[00:17] all righty um because these meetings are live i don't rehearse them
[00:32] the way that they work is i get into the office pretty early and actually the night before i'll do some prep look at the market session yesterday those in the in the dna
[00:46] our mentoring program we do a weekly review over the weekend with myself or one of the senior traders from the desk and we go over in play stocks from the prior week and
[01:01] market conditions but this morning uh we are going over morning meeting works is we go over the market we go over him play names then we go over second day and technical names and i'm doing everything off the cuff so
[01:18] i apologize for uh the rabble rousers who don't like the perfectly scripted words and enunciations and sometimes i might go um or uh anyway i apologize my apologies to
[01:31] you folks who are very demanding i'm not a professional trader and that's been my profession for over 20 years now so getting into the market
[01:45] what we can see is we started uh an accelerated downtrend the beginning of last week we were due for a balance and we looked for a balance on thursday but once a downtrend begins
[02:00] when we move up that will be the beginning of a complete reversal in new highs we look for a move back up to an accelerated downtrend and once that happens if we pull back
[02:12] and then start to move up again we look to see if we can hold higher outlined here which is a move to the shallower downtrend and so what's going on in the united states right now um
[02:29] we have the federal election tomorrow and the biggest risk i'm morning meetings uh the biggest risk to the market right now and how you would get uncertainty if there's not a clear winner
[02:43] at a minimum by wednesday morning before the before the market opens and if things are looking very close overnight tuesday then that can introduce some volatility but you can see based on this morning's
[02:58] which seems to be following europe we followed europe lower the big down day was on wednesday we were followed europe quite a bit lower this morning europe is up quite a bit and we are gapping higher and so it seems like europe's leading
[03:11] but we also have in the backdrop that election and the polls continue to show biden with a large lead and large lead and if that plays out tomorrow evening
[03:24] market so in other words clear result in the election strong upward movement uh perhaps we move back into this area here that i've outlined on wednesday and that
[03:37] brings us into this downtrend here now understand the election is just one participants are looking at we also have in the backdrop the idea that the technology has had this enormous run of
[03:51] queues from from this breakout here this was a significant move and on a percentage basis
[04:03] percentage basis was let's say 230 to 300 so about 30 move right here and so when you have that sort of huge move if we even back it out further to a little bit further in time if you go
[04:18] to the beginning of 2020 it's even a larger percentage move so technology is up a lot so even if the election's out of the way and we see days we could see another lower high on
[04:30] technology here and continue to consolidate and digest means is sideways price action at so we see consolidation in every time frame whether we're an intraday trader
[04:45] a multi-day swing trader or a longer term position trader uh markets must digest moves before they can move to new price levels and so i believe we're in the midst of a larger term consolidation and technology
[04:59] consolidation it's more likely to be to the upside and buyers are in control from a bigger you want to consider all of these
[05:12] our desk 80 or so is going to be intraday then as well as the traders become more experienced on longer term positions but as you're drilling down and thinking
[05:25] about trading intraday we start at the highest time frame on the daily we move to multi-week 30 minute and then we move down to intraday starting with one minute chart moving up to five minutes after 10 am
[05:37] so that's just the bigger picture of where we are
[05:59] zoom out over the last few days we start to pull back i mean we've already pulled back a couple of bucks i was trading at 5 a.m this morning 5 30 uh shorting in the 331 and a half to 332 not a bad idea that's where we sold off
[06:11] day 3 30 to just above 332 here we came off three dollars pretty quickly um and so that's where we failed this morning perhaps we can flush a little bit more i
[06:24] but we've been very liquid we certainly melted right on the open on friday morning and if we look at the last nice melts uh on the open on wednesday and friday it was a flush
[06:39] control so right on the open we have we can have violent movements to the upside or the downside and we can put in high or low low on thursday for the day on friday we put in the high for the day
[06:52] it again so that price discovery in the first 15 20 minutes gives sometimes very good entries on the long or the short side but right now we're in a slow kind of grinding pre-market downtrend
[07:06] giving back some of the gains the overnight gap if we zoom in here you can overnight gap if we zoom in here you can kind of see that pretty clearly
[07:23] does it stop here and we break to the upside pre-market resistance that's one possible price pattern again possible possibilities and price patterns the idea isn't to
[07:39] this level today to the upside or this level to the important prices watching those prices when it gets there patterns um based on experience these patterns
[07:55] um based on experience these patterns repeat themselves over time
[08:11] and i put that in the morning gameplay notes the technology still seems like about that why that's the case already so i'm not going to talk about already so i'm not going to talk about that again
[08:26] you can see that 270 80 uh was where it topped out when i tried to and that's kind of the first level i'm looking at there and then below that 270 has been a natural level in the qs as well i'd
[08:40] with technology if it had a bid and started to hold started to hold about two above 270 280 to 273 this area we started to you know we made a higher low this morning
[08:52] start to think okay people are perhaps interested above 274 short term weakness we're seeing technology might might be over but right
[09:05] i think the burden is on the buyers to show that change all right so neo this morning very strong one of my alerts went off so it must have pulled back a little bit um it was just up at 34 and a half it's
[09:19] neo's one of the strongest stocks in the market right now here's the uptrend but um when it gets extended away from this trend that we put in place a few months uh it tends to pull back to the trend and then move higher this can solve
[09:33] really was this very tight consolidation above this resistance and then the break was certainly one of the more profitable trades on the desk in a while um you don't always get a trending stock to have such a tight consolidation
[09:48] and it goes straight up so if you can you look at this trend trend here you know the the longer term uptrend is probably around 26 you know 26 or so and this is at 34. so
[10:04] i would expect uh this to not have much more upside um before it started to move sideways and then pulled back in and allowed the trend to catch up to it
[10:24] from took out this high here went from 28 to 32. morning on the delivery numbers very strong delivery numbers
[10:41] get short it my first offer did not get taken or maybe it did i am not sure it um and so we will see
[11:07] started here a little while ago i think it was a 20 or 30 000 share bid into 40 cents here that got that bid got completely hit out and that was the so there's always going to be large
[11:22] they're following the trend but sometimes when they get hit and it changes um it can be the beginning of a pullback you know not a big pullback but a small one um kind of working its way into this
[11:37] pre-market up trend so we'll see on the open which way it breaks
[11:50] very extended if i can get if it pops back up again look for a failure otherwise it's going to be does it start to hold a book below to be does it start to hold a book below this 34.
[12:04] so 32 85 33 is that my first support so i'd be looking for it to come back into the first support and then we'll see
[12:17] stand for um el reported really good numbers numbers um trades under a million shares a day so this is for more these traders with a
[12:33] couple of years of experience uh it's already come off it was above 2 not a lot of volume in the free market so we can't make judgments there done recently coming to earnings
[12:46] done recently coming to earnings so it did run up from 208 to 236 gap down a few days ago with the market and let me just zoom out even a little bit more
[13:08] that's right so this is so i have this is for support right here
[13:29] first support and you can see that's that was resistance here it failed there a couple weeks ago it had a clean break and we had a retest it had a clean break and we had a retest about a week ago
[13:48] open um i'd like i would want to see it reclaim 230 as in flexion it's below inflection would look for it to go down
[14:01] market so we're gonna have to see where the volume comes in on the open uh clx reported strong numbers like a lot of companies benefit beneficiary of the pandemic and people's
[14:13] this one so we want to zoom out and see what this is done coming into earnings okay just up and down range bound
[14:25] quite a bit from 240 down to almost 200 at 15 percent pull back but overall was in a strong uptrend so it's in a consolidation period now
[15:15] a little bit of a technical issue there okay so okay so 212 in collection
[15:33] one 214 215. so it's already in the down here moved up into my second resistance so we'll see the volume but again another let me see what the volume is here yeah
[15:47] little bit over a million it's done 40 000 shares open it can drop right back out to 212. so again opens when the volume comes into this one so neo is the only one we really
[16:02] pre-market where we can we can start to draw some conclusions days and technical so in the second part of the meeting we look at stuff that was recently had earnings or had some sort of catalyst
[16:17] and we have levels already established we want to see the reason i put pins first even though it had earnings on wednesday thursday was i miss this when it turns back up they really really crushed numbers
[16:30] off guard that's why you had such a large gap here from the other day we talked about it was just a little bit too extended um from a risk reward standpoint of day one so it could fail in the high 60s
[16:43] selling in it um i want to look for it to catch a bid and maybe resume this start to work its way back up to the mid 60s and eventually to 70 probably um and so we had 57 and a half um as rr3 i think or s3
[17:01] uh friday it didn't quite get there got to within about 10 cents or so and quite but now i'm going to look to see if this puts in a puts in a little bit of a higher low so maybe this
[17:19] 59 if it does you know if it holds here on the open um it gets back above 60 then we can look for it over the next 60s but this is the one you don't want to miss the turn on
[17:32] and that's why i put it first on the second day and technical got crushed on the open so we were talking about it in the morning meeting
[17:47] talking about it in the morning meeting uh 280 was our level to look for failure meeting at that time so i wasn't shorting it but i'm sure some of you and you walked into a good one sometimes you just get to drop out on the open it
[17:59] and makes a lower high in this case it just makes a lower high in this case it just sliced right through you can see this one green bar stuck in here
[18:14] so it did initially go to 272 and quite a bit and actually went up a few dollars um right here and then made the lower high 274. um but once it took out that 272 it just it melted right through 270
[18:27] of the day until it started to move sideways here um around 262 and had a decent little bounce here back up to this this
[18:39] today we have some levels actually to work off we have some levels actually to work off of based on friday's price action so so we have 260 what i put on the sheet here so i did 265 267.
[18:52] i wanted to be conservative resistance
[19:05] oh no we're below nope we're actually back below
[19:33] we have all this information from day one where it goes down in the morning it above 266 and they buy it here you know spike was maybe there's a buy program in the market or something
[19:48] and then in the afternoon it's consolidating below 262. it fails you see they're selling it here makes a new low makes a higher imbalance into the clothes that's what caused the spike here
[20:01] so um this is you know this is how i'm thinking about trading today this is the buyer where the buyers were on friday this is where the selling was um until it moves outside of that area i'm not thinking about any sort of trend
[20:13] i'm not thinking about any sort of trend i'm just thinking back and forth facebook um it did fail i know some people were level that's where it sliced through when the
[20:28] sometimes you get lucky you know it sold off it was weak the burden was on the this level here you got a quick spike on the open um there were prints there um you just had to have your offer up
[20:41] and it very quickly got back down below 111 and it took out this low from the after hours but quite a bit here look like maybe 109 maybe it could work its way back up but came off of the market later in the
[20:54] balance in the close so you know it has some more downside the higher time frame as i went back in time that support to me but the way i'm thinking about it today is
[21:08] i'd be perfectly happy to play it on the long side otherwise i'd have to levels on the sheet and then finally twitter just think you know what i had said um in the
[21:22] don't see this really trading below 40 you can see it broke out from 40 here went to 46. um it does seem like it could tag that 40 this morning or at least 40 40. like this this area
[21:37] right here where it kind of broke from and if we zoom in on kind of broke from and if we zoom in on it catches a bit of 4150 but it could never hold it tried like three times you can
[21:52] it tried it kept on spiking above 42 but it could never get a close just the institutions quite quite often when you open and it can't reverse um meaning there's
[22:07] morning trains where it starts to hold here and then kind of leak its way out back up to 43 that um if they're on a t-up the institution started selling the morning they have some more selling to do in the afternoon
[22:19] although it had a little bit of buying pressure with the market as well right this morning with the market up about one percent one percent or so um is not a good sign for it
[22:31] kind of what we're looking for in the afternoon on friday was 42 minute and starts holding above 41.50 for like an hour or so perhaps a trend back up to about 43 43 would be r3 uh on the sheet but right
[22:48] um seller's in control the burden is on the virus to show some sort of shift
[23:18] not positive i think the plan is that we're going to broadcast the morning so you'll be able to hear exactly my thoughts related to uh as the election and also we're right in the middle of earning season two so um if you want
[23:32] about i see some people asking questions well i think we're answering it in the chat on on youtube but always support smbcap.com questions uh as always be patient and good luck
[23:49] uh as always be patient and good luck you