On Today's PreMarket Prep:

The Market Has No Mercy
Apple warns iPhone demand is weak AAPL
Snowflake earnings SNOW
Okta earnings OKTA
Splunk earnings SPLK
Crowdstrike earnings CRWD
WeWork has to restate financials WE

Meet The Hosts:

Dennis Dick

Twitter:https://twitter.com/TripleDTrader

Spencer Israel

Twitter: https://twitter.com/sjisrael

Joel Elconin

Twitter: https://twitter.com/Spus

https://www.premarketprep.com/

Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Transcript:

Good morning, everybody happy Thursday. We're in a fast market. All right, we got Joel here. We got Dennis here. We got a lot going on. Obviously we got to digest. What happened yesterday? Digest. What happened overnight? We got apple news going on today. Let's get right to it. We had a lot to discuss. This is pre-market prep with Joel cannon, Dennis Dick and Spencer Israel.

Joel, Dennis. Good morning. I know Dennis. You're feeling a tad under the weather, so appreciate you fighting through. To, to hang out with us for for the show today. Good morning to you both. I, I mean, Joe, I feel like we should probably just start with, with your charts, right? Because we, if you were with us at the close yesterday, you'll watching it happen live.

It was not the kind of close anybody like to see, Joel, why don't you walk us through that again, if it flows that Mr. And then you can walk us through what happened overnight, and then we can talk about yesterday some more. Well, I've been reversal yesterday, 150 point range. You had the fed speak and then you just, you just started to erode the games and it's just started to cache got all the way down after hours under 4,500 psychological level.

Also that is halfway back folks, if you look at it, I mean, what just, we just got back. I mean, we're not even back where we were at the beginning of October, so. Maybe this is the pullback. This is the dip to buy this is it. But really we've just given back half of the gains. I'd say since October 1st they bought, they bought the clothes, the closers all weighed 50.

They ran it up to 52 and now we're just sitting out mid range. But I do like this 50%. I don't draw it that much here. So as long as we hold 4,500, we got a chance for a little bit of a rebound today. As far as the clothes goes, when I think what happened on the clothes is nothing uncommon knowledge, but I think some people were just getting blown out of their accounts.

I mean, I, on days like this, the clearing firms, they look at things and they're like, you're done. You don't have any money left. You don't, you got the, yo you get the margin call in here or you're out. And. Indiscriminate selling it to close. That's my theory. I'm not sure what the imbalances were, but that's what we're looking at.

Let's get back over mid range. Under session. Love to take out the pre-market high and man had least settled, you know, back in 45, 50, 45 60. Not sure that's going to happen. Crude's moving around ahead of OPEC meeting up 20 cents, 65, 77. Gold's doing nothing down three 50 at 1781. Silver giant to hang in 22, handle up 16 cents 20 to 50 Bitcoin down a buck 90 at 56,800.

Ethereum has been strong a little bit in the red today. That's down $38 and 50 cents, but let's bring on. The most dedicated person on wall street. Who's not feeling well, but he is coming on Mitch, Spencer, and I said, get outta here. And he said, no, I love my Twitter followers. I got to come on today. I am under the weather big time, a little bit better than yesterday, but definitely got a nasty flu box or throat headache.

The whole shebang I have going from COVID I've gone for the COVID test this afternoon. So I will just make sure it's not COVID although there's been a nasty flu bug that went around my brother-in-law, both of them had it, their kids had it, they had COVID test and they were negative. So I'm assuming that it's just this nasty flu bug that's going around, but go for the Tacoma tests.

It's also about your internet. What happened there yesterday? Oh, just a ridiculousness. So anyways I've trading at four o'clock in the morning, so I'm sick and I'm still trading at four in the morning. 4 45 internet just goes down. So I'm like, okay. So then I go through. Call up. You don't try to get ahold of Rogers.

Get actually I was online talking to the online assistant. They said, well, there's no outage in area, so it must be on your end. And I'm like, yeah, but the modem went down the same time a cable TV went down and those are separate things. I'm like, that's telling me it's a signal. They were like, oh no, it could be, you know, the modem could affect the TV.

I'm like how it's separate. So ed went down the exact same time. So anyways, they argued with me. They try to do all these fixes of the motor B. And while I'm thinking, they don't know what they're talking about. 20 minutes later, you know, they're like, okay, we'll send a out, cause your motor must have a problem.

And I'm like, I don't think so. So I hang up, I call Rogers back again and get the next person on within a minute that they could take 10 minutes to get a person. Cause that's the way this world works. But within a metaphor it's like, oh, you know, there's an outage in your area. So that was all for nothing.

Oh yeah. Fake like cable TV, separate box from your motor, both go down at the same time. Sounds like a signal issue. So anyways, that was my four o'clock in the morning story while I'm sick, trying to handle all that finally got the internet back at like 8 45 and then I was underwater and I wasn't coming on the show for the last 10 minutes.

Cause I was like, you know, trying to get possessions, trying to train. And I had probably over a hundred overnight positions trying to work out of all those just, just a mess. But anyways, I'm back, back back. Well, I hope, I hope that was the bottom for you yesterday or is the bottom? It's all it's going to turn up and Dennis here going forward.

I think I hope so too. Cause I'm feel like hell, but let's talk to markets. I mean, you've got serious selling across the board, apple, the safe Haven yesterday. They pulled the rug out from under the afternoon. And the afternoon, and then they pull the rug out from it more this morning. What's the headline on apple because Apple's down.

Yeah. So we recall that apple had previously cut their, their iPhone 13 production target guidance by 10 million iPhones. That was back in September. They said that I think rent cause it's supply chain. Now the news yesterday though, was that they again, went to their suppliers and they warned them that okay, we're going to lower our iPhone guidance again.

It's not, it's not because it was a supply chain. It's because of demand. Demand is weaker than we thought demand for our iPhone 13 or were they, we thought it would be not as many people wanting to upgrade this. So, not only do we have supply problems on the iPhone 13, we have demand problems on the iPhone 13.

And of course, of course it happens to the apple now, which was like your rock star the other day. And so who knows what that means going forward, but yeah, timing really couldn't have been timing. Definitely not great. I mean, this is the market that we're in here right now, though. It was seen as a safe Haven, which I never understood.

I own apple full disclosure. I didn't sell any of my apple, but there is no safe Haven really in this market here right now. They're looking, you know, to sell first and ask questions later. Yes, we're bouncing. It, it's a question of, this is what going on. This isn't something that just started a couple of days ago, three days ago.

This has been going on in the growth stocks for the better part of a month that I half, I mean, you look at a R K K, which is a good indicator for growth. So it's selling off beginning of November and we're down 25% in a matter of. So that's your growth names. You look at IWM, you know, get away from the side because it towels it doesn't tell the whole story.

IWF pops on November 2 44, 2 13. He just talked about a 15% fall in the majority of your small cap stocks. That's more broad market. You've been hiding this in the spy because apple has been holding up Facebook and Amazon while they started to crater here too. Now. So apple being t...