Ultra Wealth on April 25th, 2024

Sweet. I just talked to Eric yesterday. He's neck deep in some business stuff. He'll be back on with us next week. And for those of you watching the recording or popping in, appreciate you all being here. What a fun day, huh? What a cool day. All right, Joe, if you can, if you have the Internet connection, if not, I, I've memorized your trades today, but go ahead and.

Yeah, I don't, I don't think I can through work here.

It's okay.

Sketchy at best, so.

Okay, cool.

All right, well, let me, let me walk through some stuff then for you. So let's, let's pull up your Google because this was so cool. So proud of you. Just want to give you massive, massive props because it feels like, or looks like to me that you just, you planned everything, you thought it through in advance and you acted on your plan. So you're in a nice little collar stock gap down. Now here's the thing that I, here's the question that I have. So this was a gap and go right bull candle, bull candle, bull camera gapping down. How why did you anticipate or what was your analysis that helped you anticipate that it would go higher or that would fade up?

What was going into some support there? But just with earnings today, I just figured people would think it would be a good, good dip buy opportunity for the most part just because it has been so strong so that there was the potential for it to go up. And then I, I, it was just, I didn't watch the first few minutes of the day and then after a while saw that it had had the bear candle for the 10 EMA entry, so thought I would take a chance on that.

Ah, so cool. So cool. That's awesome. So you took a 10 EMA entry and wrote it up and ended up winning. Winning an R. You said a whole risk unit. That's amazing.

Yeah, it did get to my 2 arc target. Of course I didn't get wicked out, but I haven't day traded much lately. Just having to get my account set up after the funded accounts and all that, get a separate one set up. So this was the first day doing that on it.

So sure. No, it makes, makes perfect sense. Makes perfect sense. But hey, I mean, you snuck a day trade in, made some money. Good for you. Yeah, I took zero trades today. There was a lot of good trades opportunities out there, but I didn't, I didn't take any. I just chilled all day, just sipping on water and going on walks thinking about how to be Cool. Like Garrett. And wear nice shirts.

Nice.

Got my tropical gear on.

Dude, you're looking so good, man.

Sun was shining, so I figured I'd pretend I was at the beach at least.

That's right. That's right.

So you can live in la.

So Joe, you hopped back in, back into your collar and then did you get the same credit or just maybe a little bit less, but still a good.

A little less. Like. So it wasn't quite the 1%. It was just over a dollar. But I figured with what I'd already captured and it's just a little extra for.

Yeah, for sure.

After two days.

Absolutely. Over earnings and really just bigger collars in general, I don't necessarily care how much I get paid. Really often I'm just looking to get paid because really my, my goal is to just protect myself over earnings. I want to buy peace of mind is what I want to buy. And I do think that Google gaps up on earnings. Personally, it's just been so, so, so strong. Just continually pushing into earnings and we've had some pullbacks, but you know, we'll see another big gap down. I mean you'll definitely have some people trapped and we'll trade down a little bit low for two or three days and we'll bounce again. So that's the, that's the best news is what a good position to be in. You'll even make more money if you get. If we have a gap down on Google because you'll exit your collar again and you'll buy some more shares and then just keep riding it up.

Yeah, let's hope so. Yeah, I like the speed, the fast of it because I was only two days that I was in the caller basically the first one. So.

Yep, yep, yep, yep. I love it. Okay, Eric's outside enjoying that perfect sun. Okay, my dude. Jeremy, did you get to snag any of your Roku you playing any of this move? Give us some updates.

I was gonna buy some when it was below 60, but I was like let realize like earnings is right there. So I was like let me just wait see what happens.

See what happens on earnings. It's. I think it's tonight. Either tonight or tomorrow morning.

It is tonight. Yeah.

Okay. Yeah, we'll see. We'll be seeing right after. So walk, walk me through, man. Walk me through your draw on my screen. Give us, give us the fortune teller future. Tell us what's Roku gonna do? What are the things that could do and what will it do if it does what I really.

Oh, I'VE been oops. What I just do. I've been looking at the chart and I'm not entirely sure what it. What it's gonna do. I feel like. I mean I was hoping what I was really hoping it would go down to like in the 40s like it's done one time over and then have a massive run. I don't feel like it's going to do that. But I'm trying to remember because I. I was studying like April last year. If you could just scroll because it just it seems like do the same things over and over. I'm kind of expecting some sort of like gap up.

Okay. So let's, so let's. Let's just play with some iftin statements because that's really all earnings is I never know either. Right. So let's start with this. If we gap down here, what's your thoughts and plans?

My thoughts and plans is I would depending like what what it looks like that would be a bearish gap and go. I'd be like probably like pyramid in or something because I'd like these numbers here on.

Would you short it at all? Try to make some profit on the short and then use the profit to buy some shares.

Yeah. And then last November or. Because I'd definitely be looking for like a day trade or something because like last November I missed out on that big time. But that those two days here it it like I think this was like 10 or $12 or something.

Yeah dude.

And then this was another big day here and you, you could have just crushed plenty of ours on those two days.

Plenty of.

And then bought in and this compression and. And just wrote it up. So I'd be looking for some sort of move like that look for like a day trade or something if it's a nice big gap like last time and then just look to buy low and sell high.

Love it. Okay, what if we open here? What's your thoughts and plans?

That's what I kind of in my heart hope doesn't happen because I feel like I'm gonna. I'd probably wait till it.

Okay. What happened to me?

Why does it just disappear on me? Okay, well my pen disappeared but I probably wait till we close above the hundred on the weekly before I'd gotten any long term positions or something. So if I. I play I might play like look for a day trade or something if it's trading up until like that. I don't know. Is that the dated one?

Oh let me just check. But.

But essentially yeah. Just watching it out for that resistance. And then once we close above that, go on long and going hard on it.

Okay.

Because I expect those gaps to fill. From who is it working now?

Those gap downs? Yeah, yeah. So what about if it opens here? What you doing?

Oh, I get in because.

Sweet. Okay, I got it.

A couple hundred shares or more. And just have fun.

Love it. Okay, so what's beautiful, and I agree with both of those statements, Just to be clear, family, we're in earnings season. This is the time to do homework, please. This is be. Spend an hour or two. Even if it's just on one stock, right? If you trade one stock like Garrett, only thing to do is to play Tesla, start planning it ahead of time, right? Coming up with, what are you doing on Friday? Are we doing it next week? What are your if then statements? Because earnings cause movements. Life changing money is made from life changing study. Okay, so at this point, you guys know everything you need to know. Go study some charts and just come up with your if thens. If this, then this, if this, then this. And start planning that out. Because you'll get one. That's the truth. You will snag one. I did help another. Another trader that I work with. His name is David. We. We played. I helped him play Meta today. So I'll show you how we kind of analyze Meta, but that was a really, really beautiful, beautiful trade. So Meta, this would. This had so many fun trades today, but masseuse. Good to see you, baby girl. Walk. Walk me through the sentiment of this. Why do you. Why do you think? Yesterday I drew this purple line anticipating a fade exactly where it opened today. How could I have made that call? What's your take on that?

I would think it would have something to do with an Elliott wave. If I remember what my Elliott wave was that I don't see right now.

What else? You're right. What else?

Look, I would say the big gap on the last earnings just waiting to be filled.

Beautiful. Okay. Yeah. So come down to that gap bouncing off, acting as support. Right.

And let me see. Nothing else is coming to me right now.

So the other one is what's. What about the bears from that candle there?

Oh, yeah. They're like all excited about making such a big profit, so they're all going to buy to close, which is going to make it fade up, at least temporarily.

Yeah, precisely. So that was. And then the main trend on Meta is bullish. Right? So we got the overall main trend. I agree with your Elliott wave theory. You know, whatever. Some type of count, maybe Some type of retracement. But really the two, the three things, bull trend. This gap acted as a support and you had a bear candle gapping down. So the bears were profitable. And this is again this, this is what I drew yesterday in the afternoon room. Right, Eric. So gap down, fade higher. So then if we pop into a three minute chart. Now I didn't take this personally. I didn't make any money off this trade. But I did help form another trader make some money off this trade. He got in a little bit higher. He got in take above the high of that candle and he got triggered in here. I think his stop was a little bit lower but he still was able to exit at 4:40. And I think he won like 1.2 or 1.1 hours. But this was the, I mean we all know the 10 EMA, right? Like that's the easiest strategy in the world. No one needs a refresher on that. So you had three bear candles, all above the tin and poof. And you know that's, that's the day trade. But really these types of trades, there was a few traders. Eric, what's the strategy that you can make money as the stock goes up sideways or down a little bit? That also takes advantage of volatility and options being really wild in the early morning.

What's the early morning strategy?

Yeah, early morning strategy to capture option volatility.

Well, when it early, early you could have maybe sold some puts on meta, like under 380 or something.

That is the exact answer. That's 100 it. So stock was gapping down. Right. A lot of people are afraid. They're fearful. They think the stock's going to go zero. They forget that it's meta, Tom. They forget that it's a bear retest. They forget they haven't done any research. They don't know it's gapping down into a good support area. But if you know that in the morning and again, if you have the, the ability or the liquidity or the potential to own some shares, could you sell some puts down here? Yes or. Yes. And that nice early morning open, you can capture some good premium. And then today, since you've had a fade all day, are those puts now worthless?

They're worth a lot less.

They are worth less. That is correct. Yep. That's absolutely right. So again, just taking advantage of that knowledge, right. We've been going through options all month. We know what options are, we know what put sales are. We know that, you know, when people are really, really afraid the price of a put option goes up. Right.

I got a question.

Yep. Hit me, brother.

Do you think that it's going to completely fill that gap and be back down in the low 400 or hit 400 at some point?

Yeah, I do. You do?

Because you said that in the afternoon room. I think it's like, wow, it's meta. It's going to turn back around and come back down to hit that. That's kind of surprising.

But yeah, because we still actually have a little bit of gap left to fill. A little bit. So we got. This is the starting of it. So it looks like this. So that's the gap that we have to remain to fill and this is the all time high and it's a retest gap. So now all of this is also a resistance. So you're kind of in the middle of a support and a resistance level. I do. I think that we, we eventually rotate with the market one more push lower in general. I mean, I think that's the whole market, not just meta. Yeah. The whole market kind of has one little more eventual thrust lower and we go from there. Especially, especially if Google gaps down today. I don't think that's going to happen. But if Google gaps down, then I really, really, really think we're going to get that rotation Google gap down last night it did, but it gapped down because of this. Yeah, because of that.

It reacted.

Yeah, yeah. It reacted to their earnings. Yeah, exactly.

Another reason I thought it would fade.

Yeah.

Just reacting to meta.

No.

What's.

Good analysis, Joe? Yeah, well, good analysis, like you're looking at, you're like, okay, here's the six things. The six reasons I think it's going to go higher. You spent some time, you made an R and you got back into your car. I mean, A plus trade, Joe, all around on your Google. Really just the mark of a professional, just thinking things ahead of time, going from there. Okay, now we gotta give a shout out to our girl sue because sue bought back some put sales that she did on ELF. Now when did you get into that trade, Ms. Sue?

Oh.

Did you sell those puts on this day here?

I don't remember for sure, but I believe I did.

Or is it that.

Let me look at my.

Yeah, pull up that trading log.

Yep, right, right.

See what day of maximum fear she sells these puts.

I know I got good premium and it was like way down at 135. I was like, no way there's going to be anything down there.

I bet she sold it on April 5th. That beats that'd. Be nasty.

Hey, my computer won't listen to me. I can't get into that screen. Can I share my screen and then I can look at.

Sure. Even better.

I can tell you. All right. I can find the right screen. Why is there so many screens up here?

Must be like my computer.

You guys are so rich. All these screens.

Abundant screens.

Need to get that Jeremy money. You get that corporate six figure money, man. I need to start buying some computer screens.

All right, all right.

So we got your email.

Oh, you got my email. You don't have.

I got your mail. Wendell. Wendell Curley's mail. Email.

Oh, we don't have the right one.

Okay, just go back to the share screen and click another one.

Okay. I didn't think I had that many screens open, so there you go. Now can you see the Carvana?

No, not yet. Click. You gotta click that share screen one more time.

Okay. Technically challenged here.

It's okay.

All right.

The good news is once you do it a few times, that's the way it works every time.

Use Jeremy to draw with. Do you have a pad, like a stylus or something? Or how's it. Something quick for you to draw?

Who, me?

Yeah.

Tons of practice, man.

Use a mouse to do it.

Or you have a stylus trackpad.

Trackpad. Oh, I wondered the same thing, Garrett.

I know.

It was April 5th. You're right.

It was April 5th. You're a dirty girl. That is.

Yeah.

Just taking advantage of those people. Sue those banks.

Trading off.

Good for you. So, okay, walk me through. Why am I saying that day had ultimate fear? Why'd I say that that would be the best day for you to have sold some puts.

Well, we went down a lot. I've had two gaps here. We're on the third bear candle in a row.

And there you go. Right at the long term moving average too, Right?

Exactly.

Yep. Third down day in a row. Right at the long term moving average. Big gap down, lot of fear. You sold a put. Well done. Good for you.

96 down to 160. I was like. And I bought some shares too, so I want more elf.

So.

There you go.

And. And you bought the. You bought the post sale back your. You bought it back today. Awesome. Good job today.

Yeah.

Now, your count can still be very correct in this. And what. Exactly what you have drawn could work. Just in case, start planning the possibility that this was the wave five, because it did make a new low.

Yeah.

So that. That's the only thing I have to share on that is just kind of keep that into consideration. Yeah, exactly. Where this, this whole. That whole thing. Yep, precisely just like that. And this could. The whole. This sideways action could be the four and that could be the five. So just, just have a wave count where you have it just like it is now. And you have one where you're. You're aware that if it starts to do one of these and really takes out that resistance, it's going to pump again.

Yeah, yeah. Because it moves really well.

Yep. Speaking of Carvana, show us your Carvana chart. Tell us how you're crushing that one.

I haven't really been trading very much lately. Except I do have a put sell on that I need to close soon.

Well, that's what's cool about options, right. Like what you did when you're taking these trades is you set up a trade and you don't have to be doing a lot of tradings to still make a little bit of income.

Yeah. And I was really hoping to, you know, get put to shares down here, so, you know, don't think that's gonna happen. But that's all right. I'm still buying some, so.

Exactly. That's okay. All right, Ms. Joe, tell us on Sue's chart what you're doing because you are in some. Carvon, you got put some shares.

Actually, no, I didn't. I had a bit of a margin issue, so they liquidated that.

Okay. So.

So I didn't get them after all. Trying to remember when the end. When the expiry was anyways might be. It might have been this week anyway. So I probably wouldn't have got. Wouldn't necessarily got put them anyways, but.

Was too bad. So want you get your shares of this stock because it's going to keep pumping.

I know, I know. Now I'm going to watch. Watching for it. If it gets down around the 70 level again, I'll probably just pick some up or.

Sure.

And maybe do another put sale. So.

Sure. Cool. Well, good job, Sue. Selling some puts. You beat me on that one. Me and Joe were doing some putting. You. You went all the way down at $50.

Yeah, well, you had just taught that class and it was like 94 cents, so.

That's crazy. Eric. She just got 2% for like two weeks, dude.

It's crazy.

That's awesome, Eric. What does that annualize 2% after two weeks?

Well, 26 times. That's over 50%, man.

Can you guys imagine 50% a year off of just selling options?

Yeah, and I can. You know, you can have life happen and you can Just leave. And that's what I think is a huge, huge, huge benefit blessing.

Yeah. Well, you did right. You had some life stuff come up and, and hey, we all do, right? Everyone, everyone, things come up. So it's like we, we gotta be okay with just kind of seeing, knowing, feeling. We got our trade, some trade. Sometimes we're gonna be slammed and we got a bunch of things that we're doing sometimes, you know, not so much.

Just check in a little bit and like. Okay.

Huh. All right now. Yeah. I loved your wave count on that one. Beautiful, beautiful work. Good job. All right, big Garrett, show us your trade on Tesla today. He was so bored, he wanted to make some money.

I just closed the long position too. Tesla. Just the thing that is for sure is Tesla is either going to go to the moon or it's going to like go to zero.

100.

Yeah, I'm thinking the first 100. Yeah, no, it's up to 170 right now. Way above where.

Yeah, do it. Do a screen share. Walk us through your trade today.

There we go.

So these are my, my bigger views, my, my daily and then my 10 minute chart which gives me just a, a broader perspective of. And then you can see all my notes are just crazy, but it actually means something to me. Like these are some of the fair value gaps that we're working with. These are some of the, the targets that we have for puts and call areas of, of major concentration. And then this is over here is where I, I generally day trade. So I don't have it marked up on there. Not see that screen or is it.

Yep, you can.

Okay, that was, this was my trade today, which was three hours. And then I just picked up a trade there. Took out that big bulk, that big bear candle that I thought was going to reverse it, but it ultimately didn't and I'm just kind of prepared for that. So I put my stop there and I closed it. Right. 170 about there.

We're doing calls or shares.

Chairs.

Nice.

These are just share share trades. Those are my two trades today. And if we look at it from. So I, I trade on this and I was looking for it to. This was high of the day is high of yesterday.

Huh?

Right.

Was that blue line? This is my, my zone for yesterday's high and lows or that. And then I'm watching it as it's tracking the EMAs and it breaks through some of these, these major support and resistance levels which are also the, the option levels. So. Okay, I was expecting it to break down as I was watching and I wasn't doing anything about it just to see again when it didn't. Then I jumped in that real quick just a second ago.

Love it.

These are just three minute candles. So that was super quick.

Y so this is like, like a trend indicator. So it turned green for you. So you're getting in long. This is the 15 minute chart and this is your three minute chart.

Yes.

Sweet.

Exactly.

And if you're bullish on this. So if this is green on the 15, do you go only long on the 3?

That's right. And if I don't, if, if I. So that's how I'm getting my indications right is this is the trend on the daily. How does that relate to the Trend on the 10 minute chart? And then how does that relate to my entries here in in. So I have made some contra trend trades but I'm doing them in half positions so half risk. And, and you know, I know when we get real far away from the major moving averages that there is a, a good likelihood that we're going to move back. So you know, reversion to the mean. I'm kind of aware of that and where it's at and I'm also aware of where it's at in relation to support and resistance levels also in targets for dealer option like this. So. Yep. Okay. You know, so, so this was a good, a good pullback on that. That entry this morning. And then I picked it up here and read that up to which was the key level right here. And then I went and did a bunch of stuff today and gooped off and pick this up because it was opportunistic. So love it. That's my, it's my day to day.

Well done. Well done. All right. Eric, what about you on Tesla, man, I know you got some positions. What you doing over there?

I didn't do anything today with Tesla. I had. I had to do a bunch of real estate stuff today.

You're keeping your put sales just letting them hang out?

Yeah.

Yep.

Yep.

Well, just so that we're all aware, I know we got three minutes till market close, but this is a 10 EMA. You guys know how 10 EMA works? Bear candle above the 10 EMA first one big bear volume. So in the next 15 minutes, if we're above that high, I'm gonna pick up some shares and I'll probably pick up some call options too just in case this one starts pumping because Garrett said just a moment ago and I listened to him closely because he trades Tesla a lot. You can either go to zero or go to the moon, he said. So. For whatever that worse, all my future.

Trend stuff says it's going to 200 so.

Well, it's interesting. I mean I here's the big thing to me, we're taking out that volume. We got a good gap on terrible shitty earnings and we have a good, good indecision bear candle. So if today we close above that indecision, that's going to be unique to me. Now lastly, I was looking at a monthly chart, Tom. Now again, pretty good volume here, but I was doing. There's one other stock that I actually buy some shares of. I know you guys all know this, but you know, whatever, tsll. So this is another way to trade Tesla that's just cheaper. And what I noticed is check this out, look at the support and look at the volume. Now I don't know if they're core. Like obviously this isn't moving Tesla, we all know that. But the simple fact that it has that much volume at that price is really, really appealing to me. And we know Tesla's low. The reversals very, very often do come from capitulation events like this gap down sell higher. And like I said, 200 is not ultimately that big of a stretch either. So anyway, I am in this bear call spread still. It's 185, 190, but that expires May 24th. So what I'm doing is I'm picking up some shares here because if we do go higher, right, obviously the shares will make money. This position will be losing a little bit, but depending on how many, you know, contracts you sold or how big your account is, you have the ability to buy a hundred shares if you have 100 or more, depending on how many spreads you got. So for example, if you did five contracts up here, you don't need 500 shares to protect yourself. If you did five contracts, this is all just math, right? So you got five dollar margin times however many contracts you did. Also you did 10 times 100, so that'd be $5,000. So you go, okay, how many shares I need to buy to make to make $5,000 between 169 and 185.

And.

Just kind of reverse engineer the math if you want to or need to. Again, these are all just considerations of something you can do. If you already have shares of Tesla, right? Just and your cost basis is less than 185, right. If it is, what that means is that this could be a. Since It's a sold call. If you own shares and the Stock closes above 185your shares can get sold with this particular call option as long as it closes below 1 90. If Tesla closes above 190 then this will be, will be erased out because the long call and the sold call will offset each other. You will lose your maximum risk, whatever that is. Right. However much contracts you put in and that'll be the trade for you. So just having that as an explanation but yeah, really, really good little move here. You got the 50 EMA, it's going to be a little bit of resistance on the Daily, that's 175. You got the 10EMA on the weekly which keeps adjusting because this is a weekly chart, it's at 174. So there'll be a little bit of resistance there for sure. And it's a good looking candle so far. You know this is a, this is going to be potentially a bullish engulfing candle and then the monthly candles are going to be over soon. So you might potentially have a hammer. So saying all that to say we all, we all know that Tesla is a great, great long term company. They haven't even come out with a semi yet. As soon as they start rolling out their insurance products where they have insurance only for Tesla drivers based on how they're driving, you know, all that data is stored so they know whose fault it is. I mean it's just going to be a really, really interesting product. So anyway, any questions about Tesla, future casting strategies, anything like that?

If that big bull bar closes like this, and it looks like it will, is that the size and, and volume of a bar that you think we would get like a half pull back into or.

Today? We, we definitely can, yeah, we can absolutely retest halfway in this candle. I mean I would be, I'll be a little upset. Yeah, I'd be a little upset if we get another non awesome Tena candle on Tesla. The last one I played was this guy here and we just never went higher. So if we get another bear candle, although that'll be the first one in a while, this, this 10 EMA trade just didn't work, which is fine. But we can, we can retest a little bit of this candle. But if we close above here, man, that's going to be stronger than weak. I don't think we'd, I don't, I wouldn't put a, I'm not going to put a bunch of orders to get filled in the halfway. I'd probably Go a little bit higher than halfway to see if we can get a little bit of a retest like that.

That retest usually happens in the first 20 minutes or half an hour.

Yes, sir. Yeah, you got it. Yeah. So it was fun. And, and the cool, you know, fun little takeaway on Tesla, as of right now, you got yourself a island reversal. So for anyone who's a little bit of a bullish Tesla trader out there, this is an island now. So you got a double, you got a double gap action. You got a double gap from here and you got a double gap from the earnings. So there's, there's a lot there that's going to act as a potential little area of support. So just some things to consider. Another reason why I might be, you know, I'm picking up some shares to see if this can slowly pump a little bit. Yeah, good stuff, fam. Good stuff. Anything else if I want to review? Anything? Anyone have any questions? No, that's good.

Okay, cool.

What else? I mean there's so many things reporting, earning. So Apple, Apple's having a cute little day today. So this is the really the fourth bull day in a row ultimately. Eric, how's that covered call? Like, and what's the, what's the premium for? Is it, is it low? It should be lower than you sold it for at least, right?

Yeah, I, I thought about closing it out today. I didn't do it. It's getting worth less and less. I have so many shares that end up being looking like a money maker just because I have.

That's right, baby.

Having lots of it or whatever. So.

That's right. Money maker. This is my favorite thing, everyone. I hear I have so many shares. As soon as I hear that, I just love that person more. It's just a good thing to hear. Well, man, I love it. Yeah, this, this was a, this was a really, really fun bounce. I was telling Eric just the other day, I don't know if you guys bought off a 165, but it literally marked the low. We, We've been planning 165 on Apple since this class started. We have been playing them for that level. And again, Apple's not the sexiest, you know, most huge swinging trade in the world, but that 100 on a weekly chart at that support at 165, it was nice. It was so nice. So I took that from 165 to 169 on Apple. Yeah. Anyway, and I got some long term, I bought some long term Apple down there too because it's you know it's Apple since threw a couple shekels at it just to see what it does. All right, what else? I know we got some earnings. AMD has earnings around the corner so we can start planning some of that. It's not in the too too distant future but this will be an interesting one. I feel like if it's AMD can open above 167 that'll be best case scenario. I think your put sale will get closer. You think it will Joe on this one but you know you still got another day.

Same thing happened to that one as Carvano so that one's not there either.

So okay. Broker's like no we don't want to give you these shares so mean basically. I know like dog I wanted them though. Yeah.

AMD take, take my Google let me have those.

Yes, exactly. Yep, yep. Yeah. So this will be an interesting one. This will be fun to watch just to see kind of how it, how it interacts with this particular price point. See how it gaps Nvidia we have a ways to go. So Nvidia we got a whole month and some change Tom There just there really wasn't a lot of premium when that candle came in. That's why I was kind of sad. I was definitely looking for something on that big bear candle. There just wasn't a lot but this, that this will be one where again family. This is a good steeple pullback here on the broader markets. So for Nvidia that's, that's really nice. It's really, really pretty looking chart. And then here is I know Scott and Eric and a few, a few of you are in hess some energy positions. What a nice pullback that had. So you're in Chevron right Eric. So walk us through what you do on your Chevron trade big guy.

I looked this morning to close up my covered call but it there wasn't ton of didn't leave a lot so I didn't do anything.

Cool. I like it. What a beautiful balance. Right. Such a nice pullback off old resistance, new support and that that's just one of those beautiful little pushes and then quick steep drop right back into support. Really, really nice.

Yeah.

So I know you and Scott are happy about that. It's good, always good to see those positions go higher. This is the weekly chart so you can see why it's kind of bouncing off of that price. That strong 100 simple there that blue line was the old resistance, new support that was kind of holding that bad boy up and if you just the chart for dividends again, you can see how it closed above that price. Really able to see on chevron a little bit of a double bottom here. Good. Double bottom. Good. Close. Good Retest the neckline. Just a little bit of a push and then. And then it retested again. The long term and then. Yeah, just a good. Some really good wave structure in there. Good job holding through and making some money, man. It's awesome. That's what it's all about. Okay.

Can you look Lulu, Jeremy, or did you guys already before I got it?

No, no, I haven't looked at Lulu yet today. What you got on this one for me, champ?

I. I have some shares in it. I don't have a hundred yet, but let me see. Earnings isn't until May 29th.

Oh, yeah, you got plenty of time.

Yeah, I have it like being at the beginning of a. Just ending the corrective wave C and probably doing a going down wave two.

Yeah, yeah. This is very possible. So you sound like, like a 1, 2, 3, 4, 5, something like that.

Yep, yep, yep. And then there's a couple gaps still down there. I don't know if it fills all the way, like down to 3, 23. There's still a gap from a ways ago.

Yeah, it's gonna be possible. I mean, I was looking really hard for. And I feel bad, Joe, that we couldn't find any good premium. There just really wasn't any. I looked. I mean, I was looking at like here and there just wasn't a bunch. So when it was coming into here, I wanted to do a bear cost break. We had that bull put spread and with. With the size and the volume of this, this could be a 1, 2, 3, 4, 5. It is very, very possible. I know exactly what you're looking at, though, because this is going to be that really pivotal spot where if this is an abc, obviously we know we can't close below this level. So this is really gonna be that pivot price. So if that is the case, I'm fine with that. But we're gonna need to. Yeah. Probably chop around here for a little bit. It's gonna take us take some time to digest that because. Because this is the end of a very, very, very big, big, big, big wave five. Again, you're zooming out to like.

Right.

Like all the way back out here. Yeah, that was a big. This is a big three.

This is a four.

This is a five. So we're gonna have a little bit of work to do on Lulu and just gonna Trade sideways. But I'm in some shares with you, Tom. I think this is a great spot to buy that. Did a decent amount of research on the fundamentals of this particular company. We trade down to the 50 on the monthly. So that was nice down there at 337. So I picked up some shares there just to have some.

But.

I'm just gonna let it kind of chill for a little bit. If I can find a good trade with some type of option trade, I will because I think it's going to chop around and kind of trade sideways a little bit. That's only if I can find the premium. There's. If there's money. If there's not, I'll just leave it alone and just kind of pick up some shares every so often.

Yeah, just, just wait. It'll go up eventually, but.

Correct. Y. Yep, correct. I agree with you on that. All right, anyone here? Got a bunch of bitcoin?

Not enough.

Never, can never have enough of this. All right, well keep snapping necks and cash and checks and get some more because we're. We're forming. We're going to form just a big, nice little consolidation here. And again, I think we're. I do still think most markets really chop and get kind of ugly for a decent chunk of May, allowing this 100 to come up a little bit closer. So, you know, take it for what it's worth. But something like that. Bitcoin goes higher by the end of the year. It's, it's. It's a mathematical certainty at this point that by the, by the time of this year, because we're, we're holding up really well. And so last time, look at this last bounce off the hundred. Can you imagine buying at 40,000, Jeremy just pulling into the hundred on a nice dip and an uptrend at 40,000, going to 70.

That was just earlier this year.

That was this. Dude, that was weeks ago. That was in mid January. Weeks ago. Yeah. So we're gonna, we're gonna chill out for a little bit. Kind of chop around here.

Let.

Let people forget that crypto is cool, which is. That's. That would be great for us because we're going to really start analyzing crypto a lot in June. So just be prepared for that and go scan through some stuff. Does anyone have any questions about options at this point? Option strategies, option setup, a chart, a trade, something that you want to review. On Monday we will have another session and on Tuesday we will have another session. May 2, we will have a session as well on May 2. And then May 6 is our beginning of real estate class.

I got a quick question.

All right, my man.

Well, this morning I did jump in and try and look for. To sell a covered call on Chevron. Like, you just looked at the chart, but there wasn't any good premium. Is that just kind of a weird thing because Meta dropped and everybody was looking over there? Or how do you know what the story is on that? So.

Because I thought it was, what, expiration this Friday?

No, I checked like May 10th. May 17th, and nothing really floated in my boat.

You got no boat floating? Dang, dude.

No, it's just like. Well, that isn't that much money. I didn't want to go too low on the strike price and lose my shares either.

Sure.

I mean, yeah. So is there any math to that or is just market sediment? Because there was. There was just no premium. And you said that a minute ago about some other stock and it just happens.

Oh, yeah. Oh, yeah. It can happen. Yeah, for sure. That's a great question. I mean, the premiums. Premiums are really dependent on a few different things. News, macro events, what's going on in the world, who's doing what, why they're doing it, how they're doing, where they're doing it. Is there anything that's interesting coming up? Is there a board meeting, something of that nature? So, yeah, there's. You're absolutely right. There's certainly a lot there that kind of goes into it. Let me go look at Chevron for you. So Chevron regular May. Yeah, yeah, you're right. Not a lot of premium. There's really one thing that causes a lot of premiums. Just have a lot of fear coming in.

Right.

Or that's where you're gonna get some more premium. Yeah. The only good thing is 170 for May and one other small little piece of Intel. The more certain the company is, the less, the less premium you get for covered call. So. And the higher the dividends, the less premium you get. The big, big, big blue chips, man, Walmart, Exxon, Verizon, AT&T, they really generally don't pay a bunch of premium. You can get some every now and then. And if I was looking at this one, the only one that I would sell personally would be regular May 175.

Or so right now.

Yeah, exactly. Get a buck 75. Precisely. And that's because you do have a resistance. So we got a good resistance here. Be selling that higher than 170, which is nice. Sorry, we're selling the 170 above that resistance, you have a new high. You got six bull candles in a row and you get your 1%. The only downside is you got earnings. So if you, if you don't want your shares get called away since there's not a lot, since the premium doesn't cost that much, you could always do that bear call spread on top of your shares, which is sell the 170 and then you buy a 175 or 180. And that's not going to cost you very much. It will decrease your overall net income. But if Chevron has a big earnings and for whatever reason really, really pushes over the next three weeks, then you know you'll get called away. But at least this position's making you some money. And obviously if it goes in the money and closes in the money, then you can take share ownership from that, from that call option.

Yeah.

Okay, cool. All right.

Thanks, man.

My pleasure. What you got for me, Sue?

I was just looking at Mongo database. Yeah, Yeah, I bought that like too high. It was like right before we did Elliott Wave. So if I had done that class, I wouldn't have bought it yet. But I'm still glad I have some shares, I guess that I don't, I don't have any like option positions in it and I have to catch up some of your classes. So I'll probably be shooting you some questions. Tom.

Perfect. Yeah, I think, I think Mongo is good. Just kind of keep holding down here. I'm, I'm picking up some on down days, so if I see a red day, I'm buying shares. It's at the 200 on the weekly. This, this wave counts. One of the easier ones I've ever done. It's, it's precise. This is the end of a wave five. And this is a, an ABC smaller, smaller. 1, 2, 3, 4, 5 on the way down. So I do believe that this is the reversal price on Mongo. And, and the good news is if it's not, which I, I don't think I think it is, but if it's not, and we break below here, this is a good risk reward, right? You got a good support area. You get the long term moving averages on a weekly chart, which is no easy feat. If we break that, that, that's gonna be a good, good spot to get into some protection. So I'll get into some puts there. And then on the monthly time frame, here's what the monthly chart looks like. And we're just bouncing off that little 20 EMA. So again this will be. If we close like this, we'll have a 10 EMA trade set up. So again, that risk reward, if we take out that support in May or June, I'm going to be buying a lot of puts so I'll be able to over insure my position. But I am picking up some shares down here again to get back and to get some exposure in Mongo.

It's kind of a gap fill on the downside too, on the daily.

What's that, Joe?

I just said have that gap fill on the daily too on the downside, wasn't it?

Yeah.

Like 298 to 321. I have a. Again.

Yep, exactly. Oh, I see what you're saying. Yeah, yeah, yeah. 100. Absolutely. So I don't want that to happen. But you know, if we start like I said, that we break this support, we do have a nice gap down there all the way down to two. Yeah. 298. So again it'll be. It's the risk rewards. Good to be picking up some positions up down here. So I'm kind of sprinkling in if I see some red, throwing, throwing some shares at it and seeing if we start going higher because this is. This is a buy low, sell high. And the last time we were down here and we got forever until earnings. But last time we were down here we double bottomed and then we bounced. So I'm kind of thinking my guess is we're probably around here type of time frame. So we'll have one more big push down before we have a big push higher.

Yeah. Because it really moves. I mean I've just been buying some to decrease my cost basis.

Yeah.

Also. Yeah, it's helping.

I can respect that.

Okay.

Jeremy. Yep. Tesla. So last 15 minutes of the day, we're above that bear candle. So if you want to get some shares or some call options or just some exposure just to have it. It's a 10 EMA trade, man. With the gap out of support, buy low, sell high. I mean this is one of those that you gotta. You gotta at least try y. You know, and then. And the try comes down to, okay, do I want to try longer term or do I want to try shorter term or both? You know, it's either one. All right, legends. Well, hey, thanks so much for hanging out with me. This has been a lot of fun and April's been an incredible learning month and growing month for all of us and just having an absolute blast. Like I said, May. We're going to get into some real estate discussions and just talk about the again, some more tangible wealth, some longer term things. I might even teach Eric something he doesn't know. It's one of my goals, the whole class. Eric's a real estate pro. Yeah. We're gonna have some good discussions and just continue going through it. And then June 247 markets, so. So if you guys love stocks, just wait until you learn about crypto and futures. Especially if you don't hate. If you don't love taxes, futures can be even cooler.

Nice. Yeah.

Awesome. You guys are the best.

Thanks.

Thank you, guys.

Thank you.