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“There is no sin except stupidity.”-Oscar Wilde

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Show Notes

Summary of the day

There is some debate if Rothschild was attributable to this quote, “Give me control of a nation's money and I care not who makes it's laws".

But whoever did utter these words, they were correct.

The selloff got reversed somewhat into the close. The DOW was down over 300 pts during the day. The Nasdaq was down over 100 at one point, but closed down only 32 points.

The Magnificent 7 saved the day from getting much worse. How sad is it that the worlds economy rests on the whims of 1 man who controls the fate of rates and monetary policy.

If you are new to trading or were too young to trade 15 years ago during the Great Financial Crisis, here is a blast from the past, when our Fed began the journey to zero.

There was a report that Elon Musk told Benjamin Netanyahu that X/Twitter is considering charging ALL users a monthly subscription fee in efforts to rid the platform of bots. The theory is it cost fraudsters a few cents to create bots. If that cost increases to above and beyond a subscription fee, there wouldn’t be an ROI for them anymore. Chris’s Substack Hamish McNeilly I just hope that doesn’t push the trash off X and onto other platforms.

Play by play

10:30am It took very little down volume to crack the market. Look At breadth and volume of breadth to see if this selloff is a fakeout or early selling.

Oil and 10 yr

12:35pm a lot of hoopla regarding Instacart ipo ticker CART. They are expecting trading to open at $42.61? A 40 percent rise in the intended offering price. A warning to the public…all ipo’s eventually fall back to the ipo price. 1 session, 10 days, 10 yrs…eventually it always does.

See ARM.

Klavio goes public later today. My hunch is they are desperately coming to public markets.

Breadth

* 114 new highs

* 402 new lows

* 34% advancing 60% declining

* 72% below 50 day ma

Stuck out

1pm someone pressed the buy button on the Magnificent 7. They all fought back hard into the close

CART closed up 12% on the IPO but down 23% from the 1st hour pop!

ARM recent semi-conductor ipo, (2nd time btw) down 4.88%

Strong

LYFT +3.3%

ETSY +2.96%

KRUS +2.59%

CROX +2.35%

Weak

CVNA - 8.57%

SG -6.67%

COIN -4.26%

DKNG -3.7%

DIS -3.62%

HOV -3.57%

CAVA -3.08%

SQ -2.83%

MGM - 2.71%

What to watch

Wednesday 2pm FED Rate decision

Wednesday 2:30pm Jerome Powell speaks in front of a microphone and will hem and haw

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Podcast EP 52 So you're telling me there is a chance! (Sep 19) 15:28 Share

Not Your Advisor

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Podcast EP 52 So you're telling me there is a chance! (Sep 19)