So I'd love to hear your thoughts in terms of, one, how are these algorithms operating? How has this changed the markets to today? And how should traders be adapting and observing? And how can they use this information to their advantage?

I think it's best to start with that when the markets became quantitative, so when everything switched over to computers, it was just a natural way of the market, how things would go, that if you're writing programs to conduct things, simple things like analysis or keeping a position and you're doing things like that, that it would be natural that they would start to become more advanced if they were keeping options trades, if they were creating option trades, and then booking them, that you would actually figure out how you can actually construct an algorithm that would then go and do the work for you.

And so now we've gotten so much advancement just in that quantitative sphere.

But now we're adding artificial intelligence.

And I think there's a lot of people that, oh, I'd never trust it.

I'm not going to do it.

And I'm like, I would tell you, folks, number one, I'm 71 years old.

Now let's get back to the episode.

Yeah.

You know, it was a mad dash.

Everybody had to participate.

I think when we get into a market that becomes one-sided, and in this case, it became AI and semiconductor, that was the side.

And everybody flooded into it because everybody's chasing alpha.

And as long as you get into that game, it's like, oh, they're great to play if you're a day trader where you just step in, make it, go buy, thank you very much.

But a lot of people that were buying into it got their butts handed to them.

And Michael, do you want to go through again how you're helping people up there in San

Yeah.

Gold and silver, I think, are just in a very difficult place because the market, in my opinion, needs to kind of finish this correction that it started after reaching that all-time high.

And it's coming down in an A and a B and a C.

And we have...

It hasn't crossed over.

That's good.

So still one, two, three, and a four, which means it should come back down.

Silver

Okay.

Now, interestingly, today's boost came nearly a year earlier over the last time that the president said something about, I'm going to delay that.

In this case, it was he delayed the implementation of tariffs.

And this time, he delayed the implementation of bombing infrastructure within Iran.

So same type of a reaction.

It was quick.

I did not see follow through.

great buy down there.

But you were very good about the silver in that it looked a little bit like it'd blow off a little bit less, but you were thinking it was going to go right back up, and it did.

And then some.

I would love to go to Silver right after if I may.

Yeah.

I just want to make a comment because when David, on his preamble actually, coming in to get introducing everything, talked about these triangle patterns within the SPX.

And I'm like, wow, that's very interesting.

I'm glad that he caught them because...

shot to get that convicted and all that stuff.

Okay.

Yeah.

Okay.

To hear.

And this shows actually from 20, 2022.

So it shows the whole rally that we're kind of existing in.

I think we are in the final stages of this rally.

Come

Right.

They got the money.

And the traders on this particular desk, I think, are stealth and just incredibly good.

What they will do, if they're threatened, if any of those positions are threatened, they just go over to zero DTE and they trade it there.

And it's like hedging the other one.

And then so it's easier for them to get in and out.

So in other words, they're not going to get stuck in a position.

The daily, right.

Okay, you're up now.

Okay, that was the Dow.

I'm changing it over to the S&P because that's what we're talking about.

I'm going to the SPX.

And I'm going all the way out to my maximum monthly because I will comment on what my long-term picture is.

There's the grand super cycle.

There's the second grand super cycle.

Michael, what do you got cooking right now and how can people get a hold of

is

similar to the stock market.

I mean, well, no, I've got some levels here, but I just got to open this up so that we can actually see them.

Hold on one second.

I bring that down and then I go like that.

So you can see these levels.

Well, basically getting ready to touch 3800.

Or show a chart you would use to kind of come up with your day trading thing a little bit, maybe.

Yep.

Let me go over to the S&P.

It's the same story where it came down, went race up, came back down, except the S&P did not come all the way back down and re-challenge that low.

So the low stand and it reached support.

and it basically hit it on the nose and now it's taking off and if I had to say right now this is looking like it's one two and this is a three of what's going to turn out to be five waves up to put in that C wave and Mark uh wave three now so what would my expectation be well above 65 28 for starters but I don't think it's going to be a runaway and I think what happens then they could take care of this in in tomorrow you know, or by Thursday or Friday of this week, and then we come tumbling back down again.

I am expecting some, just on a, just the way that the gamma is lining up and a lot of other things are lining up, I think that I'm kind of looking for additional downside and we're looking for that low to kind of come in around the 11th of September.

At least that's what my algorithms are kind of spinning out right now.

Yeah, well, it's quarterly.

Yes.

Okay.

First of all, I am Michael Feliguera.

And if you don't know me, what I share and what I usually do and what my main instrument is, is I do Elliott Wave.

And one of the major markets that they do cover, of course, is the S&P 500.

And I continue also, as Jeff mentioned, to not fight the trend.

and that the trend at the moment continues to be higher.

Okay, should be able to.

You know

what I mean? Well, but also what it created in putting this on was about $1.4 billion.

worth of cover, worth of just kind of hedging.

And then on top of this, I don't know if other people were aware of it, but somebody came in and just took the last half hour of trading before this whole expiration occurs and put up some massive positions for July, July 18.

So it's the July monthly in Apple.

And that equaled about $580 million worth of hedge going up in the last half hour of trading today.

That managed to push the SPX up 20 points.

Mm hmm.