yeah, three forty three forty five. It's probably the call because it seems like on these big tech giants, every time they pull back and they bought it's a buying opportunity. So I don't know if history repeats itself, which often does, or at least it rhymes like, uh, Ryan Dietrich says you're probably gonna want to buy the debt.

I'm not coming in and buying the dip right away. But I can see people are already emerging to buy the debt because the CTO leaving last night, stock went down to like 3 41. They quickly scoop that up. And now it's trading up in they're shrugging that off too. So by the dippers have already started to emerge.

Uh, you guys got a lot of a confluence here. You have the low from yesterday at 40 69. Uh, you have the low from July 21st at 41 and a quarter. And then the same thing in the after hours, she came to that area. It came to 40, 26. So if you're taking a shot here at 45 80, that's what you lean in on. Uh, to me, I see a better level underneath.

I see a pair of lows at 2 35. So if you have actually 2, 2 34 and a half almost to the tech. So, uh, if you're a little bit longer term and you feel like, you know, risking 10 sticks to get 20 out of it, uh, those are the two levels of the rebound here. Uh, I'll just give this as some short-term resistance. 3 49 0 3.

Oh, that's where you got on the pop, but at least maybe hold this low and have like a quiet inside day or something and then bust above three 50. But you know, right now you're, you're just leaning on one. I will say I have yet to opt in to any app that has that I've gotten that, that, that message for where like, Hey, do you want us to let you track your data?

I think the majority of people would opt out. I have yet to say yes to anything. I think the majority of people would opt out on that. If it's like being sent to you, do you won't mind if we track you around? Let me say no, I don't want you tracking me. Yeah. So it's not good news. It's not good news. Let the dust, I saying, let the dust settle maybe, but you know what?

In this market, you let the dust settle and then you miss it. So it's such a tough market. Like Adobe were talking about yesterday and you know, right away, we were talking about a 6, 16, 6, 15. You gave a good level. Joel, the level you gave was right where it bounced. And you know, now you're looking at a 6 31 it's already got back a third of the loss.

Is it? I don't know. Facebook is going to pull on Adobe. Adobe's a lot more probably. Then Facebook, but it's hard. It's like, okay, well, I'm going to let it just consolidate and give me a chance. And it's like the way for the, you know, if you don't buy the initial dip, it seems like it just bounces without you then.

Um, so they don't even ask me tapped in and out.

Joel, when's the last time you when's the last time you updated anything, that's probably you and Dennis, both you guys, you guys are bad at. I actually have ordered a new cell phone. Believe it or not. I ordered a new, I went with the apple 12. I went with the mini because, uh, the twelves two bag, but the mini is kind of the same size as my five, whatever the hell I got the iPhone five se.

And um, yeah, so I ordered it. It's not in yet though. So there's a backlog on a lot of iPhones right now. So they're saying three to four weeks to get it in, but I put it on order. So I'm actually going to upgrade. Congratulations. I'm proud of you. A lot of stuff wasn't working or right. Like it just doesn't like supported and you call me and you and we can't, you can't hear me.

And you'd be like the speakers, like there's something shot in my like antenna and I can't phone, like very far out. Now it's time for a new phone. It's time for a new phone. You Adobe traders out there that tried to pick the bottom yesterday. This is what you want to see. You want to see this bounce up to the 6 45 area that would also fill the gap.

I know that's 14 points away, but Hey, you jump up into that area. Fill the gap and hope hold. And then it's back up to new all-time highs. The longer it takes to get back. And that was right near the close the other day. The longer it takes to get back to that 6 45 area, I'd be maybe looking for another leg down your clothes on Tuesday 6 45, 89.

But right there with the 50% retracement, 14 points away. All right. Well, let's talk the meme stock that wasn't then was, and wasn't again, Robin hood back into the news. Uh, but for a good reason this time, uh, they are testing crypto wallets with some users, uh, and, uh, our testing also, uh, blockchain transfers next month.

And this is from, uh, their chief. Product officer, I believe, or a CTO, uh, yesterday at a, at a conference. And yeah, it was, it was their chief product officer, Robin hood is testing crypto wallets. And the market likes that because we got to 48, 47 this morning, just a perfectly technically trading stock right now, range bound between 40 and 50, that 41, 2, 3, 4, like half dozen times the rate in the same area, 39, 23.

I'm calling it 40. Why not? You know, we talked out in the same area, but go back in the mid August, right around 50, a few times. I, if I was logging it, that would be my target 50. Um, and I wouldn't be buying it up here. Cause now your risk reward is seven points down, three points up. But if I'm in it, I'm probably raising stops and I'm it's.

My target is 50. I'm not. Yeah, two point leak off the 4:00 AM people. What are you doing? Oh, they almost bought it at 50. This sort of excited. There's so much dumb money, uh, for him. I wish I could wake up. Cause I used to make a lot of money at 4:00 AM. Just fading, really stupid moves. And it just, I can't get up in the morning that early anymore with the kids.

So I'm getting older. I can't do it. I probably, if I got up at four in the morning, I would be the dumb money now because I can't get my brain working fast enough anymore at four in the morning. But there's so many moves at four in the morning that are just absolutely overshot. And that's what the dumb, that's why I've talked about.

I've said this before the dumb money. It's like, people are so excited. They got to get in there right away when I can buy in an arc and NASDAQ opens up 4:00 AM and they're like, I got to get in there right away. And what they do is they way overpaid for. And so, you know, again, we see the same thing happening again on Robin hood here this morning opens up near the highs are so excited and come right back in.

So, I mean, don't Shay stuff, a four in the morning. If I can teach you anything, if you're trading a four in the morning, don't chase. Yeah. Usually for actions are off because of moves, get over done. That's really what it is like. And I would be the fade trader on most of those moves now. I mean, it's scary.

You're you got a news headline. You want to be first on it, but you kind of get a feel for when things are just over done. You know, we've given those Cathy wood examples back from the day when stocks train up like 15, 20%. Cause Cathy bought it last night, four in the morning, then you get to like eight in the morning.

It's up 5%, but somebody just got way too excited. There's no liquid, there's nobody out there. So if somebody wants to buy it, they really want it. They really got to pay up and that's, you know, usually it's selling off. I mean, you could also have some tricky algos in there, you know, going dead really I'll go on bed at 47, 50 with some size and then, Ooh, we got to buy it and they, oh, they turned around and put the offers out there.

I'm sure it's a lot easier to go some market at that time as well. I could think, I didn't tell you to cancel your bids triple date, eight point. I just feel like why, why cancel your bids? I mean, you know, there, you get hit a few minutes later and he make money making wider than Citadel, but I'm out there.

That's exactly what Joel said. He, Dennis wants. So we can just sell it a few minutes later. Um, the goal is to get at

for Robinhood. I mean, is that like a big thing? Now it will help them and try in theory, it'll help them attract more and more users. Right. Um, cause that's the, that's the biggest, uh that's I think that's like the biggest complaint about like a Coinbase, for example, right. Is, uh, this is my wallet right here.

Should I use for my . I got all mine, my same thing. I use all the sheets and I have all this stuff. So when I get a trading idea, it goes on my sheet for the day. You know, somebody sends me a hot trading idea, like Chris catchy, she was telling me about some of these facts. And you know, like, you know, obviously Chris we know from Benzinga, he's like, watch this one.

It's got, you know, some news coming up on it. I write it down. So I got my sheet and I probably got like 50 stocks written down there. These are just ideas. Sometimes the ideas turn to trade. Sometimes they don't. I always put, so if you want to know, like what I'm writing down, I do the same stuff. I got the earnings stuff.

In the one corner, the stuff that's going to report, you know, to this morning, stuff's going to report tomorrow. So if they're going to report two days from now, I got all the dividend stocks on there. And then I've got all the news stocks just littered with news. I've got Kramer in the corner. What's Kramer talking about what is he, you know, promoting on mad money.

So, you know, it's now I, and that's how I daily set it up with all that stuff. Um, by the way, guys, if you have not been watching, SPACs attaching, you know, specs, you know, we all know they got destroyed, but if you have not been paying attention in the last couple of weeks, specs have all of a sudden been.

I'm not going to say back in favor, but they've been. A lot, his bags have been popping for we'll look at an AMHC this morning catch. He did send this one, uh, this, he was talking about this one because they had some vote. I don't follow close. Chris catchy SPACs attack knows way more than me on this stuff, but he's like, they had a vote yesterday and he's like, AMHC he said, and the vote and the vote and the vote could, um, you know, uh, the, the float could go way low because there's so many people reading.

So, and obviously, you know, that's, what's happened here overnight and the stock has really lifted. So it got up to $21 this morning. I can't even like some of these moves are just incredible. It's already given back half of it and where's it going? It's probably going back to 10, but they give you these ridiculous pots.

So some of these things, and sometimes they don't, sometimes they keep going, but there is some of these opportunities, there are around these redemption dates and catchy is the one watch backs. The taxi talks about all of that. I mean, there was a time when these too, I mean, Mitch falls all this stuff too.

We should get Mitch some props too. Cause he followed all that stuff too really closely. I mean, there was a time when the, this banks weren't really doing this anymore, but they're doing it now. So, so some, some, yeah, like 99% of them seem to go nowhere, but the ones around these boats. Maybe it's better.

There may be a Metricon and lightness for more because he's here, but he, I don't think he can join. Cause he's he's he's he's he's, he's helping us on the back end here. Uh, you know, we had a nice move yesterday and a triple D you made a good call on it. Uh, lucid motors, uh, had the pop, you said, Hey, over bought ring.

The register kept a focus on the previous day's high, which was 27 93. It got through there going to 28, 21, but still look at like a good sale. They are getting a little bit of a pop today, but, uh, off the low in the 25 handoff, I'd say for this 1 24 95, if it's just gonna run back and test 28, I don't think you want to see this red on the session.

24 95. And we also, I wrote this one up in a metal man. Oh. And I didn't save it. You know what? This day was here this day. Do you guys remember. Right here. I'll let me print the blue. Uh, do you remember this

daily? It was September. What foyer? Somebody downgraded or something in there. Now what happened? It was,

I don't remember me and Mitch was saying if it got down to 15, but I never did keep guessing. Come on, keep guessing you guys. Oh, wait, was it wasn't there? Hold on, hold on. You're cheating here. You can walk up, lock up expiration. We talked about it. We talked about that. You talked about that, right?

Everybody that wants out gets the hell out and then there's nobody else to get out and it's rallied since. Yeah. Again, you know, again, just looking at, you know, the 90 day chart and people are so focused on the short term, they're looking at tip charts and looking at a three day charts. What are the 90 day?

You get a feel for, Hey, you know, we're back, back up to where everybody got caught before in June, July and August. So what's it do gets right back up to that point again and fails. It's just trying to keep it simple. And that's why I said yesterday was trained 27, 28. I was like, that's coming into resistance.

I want to buy it now. And obviously it came off, it topped out yesterday. So I think, you know, you're getting a 50 cent bounce. I think you're selling the bounce. I think it's going back under 20. So this might just my opinion. I don't know, like w you know, nobody knows anything. I'm going to keep saying it, but just looking at the, you know, it, you move on from it easier to call yesterday.

Now it's kinda in the middle of nowhere, but when you see these movies, And then you get the boom that, you know, the quick drop, then they get a little bounce. Usually that bounce is a selling opportunity. It's the same thing with the SPRT. I mean, we're going to talk about this in October. I'm talking to, you know what, I'm going to talk about the big social media movers with the boom and the bust, you know, in the aftermath and you know how to play those.

And to be honest, it's like after they boss to get that little next hope, hope, hope. Yep. One day where they did it up short on the first day. Cause you can't stop the rocket ship, but once it has the wash out and the flush, then you get the little lift. It's like, oh, it'll come back. It's going to get back up there.

That's the time to strike on the short side. Cause usually they don't and usually get the flush and he gets a little bounce. Then you get another flush and that's what you want is that second flush. That's where you're to make the money as the short. I always remember the second 1 25 for you, a few traders.

And this 1 25 at 94 is your pre-market high. And then high close to the move is way up there. That would have been a good, a good, a good area. 2 26 81. And then, uh, you're working into the dip a little bit, but I wouldn't like to see this one go red. If I was. When people call that the courtesy flush. Um,

we don't have a graphic for that. All right. Moving right along here. Let's look at some earnings this morning. We got Darden restaurants gave some good EAP earnings per share. Beat sales. Pete gave strong guidance and announced a $750 million buyback. When I buy the stock at the all time high Joel, why not?

Let's do the buyback right? When the stocks of the all time high, screw it. When we're in COVID, you know, and we're down at $30, we want to buy the stock at 156 bucks. With that being said, stocks making new all-time highs. I never showed a stock making new all time high because it's blue sky territory. And it's a very dangerous game.

So I I'm not coming in and buying it up here, but I'm not sure it neither, no trade for me, DRO. Good job. You're doing a buyback and everything. I, why they want to buy back the stocks at the all time highs. I tend to say it doesn't mean they're buying here back at the market. That means that they like the same thing I'm at though.

They're gonna like wait for the big dip, but you think they're going to do that. Maybe some of them, these companies are preparing to support their stock under pressure. That's what they're doing. Uh, one, I think they're trying to drive the price higher. I don't think they're obviously all companies are going to do it differently, the buybacks, but I think a lot of it is just trying to drive price higher.

So it wouldn't surprise me if they're just doing or they're just doing every day. They're just putting a little bit in, because they're not traders. They're just go and put a little bit in, put a little bit in, I don't think that marketing. So I mostly used by box 1 57, 1 fit, just, uh, just keep an eye on this one.

Uh, 1 57. Uh, it, this is different because the Microsoft, I was going to say, don't get Microsoft, but I mean, Microsoft was going into a level, you know, that the buyback was into a level. They were actually selling there. They were shorting a little bit and they're going to have to know a little bit more to buy back.

Uh, but this is different with Darden because, you know, if it was open it up in the 1 54, you know, I, I, you know, I'd have a different feeling, but here you don't have a reference point, but, uh, 1 54, that was the all time high. So use it as support today. Yeah, actually the former old time high was 1 50, 3 89 upside target for me would be 1 57.

Yeah, w w let's get the Peloton, then we're going to have Jay woods on, in a few moments from drive wealth. And then what I see there's takers in the chat. I'm not ignoring you. You will get to those tickers. After Jay, I promise, uh, Peloton was going down yesterday into this conference. There was speaking at the Goldman Sachs conference and I, I didn't really know why it was going down.

And actually Mitch was the one that, that, that node that pointed out to me, uh, some of the things that, that the CEO actually said yesterday, and kind of strange, kind of strange if I can just quote, this is from John Foley, he's the co-founder and CEO of Peloton. And he, these were just the very beginning of his remarks.

He said, uh, we're calling 20, 22 and investment year. Uh, skip ahead a little bit, uh, the, uh, The gyms don't feel like they're going to work moving forward. And we can talk about that. If you want to home fitness was never a great category. You had some content really? It's not a great category fitness company.

You had some content. No, no, no. I can. I, can I be fair to him? He's saying historically speaking. That's why he's not saying like right now, for example, he's saying like, historically your home fitness has never been a great category now. Obviously Peloton thinks they can change that, but she's not like, like just destroying his own business model.

He's saying like, historically this is the way things were. We think we're better than that. We just have to give him the people. That's basically what he's saying. Who approves his speech. You guys have to watch what you say. Cause all the media grabbed that out of con Peloton. CEO says home fitness is not a great category, even though the media wall grabbed that out of context.

But that headline sounds horrible. It's not, it's not as bad as it sounds, but it doesn't sound great off the top. When you take it out of context, what a selling opportunity. This was on the yoga line and you know what? And I liked it that day. I was like, it could pop and the 98 and went at pop man over shot.

It shot, it shot up 20 bucks a shot 20% because they were going to come up with some clothes. I thought it was worth like three. It was only a 1% of the pre-market that day. I was like, I think it's worth more than that. I think it was worth 20%. What a gift. I mean, if you've been in this stock forever, like Joel, what a gift those two days when it went from 9, 8, 8, 10, because they were going to sell some yoga pants.

What a gift that was so, I don't know, at this point in time, what are you doing? Joel, Spencer breaking news. You don't have to do the breaking news thing. Google says search is not a real good idea on their platform. Yeah. Yeah. Breaking news, JP Morgan, Jamie diamond says, you know, you shouldn't keep your money.

Did you hear what the bank America CEO said? He said that, uh, bank America is, is a subscript. No. What he say? He, yeah, he said there are subscriptions. That's what that was. You know, all these CEOs are always trying to like position themselves onto like the, the sexy thing of the day. And right now it's it's subscriptions.

Uh, so he said bank of America is a subscription service. So that's, that's what that's that, that's how we tried to position bank America. Cool guys. Um, it's eight. I want to bring up Peloton though. Cause cause the stock was so weak yesterday and I thought the charter was interesting. So that's the game.

I'll just say the name of the game is not to sell the debt, but sell the rift. And that's a huge step. So I don't know if I'd be selling like Peloton into that weakness, but I don't know any price 12. So any day, twice on Sunday.

So maybe the other, the person on the other side of that trade would be our next guest Jay woods. He's the chief market strategist at DriveWealth. He's also the executive for governor of New York stock exchange. Uh, joining us for the very first time on pre-market prep. Jay. Good morning, sir. Get access to actionable news and market research with all the information you need to invest smarter and profit faster.

Start your free trial [email protected]. Hey guys, it's it's great to join you guys. Great to be here. Tune in from time to time. Unfortunately, when you guys are on is not the ideal time for me in my world, but, uh, uh, I do listen occasionally, like this is a weird run for us cause we had a core pina on yesterday and we, today we have Jay and Peter.

So that's three people, three floor traders basically are former floor traders on a two day span for us. So Jay let's just start overall mark, and then we'll see where that takes us here. But, uh, your thoughts, not so much on what the fed said, but the reaction to what the fed said. Yeah, I'm a technician as well.

And I follow price more than that. The noise that, you know, drives the market. Although you have to be aware of what's going on in the world. Uh, you know, we knew September seasonally was going to be a challenging month. We welcomed volatility as the traders on the floor. You know, you know, slow and steady up as nice as longterm investor.

We love that. Uh, but you know, volatility is great and, uh, you know, it keeps people honest and, you know, September was going to be rough. It continues to be rough. This week has been exciting. Uh, there are levels just this week that I'm watching carefully, uh, th this little rally this morning, uh, is it going to hold where we, we, we sell and we fade the rip, you know, we buy the dip, we fade the rip and it feels like September has kind of turned a little bit.

I mean, that attitude where we've seen a few opening rallies that have faded a little bit, and I'm curious to see how we hold on to this. Uh, overall, you know, as it'd be 500 broke that 50 day moving average, everyone's been following everyone became a technician looking at the 50 day, moving average tested at any time since January, um, you know, Friday was the first day, the third time all year we closed below it.

And then you had the headline like ever grand. Uh, it was it ever grant remember growing, then you guys are going to have to bring, you

know, the evergreen story, you know, it's, it's big news and it caused some jitters, but, you know, th the market had seemed like it was due for a little bit of a pullback, a healthy correction to how I look at it. Um, and I think the next two days are kind of interesting because. We're in no man's land. Now you look at it and it's like the Russell we've been range bound since February in that thing.

Um, and we're right in the middle of the range. So I think long-term, you know, given an accommodated fed, uh, give it a little bit of a pause. This is a healthy pullback, and we should go higher, longer term. So, Jay, I'm curious what areas of the market you are most or least interested in in right now. And, and what has your attention?

Yeah, well, um, it's funny like with DriveWealth we, we, we deal a lot with the retail investor, so we're always seeing what's trending. Uh, what's going to be the heaviest stocks, uh, that we're dealing with on a day-to-day basis. So, you know, you see the meme stuff. They're coming and going, but they're always, they're always trending.

We're watching that, but I'm more of a long-term trend follower. So you have to be aware of what the Fang stocks are doing. You look at a stock like Facebook, which has broken down. Yes. They had tremendous coverage in the journal last week. Um, but you know, you saw the, this move coming. Um, so the communication sector is something I'm watching and that's 21% of that sector that going to drag it down.

Is that gonna play more of an impact? Um, a couple of sectors, uh, just went oversold in the RSI, uh, the materials and utilities, not that utilities are sexy to guys like you, but right now there may be a short term play there. Um, and I also watch them to see is this. Uh, you know, pull back that you want to look at on a longer term uptrend basis, where is this something that maybe a little more serious and then on the positive side, discretionary is, is acting well.

And then you say, maybe that's not the sector you want leading in a market like this. But if I was to pick one sector, honestly, it's the financials. It's the tenure. The tenure is getting back to that 1, 3, 5, 1, 400 level where it can break out. And the thing about the tenure that's interesting is the speed at which it moves.

And when you see big, fast moves in the tenure, you'll, you'll see if we spike up. Okay, here's the narrative. We're going to flip the tech stocks. The financials are going to rally. So to answer your question after that long-winded roundabout way, uh, or the 10 years, the one thing I'm watching. Okay. It sounds to me like you're looking at these relationships a lot, like I do at bright trading where you're looking at the tenure and you're getting indicators from that on where, you know, certain sectors are going to go.

Um, obviously, you know, we've got the S and P futures as a major indicator, but how much weight do you put into, you know, some of these other indicators like looking, you know, obviously you've got the 10 year that moves the financials. You're looking at utilities. How much are you? How much are you guys focused on relationships down there?

You know, on the floor. There's so many different levels to that question. You know what the hot stocks with the hot sector what's in the news. I mean, obviously if there's someone with earnings and right now we're in that pocket where we're getting a lot of warnings, we saw Uber yesterday, uh, actually give good guidance.

I think Salesforce gave good guidance today last week, or I'm losing track of the days, but Disney came out two o'clock in the afternoon. It was negative. So you're always, you're always cognizant of what you want to do. And where do you want to be from a macro point of view, but for. No, you have to be nimble.

As Arthur caching loves the phrase, always be nimble. Uh, you have to be ready. So, you know, when I prepare for a trading day, uh, it's just short, short shorts, and then the news, because the news will dictate, okay, what level? This has become a level of interest for me. Uh, and then managing risks. That's the most important thing.

And that's what we fought, you know, focus on here and drive well is managing that risk because when things get a steal and things go to. Uh, you, you just want to make sure everything is in aligned. So you're not getting a little too heavy yourself into a position. Uh, I just want to point this out because I would wager that a decent portion of our audience has used DriveWealth without even knowing that they've used it.

So, Jay, if you can, just for a second, just for people that don't know, cause I, I know, I know what you guys do, but for people that don't know, what does dry wealth do? Yeah. You drive, well, we're a B2B platform, so we're behind the scenes, but we basically were pioneers in fractional trading. So right now that you see it in the coins, you know, you can't buy one Bitcoin, but you buy, you know, one, 100th of a share and you're in the game.

Um, we're trying to democratize finance for the younger retail investors. And we've seen that really come up and pick up speed with, you know, the game stop movement in the meme stocks. But you know, I was brought on board to. Manage the risk on the desk and then, you know, teach. Uh, one of the things I do is I talk to student groups.

Now I'm talking to our partners here at taco bell, the people that use our pipes to get their executions, whether it's with our operation on the floor and get direct access to point of sale, or whether it's up here in our training. You know, I, I stepped into a dream job where I, I, I lived one green by being a trader and a market maker on the floor for 28 years.

And now I get to continue to trade and monitor things, but I'm taking a step further and, you know, talking to partners in different parts of the world that, you know, like you and I, we, we talked about the market, this comes natural to us, but to our listeners, you know, I, I want to add value. I want to bring the basic knowledge to them and, you know, being a parent of teenagers and seeing them trade this, you know, whether it was Tesla or getting involved in the meme stocks or getting involved in crypto, um, to be able to use the drywall platform and.

I have that, you know, simpatico with the team here and, and be able to bring new people into the mixes to teach them and use the New York stock exchange floor as a platform. To me, that's what a spread. So drive well is basically trying to bring that all together and you know, to be part of this team is a next evolution in my career.

Stoked to be here. And, you know, I appreciate you guys giving me the time. There was a question from vintage and the chat, uh, STB, L E R N. Is that the same? Yes. That's the same company that, that was, yeah, those are, those are the two first funds, their fixed income funds that we launched here. And I drive well, you know, w we're trying to expand our options to all of our customers.

That's one of the things that our partners, where we're looking to do, and, you know, you we're, we're primarily equity traders, but to be able to have that option, any, anytime you bring someone new into the market, you want them to diversify. You want them to know their options and having a fixed income fund like STV L and E R N.

Those are great options that we offer. And we're excited about that. We're on the line with Jay woods, chief market strategist and drive while New York stock exchange executive floor governor, uh, just want to ask you about your, your role at the exchange as a floor governor. What, uh, what does that encompass?

Yeah, well, even Mr. Corey peanut is a floor official for governor as well. He served in that role. Uh, those titles of those settles have gone away. Um, you know, it meant something, it was a very important role back in the day, because to become a floor official, to become a floor governor, you had to be nominated by your peers.

And I know you guys are familiar with the floor, but as technology evolved, we didn't need as many people, but we still have market makers down there that do a very important job to serve their companies and to make sure things are running smoothly, fairly in orderly. Uh, we still have a hostile trading crowd at times, uh, who, you know, like a Peter Tuckman, uh, allegation at the market maker piece to them.

And at times there are disagreements, there are. Uh, the last big issue I, as a former governor that I was involved in was when we were going through COVID protocols and the meetings we would have and how we're going to do it. And then the fact that we shut down on March. Uh, that was an epic decision, but when we had to make just for everybody's safety and then the real, how do we come back?

We were the first people back. We came back smartly safely and in slow waves. Uh, so those are some of the decisions we make. Uh, you know, when there was more hand-to-hand combat, uh, you would go to a three governor panel. If you, you know, if Dennis said he bought at this price and Joel, you sold at this price and you had to describe.

You know, your word is your bond. Uh, and if you couldn't come to an agreement between yourselves, you would go to a three governor panel and we would settle it right then and there on the floor. So it's, uh, you know, evolved a lot. And without as many people, you don't need those, those titles, but, uh, you know, it was an honor to be voted by my peers to have that leadership position.

Here's the tie. You ready for a tough question? I would expect nothing else for the tough questions bracing. My.

When is the New York stock exchange going to 24 hours, 24 hour trading. You know what, when I started in 1992, there was rumors of that back then. And, and when I was the young guy, not that I'm really old, but when I was a young guy, I was going to be the guy that had to be there for the 12:00 AM to 6:00 AM shift.

Um, more consumed trades, 24 7. Uh, but I like the fact, uh, I'll get back. I'll answer your question, but I liked the fact that equity markets do have an open-ended close. It lets you regroup. Uh, the people that do crypto work, different breed, and God bless them. Uh, there's nothing wrong with that. But the 24 7, you know, checking stocks on a Sunday morning, I need a break.

I need that break will then you are stocking. You ever go 24 hours, will equity trading ever go 24 hours? It's something that's been discussed for decades. Uh, it could eventually happen, but I don't have any insight into that. And I am not going to venture a guess as to a timetable when that would happen, but, uh, you know, the way things keep evolving, we don't go backwards.

So maybe they extend hours a little bit more, but you know, it's been nine 30 to four since I've been there in 1992. I don't see that changing anytime soon. Right. I guess we should ask Jay the same question we ask, uh, Jonathan yesterday, which is, uh, if you have any good floor stories for us. And then, uh, Joe wants to know if you've ever been fined.

no tie, we're still not back to ties yet because people do have to wear the masks at time. So they've been very lax on that and that's where I would give out a fine, no, I'm knock on wood. I'm knocking. I have never been fine. I've been warned that, you know, we have very strict rules. That's why I'm doing this video with you right now in the driver's office and not on the floor of the exchange, because I'd have to go up to the gallery.

And I can't be in my booth. That's why John, where Peter was on the. Um, you know, I I'm very positive the rules. I never been fine. I've never find anybody I've had talks I've been talked to, but never crossed that line. So no, no good story on the fine, good story though, from like, just over the years, like just a crazy Florida story, this is a morning show.

These are stories. These are times you want to have a beer and sit in a bar and tell stories. Yeah. There are so many crazy stories, the things we did in the nineties and the fact come, and then, you know, my, my best stories, you know, since this is September the greatest day of my career, the greatest day of my life down on that floor was September 17th, 2001, um, that, you know, all eyes were on the New York stock exchange.

We started before baseball got back up. I know the Yankees Mets at the Piazza Homer, where you met fans. Not that I'm a met fan, but it, you know, those are epic stories. Um, you know, Saturday night live came back a week after. Uh, we, we were there. I was literally on the first bullet with my team, uh, from Goldman Sachs back on Manhattan island at 7:00 AM on the 17th.

And we got escorted by military to the exchange. And as a market maker, the market was down six, 7% that day. I don't know. I don't hear. You're going to be the other side of that trip. You're going to lose money that day. We knew that, but people would come into my crowd and I'm not yelling at them for running the over stock.

I'm hugging them and embracing them and finding out how they made it home. And when that bell rang, and if you got a shot of who was on that podium and you saw them today, like they got along, they, they were in the same room together. It was a feeling that I wish we could bring back. Um, and to be port one of the 5,000 or so people down there that.

What was the greatest day in the most historic day? Uh, as far as trading stories go, I try not to do that. I try not to encourage traders to get too high when it's good, or, you know, wallow in those low moments. I tell people to take notes and talk about what you did, right? What you did wrong. And I know Dennis is probably similar in that.

Uh, if you eat something good and you're on a winning streak, eat that same sandwich every day until that streak. And so there are a lot of superstitions. Great people, great stories, but, uh, you know, for a trading story that that's more conversation, uh, to me than your stock exchange in my history down there.

It's about the people always, I, I I've, I've got chills after that story, so thanks. Thanks for that. Uh, Jay woods is the chief market strategist at dry weld. He's executive for governor of, is also a CMT. Uh, Jay would love to have you back, uh, thanks for coming on today. I appreciate it. And, uh, have a good rest of your day.

Uh, yeah, always. That was a really good story. Wow. I was thinking about the podium. I don't think that's good. I thought he said, okay, he was talking about calm battery. I just, I was, I think I thought he said someone was up on the podium, did a fantastic job to get the exchange. They were obviously closed after the nine 11 attacks for, I think it was four days, but they opened on the Monday and they did a fantastic job.

I think it wasn't a Tuesday. It was about a week. It was closed, but they did a fantastic job to get the markets back, open and running smoothly again. And it's a tough market to go into, like Jay was saying, you're coming in and people are. I mean, you know, you had these attacks, you know, everything's happened in New York as a market maker and, you know, we don't get the market makers enough credit, you think, oh yeah, they're out there to screw you.

The market makers are out there providing liquidity when nobody is really willing to take the other side of that trade. That's all sellers in the pit. A lot of the market makers knew they're going to lose that day. And that was the great thing about the New York stock exchange and the affirmative obligations.

A lot of the high for construed as don't have those. Now what affirmative obligations are as the market maker will be the buyer of last resort. Meaning if there is no buyer, they have an obligation to be that buyers. When the stocks going straight down the specialist, which they called them back, then now the market makers had.

You have a bit, you know, okay, you gotta be a buyer and you know, it's a, it can be a tough game sometimes. You know, it's sure when the markets oscillate like this market makers can make the spread and work pretty well. It's going straight down and got those affirmative obligations you get run over. And that's the downside of where we've moved to electronic markets because the hybrid concentrators don't have those affirmative obligations like the old American makers dead.

So I actually loved the market maker system. All right. Uh, we'll do some tickets time here. I want to just hit on Salesforce quickly. Cause while we were talking to Jay actually knows before that we were in our own little zone there, but Salesforce had come out with some good guidance. They raised their sales guidance for the year.

This is not the first time they've done that in the last few months. I think, I think they've raised it a couple months ago as well, but anyway, they're raising their sales guidance for, for uh, the 22 fiscal year and the 23 fiscal year. Uh, and stock is up this morning, 69, 26, September 2nd. Hi. Next. Okay, cool.

I'll fly through these stocks in five minutes. Let's go. Chad stocks. All right. Dollar from Ray rain or a dollar tree, like a dollar one. I haven't looked at in a long time. I'll tell you this one, Joel. Oh my gosh. It's awful looking straight down every single day. Oversold. It's absolutely oversold. I'm trying to look at a level 80 box.

Maybe you got that low 84 41 back from September 25th. Let's see what it does there it's oversold, but trend is not your. He's I ended up number 20th, low of 84 41 is what he's keeping an eye on. That's what he easily did on 84 96, a low from yesterday. Thomas trends ask them to Activision. Thomas. I hope, I hope that you're not a whole, one of the bag and this is a brutal, all the gaming stocks have been brutal.

I'm the only one I have left is take two. And it goes down every single day to, I mean you have, I don't know if it's the reopening or what it is, but I tell you, man, the video game makers, they just aren't getting any love whatsoever. Look at that. EA you want to see an ugly one? Look at EA from the last week.

Ah, it was holding up and we kept saying this, one's holding up, hold it up 20 bucks down 20 bucks. And literally 1, 2, 3, 4, 5, 6 sessions. That is just an epic movie was the good one. That was a good one. The Zynga's come down, which is a high co-packer pack. I mean, roadblocks, even as held up. Well, um, you know, maybe don't put it in the same category there, but the video game makers have just been awful.

Are they getting to a point where they're getting cheap? I think so. I, I, again, I like to, you know, get a bottom and then you get a little relief pop and then I buy on the retest where I think it's going to hold. These are just making new lows. So I don't want to be the hero and say, okay, yeah, this is going to be yet.

If I did get the low and just be lucky. So I want the bottom and then bounce. And then on the retest, that's where I got, I can control my risk a little bit better. Just like Jay was saying, you know, you gotta be able to control your risk. It's so. When stocks are going straight down, making new lows harder to control the risk man, even 1 36, it had a quad bottom there.

And that it bottom there. One more time. We can get through it. Yeah. Then it just blasted through it. Even on that day. I wish you would have brought that up a few days ago. Uh, but uh, you know, you want to look, you want to try and find support in there. I'll do it for ya. Let's see. What, 24 88. Uh, let's see here.

No at what? 25, 66. I mean, that was a monthly low back in December. So if you did get a green bar yesterday, so that's not that bad. Uh, so you know, you can lean on that one open 26, 18 hit 2014. Okay. KA Katrina is asking about Roku, which we were talking about before we came on today. And you got an upgrade from Guggenheim to buy with a, gave it a $395 price target a Guggenheim, not normally is the most delightful, but you know, we haven't had an upgrade on Roku in a while and it was sleepy and it wanted a catalyst.

This is a catalyst to kickstart. I would absolutely not fade this. I know I like to sell reps, but it was just too sleepy, too much consolidation. There's pent up demand here, maybe for a stock like this there's room to three 50. I think we've got up to three 50. I would be ringing the register if I was lying.

No, I think Mitch bought it a couple of days ago. It's a great by Mitch. Um, I think there's room to three 50. Uh, I don't think that's happening today. I'm not saying that, but I'm saying this is a kickstart in wanting to kickstart, so I, I, I'm not fading this move. You could look at that three 50. I see a trio of highs it a 3 43.

If you're looking for a shorter term, target eight bucks. Oh mate, a couple of minutes more. Okay. Uh, I'm sorry guys. There's just so many, uh, blah, blah, blah, blah. Let's find. All right. Sumo. I don't know what sume, S U M O w w what is this? Someone keeps spamming me with some logic. So out of favor, this is a out of favor.

Stocks began beat up. You got some support back from may on it, but, um, that may low $15 and 80 cents. I don't follow his company at all. So there is some support in here, but.

Is this an IPO? I think, I don't know anything about this company last year, parallels in the same area. That's about it. A pup about trying to find ones we haven't discussed recently. We haven't talked a Tilray for a hot second halfway. Well, I did talk to pot stocks this morning. Yeah. They're they're still getting a left.

So they were oversold. We talked about in the show a couple of days ago, they had the catalyst that I believe Mitch brought us the catalyst met and met. She does this homework. Um, I forget what it was, but there was something, um, going on. No, that was me. That was me. Uh, what was the catalyst? Okay. Sorry. I gave him to the prompts.

All right. All right. Fine. I, I right Mr. Saying it was him, but it was all last week. There was a headline that they're trying to sneak in and this a banking bill, this cannabis banking bill into a defense spending bill. Uh, that was last week. So I'm interesting in talking about it yesterday as well, but, okay.

So maybe we're both right, but so raise up 12 to 12 massively oversold. So could there be a two, three day move? Could there be a few days and move here? Yeah, I think that moves a selling opportunity though. I'd be a seller 14. Yeah. Yeah. There's a couple loads. I mean, for today, we'll see what happens. 12 96, 13, 15.

So see if you can get the 13 coming back on the downside. If you want to try and buy on the cheap top of yesterday's range, 1180. Alright. It is nine o'clock Joel, I'm going to say we had so much fun and we lost track of time. I'm going to say goodbye to you guys. Smash the leg, my rolling at 312. Let's get to like a hundred likes today.

Let's go. We had Jay woods. It was a great day. Joel. I, you know, Joel, Joel did the show today, even though his basement is like halfway underwater, that's not entirely true, but it's partially true. Joe has got water in the basement and he's still doing this. All right. Let's show Joel, the love and let's get some likes and then shameless plug guys.

Um, as I'll just remind you all every day for the next week is, uh, next week, uh, the 28th, one-to-one 30 Joel with gene Munster and a mystery guest peer monitor, pep.com. Also guys, if you miss our Evie conference yesterday, Eve econ, you can watch it on YouTube, go to our channel, youtube.com/benzinga. We had like, I don't know, was it like nine hours, uh, of, uh, content we heard from GM, we heard from archimoto we heard from that's the, that's the one that everyone's talking about, where HLB Z.

Uh, we heard from wine, the scooter company. They're not public yet, but maybe they will be, uh, we, we heard from a lot of, there was a company yesterday that like reads your brainwaves from the headrest. Honestly, it was, it was. So again, Evie con it's there, it's on our YouTube channel, youtube.com/benzinga.

Uh, and, and check that out because, uh, it was, it, it was a ton of fun and we gave away a free one-year subscription to Benzinga pro. If you missed it, you can win a free one year sub next week at our small cap, healthcare and biotech conference. That's next Wednesday and Thursday all day. So basically after pre-market prep, both days, we're talking small cap, healthcare, biotech stocks, um, Wednesday, the 29th and Thursday, the 30th.

Okay. Uh, Peter talk man is not in studio yet, but, uh, I'm told he will be soon. And he says he's stuck in traffic. Actually. He just texted me saying he's stuck in traffic. So we're going to hang out for Peter. Uh, and while Peter on, uh, until around nine 15 or so then we're going to live trading, right? Mitch, myself, Zune aid, Ryan flew into we'll do live trading, uh, with those guys till 10 30, then I'll bring Tony events and on to talk patterns till 11, we got SPACs attack 11 to noon, power hour for big guests today, noon to one, get technical with Neil at one o'clock uh, let me, let me go back to the scout, the, oh, the roadmap.

How can I forget our NFT show at two o'clock and then I'll be back with Joel at three 30. Peanut taught me his guys he's here from his car. Give the guy props. He's joining us from his car alive, Peter, where that. Where are you right now? I know you're in your car, but what are you just, I pulled off the west side highway.

Traffic was crazy. I'm right near the exchange. Oh, sorry, Spencer. It was crazy traffic. Oh man. No, thank you. This guys. This is dedication, dedication to, to this show to Benzinga. We love it. Peter. I got to ask you just, what was the mood yesterday? Down there before and after two o'clock after the fact we, you and you and I have talked about it before fed days are really exciting days.

Look, I'm a firm believer in letting you look. The market is a very crowded trade. Every so I said was going to do, you've got an announcement at two o'clock. You then have a conference, right? Where, where, where Powell, who I think is pretty transparent, but he, he really, you know, you've got to hang on to every word because you'll ruin.

Planted the fence. So as we've seen for you hear me most near me.

Okay. So you see the market's reaction is so, so I dunno, I dunno what the word is. Jig and JAG cataclysmic. I mean, you saw the spiders go up 10 handles and handles, and then they just kind of tried to figure out the news conference came out. I don't think anybody suspected that they were going to do anything with REITs.

So obviously his, his Birch during the news conference was the most important thing. And they were all over the place. They talked about unemployment. They talked about the force. They talked about, uh, the rates they talked about off, they talked about.

Yeah. Um, okay. So Peter, everyone is talking about, as soon as the calendar turned to September, oh, everyone be warned. September is the worst month of the year for stocks. It played out a little bit to some extent, but now that the month is almost over. So looking ahead, do you see any reason why we shouldn't keep going higher here?

You know what luck, I mean, the seasonality of the marketplace, sometimes it works. You and I talked about the Rashaun a trade last week, which really worked well this year. If you shorted on Russia, Shauna, you bought them back on Yom Kippur. You did fine. You know, we saw that big down day on Monday over the every bar thing.

One name does not make a market. The media and the press love to hang on one day down to I farm believer that the way the market ends a day like that will purport our market will the next day I bought then really analyze only had to come Friday, get it down Monday. Historically that shows us we're going to have a down week.

Well, that didn't work. Did it. Right. So, you know what? You had one down day, it was a bit of an overreaction. Uh, as regard, obviously you said you're able to make a couple of payments. The market rallied back. We've had huge days. So are we going to add in September? How are we going to end up net nets Denver?

I mean, we really soluble up over the last couple of days, but we did have seven or eight down days. I think the rest of the. Um, look now they set us up for a month as we wait for the next fed meeting. Right. That's kind of the takeaway from yesterday's conference was, you know what, we kind of feel, we're going to start looking at the employment.

We're going to start looking at this labor force problem. We're going to start looking at inflation. You know, I think one of the things we need to look at is this debt ceiling thing. Right? We've seen it every year. You know that when they get up around this September time, it's like, okay, how, what are we going to shut down the government?

Or are we, are we going to really write a pay, write a, check this, to keep it up and going. We saw it under job. We're now seeing it today under Biden and the bottom there are. And then they end, the Democrats really want to sh down this government. I don't think so. I think that would send them out over the next couple of weeks.

And then we're going to look at what happens coming into the November fed meeting. I think you're getting busy.

Do you agree? Uh, I you're breaking up there at the end, but I gathered you were just saying all eyes on the next meeting in November, which I totally agree that they punted to the next time. So if not November, then December, cause we only have two meetings left. Uh, Peter Tuckman is joining us from the side of a road in New York city.

Uh, and we appreciate his time, very much fighting through spotty, wifi spot internet, but we're getting it done. Uh, you've got great things to say and we're when we're hearing most of it, we're hearing the most of it. Uh, Spencer Spencer, one thing.

What's the one thing I'm on my seat right now. This guy with J I P P I T I think we're losing Peter, which is a bummer because I'm here. Can you hear me? Okay. What's the one thing I want it to say how great his show it was listening to Jay woods, really giving you a beautiful, beautiful backdrop on what it was like when the floor had thousands of people there, he was one of the great floor governors, and I love the fact that he described some of our interactions as hostile, because they.

You know what? Money's a funny thing. When the shit hits the fan, excuse me. Things got crazy on the floor and they still do. Yeah. Yeah. That's true. That's true. All right. Peter Topman guys, he's the Einstein of wall street. He also runs wall street, global trading academy. His learning course, the link to that is in the description of this video on a YouTube, right.

We're underwear is his name. Uh, it shouldn't be that hard to find guys. Peter Thompson joins us every Thursday. We thank him for pulling over to the side of the road, Peter, uh, get, get, get to work before the latest Spencer. Thanks buddy guys, guys. That is dedication right there. Peter is late for work and his work is to trade for his clients on the floor of the stock exchange and he pulled over to be.

To hang out with us for, for a few minutes. So we appreciate that. Uh, that, that was awesome. That that was totally awesome. So, so thanks to Peter. Uh, and thanks, thanks to Jay woods. Uh, again, that's three floor traders in the last two days, uh, for us, which is, which is a lot. So I'm looking ahead to here. I ran through the calendar for the day, um, and on tomorrow show we'll have JC Pretz who we have, uh, been trying to get on it for like a month.

And, and, and, uh, we're going to ask him about how that, how that wine harvest went last week when he'd build on us. So that'll be a fun show. We're, we're, we're gonna have some questions for JC about the wine and the grapes and.

Support this podcast at — https://redcircle.com/premarket-prep/donations

Advertising Inquiries: https://redcircle.com/brands

Privacy & Opt-Out: https://redcircle.com/privacy