Oil Spike & Flat Stocks – Full Breakdown & Transcript

[00:51] July 19th, 2026. You're watching First Call. This is Tasty Live. I'm back. I was in on Friday. Ilia, I'm here a year older now. I have seemingly lost my glasses. So, this is a great start to year 37. Can't see. One day closer to

[01:05] death. How have your last few days been? So, you just got to get to the other side of the big four. And you start to be a lot more philosophical about these things. I carry extra glasses everywhere I go. And they just sit in bag pockets,

[01:20] car pockets, because I can't trust myself anymore to remember to have them. The kids probably ran off with them. I think my daughter was wearing them on Friday night. I don't know. That's not the problem. Uh, I thought my eyes were

[01:34] prices up at $83 a barrel pre-market here. Uh, the US strikes against Iran continued again into the weekend here. continuing after hours as well. Uh, Iran striking a bunch of US bases. So, what

[01:47] was looking like a late 70s or high 70s a barrel last week now creeping up from 81 on the close on Friday to about 83 and change here pre-market. So, Ilia, that's where we're going to ultimately start today's session. Um it looks like

[01:59] stocks weekend. Wall Street according to IG is down by about a quarter of a percent. Weekend NASDAQ down by a little >> not very much by the way. >> Yeah. And crude is and weekend crude's only up about less than two%. You'd

[02:13] only up about less than two%. You'd think, frankly, you'd have more >> perhaps. perhaps we'd have more, but that doesn't speak into uh even the to be dealing with over the next few days because after we had the start to

[02:25] earnings week last week, we had bank earnings of course, we had the TSMC earnings, we had the Netflix guidance miss. Uh this week we have the whole cadre of forthcoming tech earnings that are coming out. Alphabet, Tesla, Intel,

[02:37] AMD's AI event. We know that there's a great deal of short interest in SpaceX even though they're not necessarily top of mind as a MAG 7 name right now. Ilia, going into this week, it seems tenuous at best. Yields are up, oil's up, stocks

[02:51] are in with Friday close. >> Yeah. So, it was an interesting week >> Yeah. So, it was an interesting week last week where you you sort of have a referee in the price action between two different interpretations of the world.

[03:06] On the one hand, you have a relatively hawkish Kevin Walsh. You have solid consumer confidence numbers at the end of the week. So, inflation expectations of the week. So, inflation expectations come in. confidence rebounds.

[03:19] Seems like consumers are in okay dis position with all of the warts that you've mentioned before on data collection in the University of Michigan collection in the University of Michigan survey since their update. And then on

[03:32] the other hand, you have negative month-on-month CPI, negative month-on-month PPI, and a retail sales report that tells you the wrong kind of categories are seeing losses. Sure, there's a big drop in gasoline stations.

[03:47] Crude oil fell. That was expected. But some more cyclical, more kind of belt tightening categories looking a little softer in that report. And then you go

[03:59] and see what the refs told you and gold didn't break down and bonds didn't break down. And so you go, well, it looks like the markets went with the inflation is the markets went with the inflation is down part of the story. And that's

[04:14] because crude oil kept surging throughout. You'd think there'd be a war trade dynamic and the markets keep went, yeah, no, that's not that's not what's interesting because it seems to be telling us that indeed the markets are

[04:29] looking at the cyclical part of this and going, is something about to happen here going, is something about to happen here that's untored? the the World Cup's on right now, so that's probably the most important thing

[04:44] >> Apparently, yesterday the FRA I didn't watch, full disclosure, but the the barn burner. >> Well, you know, when when players aren't

[04:56] not, you know, they're playing a little bit looser. There's nothing really to care about the uh care about the third place game. But hey, World Cup is still time was added here right as the futures market is getting ready to open. We hear

[05:11] >> there's your gap up on oil. >> Well, we're here for a very meager five downside. The NASDAQ's actually gapping open uh slightly bit higher here up 36 points right now. But oil of course 2.3% 2.2% upside

[05:26] weekend uh weekend oil from IG. I mean nailed it to the tenth of a percent. >> So it's it's right here approaching $84. Ilia, obviously this is the highest price that we've seen since the second week of June right now. Um flash in the

[05:40] yet because it's still early in the at a rise in oil. We're looking at a rise in V in general, which had really dissipated after the CPI and PPI report.

[05:52] to the table here. So I guess the question is what are we looking forward to in the next few days that could potentially diffuse or accelerate this volatility expansion that's been hinging upon the latest news out of Iran? Is it

[06:07] upon the latest news out of Iran? Is it simply the straits remaining closed? I think that's part of it. Um, we're getting, as you mentioned, into the tech earnings part of the story. And if we remember what happened last time,

[06:21] right, late February, the war starts, you get a really clean response from that and you go, "Right, here we go. Stocks down, bonds down, gold down,

[06:36] dollar up, real clean kind of a response." As you get into the first quarter reporting season, stocks go, "Yeah, okay. We're not paying attention to this. We're going to go pay attention to that over there." And everything else

[06:50] go, "Yeah, we're going to go listen to the hyperscalers. They got capeex numbers for us. They sound big. That's of semiconductor names and we'll see you all later." We're at that spot here

[07:04] all later." We're at that spot here again. So if we get the inverse now and stocks go, "Yeah, yeah, yeah. Hyperscalers, cool, cool, cool, we've heard it all before. The bar is really high." Meanwhile, this war hasn't

[07:17] resolved yet. And we get the inverse of that response. That would not be a good sign. That would tell us the hype cycle is running out of juice. on the show during the week in the mornings is we run a little segment

[07:31] their questions. Research attastylive.com research tastily.com or you're on YouTube, you can do that right now. We did have a question tasty.com if >> We did have a question uh that that came in here over the chat. Uh can you guys

[07:47] talk about managing short strangles? I mean, yeah, we could do it in a number volume, you're in a position, out of a position. But I think the question is we're shifting from what was a lowvall regime. We banged out the close last

[08:00] Friday, not three days ago, but we'll call it 10 days ago with what a 1505 VIX have the chart here, so there's no reason to guess. That was July 10th was a close of Yeah. 15 uh 1503, I should say. Right. But when you're in high V, u

[08:17] strangle, right? That's kind of like the natural habitat for it. It's where you want to execute that trade. uh you're getting paid more and and the strikes further away from the at the money position, the immediate price right now.

[08:30] more room to be wrong. When you're short a strangle and you're shifting from a low volatility to a high volatility regime, that's when you can run into problems because your strikes may be off. So, um, generally speaking, Ilia,

[08:43] right, when we talk about these short premium trades, we really want to get out of something like a short strangle around that 21 days to expiration because if you're sitting below 21 days to expiration and and the market starts

[08:56] increases and you get a big directional move, the position can turn against you >> The question here is, right, it depends upon the environment that you're in. So, strangle and you've been approaching like 21, let's say this coming Friday is

[09:11] 21 DTE and you see that volatility is on the rise and you see all these earnings so lucky that you're still with inside the width of your short strikes, it might be better just to lift it and maybe roll it out. Just kick it out,

[09:26] little bit more breathing room, a little bit more time, take the market giving reestablish yourself. But it's totally contextual, right, Ilia? If we're in a and I put on a short string and we're going into a lowvall regime and all a

[09:40] sudden VIX goes from 23 to 15 during the duration of my cycle, I have a totally manage that risk. So, I'm thinking about manage a short strangle going from a lower vault to higher V regime? If your

[09:52] uh when you put it on, you may be hope for. And if it's not the trade that you would still want to have on, you can time, kick out your strikes to get a little bit more breathing room, if you

[10:06] will. >> Yeah. I mean, you have to, I think, to >> Yeah. I mean, you have to, I think, to some extent, right? Just recognize that one-sizefits-all solution because it'll depend on what

[10:21] solution because it'll depend on what you believe is going to happen next. But you can't have a framework to say okay if I am let's say just into a position and I still have a bunch of time on it do I think V is going to come in do I

[10:37] is going to come in within the next week if I have let's say two weeks time to get to 21 days to DTE but if you're at like 24 days DTE now let's say 23 24

[10:51] you're in the vicinity of where you might want to think about managing it might want to think about managing it and V is just picking up. Go ahead and not wait and take a look and go, you know what,

[11:04] let's see what I can get to kind of manage around this because we had quite manage around this because we had quite the V pickup late last week and V has

[11:16] been very very low. So if you wanted to do the riskreward math on that, the path of least resistance, at least in my mind, is higher not lower.

[11:28] >> You know, one of the I'm reminded of a slide that we sent out. We we share this from time and time and again. Um but it's kind of what strategy fits best and uh the study that was done I think Julia Gad time ago, Anton contributed to this.

[11:43] short the strangle? what gives me the higher uh higher average daily return daily returns depending upon what the VIX is in that window here. Um Ilia, forgive me here, but it's worth sharing right now. This is why, you know,

[12:00] you're in. If you're short a strangle when volatility, when you're at like a 15 VIX, um you're actually looking at a lower risk adjusted return by doing the short strangle than simply by being long the futures. So short the strangle is

[12:13] V. you're likely to get a lower volatility of your daily returns as well as a higher average daily return. So setting on a strangle at 15 17 18 I mean put on a short strangle right now. Even with this little bump in volatility that

[12:28] we've had here, it may simply be better place to just look to sell a put spread if we find that volatility starts to turn a corner. But again, Ilia, the question in front of us, when do you do with a short strangle?

[12:44] >> But also I mean >> keep in mind we have had some serious contango in the VIX futures with the spike last week

[12:56] especially Thursday and especially Friday that contango narrowed significantly. So a lot of what's occurring here is a rise in nearterm occurring here is a rise in nearterm vault. So depending on how much time you

[13:09] have on this >> is maybe the first consideration to keep in mind like >> how much to exploration and do you think this is a flash in the pan and if you have those answers you're

[13:23] >> right if volatility jumps and the IVR and I saw a follow-up question that had come in here uh if if Ivy on the product changes during your trade on your short strangles um to that point depends if if the volatility jumps But the market is

[13:37] still within my short strikes, then I'm feeling okay. I'm obviously not the same thing goes for like a short iron condor trade. Short iron condor is obviously risk defined. But as long as we're not jumping outside of uh my short

[13:52] strikes, then I'm I'm totally cool with just routing it out. Ulia, if I see like >> again, so much context here uh and so much nuance. If I'm within my strikes, but the VIX goes from 15 to 30, I think to myself, is this kind of like a,

[14:08] you know, last chance, last helicopter out of Saigon, like, [laughter] you know, before I before this market, you know, really gets out of control here. So, maybe I should take take this off, see what volatility does, see how

[14:21] it back on. Maybe I cost myself a few bucks along the way by giving up the position. But um that that really is the total contingency here. If volatility spikes, but the price remains within your short strikes, then it's a risk

[14:35] comfortable holding on. If you get outside of your short strikes and you're at like you put on 45 days and now it's day 44, just take the thing off and move >> don't even try. Don't even don't even just reset the table.

[14:47] >> There's no reason why why fail the pillow test on yourself. Okay, so let's get back to this market here as we get a little bit more uh questions that are coming in here. You were mentioning this the rally in oil right now. That's up

[15:00] 2.5% here. I can't help but notice that gold and silver are falling again, but soft. >> All we're holding the range, baby. I

[15:12] mean, I remember when we hit $4,000 an ounce at the end of June in gold prices ounce at the end of June in gold prices and at the end of June, oil was trading and at the end of June, oil was trading at $67. So, we've seen this move from

[15:24] like 67 68 up to 8384. And all this was really, really bad for gold except for any more weakness in gold. All it's done is >> effectively prevent >> effectively prevented gold from rallying

[15:37] >> Yes. >> Okay. So I I see the bullish side of >> right? >> What you've just described I hear it in your voice. I hear it in your voice. That's the logic. Like to me, this is

[15:49] what I'm saying. And maybe I'm wrong, but to me, you've just described exactly where my head's been, which is if crude oil is rallying, how come gold isn't selling? That's it.

[16:06] That is another thing that's happening here today. A little bit of weakness. the start of last week. Last week, we opened up Ilia going down at what 108 and 29 and a half tick. So, a little bit of levity there. I'm curious, uh, you

[16:21] because I do have a trade position on in here and a few things that are working out in oil still, which I took all that stuff off. I wouldn't have benefited because all those positions would have expired on Friday. So, not for nothing.

[16:34] put on at the start of last week's show, those are definitely working out in those are definitely working out in CLV4. Um, but I was I was leaning >> leaning long this 112 111 put spread here on the basis that maybe oil's

[16:47] >> We'll see where we go at the start of tomorrow. We're at 5 days to expiration here. So, obviously, if this thing moves against me, gamma is not on my side. If if ZB rallies, this position is going to lose value exceptionally fast now that

[17:00] we're on the wrong side of 21 DTE. >> Yeah. But I really wanted to get below [laughter] only two or three ticks away from there. So I'm going to keep an eye on this tonight. Ilia, um that's you know TP trade put me into that last

[17:12] a little bit further out of the money in case things really get sticky. It's at max loss right now. So I'm just going to leave it on as uh Liz likes to point out. When you're at max loss and you're below 21 DTE, you might as well just

[17:25] Thelma and Louise the guy, right? >> But he put me gun to the head on on on doing with this oil? I'm like, "We're buying it." He's like, "I'm buying it buying it." He's like, "I'm buying it now." I'm like, "Buy it." So, I got him

[17:37] long USO and as long as this continues here overnight, [clears throat] It It does have me thinking though here, I looking at the 29 days to expiration and perhaps another trade that actually

[17:50] have to see if we can work the angle a little bit. I'm still sitting short a bunch of put spreads here. You know, I can go out to 60 days and you'll find more short put spreads and we had that big decline and even out to 121 because

[18:02] falling back. It's like this is crazy that Trump promising that the straits there. It doesn't actually mean it's going to happen. How has the mark been taking? Okay. Um >> apparently we're not now. Apparently

[18:15] they've talked him out of it. >> Uh yeah. >> Or did he talk himself back in? But I wasn't looking. If he talks himself back >> I don't think so. >> I don't think there's anything to manage

[18:29] along those positions just yet. What I'm a little bit more interested in right now uh on a technical basis are two things here. So, I'm going to use the Fibonacci retracement extension here. As you know, uh we go to the 618

[18:44] retracement because that is the inverse of FI. And when we get to the inverse of five, the 618, we can determine whether or not we've actually broken a trend. And that's 618. As it were, Ilia, that's kind of where

[18:56] we sit right now. The technical jargon would be if we were to break above what would effectively be $84.50, we'll call it, then oil has finished its correction to the downside here, and we've started another leg higher.

[19:10] >> we're testing the underside of a range for those of us that like simple technical analysis puts us in exactly the same spot. So it really doesn't the same spot. So it really doesn't matter. Um I mean I like fibs too, but

[19:23] there's nothing I like better than just drawing a horizontal line across a chart where the price action fits. In this particular setup, it's the same line.

[19:36] If we find ourselves the next 24 hours, I mean, I'm just going to watch this for right now. Uh, if we find ourselves the next 24 hours failing and falling back signaling that like it's not ready to commit to the whole let's panic and push

[19:50] that point, given where volatility sits right now, we're looking at the trade tab platform. Uh, here you can see the volatilities 70 60 70 80% raw V. I mean, Unfortunately, there aren't weeklyies listed right now between the August 17th

[20:06] and the September 17th expirreies. Unfortunately, but if the market's going to give us higher V and we look at the current prices, Ilia, that does mean we could sell something like the 103 104 uh you know 64 65, we could start to poke

[20:21] maybe that's going to give us. >> So, I did this last week when I was adding uh >> you went into a short iron condor. No, but I made a sort of synthetic thing here where I started building my oil

[20:37] here where I started building my oil position uh with a long call vertical and I've been sitting on that one for 12 days. Um, I've got another one that I days. Um, I've got another one that I put on last week, but I kicked it out 61

[20:50] days and instead of buying calls, I sold puts and it's because the pricing had puts and it's because the pricing had shifted where you could be in a situation where again you're getting paid better than onetoone riskreward to

[21:06] be selling V. I'll do that any day. If you get a setup where you're telling me I'm giving you more premium upfront more premium upfront and you can lock in a smaller

[21:19] fixed loss than that premium you're giving me. I'm not saying again that it's free money. I'm saying the riskreward is amazing and gives you lots >> at 60 days to expiration rate. Kind of sticking with the typical given the

[21:33] looking for something that's going to be closer to a third and finding that might be a little bit difficult here. But if we're going $2 difficult here. But if we're going $2 wide, you know, 100 102, [snorts]

[21:47] with first year, IA, because it's risking three to make one. 63% there. It's 54 cents on the credit. I wish that was closer to like 70 or so. That'd be ideal. 67 cents would be the ideal outcome, but it's close enough.

[22:01] We're all considerate. So, I want to see how oil responds here. By the way, if we up there tomorrow, then we may be looking at another run up into the mid short volatility. I don't want to be short premium uh or at least not I don't

[22:17] want to have anything that's not long beta on or long delta on. like pricing spilling over into the market here. We have all these soldiers are killed in some of the strikes. Not for nothing, Ilia. I'm

[22:30] occurring. It really feels out there feels like they're hollowing out the missile defense corridor that protects Israel given all the bombings in Jordan you know, we we're gonna have to keep an eye on this conflict right now, but at

[22:43] least at the start of the week, oil is the only thing that's moving. Stocks are relatively flat. >> Yeah. I mean it it looks like the market >> Yeah. I mean it it looks like the market is still prepared to say that this is u

[22:55] a ceasefire gone arai rather than something that is a fullcale return. It doesn't seem like the markets are that freaked out beyond oil. It's

[23:08] starting to make me wonder why the markets are not taking the higher oil as an inflation signal. And it makes me think that perhaps the market has think that perhaps the market has figured out that there is a disinflation

[23:23] thing hiding around the corner. And that disinflation thing is a downturn in the disinflation thing is a downturn in the business cycle. right now. Uh which [clears throat] may te you know help

[23:39] >> 10 days until GDP data. >> Well, this might help color your answer that came in here. Would you look at something like an August 21st uh uh let me just just dropped off the screen. Call credit spread on TLT. So expiring

[23:53] uh 821 and then same thing similar for triple Q's. I mean TLT first off framework there. You say August 21st that's the monthly that's 33 days to expiration. Where could we look at something that would be you know uh

[24:07] risking a third of the width of the strike to find a decent opportunity. Now granted, this is pricing from the other day. this is pricing from the other day. 87.88 going a dollar wide, which IA

[24:19] 87.88 above the recent highs in TLT. Maybe we'd have to go 89.88, but you know, that does not look appealing to me at all. 3 cents of appealing to me at all. 3 cents of credit at risk of 97 cents.

[24:34] I don't know. That doesn't seem right. Uh you also have the Fed meeting within something to consider. um not this week but the week after January January July 28th. So I don't know the market pricing obviously we're going to have to wait

[24:48] legitimate numbers we get on our screen but I'm just looking for something with strikes and if we're going a dollar wide we want something in the neighborhood of 33 cents and to get that you have to go down to 8586

[25:04] which we closed the other day at 84 and a half. you are you are you're daring the market to test your position effectively. You you've no wiggle room. So no, I mean I don't see anything out of TLT right now that uh

[25:18] of TLT right now that uh >> I mean I'm long but I'm long straight up >> I mean I'm long but I'm long straight up call verticals just looking simply for if this thing won't sell off on higher oil just like gold then the market price

[25:32] action is telling you I see the news and I'm doing something else that means I want to go the other way real bad. So the moment the news lets me, I might >> I mean, it does really doesn't matter what ticker it is here, Ilia. The fact

[25:47] of the matter is that we have these kind of risk primitives to 7.8 IVR. You're tab itself and look at the raw volatility, >> 10 11. That's not in the 60s or 70s like we just saw in terms of oil. So it

[26:01] through each ticker. You can go through TLT Spy. You can go through individual names here. Uh if if the IV is high, the IVR is high, and you could find something around meaningful swing levels um that can pay you out at least a third

[26:14] you're doing, then it should be on a list. If not, that's basically how I start here um right now. But I figure going into next week, we may have a opportunity for the dip buyers out there depending upon how this works out,

[26:28] say that the war is over and the oil is going to start flowing again, then who seen except, you know, obviously the death is not good. Well, perspective, as long as the oil's moving, we don't look at Russia, Ukraine,

[26:44] >> I think that's the market's perspective here, I think, is probably the biggest question for me because >> you would have to have the markets react >> you would have to have the markets react negatively in order for the opposite to

[26:57] negatively in order for the opposite to get them to react in a positive way. I don't see the markets reacting to this negatively outside of oil. Do you? >> Right. >> So why would they react positively on

[27:10] the inverse? Do they even care? >> What did we what did we learn about how the market reacted in February, March, April? No one was really certain how long it would play out. Everyone's like, "This is too crazy to actually happen.

[27:23] from like this is we're holding a gun to the global economy." Said no one's >> And so instead of legitimate dumping of assets, what did we see? Lots of >> Lots of hedging activity in the market. And so when it becomes clear that we're

[27:36] March, all those hedges get lifted. You get this massive short covering rally. Okay. And it wasn't necessary >> and certainly certainly the uh the news out of the the hyperscalers didn't hurt. I mean bonds kept trading the war.

[27:51] Gold kept trading the war. Dollar kept trading the war. Stocks were like, "Yeah, you know what? >> We're not paying attention to this now." downside, maybe maybe it's not the right playbook, but it feels like it's going

[28:03] to be choppier because folks are going to go back and volatility 1503 closed >> Yeah, >> you're starting from a low base. So, buying protection is cheap. You can keep buying protection. It's only an 18 VIX.

[28:16] You don't need to worry about selling your stocks. And so, if it's that March downside. Maybe there are some opportunities to uh uh to get look long. is a more defensive market, I want more

[28:30] staples exposure, less long duration growth kind of stuff. Coca-Cola had a tell you why. What I can tell you is that it's between its one month and it 50-day moving average here. It has a 90 IVR. So definitely want to keep an eye

[28:43] Novartis NVS for tomorrow morning because it's been trying it feels like because it's been trying it feels like to turn a corner here, Ilia. Uh, not sure what that means, but let's get you there. Kind of feels like it's trying to

[28:57] turn a corner here and base a little bit. Other than that, I'm just kind of trimming, you know, trimming the hedges and watching paint dry in things like some of the staple stuff I put on last

[29:10] week. But I'm definitely not looking out to, uh, you know, any of the semiconductors just yet and seeing if maybe this is the place to structures have worked out across the board.

[29:25] >> That makes sense. >> That makes especially when >> That makes especially when >> when you look at the fact set numbers um the amount of heavy lifting and obviously these are blended um earnings.

[29:38] So what they do is they take what's already come out, then they blend it with expectations for what's going to come out and they give you essentially how you're pacing. >> And

[29:50] >> And I mean it's it's crazy because all of I mean it's it's crazy because all of the heavy lifting so far is micron. it. If you look at the top five contributors

[30:04] If you look at the top five contributors to earnings growth so far, it's Micro by a mile and then it's Chevron, Exxon because oil, Broadcom and Nvidia is fifth. I suppose this is a good place to leave

[30:19] people off as we end down this first call. We do have earnings coming up the earlier as a trade for tomorrow. of artist reports on Tuesday for what it's worth before the opening bell. So uh you have Wednesday Google Alphabet I should

[30:32] say both Google and Google Tesla Philip Morris GE Verova which also fits one of those dip buying profiles. Texas Instruments IBM which put out their warning a few days ago which sent the stock down 26% in that one session. No

[30:44] bueno. Thursday the 23rd you're going to get Intel RTX T-Mobile. Friday uh American Express Verizon. Okay. So, we're really paying most attention to Wednesday, Alphabet, Tesla, uh, and then Thursday in

[30:57] >> Exxon on Friday might be interesting just in the context of everything that's going on in the Middle East, >> maybe. So, uh, closing thought here, fact set, we've already got through or we've tked our way through the first 10%

[31:12] of earning season so far for the S& SP 500 here, IA. [snorts] Um, going into estimated year-over-year earnings growth rate for the S&P >> was 23.2%. >> 10% of the way in, we are tracking at a

[31:27] actually seen and the estimates for the rest of the way, it's now at 24.7%. a >> little bit. >> Gosh, just give us a headline. Trump just say that the straits open and the

[31:42] war is over and and we can just electric bugaloo part two just like we did last April. >> I still got those 8,000 yard calls >> I don't know that that happens because >> embrace it.

[31:55] >> I don't know why one would embrace that here when the market is not selling off on the bad news >> because we love America. Ilia and with that first call's finished. We'll be [laughter] back tomorrow morning, 8:30

[32:09] Eastern, 7:30 Central time. Jamal, Mike, they're back. Jamal Chandler, Mike morning. Great programming, of course. Uh myself, TP, Liz, Gus, Errol will all be here. So, join us as you start your trading day with Tasty Live. 8:30

[32:23] trading day with Tasty Live. 8:30 Eastern, 7:30 Central time. Ilia, it's those around more headlines. Oil up 3% north of 84 bucks, but stocks barely care. S&P down a 10th. NASDAQ off by 001. We will see everyone tomorrow.

[32:37] Authority 5. You let me know if the world implodes.

[33:29] show. It is Friday, July 17th. Hopefully, everyone's got a nice weekend We just having these back to back to back. Uh my name is Mike Butler. I'm YouTube channel if you haven't already. We're streaming live there. You can

[33:44] along the righthand side chat. We got the E- Mini down 70 right now. NASDAQ down 580. Global geopolitical tensions continue to heat up. You got crude oil up $2. That continues to increase its

[33:59] backwardation. uh which is good for products like QSO, good for implied volatility and uh premium selling in there if you're partaking. But really, I think when you look at some of these markets, you've got uh the continuous

[34:13] markets, you've got uh the continuous selling in the chip stocks and we have this beautiful chart pulled up here, Jamal, uh looking at all these chip stocks and it's it's kind of interesting to see. You've got