Live Day Trading: Stocks, Options Strategies and Market Analysis $SPY

Mhm.

— All right, let's go. Okay. Hello traders. It's been a while since we've done a live event. I hope that your trading is going well. We had kind of a lackluster range bound trapped market tough conditions and now we've got actually something worth trading. Harry, how are you doing? I am good. Let's see, are we up? We are live now. I see that and just double checking there. I am good. Um although from what I am seeing from people particularly in our chat is is you know, some people having some difficulty navigating this market. Maybe we can help them. Well, now that we've got movement, it's much easier to trade and the last 2 weeks in particular have been much better. You can see on the way down we had this choppy move lower since the Iran war started and the initial move lower had so much retracement. Every little dip that we had would get bought up. Every dip got bought up and then finally last week we started to see some sustained selling pressure, a big breakdown below the 200-day moving average. I've been calling for a bounce. If you've been watching my videos, you know I've been waiting for that. We're finally getting that bounce right now. So, how high do we go? That's going to help us determine if the market is going to transition into a bearish market cycle or if we race back to the high. I think I know where Harry stands. I know where I stand on it, too, and I think we're going to have some difficulties. Maybe not getting through the 200-day moving average, but the 100-day moving average I think is going to be a real strain. I mean, a lot obviously going to depend on tonight, too. We have um a presidential address to the nation. Uh I mean, look, people can easily It's very easy as and you pointed this out in the chat room. It's easy to point to the news and the whole Iran event as to the reason for the drop and certainly clear correlation. News hits, market moves. Obvious. But, underneath all of that, there are valuation issues. There's concerns about credit issues. There's economic issues that were present already. And sometimes the market needs an excuse, I guess you could say, to blow off steam. Um not saying that the issue with oil and the consequences of the inflation that will happen isn't going to be an issue, but there were issues before that. So, for those who are thinking, "Hey, if this all gets cleared up and you know, mission accomplished, whatever. " And then the market should now return to the highs before, there were still issues underneath the hood outside of the news that we're currently trading. Yeah, and that's why even before the war, look at the price action and we can go all the way back to November and December, which should be excellent months for the market. Well, what did the market do? It struggled and it struggled to preserve the bid. We got into these long mixed overlapping candles. There was no war. There was no inflation. Okay, so that wasn't an issue and the market couldn't advance even with that backdrop and that was the sign that trouble was brewing and valuations, well, they haven't been this high since the dot-com bubble back in 2000. So, yeah, they're really stretched right now and what we had last year that we don't have so much right now is this AI craze. Oh my god, this is the next big thing. If you're not invested in AI, you're going to be left in the dust. We don't care about valuations because this is the future. Well, now all of a sudden everyone's starting to care about valuations and uh how are they going to monetize this anyway? And the companies that have benefited from AI are the ones that are actually making the chips or the memory storage or they're producing power that's going to power the data centers. So, those stocks have been decent plays, but those valuations are high. I agree. Uh if you look at spy, I mean, you know, we for those who are new, Pete and I always use spy as a proxy

for the market. Um and you know, let's say you say, "Okay, I've got to invest in the market, whatever. " I mean, you put a dollar into spy back in October. Well, even before all of this happened, your dollar in spy in February is still worth $1. Um that is not normal, right? That's a 6-month stretch where the market doesn't go anywhere. Particularly not in Well, now with that in late-stage bull markets, that can be normal where you have this prolonged seated compression where you're not getting a half year your normal. You know, if you were just going on average, if you over 6-month period, you get around a 5% increase in spy. It averages around 10% a year. This year, zero. So, that was before all of this happened. So, you were getting indications of the trouble. that this was no longer a bull market. And what it was though, and there you know, how as you as a trader adapt to this? One thing that we talked about and we've talked about before and Pete has used in the room a lot, is when you have a situation of a market particularly during those 6 months where you have elevated IV, but you don't have the subsequent wild swings. That's a put selling market right there, right? And I believe we did pretty well with that. Now, now there's an issue with swinging. How do you feel about swinging in this market, Pete? I mean, particularly when you have an address tonight that could pop the market up above the 200 or crash it back down with a ground invasion? What do you What is your feeling on a swing? Well, uh back to the put selling strategy, be it naked puts or doing bullish put spreads, I have been doing that progressively since June of last year and uh every week I've had three or four spreads expiring worthless because I keep adding new positions. And what that does is — by the way. Spreads expiring worthless. Yes, that that's when we max out on the trade. Yeah, so — people to know that is good. You're right. You For most people they buy spreads and expiring worthless is not a good thing. It is when we sell them. So, the reason for that strategy as Harry had pointed out was because market conditions had changed. We had lost the trend. We had this choppy back and forth movement. So, not huge selling pressure, the market wasn't going down and so the way that we increase our odds is we find those really strong stocks that have relative strength and we take advantage of a market that's not going anywhere. We sell those puts below technical support on those stocks. So, pretty mechanically and I've been doing this in all my videos and in the chat room, I've been telling people, "Here's what I'm looking for. Here's what I'm selling. Here's the position. " And so, yeah, every week you've got three or four positions that are expiring and every week that goes by, your risk is reduced. So, all of a sudden these positions expired and it gives me a new window of opportunity where I could evaluate risk and decide, "Do I want to sell the next set of spreads 4 weeks out? " And so, I've been continuing to do that until about 2 weeks ago. And then I started to see the selling pressure accelerate. So, I thought, "You know, now we're down at the 200-day moving average. I need to make sure this is going to hold. I'm not going to put any new spreads on. " So, the long and short of it is I have very few positions on right now from a swing trading standpoint. I do believe that this is an area where you can still sell some out of the money high implied volatility options. I did a swing trading video yesterday and this was my pick. I had explained everybody why I felt VIX was a good short and why option implied volatilities would go down and my instructions were to wait for market to close above Friday's high, which is right there and we closed above it. So, you could have done it earlier in the day, but if you followed my exact instructions in the video and waited till the close, you're still short somewhere around the $36 level and they're currently at 34-35. So, I like that strategy. There's always a tendency to sell VIX. The same would apply to selling put options on very strong stocks. Now, Harry said, "What about tonight's speech? " And it could wreak some havoc for the market. Yes, but that out of the money put selling strategy distances you from the action. So, you've got cushion

and you can go further out because those option implied volatilities are still relatively high. We can go into the D1 on VIX and you can see how high they are relative to where they've been. See, I mean they're still rich. They've come back a lot, but they're still expensive by historic norms. What I believe is going to happen and what's typical out of these bounces is that you're going to see an early lift like this and everybody gets all excited. Here we go. Here we go. We're going to go through the 200-day moving average and then you're going to get one nasty long red candle. It's going to be a uh-oh. And that is bid check. It'll establish a higher low and then you'll get the real bounce. So, I'm looking for the kind of that aftershock right now. You can sell bullish put spreads right now. I think that's a good strategy right here right now, but be ready to weather a big drop like that will make a higher low. So, we won't go back to the low. We're going to make a higher low and then buyers will come in and buy that and you've got a double bottom and then we should challenge the 200-day and we kind of see where we go after that. And I suspect like Harry was saying that we're going to struggle to get up to the 100-day moving average and that move is going to start to run out of steam in here. We start getting up around 672 with tiny compressed candles. I start thinking, are there any really good shorts out there? I think it'll be time to test the water with those. Want to touch real quick on over the past week I've gotten a couple of questions on X about the philosophy on strangles or straddles. You know, we rarely post those in the room on occasion, but uh usually it's on spy. The idea that let's say you're thinking, okay, there's going to be a lot of volatility tonight. Trump is going to come out. He's going to give a talk and you know, if he says we're doing ground troops, we might get a big drop. If he says, hey, we're out. We're done. Finished with the war. Might get a big pop. Um I'm going to do a straddle or strangle. What you're missing is that straddles and strangles aren't dependent on a big move one way or another. What they're dependent on is did the market makers not incorrectly anticipate the size of that move? Essentially, for example, right now if you were to do a straddle on spy saying that tomorrow spy is going to go nuts because of the speech tonight. Right now a straddle is a 657. You buy the 657 calls, buy the 657 puts. It's $6. 43. So, what market makers are saying essentially is we believe that by end of day tomorrow the market will be plus or minus is going to move plus or minus $6. 40. And if you look at today, okay, we moved $7 today. That might not be a bad bet. Um What you're doing if you took that straddle is you're saying they're wrong. They're absolutely wrong and they're wrong not on the downside. They're wrong that it will be bigger than they think it will be. And they have quite a lot that goes into their assumptions as to the size of that move. So, you're predicting they're going to be wrong about that. And in a sense, when you buy options you're always predicting the market maker has mispriced them in some way, but in a straddle it's absolute. So, just keep in mind, you know, just thinking, oh, there's going to be a big move tonight. It's more of did the market makers correctly anticipate that move? And then you have to look historically at the moves on spy and there's a whole other set of teachings that go into that, but it's not as simple as big move tonight, let's do a straddle. Yeah, you're right and boy, when you do straddle right now and option implied volatilities are high, you really almost hope that you don't get a big move higher because then the option implied volatilities collapse. You hope you get a big move lower because then option implied volatilities will increase. So, your puts will go up in value even more. I hope that makes sense, but um yeah, they're going to be pricing in that there is a lot of uncertainty ahead of the speech tonight because uh nobody knows. You know, nobody knows what they could possibly discuss. Is there a negotiation? We kind of heard rumblings of that yesterday. The the primary thing that I would urge you to focus on though is that this selling pressure that we saw had lot more to do

uh with the underpinnings of the market and kind of try and strip out the impact of the war right now. Okay, the war was the catalyst and the reason that we fell. Good news from the war will get us the bounce, but I think that when that bounce starts to run out of steam, then we're going to see what the real underlying — [clears throat] — mood is for the market and where that future direction's going to be. And on the way down we didn't really know. Was this all war related? If we just came down to the 200-day moving average and then we had news that, oh, there's some ships going through the Strait of Hormuz and the market couldn't penetrate the 200-day moving average, I would think differently about this because that would tell me that buyers are still supporting the market. But after seeing the level of selling pressure in a lot of the AI stocks, uh caused me to take a step back and go, wow, look at Meta fall. Look at Google fall. Look at Microsoft fall. Those stocks have been taken behind the shed. So, uh that has more to do with those valuations than it does with what's happening in Iran in my opinion. I mean particularly those type like tap expand and whether or not it's actually at some point going to convert into revenue. Ram Kumargazi, it, Ram uh said, love your content, but if someone could consistently beat the market by 10% it would take a 1. 5 million trading portfolio to make 150k extra to replace income from a job. How else could it work? Um All right, so what you're missing is that's what you would get if you didn't trade. That's let's say you had 1. 5 and you just played the annual averages. If you just take that money and put it into spy. On average, you know, some years down, some years, but on average you're going to make 10% a year, right? I'm not recommending you do that or not, but that's just the average. If you look historically, the average return on spy is around 10 to 11% a year in the last 10 years or so. So, that would if you cannot beat the market average through your trading, you shouldn't be trading. You should just take your money and put it in the market, right? Just invest like everybody else. You'll get the return that most people get. Some get a different return depending on for all of whatever, but if you can't beat investing returns, there's no point in trading. It's certainly a hell of a lot easier to put your money in, set it, forget it, walk away. Right? That's easy. You don't need to even learn money. You can just hand the money over to the trading investment council and be like, hey, invest my money. You don't have to do So, trading you need to beat that. You need to be better than the return if spy did return 10% in a year, then your trading returns better be more than 10%. So, that is the um idea. So, 10% you said it's over and above spy. You know, you need to be better than 10% over and above spy and that is the goal. That's why you need to have a business plan. go, okay, what do I need? Right? I need to make I don't know, $10,000 a month. Whatever whatever. Everyone's different, right? So, let's just use that as an example. I need to make $10,000 a month in my trading. And if you followed all the steps and you look at your at your you know, paper account or whatever and you say, okay, this is my current return. So, this is how much money I would need in the account to make 10,000 a month. Now, A, is that feasible? Do you have that much money based on your returns, based on how you've done historically to meet your goal of 10,000? If not, okay, how long would it take me to get there? You know, let's say you need uh 75,000 in your account to make 10,000 a month. So, and you only have 25,000. So, now it becomes the business plan is I need to make get my 25,000 up to 75,000. So, what I'm doing in the first year or so is not pulling money out, but reinvesting it back in to get to my level that I need to make my monthly, you know, bill, whatever it is, my monthly paycheck. So, um that is the goal. And if you can't do that, if you know, that you need to realistically break out your business plan to figure out this is my current rate of return. This is how much money I have in there. This is my historical. This is what I need a month. to do to get there. And you need to monitor your progress. You need to treat it like a business. So, if you're not doing that, then you got to say, okay, I'm not hitting the numbers I need to hit. I need to go back and figure out what's wrong. And that's the whole point of what Pete and I are doing. We're trying to get you to the point where you can make the return numbers that we make and other professional traders make. I'm certainly not doing this for a 10%

above what the market returns. I Hell no. I promise you that. Oh my god. Uh if you look at the VIX trade that I posted yesterday in my video, that's up 5% overnight. Okay? Okay, that's one trade. So what? Go back and look at my videos for eight months. And week in and week out, those are generating when they expire in 3 weeks. I'm generating on naked put rights. I'm generating 6 7 8% returns in 3 weeks. — Okay? So somewhere in that range, it depends on the implied volatility, how far I want to distance myself. So those returns are out there in a sideways market, okay? We're not talking about a market that's been in go mode in all the last 3 4 months. It's gone nowhere. It's gone down. That's the other thing is when the market goes down, you're not watching your portfolio value go down. So if the market's down 20% and you're down 10%, well, you've improved by 10% over what the market's done. Oh, hell no. We're going to be making money in those years. So uh trading isn't easy. So for anyone to think that they can come in and do this casually or easily and generate those type of returns, it's not possible. I'll also say that um the there's a oftentimes a disconnect when people go, "Well, if you're so good at it, you know, why don't you manage assets and have billions of dollars under management? " Uh one of the advantages that we have is we are small and we need to take advantage of that. So we can move in and out of positions very quickly, very easily without any market impact cost. Those guys who are investing, they have huge market impact costs. They can't be in and out of stuff. But you can be. If you've got a half a million dollars that you're trading or trading, if you're trading 3,000 5,000 shares, you won't even move the market. They won't even notice you. Well, if you make a couple bucks on a 3 3,000 shares, that's a pretty good day. See here. Um a lot of discussion on beating the trades or not. Uh let's see. So curious, what are the main things you guys are watching for potential to repeat of 2022? In retrospect, the signs always tend to be obvious, but irrational longer than solvent and all that. I mean, look, it it's always about timing, right? It's always about If you look just at the chart, spy's chart. The pattern and you just take all everything you know about the news or anything else out of it. There's a clear, you know, you get this clear pattern here. And you're obviously in the past 16 months or so, the market is far more news sensitive than it has been. No one's going to argue that it hasn't been, right? Where you have markets that tend to just go based on a more fundamental value and technicals, and you have markets that tend to move more with day-to-day news announcements. But even with that, if you look at this market and you look at spy, it's still as irrational as you want to call it, it's still following the technicals. They're all right there. You could see where it just you know, would not go below the 50 SMA, then it broke it and it stayed at the 100 SMA. It broke it again and then broke the 200 after some time. And then now it's bouncing back up towards the 200. You could see all of these trend lines being respected even with the high news environment. And so as a trader, you want volatility. Everyone's complaining about, "Oh, tweak and change this and that. " You want volatility as long as the technicals remain guardrails. And if you look at the charts, I'd say the technicals are doing a pretty good job despite all of this volatility being guardrails on your trades. Yeah, we want movement. Absolutely, we want movement. And I've gone back to uh the chart from 2022. And so when you're drawing comparisons and saying, "Well, what are the chances that we can go into a 2022 type market? " Uh the backdrop is considerably different. Uh we had, you know, the Fed with uh very high interest rates, but they were increasing those interest rates at a pace we've never seen before. We had double-digit inflation.

Uh so there were lots of question marks and the whole way down, the market's wondering, "Is this going to crash the economy? Is economy? " And there weren't any signs of it. And so that's why you would get these mixed overlapping candles on the way down and these big tall bounces. This was not a bear market that I would be afraid of. Uh not like other bear markets that I've traded. So it wasn't straight down. And you can see how it sells off and bounces, sells off and bounces. I'll take that kind of market condition anytime because I've got plenty of movement. And the way that you trade bear markets, by the way, is when you get these big drops and these long red candles stacked, you take your gains. You wait for the bounce and then you wait for that resistance off of a meager bounce and then you start shorting around those resistance levels when the candles start getting compressed. I remember both of us making a lot of money in 2022, Harry. Yeah, those were the days. Those were fun. And they are, you know. So we'll take the volatility and I'm not going to try and project out. I'm a trader, okay? I'm going to look 3 months and in. And I'm going to focus most of my trading actually inside of a month. That's what I do. That's where I have the most clarity. And I'm not going to guess what the market's going to do. I'm going to watch what the market's doing. And I'm going to process that data. And so as I mentioned, if this bounce is wimpy, it struggles, we make a lower high, we're hitting resistance around the 100-day moving average or lower, those are signs that the selling pressure that we've seen earlier this year is legitimate and I'll give you that example from 2022. So this is the first leg down that we had in 2022. And you can see mixed overlapping candles, but we do get through the 200-day moving average and then we have a bounce. And you see how the market struggled and struggled around that 100-day moving average and then we gradually pull back. Well, once we fell down through the 200-day moving average on the way back down and when we struggled to get through here, we had our lower high double top. This is the pattern I'll be watching for and then a technical breakdown. Yep, I'm going to get short right in here. I might get short up in here a little bit and then add positions here. Then you get your big sell-off. Take your gains, okay? Wait for the bounce. Every bear market I've traded has tall bounces. Every single one. So you take your gains into those deep drops, you wait for the next bounce, you watch for that resistance and that breakdown off of those resistance levels and then you've got your next entry point. So that's how we're going to be trading. Before we continue, if you like this content, please like, share, subscribe. And if you're watching this on your mobile phone, please hit the like button. Um yeah, and yeah, let other people know. Obviously, because if you're struggling, obviously other people are struggling. Um there's never any guarantee, but I can tell you this through all my years of trading, you're not going to find a better place to shorten that learning curve than here. This is you know, it yes, it takes a lot of reading. I get the allure of cuz I was aware a lot of you were when I started out trading. And there's a definite allure to these YouTube sites and all these other places that say, you know, "Very easy system. Here's this new indicator and a three-bar system and market opens and you see look for Here's the scanner, you look for these type of stocks and when you see this pattern, you go in and then you scalp it and you sell here and here's a video of us doing it over and making hundreds of thousands of dollars. " And it's really alluring because A, there's a doesn't seem to be a steep learning curve there at all. There's okay, does that that, check check, buy, check check, sell, done, out, easy. Right? Um and that's the idea. The idea is to make it seem easy. Because what we do, you know, what we say is, "Hey, welcome. Welcome to two plus years of torturous learning and training and putting in countless hours before you ever see a dime of profit. Who wants to sign up? Obviously not the best marketing pitch, but that's how you know it's real, right? Because we're not out there saying learn these this simple thing it takes two seconds cuz if what they're saying is true

everybody would be making money. If it's that easy, right? Which is more likely, what they're saying is true or what we're saying is true, which is this is like enrolling into med school or into grad school somewhere. It is going to before you get see a dime of profit, a dime of revenue for all that work. You're going to have to put in time and effort and energy of learning and failing again and failing again until you finally get it right. Does that not strike you as more realistic? It might not be as alluring, but it's realistic and generally in this space, go with what's real. And what we're trying to tell you to do. Um so, with that said, does this volatility and panic reduce institutional edge? No, it doesn't. I don't believe reduce their edge. They're still going to make uh their returns. Um you know, take JPM for example, they've been pushing AVGO uh for the past, I don't know, 6 months. They've been telling their clients go on AVGO and when it was 380. And all they're doing now is telling their clients to keep going and dollar cost average it. Keep going in, keep going in. Uh institutions are much better equipped than you can possibly imagine to ride this type of edge. They're There's just not a black swan event. Black swan events are different. This is a controlled descent and they're completely in control of it. What do you think, Pete? Does this hurt institutions? Uh well, I think that the ins- the word institution, uh I just had an alert go off on SPY. I was looking to see if we're starting to roll over, which we are, so we'll keep an eye on it. Uh when you talk about institutions, that's such a generic term. What are we talking about? Market makers here? Are we talking about hedge funds asset managers? Are we talking about uh large uh banks that have proprietary trading divisions? That's usually where I'm talking about. When I talk about institutions and trading, I'm talking about Morgan Stanley. I'm talking about Goldman Sachs. I'm not talking about the public information that they put out. I'm talking about what they are doing behind the scenes, how they are managing their money and structuring it. They don't tell anybody what they're doing. And those firms are always going to find ways to make money. So, for instance, the money uh market maker side of the business, they're taking in order flow from asset managers and a company like Citadel, they get to see the whole order book. They see it all. They know who's buying, they know who's selling. They're trying to honor VWAP, they're pairing trades off and they're seeing if there's a buy or a sell imbalance and then they're trying to execute those orders in such a fashion that the market impact cost is reduced. But the bottom line is, they see everything and they're able to trade accordingly. So, excuse me, institutions are always going to find a way to make money. One thing that I'd like to say about your question is this. So, when you have very low volume conditions, that's when the longer term asset managers are relatively dormant, okay? They're not putting a lot of money into the market, they're not taking a lot of money out of the market. We need those players because that's where relative strength and weakness comes from. When we have low market volume, average volume each day, 60% of it is these trading algorithms, okay? So, when you have high volume, it's actually a smaller percentage because that's when the longer term asset managers are more active. That's when we get these sustained directional moves like we're seeing today, like we've seen this week cuz they're involved, they're moving money around. So, light volume days, back and forth choppy price action, it's all noise, that's all buy and sell programs. Those conditions you want to try and avoid. So, um this type of chop back up in here that we just got done with in December, November, yeah, that's not great for institutions in here either because they want heavy volume and they want some price movement. So, here's my trade of the week for me. Um I'm suggesting long Nvidia here. And I'll tell you why. One is obviously uh held holding up pretty well here. Um but it's it there's an interesting thing

here where if you look, the 200 SMA on Nvidia is at 177. 66. I did a 170 uh let's see here. I did a call debit spread, 177. 580, 180. So, oh, two certain things will either happen. Nvidia will go up to and test that 200 SMA and get rejected. Right? The 200 SMA will uh will hold. And you'll be able to see that pretty clearly, right? It'll go up and you'll get this smack down, right? If that happens, I'll be able to exit the trade and still be actually in profit. Cuz I my thesis here is that it will test that 200 SMA, that that is going to happen. That as long as the market stays as bullish as it is, we're going to test that 200 SMA. If it breaks through the 200 SMA, I can add to the trade. I can I can just add to it or um put on a new uh additional Nvidia trade. So, I have the ability to my thesis is that it's going to test it. If it breaks through, I'm probably going to I'll get full profit on my SMA because that on my CD my call debit spread. So, if it breaks through, I'll just be able to ride cuz now that's support, I'll that 180 uh call debit spread to full profit. And if it gets rejected, I'll still have time to take profit on the trade as is because it would be $3 higher than it is now. Um it That there is one of the few times I would take a long where you have that type of resistance right overhead and I'm able to kind of play with that line as a this is my exit point or this is my hey, add or hold this trade because now that strong 200 is now support. So, I like Nvidia here. Um obviously all the semis are popping off today uh and there's some danger in the swings, but I do like Nvidia here. And this is uh are you playing tomorrow's expiration? Um I actually put it in for uh the April 6th, so Monday's expiration because Nvidia has now multi-day expiration dates. So, I'm putting it in for the 6th to give me a little bit of breathing room if tomorrow we have a violent move. Which also is an interesting play because it's very unusual that the unemployment report gets released on Friday when the market's not open, but that's what's going to happen. They're going to release the unemployment report and the market's closed for Good Friday. Well, the first time that the market, of course, the futures are going to move, but stocks are not going to be able to react until Monday. So, you kind of have that kicker. If you get a decent jobs report, which I'm kind of suspecting that we might given ADP today, Mhm. decent improvement over last month. You've got health care workers were on strike, that caused the number to be particularly weak last time. You had snow storms in the East that were shutting down restaurants, that was adding to the unemployment rate. If it's simply better than feared, doesn't have to be a great number. It came in at 20,000, it's better than minus 92. You could see a little move higher. So, um in any event, you've got that covered because you're long the options that expire on Monday. I did want to address a quick question and I'll get to my pick, which was on ALM. Whoopsie, I messed up. I held that through earnings. What should I do? The stock is really down. So, ALM, uh uh what I would suggest is you always look at the left side of the chart. This is where your confidence comes from. You had to weather a drop, okay? Now, you know there are sellers, but you know there've been long-term buyers in that stock. So, you take a deep breath, the stock has been able to pretty much preserve the 50-day moving average. So, it has not been taken behind the shed like many other stocks. There's still a decent bit to it. We're getting through that 50-day moving average. I would hold the position. Now, we've been talking about this bounce that's coming. You're going to get a second chance to get out of this. Do not miss it. Do not balk. Do not convince yourself that this stock is going to make a new all-time high. You made a mistake, wipe the slate clean. When we get this market bounce and it starts to run out of steam and the stock starts to stall out, could be where that earnings report came out, somewhere around the what, $18 level, get out. Okay, this is a mistake.

So, start over, evaluate, but you should lean on that left side of the chart and now you're going to get the market bounce. So, when it stalls, that's your chance. By the way, let's be honest. Unless you are some expert in tungsten extraction, you knew ALM had earnings. Come on. Why else would you be in that esoteric stock? There's no reason to be in ALM. If you look at ALM at the chart at the daily chart, if you took that stock before earnings, there's no I mean, it was at what, on the 17th, on the 18th? Where would have you gone long on this crappy little low volume esoteric nobody's ever heard of stock unless for whatever reason you wanted to play earnings. So, just own up to it. You knew earnings were coming up. It fell and now you want to get out. So, you'll have that chance. FSLY, I like that stock. That's uh could be my pick. Uh I just like it longer term. It's one that if I bought it today, you can see the breakout. I've been long it since back in here. When it gapped up right in here, in my videos, you could see this a few weeks ago. This is a stock that I highlighted to sell out of the money bullish put spreads on to get long and it's done nothing but go up. There are buyers in this stock. Look at what it's done since the market sold off. So, I like it here. I would buy it here. I wouldn't worry about what Trump has to say tonight. It should continue to move higher with the market and these buyers are telling you that they are acting with urgency. Though So, the chance of this stock rolling over and going down to AVWAP uh anytime soon, I think it's fairly minimal. It's getting a little overextended, okay, up here. So, I wouldn't go gonzo with it, but I think you can take a starter long. Someone keeps asking about back testing the methods. Um I post every trade. Pete posts trades. You can go back 4 years ago and my trades are still up there on the X account and they were all posted in real time. If you're that hungry for some back, just pop it in and take a look at what the results were. Grab any random month. I assure you, no matter what month you pick, and you add up all of my trades, it's going to beat by far the market returns for that month. If you're looking to do a traditional back test, well, yes, stocks that are relatively strong to the market are going to outperform stocks that are not relatively strong to the market if you take them long. Same thing on the opposite side. That I mean, that is almost a tautological. It's It's definitional. So, I I'm not quite sure what exactly I mean, you're looking to do like a oh uh you know, 15 8 EMA cross back test. That's not By the way, you do those back tests and you'll get like a 90% uh back test success rate. Okay, guys, try to trade that cross and 3 8 cross and see how you do. Back tests are And I'm telling you this is a former statistics professor, your back tests are seriously um overrated. I have a question on uh selling out of the money bullish put spreads and uh with a wide bid-ask spread on those put spreads, how would you hedge yourself with [clears throat] the Trump speech tonight? I wouldn't. To be quite honest, if you've got bullish put spreads on, you probably put them on in the last week and you've been putting them on into a deep market decline. If you put them on 3 weeks ago, 4 weeks ago, and they're producing, you should buy them back with the sell-off that we've had in the market. Take your gains when you start seeing the bottom of the market fall out. So, under the assumption that you put them on the last day or two, you have plenty of room. You're far enough out of the money right now to where you the trade should be working in your favor and any little overnight hiccup in these stocks, as long as you're selling them below technical support, you're going to be able to weather that. You've collected really nice premiums. You're far out of the money. Whatever the market throws at you right now, you should be okay. And the stocks should have been showing signs of support. So, when you're selling out of the money bullish put spreads and the market's doing this, you're not selling them on stocks that are doing this, okay? You're selling them on stocks like Dell that have been doing this, which

incidentally I do have an out of the money bullish put spread on which in my video, which back to what Harry said, I've got videos that go back to 2007. Pick the most volatile period of the market you can find. Go back and watch my videos. Go watch them before COVID. Go watch them after anytime you want. You can see how I was trading. All of them have a pick in it. Every video starts with a review of the previous pick or the last few picks. It's a great way to gauge how effective the system is. If you take the free trial, the absolute best way to see if this works is just look at what the members are posting in the chat room. Do you sense that they've learned the system? Do you see them making good trades? Well, that's all that matters. It doesn't matter if Harry's a good trader. Doesn't matter if I'm a good trader. All that matters is that you can do this. All right, let's see here. Um do you have a trade for of the week, Pete? FSLY, I would buy FSLY. I would take a small starter position. That means whatever your total aggregate dollar allocation would be that you'd put into a stock position, 20%. That's as much of it as you buy and you do not add to it until the stock is making a new all-time high. All right, let's take a look at Fastly here. Um Yeah, look at that. That is a great chart. That daily chart is picture perfect. I mean, that's a chart that says, "I don't I don't give a what the market's doing. I'm just going up. " It hasn't cared the last 3 weeks. It has been on a steady path higher. And the reason that happens, okay, here's why this happens and here's why this is the pattern that we want to trade. Long-term money is looking at that company's fundamentals. They see what the business model is. opportunities are. They see what the cash flow is. So, this is not some kind of goof up. error. What that asset manager is saying is that based on where I see this company going 2, 3, 4 years from now and based on where its current valuation is, this is a deal and I am willing to pay a premium. If I have to pay market impact cost of 10 or 15% above where the stock is right now, I'm happy to pay it because I feel the stock is going to be 100% higher. That's the only reason a stock like this would go higher when the market is falling because almost all the stocks have been going down down. Not this one and it's because somebody is buying that aggressively. So, it's a really nice stock. This is one you may want to even salt away. Yeah, I agree on that on Fastly. Um Uh someone posted about the CBX bull put spread. Um Did someone recommend the CBX spread? No. I don't I'm trying to figure out the logic on the bull put spread of 200 195. I mean, when you do a bullish put spread, you want two very strong levels of support above your short put, the put that you're selling. And obviously that's an oil stock, so it's going to be very volatile with the new Just so even if you had 200 SMAs that's a support level, it might not hold given the sector that it's in. It's just a you know, it's Unless I'm missing something. Yeah, and that you know, the stock has also gone parabolic. It's way above the EMA 8, which those are not particularly the best candidates when you get and I'm long FSLY. I'd explained that I'm not selling a bullish put spread. I'm just buying the stock. And yes, this is very news-driven. So, you know that the company is benefiting from higher oil prices. So, it's going to have some volatility in it. But when you start distancing

away from the 8 EMA, then you know this is not going to be a particularly good entry point. I have not shown selling any bullish put spread on CVX. That I can assure you. Yeah, it must be a wait-and-see situation given the speech. I mean, it it's just as we just said, I mean, this is the stock that's going to go with the price of oil, right? VLO, CVX, XOM, all of these stocks. They're they're, you know, they're all going to the higher the price of oil, the better these stocks, the more these stocks are going to go up. Um and that is going to be highly dependent on whether or not the strait is open, situation is resolved. So, these are not stocks you're trading on technicals and that you're trading um on even fundamentals. These are just stocks that you're trading on your interpretation of the news. And that is always a very dangerous uh place to be. Where — Yeah, and when you believe you're you're you can correctly interpret the socio-political economic global environment to the point that you can predict where not just the stock, but a sector is going to head based on that. Um that is something that institutions with their hundreds of billions of dollars that go into investment and intelligence and in and all of them that knowledge that they try to bring in, they don't even have a perfect track record in doing that. So, if you think Joe Trader is going to be able to say, "I know where oil's going to be in a month from now or a week from now and therefore I'm going to buy or long this stock. " That that's not going to work out for you. And it's a commodity stock. So, much like gold, uh oil, any commodity stock, the relative strength system that we use doesn't work well because the stock is not based on the market, it's based on the commodity. So, you're really predicting what that future commodity price is going to be when you trade those stocks. Con- consequently, I don't trade a lot of oil stocks. I don't trade gold, either. I'm looking at normal stock valuations, uh companies that produce profits, have a product, sell it, have profit margins. Those are the types of companies that I'm uh trading. That's my wheelhouse. When a stock like Dell loses strength intraday, how do you know when to wait for relative strength to recover and when to exit the stock because my initial thesis that the stock has relative strength has been invalidated? Well, you have a lot to lean on here with the daily chart. So, one, it depends on how much if this is a swing or what type of position you have, if you bought shares, if you bought options, right? If you bought options that expire, let's say, on tomorrow, that's one thing. You might want to think about, "Okay, if I can't get this back over VWAP while the market is up, then that is a problem and I don't have the time to wait it out. My options are expiring tomorrow. " That's one scenario. If you bought options that expire 2 weeks from now or you bought shares, that's a different scenario. In which case, yeah, you can lean on this daily chart, very good daily chart. Assume that the intraday weakness here is just some sector rotation or selling here. Uh and uh you know, you go and this is the computer systems uh sector industry. So, you go into technology here. Uh there's sector strength. Uh you technology and then I go into uh the computer systems one here and I just take a look and see what else is anything else so. Uh SNDK is currently on the 5-minute right now showing strength. So, Dell is one of the only ones in this industry, which is within the sector, that is actually showing some weakness intraday. Um that should be a bit of a concern or a red flag to you. But again, like I said, you have the daily chart to lean on. Depends on where your position is. Yeah, you use the EMA 8, you can use the EMA 15, 21. You can use any one of those. It's just a matter of uh where I mean there's a difference between a technical indicator that is meant to help you better understand a trend

right? So, the EMA 15 is going to help you understand where the recent trend is, heavier weighted towards the recent days. And you can look at that as sort of a uh piece of knowledge or information as to where the trend is going by looking at that line. There are other indicators that act as legitimate levels of support and resistance because they're being looked at by institutions and traders all around, like the SMA 100 or a strong trend line. And those indicators are meant to give you the price points where to buy and sell. So, for me, the EMA is a trend indicator and for that sense, you can use the 8, the 15, or the 21. Back to the question on Dell. I am long shares of stock. I bought Dell earlier today. I like the stock. I would not mind swinging it. I like the fact that on a D1 basis, it's held up well. I'm short a way out of the money bullish put spread down to the 125 strike price. Put that on back in here. It's in my video from a week or two ago, probably two or three weeks ago. Yeah, you can see it. I highlighted the trade. So, that thing is all the way down here. That's going to expire worthless in 2 weeks. I like this bounce off of AVWAP E with the candle finishing near the high. I think this is going to be a bullish flag formation. You're also getting some support off of this horizontal was resistance, now support level. So, intraday, yeah, it's lost its relative strength, but I'm not overly concerned about it. I don't mind holding the stock overnight. Uh why don't I trade oil and gold stocks? Again, it's based on the underlying commodity. I want to have stocks that are correlated to the market. These stocks are not In fact, sometimes they're uncorrelated to the market. I want to trade relative strength because relative strength is what tells me that long-term institutions are in there accumulating shares. It is the tell. So, when the whole market is selling off and selling off, yet there are a handful of stocks that are treading water or moving higher, that's the tell that the institutions don't care what the market is doing today. They're looking a year or two out. And so, I have limited downside exposure and unlimited upside exposure when the market bounces. So, that's I don't get that when I'm trading commodity stocks. I'm either right on the underlying commodity or I'm wrong. And I don't have an edge trading them like I do relative strength and relative weakness. So, that's why I find better opportunities elsewhere. If you bought energy stocks, you made a lot of money. Good for you. I made money, too. I traded other stocks that are in my systematic approach. All right, let's see here. Um By the way, I want you all to try I for people who keep talking about backtesting, just try this. It's easy enough in most systems that you have, most brokers you have. Backtest the three EMA cross or the 3 9, it doesn't matter. And you're going to get probably like an 85 90% uh win rate where, you know, you have a buy on the cross and then sell on the back end. Uh then go into paper trading and do it yourself. Try just do that same method that you backtested tested and see what your win rate is. And then come back and let me know what uh what happened there. I can tell you what's going to happen, but it's kind of more fun to let you experience that yourself. Um Are you expecting a repeat or expecting a smackdown to at least test VWAP today seeing as how we get or just melting higher with mixed candles and low volume? — [clears throat] — Am I expecting a uh smackdown in the market? With the market the market's going to continue to float higher. In fact, — was asking. Uh yeah, I'm expecting it to float higher. In fact, uh I'll tell you that I saw these two red candles in the chat room and I saw these dojis here with the long wicks and tails with a gradual little move higher here with higher lows and with VWAP holding. The gap up held. We had a decent rally yesterday. And right about in here, I said, "Listen, folks. I mean, it's early in the day, but I think we're going to have a gradual grind higher. First thing we need to do is we need to clear this high and we need to do it in the next four or five bars. If we can do that, this table is set for us to float higher. Don't believe me. You can People will comment. I know we have chat members in here. You know, this is what I do every day. I try and give everyone a read of what the

most likely market scenario is going to be and I'm pretty damn good at it. So, I think we're just going to continue to float higher. Shorts right now are not overly aggressive and you can see there is some selling pressure and that's why the uh candle bodies are relatively tiny. So, there is a slight bid to the market and you've got shorts are a little bit nervous. If you think that shorts are not worried about what Trump might say tonight, they are. Longs are also very nervous. They don't know. So, that's why you're getting this pre-holiday type little float higher. When sizing for a day trade that goes against you and you say, "Okay, I'll just hold it overnight is not the best way to get your risk out of control and end up with a huge drawdown. " Well, one, your size shouldn't be uh to the point where you're worried that much about that huge drawdown. But again, you guys keep talking about it how to contracts. Is it an option? [clears throat] Is it an option that's expiring the next day, the end of the week, the next week? Is it shares? Right? There's a huge difference. If you are trading shares, there's a gigantic benefit. You have no time If you're trading shares and you have a strong daily chart, you can lean on that daily chart and there's no your your shares aren't decaying away, right? It's pure price action. So, you're not losing value there. You're just holding those shares and leaning on the daily chart. If you're holding options and your they're expiring tomorrow, well, then even if you get no move at all like you don't get you it doesn't drop, you're losing value, right? Your theta decay is accelerated. Um so, it's it really is uh dependent on one, you shouldn't have that big of size. Uh two, if you're down on your day trade, but you're leaning on a daily chart and you have shares, that's one thing. You have options that expire in a while, it's another. If you have a spread, options that are expiring tomorrow, it's another. So, very contextual on that. Obviously, worst-case scenario is day trade is down, options expire the next day and you go, "Screw it. I'm holding it hoping it comes back. " That's a bad idea. You should probably cut your losses. And when you say if you're sizing for a day trade, well, hopefully you're not sizing 4:1 uh intraday margin. That [clears throat] would not be a good thing. And you'd only use that in extreme cases where you are adding to winning positions. Uh so, you should never be exposed like that because then you're just going to be taking losses. You won't even have the ability to hold the position overnight. You have to sell at least half of it so that you have Reg T. Uh so, anyway, day trading, you should identify if you're outside of the previous day's range. That's kind of the first thing that determines my size. If I'm not outside of the prior day's range, I'm automatically going to be trading slightly smaller size because my chances of a trend day are low are very small. If I'm outside of that range, my odds that there's continuation in that direction are higher and I've got a chance for a trend day, then I'm going to be looking to establish the day trade and then I'll be adding and adding to the position as a winner. So, I hope that helps. Uh and I would only hold a day trade gone bad overnight if the market is consistent with the direction of the trade. So, if the market was having its ass handed to me like it did last week and I happen to be long something, I would be like, "Nah, I better take my lumps and get out of this, okay? " Even though I might like the stock on day trading on a longer-term swing trading basis, get out. So, as long as the market's moving in your direction, the stock just happened to have a hiccup and you like the D1 chart in the stock, holding overnight is not a big deal for me. Someone's having trouble, by the way, Pete. An error is occurring during registration to register for the 14-day trial. So, don't know if that's uh particular to that person or if that's just sort of systemic right now, but there seems to be someone having an issue. No, it's a you have to uh click help on the website and we will help you get set up. There you go. Do you recommend a buy-write strategy for can't short or sell puts? I mean, you're just then you're just that's more of an investing uh question because what you're really doing is buying shares and selling covered calls against it. Um I mean, look, if you're if you're doing that, uh the strategy that we occasionally will talk about is our fig leaves where you can just sort of uh buy leap calls uh on strong charts, strong stocks that and then sell that have high premium value and then sell way out of the money

calls against those leap calls every week, which just reduce the price of your calls. It's not exactly a trading strategy. I mean, these are all covered calls. These are kind of longer-term strategies, although you can use covered calls as a trading strategy to mitigate some of your risk. It just depends on, you know, what type of stock you're doing, high IV stock. So, it's, you know, some of you following me on X show that, you know, I've been selling some covered calls on some stock positions, but those are just um you know, to mitigate some risk. Uh when will my book be coming out? It'll be coming out this fall. I plan to have it in print sometime this summer, but not for distribution. I'm going to have it available so that I can send it to podcasters and hopefully get on their podcast, have them be able to read the book and then talk about it. So, by all means, if you have uh podcasts that you visit that you think uh would be good for me to be on, please let me know. Speaking of podcasts, uh Harry's got a podcast. I'm sure I'll be on there. Uh so, make sure on Fridays you record and release that, right? Yes, I do. I blessed I'm having a little trouble, which I'm working with Riverside here on uh their platform, but I'm hoping to get the next one out uh this Friday or so, that will be out for everyone. And then yes, I do uh probably within the next uh week or two, hopefully we'll have Pete on as uh a guest. So, there's that. And for those of you who have not yet signed up, uh Pete and I are always in the one option chat room. So, there is a two-week free trial uh for you to come in there. I don't believe Pete asks for your credit card or anything and uh today I taught everyone how to uh fill up dog food bags with food with steak. So, you know, a little April Fool's Day in there. But a lot of great trades going on in there and uh today Nvidia's my trade, Fastly is Peach Street. You can see how they do. That's the best backtesting you're going to get. Take a look a week from now and see how both of our trades perform. Go back and look at earlier videos. Every video that Pete makes, he puts he puts out videos that sometimes say, "This is a video about this particular trade. " Just go back, pick a bunch at random, look at the dates, easy to check, see if they did well, find out what his win rate is. I did have a question earlier about hedging and kind of getting out of spreads that uh are problematic, bullish put spreads in particular. Uh the my last couple of weeks, I know Sunday I went over a couple of problematic trades that I was dealing with and how I adjusted them. I went through that yesterday in the video. By the way, I'm doing my Sunday videos. I'm also doing Tuesday morning videos before the open focused on swing trading. Tomorrow I'll be doing a video before the open uh on day trading. They are released before the open. So, trying to give you an idea of how I'm going to be approaching the trading day. And again, all those trades, you talk about backtesting, this is forward testing, okay? Every single person would be able to get into the trades that I put in my videos and then I review them all the next video. And I usually will cover two or three trades so that you've got Now that I'm doing more videos, you've got at least a week's worth of information so you can see how that trade has been performing. Great. All right. What else we got here? Covered a lot. Let's Is there anything else? Um pop Anything here uh for SMAs, it's usually the daily SMAs, yes, the 50, 100, 200, those I have on uh all the daily charts. What helped you guys to be good at cutting losers in your career? I got I mean, I talk about this extensively. There's there are two huge mindset issues [clears throat] that traders have to overcome. Like I always say, if it's just a matter of following the rules, it would be easy, right? I mean, that's like if it's just a matter of following the rules of chess, everyone would be a grandmaster, but it's not. Though everyone knows the same rules, but people who manage to figure out the mindset, the mental game of it uh excel. Same thing with poker. So, the mindset that people generally have is they cut their winners short because they're afraid that their trades are going to reverse on them and they want to take profit quickly. They don't want to lose that profit and they hold on to their losers, which is ironic because when they have hope, their hope

is when they made a mistake. So, when their losers come along, they hold on to those losers thinking that it's got to turn around. It's actually a reverse mindset, right? So, when you're right, you all of a sudden fear comes in that it's going to go wrong. And when you're wrong, hope dominates that it's going to turn around and you're going to be right. So, the key there, obviously, is flipping the two. And I've written extensively about this of the work it takes, but that's part of the time that it takes to put into it, right? So, for some people, it's a matter of just constant journaling and looking again and again and again to prove to themselves, [clears throat] yeah, if I cut the loser here, if I added to the winner here, every single time or 90% of the time, I would have done better. And you can only see that result so many times before it finally clicks to you, this is what I have to do. Other people have other mindset issues that go to it, but just realize the absurdity of the fact that when you made a mistake, that's when you have the most hope and when you're correct, that's when you're the most cynical. And that's one of the biggest trading mistakes that people make. Yeah, I've had a couple of things that have helped me. One of them is that when I'm in a losing position and you know when you're in a losing position, okay? You're looking at and it's tick tick going against you and you're like, damn, this thing is going to fall apart. I just know it, but maybe it'll come back tomorrow. Whatever your thought process is, you know it's going lower cuz you're watching the price. Tell yourself, listen, I'm going to get out of this right now, okay? I was early. I wasn't wrong. I was early. And I'm going to set an alert where I got out and I'm going to buy this back cheaper. I'll be able to get back in. Just cuz I got out doesn't mean I can't get back in. And so, what will happen is you'll set that alert and days and days will pass and you won't get back in that trade. You might go back and take a look at it and then you'll think, wow, thank god I got out of that trade because look at how far the stock has fallen. The other thing that helps is that we don't like to think of ourselves in terms of Well, we winners and losers because we always think of ourselves as a winner. And so, when you get into that mindset, you don't want to take the loss because then you're a loser. You're not a winner, you're a loser. Don't think in terms of winner or loser. Think of terms of data processing. You don't know anything. All you're doing is processing data and processing information. You are going with the best information that you have for you. And that's what you're basing all your decisions on and now all of a sudden there's new information. Okay. You have to process it. Things have changed and now you have to decide to get out of the position because you have new information. Final point on this is I have a lot of trades and you'll see me get out of trades, bullish put spreads for instance, where oh, I was leaning on that technical support level and just failed. So, I'm going to get out of the position. I'm going to mitigate my damage and I might consider taking the other side of that trade because now all of a sudden that technical support level has been breached. What I lost on the initial trade, I'll make back on the backside and then some. And sometimes those turn out to be unbelievable trades. But you can't get there if you think of everything in terms of winners and losers. You can get there if you think of yourself as just processing data. And I've also said this uh before. It comes from knowing, you know, having been in the movie industry and I've known a lot of people that you would consider wealthy, right? You know, people who have more than a hundred million dollars, let's just say, or whatever it is. And they have a mindset. And it's actually a very good mindset that comes from a life of wealth that allows them to add to winners and cut losers. They're Whereas the average trader is generally shocked when their trade is up. They're not used to things working out in their life. In fact, they're used to the opposite. So, when they're in profit on something, they're extremely skeptical about it and they want to get out because just like everything else in life, it's going to be ripped away from them. They might as well take their money and run now because something good can't possibly last. And their comfort zone of the average trader is when things are down. They're used to that. Of course it's down. Why wouldn't it be down? And so

they revert to the old things will turn around eventually and the trade will come back. So, they hold on to the losers. Whereas a person who's lived a life of wealth, when things are going well, of course they're going well. They've always gone well. Why wouldn't they go well? I'm going to add to it cuz it's going to keep going well. And when things aren't going well, they want to distance themselves from it immediately. Get rid of it. Gone. No. Don't want that. Out. Gone. Let's go move to the winners. profit makers. So, it it you're kind of trapped by that mindset where just haven't worked out in your life. And when it does, you're kind of shocked. And someone asked twice about selling bearish call spreads and I don't have a lot of time to get into it. I don't like selling bearish call spreads, period. — I just don't. And the reason for it right now is that you've got a big market bounce coming. You don't know how tall that bounce is going to be. Let's say that the bounce goes considerably higher before it finds resistance. Okay, here we go. Bearish call spread, right? Market hitting resistance, right? Stock weak, right? What's going to happen is the option implied volatilities are going to drop when we hear that market bounce and the bounce in the stock. And so, you're not going to be appropriately rewarded for selling out of the money call premium. Cuz the IVs have dropped. One little push higher in the market or the stock and you are in trouble. So, no, I do not like selling bearish call spreads. I'm going to write about that. I have I agree. I have written about it in my book. But but okay, go ahead and do it. I've done it. I've sold bearish call spreads. When I go through my journals and performance, they have created more problems and they have hurt my P& L. Everything is odd-based. So, if you think you can sell them and it's a great strategy, go ahead, try it. Make sure you track it, see how you do and maybe you've discovered something I haven't, but I'll tell you from my own personal experience, there's a reason that I use the strategies I use. All right, Harry, let's call it a day. We'll try and do more of these. I know it's been a few weeks since we've more than done a live event. We'll try and do one every 3 weeks or so. And thank you so much for attending. Please like, share, subscribe, hype. All that good stuff helps us teach more traders because then we're able to just get more eyeballs on what we do. Thank you so much. Trade well. We'll see you soon. Thanks, Harry.