After Sharp Drop, Will Market Bounce Or Break? Vita Coco, Marriott, Eli Lilly In Focus

24:51and so you know then the the character changed again so that's what we're kind of waiting for is something um something like that to happen to have a big key date and think about that that was weeks and weeks and weeks after your break or your 21 day so you're gonna have to be patient um because sometimes it takes some amount of time and you don't know how much time but you'll know it when you'll see, when you see it, you either get, um, your big upside reversal day, which I prefer, or you just get that trending above the 21 day with your low above it, which then sometimes, as you can see here, you get shakeouts in there.

25:32And there was, I mean, there was very easy to make a ton of money during, during this timeframe. So don't be thinking that just because we had such a bad week or bad day and a couple bad days that it's all over. It's just you've got to just be patient and wait for those perfect setups. I mean, during that time frame, I don't like talking about it much, but in Bill's account, I'm going to point to the 13th of January on there because that was the first day that I actually got money to run for him. Yeah, from there to the top, I was up, you know, over 100 % in his account, just trading very, very by the book type of stuff.

26:15So that's the possibility of what you can have, but you have to be patient and wait for those setups. So now is going to be the time to be super picky. No B &C stocks, like I said before, very, very precise entries. And let's go out to the next date.

26:34Mike Webster:Okay. A couple days later. Yeah. And you got to remain flexible because that's what can happen. And that one was very easy, actually, because it stalled up at the top. And that was everyone and their brother and their sister and their grandmother down the street could have seen that. All of the PMs, we all got out of the market up there and not talking to each other. Bill never reached out and said, hey, you guys got to go to cash. But, you know, you'll see it when you get climaxes when there's an actual top like that. Yeah. We can go out for the next day. I was just going to ask because I don't know if at the time you were using ATR above the 21 day, but is that also, you know, a tool to be used in the toolkit for these sorts of pullbacks?

27:31At the time, I was actually using the high versus the 10-day simple moving average is what I was using during that timeframe for extensions. And for individual stocks around that time, it was 15%. And that's why I actually, it's funny that you ask, is why I switched to ATRs. Because the 15 % of stocks over there during that time didn't mesh with other times because things didn't get 15 % above. And then I thought through and I was like, you got to go with an ATR because set percents are silliness because in different environments, you know, they're so can be so dramatically different that that's why we use the that's exactly why we use them.

28:17And that was really a good technique. And it's actually part of the Webby RSI, the one little orange line. But yeah, so when you get up, the key thing on this, look at you're growing at a certain pace, right? Then you start accelerating. And this is what you got to look at for individual stocks as well as the market. Then when you go up, we could have easily kept going. But if you get a downside reversal, that was a clue. And I remember I was sharing a tiny little office with Ross Haber at that time. We were both PMs for Bill and we were both frantically selling as much as we could. So much that the head trader came into our office and threw papers at us because the traders were getting confused at who was selling what.

29:08And we were just selling frantically. They crumbled up this paper, comes in and throws it at me and says, you know, like, you guys can't be doing this. And it was a day I'll never forget, but it was a lot of fun. Wild times. But let's go out to the next date. Sorry, you know me. I'll go up on these all the time.

29:29Mike Webster:Yeah, it's fun though. Let's go to a couple days later. So this is another thing. Like we were talking about lower lows that we didn't want to hit. You don't want to hit a lower high. So when we bounced up there and you couldn't hit a fresh high, that was another big warning sign. So if you missed anything, that was like screaming at you, like, get out of Dodge because things could get really ugly. You know, you might as well put a two at the end of it. Go out to O2 and go to weekly so people can see how bad this got. Because I forget that not everyone traded back then. and um i mean that's not everyone's as old as you well played um put the the different that was good put the different scaling on there so you can see how bad it is yeah look at that i mean that was devastating that was that was really and it felt a lot worse than that was and we got we got just chopped up to pieces during that because it was follow through after follow through after follow through that failed.

30:38And so as gracefully as we got out, boy, we had a hard time for a couple of years. So let's go out to the next date.

30:47Mike Webster:And incremental, right? I mean, because in real time, you know, you could see, oh, upside reversal at the 50 day. But in the context of where you came from and the stalling at the highs, you know, you've got to be more careful at that point. Yeah, you really didn't know until that second top that didn't take out that first top. And in fact, it could have easily done a double bottom. Like this was setting up to do a double bottom, but it just failed from it. um and so yeah you had some nice trades that you you could have done in there we might have even done some too because it took a little it took a while for the mindset of realizing what was going on to really hit in but um the bulk of the selling or we like i said we all went to cash at the top And then the problem was not staying in cash.

31:43But, yeah. Yeah.

31:46Mike Webster:Okay, next we want to take a look at 2013. So let's go to 10-8 of 2013. So I wanted to share a completely different type of environment because this was much more mellow than what we had before. But then you had this really unusual day on there. Very much like what we had today that tells you, okay, well, is the trend changing? I mean, it doesn't seem like much being down 2%, but 2 % in this environment was a lot. And you can see that on the chart. It's like, you know, a really, really bad day on there. Let's go out and see what happens next. Okay. We're going to go to the next day.

32:35Okay. And again, some good action there. because it kind of like that one day that we saw that was like almost unchanged. This one, when it broke the 50 day, it should have fallen apart because, you know, there should have been a million stops there. But instead, it actually firmed up and got some support there. I wouldn't be buying it there, but at least it's like, oh, well, maybe the storm is passing, but we'll see.

33:03Mike Webster:Next day. and yeah so that's where i would have been buying but it's tricky because this could just be an oversold bounce in into that um and so this is why you want to go through and and play through exactly oh your eyes go exactly where mine do the high of that that's when you know that okay you're you're out of the woods well more likely out of the woods we can go forward okay next day Boom. There. Now your low is above the 21 day and you're getting up, you know, you're feeling more comfortable. It doesn't mean it's going to work, but this is where that gas pedal is going down and you're, you know, you bought some stocks the day before and you're buying more here, getting more aggressive.

33:52Okay.

33:53Mike Webster:Then we want to go out a week from this, right? Yep. and there you go that's why you don't want to get too negative and i wanted to show this because this is more of a normal environment the 98 99 are unique but we've been in a unique environment but this was you know this bad break that comes out of the blue and i don't even remember what the news was at that point but it's always bad i mean the market doesn't go down on good news you know well it can but it's uh typically it's something that everyone's worried about. But then at this point, you know, your low has been above your 21 day for three days, you know, early on there.

34:34And you're just slowly getting more and more invested in the market. And so I want people to go through and play through different markets, different power trends, and stay flexible. You don't want to get in this negative mindset and you don't want to get into this mindset oh it's going to be 99 all over again for five years and i'm just going to gun it the whole time because that's how you're going to really get your head handed to you so you just like bill always told us bend like a tree in the wind and you just have to be flexible look at what the market is actually doing and then uh let's go out a couple months and just

35:16Mike Webster:see from there. Yeah. And look at that. And then you had another bad day there, the break of a 21 day. So I think folks should, and something that I built for our institutional product that we need to put in market surges where you can put really bad days in there is just say okay, if the day is down more than X amount and the closing range is this and you're underneath the 21 day then paint it this certain color. And if when you do that, then you can go through and just see days like like today on the chart and then see what happens afterwards. So that'll be on our to do list to work on in the future.

35:56But that is an important one where the next day was an inside day. But you close your highs cut back above your 21 day. But it wasn't until a few more days when you took out the highs of those, you know, those three tight days in there. Can you point to that? that's where you know okay it's time to gun gun it again so just go through these let history guide you through and just write rules around it and so that way in the battlefield when you don't know when you're getting hit so hard you don't know which end is up um you just go back to your rules and just go okay what do my rules say they say go to cash go 200 long or some somewhere in between and just go with that.

36:38It doesn't mean it's going to be right, but over time, if you're doing this right, you're going to benefit from that. And also psychologically, if you're just not doing willy-nilly, it's up a lot, so you're bullish, you're just down a lot, so you're bearish, just say, what do your rules say?

36:55Mike Webster:I'm Laura Thurow, Managing Director with Baird Private Wealth Management. For so many of us, life is busy between balancing family, career, and community, finding the time and focus to keep your financial plans on track can be a challenge. At Baird, we understand. Our financial advisors will partner with you to create a plan that's uniquely yours, one that gives you peace of mind and confidence so you can focus on what matters most. Discover the Baird difference at rwbaird.com slash wsj. Yep, love it. Okay, let's take a look at a couple of stocks. And of course, I have to go to the current date.

37:34Mike Webster:That would help a lot. So Vitacoco, you know, it was a really tough day. So hard to find a lot of quality, actionable stocks. But this was up on the day. And Webby, you know, in some ways, this kind of reminds me of the Twilio. It does. It does. you have that powerful move on the earnings, and then you've moved up here, you're finding support at the 21-day. I've tried this a couple of times, you know, it backed away from it just because of the market environment. But what I like about this is the last time I checked, coconut water is not a big AI theme. Now, maybe they can figure out a way in there, but sometimes when you're in this environment...

38:22They can. Say again?

38:23Mike Webster:Don't you worry. I said they can't. Don't you worry. Long Island ICT becoming Long Island blockchain, just saying. Never know. You could get Coco AI, so. There you go. But what's nice about it is it broke out of that cup without handle, did the power from pivot. You can see that with the 30 % flag on there. And now it's just doing exactly what it should do is finding support exactly where you would want it to. and it doesn't mean that this is going to be ready to buy on Monday. In fact, you know, it might not be ready to buy for a couple weeks, but this is what you want to be doing is building a watch list of, okay, what is disconnected from the market?

39:07The fact that this one was up on such a bad tape, that's telling you something. And it's in this other industry that's not getting tied in with, you know, all the chips and the software and everything AI related to energy and so on and so forth. Yeah.

39:28Mike Webster:And I mean, pretty decent fundamentals for what it is too, right? You do have that accelerating earnings and estimates look pretty decent there as well. I think the last quarter of revenue up 37 percent. Nothing to sneeze at at all here. So I totally agree. And when you another thing is like if you're trading something that you know that is not hurting people, it's not like, you know, a tobacco stock or something. You know, I I have a personal preference towards things that I can kind of get behind. And so that helps, too. For some people, does not matter. It doesn't matter to you. I totally understand that concept.

40:14But for me, I would like if somebody is doing something that's not harming the world, maybe helping the world, it moves up a notch for me.

40:24Mike Webster:next on our list let's take a look at a name out of the leisure group and that is marriott a pretty decent day-to-day up 1.9 it wasn't alone we did see others in this area on the move today webby so continuing its move after a recent breakout i think it looks really i think it looks really good. That RS line wasn't looking good a couple of weeks back. And now it's amazing how quickly that can change when it's moving up and the market's coming down. And what I like about it is you've got this base on base where you have a bigger base and then a tighter base. That's a very constructive thing. Also, the left side high of this base is slightly higher than the last one.

41:10So the 380 is slightly higher than the 370. It's another sign of something good. Now, you know, a couple of weeks ago, no one really wanted these because you just wanted as much AI exposure as possible. I did try it out of this cup without handle or flat base and, you know, got shaken out of it. But it's looking good again. Now it's a little bit out of there. If you're just dying for exposure, I think it's something you could do. but what I was saying earlier is you want to be very precise right now because I it feels like this could be that that October to April time frame where you could really get chopped up I got chopped up a lot and I just don't want to repeat that so I'd rather be very precise yesterday was viable today was a bit of a a bit of a stretch so um just be very picky there but this is the the area that looks good and probably the strongest one in the group Mm-hmm.

42:09Mike Webster:And let's also take a look at Eli Lilly. We've talked about the rotation into the medical sector. Eli Lilly included, full disclosure, I did pick up a little bit on Thursday. closed off highs up fractionally on the day, but it's holding above the 21 day, which is great after some recent strength. I know, Webby, you're all about the diet and exercise. I'm right there with you. But I think the story here for Eli Lilly, the weight loss drugs, the next generation of treatments, it's definitely what is fueling the stock here and the fundamentals as well. Yeah, so it feels like, because I was hot and heavy on this stock last year, because I really thought it was going to have this huge move.

43:02And it didn't, you know, the money moved out of this and there was news in the space and all concerns about competition and everything under the sun. But during that, it's just been base building. And we did put it on Swing Trader this week and still have a position in it. I don't like how it closed, but relative to what the market did, that was really good action. I wouldn't want to let it go underneath yesterday's low. So we did take some off today, but still kept a half position on it. And I think this is, let's go out to the weekly. because when you have a theme like this, and yes, I personally believe that, you know, doing it without drugs is a safer way to go.

43:51But I'm not a doctor. What do I know? That's just me. You know, you always hear these these diet drugs and stuff. And 10 years later, you find out, you know, probably not something you want to do. So but I'm not a doctor. And I'm trading this stock, I'm fine. You know, I had it in my personal, but I sold it because I wanted to just go to cash. But I was thinking it was the last thing I sold, frankly. But I like how this base is up above the last big base. You did have a tiny base in there as well. But it's just sitting there and it's not up in nosebleed territory like all the chips and all the AI plays are.

44:30So you got to think in terms of if you're a big institution that has to stay fully invested or you don't want to go lighter, where are you going to move? This is a place where you can move because it hasn't been, you know, doing anything. But it's not down and out either. So a lot of fund managers don't want to go into something that's just, you know, underneath the 200 day and is a total dog. So this is kind of in a sweet spot. And I like those earnings on there, you know, that you have steady earnings. And I just do want to say in case anyone is benefiting from the drug or listening, hey, I'm very happy for you.

45:07And I hope that it is on balance. Everything ends up working out. I'm just a black and white dude. You know, so like I just don't have the ability to have a touch of gray in my life. So that's why, you know, and I just say it the way I think it. But, you know, just be healthy.

45:23Mike Webster:Yeah, no, I know people who have definitely benefited. And, you know, I think that it's a good alternative if it works for you. Find what works for you, anything that you can do to be healthier. And I think that that's a win, right? reducing any of those other potential issues, you know, otherwise, if it were without this intervention. Okay. And I will just say, because we're on the topic and people are probably like, what is he talking about? Dude, I did lose like 80 to 100 pounds in a blink of an eye without any drugs, but it was not fun. And so I could see why someone would want to do it and have some fun along the way because, man, doing a cold turkey the way I did it, man, That was not a pleasant thing, but it is what it is.

46:14But do you want to... Well, of course, I'm proud of you. Thank you. Yeah, I appreciate that. Do you want me to share my charts?

46:21Mike Webster:Yes. Okay, let's do that.

46:28Okay. All right. So we're going to start with our Bob Weir, take a step back. Second, again, we're going to let this paint a picture for us of, you know, each one of these we're looking at in isolation and saying, how bad is this? This does not look that bad. It is a big negative candle, meaning that you close lower than you opened. It's a big bar and all, and you hit high, so you stalled it, or you got turned away at high, so a downside reversal candle outside weak. But in the scheme of things, if you look at it in the context of moving up from down here to up here, come on, you can't expect to go straight up.

47:11But what expectation does it give you? It gives you that this is the first week of probably several weeks of moving down until it finds some sort of support. Let's just go back a little bit in time. So over here, you know, you had this and it came all the way down. And so let's just go out a little bit further. So when you had all these weeks up in a row, sometimes you just have one bad week in there and then the trend continues. Or what's more normal is here you have your three weeks down and then you went back up and started going at a different pace. So that's kind of in looking at this, it seems like, you know, three, four weeks down would make sense.

47:59then that would be normal and natural. We're not telling the market what to do. We're just looking at each one of these and seeing what would normal and natural be. So this candle on the NASDAQ is even worse. But again, it doesn't look like the market's crashing from this one, just that, okay, it got ahead of itself and it needs to go sideways and down for a bit. So that's that. Now let's move on to the regression stuff because this is what I'm finding very interesting. I think we're at like 42 or 43 days out from the follow-through day. So from here, yeah. And so we have it anchored to today.

48:42We will keep doing that until we get out to 50 days. But this is giving you some really important information. So in a nutshell, with these regression lines, don't worry about getting in the weeds of it. just look at that green dash line. If we can make it back above that green dash line, that's a place where you're starting to gun it again with the expectation that it's going to want to mean revert and go up to the white line, if not past that white line. That's what's standard. That's what's normal and natural. But it doesn't mean that when you come into this line, that's not support because no one is using these lines.

49:25I mean, this is just my people use regression lines, but people use them in all sorts of different ways. I don't know a single soul out there, unless they've learned it from me, that uses it this way. That's a good thing. And it's also a bad thing. So it's a good thing as it gives you an edge. It's a bad thing in that it doesn't mean anything when it comes down to that level. You're not expecting support. You're expecting support at the 21 day, which is a green line, expecting support at the red line. So you've got to take that into context. So what you're looking for is your signal. Your signal isn't coming down to the one standard deviation where we're at right now.

50:01It's moving back through the 0.75 standard deviation, which is that green line. So right around there, that's when you're going to want to start gunning it, but really not gunning it heavy until you can get back above that day. And that's if it happens quickly, not if it were to take weeks and weeks and weeks. And then the same thing here on the NASDAQ. It's worse because we've gone underneath this line. I will say if this were to live underneath here where your high is underneath your one standard deviation for three, four, five days, that's when we're going to throw out this regression channel and just say, OK, we're done with it.

50:45But let's look at some historical ones. And these are the ones that we were just looking at that you were walking through. But I just wanted to go through this different lens. Oops. So this is a 1998 time frame. This is on 10-14-1998 is where we started that one. Went out 50 days. And so that would have been on, let's see, December 24th of that year. So with these, it broke it on this day here on 2-9-99. Then you're waiting for it to get back through there. That happened here on 2-11-99. This is where I would start gunning it. But this is why you want to look at history. Your expectation from here is that it's going to go up to that white line in a blink of an eye.

51:36When it turns around and two days later, you're back underneath that one standard deviation, that's where you've been backing away. You've been backing away this very next day and backing away even more here because it's breaking your expectation. You said an expectation breaker earlier. Really, this day here on 2-12, that's your expectation breaker. when you're living underneath here. So by living underneath it, I'm saying your high is underneath there three, four, five days. And I save various days because there's not anything set in stone because each one kind of lays itself out a little differently.

52:16You can tell with this that the green line is becoming a ceiling for it. So in here, you're throwing out that regression just saying, okay, that was in the past. And then of course you have this different change and character in this kind of this choppiness. Did you have something to say? I'm sorry, Allie.

52:36Mike Webster:No, I was just going to say you made the point earlier of, you know, once you do get that break, you get some sort of change and the rate of ascent and the character definitely changed after that. Perfect. Well said. So here was that day on, let's see, on January 28th of 2000 that you came down to the one standard deviation. And this is why I was saying earlier that it's not where you just like you stop there and expect to move up. What it did is it came into your 50 day and got that upside reversal. So that would have been a clue to and you can use the upside reversals. You don't have to wait for it to get up to your green dash line.

53:18If you get a major upside reversal, not just a little one, major upside reversal before you get get up to there. as long as you're to the one standard deviation, the solid green line, you're good to start gunning it. And what's odd is this one never did what it should have done. It should have kept going and gotten up to what I call home base, your regression line, which is your white line. And it couldn't do that, but it was just hugging along here. So it was giving you these mixed signals where it was good enough, but not great. And then of course, that was the March 10th top. And again, over here, your high was stuck underneath it for several days.

54:05So at this point on really March 20th, that's where you would have thrown out this regression line and it would have given you more of a reason to short the market or be out of the market when it tried to poke back up to it and failed. And so we don't have to do the 2013. I think people kind of get the feel there. We'll move on to the next charts. These are our 50 % retracements and with the same levels that I had had on there from last week, or I just adjusted the high to match where it went. So we want to get up in this Northern Hemisphere and we're in the Southern Hemisphere now, Obviously, not a good thing.

54:47And the NASDAQ is worse because you actually went all the way down and gave it all the way up. And so we're way down below the, you know, well, we're right at the bottom line. So we want to live up here. We'll go to the next one.

55:11Oh, yeah, yeah. I'm so sorry about my coughs. Okay. So here's SPY. It broke through our first line in the sand there, the 748.22, and it has yet to come down to the 731.83. That's our next area where we want to see it getting some support. Obviously, SPY is acting a little nicer than the NASDAQ. Go over to the NASDAQ. And here that went through two levels, right? So it went through your 26.5 and now went through your 25.7. So those are key levels. Once it goes through it, you want it to move back through it and to start living above those. But this just, when you look at them with the lines on there, to me, it looks even weaker.

55:58And this NASDAQ just does not look right through this particular lens. And let's move on to the next one. So here's our Webinacci, and we can see this is starting to roll over, but we're still up in a good area. You get more concerned when it gets into kind of the 35 area, but still the reality is each one of these moving averages is crossing over or starting to cross over. So you want to be concerned. And then the same thing with the NASDAQ, that looks even worse on there. And if you want more details on any of these things, like the Webinacci I've got, or the, you know, the 50 % retracement or other things, it's on my YouTube channel, the Webby 5150, for more details.

56:48We just don't have time to go over it today. But what we do have time to go over is your favorite chart. So why don't you talk about this one, Allie?

56:55Mike Webster:Well, it was my favorite until today.

57:01Mike Webster:because we're now below it. The 21 day is still rising and all is not lost. But in all seriousness, I think that a day like today is the exact reason why this is an important one to look at because something has changed. So what will happen from here, I think will be very telling. We obviously want to get back above the 21-day, but this was a bad break. He needed to take action. Perfect. Well said. So now let's go over to the other charts. And, okay, let's see. All right. So here we've got the power trend, which is shaded in green. And this is where it started in spirit. And here's where it's at.

57:50Again, it won't end until those cross over. Now, with this, what you're looking at is the WebE-RSI down here, which is non-existent now because we're not going to have a histogram until that low is back above it. So this is a reminder to ourselves that there is no WebE-RSI right now. I mean, there is, but it's not visible because it's telling you, be careful. But with that said, the other thing to do is to look at the green shaded area, which is your power trend, and look at how much longer some of these can get. I mean, some of them are very short-lived, but those are typically when you're kind of underneath your 200-day.

58:36But lots of these can be really, really long. And look at this one here in 2020 versus what we've got right now. So don't think just because we've been going for a while that time is against us. Time is still on our side when it comes to this power trend. Same thing here with the NASDAQ and the same thing with that WebEOS side. Let's go over to something. And this next thing is going to get us a little concerned. So this is a Bob Marley off high, and I did do an episode on that as well. The key level was our first pullback that we had, which was here on, what, May 19th, that that was around 2.3 ATRs that our low was off the high.

59:28And we had said at the time that that became a very important point, that it didn't have to stop at 2.3, but maybe 2.5 or even maybe stretch it to 2.75. But we're all the way down here, you know, well into the threes, getting close to the four ATRs off the high. So from this lens, we're concerned about this trend because it's acting out of character. Well, you could have just looked at your account today to know that it was acting out of character. But still, it's helpful to have some very specific things. Same thing for the NASDAQ, where you just crashed through that before it was 2.6. And I was saying, oh, maybe you could let it go to 2.75 or even 3.

1:00:15But now we're almost down to 4 here. So this is concerning. but i will say that if we end up recovering from this and then the power trend continues that wherever this level is will become extremely extremely important wine in the sand going forward and it's really just something worth studying in the past and again you could just go to that episode if you want to see the context of uh of this one so that's what i had to say there and I coughed for half the time and I babbled for the other half the time. And so sorry about that.

1:00:55Mike Webster:No need to apologize. I think you really laid it out, Webby, the plan of action for how traders need to address this change in the market next week is going to be very critical. So we will definitely be watching and we appreciate you guiding us every step of the way. Yeah, thank you. And so, again, let's just kind of recap where we're at. Let's pull up the charts again just for a second, if you don't mind. And let's go back to the spy, let's say.

1:01:35Okay. I'm pulling it up. So okie doke. So with this, what I would suggest you do, folks do over the weekend, is just go up to that change date up there and just start off with the earliest date that we have in the database. And, you know, just go to a calendar year end, you know, go to December of whatever the first year is. look at it and look for other big bars that stand out like this in the same context, meaning you're above your 21 days, well above your 50 day. Your 50 day is well above your 200 day, and you've been trending above your 21 day. And then look at those bad breaks, do a change day to that day, and then play forward one bar at a time.

1:02:25And even if you saw what happened, you see that it crashed or you see that it ripped up, go back and just have a little notepad next to you and write your original observations of what you've noticed. And that's how you learn. And that's how you'll pick up new things. And that's what Chuck, Justin and I did with the market school. And we just spent a long time, like every day, just going over the NASDAQ, its entire history and just learning different things and figuring out, could we write a rule around it? And then did that rule actually make sense? Most of the rules that you come up with will not actually work.

1:03:01They will work in one unique timeframe, but not all the time. So you want to throw those out unless you can figure out where to use them, where not. I'm going to end on one note, pull up Micron, because I just want to give a shout out to my great dad who called me the other day and he wanted to talk about his Micron position that he was up more than 100 % on. We talked about different exit strategies, but in the end, he always does whatever he wants to do, which is the right way. Like you can give someone like your take on it, but I always encourage people to do their own thing. And he ended up selling the whole position the top day.

1:03:41And at the time I really thought it was maybe a mistake to sell the whole thing, but I think he got out of like 1053 or something like that. It'll text me afterwards. It was really 1053 and whatever but i'm just so proud of him because he got in him without me he got out without me um and uh yeah i'm just i'm a proud son so that was that was that now speaking of sons

1:04:07Mike Webster:how's your daughter doing she's great webby uh trying to think she's getting really good she knows what clap your hands means and she's trying to clap it's so cute and uh she loves music so she's connecting does the sound bother her at all sound like when she claps and it makes a sound she's not really oh it's like she's putting yeah she's putting her hands together it's really yeah it's so cute um but no she's not really bothered by by sounds she loves music and she's starting to sing with me. So if I sing, what a wonderful world, she will go, whoa, whoa, whoa. Like she'll do the consonants of whatever, you know, a couple of the songs that we sing.

1:04:58So that's a wonderful song. I dig that.

1:05:00Mike Webster:We changed the lyrics at the end because it says, I hear babies cry. I watch them grow. So we changed it to, I hear Chloe laugh. I watch her grow. She'll learn more than I'll ever know. So yeah, we sing that every morning. I love that. That's so, so wonderful. And as always, the best part of my week is hearing the update, the Chloe updates. We got to like, maybe we got to put a graphic up. Breaking news. The Chloe ran today, like the day that she runs, you know, or her first day of like kindergarten or preschool man that's going to be um a very special very special thing i do want i have something extremely special that i want to talk about and people are probably saying hey webby looks a little different this week well there's a reason for it um the author of this book who means so much to me uh jack schwager he wrote a new book, New Market Wizards.

1:06:11Everyone should get the entire Market Wizard series. There's several of them. I only have a few of them handy here. Bill was in the first one. So was David Ryan. Our friend of the show, Mark Minervini was in one. You got Paul Tudor Jones. You got Ed Thorpe. You got all these greats in there. They're interviews with top traders. and they have a new book that's coming out on the ninth, The Next Generation of Market Wizards. Jason Shapiro was in there. He's been on Justin's podcast. And so this is where you learn is through these market wizards. And what you do is you learn how to be yourself. That's what I learned from them.

1:06:54Wasn't any specific technique like, oh, this person figured out this one way to buy or to sell. It was that, oh, this person can be successful doing it this way. This one can be successful doing it that way. And it gives you confidence to find your own way and your own style. And the only way that I know how to do that is just working at it and looking at charts. And I think everyone can understand that the way I do it is look at historical charts because that is fear, greed, and hope on display. And that never changes. And that's why we always look at the historical stuff. I think some people probably think like, why are you looking at historical stuff all the time?

1:07:32It's because people's reactions to you're in a power trend. Everyone's making all this money. Everything looks great. And then in a blink of an eye, it turns into, oh, my God, the world is coming to an end. Well, that's happened a million times before. And so to figure out what's logical to happen is you go back in time. And that's what I've learned over the years. And through that book, I just learned how to stop trying to be Bill, which is something I spent the most of my life trying to do, and just say, you know, I'm going to just be the best version of me. So with having somebody that significant be on my podcast, him and George, that I decided to not look like, as Bill used to call me, a street urchin, and decided to get my hair cut and look a little bit more presentable for that.

1:08:22So that comes out tomorrow. I'm super excited about it. And then the following two weeks, I recorded something with Mark Minervini. And he decided, hey, break this up over two episodes. So those will be coming in the following weeks. After we got done recording, we ended up talking for a couple more hours. I just regret not turning the thing back on. All three of these are excellent episodes on my YouTube channel, Webby5150. Hope you guys get a lot out of it. And please go pick up the new Market Wizards. Pre-order it June 9th.

1:08:59Mike Webster:Awesome. Thank you so much for sharing that, Webby. Everyone, go check out those videos. Great perspective there. And yeah, those will be some really fun ones dropping on your channel soon. Good stuff. All right. Well, thank you so much, Webby. And thanks, everyone, for tuning in. That's it from us for today. And we hope you have a great weekend. We're going to be back Monday morning on IABD Live. It's going to be an important week. Investors.com slash IABD Live for all the details. Please join us starting 10 minutes before the opening bell. We'll see you there. And then we'll see you right back here on Monday after the close.

1:09:37Mike Webster:And we have our monthly market report with Jim Ropel coming up Monday, 5 p.m. Eastern. So we'll get Jim's updated take on the market action. So we will see you there, everyone.

1:10:20Mike Webster:Instead of momentum, it's time to get Brex AF, a gentic finance that does your expenses automatically, enforces policies before spend happens, and closes your books in minutes. So your finance team stops managing tools and starts driving the business. Learn more at brex.com slash AF.