Market & Sector Analysis | Pat Mullaly | 6-2-21| History of Rising Energy, Interest Rates, Inflation
all right it's the middle of the week the markets are continuing to move let's see the interesting rotation that we have coming in to today we'll talk about that look at some trades stick around good afternoon good evening good morning depending on where you are on this big blue marble floating around there out in space this is market and sector analysis i am pat mulally and i am joined in the chats by the one and only james boyd yes he is back maybe he's going to be maybe he's going to be back for a day or two i don't know hopefully more than that he's had some well-deserved vacation and a lot of really hard work last week so it's great to have james back i want to talk what we're going to talk about today is we're going to talk about interest rates we're going to talk about how uh some of the sectors some really big movement sectors this week and what that might mean as far as our sector analysis you can follow me on twitter at pimalaliunderscoretda and you can follow james on twitter very very active on twitter with james at j boyd underscore tda all right let's get out there remember this is for educational purposes only and now the recommendations of any security or strategy or account type uh all investing involves risk including the risk of loss diversification doesn't eliminate the risk of investment loss past performance does not guarantee future success there are transaction costs and be careful of those zero commissions though apply to u.s exchange listed stocks etfs and option trades but 65 contract fees we will look at technical analysis now remember there are other approaches fundamental analysis you might really want to consider that and maybe combine the two fundamentals and technicals uh no soliciting photography no rebroadcasting without prior written consent of td ameritrade options are not suitable for all investors futures are not suitable for all investors all right that's me i have been around for way too long probably with td ameritrade since 2002 that's closing in on 20 years uh stock options sector rotation intermarket analysis that's what we're going to be talking about uh today and i am a chartered market technician all right what energy has anybody noticed that energy is kind of moving around a little bit this week what energy might be saying about the market and is inflation good or bad for investing and really what can energy tell us uh about investing then we're going to look at some sample trades so let's pop out there and get rolling here boom and boom and we're going to start with this chart before i start i want to welcome everybody who's typically here on uh wednesdays all the passionate people if you are new please type in yes that you are new and remember this is going to be a little more advanced uh being that it's a little bit more advanced and there's going to be some technical analysis along the way you can get started with technical analysis on mondays with uh cameron may at 11 eastern time our webcast getting started with technical analysis all right krishna daniel sandeep lee woodsman franco gh sylvia vj alex jack uh robinson and let's see jennifer and anthony and uh orlando and ricardo and grace and pat and ricardo martin and mike george in texas peter john michael kazak uh shauna eve he was in the room mike mia boy there's a lot of people this is great uh remy franco and i just lost control of my mouse and everybody else miguel sylvia so what are we looking at here we're looking at a very long term chart of the dow jones industrial average and we don't typically look at the dow jones too terribly often but this is this gives us a longer term look at the markets and i always like to go back to get ourselves centered get ourselves centered understand where we are understand how the markets move now this all this goes all the way back into the early 1900s i can draw this box in here there we go and draw it somewhere else apparently that is 1900 to about 20 uh 1920 where we saw the market really start to take off uh and then of course the great depression came along and hammer smash there's a lot of reasons for that part of what we're doing in this is to guard against those big drawdowns uh and then the fed the fed was in place but there were some differences in the fed back then what who was in control and then we go into these what we call super cycles which are often oftentimes uh high sometimes going to high interest rates the the but after the commodities get out of control sometimes these are commodity driven super cycles but we we look at these consolidations as a a precursor to these strong runs so last one we went through was from 2000 to 2000 and about 2013 or so was the breakout and that's the point the point here is that for every bear market there tends to be a following through to the upside of a bull market so these were bear markets the bottom of 1974 and then we broke out and went into this secular bull market we can see that continues to occur bear market 2000 2003 bear market 2008 to 2009 2007 you could sneak in a little 2007 in there the bottom in 2009 a breakout if we want to talk breakouts are right there and we are in this new phase this bull market why do we want to keep our feet on the ground by looking at this because sometimes we're in these secular markets these secular bullish markets are secular bear markets cyclical ideas secular being longer term than cyclical but there are bear markets along the way in these secular bull markets so because we get little pushes to the downside like we saw here like we saw in december of 18 and then last year that is just to be expected so keeping our feet on the ground is anything really radically changed has anything radically changed well that's the whole point of what we're doing here so to go back to the slides and get if you are new uh get everybody maybe a little more acclimated that i delete my slides somehow there they are get rid of that somehow um so the agenda so what are we talking about here we're talking about intermarket relationships how do we know if we're going into a correction how do we know if we're going into a uh major bear market or those large cyclical bears that we were looking at so there's a link between stocks bonds commodities and currencies and currency fluctuations are going to affect commodities which will also affect bonds and then stocks there is a uh almost a symmetry to what we see with these so i'm going to show these you know not every week but now that this is our third week into this i want to make sure that everybody understands what's going here because we're going to make some decisions today on stocks to buy and why we might buy those and they're going to be based off of a couple of different things going to be based off of what might be happening in currencies what might be happening in in bonds and commodities that might tell us what stocks to that might be a consideration in our paper account now i want to apologize because last week this said uh i think it said early contraction it should have said early expansion well that makes sense pat because it's going moving back to the upside here and looks like we've got a little issue right there but this is the market's guess i guess if you i shouldn't say yes but it is and the market assumes that certain things are going to happen and this is what they assume is going to happen to gdp when the market is contracting the gdp they would expect the gdp gross domestic product to fall when we're in late contraction they're expecting it to continue to fall right but the markets do not wait to see if it's going to fall or if it's going to rise because when we go into early expansion they expect the market to rise now when we're in late middle contraction early contraction over here middle contraction early contraction mental contraction late contraction certain things happen health care uh starts to starts to become where people will put their money but when we're in early contraction these are the things we're going to be watching for right now how are consumer staples how are utilities doing where are we but right now late expansion is in middle expansion is going to be these if i can get this these uh basically these three right in here energy materials and industrials we've got some other things the things that's nothing's going to be perfect nothing's going to be perfect but i want everybody to get used to looking at these these types of charts so that we can so that we can make some decisions let's pop over here back into our slides maybe not why is this giving me such a hard time today okay get rid of this so let me get rid of that and let's see if that does anything not doing it okay that was weird all right so we got it figured out all right so let's move on where are we we know where late expansion is so one of the things i showed last week i want to want to continue to watch this is a monthly chart of the s p 500 and it's going back quite a while we are comparing equities at this bottom pane to bonds remember when we talked about bonds and equities and currencies and those types of things well when equities are outperforming bonds that's a good thing and that's what's happening and has been happening but so far and we're only a couple days into this month we're seeing a little bit of a slowing last month and so far flat for this month remember we're only two days into this month there's no guarantees about which way it's going to go but if it goes up this line would probably start to dip to the upside so when we're just watching for those cracks in the sand or in the in the uh in the sidewalk that we don't want to trip on all right so this is where we're going to kind of go with for today we're going to look at these types of things every week and that is materials if we remember what we were just looking at materials uh and industrials and energy should be kind of leading the pack and we've got uh materials down a bit for the day the one we're gonna focus on today is energy these green blocks that we've got here those are just clusters of clusters of sectors that the lines are just uh pushed all you know pushed on top of each other so industrial energy financial leading the way uh this week so far material is leading the way for quite a while real estate has been really strong again this week healthcare weakening consumer staples not doing much utilities weakening so we're not seeing any adverse movement in the safety areas and the defensive areas that would be cons consumer staples and utilities what we're seeing is that late expansionary area of industrials energy and financials that are moving right along here so to to make sure everybody you know gets used to what we're looking at here again early expansion means bonds are up stocks are bottoming and commodities are down well we know that bonds are down and we know that commodities are up and we know stocks are up our stocks up and topping who knows for sure but we're going to watch levels stocks are up that's this s p candles bonds are down the dollar typically is going to follow those bonds or the bonds are going to follow the dollars remember currencies commodities bonds stocks and commodities are on a terror and this is going to be uh what the the the thing we want to really discuss right now energy what that's saying about the market and how is that uh what does inflation have to do with that well if energy is going up let me ask you a question if energy is going up is inflation uh is their fear of inflation out there so what do you think looks like new new core is not doing too well apparently um fcx news so those things fluctuate i'm looking in the chats here new core fcx the materials are down mosaic so you've got different types of chemical fertilizers steel copper those types of things slipping a little bit today those are the things we're going to watch for and we're going to watch for rotation into other areas so right now late expansion would say that we would expect to see what we're seeing here equities up maybe struggling a little bit commodities continuing to move higher bonds continuing to move lower so this is going to bring us to this very busy chart now what this is is a chart of you see this black line right in here this black line is uh the break even point on expectations expectations of what you say expectations of inflation so what we're looking at here this thick green line that we're looking at here this is kind of the important thing uh that we're gonna we're gonna discuss because what we're seeing here is not necessarily telling us that there is bad news on the horizon just yet okay so what is this it's five year forward inflation expectation rates here is the symbol for this right here and the easy way to find it is coming up here to the analyze tab coming into economic data coming over let me go into here and just type in five dash y e a r hit enter and you're going to have lots of different five year things one we're looking at here is the five year forward inflation expectation rate this is one of the things that the fed looks at why is that important fed pushes out money and it takes money back right the fed has along with fiscal policy has a little bit to do with how the markets may move it may actually be more inclined to move with fiscal policy right now but we're going to look at what the charts tell us on this five-year five-year forward inflation rate what the heck is that that sounds like a bunch of gobbledygook right it's pretty simple it's just a series of expected inflation on average this is what is expected on average over a five-year period so they're looking out on for a five-year period but that five-year period doesn't start it begins five years from today okay so this is this will lag what what inflation expectations may be right now and then the important thing here is this line right here that's that break even expectation the reason that's important is and the reason energy is important and the reason why we may want to consider props you know somebody may somebody may want to consider buying energy stocks or or getting into some kind of commodity type situation is because of this so let's let's define what we're looking at here and what these uh pink or or yellow or light green whatever these colors are what these rectangles mean if this five-year five-year inflation rate this green line here if that is above this black line i've got in here if that's green line and let me thicken up this black line a little bit here and people can see that just a little bit better this black line here if this green line is above it that's going to mean certain things but it doesn't not in it in and of itself it doesn't mean anything in a vacuum right don't trade in a vacuum so we're going to look at this and say well the five year five five-year forward uh inflation expectation expectation is above two percent and i want you to think about what rates are doing right now what are interest rates doing right now interest rates have been rising so how does that affect the market now if it's above two percent two and a half percent like what we see right here this green line this spx right in here this light green line if it's about if the inflation expectation is above half a percent and inflation or interest rates are rising the market has a tendency to do well okay when it's below when it is below the two and a half percent line and rates are falling rates are falling then the s p has a tendency to do poorly so when it's below and rates are falling the s p doesn't do so well but even if it's underneath this is the this is the other thing is one more we need to look at the middle one here if this inflation expectation is above two and a half or excuse me below two and a half percent but rates are rising like we saw back over in here remember before the uh the sell-off of december november december of 2018 then the market has a tendency to do well so what are we where are we now we are looking at this right now where we're below the two and a half percent line but rates are rising and the expectations are rising that doesn't mean we're we're seeing a pretty good market right seeing a pretty strong market doesn't mean it's going to last forever so what does this have to do with oil okay what does it have to do with oil it has to do with the fact that let's make another one of these let's go in here i'm just going to come to the analyze tab i'm going to click on that i'm just going to copy and paste that so i'm going to click uh control c or command c whichever you happen to have and then we go back to the chart here i'm going to put that it plug that in hit this in right here and i think this is going to give us a fairly naked chart here and what we're going to do here is put in oil so we're going to come up here to the beaker come over here and put in comp and we're going to make a comparison chart take off the s p 500 out of here put in forward slash cll this is the futures contract for oil futures are not suitable for everyone and we're not trading oil necessarily here what we're doing is we're comparing it to see how that how the inflation expectations move with oil so look at this look at what's happening here so as this starts to drop and let's get rid of some of these uh as a matter of fact i'm gonna get rid of all these uh i'm gonna clear this drawing set get some lines that we can draw here i have totally lost control of my mouth so this is the expected inflation that's breaking to the upside oil is breaking its long-term trend to the upside so what does this what does this mean pat it means that with these new breaks of resistance and we look at the the 10-year yield breaking or not it has broken to the upside it's languishing right now but this just may mean that when we think about what we saw over here that bonds are down commodities are up and this information right in here this just may mean that this could keep we we might see this continue to be a commodities material markets now i know there's a lot of people that have jumped out of nucor and fcx uh today so let's take a look at those look at some materials and fcx doesn't look too bad new core maybe it took a beating well so we have this side by side we have these side-by-side candles and those oftentimes are an indication of uh a pullback not a hundred percent nothing's hundred percent but this an indication of of a of a bit of a pullback but has anything changed radically changed here nothing's radically changed it doesn't mean it won't but nothing's radically changed there so what do we know we know that energy is strong we know that it's outperforming the uh the rest of the market this week we know that bonds are strong let's take a look at energy itself now some of you may have if you if you use some of the scripts that i had in there things may have gotten screwed up for some reason there were some bad prints so i had to change this this symbol here is the s p 500 uh our number sign 10 dollar sign s p 500 this is the energy sector it's not tradable but for our purposes it's going to help us out today here's here's these here's here's an end here's an indication of two side-by-side types candlesticks those tweezer tight candlesticks and oftentimes it is a area of maybe some some a bit of a pullback uh this is more of an engulfing day over in here so the question becomes have we gone through uh this consolidation in here is we see energy breaking to the upside so if our thesis if somebody's thesis is that energy is strong energy has a tendency to help lead those those expectations of inflation higher because they're exp which means that interest rates are going to go higher which means that commodities oftentimes benefit from that somebody may decide that they want to keep their portfolio a little bit heavily more heavily weighted in the commodity sector we just happen to be looking at energy today because it's the one that's popping strongly uh to the to the upside today so let's take a look at an energy stock here's fang there's plenty of energy stocks you can find those as well in our market watch tabs over in here you can come in here and look at so what i'm going to do is go to market watch go to quotes and then click on s p 500 sector under quotes right here where just mine just says s p 500 sector you may have something else in there come down here to the public r through w and come up through our s p 500 sectors and industries this is one way to look for energy uh in the energy sector itself and look at all of the different energy industries that go along with that and what i want you to notice about this when we do this this script i have here for 13 week highs that's it you know that's a quarter's worth of trading that's that's three months worth of trading 13 weeks right look at look at these up in here 13 week highs on equipment and services uh sub industries equipment and services you're going to find there's going to be some overlap but they have they do have some differences exploration and production gasoline refinery transportation energy just the energy group itself that's what we were just looking at and then look down here chemicals materials they are not necessarily leading the pack but they're not doing all that great today but the point is is that energy is so let's move on and take a look at trading some energy i happen to have a a watch list which i'm not i'm not at liberty to to pass out uh these watch lists uh but going through here three month return on this shows that that fang here not the top of the list devin here over the last three months very strong relative strength outperforming the s p 500 rsi in the over bought area closing in on 80 so that's getting a little bit stretched but if you want to hop in on some of these you might look for something that isn't quite as stretched you might wait for some of these to pull back here's schlumberger schlumberger is moving strongly to the to the upside we own some halliburton down in here that's doing well we already own a bunch of that we own some cvx there's bolero valero is more of a pure play refinery and they may benefit as well from uh from all of this but what we saw back over here in the market watch tab was so valero is going to be gas refining exploration is going to be that kind of that fang area in here drilling gas and drilling so you might choose once we boil this down into one of these so we're just going to kind of just we'll just pick the middle of the road one here we'll look for fang we're going to look for this to consolidate maybe this this yesterday's move just a little bit more look for this to push above this consolidation so it's above its 50 period moving average that's this blue dash line here it's above its 20-day moving average as well so let's uh take a look at this from a price standpoint and what we'll really notice is the consolidation is more of a higher high higher low situation right higher highs higher lows it's really jumped up strong volume yesterday on the news that the opec was was not going to be pumping as much oil as they thought they've not been they're going to add oil but they're not going to add as fast as they everybody thought they were but they also said there seems to be more demand as more countries come back online so this could be a an appropriate idea for some people to you know energy might be an appropriate idea for some people to uh get into so we're going to look at buying fang on a break above today's high to do that we're going to right click and we're going to come down in here we're going to buy custom with stop by custom with a stop we're going to make this more into kind of a trend trade why because we're looking at the bigger picture the more macro idea of how sectors move and we expect the the rotation to continue it could end tomorrow no no guarantees but we if somebody expects that rotation to continue they may want to add to their energy holdings now with this word if we get in above today's high where do we want to get out we have to have an objective place to get out the most objective place would be below these lows over in here that would be like the the last point of where somebody might say this is should definitely not be down there the problem with that is and you've seen this probably many times and when in my uh discussions in the webcast is we may see some kind of a pullback and it may dip below that and then rally back out of that right we remember the home depots and the adobes and the just all the other ones that we've been watching over the years as they pop down shook a bunch of people out and rallied so we might look at this is is getting in here at around 89 getting out if it drops below 75. so get out at 74 get in at 89. that would give us a certain amount of leeway in other words if we get out if we get out as it pushes below this low in here and we've got a lot of buffer once it gets down into and if it gets down into the support area another thing that happens here is it would be below its 50 period moving average it would also be below this price trend right it'd be below that up trending line so these are considered possibly negative by a lot of technicians out there so if we get in at 89 get out at 74 that's a 15 drop to the downside if we had a trade risk or a portfolio risk of a thousand dollars we take a thousand you know the drill divide that by fifteen dollars and that's going to tell us we can buy uh six uh sixty six point six shares well we don't want to buy 66.6 we'll just leave it at 66 because we know what that means so we're just going to pop our the easy way for me to do this is to go ahead and right click by custom with stop and then massage everything over in here we can put start off with 66 shares you can start off with half that 33 and build into it so let's do that kind of partial into this trade 33 to get in 33 to get out on a stop we're going to get in at 89. we're looking for momentum to pick back up today tomorrow sometime looking for price to continue higher so get in at 89 and then we will get out at 74. 74
on a stop loss now remember it's a stop loss not a guarantee stops or just market orders that trigger there's no guarantee that you will be filled at the activation price or at that market trigger price remember that very important but since we're looking to get in not right now at 87.58 but as price moves higher we need to make this a buy limit or excuse me a buy excuse me stop order because if it's a buy limit order i'll just put this in right now because a limit order is at that price or better and if we can get in below 89 that's better so if you want to look for momentum you don't want to buy it right now you're going to put it in as a buy stop and then we'll make this a good token order and if we want our stop loss to stay in there we need to make that good till cancel so getting in at 89 and push above 89 getting out if it drops below 74 if we don't get triggered in oh well no big deal nothing happens and uh away we go now these two are tied together right in other words once this once the buy is triggered then that puts this stop loss into a working order otherwise they're just going to sit there until they get triggered that stop-loss is not going if you're new that stop-loss if it drops below 74 is not going to put you short the stock in okay hopefully so 33 shares we hit confirm and send double check everything 33 shares in at 89 33 shares out at 74 confirm and send bam now you can see it just waiting for it to move to the upside let's do a little review last week last wednesday we bought uh fubo tv last week remember discretionary was moving streaming type companies were moving and we put on a quick hundred shares on fobo tv fubo tv i'll get it right on that day right there why because of what we were seeing from that rotational aspect that discretionary was strong now let me just say this just because we're in late expansion remember is the market's bullish there may be a lot of things that are going to go up with it it doesn't just mean that if the market's bullish but we're in late expansion that that the market is going to uh just just the energy and materials and industrials will be going up and everything else that's going down no everything may be going up so you can pick and choose stocks that you think are going to have really strong momentum right because when when it's bullish majority of the stocks it's it's considered the majority of the stocks may continue to move to the upside so we bought some fubo based off of that discretionary uh on the 26th and it's doing okay right now now that's not to be you know it wasn't doing so great two days later when it dropped uh and sold down and gave took back everything we'd made on uh thursday right friday wasn't so good monday wasn't so good and today it's starting to push to the upside now that's fubo we've got energy there are other things out there as far as materials go let's come over here to the scan and let's run a scan using intraday looking for a large intraday volume better than average typically better than average looking for a strong positive volume looking as far as buying volume goes and looking for strong rsi and we see that materials especially chemicals is up here lazar lazar that is auto parts that is really more towards the excuse me the electric vehicle area so that might be something somebody might consider blink another automotive retail as well as commodities are strong wire commodities strong because a lot of things are being built and bought right and they're expected to be built and bought so automotive might be something to consider oil and gas refinery regi this is says oil and gas refinery marketing regi i question that a little bit let's come back over here to the analyze tab go to fundamentals type in regi renewable energy that's what i thought so they're more bio mass bio diesel those types of things so let's take a look at regi try to capture two different ideas renewable energy as well as energy and we can see they're strongly they're moving strongly to the upside let's put this on a longer term one-year chart and we can see kind of cupping out here rounded bottom trying to get some action going to the upside relative strength just starting to outperform the market volume today as this moved up on low drifted sideways really on low volume volume is starting to pick back up starting to make higher highs and higher lows it's above the 50 day simple moving average but it's probably running into a 200 day so let's look at where the bearish bias might be and boom it's now above the 200 day remember fubo is we did the similar things with fubo looking for it to push above that 50 period moving average it doesn't mean that that's always what you want to do let's uh pop this back up in here we're seeing trending tendencies on the momentum with the rsi moving higher so you've got relative strength moving higher you got price breaking above the 50. you've got price breaking above the 200-day moving average you've got price breaking above price making higher highs and higher lows when i say price breaking above price if i can get that to zero out here close enough price breaking above price and so maybe think about somebody might think about moving into this this is still energy mode but it also is renewable energy you might consider somebody might consider that a way to go for whatever reason so let's um look at some obvious places that might be important to exit out of and that could be the 58 area let's look at this low right here that low right there is uh 56 so 55 getting out of 55 we're going to get in right now right click and we're going to go down to buy custom with stop remember stops are no guarantees about that so we'll get in at 66.22 our stop's going to be at 50 for 55.
the low of one dollar below the low of that day put that in there but how many shares can we buy well if it's mine at 68 we get out of 55 that's 13 13 and into a thousand is going to go 78 uh 77 times so we'll buy 40 shares now remember this is just coming off of a low it's trying to break the downtrend so market turns once when it trends is this the turn who knows for sure since this is a we're going to buy it right now we're going to leave that as a day order we're going to put our stop loss no guarantees at good till cancel pop up here look at this and then click send okay the reason i did this why did i do this so quickly well we just look for a scan and we look for something that met the parameters of what you might be looking for that day you might be looking for materials you might be looking for like we looked last week for discretionary those type things you might be looking for health care for whatever for whatever reason but you have to have a good method we used a top-down approach moving from what cycle are we in in the business cycle we're in the late stage which means energy is strong energy is leading the way which means maybe we're going to have some more inflationary tendencies energy has has a tendency historically to be the strongest commodity going into the end of uh into the late expansion and into early contraction so that's why somebody might make their decision based off of that so we've got those two going for forest right there let's pop back here and uh take a look at the market one more time market just drawing a straight line right it's giving it getting a lot of opportunity to move higher just can't seem to do it now june is not a huge down month historically june has the least five percent corrections out of all the other months doesn't mean it won't doesn't mean it can't be bigger just that it's in the summer doldrums but june's probably not the worst month out of the bunch but anything can change we notice that the spx is really struggling to get above its uh it's a 60 percent area on the rsi and the conviction now the the conviction indicator yesterday was showings a lot of buying it's based off of the new york stock exchange up down volume and you can see we had a lot of up volume the new york stock exchange closed about a half a percent higher so that's still a lot of buying uh interest in in the new york stock exchange which has about 2 800 different companies involved in that we watch this with the s p 500 nothing radically out of the out of the question with that what do we do did we did we did we learn anything today when we take a look at our when we take a look at commodities and we take a look at uh which is this yellow down in here when we take a look at that index when we look at the interest rates that are excuse me not come on not interest rates when we look at inflation expectations they're continuing to rise along with commodities so historically that's been a sign of continued upside and what do we know when this is rising as interest rates are rising let's change this to t and x interest rates rising as this is rising this below two and a half percent still bullish for the market so right now nothing's radically changed what else do we know we know that according to history we may be in that uh long cycle upside cycle on a monthly basis coming out of our consolidation from for our 10-year consolidation into this upside movement here so keeping our feet on the ground means just that knowing what you're going knowing what the market is doing for us coming up next short verticals with ken rose and energy saying that there might be more expectations for inflation is that bad not necessarily when interest rates are rising and expectations for inflation is rising that could still mean we have more uh possible bullishness to the market doesn't mean it's going to be some kind of roaring upside it also doesn't mean that we won't have any kind of a correction and we did a sample trade in conjunction with the idea that from a top-down approach commodities energy specifically may be continuing to uh to have more upside based off of a lot of different things fundamentals supply demand interest rates inflation ideas so on and so forth with that if you liked what you saw today give us a thumbs up down there smash that thumbs up if you think somebody can benefit from this share this with them on youtube and subscribe subscribe subscribe so you can find all the great info all the great webcasts that we have out there re-watch this you this is it takes a little while to learn this but it's not really that hard once you start understanding the relationships then you may be able to use this to make better decisions over time with that thanks james thanks everybody in here that's been in uh that's been with us today and please come back remember this for educational purposes only and only you are responsible for your decisions made in your self-directed account thanks a 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