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Introduction To Professional Trading #2: Trading From RelationshipsOctober 16, 2021 from 9AM-12:30PM EST - Only $99.99 Register Here Episode Summary:Markets Continue To Be Choppy PALANTIR Shares Rise 13% in Tuesday’s After Hours SessionConstellation Brands Misses On EPS; Beats On SalesCharlie Munger Has Increased His BABA Stake By 82% Since JulyGoldman Sachs Downgrades Airlines On Rising Fuel CostsBENZINGA CANNABIS CAPITAL CONFERENCEThe premier gathering of cannabis entrepreneurs and investors in North America returns for a 2-Day Hybrid Event on October 14-15.Register hereMeet The Hosts:Dennis DickTwitter: https://twitter.com/TripleDTraderSpencer IsraelTwitter: https://twitter.com/sjisraelJoel ElconinTwitter: https://twitter.com/Spushttps://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/podcastsUnedited TranscriptComing to you live from downtown Detroit. This has been Zingas pre-market prep with your host Joel Kahn. And this is a vowel tile property here. Isn't it. And Dennis stick, I've been the petty. I will buy the stock for a Peck with everything that you need to start your trading day.good morning. Good morning everybody. We had some, the technical snafoos today. I will explain why in a second. Welcome to pre-market prep. I'm Spencer. You can tell by my beautiful mug. There's Dennis there's Joel. Uh, first I will turn my camera on for a moment, so you can see, uh, that I I'm home right now.The problem is my, my. CUNY home computer can't really handle short with the camera. So I'm home. The reason I'm home and not at the office is because drum roll, please. I have COVID. So I've been diagnosed confirmed two times with, uh COVID-19. So for the next 10 days, actually, um, eight days, cause it's from the starting of symptoms, which for me were Monday.Um, I will be confined to my, to my house, my apartment, and I'll be stuck here. Uh, and that's the situation. So we're going to roll with the punches for the next week or so, because I'm going to be here right now. I'm working off of a laptop with two screens. Um, we're going to, we're going to do our best to Joel and Dennis and Mitch.We're all going to power through. I am feeling okay. I've you know, you've probably heard me. What are your symptoms? What are your symptoms? Well, I've got this, uh, little nagging cough, which you'll probably hear, which I've, uh, I've had to, I've had this since Monday. Um, I'm congested, which, um, you can maybe also hear though, I, I do feel noticeably better today than I was yesterday, yesterday to not feel great.Um, in hindsight, shouldn't have gone to the office and that's something that I will have to live with. Uh, but I do have never have not a fever. I have not had any breathing problems. Um, and I, and I have asthma, which is so that's concerning. Uh, but no, just the, just the cough and the congestion, some sinus pressure and a little bit of neck pain, which when I was at the urgent care yesterday, the second one, because I went to, to, uh, the second one, she said, yeah, neck pain is a common thing with.The Delta variant apparently. Um, so here, here's what she said yesterday. Uh, when w when we got there. So I, I went and I got a COVID test yesterday, Alec nude, and it came back positive. I have like three o'clock, three 30, and I was like, ah, I'm looking at another one just to be safe. So I want to get a second one.And when I went to the second place, uh, we told them, you know, it was me and Arielle, my fiance, and, uh, we were both at, to get tested and I got the Johnson, Johnson, she got the Madrona and the doctor said, oh, but , that's great. I've only seen one breakthrough case with a return, a vaccine. Well, what do you know now?She seemed to know. So, and then she said, she, she said, uh, she asked what I got Pfizer modernize. Neither. I got Johnson Johnson, and she went, Ooh, that's interesting. And I went, wait, why is that interesting? And so, but basically she just, hadn't seen a lot of Johnson, Johnson vaccines. Um, but she was like, yeah, you probably have COVID right off the bat.Uh, but anyway, so she'd only seen one, one of my during a breakthrough case. Uh, and before yesterday, now she seemed to, so that that's the story morning glory. And, uh, how's, how's there. She's fine. She has her only symptom is starting this morning. She's a little bit congested, but she had nothing yesterday, nothing the day before.Uh, we don't know where we got it and like that, but, uh, we will be staying home for the next 10 days. And, um, I can't really see the chat right now, cause I don't have this green space. So thank you. I want you to feel better. Okay. Thank you to everyone. I assume. You're all saying nice things. And again, I turned my camera on just to show you that I am alive and well, but my computer literally can't handle the camera right now.Um, so that's the story. Did you, uh, have you guys been eating out in restaurants at all? Uh, we do do. We do do that. Yes. Yeah. So it's possible. I got it from there. We saw some of her family over the weekend. Bam could have been in the office for all. I know. I, I don't know. I don't know. Can I ask you one question?You can put COVID on my birthday. Well, in your birthday, my birthday dinner, I apologize. Um, I didn't technically didn't get it on your birthday. I just gotta die on your birthday. Yep. So if you were, you know, uh, planning on going to New York next week to see me, I may or may not be there. My core, my core team does end, um, Wednesday night slash Thursday morning.Um, so TBD on whether I'll be there. But, um, that's next week, but again, again, I wish I could see that, you know what? I can bring up that I got one question coming from the chat. Yeah. Regeneron what's up Spencer. Oh. So I, I am going to get at, at Lisa's, uh, behest. I'm going to get, uh, the monoclonal antibody, uh, treatment today because I qualify for asthma because I have asthma.She does not, she has no pre-existing conditions. So I don't know if she can qualify, um, to get it. You call you already called. I know I want it. I have to call them after we have to put on my, my computer may maybe, uh, doing some weird things right now, but I'm trying to, I'm trying to pull up the chat with very limited screen space.So anyway, that's the story. That's why the show got off to a slow start. That's why my camera's not on, um, uh, there's my computer being weird again. Okay. Well, we're glad you're feeling a good Spencer. Your sound, obviously it seems like the vaccines are somewhat working for you guys because you guys, neither of you are very sick so far.Yeah, definitely. I mean, that, that was a concern of mine. The entire time is I have to be preexisting in one condition and this is a lung disease, but I have no breathing problems. I have no wheezing, none of that. So I'm feeling like pretty encouraged. Um, so yeah, that's basically the story. Um, that being said let's uh, yeah, David, don't worry.Okay. I can see the chat that David I'm going to get some equipment today. I hope from the office, so I will be better equipped. Hey Spencer, if you, uh, if you need any. You know, I mean, now I can go get it on your doorstep. I thought you were going to say call it dentist. No, no. I was going to say Kali's but she's got a busy day.Appreciate it. So let me know, let me know if you guys appreciate it. Appreciate it. Thank you. All right. Thank you everyone. Have the chat. Let's get, let's get to the markets here. Um, boil, boil boy down 42 and a quarter handles 42 91 75. I'll say the market talk for when triple D comes on here in a minute.Wow crew down 65 cents 78, 28 gold down to 20 17 58 50 silver, the red by 20 cents at 2241 Bitcoin 52 handled 52 K uh, 52, 1 10 up four 80 Ethereum golden. The other way down 3%. Um, Hmm. Well, I would keep an eye on that Bitcoin bowls. Uh, cause that's been the leader that's done 110 bucks or 34 14. I'm going to bring up the S and P chart here.And, um, we had a couple of inside days and we have a trading range and Mitch and I were on at 3 30, 3 40 yesterday. And I was just talking about, wow, all these highs in the same area and all these lows in the same area. And, uh, it looked like we were just, you know, it looked okay. And then late in the day, man, someone came in with their solid shoes on and they haven't let up.So. Dennis wrote, I guess, read dumb, you know, dot up 40 handles. You sell it down. 40 handles you buy it. I just don't know how long I think this time, I don't think we're going to get the, is back up to that 40 to 43 60 area. I think it's, this is a really interesting day because the market has been knocked down and it's come back.And this is, this could be really like the F this is the fourth try. So support is support until it's broken and we've been in a trading range, but man, oh man, what a, what a choppy start to the quarter. Okay. I mean, you look at that chart though, and it's very clear. That range was very clear and you have, it is not paid to chase any move.We're going to say it again. This we've been saying this for a month. Even months, we've been saying this for two, three months. It's been fade, trade market, the constrain market, the selling of the reps, the buying of the depths. If you're buying the reps and selling the dips, you are losing money to the people who are doing it the right way.So, I mean this last four or five days is just a perfect example of what this market has been for a long time that you know, the market with no memory, we go up 50 down 50. So we look at the last four days down, 60 handles up 60 handles down 60 candles up 50, 60 handles today down 50 handles. I mean, the trend is your friend and the trend right now is no trend.The trend is just fade everything. So, I mean, am I coming in and buying some stocks today? Probably. Am I putting anything in my long-term portfolio now? Because I'm nervous about this market overall to Joel, but as. I'm still buying depths, solid reps until further notice. Yeah. Actually we didn't even get to those lows.One thing that I was like, you know, we have just a great, great guest on, and it's always great having Ryan on because my man does his homework and he showed us that one chart, you know, where after every 5% correction where the market has been in six months. Right. And, um, it's pretty bullish. I mean, what did he showed us in that chart?And then I asked him, I'm like, well, are any of those times, is the market coming off a double and in 18 months? And he said, no. And I, that to me, I mean, just I'm looking at this monthly chart and it just looks like we got a couple more red candles, common. I mean, we just, you know, if we hold flat, it's fine.But one red. Usually begets another red candle. We haven't had that in so long. So I'm, uh, you know, I was on the edge on Monday. We went down Tuesday, we battled back now, boom, knock us down again. I mean, I don't know how many times we can hit this floor and bounced, but as we speak, we're 17 handles off the low.So let's, you know, go with what has been happening instead of constantly trying to predict. And right now with the information you have, and this information is that we're just chopping around. But I will tell you, there's not a lot of places to hide here this morning. So looking to my trusty S and P filter here, I see Biogen trading higher.I see Zynga. I don't know if it's in the S and P, but I have some of my select stocks and they're just, I shouldn't say S and P filter. I had a thousand stocks in this filter. It's all slot mid caps and mega caps, and there's literally three stocks trading higher. And I can give you the, to me right now, they were Biogen Teva and.Out of 1000 stocks, 1000 there's three that are trading higher. So, um, obviously you go, there's more stocks than that. These are just, you know, the, the may calves I'm looking at. And I shouldn't say these are bid higher because my stop, my filter is looking at bids. So there may be a tr outside trade where something traded higher.Like for instance, at WY tick tire, it's not bid higher though. So it was probably just somebody like, oops, I just bought the thing flat and probably gonna lose money. So I don't know no place to hide here today. Know, we've been talking about gold as a head and you know, and how it has not been working again, it doesn't work.You know, you get the market significant sell off. This happened three years ago, gold, drip and higher, not in this market. Gold is that kind of goes with the flow too, and just cannot seem to catch it rally. And like, we've been saying, if it doesn't want to go up in this inflationary environment, when is it going to be.So it doesn't play defense. It doesn't, you know, go up and inflation. I don't know why to own it then unless it's going to be a Johnny come lately, catch up trade here where all money managers are looking for a home, but it's been difficult, uh, to be long and bullish gold too. Cause it's just going down with the overall market as well.I don't know what to say. I, a part of me wants to go buy stocks like in the long-term portfolio, because there is some stocks that we do. Like there is some stocks that are getting fairly cheap, but it seems like every time I stick something in the longterm portfolio, three days later, I'm not happy that I did that exact opposite of 2020.It sticks something in your long-term portfolio. Three days later. You're happy that you did that. So it's tricky. I mean, what are you looking at? Joel? Are you looking at buying anything or you're just paying off here right now? No, right now, I mean a weakness we're supposed to be looking for buying opportunities.We do believe that Spencer could be correct with his analysis. That would make new highs. We're going to want to add a few stocks. I really, I, I kind of want to buy Bob. Again, I want to try, I have Bob in the longterm portfolio. I kind of want to buy it for a swing trade, but the simple reason is that it wanted to go up yesterday and now the market knocks it back down.You have the level of lean out 1 38, 43, but then I think, okay, well overnight risk is significant, always in China. You know, we, all of a sudden we don't know where Jack ma is or some bad headline comes in. It falls 10 bucks in your face, but I mean, it kind of wanted to go up yesterday. It was its first healthy candle closed, fairly strong.And then the market knocks it back down. Same thing with Nike, Nike, like you were saying, Joel got a rating yesterday, a buy rating. It was trading higher looking good. And art market knocks it back down. So those were two stocks that kind of wanted to go higher that are getting knocked back down by the overall market.And that's what I'm looking, you know, as trading opportunities. I look for what was strong yesterday and if I'm buying the dip, I want to, I that's, the strength usually goes back into those stocks. Another…
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