Well, welcome back to the potentially, though i hope, not market crash edition of the stock straight youtube all right. Everyone welcome back. I am lee training with stocks to trade tim bowen um, so you got it on your screen in front of you a chart of the spy uh, the spyder, the s p 500 index, which is the number one indicator that i use and that i recommend to Track the overall market um, you know, listen no index is perfect. A lot of people like to use the qqqs.

It's the nasdaq, a lot of people like the dow. What i don't like about the dow is keep in mind. The dow was only 30 stocks, at least the s p is composed of 500 stocks, doesn't mean it's better or worse. I just like the s p for for a better read on the overall markets, and you can see the last week basically going back today.

Is the 28th going back to the 21st week today? You know that was we were kind of basing grinding back. You know. Things were looking good after that that base uh through most of april and then just a waterfall on the 21st 22nd, a little bit of a bounce on the 23rd ugly day again on the 26th, and you know the thing is remember i say - and this is Something that i i would i would recommend - and this is something that i mentor in the steady trade team check out - the steady trade team below don't play guessing games, but, as my favorite quote - and i always use this quote in so many of these videos - it's Probably my favorite trading quote of all time and it's by jesse livermore. You need to read reminisces of a stock operator, it's a 100 year old book and it's it's just as applicable today understand.

Please, please. Please read that book. We do a lot of book reviews. I've mentioned a few times, reminisces of a stock operator.

Actually it's not by jesse livermore. It's about jesse livermore, though people theorize that maybe he was involved in the writing of it. No conspiracy theories here anyway, it's a great book, please read it and the quote is: there's a time to go long, there's a time to go short and there's a time to go fishing, okay and today, right now, as we hang around in the middle of earning Season, i think it's a time to go fishing. Okay, it's a time to be a little uh.

You know to dial back trade. Smaller um take advantage of these times that that's one thing that i say whether you paper trade, trade, smaller or don't trade at all, and i know people hate that there's there's i mean, there's probably like everybody's, hitting the down vote button on this video right now, But understand there's so much to learn, there's so much work to do outside of actually pressing the buttons. You've probably heard me give this analogy, but i think it's so applicable and it's that the the analogy of the of the nfl quarterback, okay, whether you use tom brady or joe montana, or anybody okay, whoever your favorite, is of all time, keep in mind an nfl Quarterback spends roughly an hour on the field. Okay, roughly a week an hour a week on the field actually making the pass.

Actually handing off the ball, calling the play. That's what i talk about. That's clicking the buttons that's hitting the buy, that's hitting the cell. That's hitting it, you know entries exits, etc, but what makes the great quarterbacks it's all those other hours of the week in the film room on the practice field, in the weight room dialing in nutrition.

You know doing all these things. That, then i mean again. Brady is a great example, whether you love him or hate him. Look at the longevity one of the reasons he has the longevity that he is that he has had is he's taking care of himself through training through nutrition, etc, and then he wins the rings because he's in the film room and he's practicing and he's working hard.

Every day, okay, look at his metamorphosis. You know look at look at the the infamous draft photo of him. Okay, he's 25 years older and he looks better than he today than he did back. Then that's work.

That's effort, review your data track. Your data fill out your spreadsheets paper trade watch. Videos like this. If you've got other training materials, maybe you got a trading dvd.

Maybe you bought tim gratani's dvd a year ago and you're a third of the way through it finish. It finish it take advantage of these times, because busy times will come back, they'll come back. I promise you i remember doing a very, very similar video of this in january and january was ugly. Okay january was dreadful for day trading february, insane march, insane up until a week ago april, insane okay, so time to go long time to go short time to go fishing but take advantage of this time, don't goof off okay.

I know i get called like the dave goggins or the jackal-willing of trading education number one. I work hard. I don't work near as hard as those guys, maybe someday - maybe someday i'll get there, but you know i get called that because i'm always talking about no days off, i mean listen. I haven't taken the day off from the markets in 15 years.

Okay, literally on vacation with my family, i'm still looking at the markets early in the morning now i may go on a day trip and take some time off, but at the end of the night, guess what i'm doing firing up those scans? What's the hot sectors? What's moving, what's working right now, great example afternoon plays have been working: okay, um, you know stab was a great afternoon breakout still holding in the eyes. Okay, sketchy biotech but puny float, puny market cap gapped up last night held v-app and it just broke out at noon. You know it's currently basing two cents from the high a day: okay, imte these afternoon trades have been on point, so you can recognize that if you're still showing up every day, even if you're, not pressing the buttons, okay, let's move on how do we? Okay tim? How do we know when to come back? Okay, so my hope is things will change tomorrow, but the big headwinds we have are situation. Ukraine, gdp number big, miss today, just tons of bad economic data and uh.

You know listen situation in you know russia, gas prices embargoes, all this stuff, so much bad news out there today like like again today, it was almost impossible to find other than elon and twitter. It was impossible to find a positive news article. So that's what you're gon na look for you're gon na you're gon na look for a shift in the sentence. Sentiment talk about that fear and greed index.

Okay, fears over here greed's over here when we we love when everybody's greedy, okay, warren buffett, said: okay, warren buffett doesn't day trade, but warren recognizes that when, when people are greedy, it's when you want to be taken advantage of that when people are fearful, that's when You start short selling. That's when you start selling your swings, sell exit with the fear take advantage of the fear so you'll if you're doing that, work and you're tracking that data and you're watching the s p, 500 and you're, watching the big gainers and you're. Looking for a hot sector, that's one of the big components: you'll see us come rapidly out of these doldrums if all of a sudden, let's just choose electric vehicles, okay, because it's been a runner many times over the last couple years. All of a sudden, you start getting multiple green days in a bunch of these trashy evs, maybe tesla starts basing back above a thousand heading towards breaking out you'll, see a shift in the market that brings back fear or if that brings back greed.

Sorry so that also being said as of right now we got a bunch of earnings, i mean: listen. Facebook dropped earnings last night, facebook's up freaking 17 on earnings. So tonight we got apple um. We've got a several other big names.

If we get a continued positive numbers out of these earnings, winners like facebook that'll turn things around so track your earnings winners. You were in the very basically beginning initial third of earning season, watch the news track that etc. Okay - and you might say a lot of people say: hey: the news doesn't apply to penny stocks, you're right. Okay, that that's one of the reasons we love penny stocks is they're, frequently disconnected from the overall market, but you still need greed.

Okay, nothing drives penny stocks. More than fomo and greed, and when you start getting a more positive read, you start getting a hot sector. That's when you come back out of retirement and that's when it's time to go long baby as jesse lamore would say now. Vice versa, okay, a level i do want you to watch, you know if you're asking hey when you start looking to get aggressive, and this goes back to that video i did in january.

That 420 level on the s p is, is key. Okay, um back last january, it held it held back in march. It's trying to hold today, but if you're looking to now take the latter part of of the jesse livermore quote and start selling shorting that 420 level. If we start, if you look at today, bounce day, based above, if we start putting multiple days or weeks below 420, it's gon na get ugly.

Okay, that's your key level, oddly enough elon's, favorite number. So all right have a great day. My friends stay safe, put in the work. Listen, we've got hundreds of videos, hundreds of podcasts, hundreds of blog posts again go to the archive on youtube.

Quite frequently, i point out. All the free resources were were given. Do the put the time in the film room? Put the time in the gym: don't waste this time, but be careful pressing buttons right now stay safe! My friends and we'll see you next time.