Pretty crazy uh the uh market is uh, certainly being pretty entertaining, but it's also been pretty brutal to some stocks. Uh, particularly some recovery stocks. Some spak stocks that just haven't had their uh haven't had their opportunity yet uh and and some pretty intense uh intense uh. You know flips here uh in uh, towards the upside and to the downside one second here there we go all right.

So let's take a look at the broader market, first and uh. If you have not yet watched my video on what it would take for the stock market rally to stop, i highly encourage you watch that so just look on the channel. If you're, not getting all the notifications, remember download the meet kevin app, just put meet kevin in your app store, apple or android, and that way you'll get all the notifications, but uh yeah look at the flipping we've sort of had on the indices. Today, we've got the dow sitting basically flat.

I mean down point one: four s p went positive about a third nasdaq technologies .77 and the russell 0.11. What's fascinating about this, is it's you've really had the 10-year treasury, even though it's up it's nowhere near the height that we had previously in february or march and right now, even though it's high it's kind of stuck and it's leading to people, it's leading people to Plow money into the technology sector, which is pretty incredible now, i'm going to start with the reds, because i like starting with reds and and where we're seeing the pain right now is obviously, in addition to zillow i mean when you stop doing one of the biggest Parts of your business, it's no surprise, you're going to be down 9.23 despite being down 50 already off all-time highs and zillow's. Just i mean they're they're, probably down 65 off all-time highs, now they're just getting obliterated. But anyway, aside from from zillow, look at some of the other ones that they're kind of lagging a little bit so you've got something like walt disney lagging, which i thought was interesting, because the parks are doing pretty dang well right now, but maybe you've got a Little bit of a lag here on uh production uh.

Actually there was some news this morning on exactly that. With delays on production, i want to say it's the delays on production and that's exactly what's delaying disney right here, uh so yeah disney delays marvel indiana jones films, nah, okay, uh, several marvel sequels and fifth indiana jones, film yeah, i mean so that's not great uh. Getting delays in in movies is not great, ensure tech. I've noticed has been lagging a little bit.

That would be like hippo uh lemonade yeah. You know also, i think, lemonade's slightly green, but still kind of lagging sitting at 66.. The insurtech still hasn't really met the the world of uh. Oh wow tech is rallying yeah and that's somewhat expected because i think some of the higher valuation specs and tech, which are also higher valuation there.

I think other tech is going to have to rally a good chunk before you get these to rally. So i think these are going to be some of your last rally, but could be big to rally uh interesting to see tesla wow. Look at this almost bounce off of this line that we've drawn here - that's scary, folks, that's really scary! Okay, i've had this line drawn here for quite a while. I have a line drawn at 880..

We bounced at 8.75. Today, that's scary, that's scary! Close! You know. People doubt ta all the time, but i love it. I mean it works so very interesting, a piton actually trying to come back to life right now with three percent up uh.

I think again. This is really just folks. Looking for yield. Look at macy's holy moly.

You you literally can't stop macy's. This is insane. It is the stock of of the year. I mean honestly, if there's a stock that deserves a stock of the year award, it's macy's.

It is the number one retail stock that just won't stop. I mean you are you're, looking at you know, 4x uh year to date, right now on macy's, it is very, very impressive uh and you, if you spread, split up your money into like nordstrom or some of the others it'd be a problem uh, okay. So what happened on the 14th we got news of janna takes stake in macy's, urges spin-off of e-commerce. Wow, that's interesting! Wow, that's really interesting! Yeah retail stocks are all over the place.

Right now choose carefully no kidding macy's uh. There's some other news here as well, but not so exciting, macy's and retailers surge on report that saks fifth is seeking a six billion dollar valuation for e-commerce business. Oh my gosh, that's insane! So sax might actually spin off their ecommerce business, which macy's could in theory as well, but since it's still part of macy's stock, these are turning into online plays. Now.

That's that's nuts! That's really incredible! I i'm gon na write this one down hold on a second here: sax ecom and macy's ecom wow. Okay, i mean you're you're, basically turning uh turning these uh somewhat disliked uh. You know. Recovery stocks into tech plays to some degree.

I have not gone to like macy's or saks in forever uh and and i'm very curious to see what the trend, the search trends are like all right. Let's go and look no, not truly trends.google.com there we go, hmm macy's huh macy's. I mean i don't really see any kind of like macy search trend, but then again maybe people don't really write that into google. You do get an explosion around christmas time, which makes sense.

I mean look at how perfect that trend is. That's pretty incredible. It's like a heartbeat, it's so perfect, but that doesn't mean very little good sax fifth saxophone. Does anybody actually write sex? Fifth yeah? Look at that.

Their search trends have actually gone up over the last five years. I'm impressed oh 90 days. That's a nice trend up! That's good wow. Somehow they are getting uh people to shop.

The demo here has got to be almost 90 women, though yeah manhattan same day, delivery buy online pickup in store digital styling email, a stylist i mean they're smart. This is clearly catered to women. This page, obviously uh and their main page goes to women and it's not even a a redirect. You just default to women.

That's interesting, so you got a men, okay, yeah, okay, that makes sense. I just saw that and then of course, macy's probably also going to cater to women right out of the gate. Oh you get men's suits over here men's jackets and watches okay, cool furniture and yeah makeup. Wow.

Look at this. This looks literally like saks. Look at that wait, a minute where was it yeah yeah? Look at that they're literally copying each other same day, delivery convenience store, pickup stores are open. Your safety comes first except the macy's doesn't have the stylus thing.

That saks does different business slightly different business model. This is incredible, i have to say i'm i'm impressed uh huh very interesting. I wonder if you like, do they have buy now pay later here yet because what we need is a macy air, we need a uh. We need an affirm integration yeah.

So that way, a firm can go to the moon more than it already is here, let's find a uh, let's find a watch. Let's see here, price uh discount range. Oh my gosh come on. I can't even get something over 250 dollars, uh.

Okay, how about just give me a here? We go 350 dollars whatever. What's this? Can i can? I buy now pay later this klarna uh, but it's see it's paying for paying for is garbage uh. So that's, that's! Not cool! No paying for is not where it's at. Let's go to something else: let's go to furniture, i i or not furniture luggage.

I don't know why. I mean she'll be obsessed with buying luggage. I get it. I used to have that problem too klarna paying for it's all paying for when are they actually gon na? Do like a real brand partnership here, like a firm, does give me something good, a firm all right here, we're gon na buy.

I don't know: let's look at this here. We go. Bed set three two thousand dollars: no, they don't have buy now pay later yet other than the payment by now pay later uh of um of paying, for rather they don't have buy now pay later. That's interesting see, that's still an opportunity here and i don't know: let's try sack see if they've partnered with anyone.

What's what's something expensive over here here we go. I don't know a thousand two thousand dollars, let's see what we got uh and then we'll get back to the sticks. Are you gon na pay, a thousand dollars for delonghi espresso machine as low as 88 a month learn more co. There you go there, you go! That's competition.

That's smart, good job, clara! That's what i'm talking about! That's smart! That's also interesting saks and macy's with the klarna integration, very, very cool uh. That's good good to know! So you got that competition over here competing against a firm with amazon, walmart and target sax. Uh has uh, sax and macy's are doing the klarna very interesting clarina, i know: are they public yet klarna? Aren't they going public with a spack um klarna rules out spack in favor of traditional ipa, oh they're, going to go public. This could be interesting.

Klarna says listing is increasingly plausible, but not imminent. Fintech klarna rules out spac deal. That's going to be fascinating to see what the valuation is of this thing uh. Oh, my gosh investors recently learned that klarna sweden's buy now pay later company closed.

Another round of funding valuing the unicorn at 50 billion dollars holy smokes 50 bill for klarna. Oh, my gosh, i mean that's, that's money in the bag for a company like a firm, then holy smokes, and i mean the firm's killing it today. Uh the thing went hit an all-time high of 159 dollars, it's sitting at 157 right now, uh, it's uh the valuation. This has got to be like 40 44.

Now, no, it's not going to be 10. That's not 10. yeah! It gives me 43.44. 42.66 uh whoa.

I really want to see the klarna financials. That's insane. Klarna is a swedish bank that started an 05 and now they're, basically big for buy now payloader whoa after pay, but after pay was acquired. That's crazy, okay! Well, i mean that's.

That's actually really good news. I mean if they ipo, with a valuation like 60 or 70 bill and affirms at 42 and we'll have to see what the revenue numbers are like. But a firm got a firm got amazon a firm got target, a firm got walmart. Those are big.

Now again, you got the competition here at uh at sacs and uh macy's, apparently not going on the big items. Yet here but uh i mean i guess. If i go to. Let me see if i go to coffee makers, let's see if they did the integrations over here as well, uh nespresso.

Let me see if i can buy now, pay later. This thing, no just paying for so it's just certain brands again and i hate the pain for thing. I say that a lot though, anyway, paying for is no different than just using a credit card. I don't understand anyway, but uh.

This is very interesting to see a company like macy's run like this because of this uh, this potential idea of a sax e-commerce spin-off, that's fascinating, because if i look at macy's stock, this has a valuation of 8.72 billion dollars. I mean it's, it's got a tiny valuation for for how massive this brand is, and let me see how sales are oops. So if i look at rev, we have an eps coming in at two this year. It's only selling for 14 times price to earnings.

Right now and uh, we are expecting growth in 2022, but then potentially flat or negative growth in the years thereafter, yeah that's a little bit of a problem, but still you get to 3.74 eps 2022 and this thing's trading for 28. Right now. That's still! That's trading! For 7.4 time next year's earnings, it's low, uh uh. You want to go from redfin to uh to virgin galactic.

I mean i don't. I don't know that anybody can go uh from from redfin to virgin galactic they're pretty different. You are trading one pooper for another boat, sucking um yeah. I don't know i i i personally, i don't know i've never been able to get bullish on virgin.

I'm not uh, i'm not like anti-virgin, i wouldn't short version, but i just i haven't been able to get around valuing something. I have no idea how to value. So it makes me a little nervous little nervous. I don't like being nervous all right.

What else we got going on the market in the marquette uh yeah? That's that's an apples to oranges. What's an apples to oranges, i'm not sure what you're saying that is. I think you're. If you're talking about space and redfin, that's how i felt too uh kevin.

Officially, not anti-virgin, oh my god. The problem with live streams all right so uh anyway, where were we okay, oh gosh, toast is getting toasted again a little bit uh. It's interesting toast has just been very volatile. Uh.

Let's see here toast, i still think they're too expensive, but uh. Let me go to the day chart here. No you're still doing i mean let's go to the hour, to be it yeah. Okay, i mean whatever.

This is just post, ipo volatility, not a big deal. I don't know that there's any news here: uh price target for toast rated at 64. morgan stanley at 63. yeah.

They got two price targets today, jp morgan at 57. They got three price targets needham at 70.. Oh, they got a bunch of price targets: goldman sachs 52, piper sandler 63 key bank 65, wow they're, all in the same place. There are a lot of ratings that came out today for this one, all right, uh and then fuel cell.

I wonder what fuel cells running at right. We saw this picking up this morning, so fuel sell we'll take a quick peek here. We do have three minutes the closing bell. What's going on with, let's see here, fuel cell hmm, it could just honestly be momentum off this energy crisis because i'm not seeing a particular reason for it.

Oh well, i saw being pumped by a big on twitter, oh okay! Well, there you go. I mean that market kappa is pretty small uh. Let me see here so f, oh yeah. It's a 3.2 build market cap.

Okay! Well, that'll! Do it yeah, because i i don't see any news just be careful stuff like this, can dump fast and i'm like in the grand scheme of things it's like a it is a volume move here, yeah all right, whatever wow sofa is almost 21. That's amazing! Now, let's listen to this for a moment this looks like it could be interesting. It gets yours, we grind higher again by another four through 40 basis points. Are we pricing in too much too soon kathy? Well, i think probably so i could see one rate hike in the second half of 2022.

I think two is being a bit aggressive um, but i think the fed needs to kind of retell the story here. So the market's taking the inflation rate that we're currently experiencing extrapolating it into the future at a pretty rapid rate, and although we don't look for a return to that, one and a half to two percent area anytime soon. Second, half of 2022 is likely to see slower growth, both domestically and globally, and some easing of inflation pressure. So i i think the fed needs to kind of reset the narrative here um and tell us i don't know: do we think the market's pricing and rates too fast? I don't know if i 100 agree with that, but uh, okay, no we'll see so um all right, all right.

Let's see how we're getting ready and as we go into the clothes here so going into the clothes we have uh macy's fannie mae fuel cell. These guys kick and butt playboy 8.46 cloud flare crushing it today. Ryan here says he started investing back in april best day in the markets, yet very, very nice good job. That's amazing, yeah! How big is actually how big is prague? Look at this prg stock virginity, 40 percent.

Oh my gosh yeah! Look at that! It's just a it's! A 422 million dollar market cap. Oh my gosh yeah! You got ta, be careful with these. Some of these. They swing fast, hey, but if you can make money on the trade, do it but just be careful yeah.

The net rally is really really nice. Uh good job on net uh apple goes from negative to up a box 16. No way. Let me see: yeah, it's been a crazy day, yeah, look at that buck, 20 or 1.22 percent all right.

Let's listen to the bell and then we got earnings. Yeah! Look at that russell 2000. Just up about point one: two percent: so the small caps lagging a little bit. Nasdaq technology is really what's killing.

It point: eight four percent to the upside s, p, five hundred point two or three four percent to the upside and dow 0.1 to the downside. Really really incredible: i mean wow what a reversal of the day, because futures were red. Uh you've got uh, you have you know. The indices were all red.

This morning, when we first opened yeah today's a big, big, big big green day. I mean a firm being up like this tesla being up the way it is, i'm really impressed with macy's this e-commerce talk is actually really interesting. I'm going to be careful of pumps like the fuel cell in prague, but today's the day you've got some really nice moves. I mean look at this.

Even neo neo up five percent amazing coin base is knocking on the door of 300 again and face up four percent donkey sign up. 3.54 tesla ended at 8.70. Today holy moly, it's uh. It's pretty incredible.

You've got a trade desk at 80.82, wow lemonade's, even up 2.28, so it's starting the lemonade movement apple, 1.18, yep, even wayfair, turned positive ammo's on turn positive. This. I still think it's the beginning of the rally the end of the year rally and we've been in it for a couple weeks now: yeah, it's just it's just continuing, so wow, really really good. Let's go ahead and see what we have for earnings coming up monday's, not the biggest earning day, neither is friday, but it is another one of those days where, as usual, i could remind you to get up to seventy dollars in totally free stock.

By going to metcalf.com public, they don't buy or sell your information, they don't use payment for waterflow and you can follow me there on the social platform at meet kevin, so that when i trade on public, you can see what i'm doing at meet kevin on public. Go to metcalf.com public to check it out so uh and then, of course, you got those amazing programs on building your wealth link down below with the price going up on the 29th, because well, inflation, okay! So in terms of uh after hours earnings. Here we really have pacques bancorp and steel dynamics that we could look at just to see. What's going on, i'm going to look at these because i want to get any kind of indicator i can if anybody else has any earnings they want me to look at.

Let me know, but any kind of indicator we can on earnings. I think is going to be good, a good tell because we do have tech earnings coming up starting tuesday and wednesday. I'd love to get any potential indicator. So that way i can know, or at least have a little bit of an advantage potentially on trading earnings and not that i trade earnings, but prices are up so i might wan na cover, call or sell or something we'll see.

So, let's see here: okay, uh, okay, let's see individual company new, so we're gon na pull up steel dynamics, we'll see what's up here, steel dynamics and let's get earnings. Estimates too, earnings, okay, okay, so uh implied uh implied movement. Here is a 3.1 move on uh steel dynamics. We are expecting well.

The stock usually moves on average of about 2.28 after earnings, but they don't actually report. It looks like, potentially until 4 30, which is kind of lame. If that's true, a lot of these aren't reporting until 4, 30. well gosh.

What am i supposed to cover in terms of earnings, then? Well, it's going to be a little burning, a little boring. I don't want to wait around till 4 30 yeah. We might not actually have earnings today, uh just more market insanity. Well, look if anybody has some tickers that they want to look at.

We could do that, otherwise we can also just kind of explore. What's going on in the news in terms of any kind of reports, uh nancy must yeah. Nancy must have bought fuel cell everybody's watching nancy pelosi. So, okay, what do we got? Let's uh, let's look at some news here: okay, after hours, nothing major really happening here.

So let's look at some headlines here. What do we got? Oh yeah, i got two more episodes to get through on squid games and uh. I'm not gon na buy toast a little too expensive. For me a little too much.

I can warms of long-term crisis. What's this is low versus historical averages, but um, you know, certainly moving higher and with the anticipation and expectation that rates are going to increase. So i think that can put pressure on certain parts of the equity market, for certainly, i think, when you think about inflation, though, for me this earnings season, what i'm really going to be looking at is top line sales growth, because the ability of the consumer who Has a lot of money and is certainly flash we so we saw uh, we saw credit card data this this quarter come in very strong uh, the consumer is spending, retail sales have continued to be strong and the the consumer is spending earlier going into the holiday Shopping period, but anyway, i want to see what top line sales growth does this earnings season, because expectations haven't moved significantly lower for the top line going into the reporting period, and if companies are able to pass those increased costs on to the consumer, that's going to Bode well for the stock market and the economy in general, we had to buy halloween costumes two weeks early because there are already shortages of all the the popular ones so so lindsay as you you're the best for the boys. Lightning mcqueen is going fast.

It's a hot item lindsey. So as you look at the setup for earnings which sector do you think is poised for the most upside in terms of how it's been performing into the lead up versus expectations. Well, so if i look at the industrial and the materials sector, those sectors have kind of they rode the last several several months decently. They they didn't see the massive you know there was a sell-off, but it was they.

They held pretty strong um through that sell-off and, and estimates haven't, moved up significantly higher. I think there is the concern about what uh the supply chain constraints and bottlenecks are going to are going to do to to these sectors, but i also think higher commodity price prices benefit these sectors, so these are two sectors that i'm definitely keeping my eye on. Throughout earnings season this week we get a lot we're going to hear a lot from a couple industrial companies. So that is one area that i'm i'm going to watch for certain and, of course, the consumer discretionary sector, because it is the one sector that we're expecting to see earnings per share decline on a year-over-year basis.

So we're hoping to see that come in stronger than expected, mike bank earnings, pretty strong, i mean certainly the likes of goldman sachs, smallest and bank of america. Has that now raised expectations for all sectors or or are people kind of still looking on what came down? This is interesting. This conversation at the same time as they're talking about uh. You know essentially uh industrials here, there's an article out that morgan stanley is cutting u.s steel, like steel dynamics, to a sell because they see steel pricing as peaking.

It does make you wonder if uh, possibly we're gon na see a peaking in commodities, and maybe commodity prices will actually slowly come down again uh. So far we haven't really been seeing that. Let me let's see here, let's look a little bit. Let's explore that yeah! Okay, well, the latest uh manheim used car index.

I mean this only comes out once a month, so that doesn't sound good. Let's look at something else: let's go to like copper prices. Let's see, okay, copper and lumber. That's what i want to see.

Oh, i hate how this website does this? The nasdaq that's fine hold on. We will figure it out, ah i'll, just zoom in on it. There you go so uh. You can see copper here on the sixth month roughly at a six month.

High saw this around. May as well just crazy because we had so much pain in the market around may now the market's doing pretty strongly despite gold going up this high. I'm sorry, copper. We do also a comparison so copper's doing well.

We do a big comparison between copper and gold and when copper is running, it's usually a strong sign for industrials and when gold is running, it's a strong sign of uncertainty, but gold's not running so you have a strong industrial growth, potentially weak economy, being priced into Things like copper and gold, hence that ratio uh widening so which i agree with. I think the market is just really wanting to boom. But uh looks like a lumber tomb. Let's slay here, nasdaq lbs see.

If we get this lumber uh. I got this notification weeble. It was to say it is an early release. Earnings for expi world holdings really i'll look at what expi is look at that just a second, let's look at lumber here, too wow just look at lumber.

It started running again like crazy, it's at 7. 59. Again, i mean this was so weird. We saw this with inflationary numbers as well.

Inflation figures felt like they were going to start coming down in august right around the delta time we saw used, car prices come down, things were coming down, copper prices are coming down, things are coming down now, they're just going right back up again, dang, that's crazy! Somebody says i've got a truckload of copper. I need to haul into scrap and buy more stocks there you go. I think that there are some serious issues with copper supply as well. Output from south america is down quite a bit this year from covet and strikes.

Yeah, no, i guess it's not not weird. We didn't know there was going to be inflation. This is true, but you know it it inflected down, but now it's inflecting up again right, and so this is what we want to pay attention to lumber up. Copper up use cars up coming right back.

I think that's also helped us contribute to this. This rotation back up in crypto is that this fear that this inflation is lasting longer and that's why we've got bitcoin at 61.2, ethereum. 37.6. Sorry bitcoin at 61.4, now cardano at 213.

cardano's been lagging in the last month, though it's pretty much just been stuck. Uh-Huh apple drops intel, ooh and biggest macbook pro overall in years. I wonder how intel did on that. One intel actually looks like it closed green.

Today and even green a little bit here in the after hours, hmm the 73 damage shirt yeah. Thank you, yeah critical hit. Why can't charge point break 20? Yeah! That's a that's a very good question. I do not know the answer that it's a little being a little weenie baby.

It tries oh, it broke it in the after hours. There you go all right. Let me see what was up with that expi notification. So i actually don't see that i wonder if that's just an estimate, i don't see any announcements on exp, hmm, expecting earnings per share adjusted of 0.12 and what did you say? You saw from weeble eps q3 negative 0.03 yeah.

I don't know, that's not what i'm getting i'm getting a positive, so we'll see. Oh well, anyway, uh hmm! What's we got going on, i mean the aftermarket is being pretty boring. We don't really have earnings other than steel dynamics and a couple other ones coming out today, pretty slow monday. Let me see uh, it's amazing how we you turned, though i'm gon na go.

Let me just look at steel dynamics and we'll look at some other headlines. Together, yeah, no still still nothing in terms of earnings from steel dynamics; okay, fine! Then, let's, let's just look at some news: nato to expand focus on countering rising china. Okay, um supply chain problems latest issues all right. Let's take a look at this latest news and updates on the supply chain problems caused causing the biggest drop in u.s factory output in seven months.

It's not so great um, all right, let's listen here so we have. This is apple, shrugs off chip shortages, with plan to release new laptops in time for the holiday season. That's actually impressive apple. Some men is cemented its move away from intel on monday, revealing two high-end laptops powered by its own apple.

Silicon apple has been designing. Processors for the ipad and iphone for the past decade - nice good for them. Okay. Where was this talk about politico? Okay, i want to find it.

I want to see the supply chain talk. I also want to hear this talk here on inflation hold on this one right here, give me one sec next year, or it's going to be very reluctant to. I think that's when we see that steeping and the pressure has to build at the 10-year and 30-year part of the curve, because people realize the fed doesn't care about inflation. They're not going to protect real yields so 10s and 30s are going to take care of themselves.

Well right now, 530s has really rolled over north of 100 basis points on september 22nd. Right now, 87 basis points tony. I just wanted to check in on the banks quickly to see how they were doing. I talked about goldman earlier this morning, up by more than 50 percent yeah, all right, nothing so exciting.

Here all right: where is the supply chain? Stuff? Home builder? Confidence rises, wall street drifts lower as investors worry about china. Well, that was this morning here we go here. It is supply chain problems cause biggest drop in u.s manufacturing. In seven months, the u.s industrial production fell last month as supply chain problems drove the biggest drop in manufacturing.

In seven months, a gauge of industrial production fell 1.3 percent. In september from the previous month. The federal reserve said on monday that missed expectations for a 0.2 percent rise manufacturing output fell by 0.7, the biggest drop since february, and followed a 0.4 percent revision in august, a drop in the manufacturing of motor vehicles and parts weighed on factory output as shortages of Semiconductors continue to humble operations. U.S businesses have faced serious pro a series of pandemic related supply chain problems.

Monday's report also showed that output from utilities fell 3.6 and then you've got the lingering effects of hurricane ida got it. Volvo cars to list shares next week, targeting 23 billion valuation. Volvo cars will list its shares. The sweetest car swedish car maker is expecting to raise up to 3.9 billion dollars will shares due to start trading october 28th - hmm volvo, so that that was about next wednesday.

Free float of about 17 to 21, but the offering will continue to be controlled by chinese car maker. Whoever currently owns 98 of the shares, wow it's going to retain 97 of the voting rights. Even after the offering wow did not know they were uh going public with uh that much chinese ownership yeah. What else we have chargepoint 2025 and after is good, finally get that thing over 20..

Did i go to college yeah? I did. I went to ucla. I know the big sec report comes out shortly. I know i'm going to go through it, but i don't think i want to live.

I don't think it's worth live streaming. It's going to be kind of. Probably i think it's gon na be very granular to go through just wait for my summary video on it. I mean, like i, don't know it.

I want to go through it, so i'll i'll, you know, go through it and i post a video, give me like an hour and i'll knock it out. So alright, yeah yeah. I cut earnings out of the title, because earnings are boring. There's nothing tomorrow, yeah, exactly tech earnings will be dominated by shortage.

Talk no doubt watch my video. If you have not yet this morning, actually not this well yeah. It was this morning watch my video on t, oh wells, fargo, initiates coverage on tdoc at 156., but anyway, yeah watch my video on uh. What i think the biggest risk the market is right now, home prices are cooling off sort of what buyers need to know.

What wall street says about zillow's i buy paws, i don't think much i mean well, then again, wall street sold it off uh, which one uh yeah. Okay, let's take a look at these is tesla delivering new model x's sooner than expected. Is that true? Let me see here if i order this thing now or yeah model x plaid. This is estimated, delivers september september of what it's october plaid july.

What is is this right? Are you serious? This is freaking late. As, as anything are you serious, this long get out of town holy crap. I don't know how to feel about that. Oh my gosh hold on.

Let me look at the other ones tesla. What do we got over here june, holy crap december? Okay, this one's better, all right, so you got december over here. So that's not that bad and then can you configure a cyber truck. I heard they got rid of all that model y.

Let's see here how long for model y right now um thanks for the 99 cents april for a y or december for the performance, wow they're, really making people wait now man when i bought my model x, i didn't have to wait long at all. I had to wait like two weeks. That's not true. I think i had to wait like six weeks, but uh i mean now you're taught you're measuring in months from any of these oh well.

This is not bad here, like november, for the performance model, three standard range model - 3. May? Oh, oh, dirty, dirty dirty, dirty too much demand for vehicles. Yeah everybody wants a new car. That's the thing! It's not just the fact that you got the chip shortage.

It's that, on top of that everybody wants a new car, it's crazy yeah! No thanks all right! Where were we? Let's look at a couple things over here? What uh wall street says? Okay, so won't sign con zilla. I'm surprised it's as big of news as it is so. Let's see here, ceo painted uh, pointed to broader labor and supply constraints. We've not been exempt from the marketing capacity issues, backlog for renovations and closings.

I buyer activity is still a small part of the broader housing market company said 1800: okay, blah blah blah blah yeah. I mean this okay, they just overbought, i get it. I still think they should just change the price that they're offering. What is this stephen says? The why long range i ordered a few months back originally said january.

Others who ordered after said march and april now says november december december, from my why? Okay, well, that's good! So, okay, so existing orders moving up is what you're saying: okay, okay, i ordered a model 3 performance. Two weeks ago, eta is november 1.. Non-Performance models wait till q2. 2022..

Oh interesting! I don't! I don't know about this. If i, if i agree with this, will uh well, maybe you might be right actually will you may be right because think about it like, even if i didn't have the labor, if i thought the market was still going to go up, i just keep lying because I could sit on the property vacant. You know you could just sit on it. Vacant, put your hands under your butt and make money doing nothing, but you know that does screw up their their uh and screws a lot of things up at a company.

You know because they don't want to they don't want to get. I don't think the zillow wants to get into the business of speculating on the market, although that is possible. I think it's probably i i think if they didn't have labor shortages right now, they'd still be buying and selling. That's my guess, and quite frankly like if you just wanted to.

If you were concerned about the market, falling then again just offer a lower price. Like ryan's mansion, exactly uh, i've been sitting on some vacant property too. I get it stay away from cities, they suck i'm sure they're plenty leveraged to street fight yeah yeah, it's probably just maxed out. I mean, i believe it if you can't keep up with uh like let's say: zillow can't even hire enough employees to manage it.

All. You know you're just you're at capacity. But again, why say: we're not gon na buy anything like you're saying if a really good deal comes by you're not going to buy it like that's dumb, don't close the doors to everything just give not as desirable numbers be convinced to buy. You know short interest on prague: oh yeah, uh, here's the day trader stock, all right, let's look at it.

Let's look at it! It's fine! There's! No offense! Today, church, i'm just saying be careful with these things: okay, prague and fuel cell right now, uh all right. I i will look, i do think the short sale. The short interest phase is over though - or at least it doesn't last as long anymore, but then again, prague's done well the last few days. So, if you're making money on it, keep writing it, but just get ready.

You got to be watching that all day long, it's actually gone up. Yeah it's at 26.57 per s3, and that's like straight up this month from like 11 shorts have been gone up. A lot on prague, it's true, your first wedge deal was a gut remodel on a 100 year old house. I feel for you yeah in relation to free flow yeah.

Well, it's what i said: 26.57 still still heavy in az and seeing more properties with price cuts. Sitting 30 days over 30 days - hmm interesting yeah. I mean this is a time of year. The market does tend to slow down a little bit as well, but it's also in my opinion, time to buy uh.

What's with, i don't know, club foot billy, but i respect matt and his channel yeah. I think it's more of a protest to politics, but i don't really know if i have an answer. That's probably the best answer i have it's just kind of like like, for example, if i were running for office right now, i obviously wouldn't have my hair cleaned right, but now that i'm not it's kind of like f it. I don't know, that's that's the best.

I got all right cool, i'm gon na get ready for that. Gme report yeah. Let me just quickly see if there's anything else, uh bitcoin etf. We know this is coming.

Uh pro shares appears to have won regulatory approval. Late friday, a company filed a post-effective registered statement with the sec and the nyse approved the listing. The fund is expected to start trading on tuesday. The etf's pending launch helped spark a rally on the coin up.

Seven percent on friday trading above 61.6 fund sponsors have been trying for years to win approval, scc, hasn't approved anything but again remember the sec sees futures as commodities. So i think people are just getting very bullish that oh, this is this. Is it we're going to be at a regular etf rather than just a few futures, etf yeah? I don't know if we're gon na actually see uh a big catalyst on i'm gon na put some thought into that now. I'll put i'll put some thought into that.

Maybe maybe i'll drop a video on that we'll see it's. It's definitely good. How come we don't cover weber much here, don't like i love to barbecue people live stream, the gme report - really i mean it doesn't really make a difference to me. Would you trade in a 2016 model s for a new y? Why would i do that hold on replying at 46.50 in live stream uh? Would i trade in a 2016 model, s41 - probably not uh, because i hate buying new cars.

I've been very tempted to sell my car and trade it in for a new tesla, which is a 2017., so i kind of feel very much in the same boat, but i hate new cars because the depreciation is is pretty rampant to start with uh. You know it's, i don't know if it's worth the trade um personally, i just rather buy the stock like even if but then again you could have a break even like, for example, if i took my model x right now and sold it for 50 grand. Let's say, and then i got a model y for 50. that'd be an even trade right.

Would i do that? Probably not because i think that new car is going to depreciate way faster, which would be typical than my old car. I feel like my old car. Would be a little bit more at the bottom of the curve i might have to you know my tax implications could be pretty interesting since i've written off like all of this car. So i wonder what the the recapture would look like.

So there'd be potential tax implications, depreciation implications. Uh. I have to deal with the headache of transferring all that stuff um for a car like i'm, not even using the thing much but then again. That's me, i i don't know.

Would i buy a used tesla yeah? I'd buy use tesla. Your test will probably appreciate it. If you sell yourself, don't do a trade in yes by tesla, not tesla's. Yeah thanks will, that is by tesla stock is cardona ever gon na start pumping wow.

If you just bought a month ago on cardano. That's not so exciting, you've been uh, you've been basically flat, but um i mean one day all right. Let me write this down hold on, let's i'll, just change the title here and she's new uh all right. So, let's see if i can get the sec or i really don't want to do this live, but i think i might let's see sec press releases or is it called a meme report? All right should be out right now, let's see no, it's still not out in terms of press releases.

It's supposed to be out right now, but it's not, but then again it's it's within the minute. So we'll wait for it here. If anybody sees it, please let me know in the comments, because we'll we'll get it here, but so far i don't see it and i think bloomberg would have it as well. Do they have it? Did they get it before me? Probably, let's see the meme stock craze that peaked in january of this year, particularly the trading activity around gamestop.

Now what caused all that volatility? The report examined institutional accounts that had very significant short interest in gamestop, and it concluded that, while short covering was a factor, it was a small fraction of the overall buying volume. The staff instead concluded it was positive sentiment, not short, covering there. It is that sustained. The weeks-long price appreciation in gamestop, the commission staff, did consider but rejected other explanations for the price rise, including naked short selling and a so-called gamma squeeze.

Now what if anything should be done? The report is long on facts, but it's short on recommendations. For example, the report noted that some brokers, particularly robin hood, experienced margin calls from its clearinghouse when game stops. Price spiked up the author suggests shortening the settlement cycle currently two days to one day or less. The report also urged the commissioners to consider whether game-like features in trading apps might lead investors to trade more than they would otherwise.

On the issue of pavement for order flow, the report noted that the wholesalers who executed those orders did so internally and so their trades were less visible to the wider market. On the issue of short sales, the report said that improved reporting of short sales would allow regular regulators to better track. What happens when short sales do occur? Still, investors expecting some kind of imminent action from the sec likely to be disappointed by this result. By this report this is a staff report, it outlines the facts, but it contains only very general recommendations on what the sec commissioners might do and guys it doesn't contain any particular recommendations of what rules the sec might want to enact in the future.

Now, chairman gensler has spoken about payment for order for order flow and gamification of trading as talking points for months now, i think the issue with this report is while it mentions this. It doesn't draw a clear conclusion and doesn't clearly show that there's harm from what happened in gamestop and, for example, payment for order flow or gamification of trading we'll have gary gensler by the way the chair of the sec on with us tomorrow, 9 35 a.m. Eastern time on squawk on the street, guys back to you, okay, first of all, they for sure got access to that report way before we did, and they were probably just embargoed on that, but that's actually good news for payment for order flow. Uh.

Let's see if we can uh look at the report together a little bit so here's the report. So, let's see, let's just go through it all right here we go all right may as well. I got this gamestop and multiple other stocks experienced a dramatic increase in their share price in january. As bullish sentiments of individuals, uh individual investors filled social media new highs.

Following the attention known as meme stocks, several retail brokers temporarily prohibited certain activity. The report of staff primarily examines the jan 21 trading activity in gme, the most famous meme stock. Oh look at that the honor, the most famous meme stock, the most famous of meme stocks against a backdrop of others, because media attention surrounding the meme stock episode raised several questions about market structure. This report will begin with an overview.

Okay, as more individuals participate in the market, as many did during 2021 is important to understand how their orders are executed and incentives of broker dealers when executing these orders, in particular, the ability of small of a small number of off-market exchange makers to trade profitably with Retail order flow has led these market makers to negotiate agreements with retail broker dealers to secure rights to this order flow. This makes sense in turn, this payment for order flow creates incentives with regard to the end customer whose order flow is being sold. You are the product, some individual investors might trade more frequently as commissions have fallen or been eliminated, which raises questions about the effect of novel features of their broker. Dealers, like digital engagement practices, the execution of retail orders by off market market makers off exchange.

Market makers raises further questions about whether individual investors may be subject to other less conspicuous costs and conflicts of interest. While these features are not necessarily the cause of the mean stock rally, investors should be mindful of how their orders are handled, including the difference between free and no commissions. Oh, the difference between free and no commissions, dynamic, related dynamics related to short selling are also an integral part of the gamestop story. Stocks seen by parts of the market as overvalued tend to exhibit significant short interest and, prior to january 2021.

Gamestop was no different. However, some in the media directly linked trading activity to the presence of short interest, yep uh, i mean that's - that's pretty much true characterizing trading in gamestop as an act of rebellion intended to humble the short selling professional investors who had allegedly targeted the stock. Lastly, the episode highlighted the risks that exist while trades are settled and raised specific concerns about the mechanics of market participants. Specifically, volatility combined with settlement risk led some firms to temporarily restrict trading.

We just discuss aspects of equity and options in the market below. Okay, all right now they're going to go into a lot of background. I feel like here, uh all right, it's necessary to understand the market broker dealer okay, wow they're, going to go into a lot of detail here i mean i guess we can briefly look at this. So look at this here.

Customer puts the order in so. Let's try to understand this together, so i put let's say a five dollar order in to i don't know, let's, let's just say, buy gme right, that's gon na go to the broker dealer like robin hood. Then it's going to go to through clearing, which is going to be probably like a robin hood clearing in the case of robin hood and then it goes to off exchange brokers, wholesalers, ats's and then it clears and settles on the other side, because you've got clearing On both sides, okay, necessary to understand the market structure. From the perspective of individual investors, the life cycle of a stock trade starts with an investor placing an order through an account which they, which they established with a broker dealer broker.

Dealer then routes the order for execution to a trading center, such as a national securities exchange or alternate trading system or off market market maker or off exchange market maker. Once trading center executes the order, the customer receives a confirmation. The trade is reported, got it. This process will publicize trade details.

The trade details are also sent to the clearing broker, who affirms the trade by verifying details. The clearing broker must settle within two days, and this is known as t plus two by officially moving the stock from the seller's brokerage account to the buyers, got it and then you clear the money all right. We understand that the options market is broadly similar with some differences, standardized list options all right. What else we are traded only on national security exchanges, vast number of these uh and these options settle t plus one.

Oh that's interesting. So options actually settle earlier with respect to the number of series of options for each underlying security. There are more than ten thousand listed national market system because of the large numbers of series. There are less likely to be investor limit orders resting on exchange orders, okay, so prices are commonly set by registered.

Market makers quotes uh, interesting okay, so, rather than potentially having options being priced by the market themselves, options can be priced by market makers, so, in other words, mm can set the options price fascinating, oops there we go commission's mission is to protect investors, maintain fair, orderly And efficient markets and facilitate capital formation, they oversee self-regulatory organizations such as national security exchanges, clearing agencies, finra so on and so forth got it broker. Dealers generally must register with the exchange gotcha all right. Let's get a little bit more into this individual investors and real retail broker dealers? Okay. So this is more background in terms of how this works we're going to go a little past.

Some of this background here, payment for order flow. Some broker dealers report that young investors and smaller accounts have been notable sources of new account. Openings. For example, charles schwab indicated that individual investor customers, age, 40 and below with accounts below a hundred thousand dollars, are driving a greater percentage of trading volume than in prior periods.

Robinhood reported its average customer is 31 years old and has a median account balance of 240. That's the median wow apex, clearing a broker-dealer that provides services to other broker. Dealers has indicated that approximately 6 million accounts that has opened in 2020 represents 137 increase from before, with about 1 million of these accounts, or about 1 and 6 belonging to investors with an average age of 19. Oh my gosh uh wow, interesting 19, 1 and 6 or 19..

That's cray, cray order, execution and segmentation of individual investor flow for stocks trades execute on exchange. Okay, let's see exchanges play a central world price delivery or discovery less than 60. Oh interesting. What is this hold on a sec this? This is where we start getting interesting.

A myriad of market participants and trading venues facilitate the execution of equity and option orders, while customers set the terms of their order, the retail broker generally controls where to route that order. Subject to the duty of best execution described above well, wait a minute. I want to know what best execution is, because that can be a little shady. Where is best execution, because i have not seen that phrase until just now.

Uh, let's find it because that's going to be important. Ah there it is okay. Here we go. Okay broker.

Dealers are subject to conduct requirements, including the duty of best execution, which generally requires a broker to execute customer orders at the most favorable terms, reasonably available under circumstances generally at best reasonable available price. Why does this sound, like a bunch of jargon, meant to confuse people? Uh: okay: in addition, the manning rule generally prohibits finra members from trading ahead of customer orders. Example given receiving a customer's order to buy and then buying it for its own account first at a price that would satisfy the customer's order without providing the customer with that price or better okay, uh so be interesting to know a little bit more about best execution Best execution is reference eight, so this is where they talk about best, and then nine is here. This is just disclosures firms.

Firms that provide payment for order flow cannot allow such payments to interfere with their best execution obligations. I still want to know what the definition of best execution is. I wish there was a link for that. Maybe i could just google that really quick, i'm gon na try to google that really quick, because that that always becomes something.

That's very sus. Finra. Here's a reminder: okay best, oh wow, okay, so best execution of a customer order is key to investor protection. Okay, finra has codified best execution in any transaction for or with a customer or customer of another broker dealer.

A member associated with this shall use reasonable diligence to ascertain the best market for the sub. Subject: security: okay, while the sccn have recognized scc and finra have recognized that best execution is not solely to do with price price is undoubtedly a key concern see. This is where all the loopholes come in and - and i think that's what's really kind of interesting yeah, because brokers aren't uh a fiduciary and yeah. That's oh, come on.

Why is it not showing up and having a tear above best is exactly what i'm trying to find because we've talked about that before on the channel? Let's get this into good notes there we go. Why? Why is this so lame? It doesn't. Let me uh save this as a pdf. It's clearly clearly, because they don't want us to read this.

Okay, let's try one more time there we go got her all right, so this is all about best execution, best execution. Here we go all right so here, but it's so it's interesting to me that they say it's not only about price. Okay. Here we go, any transaction shall use reasonable diligence to ascertain the best market.

That's what it is. It's best market, not best price best execution is just best. Market price is undoubtedly a key aspect for retail customers. Of course, it is as discussed below.

Compliance with this requires members to regularly evaluate the availability of reliable superior prices and, to assure that order, flow is directed to markets, providing the most beneficial terms. Accordingly, members, member firms best execution procedures must be reasonably designed to identify best prices and obtain best execution. So i mean to me: it's just a big loophole. Right here is that you can balance these two and really play the game, because it's so unclear what best execution actually is specific guidance on best execution.

Payment for order flow is widely is, is broadly defined by the sec and generally encompasses a wide variety of cash or in-kind compensation structures that a broker may receive for directing its customers orders to a particular dealer.