Market Volatility | Mike Follett | 10-1-19


There class and welcome to market volatility good to have you aboard the session today and I hope you have a great day in the markets although markets were a little bit brutal weren’t they and we’ll talk about that sort of some of the things that could be causing some of the- downturn in the market today. And we’ll see also what types of things are actually going up right now on the other side of some disclosures and just some housekeeping items I want to share with you. So first housekeeping make sure that you’re aware of how to use Twitter you can follow might me you can follow the other coaches I just that’s going to be at am fall let underscore TDA and if you want to hello the other coaches basically follow that same. Kind of naming convention there also you can subscribe and light the webcast mind through the YouTube channel there that’s a good way to just keep the keep track of the session. You can be alerted sessions are also it’s an easy way to just catch up on the archives that you may have missed so just a couple of things to be aware of in terms of. Staying connected with coaching here and lets his or yours and we’ll jump into a market volatility. Before. I get started just member this call. I. About making Dacians it’s for trading. Only I also carefully understand all your own Jack gives with investing before you get started with investing options are not suitable for all investors there are special risks inherent to trading options that may expose an investor to potentially rapid and substantial losses futures and futures options is speculative it’s not for everyone make sure it’s suitable for you and also you got to have approval in order to do that. 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History doesn’t always repeat itself so just be aware that type of vertical also no soliciting no recording no taking pictures there’s a look at how your transaction costs could affect your trades and also delta gamma theta and Vega those are your definitions there and I remember those are how an option could be impacted from price time and volatility. Let’s go and share the screens with the group and we’ll get right to our session here let’s start by just. Looking at the S. P. ax so that everybody is aware of and how the markets actually perform today markets did start a little bit higher they were going up. When we’re talking about the opening of the market and then not too long after the market opened. Womb we had a huge sell down here it looks like all the way of just looking at the candle stick. And that’s one of those candle sticks if you’re looking for a technical term to describe. The most recent candle that you see on screen. All those big bearish candle sticks basically it’s very technical term. But we did have a pretty negative day and we’re closing near the lows today down about thirty six points. Which is one point. Three two point 23% now what god. Telling started after a big. Open for the market turned over. You’re on my kids because the first. Well there’s a bit of information they came out on the economic front and if you’re all watching you know some of the- importance of economic data as of late it is pretty important because- you know the fed in terms of their interest rate policy. Very much their data driven they’ve said over and over again that the way we take interest rates is going to be based on the data that we get right the economic reports that come flowing in. No based on that that’s how we’re going to decide what our interest rate policy is going to be. And from the last five fed meeting that we had you know some they look a lot of traders wondering Hey which way is the fed going to go all the data at the time was looking pretty. Strong root symbol anyway but today. We actually had an economic announcements. The. I guess I’m- manufacturing index. Essentially came out and it is considered you know when you’re talking about manufacturing durable goods. You know oftentimes those are considered leading economic indicators so to tendency to have. Yeah pretty strong impact on an investor sentiment leaning toward you know whether we’re headed toward recession or or the economy is growing based on this manufacturing right. Danny how the number came out from the ISM was actually the worst reading in a one month change said side 200-072-0009 period talking about that Great Recession so big headline comes out worst I. S. M. reading. Since the Great Recession right I think that’s kind of scared the market a bit that actual reading came in at forty seven point eight and that’s down from last month’s reading which was forty nine. One and died the expectations this the better. The expectations were to come in at fifty point two so not only did we come and worse than last month so we’ve got two consecutive months now were were below fifty on the ISM. And that’s one of those thresholds were investors kind of like your raise an eyebrow if the I. S. M. reading is below fifty that’s sort of. Indicates recessionary environment right. But it came in below fifty FOR the seven second month in a row and the expectation was to be above fifty. So anyhow this throws a wave of concern into the market about. Recession and the negatives of the trade war and I’m quite possibly starting to see. You know some some negative two. Date that may need to key on so anyhow that negativity seem to. Affect the market sold off pretty heavily and here we are closing right near the lows of the day and it was not just the S. P. ax it was also. The Russell two thousand small caps which are more you know when you’re thinking a small caps domestically oriented dollar goes up sometimes small caps will be. A little bit stronger by nature but small caps really got hammered today they were down almost 2% about thirty points on the Russell two thousand. And another index this one was kind of leading the charge this morning when markets opened but was the ND acts the nasdaq that finished. The strongest of the three but still down about point 84% so what you know this class is all about market volatility and what could drive volatility. Will not only give out Smith’s in there was a negative announcement from the ISM manufacturing index but also the fact the- best right it’s like a reflection of sprite. Compared to the sentiment when you get Mrs. They were negative those negatives me this by quite a bit. And everybody back did a lot of people expected the number to be better and back about fifty again let’s. A recipe for pretty strong decline. It. But there was something that went up in response to that. What went up today if you’re talking about different asset classes bonds were stronger today interesting to see the price action this is actually the treasury. The I. thirty year trip T. bill future here but it’s interesting to see all that volatility became they came in here I mean they really moved out a lot intraday but then rallied and closed. Up about a quarter of 1% so point 27% that’s on the thirty year. Forward slash ZB and- zein same thing so this is going to be the treasury note this went up and it’s sometimes it’s confusing when we look at these futures that show the price of these bonds. Just a reminder this again this is the bond price so what you’re seeing here are interest rates dropping when these prices go up. Interest rates go down it’s interesting to see the way the market takes that negative information get off. Off on this it’s a bit of a rally here bonds look to be sort of a defense mechanism against equity weakness. And that sort of interesting to see the not only the volatility in bonds but the fact that bonds were higher it today kind of across the board so defensive right so not only were equities down but the defense of stuff was top. Another defensive product right. Is gonna be goal. Gold has not performed very well over the last couple of weeks the gold and catch a bit of a bid today that’s not hugely surprising there probably with gold because again this is going to be. Sort of a defensive say it’s not our defenses. They sometimes it’s weird to try to keep track of itself and ships right now there’s a pretty strong correlation between strength in gold and generally weakness in equities and so it’ll be interesting to see if maybe gold follows through here and some traders are watching that and considering goal to be. Sort of a hedge. If they’re worried about weakness in Acworth. Some traders are out there buying gold and making sure that they have some gold exposure in their account to hedge those equity market sort of bonds the same thing right now but do you know classically. Based on some of these asset classes that we’re looking at it was definitely a risk off type of day. So what does what what’s in store for us well I don’t know right my guess is that most people do either and by the way when the uncertainty levels go up that means volatility in markets go up. You can actually see that in VIX so here’s the VIX volatility index here. It is back above well a lot of numbers today sixteen has been sort of a key level the readers a been watching. But VIX actually whoa is always back up. To eighteen forty five but if that continues of X. continues to go up higher. It’s above twenty. Some of the previous highs we’re looking at we’re somewhere between. About twenty four and twenty two. The bell. I will be down prices for the S. and P. five hundred now I don’t say this to scare people a I don’t know where the market’s going to go and it could be completely reversed tomorrow. If there’s good news but a lot of what we’re seeing here. Is a pretty negative reaction to some of the economic news room for volatility to go higher to get up to some of the previous peaks. Room for gold to go higher room for maybe bonds to go higher and potentially room for equities to go lower right. So keep your eye on March it’s we’re seeing it. But ultimately. It’s just one day that’s happening today but not one day you know it’s not just one day that drives. Overall stocks performance and in hindsight we might look back in a day like this and not even. You’re not even remember it yeah I don’t eat it. You know when you’ve got these days like today and it jumps to the forefront of your mind and that’s all you can you’re really. About but there’s a big picture element to this investing. That you know that but the common thread of successful investors with a step back from the noise in the volatility of the day to day and think about well okay really. What drives a stock right and what drives maybe an investor that I want to make and that brings me to do. Court discuss I want to have today after looking at these broad markets. I really want to focus. On you think some of the tools here I’m thinking. Details might be. Giving a stock’s performance right or at least profitability. Of the company and if depending upon how profitability is going for the company. In theory that should spill over make it more attractive or less attractive for an investor to invest their money right there’s basically two reasons. Why people will buy stocks they buy stocks because they want to participate in the profitability in the growth of the company. Or they want the dividend classically those are kind of the two primary reasons. What I want to talk about today is just what’s dropping the profitability of a given company. And also how based on maybe an hour is that you’re making. How you can adjust potentially a forecast for stock price. Based on adjustments in those key metrics the drive. By the company look show you what I mean. But a jump over here to. The. Analyze page and so hit the analyze tab. What’s the ticker poorest acting bring up all. Symbol Hey a P. L. which- had an interesting day in terms of its price action actually let’s take a look at that apple’s been one of the stronger technology name score some people would argue there more of utility that just straight technology now. Many apple had an up day but it did have one of those candle sticks there. And that’s actually called the shooting star. Five he just classic candle stick theory there when the handle or the shadow of that candle stick reaches to intraday highs and especially. If those intraday highs or beyond you know some stronger stronger highs that we’ve seen either annually or even all time highs. And then the bears just sell it off and all you’re left with is a shadow there. That takes on a pretty bearish look at least in the near term. But based on that candle sticks theory so sort of an interesting shooting star type. From bullish to bearish by June is we were crossing some annual highs here for the company and actually that was. A an all time high I believe for apple juice zooming out no wasn’t that’s what okay yeah so what it’s been all the way up to two thirty three. Sorry I just can’t remember if that was an all time high for the count for the company though. All right any help keep your eye on that price action with apple now what I want to talk about here though is really. What drives the stock. Based on its business. You know I have apple. What what’s their business well they produce iPhones they produce iPads. If somebody wanted to know how much of that business. Is you know in terms of market capitalization. Could be attributed to iPhone sales or iPad sales. Or you probably heard a lot related to apple that. The focus now on their services business that’s one thing a lot of traders are looking forward to is the growth in services to sort of drive the company going forward. Well there’s a tool here on the analyze tab underneath the fundamental section that allows you to break it down the company in just so you know. This analysis that I’m gonna go into it’s not available all stocks okay so just be aware it might be a little bit frustrating if you’re going to your particular stock and it’s not here. It’s not available for all stocks but for those that are available it is sort of a nice feature but I’m scrolling all the way to the back of the page. There’s an area here call what drives. Doc and you can see that there’s the block here looks like but it’s shin dot right. Most of pocket that’s in sections there. But these ships that you’re seeing here. Are going to be sections of the business right. What the drop five the list of all these different sections of that business so somebody what. Okay so how much of apple’s business in really this is based on percentage of market cap but how much. Based on the percentage of market cap be attributed to the iPhone will 42% of apple. In terms of their market cap is iPhone related forty two percent. Now if you’re interested you can actually identify patterns of either growth or weakness you know contraction in those particular segments of the business but I phone definitely the biggest part of their business. What is next after the I. phone. The apps store and others this is so that’s going to be you know the services that everybody’s talking about that’s 21% of their market cap and then you get down into some of their other peripheral products like to watch the TV and other assess REITs. 10% the Max. By down 28% iPad six point eight and then they’ve got a positive cash balance of ninety eight billion dollars. But watch this if I put my pointer and just click where it says iPhone here. Over on the right hand column. We’ve actually got a description of that division so if you want to know more about that division. You could read more about it right here and also a little bit of break down. About you know I could competition and what some of the logic might be for who’s buying. Those axe right became the company based on that. But what’s sort of interesting as well is that you can click this tab here for forecasts based on that division. Hey we’ve got a graph for revenues basically from that particular forecast of that division I’m just gonna click right here where says. IPhone revenue. And this is going to show us again forecasts based on a company called trap is basically. Of how. Revenue might grow for the iPhone. Now as you can imagine. If you’ve got a company that has such. A big portion of their business reliant on just you know one product it’s gonna be very important. That the estimates are that that product is going to be selling. Right so here’s what we’re seeing in two thousand twenty based on this truck estimate here. They are expecting an increase in terms of revenue which sale of the iPhone and that’s kind of nice. Notice based on the sport. You have over on the left hand side it kind of gives you the met it also compares the estimate to the current price of the stock but here’s where you can actually make adjustments if you’re interested so for example if you are reading certain trends are you have certain beliefs you can actually make adjustments to your for cash just click this little bar over here and it just that you have a higher forecast basically for that underlying. You know business right and so you can move this around and what sort of interesting about that is based on dish changed forecasts you’ll also see an estimate over here change and you can see how that changes compared to the. Five the current price of the stock so anyhow my point is you know out of the I. phones going to be a iPhone sales major driver for this company. You have some estimates here as how I how sales are supposed to go for the iPhone. In the future and you can make adjustments to those sales bye bye just by grabbing that bar and moving it up or down. And you could see how potentially that might impact an estimate price for the company here now this is all theoretical but it is kind of fun to see what really drives the business. And some of the reasons why. And whether or not there’s- growth forecasted in those portions of the business. And you can also make your own adjustments to those forecasts if you’re interested either up or down. Let’s say you think POP gonna be more android products you might expect that life examples. Maybe that forecast is a little bit strong you make the adjustment lower there and you can see that it’s based off lowered. It you know kind of ask this on our own set. That’s good P. subtraction in terms that estimate of stock prices come on if you’ve never used this page before. You might want to check out. Good work to get done in the fall mental details. Which your primary reasons why investors make those in but it’s- not so what is so. Interesting. To take a look at on the page so scrolled up too far. But check this out if I go to the apps store and other services. Hey what’s really growing within apples you know core business. And this is going to be that services segment. Right well really the expectations are that they’re going to get a lot of growth out of that services sector. Yeah when you’re talking about next year’s estimate being forty nine billion. And out of the services portion of their business and by the time twenty twenty six rolls around seventy seven billion is the estimate coming forward revenue from that part of the business those are pretty aggressive growth forecasts that’s almost well not quite double. But that’s a lot of growth in those segments of the market and so this is where if you have expectations that maybe those forecasts are not going to be met. You can add your own revisions you can move those forecasts around and see what that might you know leave in terms of an estimate price for the stock and therefore help people have a better fundamental reason for why they might make certain types of investments right but- your people do ask the question all the time. I in the world is apple. Strongly right now well it looks like a big part of the reason might be all this anticipated growth especially in that app store and other services segment investors do like to see growth in terms of sales right they’re expecting but you know nice increase in terms of those girls segments now note this as well. We go to the apple watch and other peripheral things other wearables bone check out the type of growth that’s expected there. Check out the mac. Growth expected there as well but not as much I mean we’re talking about how much in terms of market cap attributed to the Macintosh you know the computer twenty six billion. And expected to be about twenty seven billion in the future but so there’s growth but certainly that’s not as big a portion of the expected growth of the company but now compare this to maybe other names I here’s one that somebody brought up to me the other day IBM. We take a look at the chart on the IBM certainly it hasn’t been quite as bullish art on apple. Let’s go yet I analyze tab and hit the battles down to the estimate. Well what business are they end cognitive shin so basically you know a I. Official intelligence type programming if we click on that box well that’s 77% of their receive me 74% of their business and forecast for that business or flat to dropping. So there’s sort of a different story but in terms of expected growth for major portions of the business between IBM and apple and all I can see how you know other elements of the business technology and cloud revenues if you’re wondering what is technology and cloud revenues. You can click on description. Scripture that particular business segment right there so I would encourage you all to you know just to practice this not all stocks are going to have the ability to bring up this Travis estimate. But a lot of your big companies large cap companies will have this Travis estimate in involved. In a big part of the reason why people invest is it is their investing again either A for dividends that’s a primary school of thought where they’re investing for. Growth in terms of the business this is a way to break down. Portions of the business based on their side yes and see what some of those forecasts are. Were that division and the reason why this is here. So that you can make more informed right in that decisions and also could just. Time to get a sense for how that might impact the target price. Just an estimate but you can make adjustments to these growth projections and see how that might affect potentially a target price also you can sort of see where whether technically. Based the trap assessment this there’s a lean over or under valuation to the company their technique theoretically you like to see the stock trading you know have the estimate less than the current price and stock implying there some. Site for the company which right now looks like there is an estimate for a bit. Of growth there but anyhow a tool that. I know I haven’t talked about yet in this class and I want to show you how to use that. And that’ll that tends to help people understand what types of things are driving the stock and also how they can make adjustments to their forecasts. But now since we’re looking at this. Analyze tab fundamental section here. I really want to forget the fact that there’s a lot of other resources. You can use on this page. Let me scroll. To the page here. And right at the top. You’ve actually got real obviously price for the company. We also have some research or fundamental break downs here if you’re interested in doing some additional reading. About your company you can actually download some research reports. From research team CFRA the street market edge. So use those resources those are kind of interesting. But also you can get the description of the company also a phone number if you wanted a column. But this is the primary thing that I want to look at in addition. Estimate that. Is take a look at some. Fundamental data right what what is side sort of the source of growth or or lack of growth based on different you know valuation metrics and in different ratios that are coming out of basically the financials of the company and you can view this by the numbers either annually or quarterly so either one of those are some they can be used here. And I’m just going to keep it on annually here this is sort of interesting take a look at the five year trend on for example their earnings per share over the last five years earnings per share trend on IBM. It has been pretty darn week it looks like right and also you can actually see the read out of their earnings per share on a year over year basis here on the right. This is a you know somebody is looking for you know maybe growth metrics well in terms of their EPS earnings per share it has been growing for IBM right seats some data. About the future this is sort of historical results. Future by now not a whole lot of growth expected there either necessarily any help you take a look at earnings cash flow per share basically all these fun no metrics you can view how their growth has been over the last five years. And also how this been over the last few quarters and. Something that’s interesting if you compare the actual. Early results quite possibly this is one of the reasons why maybe people are a little bit more optimistic now about IBM. Although the last five year earnings per share has dropped well if we take a look at the corner for quarter. Well actually we’re seeing a couple of takes higher here looks on a quarter over quarter basis it looks like the trends are actually starting to move up a little bit so that is sort of positive. On the near term for IBM. There’s where you can look at sort of trends of those ratio is. Also for you valuation. But like the- top value ratios things. Of this nature. Down here at the bottom of the page. You can see in my font is actually so large that you can actually see the full read out of those numbers. If you’ve got a smaller font on your own screen you could probably see that pretty well. But you can actually compare your current P. E. ratios your price to cash flow ratio ratios or price to book. And also compare that to five year averages so it’s a nice way to we value eight. Your work whether relatively speaking you know the stock is theoretically under or over valued anyhow there’s a lot of key. Data that’s available right here in the Fundamental section on thinkorswim so if you haven’t checked that out I didn’t I’d encourage you to do that you know just practice using this stuff. Again but a lot of investors like to see these earnings per share numbers going higher they like to see the free cash flow per share going higher. Certainly the related to profitability like return on assets return on equity those things have all been negative for IBM. Over the last five years but you can reach over and evaluate those on a quarter to quarter basis as well. Okay. By benefiting from using these tools. Stood just practice using up so I would encourage you to use some of these fundamental resources that are available on thinkorswim. Okay one last thing I want to talk about today. And this could definitely drive volatility on your individual stocks. We are right on the threshold of a new earnings season right with October. Common well you tend to have a brand new earnings season on the way. And we will start to see more names reporting earnings over the next few weeks. And thinkorswim has got some really nice tools here. In the loop on what stocks are. Out of. Earnings coming up I do know that in the right on the horizon. And so let me just show you where you can view I go to market watch is where I’m gonna go you can view an earnings calendar just right here on the market watch page case the marketwatch. Sub tab go to calendar and then on the calendar by default it might say something like show all. Uncheck the show all if you just want to see earnings all you need to do is click the box for earnings here. OK now. Also something that’s kind of useful because the default. Is going to just show you all stocks that have earnings coming up. You might not be interested in earnings maybe on tiny companies maybe penny stocks. Things that really you’re not just you know they’re just not very liquid frankly. So you might decide to set this earnings calendar. To be viewable only to maybe a certain public watch list for example. So there’s a gear icon. Just up here near the top of the page just below that alerts button. In that gear icon if you click that you can actually set the calendar to only look for earnings on for example. S. and P. five hundred stocks. Let’s say we only want to see upcoming earnings on the S. and P. five hundred. Well what we’re gonna see now and you all you need to do is basically click on your different days of the week here. Then you’ll actually see earnings that are coming up. Right on on S. and P. five hundred stocks usually it’s going to show you what’s going to be happening the next day. Just click on the different days a week. But one way that I like to view this I find it’s very useful. Is to look at just the list here. And if we just click west what it’ll do is just show us kind of in chronological order. What companies are on the S. and P. are going to be reporting earnings. And as you can see here. You know. Once we start getting into the second week of October. You know October thirteenth fourteenth fifteenth. That’s we’re going to get into the meat of this upcoming earnings season. Okay so we do have earnings coming up. Now I just wanted to show you how you could see the names of companies. That will be reporting earnings in a nice. Easy fashion also look at that. You can actually see what companies recently have reported earnings. If you want to go back and see what. The market’s reaction was to those previous earnings announcements. Can help I teach other classes throughout the week. The classes throughout the week that I teach although we’re not have this class tomorrow because- tomorrow is our education day. Make sure you tune in to the education dates basically gonna be all day about retirement there’s not gonna be any webcast tomorrow. It’s just going to be retirement based presentations happening throughout the day so hope to see an education day. Be there or be square. In there won’t be any regularly scheduled Wednesday webcasts either. But usually Wednesday morning I. Webcast the focus on option trading in the near term using weeklies options K. so one of the things that I do in that class. There’s actually. Build scans to find they are that have earnings coming up. That also have weeklies options available and you can create scans. Right on your thinkorswim platform if you want to just be aware of certain stocks the beat you know. For example the trade weeklies options. That coming up in the next week so let me just show you something. I’m gonna go to scan page here so right on the scan tab we’ll hit this stock hacker. And rather than building dealing with an existing scan I’m just gonna reset this and start from scratch. But it’s kind of nice because what you can do. Is choose to scan and so that’s what I’m gonna do is scan in all stocks but also intersect to make sure we’re only looking at all stocks that have. Weeklies options okay so many click weeklies under public so let’s create a scan using stock hacker we’ll stand in all stocks that can be adjusted I’m just gonna keep the default but also the have weeklies options. Now if I’m interested in what’s got earnings coming out in the next week or so it also has weeklies options available what we can do is add. A filter. Now this is going to be a study filter you don’t have study filter on a paper money account. This can only be done on live so if you’re using a paper money account right now just make a note. Okay but I’m gonna hit add study filter. And what we can do is look for under study. Corporate actions okay corporate actions earnings is a corporate action. So we’ll find earnings. And then just look for things that have earnings so we’ll just keep this on has. Any time. And you can choose in the next amount of price bars. Let’s just say you want to see what’s got earnings in the next five business days the next five. Price bars the next week out basically market days. You can just do that. ADBE dot and click scan. And so for example if you’re an option trader you just want to know what has earnings on weekly. Options stocks have weeklies options available as well you can build a- little scan that way now I’m just showing you that is. Based on some of the things I’ve used different classes for illustrative purposes. But you can. Gaps that help find stocks it’ll have earnings if you’re interested in that. The direct that toward multiple categories right you don’t have to direct that to weeklies are. You can see all stocks in the S. and P. two thousand. That have that corporate act coming up in whatever amount of days that you choose. But if you set up a scan like this it’s kind of nice. You can actually save the scan. So many go head and there’s a menu button over to the right. I just click that menu button save scan query give this a name. So go up coming. Earnings with weeklies. Then you can hit save and then basically anytime you’re you know looking at a watch list so let’s say you’re just evaluating your stocks view your watch list here on the market watch tab you can go to your personal lists now I save that under upcoming earnings with weeklies. So we’ll go to personal. And notice that little bowls I little icon there that basically means that that’s a scan algorithm. But if you select that is a watch list basically that’s gonna update every few minutes I forget what that threshold is maybe it’s only every half an hour or so. But it’s going to show you stocks that you know meet the criteria or the results of that scan that you just created so it’s kind of a neat feature here. To allow you to you know just kind of have a perpetually updating. Watch lists for unique things that you’ve scanned for. And die you can just go through those and just have this out after you’ve already created a scan. Just set that and forget about it go to the watch list. And see stocks that currently meet that criteria. By the way stitch fix. They had a- looks like today. They came in a looks like earnings. Came in at seven cents was their actual earnings report their estimate was just. Around six cents looks like they beat. Be interesting I wonder what that stock is doing S. F. I. X. here. And we’ll take a look at that and at the five minute chart while also stitch fix was up a bit it was down a bit it’s been both ways here looks like it’s been up as high as twenty. Twenty one and a half in the extended our session and down as low as seventeen so talk about a stock that’s been all over the place in the after hours here and- wants to that earnings. And right now it’s trading at about twenty thirty one it’s just a little bit higher than the weight than the way price close. Anyhow stitch fix reported earnings today. Interesting all right so earnings definitely can drive volatility. Those are some ways that you can keep track of upcoming earnings announcements. Two either avoid or some people like the idea of trading earnings announcements as well. So have that on your radar. That’s that could be useful information coming up for this site earnings season so. Couple things are really want to share with you today. Want to talk about what might be driving markets right now. Certainly economic news seems to be driving things remember the I. S. M. came in pretty weak. Bid on it visual stock. You can dig into those fundamentals on the analyze tab even take a look at those estimates. By using the truck truck this estimates. And also. My item and item that’s definitely gonna drive volatility on quarterly this is gonna be those things announced. We’ll use tools right and keep track of upcoming earnings for your given stock so. Those are some things that can help keep you in touch with. Things will drive volatility in the market. Okay I’m out of time here. So let’s wrap up the session. By the way there are other classes if you’re more interested in in learning about. Options related. You know trading or investing in options especially if you’re just getting started check out barb Armstrong’s class she does a class on introduction to trading options it’s series. Check out that webcast remember you can get to the webcasts and all the other educational content content on the education tab. Just right here on thinkorswim so explore those pages that’ll help keep you in that learning groove so to speak right as I’m a wrap it up so. Education day tomorrow be there or be square and here’s a final look at those disclosures I remember what we’ve talked about today is not a recommendation. To buy or sell hi OK everybody thanks for your time. And it looks like. We are good to wrap up the session so the break have a great day and we’ll see you tomorrow and educate day bina

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