These Levels As Indexes Plunge; eBay, Regeneron, CBOE In Focus — Stock Market Today

[00:00:00] DimaTorzok: Субтитры сделал DimaTorzok [00:00:30] Alyssa Quorum: Good afternoon, everyone, and welcome to Stock Market Today for Friday, October 30th. It's Alyssa Quorum, along with Mike Webster here and Webby. It's spooky season, I guess, with Halloween tomorrow, but the market looking a little spooky today. [00:00:47] Mike Webster: It's tricky and tricky. [00:00:50] Alyssa Quorum: Yeah, well said. All right, well, we have a lot to get to on this Friday. We're going to take a look at the major indexes, of course, and see what that says about how we should be positioning our portfolios headed into next week with more key earnings. We've also got maybe a little election thing happening next week that we need to navigate. And we'll take a look at some individual stocks, perhaps some sectors as well. And we will wrap things up with a look at Webby's chart to put together that complete mosaic of the market. Ready to get to it? [00:01:29] Mike Webster: Oh, I am. [00:01:31] Alyssa Quorum: Born ready? [00:01:32] Mike Webster: I was born. It's been so long. I forgot what you look like. [00:01:37] Alyssa Quorum: It's, you know, it's been a while since we've done this together. But here's a look at the NASDAQ composite down 2.9% on Friday. So getting wrecked pretty bad there and leading the declines, I guess, only to be outdone, Webby, by the NASDAQ 100, down 3.5% on the day. The S&P 500 also had a considerable decline on the day in undercutting some key areas here with the decline 1.8%, the Dow down 1.1%, and the Russell 2000 down 1.7%, getting rejected at the 50-day moving average. We can also check out the RSP down 0.8%. So the average stock holding up quite a bit better than the indexes here, Webby. But let's just rip off the Band-Aid and start with the NASDAQ. $26,000, not an area of support any longer. [00:02:45] Mike Webster: Yeah, not at all, obviously. Look, it looks ugly. And I think there is a very obvious thing on the chart there. We're a magnet for the 200-day. Once the news started coming out that the market didn't like, you know, it's an earnings season. And as you said, we have the election next week, which is, you know, as to the uncertainty. And, of course, we had the Fed this week, which ended up kind of being a non-event because he did what everyone expected. He did have a chance to surprise the market. But he didn't, which was – we could talk about that later if we want. But the reality is we could have been up as much yesterday and today as we were down yesterday and today if the earnings would have come out differently. That's just the reality of it. So there is no one with a crystal ball, everyone who is negative or is going to pound their chest that they were right. But the reality is you're in earnings season and you don't know because we're now in this post-reg FD world, which all that means is you get four times a year. Every one of your stocks is likely going to gap way up or way down because nobody knows what those earnings are going to look like. Back in the day, you know, before a few decades ago when Reg FD came out, it was baked into the charts. And that's what technical analysis was really based off of is the inside information that was out there that all the big players had and you didn't see these gaps. I mean, it was very rare historically to see these gaps, but the government tried to do something good, which was, you know, commendable, but there's sometimes negative unintended consequences. And that's what we have to deal with. That's the reality. So you have this volatility that's going on right now. And you were bringing this up pre-show this morning that you really felt like this has been a negative earnings environment. And I do think we need to quantify that because I totally agree with you, but it would be nice to see a number on there. And I think there's some ways that we could do that to see like how bad, but it feels really bad as far as meaning not the numbers themselves of like the EPS growth, because lots of really strong numbers are coming out. [00:05:06] Alyssa Quorum: Let's go to Sandisk, because the reactions, the reactions of big companies being in the double digit percentage declines anecdotally feels pretty heavy this quarter. [00:05:21] Mike Webster: It really does. And we can probably, you know, do an equal weight version of that as well as a market cap weighted version. And these are the types of things that you're seeing. Look at those massive numbers. Those are at the bottom. They are, you know, year over year for this quarter up, you know, nearly 4,000 percent on earnings and almost 400 percent on the sales. But it was down a ton, and this is after it's well off of its highs. This is what happens with model book stocks. Let's go to the weekly on this to give a perspective of, you know, this was the poster child for this year. And, yeah, you can do the auto fit. I mean, this was one of the best, if not the best, stock of the year. And as we've seen through our model studies is when they've topped, you know, on average, they will come down 72 percent. That's work that I did with Charles Harris way back when and also verified it with a larger sample set. That doesn't mean this is going to come down 72 percent, but that's what you're dealing with. And that 72 percent wasn't that same year. Sometimes it was the same year, sometimes it took three, four, five years or longer. But it was once that topped, they didn't see, you know, sunrise for quite some time. Now, about one in eight stocks would come back to lead again, but the odds were really stacked against you. So when you look at something like this, if you're in it and let's say you were in it over, you know, $800 or so, you're wanting to be out of this. There is no real logical reason to still be in it. Now, if you were in it from $40, congrats to you. That was a that's a massive, massive gain. I wish I was in it from from $40. But you've got to know when to finally sell it. So you don't ride it all the way back down. If you go back and study the stocks after 1999, when they came down, that some of them went to went to zero. Same thing in 07 to 09. I'm not saying we're going into a bear market. We could be. We might not be. But even if the market turns and rips from here, it does not mean that these stocks that have put in clear topping signs are going to lead or come back anytime soon. So how do you handle it? What I would say is use your RS lines with those moving averages. Those are those little squiggly lines there that are up on top of the chart. And just you can just think of that last moving average on there. So the blue line is your RS line in those three lines in a row. Those are your moving averages. Once it goes underneath that last moving average, even if you've had a big gain, that's the time to exit. That's my quick quicksand Grateful Dead strategy. If you want more on that, it's on my YouTube channel, Webby 5150. I've got a few episodes on that. But in a nutshell, even without watching that, you can just tell that when that RS line goes through the final one. Now, some people that have want to give things even more room, you can switch over to the monthly and do the same thing. So let's go there. And this isn't just for Sandus. This is for all stocks that have had really big moves. And why don't we turn the auto fit off on this just so we can see it a little bit better. So with this one, it went through two lines, but not the third line. So if you're using the monthly, and that is the most forgiving, and if you study this, if you use the monthly RS lines, you are going to get out way, way, way off the top. [00:09:02] Alyssa Quorum: Yeah, I mean, this is 50% off the highs. [00:09:04] Mike Webster: Yes, and that's going to happen with stocks that have huge moves if you're using the monthly. That's why I don't use it, but I put it out there for people who do have that. They're more patient than me. I tend to use this on a daily basis or the weekly, so that is just about ready to cross below that on a monthly basis, which would say, at that point, you're just rationalizing if you're still holding on. And again, I'm talking about people with very low cost basis, not someone who bought it at 400, 600, 800, or something like that, because like you said, you're almost 51.5% off your highs. That's a long way down, and you don't, you know, that's an area where you don't want to be, unless you're comfortable with sitting with big, deep bases. In Bill's career early on, he did that with a few stocks, but I think he regretted it afterwards. It's, you know, if you look back at his pick and save and price company, some of those were, you know, 40% or more drawdowns off the peak. Not ideal, not fun, but I would suggest people this weekend go through any of your holdings, put on these moving averages, on your RS line, and just look and see reality. Like, forget how much you love the stock and how much money you made in it. If it's going down through there, I would, you know, I would just say, study it, exit, and you can always buy them back. But my rule is wait, and let's go to the daily chart for a second. And I'm not picking on SanDisk. It just happens to be the leader, or was the leader. I wait for the RS line to get back above those moving averages before I'd even consider buying it back. Because what will happen is when you're in a position like this, you get the shorts who are piling onto it, and you can get temporary short squeezes where the, you know, this could be up 15% on Monday. And that would be normal and natural. It broke through its most important line on there is that black line, and that is your 200 day. And that is kind of good things happen above your 200 day, bad things happen below it. And once you break it and the institutions aren't supporting it there, you don't know how low it's going to go. And so just, I want people to be very careful. Because although, let's go back to the NASDAQ. NASDAQ looks horrible. The S&P looks horrible and everything. But we do have so many news items coming next week that this could just find support, have a move up. We don't know, but I just don't want to see if that doesn't happen, and we go into a serious correction or a bear market, that I don't want to see people really, really get hurt. But does this look like a terrible chart? Of course it does. Anybody can see that. Where was the magnet that 200 day, once we started coming down, it's like, okay, they're going to bring it down to that level, because that's where the bulls and the bears really have to fight it out. And hopefully, we just get a gap down below that on Monday so we can find out one way or another. But we haven't been, the market hasn't been that nice to us. When we should be getting gap downs, we get gap ups and vice versa. So just choppy and sloppy. Let's go back to the RSP, though. With all this in mind, that RSP looks fine. Like, it looks a nice little cup with handle breakout that happened yesterday. And although it was down 0.8% today, it's not a broken chart. So this reflects your average S&P 500 stock. So it's not the big mega caps that are getting killed. Like, let's go to Google, the other one that we lost this week. [00:12:54] Alyssa Quorum: Yeah. [00:12:54] Mike Webster: And that was a major hit. Yesterday, and then it piled on a little bit more today. You would have thought that there would have been a little bit of buying in there. But again, we're underneath that black line, that 200-day. Let's go to the monthly and look at those RS lines. And same thing here. This one is underneath those. I just don't, you know, I don't see a reason to hold a stock that's underneath those, even if you've got, have a big game. But, you know, study that. Don't just go off some guy on the internet who says something. So study it yourself and understand those rules. Modify them if you can come up with something better. That there certainly could be something better there. But I would just use that lens as you go through any of your holdings or things you're thinking about buying. And just kind of keep it simple that way. [00:13:46] Alyssa Quorum: Yeah. I want to add for those who aren't aware what those moving averages are on the monthly. We've got a 5, an 8, and a 13. This is on the relative strength line, which is measuring price performance versus the S&P 500. And then on the weekly, we've got an 8, a 13, and a 21. You like the Fibonacci's for the most part for these. So, and then other earnings losers this week. So not only the SanDisk and Alphabet, Amazon, another big one. Although it did come off of its lows today. Little comfort there, I guess. Intel, also with a major gap down, finishing Friday down nearly 30%. Twilio in software, that was another one with a big decline, down 15%. ServiceNow, also in software, down for the week, because the big decline was on Thursday. For the week, down 34%. So some of these major names with really devastating-looking weekly bars here, Webby. [00:14:57] Mike Webster: Well, and why do you mention that? Because you want to know when a stock is in trouble and when it's broken. Let's go back to the Amazon on the weekly. So that one is in trouble, but it's not broken. And you look, it's trying to get support around the 200-day, which on a weekly is a 40-week, which is that black line. You can put that little auto-fit back on so we can see that a little better. [00:15:25] Alyssa Quorum: Sure. [00:15:26] Mike Webster: And so it's not broken. It's getting there. Your character. But yeah, it looks the way Amazon looks. Amazon, from its beginning, has never traded nicely, just like Netflix never traded nicely. There's certain ones just have that personality. Other ones trade, you know, more mellow. Now let's go back to the service now, which is one of the ugliest charts. And that was looking very interesting, you know, over the last few months and broke out of that base-on-base situation. And look at it. That is broken. What do I mean by broken? You have to ask yourself, when have you seen a stock look like this and then turn back and go higher? With the Amazon, I could see that. You can picture that because you've seen that before. We're like, okay, the election goes the way the market wants, some earnings next week go the way the market wants, and we find support the 200-day on the NASDAQ, and this could be viable in two, three weeks. That's possible. Go back to the service now or the Intel or any of these broken ones, and that needs time, as in a lot of time, you know, a year or so. Like, it really, it's broken. And these are, you want to look at institutional quality stocks differently than a small, like a small cap. This, like a Google, an Intel, a ServiceNow, those are institutional stocks, big liquid names, where if the institutions wanted to go in there and support them, they could have. But they decided to just walk away, probably sold, you know, a lot of their shares and said, oh, I'm going to just hold off on selling some more, and I'm going to do that over the next coming months. Because they don't think the way we think. They don't do everything in a day or a week. They do things in quarters and years, and they're slowly like a big ship versus, you know, us just in like a little rowboat or something. So those are broken charts, and just the more charts you look at, just kind of think, how does it, how can they resolve themselves to the upside in a normal way without some weird news event? So Intel is broken, so Intel is broken, ServiceNow is broken, FTNT is broken, lots of these things are broken. One thing that Bill O'Neill, the founder of IBD, used to ask the PMs, he would ask us, of the past leaders, how many of them are broken? And he would, there would typically be about 10 of us on staff, we wouldn't be allowed to talk to each other about it, but he would just have us individually do that. So he could see like, okay, this is what Charles is thinking, this is what Lee's thinking, this is what Mike is thinking, and so on. To kind of put the mosaic together of how bad is the leadership. You can lose leadership and still go higher, because things can rotate. Let's go over to something nice, like let's go to Lily. I did have a position in it, but I sold it today. It was a tiny position just because what the general market was doing, and this looks normal and natural. It's extended at this point. You know, it's not in a buy position, but there are a number of stocks that look healthy like this, where they're big enough on a market cap basis that if you get enough of them moving in the retail space, in the continued moving in the energy space, well, that's going to be news dependent, but retail and medical, there's also the potential for the housing area and construction area with interest rates starting to back off. But those could come while the tech stuff and the software has to rebuild, so I'm keeping an open mind. I see what everyone else sees. These charts look terrible and scary and everything, but there is very rare to have a serious crash. I've always been programmed, because Bill programmed me this way, always thinking 1987, 1987, 1987 can happen, so I always have that in the back of my mind. I do not operate accordingly, but I know that those flash crashes and really serious bear markets like 07 and 2000, 1973 and 1929, those are few and far between, but how do they look? How do they start looking? They start looking like they are now, but you keep an open mind early on, because lots of intermediate corrections, if you go through them day by day, they look horrible, like the sky is falling, and then the market just finds a way of figuring things out, and I don't think the economy is in trouble here. Inflation is still an issue, I think we have somebody on the job who's doing a great job. I would have preferred this week for him to surprise the market with a hike, but I don't think the group wanted to do that right before an election and right before they had more data, but I think with the limited bullets that they have, it would have been better to catch the market off guard. Now, we would have been down a lot more, but I think ripping off that band-aid would have been the better way to go to try to get inflation under control. But who knows, the Iran thing could resolve itself, and that would fix a lot of problems. But with that said, if NASDAQ goes underneath the 200-day, it's going to bring the S&P to want to test its 200-day, and then we're in a world of pain. Because if the S&P comes all the way down to that black line, the NASDAQ is going to be so far underneath that 200-day because there's so much overlap with the stocks in there that then we're in bear market territory at that point. So next week, really post-election, you know, I wouldn't take anything too seriously until we get through the election and see how—I don't care how the election works. I mean, on a personal level, I do, just like everyone cares, but I just care how the market reacts to it. Whatever the market likes, that's what I want, and we will just wait and see how that plays out. But, yeah, charts look terrible. [00:21:43] Alyssa Quorum: Yeah. All right, Webby, in terms of sectors, we'll just do a quick breeze through some that we've been focused on. Here's SMH, wow, down 7% on the day. So when you have a sector ETF down 7% on the day, that is pretty weak. It is also testing its 200-day line and a lot of chip stocks look like this or worse, of course, which we saw with Intel. IGV, this is the broader software sector. It's back below its 50-day moving average, I would say. Taking a step back, the relative strength has been holding up better if you're, of course, if you're comparing chips and software within technology. But this is on shaky ground here, too, I would say. I was able to recover off of the 50-day a couple weeks ago. And now, basically, we're, you know, round-tripping that and the RS line, as you've been pointing out, on the daily, it is at a key level here, going to the weekly chart as well. Yeah, we'll have to see if there's more distribution there. Also, HACC, we've talked about cybersecurity as a standout area, but that pulling in once again, it's still, I would say, taking a step back in a stronger position. And then, it seems like, in terms of things that growth investors care about, you know, tech is weak, but XLV, healthcare, it seems like, as you pointed out, the lily, this is one area where we're still seeing a lot of strength out there. Any other sector action to point out for folks? [00:23:18] Mike Webster: I haven't pulled it up in a little bit, but go to XRT. So, this is, there's some money flowing in there, not in a huge way, but on a relative basis, you can see, you know, look at that RS line over the last month, you're going straight up as money's flowing into the space, but it's almost like they're hiding over here. It doesn't feel like, there's a few select ones that look interesting, but they're more of the smaller ones, like, let's go to a Shark Ninja in the retail area. This one's reporting soon, but it looks picture perfect. Lots of things that look picture perfect, and then they blow up on earnings. So, you don't want to step in front of the freight train, but that looks good to me. And there's other ones in the space that look, let's go to Cheesecake Factory. [00:24:08] Alyssa Quorum: Yeah, A&F also. [00:24:09] Mike Webster: Oh, A&F looks, yeah, certainly looks solid. This one was an interesting one, because it had a good base, really a cup with handle that it broke out of, and then it's formed this other, you could call it a cup with handle there. But on the earnings had this negative reaction, and then bounced up. So, it'll be interesting to see, this wasn't the only one, I can't think off the top of my head, the other ones that recovered like this, but you want to see what happens afterwards. In fact, I think it was FAST, did that happen like several weeks back where it had a shakeout like that? [00:24:43] Alyssa Quorum: Yes, that's what it looks like. [00:24:46] Mike Webster: So, sometimes you get this knee-jerk reaction to the earnings, and then it's like, oh, the big players go in there and say, oh, you know what, the earnings really weren't that bad, but then what happens afterwards? It's not under serious accumulation, but that's what you want to see with like a cheesecake and the other ones that get hit, but then bounce back. And let's go to like a slow pokey thing like a Costco, just talking about that area. This looks interesting, but people aren't going in there because they love Costco, they're going in there because they're selling off their SanDisk and their Microns and their ServiceNow's, and we've got to remember, I know that I say this all the time, but the big institutions on balance, especially the mutual funds, can't go to cash. So, they have to just rotate, and they want to rotate into other big liquid names, and that's where you get the Amgens and the Mercs and the Lilies and stuff of moving up because they're big and liquid, even though there might be some better, smaller cap stocks in there, but they can't move the needle. Like a big institution can't get size quickly, so there's this positive bias towards capitalization as well as liquidity, and we've been seeing that for years, and I don't see that changing anytime soon. But I wouldn't look at something like a Costco thinking, oh, this is, it could be a trade, but it doesn't look compelling, it just looks like a place to hide, or let's go to a Johnson and Johnson, we talked about that on IBD Live this morning, just a place to hide, you know, it had a downside reversal at new highs, but still, this looks, you know, I would have rather been in this down 0.73, than in a service now, and that's what the institutions are thinking, in my opinion. [00:26:35] Alyssa Quorum: That makes sense. All right, and then I did just quickly want to talk about IBIT, Bitcoin here, with a break today, down a 5%. It was pulling back to the 50-day moving average, so, and there was news around this, I think, Binance got hacked, and I thought the blockchain was unhackable. It was like 6 billion or something like that, right? Yeah, so, some negative news there, and then we also do know that crypto can ask as sort of like this risk on signal, but yeah, this move definitely tied to that. [00:27:13] Mike Webster: Well, the way I read, yeah, the way I read this is it magnified the selling, because that news event, and I don't really know the details of the hack and everything, and that was the first thing that I thought, too, that, well, it's supposed to be, you know, so secure and everything, but yeah, you know, things happen, and I don't think that was, well, I don't even want to talk about something. I don't know if Ropal was here, he'd probably know it inside and out, and could talk about it for hours, but the reality is, I just look at this, another broken chart or a chart that is breaking, and as you said, risk on, risk off. Think about, I rarely trade any crypto, but many people do, especially the same people that trade growth stocks tend to trade crypto, and if you're getting killed in your IBIT or, you know, similar, and just out of the blue, not like it was a news announcement or something that was going to impact it, it was just this hack that happened, you're going, I need to raise some capital, where am I going to raise that capital from? Those people aren't trading Johnson & Johnson and Coke and Procter & Gamble, they're trading the heat, and so then they have to sell that off, and it just snowballs on top of itself, so it's just a, you know, a perfect storm, unfortunately, for growth in speculative stocks right now. [00:28:35] Alyssa Quorum: Well said. All right, let's go to eBay. This was our stock of the day today, held up well this week, after a touch of the 21-day line bounced off that level. Earnings did come out. We saw double-digit growth on the top and bottom lines, but nothing too incredibly exciting. You know, it didn't have the 4,000% growth, but hey, positive earnings reaction goes a long way, right, to the assessment. What's your take on eBay? [00:29:10] Mike Webster: You know, a month ago, I studied this and didn't like it, and what I didn't like about it is, in that basing area, you had a base underneath a base. And that was a really weak setup. But weak setups can turn themselves into stronger ones, and now this resolved itself by moving up and forming, I wouldn't really call it a shelf because it's too loose, but it's like a little mini double bottom with support at the 21-day on top of those. So now this is fair game. Even, you know, I'd rather trade it up here than if I had another chance at 113, 114 because I didn't like that look. Now, especially being disconnected from what the rest of the market is doing, this seems like a place to go. If you're dying to buy stocks, and it looks like a three weeks tight on the weekly chart with decent earnings, but nothing to, you know, if Bill were around, he would say, and he made a fortune in eBay back from the '02 to kind of '04, '05 timeframe. And it was his baby at that point. And the growth was completely different back then. Now it's kind of a slow, pokey stock, but it's still around. And it has a niche of people that like to use it. I mean, I haven't bought something from them in a number of years, but whenever I buy, I've always had positive experiences, but I tend to buy off of Amazon, you know, like most people do not off of eBay. Um, but this looks interesting. If you're dying to buy something, let's go back to the daily. And then you would use today's low as a, as your initial stop and yesterday's low as your final stop. Or if you wanted to give it all the way down to the 21 day, you could, but, um, but, um, and then you would use today's low as, as your initial stop and yesterday's low as your final stop, or if you wanted to give it all the way down to the 21 day. You could, but, um, yeah, I think it's something worth watching. Sometimes you're just watching things to see is the market changing character or not, or the eBay is going to continue higher. Are the Lily's going to continue higher or the Costco is going to continue higher, or are they going to just roll over as we've been seeing since really June, everything that looks good, looks good for a week. Or maybe a few weeks and then gets clobbered. [00:31:45] Alyssa Quorum: Yeah. Let's go to Regeneron because this was a big breakout on Friday on earnings up 13%. And we did get acceleration earnings up 70% up from the prior quarters, 11% bottom line gain. And the top line was up 36% up from 17% the prior quarter. And looking at the intraday chart here, it looks like it just, it had that big pop in the morning and pretty much held the gains all day and closed near highs Webby. So yet another data point on, Hey, the, the biotech and medical theme is something that's really working in this market. [00:32:29] Mike Webster: Yeah, it is not in all cases, but more than not, it feels like, and this is obviously extended. Um, but it's got that blue dot on there. That's something that I came up with, with, um, Arusha back when he was running a market surge way back when our good friend, um, and former colleague. And what is that? It takes my pattern rack and looks and says, okay, with that RS line, if that RS line is that new highs, um, in the base or on the breakout day or week, which was today. Um, then we put that little blue dot on there. It's not, it's not foolproof, but it's one of the best things I know out there. Um, you have combining those two, a pattern with the RS line at a new 52 week high. So I wouldn't buy it up here, but if this can go sideways for three, four or five days and give me an entry point, um, I'm going to be all over it because then we would have a stop in place. Cause right now your stop is the top of that base or even today's low. And that's just too far down for me in this environment. But this has real numbers, 70% and 36%. It looks like on the, on the sales. Let's go back to the weekly. And on the annual earnings, which is in the top left area, it's not that good. Honestly, you know, looking at those red numbers on there, Bill would hate that. It just, you know, it's all over the place. He'd like three years in a row of green minimum. Um, but you've got red and green on there. Not a good thing unless you're thinking Christmas time or something. Estimates are okay, but nothing really to write home about, but that can change when you get a solid number, like the 70% that just came in. So this is something worth doing some research on seeing, you know, why did it move so much? And then get ready to buy it or at minimum, just observe. And when you start seeing enough of those stocks was like, Oh man, I wish I would have bought that. I wish I would have bought that. I wish I would have bought that. And it kind of, it changes your stance in the market. Yes. [00:34:46] Alyssa Quorum: And we'll round things out with a look at the CBOE. Yeah. [00:34:52] Mike Webster: So, um, what's good about this and why we were looking at this is the earnings are behind you. So right now in this environment, unless you just love the stock and you really understood it, I wouldn't want to buy in front of earnings. And like you notice in this earnings cycle, some earnings cycle, when everything is popping, that's different. You might want to, you know, take a crap shoot here or there, but this, the earnings are behind you and it's not a lone wolf. Let's go to ice, which is in the same general area. And that's had earnings come out actually a nicer base and a nicer setup, but that one's extended, um, at this point. So I would watch both of these and just see, um, you know, see how they handle themselves. It's a little, the CBOE will go back to it. It's a little on the sloppy side, but at least you have this positive reaction. The weekly, um, earnings line looks nice. I like that angle of ascent that it, that it's going at and it's more quality from that standpoint. Um, but it's not something I'm going to go and buy on Monday most likely. But again, we're just talking about things to watch, to get a sense of, um, how the market is handling itself. [00:36:15] Alyssa Quorum: Absolutely. All right. Webby, are you ready for your charts? [00:36:19] Mike Webster: Yes. Born ready. Hold on. Let me try sharing this. This is the scariest part of my week overnight. It's, it's, uh, having the share of this. You tell me when it's, is it working? Okay. So this is a, the time that we do the mosaic thing. We're going to look at a bunch of different, um, charts of spy as well as the NASDAQ and let it just kind of give us an expectation of what would be normal and natural next week. And this is where we look at each one in isolation and just think about what is it telling us? Well, we have three, um, uh, red candle or pink candles in a row. Typically when you get three down, you were expecting things to move back up, but unless it's really in trouble. But what's interesting about this is it's a terrible looking, uh, candle because you've got a long wick on the top, but you, and you've got a small one on the bottom. Um, but the fact that you shook out below, um, the, the lows of the prior two weeks and you kind of got support in around this area, I would say just looking at this alone without the context of anything else sideways to down is what would be normal and natural. So this doesn't look like a chart right before it blows apart, but we'll look at the rest and see. Now, let me go over to NASDAQ. So with a NASDAQ, this looks like a lot more damage than what we saw on spy. And this looks like it could come down and test the lows here at the 24, uh, 400 type of area because it, it has that larger top wick than bottom wick, but it doesn't give you a sense of really finding any support anytime soon. So that was just one view. That was our take a step back view. This is the one that bothers me the most. This was our regression channel that we had going on, starting off on August 4th and going through to October 13th. That's 50 trading days in there. And this is just a line of best fit, um, through there where your home base, where it wants to go is that white line, that white dash line in there. And we use this until you fall out of bed, meaning fall underneath the green line for, you know, two, three days or just fall way below it. So let's look back to the last time we, we threw this one out. It was over here where we were in this nice uptrend, uh, from the April timeframe. And then you fell out underneath the green line, which is one standard deviation below your, your white dash line, your home base. Once you were down here and you couldn't snap back into the area, you had to throw that out and say that that, that channel or that trend was over. So this is just one day underneath it, but it's a major violation of it that did happen over here. And you were able to bounce back. That's why I'm saying to keep an open mind, but you're, if you were able to come back through here and you get to the green dash line on Monday or Tuesday, then my expectation would be. You know, a move up to at least the red dash line or minimum. The, the home base area, but typically they, they tend to overshoot. So that's on spy. But when you look at NASDAQ, it's a different picture. And that is broken beyond belief. And that really, you know, we had to throw it out in and around this area when it couldn't bounce back up and get up into that channel. So you were in no man's land with this NASDAQ and it just looks like anything can happen because you're not in a channel. When you're in a channel, you have something to expect. And, uh, right now we're in no man's land. Now let's move over to the next one. This is our 50% retracement lens that we look at things through. And, um, this is the same one I've been using for a while. The, the lows here in, in, uh, the end of July and the highs that we had here in, uh, on October 6th. And what we want to do is stay in the Northern hemisphere above this gold line and not live in the part below it. That's kind of funny. We kind of stopped right there at that level, right at the, the mid area. So this is saying it's really through this lens. It's not as bad as it feels. Now let's go over to the NASDAQ. And I think you, you're figuring out what's going on here. We're in the Southern hemisphere at this point, not where we want to be through this lens. And we, we've sliced through it in a big way, but we had been until today, still holding up in that area, which was a reason to not be super bearish. My opinion, at least looking at it through there. Now we're going to go onto our levels. These are the same levels that we've had on for a while. The yellow one we slice through today, but we found support at this key one, which was the, uh, the September 16th low. And we were able to bounce off the lows, um, slightly, um, a little bit of a bounce late in the day. So that means this, when you find support at a level a couple of times that becomes even more important. So this line, uh, the seven 49 60 becomes more important than it was even coming into today because it tried to defend it there. So if you get a close below that, then it's look out below. Our next line in the sand is a seven 29, which coincides with your 200 day. And that's also there the low there on, uh, July 29th. Now let's look at the NASDAQ. And this has blown through several levels over the last few weeks through this level above 27,000, the 26,700 range, the 25,800 range. And now we're down to this right near the, the 200 day and this line in the sand over here that, you know, coincides with some, some of the areas, a few different areas in the summer timeframe. But the low that we hit, um, on July 29th, that becomes key. And, uh, if this breaks through the 200 day, um, you know, it's going to look really bad and needs to get support there. Or, you know, we, we could see, you know, a significant bear market in my, my opinion, we'll, we'll end up seeing how that plays out. But this is not a look, a good looking chart. Then we're going to go on to, I still don't have my Webinacci, uh, thing on there, but this is just, um, a bunch of different moving averages. Uh, and the white line is your current chart. And these are small, short moving averages, a three day, a five day, an eight day, a 13 day, a 21 day, and so on all the fib numbers. Um, and it's just how I like to look and see, are we trending or not? And when we're trending, it'll look like it did over here. [00:43:26] Alyssa Quorum: Beautiful rainbow, right? [00:43:28] Mike Webster: Like really nice and nice and pretty rainbow, you know, kind of like Skittles, which I used to eat and love, but I guess they're terrible for you. So I had to stop, but this is just really, really nice move. I guess they're one of the worst things you can eat, but they're one of the best tasting things. I haven't had them in years and I miss them dearly, but it is what it is. So this is, do you like Skittles? [00:43:50] Alyssa Quorum: You know, I was always more of a chocolate fan than like a tart sour kind of fan. Well, I hope you get, maybe that's just me. And I think they even, they probably make some like healthy-ish Skittles Webby with like the, the natural dyes instead of the, the, the terrible dyes and things for you. But I bet you're so healthy, you probably won't even eat the healthy Skittles. [00:44:14] Mike Webster: Yeah. I can't do that. But this is the rainbow there that we want where they're all in the right order, not in this, this mess. And frankly, this looks like something looks before it really falls all the way down. It's just the reality where your white line is kind of leading it down. That's a really bad look. And then we've got that same look, but even worse on the NASDAQ. But let's just bring up the RSP just to balance things out. This is your average stock and that's more of your Skittles look, right? Where it's the, they're in the, the, the right order, um, stacked properly as some folks like to say. And, uh, so that's a much better look. Now we're going to go to a new chart that I'm putting in here. Um, and I decided to do some spooky colors on there. This is the 200 day simple moving average. Um, that's what your red line is. That is the most important line. I know I always talk about the 21 day and we'll talk about the 50 day, but the reality is the 200 day is way more important than anything else out there, period. Nothing is close to it. Do any amount of historical work and you'll quickly figure that out. So when you're underneath the 200 day, like we were back over here, these falls can get really, really excessive. Now this wasn't that bad underneath there, um, that, that happened in March. But that's what you want to be concerned with. And so we still got a lot of daylight there on spy, but on the NASDAQ, um, you, we don't. And that's why I wanted to put that on there. And you can see, we came down to it, got support there, um, in July and we're able to bounce. And that's hopefully what ends up happening, um, next week. But the reality is if it doesn't, you want to be prepared for something like this or something like this to end up happening. Can you show the Russell? [00:46:09] Alyssa Quorum: Sure. [00:46:10] Mike Webster: Um, there's the Russell. And you want to look at the RSP. [00:46:12] DimaTorzok: Yeah. [00:46:13] Mike Webster: And then here's the MDY for the mid cap. So that Russell and, and the, the Russell was trying to make a stand this week and just couldn't do it. And I think it was just the overall selling with everything else, but it was, it had broken this downtrend and same thing with MDY. And it just couldn't hold up because again, I just think the overall selling with the broad market, just, um, nothing could really hold up unless it was medical or a one-off. Now we're going to go to your favorite one and this is spy. So what's your take on that? [00:46:57] Alyssa Quorum: This is my favorite chart. I love the, love the 21 day. It's just a continuation of this chop webby. We can't hold above it, but we keep getting teased. Yup. And, uh, so that's, that's been tough, but I will say on the NASDAQ, which has been, I would say a little bit, it was a clearer trend, uh, for a hot minute back in mid September. But then when that broke, I, I got rid of all my tech exposure when that happened. So. [00:47:31] Mike Webster: Good for you. That is a awesome move on your part. Great job. Oh gosh. [00:47:36] Alyssa Quorum: Well, with your guidance. [00:47:38] Mike Webster: Look, you do your own thing. I'm not, you know, like that's your own thing. Let me move over to our next charts. And as I say. [00:47:46] Alyssa Quorum: Well, the 21 day, I wouldn't, I wouldn't have, uh, used the 21 day without you, but it is really interesting that you bring up. Uh, I think it is interesting the more, the more you trade and the more you study technical analysis, you do find, uh, patterns, right? Not just, not just patterns in terms of cup with handle double bottom, but personalities of stocks, what moving averages they tend to come down to, or in, in certain market conditions. You start to pick up on some of these things that work with your style. So I know you're all about trying to find those things over time. Yeah. [00:48:25] Mike Webster: And I think you do an excellent job. And I think, you know, I talk about this a lot on IBD live, like the, what my style is too fast for, um, most people, I would say 90% of folks. I think your style is in line with the vast majority of people, probably 80, 90% of people should really tune into IBD live really just to hear what you're, you are doing because you're slower, but fast enough. Like it's a right that speed because you're focusing in on your day job, which is running all the video stuff that we do plus other, other things, but that's your main gig. And that's like, most people are watching, they've got their, their gig. Maybe they're a parent or a grandparent or they're a college student or whatever it is or everything in between, but they don't have time to sit in front of it and look at every little wiggle and wobble and get frustrated. You just go, okay, we're back above the 21 day or your favorite move that the one that I like are individual stocks as it's coming up through the 50 day. And I've been able to shot you like three or four times for doing it that way. But I like that. And I use that as part of my trading too. And so I do think, and I'm being super sincere. I think people should tune in just to hear, uh, that aspect of it. And I say this for the benefit of my parents who watch this, who love you more than me. It is just when we're driving in the car and we will ask rock, you know, questions that go, Oh, that's Allie. I'm like, no, that's Aura. And though that's how they, they think that's so funny. [00:49:56] Alyssa Quorum: I guess I need to hear a recording. I need to hear what this sounds like. [00:50:00] Mike Webster: I'll record it for you, uh, over the weekend. So now we're switching gears over to the Webby RSI. And this is an indicator that I've designed using the low versus the 21 day, because for me, that's the most important thing for my style for the market. The 200 days, the most important, um, for everyone in every stock, but from a tactical standpoint, the 21 day. And I like using the low versus the 21 day and it's expressed in ATRs, which is this little histogram at the bottom. When you have your low above it, trending above it, you'll get this wall of blue, which we had here during this. That's when you're going to make your money when it's not a wall of blue. That's probably when you're going to get chopped up. Um, we were starting to build a little wall here in August. It was short lived starting to build a wall here in October, short lived. Now we've got a negative wall that's building and that's the burnt orange. And that is when your high is stuck underneath the 21 day. And that's when really bad things can happen. And let's just kind of scroll out here. When you, um, have like this big wall of burnt orange, it can get a lot uglier. And that's what happened during that timeframe. Um, and then again, to a lesser extent in this March timeframe. So that's spooky like Halloween. And then the same thing here on the NASDAQ. We're already up to a two ATRs that are highest underneath there. Um, if you get, let's look at some of these extremes over here in the April 25 timeframe that got up to 3.7. Um, so that's pretty high over here in, um, August of 24. It got up even higher, um, or not higher, but in that same ballpark, like 3.6. So we still have a ways to go before you're even at an extreme. And lots of times with those extremes, those happen after you have a wall of burnt orange, and then you have a capitulation bottom. So the reality is we're nowhere near, um, that through this lens. Now, hopefully that 200 day causes that to happen, but, um, we will wait and see. Okay. The last one is our Bob Marley one. This is, um, this is actually given us some good info, um, constructive. If you're bullish that what this is measuring is in ATRs, which is down over here off of your highs. And I use the low of the bar to measure that. And so when you're going in a, uh, sideways area or even trending up, um, what we're doing is measuring those troughs in there to see when is something out of character. And right now this pullback on spy is within character because it was stopping around like four and a half, 4.4, um, back in June on that pullback. Same basic thing late in June, same thing here in September. So a little bit lower, and that would be right in line with these. You don't want to see it, um, make these moves like it had before, like over in this area where you can see this looks so much different than that whole other timeframe. And so that's why I designed this one to kind of have that lens that you can't always tell by just looking at the chart and you just, um, this just measures it. Um, in those ATRs, which I find extremely helpful. Now we're going to do this on the NASDAQ and not so pretty there. Um, we had hit our low, uh, about five ATRs in June. Then we went to an extreme of about six, uh, over six here in July. And now we're at fresh lows there. So, um, if with this, it's already broken and really shouldn't go any lower. If this is going to work out because it's already below your low, you've got a low, a lower low, and now even lower low. That's just a bad look, but I do want to end on something positive. Here's your RSP. Look how ugly that got. That got all the way into the red territory. That doesn't happen very often. And now we're bouncing up from there. So your average stock is in your green zone. Um, so that's a better look and at least something positive and none. Cause I know it was kind of a negative show, but it's reality. [00:54:25] Alyssa Quorum: Hey, we, we take what the market gives us. Right. So give us a battle plan for the week ahead. Webby more twists and turns are sure to be on the other side of the weekend. [00:54:41] Mike Webster: Yeah. So at this point, I really think you're, you're looking for a follow through day. Bill would certainly be looking for a follow through day. So what is that? That is you, you want to have a rally day. We need a rally day first. Then you wait four or more days after that, for that rally to be confirmed. And so that is a big move up. And the traditional way is to look for a pickup and volume on that day. But for me, it's just, you hit bottom, you have a rally, and then you have this confirmation afterwards. And I think it was a really smart way that Bill designed that because you have this time element in there. Um, and that's what you would be looking for from a traditional standpoint. For me, it's going to be about the Nasdaq with the 200-day and how that handles itself. If it just slices through it like it's not there, doesn't get any support, then I'm going to get really concerned. Because like I was saying before, if that can't hold, then it means SPI is most likely going to come down to its 200-day. So you want to be open-minded for things to get a lot worse. But you also want to be open-minded that we could get through some news next week, the market digests it, and we move up or we could have some positive catalysts. So you just, you want to remain flexible, but you want to live in reality, too. So what is reality? Look at things like your 21-day. Is your stock above your 21-day? If not, look at it closer. Is it above its 50-day? Well, it should be above its 50-day or you should have a big gain on it where you have that cost basis to give up. Certainly don't want anything that's underneath the 200-day. So just kind of look at those and then study, again, the RS line moving averages. I don't think there's anything better. Decided to share that with the world because I think it is really kind of the secret sauce for trying to hold a big winner. Or at least, at minimum, you could just use it to say, I'm not going to buy anything, with rare exceptions, unless that RS line is above those moving averages, certainly on a daily chart. So just wait, there's no reason you have to rush out and buy things. Hopefully, we get a gap down on Monday that finds some support. That would be the most ideal thing, but the market hasn't been doing that for us. And the other thing that I did want to talk about is yesterday, Justin and I did a podcast or a webinar or whatever it was. It's on YouTube about Swing Trader. And we're making some major changes in the very near future for the Swing Trader product. And I would certainly watch that. We're redesigning it and modeling it after the Nesmi list, which was something that Bill invented back in 1977. And I ran it with him from the 2000 timeframe until he retired, so about a decade and a half, where we would do this institutional buy list and ran it where it would be, let's say, 25 to 150 names at any given point, sometimes more than that. But that was the range that was in for Swing Trader. We're going to target 50 plus or minus. Those are going to be our universe. And that was like the product that I worked on with him that he designed when I was just a little kid. But with that, then we're going to add some things on there that I always wanted to do when I was working with him. And that is going to be a subset of those that are ready for Swing Trades. And that's going to be your ready list. And Justin and I are going to start doing, for subscribers only, every Tuesday and Thursday, as soon as we roll out this revamp, an hour to the close on Tuesday and Thursday. And just doing a walkthrough of the general market, what's on the list, what's actionable. And the other thing we're doing is rather than getting alerts 15 times a day like has happened in the past, which didn't work for anybody, didn't work for the product, is just not the way it should have been. And so what we're doing is we're going to give out any changes just twice a day. That's going to be a half an hour prior to the open. So it gives everyone a chance to see what it is that we're looking at. One hour to the close, that's going to be just minor changes, like if something gapped out on earnings or something really is moving and we want to put it on the list. And I think it's going to be a much better product that has more ideas for people as the ideas before we just put it on. And you've got to decide, do you want it this second or not? And I just don't think that method worked for anybody. And it was problematic on many levels. So tune in for that. Before we make the switch, Jess and I will do one more video explaining it. So tune in for that and we'll announce that. And then the last thing is, it's been so long. Is Chloe out of high school? [00:59:53] Alyssa Quorum: I know. She's 14 months and she's amazing. She's so bright and so much fun. She just amazes me daily with what she has learned and how fast she learns. You know, it's it takes her, you know, one little interaction and it kind of sticks. So she is improving her pitch, Webby. I mean, she's singing, she's singing songs like at the right pitch. Wow. And knows quite a few lyrics to songs. So. [01:00:27] Mike Webster: Which ones does she like? [01:00:28] Alyssa Quorum: Well, a lot of them are kid songs that she can sing to, but her favorite is remains the Beach Boys. She still loves Barbara Ann, but, but a lot of Beach Boys songs. A lot of them. They're great. [01:00:43] Mike Webster: The Beach Boys are great. [01:00:44] Alyssa Quorum: Yeah. So we listened to that a lot. She's super into Winnie the Pooh right now too. You can ask her, what does Pooh Bear like to eat? And she'll say honey. And it's just so cute to hear a little baby say honey. And. That's adorable. I know she just, she melts me. She's perfect. You got to take her to Disney. Not biased at all. [01:01:07] Mike Webster: On the, um, the, that ride. The, um. There's a. Yeah. There's the one. Yeah. Um, I think I got stuck on that ride with, with my kids, which was lots of fun because then you kind of see like behind the scenes. We had to walk, we had to walk out of it, which was a little, it was, it was a, it was a ton. It was a ton of. So you've got to fly out here and do that. Or they probably have the same thing down in Florida, which is a lot easier for you to. [01:01:37] Alyssa Quorum: Yeah. [01:01:38] Mike Webster: Yeah. To get to. What? So is she singing like country songs or anything like that? [01:01:44] Alyssa Quorum: No, I would say she also, another one that she really likes that you would approve of that she asks for by saying, go, go is Johnny be good. Oh. Cause he has a go Johnny. Go. Go. Uh, so she really. Love. [01:02:00] Mike Webster: Is it an age appropriate for you to have back to the future playing? Cause you know. [01:02:04] DimaTorzok: Yeah. [01:02:05] Mike Webster: Yeah. Oh yeah. [01:02:07] Alyssa Quorum: I mean, that's like. [01:02:09] Mike Webster: That's right. Classic. [01:02:11] Alyssa Quorum: Absolute classic. Yeah. Love that. Uh, love that movie. But yeah. So she loves, she loves Johnny be good and any pretty much anything that the beach boys. [01:02:22] Mike Webster: Well, Chuck Berry was such a, I mean, that was obviously his most popular song, but he really changed the way music was. And there's so many people there are huge fans of him like I am. And, but, uh, black crows are as well. And, and of course, Keith Richards, uh, was a big fan of his as well. And so you got to watch, I think it was called hail hail rock and roll, which was a documentary that with, uh, Keith Richards and, and, uh, and, and Chuck as well as, um, you know, Clapton was in there and it was Chuck reminded me a lot of bill. Um, and the, anyone who's watched it. Um, pioneer, but watch it and you'll, uh, people will pick up on the moods of, uh, the moods of bill. [01:03:12] Alyssa Quorum: Well, yeah. And it's actually, it's also a, a, a God wink, uh, for my grandpa, because a number of his songs also talk about Louisiana and New Orleans. And my grandpa, my grandfather loved Chuck Berry so much that my aunt who, uh, is, is, is a singer. That's not her day job, but in the round rock area, she does it for fun. Uh, she sang teenage wedding at my grandfather's memorial. That's how much he loves Chuck Berry. Very. [01:03:41] Mike Webster: Wow. That's hardcore. I know. That is, oh, wow. He's, it sounds like he would, he was a great guy. Yeah. And I'm pretty sure that Chuck was buried with one of his guitars, his Gibson, um, 335. I think I could be, I could be wrong. I think it was a red one, but, uh, someone can correct me on that. Well, that's wonderful. [01:04:01] Alyssa Quorum: We listen to music all day long. It helps with her language skills. And yeah. [01:04:06] Mike Webster: Does she do like wheels on the bus go round and round and those, the stuff where you keep her on good stuff. Like the beach. [01:04:12] Alyssa Quorum: Yeah. We, we, I prefer to listen to like, yeah. Classic feel good oldies over at the wheels on the bus. But we started, we, we did that, you know, probably when she was like six to eight months old, she's, she's so mature now. Her music tastes. Well, that's awesome. [01:04:28] Mike Webster: Let me ask you a question about the market. Cause I was saying how good you are and how everyone should be following you. So what is your take on the market going or what are you looking for? What are you waiting for? No, I'm, I'm with you. [01:04:41] Alyssa Quorum: Well, I'm in cash now. Uh, I tried spy twice over the last week or so, but after an expectation breaker, uh, in the prior week, we discussed it on the show. And then, uh, with today's action, my try with, we got above that trend line and the 21 day line. What was that Tuesday or so earlier this week? Um, Tuesday or yeah, I think it was Tuesday. [01:05:06] Mike Webster: It all blends together. Yeah. [01:05:08] Alyssa Quorum: Got out of that. Um, so back in cash without much damage. So I'm, I'm feeling good here and I'm, I'm not feeling like I need to press. I want to see strength. I want to see proof, but also just knowing that we have had a lot of pullbacks within an uptrend. I'm trying to keep that in mind. I don't, I don't feel like I need to be early catching the bottom, but I also don't want to wait too late. So we'll see what evidence, uh, is looking like as, as the days and weeks progress. I'm going to remain flexible. I, I feel great now that, uh, you know, if we head down further, I'm not going to be panicking because I'm in cash. Um, and if we do see a big shift and, uh, the market's looking better, seeing leading stocks improve or maybe new leadership or, or more setups, uh, then that's, that's what's going to get me back in the market. But with my individual stocks, I really want high conviction names. And I was, you know, looking back at, Oh, Hey, why did I miss Eli Lilly? And then I was, uh, looking at what the indexes were doing the day that we were talking about it being actionable on IBD live. And so I was like, okay, so I followed my rules. Um, you know, I think that's when the NASDAQ was breaking the 21 day pretty significantly. So, uh, yeah, I didn't want to just go to a safety trade, but I think that's why medical is really interesting because it's that, that blend. It can be that blend of, uh, you know, defensive, but also growth. So we'll see what next week brings. [01:06:45] Mike Webster: Well, I like that way of looking at it. And the one thing that you said that, that I think is, could be really helpful to people. Everything you said could be very helpful, but specifically when you go to cash, you even sometimes, you know, when I was on, when I'd be unsure about things and just, you know, am I rationalizing and my things, seeing things that aren't there. Sometimes when you go to cash and you just walk away from your computer for a little bit and you come back and you just look at things with fresh eyes, without any capital at risk, it can kind of calm you down and put you in a different state where you're like, no, I don't have to play. You know, that I can just wait, you know, wait and wait for a setup and whatever setup it is, whether it's waiting for the capitulation bottom that I know some people like to, to buy. I don't have anything against that. That would not be Bill's style, but an upside reversal at the bottom is something that I think is worth studying. And I think there's something there. It's just not within the system. What's within the system is waiting for a follow through day. Or through mine is just that basic checklist that we talked about all the time is wait for a close above a key area. So that would be a close above the 21 day, then getting your low above the 21 day and closing up on the day. And then more importantly, like if you want to really wait, like if you don't want to do any trades until your low is above your 21 day for three consecutive days and you close up, then you start buying. You know, yes, I could always be the top that we just roll over, but it could help you from a lot of the chop where you're, you're kind of guessing a bottom. So everyone this weekend should just kind of write down some rules of how is it that you're going to get in? What, what is it that you're looking for to get into the market? And I would play through a lot of the, the large cap stocks, not without any other parameters, just do do a search and market search on, you know, the most liquid names, as well as the highest market cap, like maybe the top 100 by market cap and the top 100 by dollar volume merge. There's going to be a lot of overlap merge those lists in to each other with no price or volume or any other parameters other than their individual stocks and play through those from the largest market cap on down. And that'll give you a sense for what the general market is doing, because remember spy and the Nasdaq are both market cap weighted. So that'll give you kind of a feel for the safety trades like the Lilly that we were talking about, or, you know, the Sandus and the Microns and the Nvidia's and the things that are the Google's metas and the things that are in trouble. It'll give you a good sense for things this weekend on my, my webby rambles on for the near future, or for the indefinite future, indefinite amount of time are going to be short. So anyone who wanted short ones, they're about 20 minutes, I'm going to try to get them down to 10 minutes, because I just don't frankly have the mental time, the mental energy or the time. So this one is model books as an overview. And then after that, I'm working on what I'm doing is I'm going through Bill's book, and I'm going to do little highlights of the things that I think that are important from here, just little snippets. So those will be the future ones. Again, it's on webby 5150 every Saturday morning. There's an episode. So what a public service. You know, it's for my kids and, and future grandkids. [01:10:27] Alyssa Quorum: Oh, well, that's awesome. Great stuff. Webby is always looking forward to seeing you back here next week. Thank you. And thanks everyone for tuning in. That's it from us for this week. And we hope you have a great weekend. We'll see you Monday morning starting on IBD Live. Investors.com/IBDLive for all the details starting 10 minutes before the opening bell. You're definitely going to want to tune in to get the team's take on the market heading into the midterm elections. And then, of course, the team's reaction to the market reaction to the results as the week progresses. So we'll see you there, everyone. Have a great weekend.