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hey guys Mike here so another red day in the market number five so you know we break the streak tomorrow with monthly off X we'll have to find out a lot of options expiring but of course we talked about what in Sunday's video we have two stocks and of course we'll add Netflix of that they're going to really set the tone of where we're going right and so asml stage one they make all the equipment for the people who make the AI chips they fail right now you have taian sems this morning they actually did good with their numbers but it was the guidance they put out on certain sectors of AI chips that the market did not like right so technically we'll say fail number two and then of course number three is going to be the ones that actually sell all the chips okay and so I'll show you what Taiwan semiconductors had to say also I'm going to ask you to do something for me which is vote in the bottom whether or not you do it now or when I ask you but would you get into an autonomous taxi okay which is a lot different than your car well you can literally shut the car off stop it take over the car at any moment but Aon is taxi you're getting in the back seat and you're trusting obviously a car or whoever programmed it with no driers so I just want to know for Saturday's video I'm do a lot more talking about Tesla autonomous taxes things of this nature because a lot of you guys brought up in the comments and want me to talk about it and so please put in the bottom yes or no if you want to put your age that's even better you don't have to write a book or anything else just put yes or no that's it we'll have our own little poll personally I'm very up front saying no my wife won't do it none of our friends will do it none of our family do it might be our generation right might be from where we're from I don't know what it is but I just don't feel comfortable and get in the back of a car that I can't have any control over and going right I don't mind because even one of our cars I forgot what level it is whatever but I can cut the thing on it'll it'll drive us and stuff but I can cut it off at any moment right and so I'm still in control so you know that's just my thoughts so I just want to hear from you on that so we're going to get into you know a lot I'm going to kind of push fast this video but one thing is you know we hadn't had any good manufacturing news we actually had some good manufacturing news and numbers some stunning numbers Philadelphia fed Manufacturing Index up 15.5 right there which was way more than they expected they expected plus two right plus 3.2 prior New Order surge at 12.2 shipment road 19.1 but here's the bad part prices paid Rose plus 23 and employment and average work week fell for into contraction but again looking at the chart cyclical right so we are we in a cycle going up and normally the employment and the orders and all that come together right now employment is lagging as people are working you know two or three jobs or whatever now getting into Taiwan semiconductors and I just want to put that manufacturing out there because we really ain't seen a lot right here's the deal you look at the numbers Hey sales rise as much as 30% as it rides a wave of demand for semiconductors using AI right and it may main a its guidance right which was actually a good thing and so that's not bad but what they said was which kind of made the market go uhoh is as I told the members Taiwan semiconductors on Thursday said the recovery in the smartphone and PC markets was milder than expected Hello Apple and eliminating the pace of global semiconductor growth that's why you saw mu get hit for 2024 despite demand for generative AI Computing remaining strong which is why you saw Nvidia and AMD even on red day go green and the company also said it expects Revenue to grow quarter to quarter in 2024 but the chip maker remains cautious about global consumer electronics sentiment that's really the big one right and you can see right here obviously we going to pull the moving average look at the chart real quick obviously broke its 50 moving average so it's joining the gang right there it is coming into I guess you can call it a demand area since it's major rise up so we'll see if it gets bounds or continues to get punished because they don't just make a chip stocks right this is also why you saw Apple have struggling today now look at this one right here this is crazy hey guys before we continue please hit that thumbs up really appreciate it helps people find the video and thank about subscribing if you like this kind of content and that is Netflix as you can see boy they went hunting for people playing options on this one look at those big old Wicks right there Wicked up then wak down we'll see where it ends coming up in the morning and stuff right there we'll see if it makes it it's expect to move which is quite a decent one but you can see here right these earnings aren't horrible they aren't even really that bad right they beat Revenue they beat the guide Crush subscriber estimates by 94% I want to thank one of my members for this by the way and you know but you look at guidance well Q2 missed Revenue guidance barely right they beat everything else and then full year Revenue missed by0 4% right raised ebit though right beat ebit estimates by 4% and so you can see the revenues and stuff there but again if this was in an uptrend do you think this stock will be down right now or do you think it'll be up please put in the comments I think we all know the answer to that right but we're in a downtrend you can see and look at this right here I'm going to count them up one two three four five right five red days we are below the expected move now and when we zoom out I want to make sure again four red days right you can have five or six though okay this was the last major sell off right there when you saw we had five Green Day and then it went three more red right but even other sell off about four days so four days is it's not like uh you see it all the time okay but you can have it again we had five R days we have six red days if you want to it's just normally you will get a bounce at some point in time right you can see it clearly right here and again when you look at it we need to move up at some point in time to clean up the chart right that's just the way it is it always happens I don't care how steep it is unless it's some kind of like 2020 event you don't go straight down okay and now we've moved into this Gap right here so we're going to fill the gap before or not are we going to get a bounce moving up and when we look at this right here what I mean is somewhere a lot of people expect to come right up in here right we come right up in here grab a whole boatload of equity right here clean up the chart and then if it wants to head down from there it can head down CU right now earnings aren't doing it right and so they aren't pumping the market or anything else still moving down you can see it right here in this last sell off you'll get a nice move down and again you're going to hit some magical FIB level or whatever it is moving average or something and you're going to get a move back up right and it's going to clean up the chart and it's going to tease you it's going to say oh look at right here we cleaned up the chart with this one but then we're going to move higher we're going to break this level right here no we're not we're going to fail right suck suck more people in move it out as exit liquidity right then move it back down right mitigate this fair value Gap pop back up oh we're going back it's all over nope surely is not big crater down move back up fill a gap to the penny right there to the left move back down finally liquidate everybody else left or whoever's you know really really wanting to sell and that's when you get like six red days in a row right there one green then three more red right and then we take off like a rocket ship all right so we capitulated a lot of people right there so you know we we'll see how far this one's going to go I'm personally you know wish we would come all the way down and and touch all the moving averages I told the members now Tesla I thought it was going to fill this Gap today right here the gap's around 14633 as you can see when we go over here you can see plain as day we did not that was the the low 14870 again another downgrade more people you know piling onto this thing right here as you can see right there no shocker then they cut it from 189 their price Target at 123 now when we pull out you know obviously we're we below the expected move so this is this is a prime example of a stock that is not going to end up unless something crazy happens tomorrow within his expected move okay so like I said the indexes are way more prone to completing it within the expected move than certain stocks and this one just it can't buy a break okay it cannot buy a break at all and when we look out the one thing I want you to look for you know where the bottoms that Gap or the bottom we hit today we're going to find out but watch this trend line right this goes back 2019 the 2020 bottom right there that remember when it dropped to $100 101 that was that trend line so we've had three major actually Four touches and then right now so anywhere from 136 to 142 depending on when it would have hit it if it would hit it but watch it CU that would be a great level uh then the bodying at right and so again they got earnings coming up maybe it does it then or maybe it just starts moving up from here do know a lot of people dollar cost average into this one and that brings me to that interview I mentioned with somebody who was in the business right on Wall Street but they own Tesla in their personal account and so they lay out why it's either going to be bullish or why it's going to be even more bearish uh cuz they're putting their money their own money where their mouth is not their client's money why should we still believe in this stock story well the stock right now doesn't look good so let's just separate the two the stock from the company um make no mistake the chart looks terrible don't forget that in January of 2023 I bought it around 120 this stock got to I think a hundred bucks during the early part of one day of trading and that's with earnings estimates of $5 for 4E 23 so we're not even going to sniff that this year so this could go lower let me make that clear it looks broken right now why I would not dis what I wouldn't discount is Elon is I think he's one of the most you know prolific innovators and Engineers of our time with SpaceX literally I think NASA would be defunded with what he's done with energy storage and EVs and then at neural link and so I do think though though he is going to have right now between this earnings report which will be bad and the shareholder package I think it's very murky right now because make no mistake part of this valuation is based on sentiment and also valuations margins and earnings expanding so I see absolutely why Steve is short I don't think he's going to be short long term I think it's probably a trade but I think longer time we will get some clarity and this will be over the next few months a potentially good opportunity to add or buy to the position as I said the chart looks terrible and they are in a very murky situation right now because it feels like are you going to be a car company that's balancing higher revenues higher earnings and margins and then also innovating at the same time with full self-driving more energy and Robo taxi or are you going to do a full pivot to Robo taxi I think if they come out and do that that's a revaluation of the name on the down side because that is probably 5 to 10 years out and like I said them again if you could please vote right there in the bottom if you want put your age that's even better it gives me even better sense to put in s video but again like would you get into an autonomous taxi or you know driving autonomous car that's what I know especially the taxi part where you're in the back seat okay so you're not control of the car all right it's a lot different than what you're doing with your car right now so please put in there yes or no you don't have to fill out a Bible or or or you know put a whole big explanation on put any explanation just put yes no I would whatever and I'll know what it is and I can present it Saturday's video and we have our own little poll okay I just want to gather information from you on that me personally I'm I'm very upfront saying I would not do it my wife wouldn't do it none of our friends would do it nobody in our family would do it so you know now it's different you're saying I'm going to be my own self-driving car where I can shut it off and change things but to get to the back seat of a car don't have a driver I'm just personally not comfortable with it again I'm not techsavvy just not comfortable with it maybe it's my generation maybe it's I'm from the south I don't know what it is but I'm just not so please let me know how you feel about that now earnings all you got to do is look at American Express you have PNG a couple but nothing major and no kind of economic news you had one fed president in the morning and that is it again you have Opex a big Opex so they will be most likely I don't know the number yet but i' be one to bet one to2 trillion dollar and options expiring tomorrow and so again we we'll see where this Market goes especially off Netflix earnings and Tai on semiconductors and asml and all that good stuff we let to see uh where the market wants to take us to set us up for next week so please hit that like And subscribe button on your way out feel free to predict tomorrow if you like do we finally get a Green Day and break the 5ay streak or not all right so I'll see you guys tomorrow have a good one
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