PreMarket Prep for June 11: BYND gets a downgrade; Ivan Feinseth

PreMarket Prep for June 11: BYND gets a downgrade; Ivan Feinseth

you coming to you live from downtown Detroit this is been Zynga's pre market prep with your host royal common in Dennis Nick I fit the patty I will buy the stock prepared with everything you need to start your trading day good morning everybody welcome to this Tuesday edition of been Zynga's pre market prep Spencer Israel Joelle Kannan Dennis Nick with you this morning hmm what is on our radar well I guess in hindsight it seems obvious but it would have taken a downgrade to pause the momentum and beyond meat and that is what happened this morning with JP Morgan so we'll talk about that will talk about the CVS Aetna deal that closed last year potentially seems like it could be in trouble a judge indicated that last night so we'll talk about that they're hitting CBS down on that news this morning today is Tesla's shareholder meeting as well later in the evening so talk about that Dennis sold some long term positions last night so we'll talk about that and before I forget nine days and Counting now – they've been Zynga trading some in June 20th New York City busy promo code PM p50 on that note Joe what is the word here overnight Oh major green on the screen up 13 and a half handles 829 Oh 275 oh that pre market low last night 86 and a quarter not only was that Friday's high that match Monday's entered a low and we took off Oh 575 that was yesterday's high that's our target on the upside things really open up after that crude up 54 cents here at 53 80 gold in the red here by 490 13 24:40 couldn't clear that 1350 level silver well under 15 hanging out unchanged here at 14 64 Bitcoin struggling with a thousand down to two hundred and twenty seven dollars and fifty fifty cents it's 7785 well we'll get it over here let's bring in the birthday boy what are you talking about yeah happy birthday my birthday forty-three puts her worthless oh is it my birthday I did I forget my own birthday you want to take the day off aren't you supposed to I'm working on my birthday he's a little late for that but yeah happy birthday Dennis no it's funny actually my mom texted me last night and she's like 14 hours until this was like a 10 o'clock at night so she's like time you know at the time I was born and she's text me that and I was like question mark I sent back I know she was talking about I was like oh it's my birthday tomorrow even though it's my birthday tomorrow so my mom invited me otherwise I actually might have not even realized it was my birthday today I'm buying 244 calls man I am I'm fine thank you make it 244 yeah man 64 days to go and I'm not gonna sell the sixties or anything against it I'm just gonna buy the 44 I'm not gonna do a spread now thank you thank you John yes I feel older already my back is hurting here this morning I'm sleepier than normal so 43 feels worse than 42 all right so let's talk alive we got to start with beyond meat here and Spencer give us the news data tell you what you did and I'll tell you what I almost did oh excuse beyond me catching a downgrade this morning from one of its underwriters JP Morgan has downgraded beyond meat to neutral they did raise the price order by dollar but the first big it down right here to be on me I said something about you know at some point in time all the growth is going to be priced in and that point is now that wasn't that wasn't a good that's not good for that wasn't good for my long okay continue why don't you almost do I almost I almost bought the 150-foot yesterday you're trying to fade us me and share me for long oh I know and it was trading them once I think 168 169 and for the put that expires on Friday they wanted six dollars craziness I know and I'm so here you go down great even in your favor you're still not even in the money oh but it will move it's gonna move yeah oh it will Wow I mean here's the thing and maybe this is something we were debating last night about what you should talk about at the trading summit I think you know maybe that all options strategy you know stock with the option strategy because you mentioned it hit a good level this morning let me adjust the chart that it matched the low from yesterday real close I don't know I wasn't watching it just uh I okay so what I saw might be on meet this morning on the Jaypee more downgrade so I had a little bit left I'd sold I sold multiple times yesterday so I kept a little bit overnight downgrade this one I was like okay I gotta get out that being said I don't think it's over yet I don't think the story's over yet I think it's gonna cool off here with the downgrade maybe cools off for a couple days I know Jeremy knew some over there he was eyeing it a little pull back to the 137 level where he might actually try to go long I don't know if you're gonna get it today Jeremy on that one 37 if it's gonna go that low but Joel's got another loan for you yeah yeah it's a it's an easy level like that I mean I guess I'll have to wait for the day low cuz I I guess if you figure it from the pre-market low pre-market low was quite a bit below yesterday's low 143 66 ah so man what was that that was like a 40 point move so 165 but I'm not really when I do these retracements I don't use the the pre-market trading just because you know two shares or three shares or five shares could trade there so we'll see what that low is today I no idea where it's gonna be I can imagine 147 90 is where I would be bidding I because no not 147 9 let me look at the daily the low from yesterday is 147 even so that's my next target on the downside after that 3 what it does there in the pre-market at bound straight around there so that's interesting so still holding up it can hold at 1:47 you know then it becomes interesting if it doesn't maybe Jeremy's 137 level comes into play here I don't know where he got that number from but that's what he checks last night is where he was interested anyways I'm out for now not gonna fight the analyst not gonna fight the tape here this morning but still on the watch list I might get back in again and who knows I might even play the calls I tried to buy the college yesterday morning there was no way though even on the pullback I was hoping I started I tried to go get the 160s because I had to outfit because the price was so high so try to buy over the 160s and we started pull off we opened up yesterday at where were we like 155 or something then we had that little pullback in the first 10 minutes down to the 147 area and I almost I just wasn't quite I was trying to pay four bucks for the 160s and they got down to about five so didn't quite get there and then we know he blasts off to 186 so I actually was gonna sell all my stock and we've got the 196 but we didn't wake it up there so I end up getting out of some in the 170s I got out of some earlier so just you know wiggling out and then I sold the rest of it this morning I won 55 on the downgrade just mention that too because you did have offers out there did you say what I thought you said 195 Yeah right in there I I had my head that I thought I could even said I said I think this go 200 so I'm no one's gonna go there you know I still think it could you know potentially go to 200 here I don't think the story's over but the Jaypee point down great definitely slows the party down here just a little bit so I just you know it was it was gonna blast off mode there Joel for a little bit and when 160 170 180 so I have my order out there just in case got really silly and I was like it's anywhere near to honey I'm gonna sell this but it didn't it got like what 184 yesterday and then peel back but I was sitting out there 194 just in case it really got silly that's good I know that's good I mean that short-term top is then obviously JPMorgan but I don't know if the story I don't want the all-time high isn't here yet I don't go back I'm out but definitely still on my watch list I'm done predicting all-time highs third I heard you know when we were selling off last boom five interest rate cuts a deal you know a trade war and deal with Mexico and now I guess that the main driver this morning is it's gonna be really easy to get a deal done with China now right all of a sudden does that cruise that what I'm reading into tea leaves Spencer like a deal with China it's well I I would I would hold your breath until g20 in two weeks because that's gonna be that's the that's the big red circle on everyone's calendar is Inca trading summit with that too but also g20 in I think it's one to 26 and 27 okay let's just put talk that's be brought it back to the macro picture let's talk the S&P it's been an incredible five or six day rally as ugly as May was we completely turned around and redeemed ourselves in June getting back all of me lost this is basically the majority of the May losses in six trading sessions so my portfolio has come back significantly from those lows – I mean I'm I have so many stocks my long-term portfolio that I just basically move around with the market so I complain when we fall five percent and I'm one of those class half-empty guys so I don't usually celebrate when we're up five percent but I did sell do some celebrating there yesterday because I sold two stocks out of my long-term portfolio one the one big one I had and was a sizable position was AIG I've had AIG in my portfolio for years and I bought it back shortly after the financial crisis I rode this thing and I think I was in from like 30 or 32 bucks obviously wrote it all the way up to the $67 area and then watched in the end of 2018 all of my profits pretty much go away where the stock went from 55 down to 30 where did we get down to in December 37 o 36 and I guess I was on my 32 so I was pretty disappointed so we've come back significantly and we're bumping her head against a big resistance level of 55 you can see in 2018 so many times bump up against 55 I'm like I'm 53 and a half you know what maybe you could stick around and get the 55 but good enough got you know the majority of my gains we're not the majority but over half of my gains back that I lost in December and I'm out of energy all oh okay all right dad I also sold my hewlett-packard but that was one that was just in for a bet and I don't know I just wasn't having a love with it it hadn't been responding and again it's up a resistance to is $20 so I haven't liked the way he'll Packard that has been trading at all since I bought it and since it's up here back at this resistance level 20 to 20 and a half again he's fighting it up here I'm a lot of that one too I want some strength of the market I mean from my S&P futures perspective not much in here twenty nine oh five point seven five was the high from Monday I think the only thing that keeps me from being super over bullish here is you got rollover you got rollover tomorrow right it's gonna be the second Wednesday of the month and we're gonna have the triple which quad which whatever you want to call it and that's when you'd have the transition from the June to the SEP contract and so you know so the liquidity is a little bit split actually the front month contract will be you sp you on Thursday so you do see some funky action and I you saw sell-off yesterday a sell-off into the clothes you saw it 8:00 p.m. low and the spoons last night Dennis right they made that low right on that bracket and been rallying all night so keeping an eye on oh we're still rallying Trump you know talking about a potential deal to there was some commentary over overnight just saying how he thinks he can get a deal done so the market is riding on that too but let's just you know a little word of caution here as the market goes stronger Trump has more you know a Trump can play a little more tough guy here too so I just think if you're coming in and buying stocks now like here it is this a 5% rally in basically five days I think you're doing it backwards you know like I said I bought some square during the sell-off and this is long-term long-term investing hat not trading so but you know I bought some square I said I bought that BOTS ETF and I bought a couple emerging markets ETF back right at the end of May I'm already up significant and all those things and even the bots I bought in nineteen it's 20 box about the square at 63 at 71 and I bought the EEM equivalent and I don't know like 40 and it's already you know 42 this morning so you know that's how I do I'm a contrary and long term investor and more of a momentum trader so I'm it's like almost exactly opposite you know I take try to take that Warren Buffett approach you know Whitney Tilson was talking about the same approach to you know buying when stocks are weaker you know buying on valuation that's how I tried to do investing I feel like I'm a much better trader than I am an investor and that's why I'm excited to actually go to the conference to the bensinger conference where we're gonna get some Whitney tails since we're gonna get some longer-term investors and it could help me with my long term investing as well too because I think I do a pretty good job at it but you know I I don't know like I'd buy stocks and you know you hold on to them and sometimes you hold them too long and it can always improve so trading in and investing is always a continuous improvement things so I'm hoping to learn some stuff there as well and get better with my long-term investing too we have someone from Sydney Australia here in the chat our OLS Timberland welcome from what time is like it's already tomorrow they're right later they got the future they know the future what did the market do today yeah they know the future yeah boy oh boy you said you get that Wall Street Journal one day earlier be good remember Back to the Future Part 2 when he got the sports game of the sports book was brought it back changed the whole world I remember that Joel does not remember that mr. Israel he's a blur for Joel a long hair swim and he was partying in the 80s I was looking watching back at future tangents today and if you can't tell I have a little bit of a cold I'm tired because it's my birthday like you get like a birthday launcher I don't know I don't know I'll have to find out I haven't been told anything I didn't know was my birthday until late last night the boy gave me a little birthday card so the boy remembered do you want us to send you some biani Berbers yes that sounds excellent over the border okay we can continue here let's go back to news we talked to CBS did we talk in yeah we didn't wait ok the pre pre market show we were talking at let's talk CBS because I don't know if I'm ever gonna see this happen before but they're going to try to Nix a steal the deal has already been done the deal closed back in November they've been trading as one company CBS and Aetna for the last seven months and now they're gonna try to outdo it potentially at least that's what the New York Post is saying yeah and you're posting that a US District Judge Richard Leon alerted of lawyers that he is potentially making plans to nix the deal the deal that has been approved and signed off on and and already happened is he is gonna go I guess undo that deal now or so how so he has indicated in a note or in a in a hearing last week minute almost nobody noticed I don't think I've ever seen that before a deal gets approved they trade as one company and now they're going to potentially undo the deal after the deals already proved so they would have to basically spin ad not back off any become a stock I know I've never seen that happen before maybe it has but I've never seen happen before where merger gets approved they go together they're trading imagine being the company you put everything together you're restricting people you probably fired a few people they probably hired a few people you're moving these two companies together as one there's a lot of work involved in that for the last seven months and now you might have to all undo all that sounds like a mess so Archie listen to this from the New York Post I judge Leon could be the first to reject her merger settlement since 1974 when the Tuni Act was passed by Congress giving judges the power to disapprove disapprove settlements but apparently that's not and it has not been there's not happened yes so yes that's all I'll say is mess yeah this stock I mean it pop I mean now what was that 5173 52 you know I would stay in the bullish camp at that ways away from that you hit that in April you hit 51 77 you revisited 52 even and April again and then in May came down to 51 72 so that's where the big boys are buying I don't think you're gonna get down there today but that's your major support on the upside I mean let's see what happens at the close we are trading in the red by 68 cents a little bit action actually seem to be getting a little bi interest at 54 anything in the book of 50 for Dennis five or ten thousand or I can go get the buck but I mean this is all gonna be headlines in here here I'll look at the book for you real quick I don't even know if anything matters when there's headlines like this going on like this story is if this really does get rejected it's far from over because you're right you know like RC ace and the CBS will appeal oh for sure and I would think they're gonna sue I mean there's a lot of money that has been dropped in this you approve of the merger and now somebody's gonna undo that like I would think there's lawsuits it's gonna be a mess if this actually does get undone for you know not just for CBS but you know this gives could go in courts this could be a long drawn-out affair so we are far from just seeing oh yeah CBS is just gonna say okay yeah we'll spin them back off because of all those things I just said they've been working hard on this to get this deal done for like a year now the deals been down and they've been working as one company for the last seven months now it's four maybe we get potentially undone story is far from over it's gonna be headline driven going forward from here but you know you see this and CBS I'm not surprised as trading down because it's not good news there's no way to interpret this as good news for CBS in my opinion Walgreens boots Alliance why they changed their symbol I don't know from WAG but the best one wag I like wag what about head shoulders bottom they're just just throwing that out there for nobody ba an ugly downtrend I still Amazon you know ground zero for you know Amazon attacking I'm not interested all sold you I'm not I'm just actually not sold to you I'm just not trading X I'll be sure I'm just gonna do this real quick cuz we got a lot of stocks in the chat someone asked about Mickey D's on a rebound man it's all about 200 for Mickey D's yesterday at $1.99 74 that match slow to double Oh 200 point o 3 so good to go north and that one someone also asked about AMD made a new high of them royal booty 34 13 went to 30 for 30 so it knocks knocking on the door 35 there we got someone wanting to short snap and I know this is strong market but he's leaning on a triple top here 14:07 $14 I feel 13 yep I like that he said he's out above 14 20 so you have to find out yep I'm fine with that I mean I'm not saying I'm coming there in there and do it you know we've seen these little consolidation periods and then they rep higher just don't mess you're out but you can put any trade on a Cyrus's you put any trade on as long as you know where you're out is if you're out set those highs 14 15 14 2010 you know what your risk is 13 90 this morning risking 30 cents to take a look at the downside I don't mind that trade alright that's okay it's a good day to jump around there are a few other things on our list and nothing there was super high priority I have Broadcom o AVG oh I think yeah a Swire deal a subsidiary had announced a deal with Apple right yeah no that's what it was yeah so it's another supplier deal for Broadcom with Apple AVG o did start riding right on that headline it's up three percent here this morning so it's a good morning here for AVG oh and man this is a stock that has rebounded substantially to 6 days it goes 250 now you look at 290 I mean this is like a 12% rally in 6 days Wow wicked wicked sell-off and the main wicked rally in June for pretty much everything gap-fill here i just alerted our traders investors that you do have a gap fill at where do we cap down from on this day boom let me grab a 288 for tea boy that's tempting that fills the gap that you had from May 17th I'm not sure why capped on that day so if you've been waiting for that you're gonna get your opportunity today if you want more on that more upside you got a high it 293 57th and then you gotta think about the psychological $300 level yeah and earnings buy apples telling us AVG Oh earnings on Thursday okay yeah it's correct Casey earnings if you want to do the one report that we do have casey general stores is trading up ten bucks I don't trade the stock but it's up ten bucks and it's actually a pretty big move for this stock which typically doesn't move that much it's just these here and you're buying it that clear because you have one 2286 low in March it's big it's pre market high is 148 not a lot of volume here you backed off at really the only number I can give you at pre market high I believe this is a new all-time we're all-time high where are these stories that I don't think I've ever seen one the all-time high if you want to use some support old resistance to support one thirty eight forty five but I've never seen well I've never seen one either do we know I think there's I think they're in the oh there are some in Michigan apparently I didn't realize I think they're in the Midwest I mean sir we but I don't know they're there somewhere Chicago Indiana that area I've never been in a Casey's so anyways I don't know I've never seen one in Canada okay anyway Casey beat bead and the eraser dividend from 29 cents to 32 cents and H&R Block you Rachel also had it earnings this morning they beat and beat and also raise our dividend by a penny 25 26 cents and announced an acquisition they're requiring way financial 405 million dollars in cash so beat beat divin raised by penny acquisition should have one of their earnings stock jazz saying the ass they reported this morning here the down 6% how'd they do APU supply beat in my feet on the EPS in line on the sales the q2 eps guidance was white the q2 sales guidance was white the fiscal year ApS guidance was I guess in line sales guidance was okay but wait on the q2 guidance phrase D supply go back to H&R Block I just H&R Block my former employer wow I guess not really because they acquired oldy discount wakin up here a little bit up about 56 just going on the monthlies yeah if you're looking for a target above your pre market high your pre market high comes in at 29 even just seems like if this could sniff 30 bucks today don't know if it will 2981 that was your high back in June just about a 52 week high so keep an eye on 30 bucks and then HDS way retesting the low of the move here I turn it down to 53 below the move 41 that's not good gotta get about 41 for a chance uh-huh that's not good yep on the earnings guidance menu here Creed do not have earnings but they cut their guidance this morning so CRE cut their q4 adjust EPS guidance the range Y is 12 to 16 cents the new range is 8 to 12 cents estimate all the way up at 21 cents so they cut the EPS guidance cut the sales guidance as well from the 265 million dollar range to 45 to 52 million dollars so cutting the q4 EPS and sales guidance is CR EE the hilt down to 55 they're having a little sellers remorse it's already back up here at 57 I never like to buy stocks and the cap gun so this just doesn't sound like a combination not good i they got a pop and then a drop pre market low is 5498 but I think I went with this bad News if you want to hold out for the lower the move that comes in 53:36 anything else on your list dentists um I had a few just jumping back over well there's a lot of interesting ratings but we gotta talk AMD I mean stock goes up a buck every single day it did pull back yesterday and close week so that's one sign that a stock is getting tired I mean this has went from 28 to 34 in six days this has been an incredible rally we talked about the relative strength and a.m. be held at how I held the 26 it was definitely holding up better when all the other chips were getting erect this thing would not go down and there was a reason for that now it's been going up that being sad 34 30 I would say is a line in the sand for me now because it did peel off that high we're up here again this morning but if you get out there maybe you take a shot you know we get 34 maybe you take a shot on the short side stop out above the high though so if you see we're setting up a trade for you I'd say if I could get it I know 34 areas short just trying to say that potentially maybe you know it topped out yesterday which kind of looks like cuz it peel back from that again though if it goes above 34 30 I would cover and 34 15 was your high back in September so relevance to that area as well hyper and then 15-year high spinner is mentioning and 38 in a quarter August of 2000 that's what crazy that we're back this is a stock that I you know back when I was two dollars a share I think a majority of people thought would never ever have a chance to ever get back to 40 and we're gonna talk about what's the all-time high 42 above that and I know what it's gonna be March of 2000 know a little bit later June of 2048 50 40 50 go to yep it's back space right now the most favorite chip stock out there so on significant pull backs that ever gets back to the 30 area it's probably a buy here again so you know I set up a little day trade for a on the short side but I still think in long-term trend is a friend in here so looking for pullbacks here gets to back near 30 probably buy again if anybody knows the president of that CEO of that company could you please find out if she ever worked on the floor of the Chicago Board of Trade because I knew a Lisa sue that was my pit clerk on the Board of Trade and that was her you don't think it looks like her no and she went to MIT MIT and that's where dr. su wet so we'll get around the show use your use your hook up here I tried whatever but anyways great-looking stock great relative strain to 26 we'll see what happens at 30 for 30 stocks erm it's bouncing back a little bit here this morning obviously got hit on the data acquisition there yesterday maybe a little overdone it got down to one hundred and fifty dollars and eighty three cents it's a stock that is still loved so does a stay down because they did pay a significant premium for dat a you think it stays down here is this something you'd look at if it got back down to retest yesterday's low which look at this from the long side no-man's land here tricky I mean sure yesterday I'd be looking at yesterday's low that came in at 150 83 so people that sold in the hole are gonna be looking for that nice gas field to boy oh boy I wonder if I know Jeremy likes to trade the gaps but I want to fade the gaps but this one was a real nice gap Phil you had a higher 150 92 on June 4th and it made a lower 150 83 and then rebounded so whoo big volume yesterday you know another stock that I just wanted to mention real quick and it's kind of like an old rule that has been broken a lot about when a stock does it take over but man oh man UT acts they had that thing trading into green on the opening found resistance just below your May 22nd May 23rd highs and as you would say tennis kablooey they really took the wind out of that thing so I got a both down both finished reto day yeah it's not off you see a merger and both stocks finished in the red but you're right they pulled the rug out from under this and went straight down really ever since the open ucx opened up near the highs 135 134 133 132 131 within 10 minutes it had given back the majority of its gains RTN was trading a little bit higher than that up but it gave back the majority of its gains to I don't know if it actually closed in the red rtn but it was down close both stocks giving it all back there was no sympathy trades to be had I tried CAE but because you know the the – even though the – and the merger weren't even going up that much it was probably a towel but did you see him going back you know there was a lot of stocks Twilio ended up giving it all back and closing rent so and it was when I played off sympathy and I made four points off the sympathy trade in the pre-market I guess sometimes it's good to book those profits because I would I held on to it I'd given it all back ya know it's it's the sympathy I mean it lasted there's a deal there's a deal going on and boom I mean take your profits quickly got up to 148 30 and you're right dig close in the red bouncing a little bit today I think 144 is my level in interest because that surrounds your your last two closes 144 11 143 62 so we got some quiet periods ending here today let's go to ratings for a few minutes because there is a ton of ratings here this morning some significant ones like I said there is a few quiet periods ending here – Spencer Israel give us some highlights before we do that I want to ask you if you were trading Shutterfly yesterday 3:45 at 3:50 no no oh you missed all that action yeah no I didn't yes I did and it was because we were we were we were on the show yesterday and we were talking and they were given they gave the price and they said it could be for around 2 billion and we were looking I was like what's training for like 1.9 billion so you were like doing the math and we remember on the pre-market show when I was up at like 52 or 53 bucks and we were like head scratcher I was like well it doesn't sound much premium it wasn't much at all 51 so people who are speculating really to make anything that's tough I mean you know they did it I don't know what they're planning on doing it and you're the company sells here too so after hitting at all-time high and now selling out near you know after two-for-one stock split I don't know about that I don't know what maybe we'll get someone from out Elliot Capital is the one that did it somehow power oh yeah I mean I know what they're doing so I don't know it just it did seem like a lot of officials announced after our is $51 okay s apiece boom right through yesterday's high o 5 rally rally rally imbalances are just before we are one minute here for the gas G 266,000 Sal that's there every single day for four years I feel hi Morgan Stanley 40 mm by CRM 112 thousand by so that is significant for CRM it's also trading up a buck 81 now that's about it I don't see much else all right we'll go back to the the ratings in the analyst quiet period expirations after a bring on phase guest I haven't find Seth is our partnering CIO at tigress financial partners and will he be able to summon the care remember I he is going to try and stuff okay all right potentially well in any case let's grab Ivan so we'll be right back in a moment here with mr. fine Seth you you all right welcome back everyone we are joined now by Ivan Science fine Seth partnering cio it's hi great financial partners ivan how's it going today very good in you so doing well doing well so ivan tell me why I shouldn't just bury my head in the sand until g20 at the end of the month and not listen to any trade hemlines until that well no I believe you should do that okay that would be a good idea but um look Trump I think his ultimate goal is to fight tariffs with tariffs he would like to totally eliminate tariffs and you know his methods are a little crazy but he continues to push the tariff issues and believes that you know the US has the upper hand in many cases because we're a net importer from many countries so therefore the tariffs on the importers on imports on a significantly more imports and we have export puts us in a position of strength and his goal is to open up China markets to US companies and reduce some of the barriers to doing business there and he just keeps pushing the envelope and I think that earlier this year the strong GDP data we had and the strong unemployment data that we had in April gave him a license to be a little more bold and pushed the issue and we had unfortunately the sell-off in May but Trump likes to be judged by the stock market so I didn't think he would let it sell-off too much before he backed off and let the market start to rally again which is what we're seeing here in theory we do have the upper hand on another issue because the reaction in our market is a lot less than the reaction in the Chinese stock market every time he's pushed the trade issue our market has sold off but the Chinese market has sold off a lot more putting more pressure on Chinese President Tsai to make a deal which is what Trump keeps saying that they they need to make a deal he doesn't need to make a deal well speaking of that sell-off I mean looking at the chart it looks pretty V bonhomie ish so is that as far as the market is concerned are you seeing that as well are we yeah I think if the bottom is the bottom of this move in Italy looks very similar you're identical to what we saw the end of last year yes and the V there's not the strong snap backs indicate to me the market wants to go higher rather than lower and I also think that unfortunately President Trump you know caused the sell-off in December on a number of levels he put a lot of pressure on Fed chair Powell not to raise rates and then gave him no choice but to raise rates in December which probably that one last quarter of a point last year was not necessary but if Powell didn't raise that one quarter more in in December it would look like he was succumbing to Trump's pressure and not be independent so it was actually in my view Trump that pushed the issue if Trump did not you know because it is funny that in theory he hires Powell and then wants to fire Powell but of course she blamed Newton he said minuchin told me to hire him but I think now though the Fed is definitely on the side of the bulls they are leaning toward cutting rates maybe at least taking back that one rate increase that they did at the end of last year so you have the trade some type of trade deal as a catalyst that could lift the market higher and the fact that the Fed is definitely accommodative leaning toward cutting rates which is puts them definitely in the tie on the side of the bowl all right so you say the market wants to go higher we have this horrible jobs number but yeah I guess doesn't matter well well no not horrible good news is bad news there I mean bad I'm sorry bad news is good news because the job number I think was kind of trade uncertainty we related but the market rallied on Friday after the bad jobs number because it increases the probability that the Fed could cut rates maybe even in July I think definitely by September and you think you think that that's the direction to go I mean just you could do a rate cut here at the first sign of weakness I mean I kind always looked at out qe as you know is something when you know the market was really in the dumper a really a financial crisis I mean what if they either go ahead and do that and then nothing responds I mean is that you know is that gonna be the panacea for the market at this point I mean why not wait wait it out a little bit I mean everyone is fat during the day and I know the Fed fund rate soar there but that seems a little premature to me well the fact that you know the Fed Funds rate is right now with 225 to 250 it is gives the Fed a whole lot more room then two years ago when it was still you know show almost a zero so they have room significant room to cut and raise and to me I would much rather have a proactive fed that is willing to become more accommodative and there by the way there's other ways that the Fed increases liquidity into the market between reserve requirements and lowering rates they pay on excess reserves that also do the same thing I mean there's a number of things like you know open market operations either buying securities or selling securities to do the same thing that the Fed Funds can do especially when you start to see the bonds different maturity bonds trade either below or above the Fed fund rate and you know what's usually on shorter term bonds you see it but for the ten year to be below the lower band that the Fed Funds rate is indicating that the Fed Funds rate is going to come down so so I'd rather have them be proactive I'd rather the first sign of an issue and the other key thing is that even the most hawkish Fed member goal is to focus on eliminating or controlling inflation and you know inflation has been non-existent I mean I say the reason for the we have low inflation is two words Amazon and Walmart they have done an incredible job of creating an incredibly efficient supply chain for consumer products and keeping costs down so I think is there any area of the market that you are looking for weakness here I mean weakness I mean I'm just not a fan of you know consumer staples there has been no growth there and again the reason because Amazon and Walmart keep the cost of many consumer products down but I think there's huge opportunity I think Boeing is a huge opportunity here this situation with the control system for the 737 max is going to be resolved relatively soon and I think the stock the sell-off from 450 down to 350 is a huge buying opportunity because boeing has a twenty-year backlog of planes and unfortunately if you decide you don't want a Boeing plane you have no choice the airline industry is capacity constrained they need more planes they can only get the planes as fast as Boeing can make them and you know you have to order years in advance and they're planning out their roots and their capacity years from now based on planes that they're buying today that they will get years from now so I think they're so often Boeing has been a huge opportunity what about the financials here get a nice pop this morning with the market overall not really keeping up on the rally here so how are these up you know major money center banks with lower interest rates are they in a mustard rally people are gonna buy just for the dividend which is attractive outside of them give us a give us your take on the financials I'm not really an overall fan I don't focus on financials but my two favorite are Goldman Sachs and Citibank I think city has a great banking franchise that they continue to lever they've you know really improve operations at the bank and there's a lot of opportunity in in lending and and financing and also participating in equity and debt underwriting and of course goldman sachs because we have a huge amount of pent up demand for equity offerings including all these unicorns that are planning to come to market you know throughout this year and i think those are my two favorites financials it's last report nice rounding bottom here double bottom on the monthly charts that see just where we act here at 76 still bullish on Garmin absolutely they made an announcement last week they are they have a special relationship with Blue Cross Blue Shield to build out their you know a corporate health and wellness platform for them as well as giving members access to the Garmin wearables members can have a discount on Garmin wearables and their focus in health care and so much of health care and health monitoring is going to be focused on wearable technology of which they are emerging as the leader of plus they got a oh my supply an infotainment systems to BMW they are one of the leaders and such you know a brilliant company incorporating GPS technology in cars and that's going to be I think another growth area I think we'll see more OEM wins there they recently bought a indoor fitness company called tax which makes exercise bikes and bike fitness trainers as well as treadmills I think they could be a serious contender to the very popular peloton so they have so many things they do well and so many levers to drive growth and I think that unfortunately though this the quarter I didn't think it was that disappointing I think the market did overreact creating a buying opportunity and I think this back will come back and make new high shortly and I've been before I let you go we're gonna be out in our New York City a week from Thursday for the train Simon I remember you saying you had a busy agenda that day but I certainly hope you do I can come by I do want to try to stop I would love to see it it sounds like a very exciting event alright hopefully we'll see you there Ivan Ivan finds that this partnering cio is high gracefully amateur partners Ivan as always thanks to the time thank you alright FDX here getting off the mat once again I mean be seeing things here but a potential head and shoulders bottom here little left shoulder little right shoulder what are you looking at I guess to be a little bit more comfortable on this one hmm you would need boy the dailies this thing really moves around you got a big open area here between 162 and 167 and you're trying to sneak into that area now so on a short-term basis trying to get YC 164 high from yesterday couple resistance level 164 and 167 I just think overall you know you're fighting on a pretty nasty trend there Triple D we're just chopping around a little bit 2908 that is a pre-market high absolutely nothing at that level for me what are you seeing in the stocks um you're seeing financials catch a little bit of a video this morning the TLT is trading down so again you're probably gonna see banks a little bit relatively stronger utilities are trading flat or actually they're training down a little bit here now it's risk on market here right now so you know even the last few days you're starting to see some weakness in some of the defensive stuff like the utilities here so I I don't know if it's gonna continue I mean it's gonna be dependent on headlines with China going forward here to get I think the easy money has made in the long side that's why I was lightening up my long-term portfolio as well but you know the trend is still the immediate trend in the last five six days is still your friend I just feel like this rally is getting long in the tooth here at least you know cuz everybody won the hell out in May and it's basically gotten majority losses back here in June I feel like if you were nervous in May now's your chance to lighten up where are you buying beyond me here down $22.50 well maybe 137 I don't know I don't know I I'll let the dust settle a little bit here now this JP more downgrade is rain in the parade like I said I was long coming in a little bit so I sold it I think 156 I'd have to go look at my tape but you know and I could have got like 160 161 and I held on and then I sold 156 obviously cloud I did that it's 146 here now the question is is the story over to JPMorgan top it I mean I think the 1-86 it's 40 points off of that now so obviously that looks like the short-term top right now but can this third to turn around and get momentum again I think it probably takes a few days to get some mojo back so I didn't want to see some consolidation maybe you know try to find a low somewhere as opposed to just trying to call in and say okay yeah I think it's gonna turn now so give me something to trade off of it's hard to just jump in this thing now ius yeah super interesting chart yeah WWE oh my gosh you talk it's just whoa I sense that stock has been hot but not not in the last couple of months ugly yeah one double Oh 45 your April 24th I if you're using triple digits as your barometer you hit that two days in a row but never closed above it I don't know man you hit it low at 70 109 this was male relative strength nothing I don't know who this could be like a trapdoor yeah this ugly candle here and people I mean if you were going along you got to use that low that 70 109 he was talking about 70 139 low yesterday him Aloha the moves sony 109 below that I want no part of it yeah I did not realize what do you think is there been any yeah they had a really bad a quarter they had a really bad one of those with the 3m trick well how bad quarter than will fade forever yeah finally starting to show some life there it is boy why am I seeing so many head and shoulders bottoms and these terrible looking stocks like you know I don't know it might my mistake it's a little bit of a be it's a sloppy head shoulders yeah I don't know I'm not a big pattern trader never have been I just a trend trader I support resistance and trends like I said when I you know he said you know do you know in my lecture whether at college and university or other traders and stuff my technical analysis lecture is about five minutes the entire thing support resistance and trends take your purple crayon Jeff Macke style draw that and trade-off that and that's the only technical and that I use like we said we we look at the 50% sometimes yeah but for the most part we keep it pretty simple I know we do look a little double bottoms and double tops and little things like that but for the most part you to Joe your support reasons and some fence all the way multiple closes consolidations for sure yep yep keep it simple stupid I just wanted to cover pot real quick I you know everyone got excited did with tilray yesterday oh boy they're not gonna solve for two years here mmm it got a pop and a drop but I mean still ended up having a good day but I don't think that was like the good news there's got some overhead supplying that Cron's showing a little bit or not crying you got to thank Bank America on that one right what did you get the Bank of America operated was that like two or three days ago in cron so that these animals have been having some influence lately Triple D they do I mean look at beyond meat the analysts I love them or hate them they are influential and you know that's a reason I sell to be ynd I was like you know it's gonna spook it's gonna spook some people it's gonna spook some Long's here this morning and that's why you know hey you've got if you're long it ring the register that's what I did yesterday I was in from the one where did I buy that I came in 137 so an an of silence it worked out the trade worked out but you know I ran the register 156 the rest of it on 156 this morning because I'm not gonna fight analyst today let's go cool it off for a few days yeah stake maybe not if it comes right back or get interested again but you know guilty until proven innocent here right now another thing – you gotta contend with here I heard like are the shorts I mean I had someone said 50% short interest yesterday I don't know if that's correct I think it is yeah oh yeah they're still don't that's what I don't think the story is over and I think if you're short this is like JP Morgan just gave you a gift to try to you know get covered here and you know if you're can hold III like I've said I'm not a I'm not to put this in your long-term portfolio you're gonna be okay I think this more of a squeeze still I don't think we're done squeezing yet I think in the long run beyond meat is not $100 I think it's a it's you know and it's below $100 I think six months from now you know I could you know say like Whitney Tillis was talking I think six months from now beyond me it's probably under $100 significantly under $100 I don't know the path to get there though and I think the path could still be higher and I think you know you know the yes value which doesn't make any sense I don't think these burgers are changing the world you know I thought the burger was okay I didn't think was fabulous I mean there's wild cards you know could they get a big contract from potential like a McDonald's or something yeah that would change a lot of things too if that happened I mean they they kind of hinted a little bit on the conference call about the potential for you know a big contract come so you know if that happened I would really take it off too but I think there's still some squeezing to do before this thing gets back under $100 so I think I'm not confident to say at the top is it ah the dogs are not that good have you tried the dogs you had your sausages have you tried them that's better you you you barbecue them yeah and be careful man those piece those peas are those piece on I cook real quickly so I you know you just kind of like a normal dog oh man it work I mean I like my dogs burnt you know on the grilled nice and crispy on the outside but I tell you I I went out there and they were smoking so joel's burn the house down Kenny Paul Kerry giving out a recipe every day but you know that that's my advice on that one if I was short beyond me I'd be covering in here that's what I would say I think this more squeezin dude that's my opinion just my opinion I you know I got it right yesterday I obviously didn't quite get out good enough I'm on my long but you know it's hard to get the top and obviously significantly off it but I mean III feel like there's still some more squeezing to do here I don't think the story's over what do you think that ap Morgan on a downgrade put in the top well I guess I got away for today I gotta see what happens yeah big day for it big dammit shrugs it off ends up coming back and closing green or something it won't close green I'm not I these are hypothetical situations don't put words in my mouth like people and this is one thing when you're listening to the show you got is just Candice take a quote out of context because people do this and they do it to the media they do it to everybody they'll say if it closes green and somebody all right oh I think it's closing green oh I'm giving you a hypothetical scenario if for whatever reason they shrug this off and this thing closes green today 200 is in the cards in my opinion if they keep continuing to head it maybe the top is in this is I completely agree with you Joel this is a very important day how does it do in the face of bad news it's down 11% right now it's not doing good in the pre-market but they know this thing's gonna trade some crazy volume do the short start to scramble and start to come in you know and start to do some covering there's 50% short interest in this thing I personally think there's still some more squeezing to do I think JP Morgan's notable I believe there are the only firm that had an overweight on behind me so they're so they're now down to neutral but it'll be the real test will be I think if another from there they lie firm as a buy on it know what not anymore they don't but no firm that has a buy on beyond meat Bernstein I'm sorry Bernstein does that's good so they all came out neutral so yeah they're to the quiet period did they all come on neutral yes right the all King our writers were all neutral bankamerica neutral William Blair neutral credit squeeze neutral Jefferies neutral Goldman Sachs neutral holy my point is if we got all wrong if one of them comes out she's down grapes to sell oh boy or they default they come on up great to buy no there I said I was just thinking to this is gonna be a tricky period this is gonna be a little analyst fighting here I you know I'm not in it so now it's gonna be hard you know sell it down $20 do believe it ends badly though do you believe it ends badly I mean badly badly for whom Long's six months from now I'm say I've said it five times in the last three days six months from ounce under hundred bucks calling it but I was long it I'm saying that I was long it cuz i season to do you know I want to buy it again alright there's more squeezin to do profit not beyond me real quick Jeremy when we were going back and forth yesterday I tried to get him to go 160 when it was trading in 167 I tried to get him take 197 versus 137 and I gave it to him fill or kill and he killed it he wouldn't take that for a lunch bag I Jeremy if you're listening Jeremy oh uh I think anybody got out even before yesterday I don't know if the other do not – starts to look at the look interesting here are Qualcomm ID rounding bottom here after the bad news also a gap fill here it had from the big day I mean lack of supplies or people like me looking to get their money back yep I agree on that one so if your best kidding on once a best-case scenario but uh if you're looking for a target here off the slope gat Phil at 77 22 that's not too far away here of course you got him worried and think about the lawsuits and everything and then someone was asking about lift here know why he give us the new Spencer that's had an upgrade I looked at it like an hour ago so don't number exactly who was but I can look again lift-off created by Susquehanna to positive today 59 30,000 share is sitting there perched in the pre-market that order is active and alive right now so somebody's trying to get out of 59 it was looking a little bit broke in there yesterday does this turn around and give it some life maybe let's see if we can get back up over 60 don't like the red candle yesterday and know it wasn't a pretty candle nope and and let's see major super extra major resistance is at 63 that's called 6321 that splits a pair of highs from the fifth and six but I mean you haven't taken out yesterday's high year yeah and it's 60 58 so you want a thirty thousand I mean that that's a piece there I would stop moving right it's live that's alive order edge sitting there on edge thirty thousand shares that's big that's big sighs yes that's huge okay Spencer all right way real quick yeah stocks whose quiet periods are out today for the analyst I think the main one that I'm seeing here this morning as I know I'll lose it again hold on one second lastly was fastly and abt our advant or is the other one and I'm not sure on wukking coffee their their recent IPO they have two ratings today as well initiation to overweight at Key Bank and Morgan Stanley out at equal weight on LK that's it for today's show we are nine days like I mentioned from the event anger Trading summit June 20th at the Sheraton Times Square in New York City Joel Dennis myself will be there Jeremy Newsom and Murray band Tim see more when you tilson I can't even name all of them right now I go to BZ to see for yourself who will be there and to the promo code PM p50 to get you 50% off to other general remission or to the exclusive trading lounge where we're gonna be trading and expounding on strategy floor trading floor excuse me well we'll be expounding on strategies at the length in that room any questions comments concerns email us pre market at Ben Zenga dot-com that's it for today's show good luck today to the US Women's National Team good luck to all you traders out there and we will see you how about a chai tea chancing those like your friends gonna be a trading floor should I teach people how to do the arbitrage sure all right we'll do that and I have a good day everyone will see you on when

One Comment

  • Alex S

    $BYND debuted at $25 for it's IPO and that was probably too high for a company losing money. What the fuck are people doing lol

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