I just want to urge all of you on your way out, or at least as many as there are copies, to pick up a copy of our brand new annual report delivered today called Building a New America. Now you all should have gathered by now we're about big ideas, we're about marrying policy and technology, and we're about building a national network. We believe that there is great thinking and less partisanship beyond the Beltway. We think there really is a movement out there, people coming together, solving problems, big ideas, and getting it done. So this is the New America National Network right now. It shows you all the places we are working now. I'd like all of you who know of great projects, who fit the kind of thinking that we've been doing, or if you have come from beyond Washington, to let us know how you might plug in to the New America National Network this time next year. We want to be connected obviously with ASU, I'm looking at Ben Freakley nodding at me. As I said early this morning, we think that the big public universities that are doing really innovative things, those are our partners. Those are the people we're working with. There are many other partners, projects. It doesn't mean you have to become part of New America, but you become part of our national network. So, pick up a copy of the annual report, read all about all the great stuff we're doing, but think about who could, how could you be, or people you know, be part of a growing national network. Thanks very much. Now for Peter. Thank you all for coming. There is drinks and dim sum next door. I just want, a lot of people will put this together. I can't acknowledge all of them, but I want to acknowledge the people who play the key role. Albert Ford and Veronica Mooney. Steve Rodriguez, Doug Olavant, Peter Singer, Heather Holbert, Sharon Berg, Daniel Rothenberg, and Ian Wallace. We're going to screen the film, Legion of Brothers, which is about the special forces who overthrew the Taliban in the first months after 9-11, and that screening will begin at 5.30. So get a drink, have fun, and thanks for coming.


Good morning traders and welcome to the book map all markets webinar. This is Bruce at book map. Good morning And we're gonna go through Book map and order flow on any of the markets that you guys want Typically we start and stick with the SNPE mini. That's what most people want but The live analysis and how to read the order flow. That is the edge that we want to get across here using order flow and Understanding this context of the markets and what book map can visualize very very well for you And we hope that that that's what creates the value for you. So we have this this webinar every Monday Tuesday and Friday at 10 a.m. so I've been using book map for about eight and a half years and trading markets for about 15 and Lead the education over here at book map. I'm the order flow specialist And about the market microstructure, which we'll talk more about Everyday we talk about that Anyway, you can reach out to me on our discord Bruce at book map number 39 and 93 and then Twitter is my at-flow order General disclosure all book map limited materials information and presentations are for educational purposes only and should not be considered specific Investment advice nor recommendations risk disclosure trading futures equities and digital currencies Involves substantial risk of loss and is not suitable for all investors past performance is not necessarily indicative of future results All right, let's jump in. Let's take a look at these markets You can see the SNPE mini here. This is book map You can see the sell-off here in the pre-market some chop back and forth up into high liquidity here at 4510 that's this orange area here The 930 cash open it retest back up into there And we don't get enough buyers to take this any higher In fact, this is kind of an interesting one. We'll they have to look more into it here Very interesting one a lot of liquidity here on the bid And you can see that sellers just went after it and that traded into all this liquidity here This is a really interesting open I've never seen that well. I haven't seen something like this in a while. So I imagine this is You know, who knows if they getting filled or they exiting But we know that it's a likely larger player liquidity in here staying in the book and getting filled in these areas in here So that's fact and that much we know and we can see even another big block of liquidity It looks like a big spoof in here It's not they trade into that liquidity All right, so we know that there's a lot getting filled up at the top of the day here or top of the range here I should say and Yeah, we'll continue to look at this in here before we do though We'll come back and revisit this here because this is pretty interesting stuff Let's look at the bigger picture our bigger pictures perspective good morning karma FX and Good morning over on a discord All right So Yep, thanks Stan order flow for today. Oh, that was yesterday. Okay Anyway Let's take a take us a Pause here to look at the bigger picture and then come back and revisit here. So this is these are my rhythmic charts Just a very very simple candlestick charts And so what we're looking at here is the daily on the left hand side The hourly in the middle here in the 15 minute on the right So the daily chart is you can see this is a pretty pretty bearish candle here for for today It's engulfing of all of yesterday's price action to the upside And let's put some more bars in here just so that All right, let's see the back period. Okay, there we go. All right. So we just are testing the lows swing from Back on the fourth august fourth on Friday And And then we're yeah, it's just it just retesting this kind of back up into the range here And where can this go? Well, this is actually a pretty good area for it to go based on the the daily chart The swings up in here the breakout above it the retest back to it And now let's look at the hourly though and get a little more perspective in here And what's happening? So on the hourly we noted yesterday that there was this gap fill No, no, I'm sorry not yesterday. This was on on Friday and we saw that gap fill in here in the Back up and then just slammed right back down again and then another gap fill up On yesterday on Monday, and you can see the market kind of climbed up here But overnight another big big gap in between here between this kind of 45 30 area on down into 4507 so We are down at 45 95 at the moment and we've gone as low as 45 91 or so Okay, so this is looking pretty bearish in here However, we've tested below it's rejected so far And it's back up into The range in here. Okay, not yesterday's but fridays All right, so let's take a look here at book map and see what's going on that makes it a little More difficult to read of what's happening today because It's yesterday's action all. I mean, sorry. It's fridays action all of yesterday's action where we gapped Below all of it basically And kind of came bounced up retested it here. That was the high that 45 10 And then have come back down again All right, so there is momentum on the downside And no question about it So but we're starting to see these wicks here on the 15 minute chart So where might this go right so um, well We're looking to see maybe a pull back here. These are two big wicks. So we know there's some buying down here Let's confirm that in book map. All right, let's see what's happening down there All right, so if we come back down into these areas here This is where we can get some some insight. Yep filled here around 45 44 95 some filled down here around 90 In a quarter and a half What about the retest in here? So we made a higher low And tested into this liquidity which It transacted but it held Okay, so and we do see some aggressors buyers come in here And they slightly broke the yes swing here And now we're coming right back down though with some selling All right, so Is this going to be reversal? Is this kind of the the making of it here? We saw the wicks, but here we are and you can see the sellers coming right back down into it Okay, so I'm actually looking for the sellers to test this liquidity here At 92 and then I think they can break it on this one. Here's why You know, we we have some we need to see these sellers show up though Hey, because we have the fuel up here of the buyers Getting in maybe a little too early And we're we're just coming down here There we go 90 Just you can see a little volatility starting to come in at 91 here All right a little bit of back and forth there still looking for sellers to try to take this into 90 and 89 And let's see if we can even get down to maybe even 85 and a bigger move here Now the reason we're looking for that here now it we're going to we're going to get our answer here pretty soon But the reason kind of looking for that is here's the swing up here. We have a lot of buying pressure in here Which is going to have to be selling pressure down into here All right, so that's what we're looking for pretty strong sell move sell side right here from 95 on down to 90 Okay, so that's kind of the scenario that we're Laying out here now that said Uh, we can also look at the next scenario Uh, and that would be that these are buyers starting to come in Uh, and we maybe retest back down here, but we see even more buying coming in And then we can see that the liquidity is getting filled in here Okay, so actually looking for actually for the moment right now Let's see if we can get a little pop on that buy side right now And then maybe we can come back up into this transaction or maybe this one up here So we're talking about 93 and then also 94 75 Okay, looking for a pullback at the moment All right, so and that came from Understanding the context between this liquidity in here and not getting filled Or coming in at a higher level and finding buyers. Okay, so originally we're looking for it to follow through Uh, which it did it's it did hit 90 it did hit 89 And now we see a little bit of a flip in the order book here a little change in the order book here So we're looking for the move back to 93, which is already unfolded But let's see if we can get back up into 94 and three quarters as well And so um, uh, yeah just uh looking for that And uh Might be it might be asking a little much to get up to 94 and three quarters But let's see here All right, so anyway, uh just looking at um Going through scenarios in here and uh understanding Where price might go based off of the liquidity in here and the price structure I hope that makes sense Buyers on the wrong side of the market uh fueling the move to the down. Yes, that would be the the scenario here However, you can see the support in here, right? So And then again here now up at up at this 90 Right here And here we go though. We're we're breaking that that was our pullback. That's as far as we got Uh, and then now sellers are really engaged here coming in. So now we're looking for 85 Uh and lower here 85 82 You know 83 and three quarters 82 maybe 80 here strong move on the sell side All right, let's look at our bigger picture here And remember those two wicks that we're looking at in here. Well, here's our answer You know, we can see the the sellers coming in and and moving it lower Right on the daily chart. Where can they go? This has already been a pretty big candle on the daily Completely engulfing it here Uh, and um boy, this could be uh, I mean, uh, you know, this is why looking at atr can be really helpful Um Have we moved enough already? Uh, do we see more selling pressure? So let's go through A couple of order flow scenarios yet again, right, but this will be bigger picture Uh, so this has been a pretty big move already Right. So is this going to be a giant candle and and be double the size and come back down in here? I doubt it doubt it so The first let's go through the first scenario Well, that would be the first scenario That we're going to continue on lower into some of these areas and then let's look at the hourly or the 15 minute We're going to go to the hourly To see where that might go Yeah, I like it. There's a gap fill over here a pretty big gap Maybe that's where we're headed 73 44 73 that makes sense to me Uh, we can see the uh Yeah, somewhere around in here, maybe 77 uh on down There's another gap in here, which we're just about to test Which you know was filled on the on the way up here, but uh, it's around 82 83 Yeah, I like this idea around 77 to 74 All right, so that's scenario one Uh continuation continuation move in here Uh scenario number two We'll we'll look at the 15 minute chart for that Uh would be maybe the um start to see some buyers come back in here Uh, and then uh, maybe we're going to move back and get a retest back to about 94 for starters right right around in here And then you know also swing high of the day back to this 45 45 uh 10 area here All right, so anyway, um Our first scenario is what's playing out so far. So let's see looking still looking for continuation. Basically Uh, let's take a look at the order flow Uh treating it to high liquidity here here And still finding some sellers Okay, so still going lower and looking Looking forward to still continue on going lower until we see something different Looking for more and more sellers in here Yep, good morning everybody over in youtube and how about over at discord right Hey getting a pullback here I'll put a little structure on this here just to look at diagonals diagonal channel Yeah, we see the pullback. We see the the channel here and it's starting to break. Um We have to look for a lot of buying in here and it's starting to mount a little bit, but this is really You know not not too convincing Uh at the moment here, there's just a lot stronger selling than there is buying here Hey, we may see a change or a flip here, but I don't see it quite yet That's just not enough buying Good morning trader Anything you guys want me to go through uh cover today like uh, we went through um looking at this exercise yesterday looking at liquidity Uh and understanding the um Understanding where price might go just by price action and liquidity only All right, so we're starting to understand that relationship of liquidity and forgetting about the transactions Okay, in fact, we we took the the transactions off Off the chart. We weren't looking at volume All right, so look at look at like that we took we can look at this kind of book flip in here They were here now they've kind of flipped to here. So we're looking for 85 to transact Uh and push it into this liquidity here and then maybe we get down to 83 and 82 as well Okay, so that see the offer coming in with more here on the offer and then that that high liquidity here Uh, yeah, I'm not sure if it transacted or not. We don't have volume It looks like it probably did Okay, and do we see buying interest interested in 86 50 and 87 liquidity and no we don't All right, even look at the skew in the book here at 85 50 All right, so do we still find buyers? Not really. So we're looking for like uh this kind of 83 ish level here I understood Do you guys Was that kind of clear like I mean it's playing out pretty nicely now. We never know right These things change. In fact, they're pulling up here at 85 50 um, but uh We're still kind of down here Now we're coming back up. Okay Anyway, just this is how you understanding the other side of the trade and and understanding the auction process in here Uh can can be really helpful. We're right in the middle more or less between 87 and 83 We're a bit we're a bit higher But uh, you know the middle is somewhere around in here, right? 84 75 or I don't know whatever it is um Or 85 here Okay, but uh, okay buyers did come up to test this 87 here Okay more at 87 now. Let's see if the buyers are interested in that liquidity And they're not Not yet at least There they go actually morning Deborah Deborah anything you want me to to go over cover today All right, let's see. We can get our sellers to come back in here and drop it down back down into uh, Maybe 83 at this point Uh earlier, we saw a pullback in a train continuation. Can you explain yet using book map tools? Sure, uh earlier today Or earlier when we saw the pullback you mean this Which one uh Maybe it was this one here. Yeah, it was this one here. Yep Okay, um, so yeah, you know, we what we saw here and and we put these pieces together Uh, and and we we put in two potential targets one was 80 93 and the other one was up here Uh around 94 75 or something like that um, and um Here's what we had okay, so we had um With the price structure uh, and or price action as well as the Volume within that that creates the structure here Uh, what we had was this move down Okay, and uh, and then some back and forth in here and some buying up in here that broke the swing But it came back into the swing Uh, and then we saw the selling coming in here pretty strong selling So we're looking for the move back down into this liquidity here We got that and then we're looking at this in here And we kind of read that uh, all right. Well this got filled this got filled and they're bidding up in here So and and we don't see any transactions taking place in here Once we start to see these buyers come in on the other side here. That's when we're looking for our pullback all right and looking for This what it was it was right here 93 Uh, and it was a transaction cluster here that we're looking at right in here And that that's why we're kind of targeting 93 And that's where we went to a little bit higher Okay, does that answer your question about the pullback? And then you can see like even high liquidity in here is still bidding up and Uh at these areas even here bidding up, but sellers took them on Right and we knew that there's more selling pressure here. That's when we can look for it to trade back down into um, you know 85 and and and lower Okay, well, let's see are we gonna still see more buyers up here if so Then we're looking for a breakout up into 91 And 92 and a half or so.  It doesn't really matter It's the it's the we're going to read the order flow in the in this back and forth here in the transactions Uh to understand this pattern here And yeah, still I'm I'm still looking actually for it to come up into 91 and maybe 92 It just just for now The reason being is um Yeah, I'm starting to get some of that buying up here, uh and uh That liquidity pulled here and the crudies up here 92 and 91 and 92 High liquidity getting filled on the way down Pull back that breaks the trend Uh retest down here. I'm surprised we did not hit 93 here Uh and then back and forth in here, but Nice cluster of buying followed by a nice cluster of buying in here And uh, I'm still looking for just a move a bit higher here Not much It's just up to about 90 92. I guess Uh, this is where that that break occurred here at 92 Okay, so this is you know the cup and handle that I'm talking about here It's the it's this shift and change first off. High liquidity getting filled Number one Structure starting to be broken starting to find buyers come in Higher low here higher high here. This is where the cup and handle pattern started to break out And this is the basically the cup and this is a little the little handle here So we saw more buyers here. So that's why we're looking for the move higher They're looking for the continuation of them part of the auction if they can auction higher Uh and with more volume, uh, then we're looking for the continuation Okay, we did get to 92 It did transact not much though Three contracts Okay, and then sellers rolling over here. Let's see if we can get it Uh, actually at this point here, uh, let's take some put some structure on this because I'm actually looking to see if sellers can now Jump back in here Break this level and then trade back down into 87 or so All right, so we got a little bit fuel. This is we we mentioned this yesterday about the fuel I mean we've been mentioning it for quite a while Um that this little move in here see how this kind of these buyers are just going to get run over on the way back down Uh, and we should see we should anticipate a stop run in fact Uh, I think it needs to go a little bit lower here, but then we should get the stop run And then that this is the move into what we said 87. Maybe we're going to even get to 85 here There's some exhaustion. There's some selling come on sellers. You should be able to hit the bid now into 87 Looking for it A little bit of a boost here at the liquidity here at 87 50 See how this just popped in and kind of changed things here It's looking really good for the move into 87, but someone came in here and the reaction was some buyers So now we now we can see now we're going to look for 87 and maybe through 87 Back down to 85 so, uh Yeah, still still looking for it sellers to hit into 85 here Okay, that's not a trade recommendation It's just reading the order flow and putting these pieces together and we're looking at more microstructural stuff in here Okay, the mechanics of the market here if you if you haven't already seen this then We're getting a bit of a shift in change in the order flow here But I want to show you this here from our learning center go to bookmap.com click on the more button and go to learning center here And then this market mechanics course here Highly recommend it here. It provides a beautiful foundation for you guys To understand really what makes these markets move so for example We go through and have some illustrations here of really understanding the market mechanics hitting the bid lifting the offer in this case an order book and balance in here that affects price to hit Fine sellers hit the bid here And trade into this higher liquidity at lower levels here. So that's We'll see the same thing in here And that's what we're actually looking for right now higher liquidity on the on the offer here And then sellers to hit the bid into 85 Okay, so we've already traded 87 looking for a bit lower here And let's see if we can get it Okay, so I don't I don't see it yet. See how they're not hitting the bid right? That's we need that Uh, the the order book looks good. Uh, we we see high liquidity here at 88 and 89 88 and three quarters There's a bit of exhaustion Okay, now we need to see sellers here hit the bid at 86 50 Okay, if they do Then we should probably get our break into our into 85. There we go. Let's see the fake They should be able to continue here. Okay, we're just looking for This the reaction to this liquidity here And not enough buyers And then some sellers down here now. This is getting totally disrupted here Right, we are finding the buyers now and we're also finding the order book skew to the opposite side So it kind of shifted and changed there Right everything again looking good up to this point Uh looking for the follow through here to the downside and then we got some buyers come in Right, so if when these kinds of things happen and shifts in the order flow like that um It the best thing to do is if you if you get caught up in things like that Just get out of the trade and look for the next setup Okay, and you can see the a little bit of volatility coming in here um The the move that we're looking for is now starting to unfold Uh, this is kind of odd move It really is um But you know here they are on the offer pushing it back down All right, let's zoom out a bit here Yeah, so these guys didn't have the intent to trade that was uh Kind of spoofing type of activity in here And not a whole lot of sell volume. Uh, most of the volume is up here not down in So kind of back and forth All right, there's a bit of exhaustion there looking for our sellers again here Let's see them push through 86 and a half down to 85 And then I think maybe we can even break 85 to hit 83 here and let's take a look Uh, let's see Um, Rob, you want to look at rty? Okay. I don't have it up, but we can add it. I know you're such a big rustle trader Yeah, in fact, let's uh, let's let's go through uh, let's bring up some of the market pulse tools here And try to try to look at nasdaq and rustle together with the s&p So this is this is actually looking bullish here this pattern in here Some selling no selling here come the buyers good good buying Uh in here as well Right in this little area So I have the potential to come back up here and break out And they're pulling up here at 90 as well. So 92 would be our next stop They were kind of all over the place today We're looking forward to come down into 83 or or 85 and then 83 and then this kind of This kind of disrupts things in here and then you can see the lack of selling down here and buying up here So we kind of have to shift and change and look for the move to 90 and then maybe 92 as well All right, and let me bring up this market pulse so we can not only look at but we can hear the rustle as well And uh, yeah, that's uh, let's just let's make it a little simple here stop the This one and this one keep the Stop that. Okay. So now we have volume pressure for all three Forgot to press play Not enough data. What are you talking about? The data Yeah, for some reason these are not working at the moment So we just have the s&p Let's try that again. All right. It's not not quite loading there. Um Anyway, Rob, I don't I don't see too too much happening at the moment here in this rustle. Um I'm just gonna quit market pulse all together Okay, so Looks like I got a freeze here and in some of the data. I don't know if you guys are having some issues here Um, all right. Yeah, I just had a freeze up here. I really don't know what unfolded here Let's uh, just Rarely happens in bookmap to be honest Um A restart here Am I getting data? Yeah. Okay, so really make charges working. All right. Here we go All right, let's try that again here So pity I lost all my data in here, but we'll um try to reload some backfill data in here Yeah, this is where we ended up here. We we were here. Okay now get back on back into the groove here. All right, so We kind of saw this strange move in here Uh and a bit of a spoof Try to get price lower into 85 and 83 Uh, and then we had these uh buyers come in some back and forth in here More buyers in here back up into 92 and 93 and then right back down again here so Um, and uh, let's let's take a look here. Are we still getting uh more buyers in here or is it uh More selling pressure. This is a nice cluster of buying here, but we are below it here And uh, we need we need to see some support in here, uh on the buy side Okay, uh limit buy orders here also aggressors here We we have a little bit of both, uh, but uh, uh the sellers here, um You know the the limit buys are down below here. So 85 and 83 here Finding buyers a little skew on the book right there All right, guys. Well, let's take a look at this here. Like this is getting really interesting. Um, because look at the buying coming in now Uh, it did break this swing here, but there's quite a bit And um, I mean compared to what we had earlier. I mean sellers still remain in control from Well from way up here in this point or even you know cash open here. Uh, they're still in control Uh, we see some buying coming up and climbing up Uh, uh kind of close to this uh 94 95 level up here, uh, but um This is what we want to look for now. The first scenario that I'm looking for actually is sellers right now here Uh at this 87 level looking for them really big sell sell transactions here Uh, if we do see it, I think they can hit right into 85 and 80 83 here We were looking for it earlier now. What do we have to our our advantage here is like the all all of this buying in here and here Uh can be uh upended, uh for a quick move into like 83 Um, but uh, uh, that would be the scenario first scenario to look at uh, and uh second scenario uh, would be that Uh, what we might get down here is a kind of a false breakdown or just kind of breaks it And we will come back up an auction back up in here and then maybe even get higher here on that buy side So that's why we look at the outside edge here To see if we get that selling and as as well. We want to see higher liquidity on the offer at a lower area here And understand it here. So we're getting buyers instead right now. Okay, so it's able to climb back up Okay, so this instead instead of looking for follow-through here. This might be the false breakdown But it's it's a hard read. Um, to be honest, it's not the uh, not the easiest here And the reason being that it's not the easiest is it's pretty equal Uh, so we it kind of it erodes the edge that we're trying to trying to gain here We we're looking for see the the big green dot here. We want to see a big red dot down here and we want to see continuation Okay, but you can see how these red dots here are kind of equal to some of the the green dots on the way up So what we're trying to say is there's buying pressure. They're selling pressure There's buying pressure and then they're selling pressure again Which is creating this kind of back and forth here Overall structure in this time frame though is is bearish Because we're making lower highs lower lows And then uh, let's see if we can uh, potentially get a break and and uh, Hit the 83 and 80 85 and 83 And no not not on this move. That's for sure But you know yesterday we went over uh, this might be interesting For you guys instead of we'll go through these scenarios as we always do but i'm going to add something else in here Uh, you might be interested in uh, we we showed some candlesticks Overlaid here. Uh yesterday This is a what five minute Yeah, five minute candlestick chart. I'm going to add a few Indicators to the candle which you probably haven't seen before I've never seen it before We we offered it when the when the candles came out like, you know, several years ago Our cto wanted to put a vwap on the candle So this is going to be interesting and and Here's why we'll we'll we'll talk about a mean reversion type of activity here by looking at vwaps on the candles All right, so this is the the also the best bid and offer Vwap and then there's total vwap here. So see the little um I'll show you the distinction here Okay, so this one here this little little horizontal line. That's the overall vwap. It's this one here, right? So if I have it, uh unchecked it will It'll disappear and this one is for bid and offer Okay, so the the move this is a green one here and this is a red one here So that's the bid and offer our bid and ask vwap. Okay on this time period five minute time period So what is doing? And what it's showing us here come our sellers guys So looking for the continuation not just 85 looking for continuation Uh, let's see if we can get a big move to the outside here Okay, looking for uh more and more sellers here to move the market Okay, starting to show uh more size here on the sell side I'm looking for them to try to um claw through all of that liquidity here. Let's clear our drawings. Let's look for this scenario here to hold The selling looks good I like it lower highs lower lows our sellers are coming in Yeah, I it looks looks better and better for the move into 85 83 and then 80 Okay, lots of selling Big sell dots here It makes me a little nervous here the selling looks good What makes me a little nervous is the selling is able not able to drop price At least not yet. They should be able to here we go It should be able to there's 85 now. We're looking for 83 And 80 Uh, here's why it wasn't able to drop. This is why we we didn't see the price drop It's this liquidity that was holding it up. Okay, we have to zoom in to see it here But it is the other side of the trade right in here clearly Clearly big big red dots but into high liquidity and it still held the market up Okay, now we know there's more selling pressure. So that's able to drop the market So here's here's what I wanted to show you with this kind of vwap. I think it's a really interesting idea um I'm going to draw a line between the Uh, the vwaps in here Actually, let's put a few more calendar candles in here. All right. So now this is the um Volume weighted average price during this five minute time period Okay, so Now we're starting to we can start to talk about like mean reversion type of activity by understanding the vwaps on these on these candlesticks within that what it means here is We're coming up on a five minute Arc here. So let's just cover this vwap right here Right now. It means within this period between here and here, which is almost five minutes Uh, is the the uh volume weighted average price is here. Okay on bid and offer as well as overall right here at 86 So 86 is the vwap Okay, so that would be where we would be looking for all of this price action within here Uh is uh the the um the vwap is here All right, so that's that's what it means. So now what we could look for Potentially we're still looking for the uh the drop here uh and sellers to take it outside of the range Uh and then explore outside of the range on heavy cell volume However, uh, if we don't see that and we start to see like some exhaustion in here and then maybe the books support it Etc. Uh, then we can look for a retest back to 86 to begin with and then maybe up here At 88 and a and a half up here Okay, and we can still be bearish actually even if that does unfold So, you know the kind of overall, uh, in fact, maybe this is kind of a good level up here Uh, kind of overall would be like as 89 50. Okay, so in fact, let me do another thing in here Uh, let's uh, let's take a look at our vwap here And uh, and I rarely look at vwap, uh, but we're going to look at some skewed or um Vwaps on lower timeframes here. So we're going to have it reset right now You can see that I have it reset every 30 minutes starting at a specific point right, so um Anyway, so every 30 minutes we're going to get a reset in the vwap Right and that now does this vwap kind of line up with the candle vwap? In some of them it does not not this one up here, but it almost does here It does here and it almost does here as well All right, so not bad not bad Uh, and then it's the vwap is now this white line Uh, we are clearly below it and we're seeing sellers here So we're still looking for the continuation outside Okay, we're not looking for a return back to vwap right now Okay, that mean reversion trade maybe later Okay, not looking for it right now Uh looking for sellers to hit the bid we're at 83 Uh, that was our kind of initial target in 8080 would be our Uh longer term target here Okay, high liquidity in here it filled it Uh, not much selling pressure below it here Okay, another thing that's uh, if we look at these kind of uh candles with the vwap As well as vwap that uh resets every 30 minutes It kind of lines up nicely with our point of control up here So around 86 to 86 50 Is what we'd be looking for if we if we see buyers come back in I just back up into the Moving average or the averages up here. Okay, we're making lows for the day right now Okay, now let's be very careful here because Look at the transactions here and the stop run Do we get meant mini stops down here? No. Okay, so here come some buyers actually Looking for a retest back to our 86 level right now It just back to 86 or 80 85 75 Okay, because because of these transactions A retest back down here very few stops big stop run here Now looking for the mean reversion Hey back to uh Yeah, well our our our high volume knows here around 86 50 Okay, uh our other um Yeah, let's just call it 86 here Okay, so anyways that is that kind of is that concept clear? Um, and how you can kind of look for because this is this is kind of catching a falling knife in here Uh, however, we have some things on our side Okay, we know that this was high liquidity is being filled high liquidity again just below it being filled stops here on this leg Very few stops here starting to see buyers come back in All right, so we got the move just back to the little swing here on 85. We were looking for more looking for 86 Uh, and uh doesn't look like there's enough buying pressure All right, we gave it a shot. We're looking for it. Uh, and uh Again trying to catch that falling knife. However, we got a few things on our side and now it's not working out So what do you do take the scratch? Take the scratch All right, we don't know if we just might get run over here We see the sellers mount here. We're looking for our original move down into 80 That's what we're originally looking for anyway. So again these are just trade ideas, uh, and um, uh, if you are If you were already positioned, uh To the downside in here, you'd you'd still be in this because like it didn't it didn't trade back to the mean Uh, and you can see that it's still down here Okay, so there's no reason to get out yet on that Uh, now if you if you were looking for a mean reversion trade back into here Uh, then you had a few reasons for it Uh, and then um, uh, it didn't work out and uh, It would have been a scratch trade Okay, just a few different trading scenarios Let me get over to discord. Sorry guys Okay, nothing new over in discord, right? How about in youtube here? Uh, yeah, let me show you something, uh Uh a lack Something interesting in in here Now this is actually very similar to what we're looking for before Very very similar. See we went lower here a few a few stops hit, but now look at the buying here, right? Okay, this looks better, right? So now now we have the potential for not only it's already back to the vwap here We can come up a little bit higher 86 50 Uh, and then maybe we can get kind of an extension back up into these kind of mean reversion ideas up here around 88 88 and a half Right, so you see the buyers come in Yeah, so Malika, let me show you something in here about this svp the session range volume profile that you can do So right click in here. We're going to add and insert another column.  Well, let's go to the original one here Uh, and then we're going to configure it and we're going to show point of control All right, so the point of control on this uh svp. It is this session range volume profile So when I opened up my book map, uh, it is calculating it now. I had you know, I had to restart book map Right, so I have it Well, let's let's just do something simple in here. Let's have it reset um Hold on, uh, right. Let's have it reset here Um at the cache open. Okay, so we have to reset it through the columns. Uh, in fact, so we'll go to reset Uh configure reset, uh, and then we're going to have it go through Uh at the session start Okay, 930 edt That's it All right, and that looks like it did reset up here. Let's take a look Yeah, so it reset to zero up here All right, so now if you do that you're you're Point of control and you're in this svp should be the same as mine Okay, so it should be at 86 50 All right, so we got that And let's clear our drawings again Okay, and then let's do another thing in here. So we got a few different, um ideas in here for, um mean reversions Okay, we have candle V-waps each candle And this this could be a trading strategy in itself right here just by looking at some of the candle v-waps Okay, like, you know trading back up to this five minute period in here and that would be this v-wap here at 86 All right, or you know just go to the point of control a few point a few ticks higher Okay looking good here Um and and look at the look at the the bid here too pretty strong bid followed by buyers Okay, so we would look for this move up into the 86 50 here Okay, more likely because we have a lot of things on our side here And now you never know in trading Someone might hit the bid and just dump in here Okay, but what we do know right now we would look for this move up into like 86 50 Okay, now. I know it's only a point away, but like Again, it didn't it wouldn't matter. Uh, you know, maybe it maybe your v-wap or your your point of control is way up here Okay, it's not it's here all right, but um Anyway, so let me let me go through this concept for you. Um, uh malak So a louise just answered your question Uh, and then let's also I've got another uh svp here.  Let we'll keep it Um yellow, but I'm going to make it like a darker yellow or a lighter yellow. I guess how about that See if we can see what it looks like here Yeah, let's just make it a different color all together. Let's just make it blue. All right. There we go Okay, so here's our view. Here's our point of control that is adjusted and resetting uh every What did I say 30 minutes? Yeah All right, so it's down here actually All right, so now we've got a whole bunch of different averages in here where we could look for uh retest back to All right, this is not really my style of trading, but I know it's a popular style to look for uh, you know mean reversion type of uh of trades if Yeah, uh, and It's a good idea to have like these lines on here to to understand Um, where price might go What I think is the key Is to align it with liquidity in here. So there is liquidity at 86 50 So again, we're still looking for buyers to hit 86 50 here We had a pullback here back down to the bottom of this little range here But we're back up again, and I'm looking for them to just push it up into 86 50 and we could even get a nicer move maybe back up into Uh, remember these these candles here and they're moving or their vwap So maybe around here Around 80 89, let's call it and there is liquidity there too. So there's an idea there Uh that we can look for something like that Okay, now if this is something that you Look for and you like you've got to you've got to back test it Okay, how often does that happen in what environment does that happen? What time of day what instruments? What is the setting that you're using? How often does it happen as compared to not? What about the order flow shift and change in here? Are they on the bid in here supporting it? Do we find aggressive buyers? Hey answering some of these questions in here And then now we're looking for buyers to reach 86 50 and then possibly let's just call it. Yeah 89 and we'll mark it up up here Okay our 89 level horizontal line At 89 right right around here It's 88 50. Let's just call it right there. All right Okay looking good here. Okay. There's the pop And looking for a straight. I'm basically looking for a straight move up to this 88 75 right now Or 80 or I'm sorry 89 89 Okay, maybe a bit of a pull back and then the next leg That we can even look at a continuation pattern in here. Let's look for that, right? Boy, we're covering all sorts of stuff in here, but this is more kind of this is smallest structure. It's not microstructure Hey, we can look at microstructure, but we're looking for impulse move pullback impulse move up into 89 Right that would be our flag pattern in here Hey, uh, if we get our pullback where we look for Yeah, it's kind of creating that right now, but now I'm looking for the move higher actually Yeah, I think we've already gotten our pullback Uh, let's see a lock the retest of the second vpoc was a very nice long entry Uh Oh this one here. Yeah. Yeah. Yeah, this would be um I'm not sure if I If I'd be in on that I would be more in up here to be honest um Yeah, I Just the retest in here like uh, we can cover this in here because we're I'm trying to get to covering this um Kind of reversal pattern, which is like an inverse head and shoulders and then a flag pattern in here Impulse pullback impulse, right? Um, and it's kind of all over the place right now. It's not really doing it Uh, I thought we'd do it here immediately, but uh, we still we still might get it here. So kind of a Really wonky looking flag Yeah, well anyway, let's let's take a look at this here. Um, uh malak and and and um Why uh Why maybe here, right? Hey, so yeah, it's not not my style Um, but we we can look at this in here There's a there's a few different reasons like for the order flow. I just don't like it Um, you know, it could come down here Why not why wouldn't it come down here because this is a v-wap or a point of control? Who cares? Right. Okay. We we understand what it means. It's like an average here uh, and uh, and you know that that makes some sense here, but there's It's really the bar participants in here looking more at the auction right if they if that we did have high liquidity up here then and that Either didn't test or got filled and we found more buyers in here Back up above it then then I would I would look at this line And give it a little more credibility okay, so All right, well we only got up to 88 50 here And then the sellers are coming in now Okay, so it looks like our impulse move Sideways action and impulse move is failing now Right sellers are coming in It's turned into something different here We never got to 89 we got to 88 50 all right, so um, anyway, it was it was an idea uh, and um You know you can it was a Yeah, it looks like it still may play out here But the the the concept behind it here, uh is uh was starting starting to fail here Now it's now it's actually gonna follow through Uh, and we might even get higher here Deep deep pull back here All right. Well, anyway, this is what I wanted to cover in here. Um, yeah, there it goes And we can look at these these kinds of ideas here Uh where it might end up Yeah, I mean, I don't really see much liquidity until we get back up in 93 Uh, this is what I wanted to cover uh in in this kind of uh shift and change here Uh in the uh to the transactions Okay, so high liquidity getting filled on the bid down in here Uh, and then let's add cvd in here Okay, so what we're looking for in here is And how this might help you malak is understanding the flow changing in the transactions here Uh from sell side to buy side And cvd can really help on that one Okay, and and more kind of a bigger structure So we can talk about legs in here like on this leg here. Well, clearly more selling here Uh, what about this this buy leg in here? Uh, or this swing to the upside a little bit, you know, not not so much Uh, what about this move back to the down to the downside? Well, it's kind of equal to You know, you look at cvd. It looks rather equal to it, right? okay, so Now we see a shift in a change here clearly Okay more buyers Uh now we're making a um a higher low in a higher high Hey, what about the sellers? Well, look at the sellers here And we come back up more buyers Right not a whole lot of more buyers, but some Okay, and almost an equal high so a little divergence there Uh now sellers hit the bid Uh down to the swing here And it's still it's still holding Okay, we'll get one more move back up And this is actually where we're see how the sellers between these two moves in here see how there's more sellers in here So look at look at our cvd here Okay, so we made an equal high here But on a lot less buying Right that that I I would not be for that reason even on this pullback. I would not be looking for this breakout here Well, once we get back up in here, I would be looking for the breakout Right. I was trying to justify Why you might be getting in around this area here on the pullback Okay, and I don't I don't really see it. I hoping this is make making sense here We want to understand the transactions within these legs back and forth in here to give us an edge We see more buying pressure in here. We're looking for the swing to the upside All right, and we do have some we do have divergence in here Uh, uh, you know, especially here. It's it's pretty nice in here Hey, here's our lower lows and then kind of higher highs in here Right And then it's really kind of back and forth in here if this leg here had a lot more buying it would look a lot better Or this one had less selling on it put it that way All right, then we'd have more justification as this being a nice pullback And then continuation move All right Hope that makes sense this here combined with your moving or your your pullback to the this kind of uh Resetting poc uh, and uh Also your your cumulative volume delta you you know, you can look for something much higher probability All right. I hope that makes sense. It was kind of long and complex But it's just looking at the sellers and the buyers in this back and forth activity. That's basically Uh, what it what we're looking for Uh, and then we're looking for more um buyer to justify Uh, the kind of a mean reversion and then more buyers at a higher area to push it Uh back up into another mean Okay, so one mean between the other Okay. Yeah, it makes sense good The concept is very simple on the on the two v pox like this. Um, you know, it it's um Just a lower time frame and a higher time frame Uh, and uh, it's nice though because like you you can look for um, you know, maybe even trading Let's let's suppose like price gets too extended between the the the bigger, uh Uh v pox here in the smaller one, right? So which is exactly what is happening right now So whenever when you're looking for that mean reversion trade in here, right? Well, if you see sellers come in right now Then this would be it you would be looking for it in here Right sellers and then you'd be looking for maybe covering some here But you might get the bigger move down into here Right, so you can trade into the move Uh take some off but hold Right because you got the other other average down here or um, you know mean reversion Right, you also have you know, we've got all sorts of mean reversions on here now We've got our our vwap, which is resetting And we also have the The candles in here that have a vwap on them, which I like this idea a lot Uh with the candles Okay, you can see this is it's not playing out, right? Uh, we're getting this kind of extension here We're seeing our more and more buyers here Right, so we can look for maybe maybe previous uh, um, a v poc Back up here. Maybe we're hunting hunting for that which makes Makes some sense. Here's a pull back here uh, and uh If we get enough mires and and there's also liquidity up here too so Again, we're looking for this price structure in here With the transactions to reach liquidity if these areas of liquidity meet Something else in here. We've got something more to lean on Okay, so it would be here, right? There's kind of 93 and a half area Okay, and then and then I would look for maybe 93 and a half and then um I don't know a few different things can happen. Maybe the the the bigger poc pops up here It builds out up here but I would look for a nice mean reversion trade back into to this High volume node here It which is actually you can see what is doing it now Right, so now we can go back and look at our other example Uh, maybe this is this example here is it looks like it's losing some steam here And so what we're seeing a lot of sellers here. They've already hit the the point of control Right, can they get to a previous point of control? You know, I'll be honest guys. I'm not a big fan of all these kinds of Uh concepts and ideas. I just want to present them uh, I'll tell you what um You know, I think you can get more from in my opinion Is uh, let's clear the drawings Uh, and let's take off some of these lines Uh, more from just understanding the the price action The volume transactions within that price action and the order book These three things, uh, and uh, that's it. I mean stops in icebergs as well Not cvd Because this this here I know is trader behavior This too. This is all trader behavior Okay, so, uh, yeah, like like in here. What what are we what are we trying to read in here? All right. Well, uh, this is where those buyers came in and take took control of the market at this point here All right, let's draw it up. So here at our 86 level Just above it or below and I'm sorry Um, and uh, so now We're we're bullish in here until we see something else now. That's on that time frame Uh, now we can look at a smaller time frame in here The seller's just dropped it And now we're getting a retest back up here And I would look for that retest in here sellers pull back Not so many sellers buyers Buyers back here. Let's see you move back up to here And and look at them pulling liquidity in here as well. Now the one thing we're looking for now is on the bid Hey higher liquidity up in here And then push it on up into uh 92 Okay, uh 93 And now we didn't get the buyers on the bid bid here And that's for sure We we did get buyers though and they did pull on the offer But we got a few few items in here Is that enough to make a trade not not in my mind You you really need the all higher probabilities just wait for the when it really Really looks good. It really hits you over the head in the order flow The order book is uh supporting you Okay, hope hope that makes sense in here. This is reading more of the raw data, but you're what I like about is the clarity In the trader's behavior And that's what you're reading Okay, so this way uh We can uh look for that to unfold instead of like, you know some of these um I don't know if it's a moving average or a point of control or a vwap or whatever um, which sometimes it just feels like you We're just looking at those lines and have significance because it's it shows showing a line on the chart All right, so anyway, um, that's another way looking at the markets uh, and um One more as well like you know another point here Uh, if you do look at like point of control Uh, that's fine. Uh, as long as it works for you Uh, just I I would suggest to to line it up with liquidity It like this was a previous point of control up here Uh around 94 Is there liquidity? Is it a possibility that we can get up in here around 94 and the answer is yes Right, so that makes sense Okay, the bid looks good Getting buyers what we we have sellers here on the offer as well Right, and it's kind of stopping price from going higher right now All right guys. Well, let's see if uh There's no more questions Guys here, please hit the hit the like button here We uh Trying to cover all sorts of things to help you here Uh, and uh, let me know what kind of trading style you have and we can cover it as well Happy to go through it. Uh, also other markets We kind of had a problem there when we look at the russell. Uh, sorry about that Uh Rob that was uh That was odd That's a nasdaq doing All right, look at this nasdaq breaking out. Okay, so well that's tack Well, we're breaking out here in the s&p See now the read here on this this move here is is difficult There's a bit more buying than selling just look at the bars and the dots see see the bars in here But this is a lot of selling too So this isn't so clear then We can have it come back down in here sellers Then that would be a back to the poc Okay, or you know back into this range in here um so the um What we would like to see on a on a on a continuation pattern is this to be pretty light selling All of by pretty heavy buying again Okay for the second move higher So right now it's really see how this is back and forth and here it here it comes like, you know more sellers coming back in Uh, so, uh, yeah, I would look for this to back to 89 maybe back to 87 50 It makes sense to me Uh, and that would be a mean reversion trade as well But it makes sense to me with with the volumes in here Uh comparing it relative volume Anyway, some food for thought there. All right. Well, anyway guys, this was uh Uh a good one. We haven't uh talked about the any any of these kinds of uh other tools in here looking at, uh resets on the vwap 30-minute vwap And then also looking at a um, uh two different points of control Uh one that resets uh at the cash open and then one that resets every 15 or 30 minutes uh, and then uh looking at the also the candlesticks with the uh vwap on them Okay, and uh, you know that this is great. This is a small little point of control right here Or i'm sorry vwap right here So you can you can also integrate that into your trading Uh and just try to line it up with others In here, this makes sense in here Like this is not a bad average to to pull back to in here We have the last 10 minutes of data Is telling us right in here the last 10 minutes of data is at this 89 50 level and that's fact Okay, so yeah, we could look for Uh that kind of move in here right And here's a here here come the buyers back up into maybe the the last five minutes of data, which would be up here at 90 Okay, so, uh, anyway lots of ways to slice and dice it here guys. There's not one way to trade Hey, there are many uh, and uh We're here to present some ideas, but that's where we leave off. You got to take it further Gotta go back and study it take something that resonates with you. It sounds like uh, uh, malakia. It was uh That really resonated with you with that, um Two different, uh vpocs Okay, and then, uh, you know start to put some some strategies together on those as well like, you know, let's suppose there was a let's suppose like, uh But Here, let me clear the drawings here All right, we'll leave off with this here Get rid of the candles Okay, and we have one vpoc here Uh, this is the big one though, right? I don't want the big one. Uh Let's suppose the this was the smaller one here Okay, that it was not this yellow. It was the blue one, right? um And then the the bigger vpoc let let's suppose it was down here Right down down here Around 83 or so Okay, so now We're pretty stretched away from from these, um Points of control or a lot of trading activity if this is the smaller one All right, and then you we get pretty stretched out up here like let's say it does a double top up here And on this double top up here what we get Is very small buying up here, right? And then it picks up and then you start getting pretty big selling coming in here Up in this area here, you can look for that failure Of the retest here on the double top Trade it back down to this one cover But hold For the bigger move Okay, to the other point of control and it makes sense Got the failure up here You're looking for the first one to reduce some risk and the next one to take your profit All right, it's just an idea Uh to take further All right, and uh if you like that, uh, then And this is a starting point uh to go and and get some data on it And see if this is something that works for you All right guys, well, thanks. Thanks everyone for coming Uh, and uh, we will uh tomorrow we've got uh, Joseph j trader stocks trader at this time Thursday we have scott and then we'll be back on friday We might have a special event on friday, but we'll I'll let you know What's up with that? Okay. We'll see you then. Okay. Thanks everybody. Take care


Daily Tech News show is made possible by its listeners. Thanks to all of you, including John and Becky Johnston, Chris Benito and Steve Iotarola. Coming up on DTNS, the hot new app for high schoolers, you might want to know about it, especially if you have high schoolers in your family. The rise of the cookie pay wall and Blair from This Week in Science is here to tell us why social media is good and bad for Aminals. This is the Daily Tech News for Monday, October 17th, 2022 in Los Angeles. I'm Tom Merritt. From Toronto, Ontario, Canada. I'm Jen Cutter. I'm the show's producer, Roger Chang. And I have to apologize to Blair Basderich, co-host of This Week in Science, who's joining us today for me, like I really didn't mean to say Aminals in the opening. That's the danger. You're going to say it wrong every time now. I was joking about it before the show, and then it came out of my mouth. Blair, it's so good to have you here. So great to be here. Thanks for having me. Thank you for joining us. Let's start with a few tech things you should know. The quick hits. Last week, CNN reported that Elon Musk had been seeking funding to continue providing Starlink equipment and services to Ukraine. However, on Saturday, Musk tweeted an update that the service would continue for free, or not for free, but he'll keep paying for it. A stance Musk repeated to the Financial Times, adding that SpaceX will continue to fund Ukraine's access to Starlink Internet, quote, indefinitely. Social media platform Parler announced it has agreed to sell to Yi, formerly known as Kanye West. The deal is expected to close later this year. Parler had been removed from App Store in 2021, but was reinstated to the Apple App Store in May and Google Play Store in September after agreeing to standards of moderation. Apple had planned to source iPhone memory chips from China's YMTC, at least at first for iPhones just sold in China, but Nikkei Asia reports it has put those plans on hold after the US placed YMTC on its unverified list of companies. If you're on the unverified list, that means the US cannot verify all the end users of your products. So this is different than the entity list that Huawei is on. That's where they are like, you definitely sell things to the People's Republic Army. The US is concerned with companies that supply sensitive technologies to foreign militaries and governments. US companies may acquire components from companies on the unverified list, so that's a little different than the entity list in that way, but they are not allowed to share designs and specs with them. Hence Apple probably saying, well, that makes it kind of hard. So let's just stop. The 4K Google Chromecast, which came out in 2020, is getting an update to Android 12. This adds frame rate matching feature that should reduce judder and adds new settings for HDR and surround sound. And Monday, Netflix launched its profile transfer feature that lets anyone migrate a profile from an existing account to a brand new account.  It's going to be useful if you're leaving home, moving out of a shared household of any kind, starting your own account. But of course, it's also meant for people that Netflix catches sharing an account improperly. All right, Jen, let's talk about gas. All right. In our continuing effort to help us all understand what's going on with technology, we try to identify new apps gaining popularity like Brio, Ubo, etc. The Wall Street Journal has an article up about an app called gas that was launched in late August. It has been downloaded more than 500,000 times since then and topped both the free apps and social networking charts. Tom, what is in this context gas? Yeah, gas is probably not for any of us on this show. It's for high schoolers. It's made by a company called Find Your Crush LLC. And it uses your location when you first download it to find your local high school. Then when you confirm which one is yours, it will ask you to match up with other people you know at the school. Now, that's one way it'll know if you're faking it is if you have no other people in your contacts. And such things like that. So they have ways of trying to catch fakers. It will start giving multiple choice polls about fellow classmates though once you're in poll questions include things like the most beautiful person you've ever met or who's never afraid of getting into trouble. The questions are compliments.  You can only mention fellow classmates that have signed up for the service and both people must opt in to mention each other. Although if you're in each other's contacts, then gas will use that as confirmation. If you're mentioned in a poll, you'll get a flame, which in this case is a good thing. I know we usually mean other things when we say someone flamed you and gas world flame is good. When a poll is done, you can only see the grade and the gender of the people who voted for you. However, in-app purchases, the price of gas let you find out who made compliments or let you keep your compliments from being discovered, keep your compliments hidden. Answering polls earns you coins that are in in-app currency that can be spent to get you to show up in more polls because it tries to spread the love, but you can kind of boost yourself, see what other people are thinking of you more. And gas is only available for high schools in fewer than a dozen U.S. states, including Illinois, Ohio and Pennsylvania. Gas was made by Finder Crush LLC. Its president, Nikita Beer, co-created a similar app five years ago called TBH, to be honest, which was brought by Facebook and reached 8 million downloads before it was shut down. Yeah, so apparently, Nikita Beer and their co-creator figured, you know what, this was a good idea. And while we cashed out by selling to Facebook, we just got shut down. Let's start it again. It's not even in every state and it's already topping the charts just by being for high schoolers. There's so many things that says to me about the world, none of which I can experience because I'm not going to be using this player. Blair, I'm assuming you're not in high school either. No, no, I do have a fair amount of experience working with teens. And I do think that at first, this sounds like a great idea. It just sounds like pop polls, but all the time. It's cute. I do know that teens can be savage though. And I do see a way that they can turn this negative. It'll be interesting to see how it goes. If there's a way to turn it negative, teens will find it. That is absolutely true. I think they are trying their best to make this about positivity. I don't think they're under any misimpressions that people won't find a way around. But I think they're ready for that. Everything they say says, we're going to try to keep this positive, spread the love around, all that sort of thing. I just don't know once you reach the maximum number of teens who are going to use this. And I don't know, maybe you do a more sophisticated version for college age. I could kind of see that. Where do you grow from there? I'm actually, one of the stats that I wish we had was of those 500,000s, how many people are actually like a daily active user? Because I know if I'm in high school and hear about this cool new app, I'm downloading it first, even though it may not be available in my state slash province. I also know that I would be all over this, even though I was not being a popular kid, I was a sports kid and running Comtech, which I'm sure is not a surprise to anyone here. I would have been all over this just thinking like, oh my gosh, somebody noticed me. I would pay for God mode, which lets me see, or at least get some hints as to who's doing what. Man, I can see why people would rush to this. And I would love an update in like a couple of months just to see how well it's still doing and if they expand to more schools. Yeah, without this pivoting away from its current purpose, I don't see that this is going to be the next TikTok or something like that. It feels like this is maybe what we need, which is a really good app for high schoolers. And that's all it ever needs to be. It can just be a really good app for that age group and it can expand by opening new states and provinces and countries and adapting to that. It's going to face a lot of challenges in keeping bad actors off the platform and keeping from teens themselves from being bad actors. But yeah, when you see this topping the charts, it makes it feel like, oh, okay, well, is it going to be the next mass sensation? They would have to change it. They would have to change it to be something else. I guess they can widen it out to make in your workplace, say nice things. I was thinking about how Facebook used to just be for colleges and then they expanded to workplaces and eventually the rest of the world. I suppose they could go that direction. I think a big thing is going to be who copies it first. If this gets big enough, does TikTok integrate this? Does B-real go for it? Then we'll really know that it's catching fire with the younger group. Or will Facebook buy them again? Well, it didn't take any VC money this time around. So it's going to be, yeah, how fast before they decide to take outside money once high schoolers have spent all of their allowance on God mode. And the scare stories about people misusing the platform have already begun. So the bright light is going to shine on it right away. And we'll see how well protected they are and how well prepared they are. The fact that they went through this before with TBH, though, means that they've got at least some experience on the road with that. All right, let's talk privacy, paying for your privacy. In the European Union under the GDPR, websites are required to notify you about what data they collect and give you clear options to reject data collection like turning off cookies used to track you for advertising. Several news sites are taking that opportunity to sell you a subscription. Germany's Der Spiegel, for example, lets you know that if you block cookies, you will not be able to see its news stories unless you pay the four euro 99 cent a month subscription. Allow the cookies and the ad tracking that goes with them, then you can read for free. Austria's Destanders does the same thing. It charges 75 euros a year. An assistant professor of privacy and data protection law at Utrecht University, Christiana Santos, co-authored a paper analyzing the practice of what they call the cookie paywall. They analyzed 2,800 websites in the EU and found 13 with a cookie paywall. They estimated it would cost 728 euro a year to avoid tracking on the 13 most popular news sites in Austria and Germany. Is it legal? Answers vary. The GDPR requires that user content be freely given, but regulatory authorities disagree on whether a cookie paywall violates that clause or not. It has not yet been tested in court. I don't know if you realize you said it, but you said user content has to be freely given. You don't have to give away your content, but your user consent has to be freely given. Yeah, yeah, no worries. So that makes a difference, right? Whether they rule that this is allowed or not. On the other hand, there's a way to avoid the 728 euros a year, which is don't read any of these websites. If you come there and you turn down the cookies and they say you have to pay, just move on somewhere else. Blair, where do you come down on this? Well, I was thinking about the fact that there are so many sites I currently go to that the second they tell me you're out of free subscriptions or we're going to send you cookies and all this kind of stuff, I immediately leave. That's exactly what I'm thinking about here is the fact that with information and the way people get news, especially now, you could go to the Wall Street Journal or the New York Times, the reputable source and be turned away by the fact that you're out of your free articles, but you could go to a non reliable source and read that for free. I worry about that exact thing happening here, too, where there's another reason to turn people away from reputable information and towards nonsense. Jen, does this bug you? It bugs me as like a huge gut reaction is like, oh, that's terrible. What was wrong with the previous thing before when we just had to go manually select each thing or hit the reject all for the sites nice enough to have that option? Yeah, I'm going to get bounced from a bunch more sites after I hit my three, which is going to be tricky considering I read a lot of news. But I also know that currently I cannot afford that many euro a year for all of the sites. Now I know that is specific to this region. And I'm kind of hoping somebody test this in court just so we have an answer. It doesn't have to be the answer I like. But I would like to know like, is this actually the future or is this a maybe future? Yeah, I think we forget a few things. And this may or may not change people's opinion, but you don't have to pay for all 13 news sites any more than you would have paid for more than one newspaper subscription back in the day. So you don't have to pay 728 euro a year. You just pick the one that you want to pay for and you can easily not be tracked and get the news by paying for it. I don't think that's such a bad thing. You know, people talk about wanting to support journalism. Here's a way pay for the journalism 75 euro a year. That's about $75 roughly a year for a new source isn't bad. No, you don't want to pay that 13 times, but you don't need to. So that is an option. You can actually just pay to not have the ad tracking. And I think that's fair. I think Blair, you did bring up a really good point of people will not want to pay, even some can't afford it, some won't afford it. They won't want to get tracked by the cookies, even if they know that it's not that bad, they just won't want to do it on principle and end up going somewhere that maybe isn't as reliable. That is an unfortunate side effect of this because we have a culture of free, right? Yeah, I think defector is a good example of this. They are the former dead spin people. They do great work. They offer you free articles. They have a sign up once you're done your free articles, but it's just a sign up. You can still read more. You just have to log in. And then obviously when you really like them, like I do, you can support them. And the same reason that I subscribed to the athletic when they first launched because I was like, yes, I want this very specific hyper focused sports content. So I think like new sites will notice a bump. We'll just see like whether that leads to fatigue for paying for all these sites or whether it gets tested in court first. Yeah, you know, I feel like this is actually one good side effect of the GDPR is it's made this relationship very clear. Like you are worth 75 euros a year to their standard if they let you try. Now you know, at least you know what the what the dollar or the euro amount in this case is. Folks, if you want to join the conversation about this or anything else, get in our discord. You can join that by linking to a Patreon account at patreon.com slash D T N S social media is a great tool for educating folks for raising awareness. But as you probably know, it's also a tool that often lacks nuance. And if you're not careful, can easily promote logical fallacies, things like confirmation bias. We talk about that a lot in relation to society in general. But Blair, you have a perspective on the exact same kinds of issues from the animal corner. How is social media being used by conservationists? And then what are your concerns about that? Yeah, so the reason I wanted to start this conversation is there was a recent study looking at Instagram posts from wildlife conservation organizations. And there's an expectation that people love mammals and birds. They are cute. They're what we call charismatic megafauna. So they're they're the the thing that kind of put butts in seats for animal stuff. But mammals and birds make up less than 10% of animals on earth. So despite that, there's this kind of bias towards giving airtime to birds and mammals because they're cute, because they're interesting, because they're charismatic. But there was a study done on 670 wildlife images posted on Instagram by wildlife organizations in 2020 and 2021. And they looked at the number of likes in relation to organization follower count. And they found that while the majority was birds and mammals, about 73% of them, mammals were more engaging, but only by a little bit. Birds, reptiles, invertebrates, amphibians, and fish were all equally as engaging for Instagram users. So the first thing here is that actually 94% of threatened and endangered species are not birds or mammals. So recognizing that you could potentially give more airtime as one of these wildlife organizations to non birds and mammals, and therefore kind of shine a light on their needs. And you wouldn't lose followers. I think that's the concern, right, is that you think that the birds and the mammals are the ones that are going to get people interested. And so you push on that. But the this kind of pushes back and says, no, use your social media for good. The tough thing about that is that there's other studies that have been done that one of my favorites was actually looking at the animals that are shown most in social media and media in general, tigers, lions, elephants, and 10 animals in total. And they found that a lot of the time, an animal you see a lot in media makes you think that they're prevalent. A French person actually on average sees more virtual lions in photos, cartoons, logos, and brands in one month than there are lions left in West Africa. So so there's an expectation because you see them all the time, they're not endangered when they are. So you have to kind of couple that information. The other piece is that if you share that information in perhaps a not ethical way, if you talk about how cute or cuddly they are, if you're promoting them as pets, and wildlife pet trade is a huge problem. It's one of the leading problems for species on earth that are trafficked into often the United States and Europe, the wealthy developed countries from the underdeveloped countries where these animals live. And so yeah, it's just this huge kind of push pull of we want to use social media for good. It's like with great power comes great responsibility, right? You have to represent the endangered species, promote their needs, but you also don't want to overdo it, overcorrect, do the wrong species too often and or anthropomorphize them to turn them into kind of a pet, I guess. I think what's most fascinating about this to me is it's an excellent way to analyze the problems with social media and the benefits without bringing politics into it. Usually when people start talking about social media, it starts to go well, well, the conservatives and the liberals and the independence and suddenly nobody can really have a fair conversation. You've brought us a gift here, which is we can talk about animals and nobody's going to get upset because nobody's in the lion corner as solidly and as as angrily as they would be in other discussions. So I started thinking about this. I'm like, Oh, well, it doesn't seem easy, but I feel like I can wrap my head around this easier because I don't have to worry about somebody misinterpreting what I'm saying. If I say like, Oh, so so the thing to keep in mind is is like we as humans just have a natural tendency to see something and think it's common, right, even if we only see it three times. So so like coming up with a counter measure for that, or expanding to, you know, show more creepy crawlies and stuff instead of just cute fuzzy animals and you're not going to lose your followers. Like you said, it starts to feel like it's easy to come up with remedies. And then what I'm wondering is if you come up with remedies for conservation, can some of those be translated to other areas that are too controversial to talk about in those terms? Yeah.  Their responsibility is to use good language and to communicate the threat and the potential solutions to these species when they are sharing out about them. It's also their responsibility to share out those creepy crawlies in a wide variety of endangered species. On our side, it is our job to like, share, comment on, promote those helpful posts as opposed to posts where there's an otter swimming in somebody's bathtub, right, when you're feeding a wild animal hot dogs. Those things need to be downvoted. They need to be commented on saying this is inappropriate. Don't do this with a lot of animals. Obviously, be nice about it. Yeah, right. Don't turn into a troll. You can say, like, gosh, I know this looks really cute, but the downside is dot, dot, dot, right? Yeah, and unfollow those accounts. I know it sounds hard, but you have a lot of power as a follower in social media and you can actually up or downvote or increase or decrease reach of these messages based on the message that is being sent out there. And I think just raising awareness on how social media works, you know, we haven't kind of cracked what all the effects are. And this is another example of studying and learning some of those effects. Jen, what do you think? Well, you linked earlier, and it's be available in the show notes, a snake ID group that has been teaching people to be less afraid of snakes and to, you know, protect them to worry, learn the difference between what's venomous and not venomous. And I'm reading the story of people who like came into these groups afraid of snakes and left not being afraid of snakes. And I don't think I'm a big enough person to not be afraid of snakes. So I love that these things happen. Yeah, it's so interesting. So I love spiders in theory. I talk about them on twist constantly. But if I am face to face with a spider in my home, it's a problem. But recognizing that I have started following all sorts of entomologists on Instagram and spider specific accounts and all these sorts of things. And just by seeing them more, I have noticed my fear response decreasing because I am being exposed to these things normally. It's like exposure therapy. So yeah, it's so yeah. So actually, I would challenge you and say, follow some some herpetologists account, follow some snake Instagram and see if that changes slowly over time. Because there were people in the Scientific American article that you're talking about who are the same way as you. Like I don't want to join a snake group. I hate snakes, right? But it was joining the group in order to identify and know, well, which ones are the good snakes and which ones are the bad snakes that led these people to go, well, none of them are bad. I now understand that the venomous snakes aren't even necessarily going to kill me on site. They're, you know, I now know how to handle them. And now I don't fear them as much because I understand them better. And I think that's a better four for all of this is like once we actually understand more about the topics we're engaging with, we get less angry about them. We get less emotional because we understand them better. Right. So there's power on the side of the people sharing the information and there's power on the side of the people digesting it too. Yeah, absolutely. Turns out it takes a conversation. Yeah. Not just a village. You need the people in the village talking to each other. Well, that's excellent. Let's bring a little positivity to our heads, Jen. Tell us about solar power in our ears. I would love to. The BBC notes that Sweden's Urbanista partnered with Adidas on solar powered headphones last year. No, these aren't the first ever solar powered headphones, but they may be the best designed ones. The over here, the over ear headphones have a 1.3 millimeter thick solar panel made by Sweden's Exager built into the headband. The panel is made from titanium dioxide, which is about half as efficient as a silicon panel, but thinner and cheaper to produce. The panel charges a battery that can give 80 hours of playback on a full charge. Supposedly 20 minutes of English or Swedish summer sunshine will get you an hour's worth of playback. They can also charge off artificial light when they're inside. And if you get impatient, you can still charge them up from a wall socket. They're available now for $199.99. Urbanista also has a solar powered earbuds set called Phoenix with a solar panel in the charging case, not on the buds, coming later this year for $149.  Yeah, Canadian winter, I'm all set. It'll work. No, this is, this is good.  I feel like it's interesting that they have the earbuds coming up. I might be in for that. And the fact that they charge off natural light, you know, they charge better outside in bright sunlight, but they'll even charge off the indoor lights means that you might not really have to plug them in all that often. They're pretty comparable in price to AirPods also. Yeah. Yeah. Which seems like I'd be willing to jump on board for them. I was expecting them to be way more than that. Yeah. And the Verge did a review on these and said, like, you know, the sound quality of the specs of this is average, you know, they're not going to be the best headphones you can buy, but they're decent.  I don't know, might be worth a look. All right, let's check out the mailbag. Got an email from John said, you and Scott were talking about the guitar amp that was using machine learning to match the system performance by using pink noise. We have a research project with a university trying to apply this concept to mechanical systems. Yes, machine learning is amazing. In mechanical systems, this is called system identification. And the application of machine learning to this field is very new. I'm going to ask the professors to compare their work to this product that you guys talked about. Glad I heard about it on your show. John, that's exactly why we do this. So I'm very glad to hear that. John goes on, by the way, did you know that Johnson noise is a thing in electronics? You mentioned it in the pitch to Scott and I wonder if you knew about it already or it was just serendipitous alliteration and no, it's not Scott knocking something over in the middle of the night. Rather, it's the noise generated by the atoms wobbling due to being warm. We have to take this into account when designing analog circuits. Keep up the great work, your doubly boss, John. First of all, I did not know there was Johnson noise when I made that joke about Scott knocking something over and causing Johnson noise. And the fact that it's generated by atoms wobbling is mind blowing. I love that. It's very metal. Yeah. Well, it depends on which atoms. But it could be. Yeah. Well, thank you, Blair Mazderich for joining us today. It's a pleasure as always. Hopefully, we helped increase some animal understanding here. Let folks know where they can find more of what you do out there. Absolutely. I am on Twitter at Blairs Menagerie and mostly share animal things. Shocking. This week in science is my podcast. I'm on with Dr. Kiki Sanford and Justin Jackson. We are every Wednesday at 8 p.m. Pacific time on YouTube. And we also are everywhere you find podcasts. Also, I will give a plug that I am working on a calendar this year made out of all Legos. Say that again. Yes, my calendar for this week in science for this year is Lego based. So I'll share some photos when we're all done. Well, I have to build the calendar myself. No, no, it'll just be Lego illustrations. Yeah, here I have one right. Okay. Because if you watch the video of this of Daily Tech News Show, you'll see Blair's calendar. So cute. So it'll be like pictures of those. Yeah. Out in nature. Lego parrot. Can you include instructions? No. That's my artistic license. Yeah, security through security. Reverse engineer yourself, folks. You want to make that parrot? No, I can't wait for that. I love the twist calendar. It's one of my favorite things. It's one of my favorite year end rituals is getting the new calendar. I've got what do I got behind me today? Oh, it's the hammerhead shark. Yeah. Yeah, because it says great hammerhead. But when I read it, I always think get hammered.  Exactly. Yeah, every day, as soon as I walk in. All right, Jen, we got a new boss, eh? We do. We want to say thanks to our brand new boss, Adam. Welcome back, Adam. Thank you so, so much. Yay. This could be you tomorrow, folks. If you want to join up at the Patreon, you get access to the Discord, you get the bonus episodes, you get the longer version of the show. That's all available at patreon.com slash DTNS.  Good day, internet. We're starting momentarily. You can also catch the show live Monday through Friday, 4 p.m. Eastern 200 UTC. Find out more at daily technewshow.com slash live back tomorrow. Talking about Wi Fi 6 backhaul with Dave Hamilton and I as actor. Talk to you then. This show is part of the frog pants network. Get more at frogpants.com. Diamond Club hopes you have enjoyed this program.


this one, which is my favorite in a while, not just for the brevity, but of the wit comes from Eugene and Rachel Spagnolo, who writes, what does the US government do well? And then they add no easy answers, you know, take money, spend money, keep the job all off limits. So hard answers, Catherine, you must answer my anarchist friend and boss, what does the US government do well? And I'm going to go to edit this out of context and spray it all over the internet. Go. Thank you so much for that. Yeah, the way I read this question and then the first 10 answers that I thought of were ruled out by the new easy answers proviso. Here's, here's what I'm going to say. It runs elections pretty well. I know, I know it's a surprising answer, but I am taking kind of a world historical perspective here. And I think that the US government has done in its long history, and even with a slightly messier recent variations, a good job of running elections and handing power off to the next guy each time. And that is maybe the most important thing. So yes, this last one, tough times, but we all make an occasional mistake. And I still think that this is in fact something, again, from a world historical perspective, the US government is doing far better than most, maybe even well. I've never pegged you before as a contrarian, Catherine. So congratulations. This question was so hard for me, Matt, great to be on a curve. You know, nothing is an acceptable answer, Catherine. It's not. I really wanted to answer the spirit of this question. And that is truly my best answer.  Certainly, you can think of something. Yeah. So actually, I want to give two answers that are basically the same answer. And the first one is Operation Warp Speed. It worked. It was good. It was pretty inexpensive for what we got out of it. I would absolutely take more Operation Warp Speeds as long as they had the same impact per dollar or even anywhere close. Operation Warp Speed gave us a good COVID vaccine more quickly than we would have gotten it and distributed it more quickly than we would have gotten it without Operation Warp Speed.  But the Warp Speed part of it was pretty good. Here's the other thing that comes to mind that is the most worthwhile Canadian-initiative Washington, D.C. Beltway answer. But for the longest time, if you were a policy wonk type adjacent person, you worked at a think tank or whatever in the aughts. And you were asked, well, what is the one good government program? Everyone had the same answer. And it was PEPFAR. PEPFAR, the President's Emergency Plan for AIDS Relief. This was a George W. Bush. George Washington Bush. Sorry, George Washington Bush. That is the hidden, the unknown president. This was a George W. Bush program that spent some billions of dollars, actually quite a bit of money, but spent it reasonably well to help fight AIDS globally. And it worked. Like there weren't a huge amount of, there weren't a, there were not a lot of administrative and managerial problems with it. And it actually seemed to accomplish the goal that it set out to do, which was to reduce AIDS in the world in ways that there wasn't an obvious private market that was going to sort of come in and fill this gap. And so Operation Warp Speed, PEPFAR. Those are government programs that I'm just like not going to spend a lot of time complaining about. Yeah, sure, you could probably find in $90 billion of PEPFAR spending. Almost certainly there's a couple of billion dollars that probably shouldn't have been spent on something dumb. But overall, it worked pretty well for a government program. Like I'm going to give it a passing grade. Nick, I feel like Peter might have taken one of your answers. Am I right? No, he did not. But what I'm going to say is that what the government, if we include the courts as part of the government, which I think we should, it does a very good job of protecting speech. The Supreme Court in particular against mob rule and against insanity has actually consistently for basically all of my lifetime, you know, has worked to expand the sphere and severity of speech, more power to commercial speech, as well as political speech, as well as expressive speech. That's great. And I will also throw in the federal government. You know, this is a law which it's no longer quite as heated as it was even a couple of years ago, but people still tend to hate it, especially people in government. The creation of Section 230 as part of the Communications Decency Act helped the internet become what it has become. And I realize now everybody is against the internet and everybody is against user-generated content on the internet, blah, blah, blah, blah, blah, blah. Without Section 230, you know, we would not have had virtually any of this. These are the, you know, it's the internet's first amendment, as Jeff Kossiff and other people have talked about it. I think that's, you know, really great and really important. And just to bring it back to the Supreme Court, it's basically the one part of all of the Communications Decency Act that withstood the Supreme Court, which struck down most of the other stuff which would have regulated the internet like, essentially like a broadcast TV or radio channel. So the state has done a very good job of protecting free speech. I'm going to give my answer and then talk about some Google searching I did about the answer afterwards. But my answer is whenever I've talked about this before and been more like Catherine in a public space, people have come out of me and said, well, actually the National Oceanic and Atmospheric Administration does some pretty good science. So I want to give a shout out. I don't know if that's true, but a lot of people who are smart tell me and swear that that's true. Feels like the U.S. Weather Service does pretty good job out there just as a consumer. I don't have any complaints. I'm sure Len Gilroy has briefed against it somewhere, but like, oh, it seems like it seems like that's okay. You love those hurricane trajectory gifts, right? It's like that little it's like the dotted line, right? This is a big dad in socks and sandals energy in this answer here. Did you see my footwear? I think he's sitting on a lawn chair. No, the fun part of this was, okay, I did Google this morning. What does the federal government do well? And that was an interesting exercise for two reasons. One is that many of the first results of my search and it could be tied to my horrible, dirty, the searching history or something like that. But all the answers came from 2011. It's as if a lot of people in 2011 were saying, you know what?  And people are like, no, the government does good things too. So maybe that's where people started talking about the National Oceanographic, whatever the hell, administration. Man, I think it's also a time that you update your operating system. Maybe. Matt's whole internet is from 2011 and it's glorious there, honestly. You know what? The search worked a lot better in 2011. Google rot is a real thing. Live it, learn it, hate it. The other thing that I found quickly is this horrible site by the SEC, the security and exchange commission.gov, in honor of Public Service Recognition Week, which is totally a thing that exists in the world. And it is 50 ways government works for us. And I'm going to go ahead and say that I want to see this list with like Andrew Heaton do a repost after every single one of these. I'll just read a couple of, and this is ranked in order. Number one, social security payments help 51 million Americans. Peter. I'm not even sure you need Andrew Heaton to say anything. I actually think he could just read these and make faces. Oh my God, and brag. Okay, I'm just doing like a recent TV assignments here. Number two, college loan programs help millions who might otherwise not be able to afford higher education. Oh my God. Catherine. Three, the U.S. Postal Service. I swear to God. This is the ranks. Inspection programs help prevent mail fraud. By the way, those inspection programs, this is a completely under reported story, are routinely used almost as if they are section 702 because they can hold up your mail to this history store. You hold up the mail to light and look at it as long as they don't open it. And if they see anything suspicious, they'll share that with law enforcement without ever telling you without a warrant. That's what they do. That's number three. Everyone reading this list. Used to park in a park because he could do his route in like an hour and then we would always catch him either sleeping or reading playboys in the neighborhood park in his jeep. Yeah. Everyone reading this list. He's 106, but he's still working.  And it has one of the great reason headlines at least of my time here, post apocalypse. Oh, gosh, that's like. That is not a good headline. That's old school. That's a great headline. It's a 1990s. It's a 1990s headline. It's a 1990s headline. Like. Ott's pun headlines, which Nick and I did none of. Zero. That was 90s here. That was 90s. Number four. Peter, this is for you. Social security. You're not reading all 50. I am. No, I'm going to tap out at five. I'm going to go run around the block a couple of hundred times. Social security disability provides benefits if you become too disabled for work. Peter, that's exciting for at least the next five years. I'm very obviously eligible. Why is the SEC doing this? That's exactly it. They in their own top five? Like I have so many questions. I guess that's just honesty. I will throw a link up in the show notes. It's filled with those. Insert your own. I thought you were going to say it should be to the tune of the Paul Simon song, 50 Ways to Leave Your Lover. I'm not that obvious. The one I got to number 13 is where I'm like, okay, I'm glad this exists, anyways, which is, and that's the first one, bank regulations limit your loss to $50 if someone steals money from your account with your ATM card. They're probably odd and be a law for that, but whatever. I'm not unhappy that that exists, but that's number 13 on your list. Boy, I have so many questions. It's the greatest list in the world. Have these people ever heard of reinsurance markets? No, not the people reading this list probably. Fred, CEI Smith did not evangelize enough for the beauties of reinsurance. All right.  I really want to start by emphasizing the most fun we can make of them we should. At the same time, good leadership in government is something that we need, that there is a vacuum of. And if we treat it entirely as a joke as something that is just, that cannot possibly be good, then I think we are going to end up with terrible people who do not respect the office. We're going to end up in a situation like we have now where there is a real, a vacuum of leadership and seriousness in government. And it's a real problem. I mean, again, I'm not against making fun of this stuff. And I will continue to do it on this episode and every episode going forward. At the same time, this is just something that has really been sort of gnawing at me is looking at our leaders in America right now, especially at the federal level.  And both sides, right? Yes, yes. I mean, because. To be totally clear, this is not a partisan distinction. There is somebody like Alina Khan who thinks or an Elizabeth Warren, maybe who thinks the government should be doing everything. Yes. The government should be doing nothing, but both of them kind of come down on the side that government should be doing things badly. That was a clip from the latest episode of The Reason Roundtable. To watch another clip, click here. To watch the whole episode, click here. And make sure to subscribe to The Reason Roundtable. You'll be glad you did.