00:00 Joel let's go to Oracle real quick reported earnings after the close yesterday and the stock got crushed and we're not really seeing
00:08 Buyers come in and buying the dip on it
00:10 The numbers didn't really look terrible a buck 34 per share adjusted verse the buck 32
00:17 Expected revenue came in slightly below expected twelve point nine four billion verse thirteen
00:24 05 was the estimate so slight miss on revenue, but here's I think the biggest thing is that Oracle's revenue from cloud services
00:31 totaled nine point six four billion
00:35 But below the street consensus of nine point seven one billion
00:39 so if you look at a company like Microsoft who's had this crazy run the past ten years and
00:44 Amazon a lot of that is from cloud growth. So when Oracle's saying hey we missed on cloud numbers
00:49 I think the streets just gonna you know, not love that even again if the top line numbers weren't terrible
00:55 I'm with the a/b and that was the sole reason here
00:59 Why this stock is getting hit hard if you look at the cloud names a lot of them in sympathy were down last night now
01:05 Again, you know as market turns and they buy the dips and all those things
01:08 But all cloud was getting hit here and this is the growth engine for Oracle remember, you know
01:12 You've got a lot of businesses and you know the database business a lot of other stuff that happens in Oracle
01:16 It's the cloud biz the cloud businesses in Oracle
01:19 That is the growth engine here and when they that's slowing a little bit it spooks the market
01:24 So Oracle not a crazy valuation here, though. We've had you know, I had Oracle my long-term portfolio for a decade
01:29 It's trying 21 times forward earnings. It's not crazy twenty point seven
01:33 It's kind of come down here that multiple today with the sell-off in the stock
01:36 I do think buyers will emerge around a hundred bucks. I mean, we're 103 here
01:40 Yeah, you got a hundred dollars is a huge level on this thing
01:43 I may be one of those buyers that emerge on $100. I haven't decided yet, but I'm looking at it thinking that's a big level
01:50 We're still in a bull market by good companies on pullbacks here day one buying is never
01:55 And often it's better to wait a couple of days in some of these cases
02:00 You wait a day the wait till the stock stops collapsing not trying to catch the falling knife
02:04 You get a little double bottom in place and that's when you strike
02:07 So I'm double bottom meaning two lows in the same area two days consecutively
02:12 That's usually what I would wait for but hundreds huge, man
02:16 Yeah, it is and this kind of goes with the mega cap tech theme, right?
02:21 You know as far as the rotation goes
02:23 Man, oh man
02:26 Oracle now this is gonna be a messy chart now because you had this big gap from the last earnings report and now you're gonna
02:34 Have another big gap from this earnings report. So oh
02:39 Man, if you're playing it at a hundred, I mean, I wouldn't wait till like 95 to find out I'm wrong
02:45 You know what? I mean or for a scalp or something like that. There are multiple lows in that area
02:50 Just pounded this thing. I mean they pounded it yesterday a little reprieve at 4 a.m
02:56 And sellers coming in but Oracle is a good big stock and it like Dennis said it will give you a setup
03:02 Don't always have to strike on the first day
03:04 I think that's the key is like everybody wants to strike early and people were striking last night at
03:10 107 106 like a pot going down as people are coming and saying this is gonna bounce right back like multiple people even saying
03:16 Oh, well wait for the conference call. They're gonna take something good on the Collins can be back over 115
03:20 Well, those people are now bag holders 107 buyers 106 buyers 105 buyers the next couple days
03:26 But again, we are in a bull market here right now. Don't kid yourself
03:29 We are again and people keep asking me why my bears 2024
03:33 I think people are gonna run out of money is what I think is going to happen. But
03:36 That's another story right now
03:39 Short-term trading hat on we're buying dips because bulls are in complete control here right now, but you remember 2024
03:46 I'm getting ready to flip the script. But as of right now
03:50 Bulls are in control. You got to be trading who's in control. I'm buying dips
03:55 Dennis real quick. Would you say that you're worried people run out of money in 2024?
03:59 You talk about investors buying assets. Are you talking about people in the everyday economy like spending money people are gonna
04:05 Yeah, I think I think the spending is gonna so I think we've seen pockets of it slowing already
04:09 But I think people and me and money Mitch was saying this back in October, you know
04:14 And when I you know
04:14 It was talking about stocks
04:16 Potentially turning and a lot of it being priced in when we looked at the IWM
04:19 Being down at the October lows from the previous year
04:22 I was challenging how much of a recession is already actually priced in and that's come around and obviously the recession still hasn't emerged
04:29 But I do think like higher rates have taken its toll. I mean Canada is completely different story up here
04:35 It's slowing down up here
04:36 So I don't know like I and I also think that you've got you know
04:41 A lot of these banks these regional banks, which we've talked about to that have serious problems with the mortgages that are on their books
04:49 We've forgotten about that, you know the March April we have completely market forgets everything market is stupid a be like don't kid yourself
04:56 The market doesn't price in that. Oh
04:58 - Yeah, no. - Just get it.
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