All right, we are back. Welcome on back folks here this Tuesday morning. Shortly after 11 o'clock Eastern as always here for our Traders Talk workshop. Great to have all of our students and members alike. Might I say the date? February 6th, that is great to see. Mark Kathleen, Jeff Peter, Margaret Rich, Chris, got Chuck, Brian, Lawrence.  We've got a full house here live inside our trading room. Great to see all of us there. And perhaps all of us back on social media, Facebook live, LinkedIn, Twitter, YouTube, the works. If you're just joining us for the first time live here at CybertradingYou is just our handle on YouTube. So always look to follow and hit the subscribe button right away. If you're just joining us on YouTube, just hang on just right there on the bottom left. Quick shout out by the way, Henry. Great to have you here at Henry on YouTube. So without further ado, let's hop right into the thick of things. Here in Traders Talk, we have a great chance to break down the X's and O's. Really why a stock made the exact move that it made. So really quick, if I may, oops, I didn't mean to do that. Whoops. Pardon me there, Butler Bulldog logo. My apologies. Totally didn't mean to do that. Got a big game tonight, by the way. Actually, of course, I meant to do it. So with that said, of course, I had asked everyone just before I pressed record to begin this workshop, students like Chris, Peter, Jeff, Margaret, Rich, et cetera, inside our room. Hey, what stock were you most interested in trading for the market open session? What that means, folks, by the way, is like, you know, when you're at your desk at 8.30 Eastern, 9 o'clock Eastern, when you have 30 minutes to an hour to scan and prep up, figure out where your big icebergs are. What stock peaks or interests the most? So an overwhelming amount of us right away. And I knew this going into it. It's kind of a loaded question for myself, but the majority of us palantir, PLTR right here. So this stock had been a nice pop from yesterday. It took off from earnings, quarterly earnings, ended up making a big pop.  That's a lot. That's a lot of volume. And we look for that. This stock has a penny spread. It has big orders at every price here on this program on the far right. That's what we look for. Not only that, but it's not too expensive. So really, pretty much since its inception, off its IPO back in like late 2020, we were following this trade. This stock had such a high float and so many outstanding shares listed off its IPO. It really threw me for a loop because, you know, I was never familiar with the company. They're more of a tech and security-based company. And I'm sure there's way more to it than just that. But it led to a great pop back then. A quarter interest at the time came back down. And hey, even though it dropped, it's not like we took a rise off it for that reason. But it's simply like the cheaper stock gets, the less it could move, the less it could provide that opportunity. So over time in 22 and beginning of 23, we didn't really focus too much on it over time. But we started to again as it pushed back up. And obviously, as we knew with earning season this past week and really even the week before, you know, we knew that this would be on deck. And this morning, we knew that we'd be trading it. So did we know that it would be making the exact move that it had made today? Of course not. That's where we have to take the time and figure out where these levels are. So for the 71% of us that wrote PLTR to that question I'd asked, you know, what stock were you most interested in trading? My question to you is, did you take the time to figure out where the levels were? This is what we preach each and every week here in traders talk and mainly throughout our curriculum, you know, phases one, two and three. So, you know, otherwise we'll run through the same X's and O's on this as we always do. But it's going to be pretty much synonymous with what we always go through, right? It's always the same kind of core concepts that lead to stock to make a big move once we see a big level get broken through. So let's actually just kind of skip ahead here. I'm just going to show you my chart. I wanted to show you the naked chart to begin and just makes it easy on the eyes, right? Stock ended up taking off shortly after the open, ran up towards basically here, then came back down. Easy to say that. I, pardon me, I took the time to plot specific levels prior to the market opening. Now, this might look like a lot. So of course we teach this all throughout our main classes. And, you know, just mainly here, let me ask Jeff and Brian and Mark Kathleen, longtime students that have skipped over in my apologies. I'm just asking our longtime students of CTU, where are we most often to find these iceberg levels? You know, I'm looking at level three and eventually level four. Where are we most likely to find these key iceberg levels? You know, if there's one assumption we can make with trading, what could that be? Sam and Mark right away saying at 50 cent levels, whole numbers, absolutely. Notice the blue lines, the thicker blue lines. 19, 20, 21. And I didn't plot it, but obviously the more stock comes up, then you'll just plot the next one ahead. 22, right? So right away, those are just kind of my key levels to start with. This is actually a level I will replot. I did not actually have that there, at least if anything, prior to the opening bell. So that kind of came in later on. But hey, at least for the time being in pre-market, look what happens here. It was holding underneath this thicker blue line, a whole number level, $20 whole number. And it's not just a whole number, that's like a decade level.  Meaning that it's just a very common sense number to focus on, like 5, 10, 15, 20. You know, you wouldn't focus on a price, let's say like $20 and 37 cents. You know, just we'll kind of look at this to begin. Because hey, at first in pre-market, you could see it held underneath it here at 8 o'clock. Shortly after, it was just generally holding under it. And if we go back, even in after hours trading, this is really where this trade started from in the pre-market this morning. But in the after hours yesterday, look what happens here. Perfect hold under resistance. And then of course it broke it, but it made a false breakout, pop and drop.  I want to go further into this action in just a moment. But just to make it easy, you could see just a pretty big spike of volume. A lot of green and green B nickname is buying. So there clearly was some good buying interest at $20 here. Just being a member in our room, that's something that you should anticipate with looking at that. Well, even early in the morning here, which I didn't even factor in, but it just goes to show even more. You know, hey, by the time the pre-market opened up at 4 a.m., PLTR ended up spiking over 20 a couple of times. Did it run off of it? No. There's like no one real that's like trading at 4 in the morning, folks. So, you know, it pulled back down and it held back under the level. That is until shortly after 8 a.m. So this trade started for myself and students like Chris and Kathleen and others in our trading room when it ended up breaking back over 20, re-broke resistance off at 20. And to go further into the after hours move that I just kind of poked out there, let's break open level four. I have the NASDAQ book viewer open, so we'll show kind of real time what's going on. But let's actually put this under a real big microscope. This is a great case study and this is honestly stuff I normally have time to do in like phase two class, but I'm kind of jumping right ahead here. So looking at level four, I want to show you this briefly because on book map on level four, look at this number here under the column CVP. I know there's a lot to look at here. Just try and keep your eyes hyper focused on this column. Go down and look at where my cursor is right there. That number where my cursor is that is just over 600,000 shares. So when this ended up testing and breaking over $20, there is at least 600,000 shares of pure buying at that price. Let me ask us folks, is that a lot or is that a little, you know what I mean? Is that a lot of volume or is that a little amount of volume in your eyes? Because by the time we saw this at eight o'clock in the morning, there was another 228 plus thousand shares that were out there at 20. So, you know, that's just even more fuel to the fire with, hey, what happens if this level keeps getting nipped at and broken through, you know, punch that, you know, the more it gets weakened, eventually it's going to snap and fully break. So it led to a pretty clean break over 20 from there. Pardon me, ended up pushing up easily. You could see up towards resistance that we had here at the time. Pretty much these two lines here, at least prior to the open. I ended up taking my trade out. It was at $20 and 21 cents or $20 and 20 cents. So it was just as it was pushing up here prior to the morning meeting. You know, Fausto is just out today and tomorrow. He'll be back Thursday, but you know, I had to do the morning meeting at nine o'clock and truth be told. Hey, I'm no robot. You know, I'm a human. I carry emotion and I don't want to be looking away from my trade when this is moving upward down. So I ended up taking the money and running where I thought, you know what, maybe there's a case for this to try and directly hit resistance here, like perfect move. Well, in hindsight, it actually did that. You still want to be intelligent with how you're managing your positions in the sense of if I'm looking away from this trade, if I'm, you know, doing something else in this case at nine o'clock, I was doing the morning meeting, you know, live stream for about like 30, 40 of us on YouTube, about 120 of us inside our live trading room.  Right. So you take the money and run with that. Well, it did drop off. And then from there, at least they recovered and made the test of resistance. So you ended up getting what you wanted ultimately from the 20 level in pre market. We still say at least, you know, take the money and run by 915, 910, 915 Eastern time. The logic behind that, my logic to you behind that is you want to allow the stock a chance to breathe and relax prior to the market open. This is crazy stock coming off earnings here. So there's going to be much more volume coming into the market here coming up. And although it's tradable and we want you to focus on the stock as a student. So I was very happy to see the 71% right back that they were looking at this trade. It's just you want the stock to have a chance to breathe and relax. And you know what else? This is what I also say. You also want yourself a chance to breathe and relax. Little water break here, right? So figure out where your levels are otherwise. If there were other prices to focus on using level three here or level four otherwise. So with that, at least I already took the time to set these levels prior to nine o'clock and I was good to go. But then well, hey, market opens 930, this shakes around quite a bit. How do you treat this? What was the move? Well, again, there's just one or two things we need to talk about here. At 930 folks, there are primarily two things that I'm doing. One is extremely generic. We teach it just in phase one, right? Like, you know, at 930 generally speaking, what's the first thing that I'm saying on the microphone for all of our students? You know, ding, ding, ding. And then you see Josh come on the microphone. Hey, you guys, how's it going? Good morning. Yep. Bell and Brian and Mark saying right there, wait the first three to five minutes. And certainly, you know, the further side of that range, right? John says, you say good morning. That's true. Yes, I start off with good morning. And then I say, wait the first three to five minutes, right? So we are waiting even from there. Well, in that time, this is more towards like the intermediate class I teach phase two in that three to five minutes. What am I doing really? You know, I'm waiting obviously, but you know, is there something I'm looking for? Is there something I'm plotting on my chart? Is there something I should be identifying? Sam says closing and opening prints, big icebergs and VWAP. Let me tell you what all of that aside from one, you should have already done. You should have already figured that out 30 minutes ago. That's why these lines are here. But there's one thing Sam said there that pops up at 930. John just wrote it as well. You check the opening print right at 930. When the market opens up, you tend to see where the big transaction pops up on time and sales like the tape actually. Well, here is bookmap level four makes it pretty easy for me to just show you this. But right at 930 this morning, when the market opened or shortly after really this big green dot, that actually represents over 5 million shares that got filled at the price $20 and 40 cents over 5 million shares. So we were just talking about 600 plus thousand shares at 20 bucks like from yesterday. Like that's huge. Well, of course, that's huge. That's still enormous. I mean, even here when the market opened up, well, hey, at 21, there was more volume that joined the sell side there in total 443,000 shares. That's huge. That's freaking enormous. Well, all of those if all of those are so big and enormous, then exactly how big and enormous is this thing, right? 5.3 million shares. So you know that this is going to be kind of like the grand salami here as far as resistance goes. You know, if it could pop above that and it does coincide pretty well with the pre-market resistance we had here, like right before the open. It's another like 10 cents above it.  At first, though, this ends up pulling back down and really the first entry that you get off of this, the first entry that you could have gotten off of this actually was like here, like 1978 or so.  I didn't plot that. You could see I didn't have a line there, but in hindsight, if you really want to play captain hindsight here, it comes down there and goes under and over and makes actually the first move off that. I got in off 20 and I know that most of our students got in off at the 20 level at least later on. So really quick, who here? I know I'd asked earlier, but it's kind of hard for me to go back in the chat here at this point.  If you got in off of 20 or maybe just maybe 10 pennies above it, let me know. You know, Chris, 2011. There you go, Lee. Of course, there are other entries. You could have gotten in off the 2040, right? I'm just asking it first because, you know, hey, we've been calling it out from pre-market. The playbook was given as long as you know where to identify these levels and as long as you give yourself the time to do it all. You can't do it at 9.25 Eastern time. You can't do it with five minutes to go. It's like trying to study for a whole exam and giving yourself five minutes, right? So with that, hey, Lawrence got in under 20. There you go, man, he got in 1994. That was a good year. With that though, with all of the buying that came in off of 20 here and then also the 600 plus thousand, right? Remember from the after hours, let's count that. Let's factor that in. We saw a ton of buying that came in off that 20 level from the after hours the night before when it first popped. So the more buying that we see, then you'd like to figure that there's a case that not only should resistance pop and break, but hey, I know all of us here know this. So just be quick with the answer. I got to go through my motions. But when a stock breaks above resistance and it runs off of it, we would like to think that resistance would initially become what? Right? Support. So of course, I'm looking for support here at this point. It was already above 20 and by the time the market opens, granted it could keep dropping. So it's not like here in the first minute or two that I'm trying this. I'm waiting the first three to five minutes. I guess if you want to go into a separate conversation. So since it's easy to see this afterwards, are there moves that take off within the first three to five minutes that I don't have the chance to jump in on? Of course, one hundred percent. This is like the rule. I'm the biggest stickler towards. So I tend to break rules on a rarity. I actually am a pretty big stickler to begin with, but this is like number one to me or number two. Actually, this is technically number two. Number one, as far as my rules go is like, don't turn a day trade into an overnighter, but simply here. Yes, I am waiting the first three to five minutes because we always wait the first three to five minutes. And if stocks pop without us in the first three to five minutes, this is not a sprint. This is a marathon. So you actually could have gotten in off the 2040 level. Even as it pushed up more, that's easy to say, but with how strong that was ultimately, hey, if this failed to break above this resistance and then it snapped back, then I'm probably taking a smaller profit. Then we got to realize like, oh shoot, maybe we're not going to see as much bullish momentum after 930. Maybe we'll see more people short the stock at that point, but otherwise, hey, with 5.3 million shares, this is like the grand Salamis. I just nicknamed it before broke right above it like a hot like a knife through hot butter, right? Or a hot knife through butter. How you phrase it? What led to a big move? Let's see where it's at now because well, it didn't exactly kiss it or touch it, but you can clearly see at least initially. It held above it. It hovered above it here. And there's still a case to see it pull back into this volume and tested as support heading into the early afternoon. Really. So, you know, I like this stock. It's a great trade throughout the day. I ended up getting out on my first position on this. It was pretty much right at 2087 and then the second half at 21. This pushed up a lot higher without me later on. I did try one short on this. I went over and under on 21. I did think that we'd get this test of support. So I tried it from here at first. I went on a half size position and I was in from like basically 2098 2097 as soon as it popped up higher here. I got out. It was a very small loss. You don't want to go countertrend. That's where simply put, you know, obviously you can if you want, but look what happened afterwards. There was just a lot more meat off the bone or to be taken off the bone going upward, right?  My man Lawrence got a good short on this, but maybe he was quicker to the draw with the level than I was maybe because I just kind of went off the cusp here and just kind of saw this. So PLTR I was looking for 22 and I was looking for a short from there thinking. All right, eventually 1030 in the morning is like reversal time. Probably see this drop to that support eventually or maybe from a higher low otherwise, but that's where I wanted this to go to 22 break above it and then break under it over and under didn't do that. What this ended up doing though that I realized more in the moment and it just dropped too fast without me. Lawrence caught it though. 52 week high was from November 21st 52 week high. So that was at 21 85. Right. I had the day today. We can nailed it right there 21 85 on the nose. I don't really look at 52 week highs as frequent when it comes to my level prep. So you know should I could have wouldn't that regard it still just hit it perfectly. It didn't actually break over and under that, but it's just still will pay this ended up touching it very nicely. It goes to show resistance did hold either way and it led to a pretty strong reaction after so it simply put like if you're still in this trade long at this point then just focus on reversal time around 1015 to 1030 ish. But certainly the more this like fails to make a higher low you see drop sharper just yank the trade out. You could always get back in right you know hey looks like easily enough it ended up pulling back down here. Maybe there could have been a better level even off of a you know 2050 50 cent level there perhaps. That's more from the hip. I'm just kind of using but otherwise there could always be a new trade on the stock given the volatility. This stock is fast moving enough today where provides a good opportunity for us to just continue to watch it. Now that doesn't mean for us to continue to trade it just nonstop and it's going to eventually lead to a death by a thousand paper cuts. So that's where what I'm looking for on this mood is to see it either come back down here I would feel pretty confident with seeing support and then if it slices right below there by any stretch of the imagination and probably 20 next. But then otherwise if it fails to even get down here if it holds to nice up top here right now and tries to come back up to 21 and we'll see if we can get 21 to flip back into support. It's kind of what I'd be looking at there on this trade right now. All right Chuck says Mara just broke out. Well I want to turn to that actually quick really quick though first so I'm actually in Mara right now. I'm going to go over that trade just a moment. So right there PLTR so PLTR let's even use just a good old book viewer here level three because you can still see it twenty one dollars. It's not a hundred plus thousand shares but obviously compared to the rest of the other orders out here it's pretty big and there's actually 46 cumulative orders that make this up. So with that 21 is your next resistance level using level three here using the NASDAQ book viewer here on support side there isn't really a whole lot that identifies as support that makes sense because I'm kind of thinking here could be our next level and maybe we'll see something pop up over time. All right Mara Mara pushing up freaking beautifully Chuck I love it. All right so I was hoping that this would happen. I did set my stop break even on this trade I took half out before I wrote to you but I set the stop on the second half this trade exactly break even so I know it's easy to say the cookies crumbling like as perfect as you can have right now on this live trade this is beautiful from 1692. Now just a little while ago though I did write to us in the chat board and you know it's probably going to get to Mara eventually Chuck so I appreciate you shout this out to me. So just before I wrote I think this was more on the audio commentary yeah it's not in the main chat I don't think unfortunately I didn't type it to you. So this was over the microphone then on the mic earlier when we were in our trading room I was telling you well I was like all right well if there was going to be a three maybe we could see it from 1690 and I wasn't really too confident right away with the level it's not like that was a 50 70 100 thousand share iceberg price but where we look at level four here in pre-market I focus on the dark orange and red lines that stretch across this page especially the ones that are still here prior to you know like a 30 9 o'clock etc. So that's pretty much it's 1708 but a little bit bigger a little bit larger it's 1690 right there right is it the biggest iceberg I've ever seen on Mara no 1640 is actually larger than that and then even ahead I think there could have been something up top at like 1918 that 1819 thousand there it is just to say though hey when a stock does pop up and it breaks above what will assume to be resistance there when a stock breaks above resistance we would like to think initially that resistance can become support so I was already out of pltr at this point I believe and I think that was even after the short trade that I had but I'm looking for my neck for my next move right and for students like Chuck Pete certainly were John and other members that are joining us week to week you'll realize what we're calling out like more frequent than not you know I love Mara you know that we call out Mara you know pretty much day to day so you know we were at the time it wasn't on our main watch list but I was saying all right well if it could pop and break out here maybe we could see resistance flip into support. Okay well at least that gave us the entry it gave us the chance the shot to try and take this trade under and over ended up nipping under it by a penny that's all I need. Penny is all I need there and then from there led to the move so I took half this trade out at 1730 just pretty much as we're like finishing up the audio commentary I saw this begin to break a little trend line I had up here just a moment ago like that there we go and then I said then I kept the second half that's it so easy to say this held but there are times where it stops me outbreak even I'm content you know it's designed by plan so now at this point since the cookie is crumbled pretty damn nicely here at the stage where could we assume our next resistance is on Mara for Sam and Chuck and Eric and Ravina and Alan and all of our students here where could we assume for our next to resistance level to be at what do we got here folks where could we assume I got a question from a John there in chat which I'll get to in just a moment but 1750 that is an assumed level right 50 cent level and hey even on my trade station matrix here there's a 23 or 25 K there does seem to be even live right now from my trade station matrix here about 43 K setting up top there at $17.60 so 50 is certainly the correct answer to the question I asked you that's the assumed level next but then when we look deeper into level three I'll just show you here full screen you got 1750 and then you got 1760 1760 do not discount it's the combination of them together it seems that create resistance so to me perhaps I'd be more inclined to take the money and run if not exactly here 50 then probably just in between that web of resistance he's like skinnier compared to 17 and whatnot right cool so that's basically I'm looking at right now now I did have a question just in chat here but I had some emails that came in and I want to prioritize those so let me just get to read John here in chat and then everyone else I'll just get through email afterwards so John asks Josh did you share these levels 2021 22 so just and there's more to the question on that but just did I share those levels those are levels that we just teach in phase one that is just numero uno like as far as introducing introduction to volume class and otherwise when we introduce the nasdaq book viewer in the phase one stock course well that's like the first rule that we provide is like 50 cent levels like 1750 1850 1950 are going to be pretty big but even larger than that whole number prices 5 6 7 8 obviously here 2021 22 the way I describe it each and every week you're practically is like and it's kind of a silly joke it's like a dad joke so to say but it's like you know the old saying goes like you get lost in the woods you look up top you look to the sky you see the north star you find your way home when it comes to finding levels and you're lost you're confused you don't know what's what and you don't know where your levels are just you know right away 50 cent levels whole numbers that's your north star to begin with that's why when I explain this trade that was literally that's why when I explained PLTR that was the first thing that that I was focused on them you know I showed you the larger blue lines those were whole number levels that's just the first thing that I teach that's the first thing that I instinctively think about myself when I'm doing this level prep live but there is more he says you know did you share the targets with the room before it all happened well the targets is more or less to say I'm taking each trade level by level right like you know kind of think of this like a video game really think of it like as a video game you're trying to take the ball let's say from one level to the next level and if you don't have enough momentum to you know break over that level you'll pull back you'll drop back down and let's say you do break over that level we got to keep it stepping right and if you don't have enough momentum to carry up to that next level then over time you're more likely at least to come back and if you don't get that momentum you're going to break low lower so as far as you know the targets I take these level by level now though with that in mind that's where I could discuss more like timing of the day okay well reversal time is roughly loosely speaking around 1015 to 1030 in the morning right so that's also something you need to strongly incorporate and teach that as well in phase one and then otherwise it's far as far as feeling confident holding on to a move I'll tell you what my guy Lawrence here in chat right now can definitely be one of the first to tell you because he just nailed a home run on this PLTR trade it was actually short he actually caught it from that 21 80 ish area there but he normally takes a lot of winning trades that accumulate to it this one he held on all the way through like one shot so he's been through it he's been with us for a little while now and that's something he's still learning to do he's learning to become more patient on a move right so everyone is kind of battling that issue to a different degree you know over time the more that you're with us you'll become a little bit more reacting to not just taking the trade but incorporating other aspects of what we're focused on in class how much a stock has moved up already timing of the day so again like hey for as much as PLTR did move up on the morning I was expecting for it to false break from 22 why because well eventually this thing is going to pull back for as much as it moved up then up then up then up eventually it's going to pull back they all do so it typically does at the next major resistance here in this one at least it didn't touch my next resistance the 22 it hit the 52 beat Kai and pulled back so that is where hey even if you do have a target on a trade ultimately if there's not enough gas left in the tank to carry up to that price to that target you're going in reverse that's pretty much it just really quick back to now right here for right now I'm just plotting quick lines here for right now I'm not really doing a deep dive but it looks like 1730 ish strong resistance here at the time maybe that could be support it already hit it actually that's pretty good I like that so you know what I will move my stop up on this trade here and almost just closed my trade out before moving about changing my order type cheese okay so I'll give it even a little cushion under that so let's move my stop up at this point now to basically under this to a degree so all right now I have to go through email really quick folks as far as traders talk goes I typically go first come first serve in terms of email if you have any questions always send it through via email and I'll have the chance to answer here or otherwise if there's not enough time at least I'll write you back via private chat so question from Alex this one came in early this morning so right away now this one might just be a general question Alex if you're here right now just let me know if it was on a specific stock that you had in mind you didn't give me once I'm assuming that's like a general question which is perfect it's good either way I mean so Alex's question was let's say there's a support plotted below a big iceberg level let's say that you took the time to plot a support level on a chart and that support level on the chart is right below a big iceberg order and 10th besides on level 3 and on level 4 of course like on book map so let's say the stock is moving towards that area is that an entry that we could entertain or should we wait to see if the big level is reached basically what Alex is asking here is let's say there's two levels that are like right near each other let's say Alex plots one and then all let's say Alex plots one and then underneath that level there is an iceberg that pops up so Alex wants to know do you wait for that iceberg level that pops up or do you prioritize that support level that you plotted if they're right next to each other I would typically say like and I know it's going to be contrary to like PLTR here actually but this is where I would simply say like let's say if you're looking for a move primarily you're going to have a safer entry if you see the bigger level get reached first in this case this is actually geared towards a short I know Alex is asking geared towards a long so even as we kind of come down to this area coming up I got like three different levels now here right next to each other between $20 and 28 cents and $20 and 40 cents I got three levels that are right near each other figure that to be like a web of support so ideally I would I would feel most confident with this coming down to pretty much the bottom one and then beginning to move back up over the other two so kind of to answer your exact question I would wait to see the iceberg level that pops up since it's below right below the support level that you plotted on the chart I guess that can kind of make me ask you though how far away are these two levels because if it's like two cents away from each other five cents away from each other bulging right good or you know game on but otherwise if they're like 15 cents away from each other 20 cents away from each other well you know how expensive is the stock is it AMD are we talking or is a plug you know it's like watching the grass grow so you have a lot of tight levels that are right near each other then that's one thing but if you have levels that are like pretty far apart then I wouldn't really use both of those together I would say there is just target one and then if it breaks above that then you have target two afterwards but like let's just go back to like Mara and PLTR these levels are pretty far apart from one another these levels are closer to each other so that's where I was saying earlier maybe the combination of these two both of them could act as resistance so normally what happens more often than not is you'll tend to see it run into the first one maybe it doesn't touch the second one but it runs into the first and then it comes back down so it's a false breakout it runs into resistance or part of it and then drops but you know that's just where it's always better to be safe than sorry right and I this is so out loud this is actually not to Alex who had asked this question this is just a very out loud comment so you know we don't want to be in a position where we're gambling right and I know I know that every one of us goes into this without that as the intent I know that every one of us is not sitting there like alright time to play the slot machine again no we're trying to make intelligent decisions with our money I know this trust me but let's just think of it that way because to me this is very binary this is very 0 or 1 as far as are we going to be following all of the rules in terms of you know an entry or not because yes you could follow some of the rules but not all of them but it doesn't get you what you're really striving for because what I'm striving for is not going to be the same on every single trade this site almost to stop me out almost took me out stop is at 24 26 still in this right now but it is just to say though that on every trade I take I'm not looking for the exact same result you know since per share wise every stock offers me a different amount you know some stocks I trade are damn slow some stocks I trade are pretty modest and like in the middle like this and PLTR that's why I love these trades because you can make some good money on it it's not like it's like watching the grass grow and then you got like the TENX's of the world which are like you know literally playing the casino I know that pretty much like 98% of us in our chat board come into this with the intent of not trying to trade stocks like this because you know that you're putting yourself in a bad environment a bad position to make money but to even think of it in the sense of PLTR and Mara well of course these are a hundred percent tradable right we're calling them out I'm advocating it here let's still to say we're not just throwing a dart on the wall we're hoping it lands we need to make sure that we are as accurate as possible when it comes to the where and then the when the when is a little bit trickier to determine compared to the where because the where is more based off of just looking at price levels looking at icebergs past history charting the where is determined from these levels on the chart the when is not always so guaranteed there is a little gray in between the black and white there when it comes to the when that's where that's where I say like the more times the stock nips a level in a shorter concentration then we're more prone to thinking it can make that better reaction so even here like you know is it possible this could run off at 21 now timing of the day would be a little tricky but you know you could look for it I mean you would want to see it maybe go under and over try and have it hold his support it's definitely an opportunity I mean we had some good buying that came in from 21 at first and even just before here we had some to read begin this journey so you just want to see this hold pretty nicely over 21 maybe even the VWAP here now at 2090 you know we've got the VWAP price pretty much right there now all right so really quick here I wanted to go over another question from David David had sent a question last week I had answered it and I want to have the time I want to re-answer that again I think he's here and he sent over another email yesterday and with different questions I want to answer those to start so David's questions here are do you classify stocks based on different steps that they take let's say like increments like oh the stock is trading 10 cent increments the stock is trading 25 cent increments the stock is trading 50 cent increments yes absolutely like we'll say that in a general sense and I think David understands this this is just more an out loud comment to everyone but again like I just told you a moment ago every stock is different every stock will provide you different you know chance from one level to the next some levels are tighter you know knit compared to others on a different stock so let's say on a more expensive trade like AMD I'm not using tiny tiny 50 cent levels on AMD this is just too expensive it moves too fast so I would instinctively start with dollar levels but even there this stock is even just so expensive and it moves so fast I would just go five dollar prices otherwise so how about this when the stock is trading at one sixty six fifty right now what's our next five dollar increment underneath that exact price what is our next five dollar increment underneath the price one sixty six fifty what have you got here for all of us in the chat Linda and Sam yeah absolutely one sixty five right so I'm sure there could be an iceberg at one sixty six we'll actually check out Nasdaq book viewer right now but I'm just going to put a line of sixty five first let's let's find out and with this we'll have to use our trusty filter here right on level three right on the Nasdaq book viewer all right so at first you got 19 to basically twenty thousand shares on the buy side right now at one sixty six there's about four hundred thirty nine total orders that make that up okay I like that that's a lot of orders that's a lot of people it's like triple the amount or quadruple the amount that we you know at have at times in our trading room you know we normally are at what one twenty so it's like three to four times right well let's take a look at what's at one sixty five thirty two thousand shares but there's one thousand and ninety seven total human beings that make up that order think about that come on that's absurd and then on the flip side of it all when we look at resistance on the sell side well probably not going to find as much with this already driving so much down I mean this is already bearish to begin so you don't need to have a major sell order out there well it looks like there's actually a pretty unique one right here on level three it is pretty unique this is a funky price one seventy and thirty cents there's twenty four thousand shares out there that's a pretty odd price you wouldn't normally think that like oh thirty seven price level but look right above it there below it price wise whatever but yes this isn't as large thirteen thousand at one seventy that's the next five dollar price that's the next five dollar incremental level above where the stock is traded thirteen thousand is isn't as big but look at the sheer number of orders that make it up a hundred and fourteen different people make this up so I'd say it's basically the combination of these two that make this resistance here together because for this being a pretty expensive stock you know this being thirty cents off is not terribly large that's not a big difference in between big levels price wise so it's really the combo of them but simply put the stock AMD so expensive trading basically five dollar levels you'd figure basically every five dollars is an automatic support resistance and then you confirm with what's ahead on the Nasdaq book viewer you know something like PLTR coming off earnings today I didn't focus on the fifty cent levels I just said more you know what let's just look at whole numbers maybe next week we'll trade slower and it will trade in fifty cent levels again that happens but coming off a more volatile news event like earnings you typically should see a stock trade more or wider ranges here over time wider levels alright so let me actually jump back to David email here because there was actually I had answered it last week please I would recommend to go back just on the recording of traders talk just because every week we're answering different questions different stocks and then also every day we're just on different stocks and different coaching sessions with students so as a new gold student I'd recommend to just schedule your coaching one-on-one you know I would have my assistant reach out to you just right away and we'll get you on my calendar but you know just right away from David he had asked from last week do you trade through the direct access do not have a broker account so the brokerages that we work with they are broker platforms they are brokerages but they offer a direct access trading platform like together simultaneous so trade station is exactly that think or swim via TD Ameritrade is exactly that now my shortcut answer to you last week was if the stock has real time buy and sell data on level 2 and time and sales then you got direct access you got a direct access trading platform there might be one specific platform called that trader or da trader that's like an old school one still you still available I guess but I don't think anyone here otherwise uses it might be like maybe one percent of us I probably say like 50% of our students use think or swim actually not trade station even think or swim and then from there like probably next up is trade station and maybe like active trader pro from fidelity you know those are probably the main three and when I say trade station trade station slash swap you know all right you know just comment from David here as well and this is just you know as a new student I want David to realize this but this is a common thought I want everyone to realize you're not going to learn this overnight or in one week in a trial and then just become a master and I don't think David thinks that way but I say that out loud because we have a lot of new members that are not even students yet there's a trial member kind of playing around with our room seeing if this is something that you like well when you become a student we want you to be entrenched into our classes phase 1 phase 2 then phase 3 from there you know it's basically beginner intermediate advanced you might have a lot of market experience before joining C to you if this is your first stab at day trading in and out looking at level 3 it is a different sport I respect all experience coming into C to you but this is a different sport so we want you to go through our classes even if you feel like you know the basics right because that's where we teach you the basics of order flow so you know my member wrote to me here I have not grasped how to interpret the order flow so that is just something that we take a lot further time not even here in traders talk you know this is kind of like a band aid kind of gives you like a quick little you know go to for a week but otherwise in our classes phase 1 I have a full 60 minutes on NASDAQ book viewer phase 2 I have a full 120 minutes between 2 classes on on level 3 and level 4 otherwise so it is a learning process it's not overnight but that is simply where at least the more that you're with us and if you're not over exerting yourself meaning of course if you're following what we tell you to do in class demo mode sim mode for a week or two then just trade small don't trade big shares because you're going to get yourself caught in a rut eventually which I don't want to happen but statistics are statistics it happens numbers don't lie so that's why you know there's a higher failure percentage when it comes to trading altogether especially with when it comes to day trading so please don't even try and trade more than just like a hundred shares at first because you're going to make stakes and you're going to learn from those mistakes over time right and once you learn from them you'll gain confidence and once you gain confidence what works on a hundred shares works on a thousand shares right and that's pretty much it love this for my guy mark here in private chat right now mark give you the quick shout out right now but you just wrote to me like just a second ago he says treat it like college education before compensation it's true that's why you hear me say it pretty blunt bluntly like unless if you have like the IRS knocking on your door unless if you got the mafia the mob the MOB knocking on your door like you know like pitch torches whatever they call him like you know ready to you know get you I think we got time folks we got time that being said hey there might be one of us or two of us that are in a tighter situation so that's not to belittle those in a situation like that that's to say hey if you are in that situation truth be told unless if you're extremely disciplined with following strategy you're likely not going to be able to work it out in a very very very very short amount of time like you know just a couple of weeks or a month you can give it more than a couple of weeks or a month then you're going to be able to learn and then you're going to gain confidence and then you're going to be able to really you know take things to another level here when it comes to making money. All right really quick here I ran out of email so actually perfectly time from Farouk and David you're following up in chat so Farouk first he says Josh if you have time can you explain a ladder absolute ladder is more visible on level four it can be on level three absolutely absolutely can be but you know just go to level four here make this easy on the eyes it's got stocked out on this trade actually just before it looks like it crashed so I took my money or I took my break even and I ran so unfortunately didn't end up popping up a little bit higher I could have taken some money there but I'm going to try and trade this later on today this is not the last that you'll see of me on the stock nor PLT at least but the ladder the ladder let's see if we can get a good one showing up here Farouk oh it's a nice trade rumble right now pushing up pretty nicely not really a ladder I just got to try and wing it here I thought that there was a decent ladder earlier on a couple of trades but not really showing as much now wow this MOR stock that off maybe yesterday this had a ladder not really not really okay so let's try and use our imagination then let's try and use our imagination our imagination then there's not one live I have in front of us here so let's just think of it let's pretend right now pretend that there is a hundred thousand share iceberg order popping up on the buy side at twenty eight on PLTR let's pretend PLTR instantly pops up pops above twenty one then and as it's holding above twenty one let's pretend that hundred thousand share iceberg that is at twenty eighty well they move their order up so they begin to pull their order at twenty eighty and they move it up to twenty one and then instantly from their PLTR pops again and it moves off of that and then over time the same process repeats so this is what Fausto and myself call a ladder again that's something I take a lot further time also in phase one to discuss so that is just with book map basics that's towards the end of the education cycle in the phase one course but I have a full sixty minutes there where I take a lot further time to go into ladders I show it on book map I wish I was able to right here I don't have a example of the dome here to give you from David follow up at least from here and then we're going to finish up folks again we're rounding up here on traders talk so I'm going to jump on a coaching call with one or two of our students here over time and I'll be back at two thirty eastern at least for all of us and you too Facebook live etc I hope that you'd enjoy but last one here from David do margin accounts limit three day trades in five days I margin accounts give you extra buying power you need to be above a certain threshold if you live in the in the United States you know twenty five thousand as they call it for the pattern day trade rule so there's a few of us that I'm coaching one-on-one that are in that situation right now I know it's not easy but it's doable and I need you to realize that so I could talk to you on the side if you're under that PDT rule now let's say if you're above twenty five thousand then you're able to make more than three day trades in a rolling five day window margin is different margin is like extra leverage or buying power so it gives you typically four to one buying power when it comes to margin accounts like if you have twenty five thousand dollars in cash and apply for margin and get approved then you're given a hundred thousand dollars in buying power that doesn't mean you have a hundred thousand dollars in cash folks so you know there's a difference between buying power and just straight up cash but you know that's just kind of the difference there all right also how about this stay tuned little heads up you're actually coming up I think it's next week so TBD on the official date and time but my colleague Rich will be doing a nice little workshop for all of us here because I ended up reshaping the curriculum the phase one stock course for this calendar year so there's actually a class that we turned into a workshop and hey we're gonna have Rich do that in the next one to two weeks setting up your computer and platform so you know we're gonna look to discuss that a little bit further their tip all right twelve o'clock on the nose here folks I had to jump on to a one-on-one coaching call with one of our students here and then from there hey at least collectively we'll jump back to the chat we'll see what else is out there you know to trade and then by two thirty I'll be back on collectively for all this just on stream and on you know in our live trading room that is so I hope that you enjoyed all together just otherwise for all of our students first if you have any other follow-up questions private chat me send me over a quick private chat at least to me on the side and I'll be able to work with you send me over quick email otherwise if it's a more detailed question have a trade journal that you'd like to send over but otherwise so hey if you're on social media as well if you're interested in joining us week to week day to day scan the QR code on the top left get you access to a week long trial inside our live trading room join myself the man himself Fausto of course he'll be back on Thursday this week and then again over students and members here just you know throughout the trading room to big family community camaraderie at least otherwise and of course as much fun as we like to have you like to make money so we'll see what's out there here heading into the afternoon I'll catch up with everyone here later on today take care


Hello everyone, my name is Yifan Song. Today I'm happy to give a talk about our results, unconditional communication efficient NPC via horse merry theory, co-authored with Vipo Goya and Antibony Polychroneado. Multi-party competition allows several mutually distrusted parties to evaluate a function on their private inputs. It guarantees that the protocol execution does not leak anything about the individual inputs beyond what can be inferred from the function output. Usually the functionality is represented as a circuit and in particular, here we choose to use an arithmetic circuit over a finite field. The circuit supports addition and multiplication operations. In this work, we focus on the information series setting with honest majority and assume a P2P channel between every pair of parties. We are interested in both the semi-unique security and the malicious security with the board. In the following, we use N for the number of parties and T for the number of corrupted parties. Before we move on, I would like to motivate my talk by answering the following two questions. First, why do we care about the unconditional NPC? A key feature of the unconditional NPC is that we do not need any expensive cryptographic primitive such as public encryption or obvious transfer and the protocol is secure unconditionally. Comparing with protocols in the computational setting, one major benefit is that the protocols usually do not require complicated and time-consuming local computations. As a result, the most efficient NPC protocols are in the unconditional NPC paradigm. Second, why do we focus on the communication complexity? Since the local computations are typically simple, often just a series of linear operations, the efficiency of a protocol in the real world is dominated by its communication complexity. The dream in the information series setting is to achieve all of C total communication complexity or even less, where C is the circuit size. Note that it means that with the increase of the number of parties, the communication complexity per party decreases. In the so-called optimal threshold setting, where T is equal to N minus one over two, best known results require order of N times C total communication. When we move to the suboptimal case, where there is a gap K between T and N minus one over two. The work by Franklin and Jung introduced the pack secret sharing technique that allows to store multiple secrets within a single sharing. Relying on this technique, they showed how to evaluate K copies of the same circuit, such that the amortized communication complexity per circuit is order of C. Later on, DIK10 and the GIP15 showed that the pack secret sharing technique can be used to evaluate a single circuit with communication complexity order of log C times C. On the other hand, GIoZ17 used the idea of selecting a small committee and achieved order of log and to the power of one plus epsilon times C communication complexity. Two recent works published in Eurocrypt also tried to solve this problem. The work GSY21 combines the idea of pack secret sharing technique and selecting small committee and achieved order of C offline communication plus order of log and to the power of one plus epsilon times C online communication. We can see that the desired efficiency is only achieved in the offline phase. The work BJJK21 focused on a class of circuits that have highly repetitive structures and showed that order of C communication complexity can be achieved on this restrictive class of circuits. Many attempts towards solving this question lead to our following question. Is it possible to construct information through the MBC protocols for computing a single arithmetic circuit with total communication complexity order of C? In this work, we answer this question affirmatively by showing the following theorem. For all case models and unmet one over two, there is an information directed MBC which computes a single arithmetic circuit against unmet one over two minus K corrupted parties with communication complexity order of unmet one over K times C. Note that when K is equal to order of N the achieved communication complexity is order of C. An example calorie is that when T is 0.49 times N the achieved communication is order of C. Our work makes use of the packed secret sharing technique. In the standard Shamier sharing we use a random polynomial to add a single evaluation point. The idea of packed Shamier sharing is to have multiple secret laws as illustrated in the picture. Let X be a vector of dimension K. We will use square brackets of X to represent a packed Shamier sharing of the secret X. As the standard Shamier sharing the packed Shamier sharing is also linearly homomorphic namely adding two sharing X and Y yields a sharing of the secret X plus Y. In general, to evaluate a single circuit via packed Shamier sharing we may want to pack K values within a single sharing and evaluate a batch of K gates each time. However, there are two difficulties with this approach. The first difficulty is the need of aligning input sharing because that each packed sharing contains a vector of K secrets. Basic protocols for addition gates and multiplication gates only support coordinate-wise operations. This requires the secrets to be in the correct order to obtain the correct answer. During the evaluation we may encounter the scenario where the secrets are not in the order we want. For example, all parties hold an output sharing from last layer which contains the secrets X1, X2 and X3. But to compute the addition gates in the current layer all parties need to hold an input sharing of the secrets X2, X3 and X1. We need to design an efficient protocol for secret reordering. The second difficulty is the need of collecting secrets from multiple shareings. During the evaluation the secrets we need to be in a single sharing may scattered in different output shareings from previous layers. In this graph we can see that the share when we want needs to contain Y1, Z1 and W1 which are scattered in three output shareings from last layer. We need to design an efficient protocol to collect secrets from different shareings. Therefore, the whole evaluation works as follows. In the input layer all parties transform their individual inputs to packed shareings. For each intermediate layer all parties first prepare input shareings by collecting secrets from shareings in previous layers. We refer to this step as global network routing. Then all parties perform presentations on the secrets of each sharing to obtain the correct order. We refer to this step as secret reordering. Finally, all parties evaluate a batch of addition gates or multiplication gates using the basic protocols. After evaluating all intermediate layers all parties together reconstruct the final output. Our main contribution is constructing efficient protocols for secret reordering and global network routing with constant overhead. Previous solutions either have order of log C overhead or only work for a restricted class of circuits. In this talk, we mainly focus on our solution for secret reordering. Let pi be a linear map that promotes the secrets to the order we want. Then given an input sharing X our goal is to compute a sharing of the secrets pi X. In the IK10 this is achieved by first preparing a pair of random shareings R and pi R where R is a random vector. Then all parties locally compute the sharing of X plus R relying on the linear morphism of the packed sharing. Next all parties interactively reconstruct the secret X plus R. Since all parties hold the vector X plus R they can locally promote this vector and compute pi X plus R. The final step is to compute pi X by subtracting the sharing of pi R from the public vector pi X plus R. This step relies on the linearity of pi. As noted in the IK10, the main difficulty is to prepare the random shareings R and the pi R efficiently. Although there are known techniques to efficiently prepare a batch of random shareings for fixed permutation if only one pair is needed the rest of pairs are wasted. In the worst case when we need a different permutation each time the cost for the wasted pairs will eliminate the benefit of the packed sharing. Therefore we need to limit the number of different permutations. In the IK10 this is achieved by applying a circuit transformation. In this way they only need a limited number of permutations but on the other hand the circuit size increases by a factor of log C. Our solution contains two phases. In phase one we will prepare random shareings only for a limited number of different permutations. In phase two we show that we can efficiently transform them to random shareings for the permutations we want. Our starting point is a simple observation. We note that for packed sharing all parties can locally decompose it into small components. For example for a packed sharing of x1, x2 and x3 we can obtain the following three shareings. A sharing of the secrets x1, 0, 0 a sharing of the secrets x2, x0 and a sharing of the secrets 0, 0, x3. The observation towards sharing decomposition is that all parties can locally compute a higher degree packed sharing of each component. For example to obtain a sharing of secrets x1, 0, 0 all parties will locally multiply the sharing of x1, x2 and x3 with a sharing of 1, 0, 0. The result is still a valid sharing but has a higher degree and the secrets become x1, 0, 0. Now consider a permutation P which maps 1, 2, 3 to 1, 3, 2 respectively. Then we want to prepare the following two random shareings. The first sharing contains the secrets R1, R2 and R3 and the second sharing contains the secrets R1, R3 and R2. We may visualize these two shareings by using the same colors for the same values. Relating our observation of sharing decomposition we can decompose it into three components one one component, two three component and three two component. Consider three helper permutations q1, q2 and q3. Each of them contains one component we need for the target permutation P. Specifically the permutation q1 contains the one one component the permutation q2 contains the two three component and the permutation q3 contains the three two component. If we have prepared random shareings for q1, q2 and q3 we can decompose those shareings select the components we need and locally add them to obtain the random shareings for the target permutation P. Therefore to prepare random shareings for the permutation P it is sufficient to prepare random shareings for q1, q2 and q3. Because that k is the number of secrets contained in a single sharing this approach requires to prepare k pairs of random shareings for each target permutation which is too expensive. Our observation is that the unused components in q1, q2 and q3 can potentially be used to prepare other shareings. Therefore we can summarize our two observations as follows. Suppose P1, P2 to Pm are permutations we want to perform during the evaluation. Here M is of size order of C. To prepare shareings for permutations P1, P2 to Pm it is sufficient to prepare shareings for a different set of permutations q1, q2 to qm such that these two sets of permutations contain the same number of ij components for all i and j. Because that we want to limit the number of different permutations therefore our goal is to find such q1, q2 to qm such that they only contain a limited number of different permutations. We would like to point out that we cannot simply combine any k components we need in a single permutation since they may not form a valid permutation. An example is when we need one one component one two components to one k component. These k components do not form a valid permutation. We note that this problem is closely related to the graph theory. We first recall some basic notions in the graph theory. We say a graph is a bipartite graph if we can divide the nodes into two sets such that all edges are connecting nodes from the first side to the second side. For example, in this graph we can divide the nodes into the left part and the red part. For bipartite graph, a perfect matching is a set of edges such that each node has degree one. In this graph, the set of edges in red is a perfect matching. Note that a perfect matching corresponds to a permutation. For each edge connecting the s nodes in the left part to the j nodes in the red part the corresponding permutation p maps the value i to the value j. In this graph, the perfect matching in red corresponds to the permutation that maps one, two, three, four, five, two, two, four, one, five, three. Hausmeyer's theorem is a well-known theorem in graph theory which has many applications in mathematics and computer science. It provides a necessary and sufficient condition of the existence of a perfect matching in a bipartite graph. In this work, we use a weaker version of the Hausmeyer's theorem which states that for a bipartite graph where each node has the same degree there exists a perfect matching. Now we connect our problem to the Hausmeyer's theorem. Suppose p1, p2, pm are permutations we want to prepare random shareings for. We first construct a bipartite graph by inserting the perfect matching corresponds to each permutation. The graph on the red is an example when m is three and p1, p2, p3 are as follows. Note that the number of edges between i and j is the number of ij components in the permutations p1, p2, pm. Recall that our goal is to find q1, q2, qm with limited number of different permutations such that they contain the same number of components of each type as the permutations p1, p2, pm. Therefore, this condition is equivalent to that these two sets of permutations map to the same bipartite graph. Now we are ready to describe our solution to find the permutations q1, q2, qm. The first step is to find a perfect matching in the bipartite graph. We can show that the graph satisfies the condition in Hausmeyer's theorem. Therefore, the existence of a perfect matching is guaranteed by Hausmeyer's theorem. In the second step, we repeatedly remove this perfect matching until one kind of edges is used up. Each time of removing this perfect matching means that we choose the corresponding permutation. Note that there are at the most k square different kinds of edges. If the graph is not empty, then we go to the first step and we run the whole process again. Since each time we will use up at least one kind of edges, the whole process will terminate within k square iterations. In each iteration, we only find one kind of perfect matching which corresponds to one kind of permutation. Therefore, the permutations we find contains at most k square different permutations, which is independent of m. Because that k is the number of secrets we pack in a single shearing, which is order of n, and m is the total number of permutations we need to perform, which is order of the circuit size. Together with sharing the composition, we can efficiently prepare random shearing for any permutations. In summary, our idea works as follows. In phase one, we first use the Hausmeyer's theorem to find a set of permutations with a limited number of different permutations and prepare random shearing only for this set of permutations. Then in phase two, we use the idea of sharing the composition to transform these random shearing to those for the permutations we want. We briefly discussed our solution for global network routing. Because that's the problem is to collect secrets from multiple different shearing, we point out that the idea of sharing the composition does not change the positions of the secrets. If we need multiple secrets from the same positions, we cannot obtain a single shearing of the selected secrets just using sharing decomposition. For example, suppose all parties hold three shearing in the previous layers, and they want to obtain a new shearing in the current layer, which contains the first secret of each shearing. Using sharing decomposition, we may obtain three shearing X100, Y100, and Z100. But since they are all in the first position, it is unclear how to directly obtain the shearing X1, Y1, Z1 from these three shearing. Our solution uses the permutation protocol as a building block and the Hausmeyer's theorem to achieve what we call non-clearing property. This property ensures that the secrets we want to collect are coming from different positions. This allows us to use the sharing decomposition idea to solve the global network routing. Interestingly, we use the Hausmeyer's theorem in a different way to achieve non-clearing property. As a summary of this talk, we first use the idea of sharing decomposition and Hausmeyer's theorem to construct an efficient protocol for secret reordering. Then relying on our efficient protocol for secret reordering, Hausmeyer's theorem and the idea of sharing decomposition, we construct an efficient protocol for global network routing. Finally, together with the basic protocols that evaluate a batch of addition and modification gates using Pax-Chemier's shearing, we obtain an MBC protocol that achieves all the obviously communication complexity. Thank you. Thank you.


Good evening. Welcome back to the National Archives. Yes! We are so psyched to be here, and applause goes to all of you for venturing out on a DC really, really hot day. So thank you for coming to this special event tonight. My name is Miriam Kleiman. I'm with the Office of Public Affairs, and I can't tell you how thrilled we are. To be here to welcome you back to see a packed crowd for this really, really special event. Tonight you are in for a treat, a sneak peek of the premiere episode of CNN's new original series, Watergate Blueprint for a Scandal. Followed by what's sure to be a fascinating conversation between two legends, Watergate legend John Dean and CNN legend Jim Acosta. Jim, you are always welcome here. Your press credentials are always accepted here. I wasn't sure that would go over, so thank you. Tonight is very historic for a few reasons. It is, as we discussed our first time back since the pandemic, and what I should share is one of our last events. Pre-pandemic was also the launch of a CNN original series, The Race for the White House. So how lovely that we bookend this pandemic with CNN. Tonight we mark the 50th anniversary of Watergate and another important anniversary. On this day in 1980, any guesses? CNN was founded in Atlanta. So happy anniversary. Thank you maybe for the 24-hour news cycle, I'm not sure. But certainly thank you for transforming news. We have two great upcoming book talks that will be hybrid both in person and on the National Archives YouTube channel that many of you have followed for two years. On Tuesday, June 7th at 1pm Eastern, reporter Tom Friedman joins author Michael Mandelbaum to discuss Mandelbaum's book, The Four Ages of American Foreign Policy. Week Power, Great Power, Super Power, and Hyper Power. On Wednesday, June 15th at 1pm Eastern, Ben Reigns discusses his book, The Last Slave Ship, the true story of how the clotilda was found, her descendants, and an extraordinary reckoning. Learn more about these and other great upcoming programs at archives.gov. Now back to tonight's event. Produced by Herzog & Company, Watergate Blueprint for a Scandal is a great behind-the-scenes look at Nixon's inner circle. John Dean, who we are honored to have join us tonight. Former White House Counsel to President Nixon divulges more than ever before and more than he could under oath about the back-pedaling and back-stabbing that took place. He and others share the secret workings of the committee to re-elect the president that led to the unraveling of Nixon presidency and the biggest presidential scandal of the 20th century. Of course, we have many national, so fans, he was done research at the National Archives. Okay, a number of you, great and certainly things from the National Archives were used tonight, at least I hope so. The National Archives holds Watergate records and a lot of them. We've got the lockpicks, the screwdrivers, the plastic gloves, the tapes, both from the White House and from the hearings. We have the Watergate Room 214 room key, the chapstick microphones, Barker's address book with the HH smoking gun, the security log, and literally millions of pages from the Watergate Special Prosecution Force. Many of these records are now online for the first time. I can't wait to see this episode and hear this conversation. Thank you again for coming and I am pleased to introduce the recent Emmy Award-winning, Lyle Gam, Senior Vice President of Current Programming, CNN Original Series, and Executive Producer of Watergate Blueprint for a Scandal. Hi everyone, good evening. Thanks so much, Miriam. On behalf of everyone at CNN, we're thrilled to be back in Washington D.C. to share the first episode of Watergate Blueprint for a Scandal. When we first began thinking about the 50th anniversary of the Watergate break-in, we knew that there was one voice who was central to the story and could take our understanding of this moment to a whole new level. And of course, that voice was John Deans. Throughout the series, he not only leads a step-by-step through the events of the Nixon White House, but he also shines a bright light on why this moment has continued to resonate for so many years and is still so important today. John, as Miriam mentioned, John is here with us tonight. We're thrilled to have him. And after the screening, he'll be in conversation with our CNN anchor, Jim Acosta. So thank you both for joining. I just also want to quickly thank Mark Herzog, an incredible team at Herzog & Company, particularly Dominique Hoffman, the showrunner for producing this incredible series. In addition, I just want to thank Miriam again and Tom and everyone at the National Archives for their partnership. Please, please, please enjoy the evening. Thank you so much for coming out. And starting this Sunday, June 5th, you'll be able to enjoy all new episodes on CNN. Thanks again. Enjoy the screening. Here's the man himself, John Deans. He lives to tell the tale. I'm, of course, Jim Acosta with CNN, and thanks everybody for coming here tonight. I just want to get right into this conversation. Let me tell you a story first about this. There's a Watergate connection to this facility. Jack Caulfield, who you met on the screen, came to my office probably in December of 1971, right after Gordon Liddy had been hired by the re-election committee. And he said, John, I just was over at the archives. They arranged for us to see an amazing movie. I said, what was it? He said, Lenny Reiffenstahl's Triumph of the Will. And I said, really? That's quite a film. He said, let me tell you what, I heard two advancement lean over each other and say, they said, this is the plan maybe for the second term. Wow. Incredible. So Liddy had assembled a group, got a hold of the archives. They had the film. And I believe this might have been the facility they brought maybe a dozen or more. I wasn't invited for some reason. I can imagine. And John, I mean, let's just start off the discussion with a general question. How did this project come about? Because you've been telling the story of Watergate for, I guess, almost 50 years now. How did this particular film project come about? Why do you think it's so important? I don't know what your contract looks like at CNN. But mine, I have to attach a document of the projects as a contributor I'm working on. One I said, we're approaching the 50th anniversary. This was maybe five years ago. And so somebody watched that and stayed on my attachment to my contract. And at some stage they said, you know, we're getting very close. So do you have any ideas? I said, matter of fact, I do. I've collected maybe 50, 60 untold stories I've gathered over the years that I think would make a pretty good film. So that was the original pitch. I didn't pitch what ended up being made, but I think it's much better than what I had. Mine assumed a level of sophistication that I really don't think exists anymore. Whereas this goes back to the core story. I learned what an executive producer is. He calls friends and gets them to participate in the movie. One of them, David Dorson here I called. And I had really very little input in the content. They treated me more like a subject of the film. So some of this material I have seen for the first time and they keep adding to it as they polish it. I have so many questions about this. I grew up in this area and so I would always hear from time to time stories about the Watergate burglary.  My mom would read it cover to cover. But the thing that jumps out to me throughout this part one is, first of all, how young you are, 31 years old, and how you talk about being smitten with Washington because that's sort of how I view our nation's capital having grown up around here. This is my home and I love D.C. But it sounds as though you got a rude awakening pretty quick. I guess through this saga that you went through. I had worked on Capitol Hill as a committee council. I had worked at the Department of Justice where it's really a wonderful department, very professional. Went to the White House and found that Klein Veins was right in his assessment. And he wasn't a White House favorite either. I might say once I got on the inside. But the Scanlon's monthly memo that I shared with the producers really was an eye-opener. And as I say, Caulfield handled that. I don't know whatever became of it. A fellow named Robert Shear, who teaches at USC where I was for years a visiting scholar, said, I think you started a tax audit on me. I said, I didn't have any money so there was nothing to get. And I think what shocked the audience and I wanted to watch this in the room with everybody because I wanted to hear the gasps and people's reactions to what was being disclosed in this first part. And some of the moments involving G. Gordon-Liddy and some of the things that you were talking about about plots to fire bomb the Brookings Institution. You could hear people in the audience gasp and so on. But I mean, this shows you the level that they were willing to go to hold on to power. You know, Brookings has never thanked me. Is that right? They should. You stopped it. I did. Yeah. I raised that once with an interim head of Brookings. He said, we'll take care of that. Next thing I know, he's at the Miller Center. But anyway, the whole drill, I have this rich archive that I let the producer in. Let me give credit also where credit is due. When this project first got started internally at CNN talking to them, and they said, listen, we really need to get a couple, one or more professional filmmakers in on this project. And earlier, I think, the better. And he said, you've worked, I know, with left-right in New York. You've worked with Herzog in Los Angeles. He said, what's your choice? And I said, well, Herzog's close by, and I also have some tender feelings for them for reasons that are more complex than we need to get into tonight. But I realized they're real filmmakers. I'd also worked with them on their series they did for CNN on the 60s, 70s, 80s. It's a wonderful series that gets replayed from time to time. But anyway, Mark, are you here? There is the leader of the organization. And he ran in front of me on Zoom four people after sending me resumes as to who would be qualified. All of them were extremely qualified. And I live in a small one industry town, Beverly Hills. So I was able to pick up the phone and call around and get some background on each of them. And he said, which one do you want to select? I didn't really know it was going to be my selection. It was a very difficult selection. But I had said I was most important to me was getting it done on a very short fuse by the time all of the cogitation and permutations and considerations that narrowed it down to what they did want. So I selected Dominique Hoffman. And the reason I selected her a friend of mine who knew Dominique Wells said, John, if you want this project done, just think of her first name. And I guess the question I have. I'll let you all think about that. Why is this story so relevant now? Oh boy. You know I was going to go there eventually. Yeah, I did. You did put the clip in the beginning of this. They did. In fact, they've done it. You'll see as the series unfolds, it very nicely slices in today with what happened yesterday. And I think it's impossible to look at Watergate today without calculating in your thinking the Trump administration. And I think that's done very nicely. And then in the last episode, it really surfaces and we examine it very closely. But the timing couldn't be more perfect with the January 6 committee about the launch hearings. Incidentally, the Watergate hearings, when they first opened in May of 73, that right, David, they were something of a bust. They really were not very successful because the way they had assembled those hearings is they put together very low level staff that didn't know much, but could explain organizational things. And it was pretty boring for a lot of people, so it didn't catch a lot of attention. But then it did get going. Well, the thing that I keep coming back to as I watched this first part was how you were sort of smack dab in the middle of all of these schemes. You know, they would come to you and say, we want to do this and we want to do that. And you would say, that's not legal. You can't do this. You can't do that. And it reminded me of my days covering the Trump White House because you would talk to aides and officials from time to time. In the beginning years of the administration, they would say, oh, don't worry about that, Jim. It's just an act. When he says these things, he doesn't mean it and so on. And as, of course, we found out towards, you know, year three and year four, he meant a lot of these things. And he did want to do things that were obviously not consistent with the law. Did you have that understatement of the year? But did you have that feeling from time to time that, okay, maybe I shouldn't take this so seriously? Maybe they're just spitballing and saying a bunch of crazy stuff and it's not really going to actually be put into action. There's a line that I used in the filming that is something that I thought about over and over and over. And I had nobody to call to check. It was maybe this is the way it's played in the big leagues. Over the years, I have researched that. I have looked to how it's played in the big leagues. The way Nixon played it, while you can find examples in prior presidencies, you can't find anybody who made it standard operating procedure until we got to the Trump years, where either for lack of knowledge or disposition, just ignoring the rules became the norm. It was something of an exception but a steady procedure in the Nixon White House. And it seems as though, and this is just going off of my understanding of Watergate and the history and watching this first episode, is that you can't blame this on AIDS working for the president. This was a culture that was set top-down. Well, blame is a tough word. And I've tried to, in trying to understand Watergate, and this is really deep in the weeds when you try to understand, you know, who did what and why. But I have looked at that. And I think the short answer to that is the reason that Nixon didn't pardon Haldeman and Ehrlichman, because he realized they'd burned him. They didn't tell him a lot. And they did things in his name. And that really became apparent to me. Nobody has used the National Archives more than years truly. Four and a half years of transcribing tapes when I started on a book called The Nixon Defense. I thought I could pluck a few tapes here or there and show how silly his defense was that he didn't know anything about Watergate or the cover-up until I had told him in March of 1973 there was a cancer on his presidency. I just knew that was absurd. I ended up, I had to catalog and then transcribe. There were maybe three or four hundred transcripts, but there were a thousand conversations. I put together a team of grad students and we tackled them all. It took four and a half years. I also gave an opening credit in the book to everybody in the National Archives up to that point who'd worked on the tapes, because they have done Yeoman's work. They are very difficult to hear. I'm the exception to the rule. For some reason when I walked in whatever office I was talking with him, the little hidden microphone was screwed right into the desk underneath me. So my voice is very, thank God actually, that's good. You're there for the record. I'm there for the record and only ashamed of one thing I told him, which I think is an episode three. Okay, well, we won't give that spoiler away, but let's talk about something that I find to be relevant today also, and that is the courage that you displayed by eventually coming forward as a senior member of the Nixon administration to blow the whistle on Richard Nixon and what was taking place. Maybe you'll take issue with the word courage and so on, but one of the things that I have a problem with these days is that you're seeing these officials, oh, they finally come forward when they have a book coming out and that sort of thing. And I could run through names and all that, but I won't do that. And perhaps we'll see some of that during these upcoming January 6 hearings, where you'll see Trump administration officials come forward. But since we know the story of John Dean talking about a cancer being on the presidency, testifying during the Watergate hearings, how did you come to that moment? That's part of the story. Can you give us a little bit of a hint? Because it is something that fascinates me. Yes. What happens is by the time I come forward to testify, I have tried to, Nixon appreciates, we learned from his memoirs and later tapes, he appreciates I tried to warn him that when I became, let me back up, when I became White House counsel, I knew I wasn't getting the job, I was getting the title and it was worth it at 31. I knew that John Ehrlichman would remain his counsel and that pretty much the way it was. I got all, my office did all the grunt work and it's pretty massive. When you look at the shelf space and the archives, so we had a lot of work to do, but we, Nixon remained, he took his legal advice from John Ehrlichman to the extent he'd discussed anything legal with Ehrlichman. So I got the title, I have very few dealings with him one-on-one until very late. In February 27 of 1973 is my second, it's my first one-on-one, it's my second one without Haldeman there meeting with him. I will have 37 meetings with him. 35 of them are recorded. Wow. There you go. And so I know exactly how it unfolded. I didn't know who he was, he didn't know who I was. He wrote nice things about me and his diaries. So like on March 21, after I tell him, I try to convince him that he's got to end the cover-up. He said nothing much happened today except Dean came in with that cancer on the presidency thing. So he did remember that. But by the time I'm testifying, it's clear they're trying to set me up as a scapegoat and I speak to them through the front page of the newspapers by sending messages to the papers.  It's everybody's survival. I'm worried about the presidency. I'm worried about, you know, they're trying to nail me for things that I have no responsibility for. That would happen for years. There's a tape I never put in my book that is one of Nixon's first conversations with Al Haig when Al Haig becomes chief of staff. And he said, Haig, Dean is the number one enemy. We've got to destroy him. And he goes on at some length and Haig says, absolutely, we'll do that. And Haig would plant stories of things, you know, in foreign affairs. I had no idea about, so I had about a few of those down over the years, too. Did this country learn its lessons from Watergate? Ooh. For about 10 years, Watergate had a real impact. There was something called post-Watergate morality that prevailed for about 10 years. Several professions were changed by Watergate. Journalism, your business. Before Watergate, presidents were pretty much assumed to be given the benefit of the doubt that they were doing the right thing. Post-Watergate, it's pretty much assumed they're doing the wrong thing and they better prove how they got it right. So that's a major shift in coverage of that high office. Another big change was on the legal profession in working on that Nixon defense book.  My legal education partner is sitting out here. We do three hours, so an hour and a half is pretty well split up between us. And what do you hope to see in light of everything that we've been through with Watergate and what we're going to see in the rest of this series? What do you hope to see during the January 6 hearings? What do you think we'll see? I think it'll start slow. I think that you really can only stage these hearings to a degree. It'll be the unexpected and it will be, my hope is that they have witnesses who have quietly come forward and are ready to tell us things we need to know. For example, there is no attorney. Nixon did not even attempt to invoke the attorney-client privilege with me. He had his new counsel at that time, Len Garment, just send a letter waving it, a couple paragraphs. And there really is no privilege for criminal behavior. And I think that the lawyers today are much more sophisticated about those things and I'll be deeply disappointed if one or more lawyer doesn't come forward in these hearings and say, here's the way it unfolded. Why? Because I think there's a special duty for lawyers to honor the rule of law, to talk about democracy. We've had some Chief Justice, excuse me, we've had some justices who've talked about this subject over the years, the special responsibility. It's just unique with the bar and the bench that they take concern about democracy and as the fourth session of this documentary will show, there's pretty widespread concern about people who thought about it, about what's going to happen to our democracy if we don't take more attention to it. I'm glad you mentioned that because I wanted to ask you, did you worry about the state of American democracy post-Watergate? Or do you worry more about it now? I worry much more about it now. During Watergate, there was never a moment that I really thought there was a constitutional crisis. The potential one was if Nixon said, no, I'm an equal authority to the Supreme Court, my tapes are my tapes and I'm not turning them over and making them public, I'm not giving them to a grand jury. These are unique documents and this is an exception to the rule of all kinds of arguments he might have made. When we passed that moment, I not only was pretty much convinced that the presidency was going to end, maybe sooner than later, I realized there was no crisis. From the moment Donald Trump was nominated, I had a knot that grew in my stomach just tighter and tighter. When he left, it loosened up. The fact that the Republican Party has picked up a lot of this as their norm is one of the reasons I'm writing books about authoritarianism. I did a book in 2007. I did my most recent, the title self-explanatory, authoritarian nightmare, Trump and his followers. If we don't learn the lesson. Democracy is in trouble. It doesn't function well under authoritarian rule. After folks watch the final episode of your terrific series here, do you think that people will have a better sense that this is something we've got to take better care of? When this was started, January 6 was not on my mind as the Trump presidency was on my mind though. The aftermath, what we would do next and where we would go, I thought most people don't understand Watergate even today. They have very little knowledge. That's why this isn't in the weeds of Watergate. It's broad brush. It's some of it's really hilarious today. It's just remarkable at the bungling and for the cover-up as well as for the break-in. I mean, this is amateur hour. It's incredible. G. Gordon-Liddy actually said to you, if you need to take me out, do it on a street corner, not at my house. Right. Incredible. This is somebody who used to have a radio show in your Washington for all the native Washingtonians who know that. I think that was another mistake. Yeah. It was another mistake. Yeah. Well, John Dean, this was a terrific conversation. Anything else you want to say? Anything else you want to relate to John? I think people will, as well as you may or may not know Watergate, if you don't know it, you'll certainly understand it's just from this series. I think Domini and Mark's Company did a terrific job taking a very complex story and making it very interesting, fast-moving. And I'm appreciative that I had the pleasure to work with them. Yeah. So I think it's a good story and people will enjoy it. And I think the timing is fortunate because of what's happening with the January 6th Committee. Yeah. There are people who are capable of this kind of stuff back then. It stands to reason. They're still here. They're still here. They're still around. There are more of them. There are more of them. John Dean, thank you very much. Audience, thank you for coming out. Please watch Sunday, June 5th, 9 o'clock. John Dean, thank you. Great talking.