00:00 Let's go to the retail favorites. SoFi tech, all right.
00:03 Q2 EPS at a loss of 6 cents beats the loss of 7 cent estimates.
00:07 Sales of 489 million beat the 474.6 million estimate.
00:12 They do see a second half adjusted net revenues at 1.025
00:18 billion to 1.085 billion and raise fiscal 23 adjusted net
00:23 revenue guidance. Not looking too bad.
00:27 Of course, SoFi recently started getting the move and I think what really helped
00:31 it was not forbearance,
00:34 but actual forgiveness being rejected by the Supreme court.
00:38 And that what it did was it made everybody that still has those private loans
00:43 by SoFi. Yeah. They're starting to pay up again.
00:47 This is just your bull market stock. I mean,
00:51 this is like a stock that's way off the all time highs. It's a catch up trade,
00:55 a laggard trade. You know, you think about, you know,
00:58 the moves we've had in like upstart,
01:00 you think about the moves we've had in a lot of these smaller names that,
01:03 you know, aren't really big moneymakers here. That's what's been moving.
01:07 And SoFi has participated in that. Now all of a sudden you get a decent report.
01:11 Can it get above the 1023i back on the, on in June? Because if it can,
01:16 then you start breaking out here again.
01:18 So these are the kinds of stocks when you're shorting them in this market,
01:21 you're getting hurt really bad. I'm staying away from shorting anything like this.
01:26 Do you have Mitch, do you have your chat GPTAI available?
01:31 Because could you ask it when a
01:35 SoFi off earnings reports has had big up opens,
01:39 how it's reacted because it's not that smart, man. It's not. Yeah.
01:43 Oh, it's not that smart. We need, we need Joel for that.
01:46 Oh, that's not going to an AI. I've been thinking a lot about AI lately,
01:51 but anyways big old pop over the high of the move back,
01:55 the high of the move that might've been on,
01:57 I don't know if that was on an earnings day or not, but that came in at 1023,
02:02 a high of the move in the pre-market right in that area. So you have, you know,
02:08 a potential sell zone, but if it breaks out the way the market's been running,
02:12 there's nothing on the month, monthly's here.
02:15 So I'll be looking to follow through through the pre-market high.
02:18 If you're playing into the triple D way, if you want,
02:20 if the sellers come in off the open big whoosh down,
02:24 you might want to be out there at nine 55, nine 60.
02:28 That was the top of the range from Friday.
02:31 I still think like I'm scared to be shorting stuff like this.
02:35 Definitely. And I think that now's not the time, right? Let's just be honest.
02:39 There'll be a time you're exactly right. Mitch.
02:42 There will be a time to short all these stocks. Again,
02:46 shorting stocks when they're breaking out or challenging three,
02:49 four month highs is a good way to get run over.
02:52 If you're in this bear market and now bears are winning,
02:54 but we know every time we try to get bearish and I want to be bearish,
02:58 you know,
02:58 I want to be bearish because I like a lot of fundamentally thinking here.
03:01 It doesn't make sense, but you know, the technical stopped me from doing it.
03:05 It's saving me money. So I probably, you know,
03:08 I look at my returns this year and you know, they're not great,
03:11 but they're not bad considering I've probably not been on the right side of a
03:15 lot of these calls, but it's like technical. So one thing is your opinion,
03:19 but your opinion only matters when the market is trading on logic and
03:23 fundamentals and all the other things. When it starts going to FOMO mode,
03:26 your opinion doesn't matter whatsoever.
03:29 And fundamentals don't matter whatsoever.
03:31 And these companies can keep burning cash. But right now people are scared.
03:35 They are missing out.
03:36 FOMO is driving the bus on so many of these other names and it might just all,
03:41 you know, one day is going to be a rug pull, but trying to call that day,
03:44 It's been pretty tough task.
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