Welcome to Access to Trader, the number one community for those who are committed to taking control of their trading in order to achieve success, profitability, and longevity. Thank you for joining us. Here's Dan Shapiro to help you find your edge, master your process, and own your future. Hey guys, good evening everybody. Welcome to another edition of the Access to Trader.com nightly wrap up show. Hope everybody is doing well. Hope you had a great weekend. Hope everybody had a great trading day. We'll get to that in a second. Really good stuff today. Really, really good stuff today. If you are brand new to the channel, guys, thank you very much for tuning in. Thank you very much if you're brand new and finding us. All we ask is one little second of your time. Click a like button. It will help out the channel, subscribe, share all that good stuff, and hopefully we will continue to bring you good value. So a lot of things to wrap our heads around. I recorded the video, the weekend video on Friday afternoon. My daughter and son had 286 AU basketball games this weekend, so I didn't have a chance to kind of decompress over the weekend, but that was okay. We were prepared and that's the most important part. If you were watching the video, we had a very, very specific line in the sand for the bulls. If you watched the video over the weekend, you also knew, well, also know that there was a lot of news to digest. Again, Iran warned Israel that they were going to attack, right? They were going to attack over the weekend. Again, we didn't know how the market was going to react. We didn't know if there was going to be a tremendous amount of damage, a limited amount of damage or there was going to be no attack at all. And then finally somewhere around Saturday morning, Saturday afternoon, you saw the headline, there were missiles and drones and all that stuff being launched into Israel. And the first inclination that everybody thought was, well, this is it, right? You have the doomsdayers talking about this is the end of the world. This is now the start of World War III. Again, there's always the Antichrist speaking at some point. Again, I don't understand how you can go through life.  I don't understand how you can go through life wishing the demise of the human race, which is mind boggling to me. But hey, there are people out there like that. And again, I hope you find what you're looking for in life.  I think you'll be all right. But there's people like that. They started talking about the demise of the demise of the world, the start of World War III. And when the headline read in the afternoon, Sunday afternoon into Sunday evening, when the futures market started trading again, you realize that the majority of the missiles, the majority of the drones, they were a fail, right? They were a fail. They were knocked down. They were deflected, whatever the case may be. And the futures where the doomsdayers talking about that the market was going to go to zero today, the futures started climbing. Okay, they started climbing. And when you woke up this morning, you saw the Dow futures up 300, the Nasdaq futures up like 120, 130. And the question was, again, we talked about this in pre-market, we were super prepared for what happened next. We were sitting there and we're saying it's very, very tough to get excited about a gap and go. Because if you guys remember last week, right, every single time we had an inclination of a gap and we actually got above the intermediate range here, what happened the next day, right? The fear of a potential war scenario and knocked down the market. Okay, so the market was very, very gingerly going into today. And when you saw a lot of stocks gap up this morning, you saw a lot of stocks gap up into supply. We always talk about it. Anytime you have technical damage, especially the day before, and you gap into supply, you're probably, if you get long, you're probably going to lose money 95% of the time. That's the whole point. It's supply. And slowly but surely you started seeing more comments come out. You started seeing different scenarios being played out. You saw a headline this morning from Tesla. We'll get to Tesla in a second. And we saw a really good initial reaction to the Goldman Sachs report. So you had financials running pre-market. You had a little bit of sigh of relief from the Wall Street community in general, that there was no initial massive attack against Israel. And the next thing you know, slowly but surely stocks started giving it up. Now, keep this in mind, if you watch the video over the weekend, we discussed very, very important things. Okay. The market was cracking. The Dow and the IWM, this is going back to just the last night's video. Okay, well, Friday's weekend's video. The Dow cracked a week ago. Okay, we broke below the 50-day moving average. We were harping on the 50-day moving average all through last week and all through the weekend video. So we knew the diamonds, right? The diamonds were below supply. We knew the IWM was below supply. And the key going to today's session was we knew that on Friday, last Friday, the S&P, the spies and the QQQs tested the 50-day moving average once again and they bounced. The only thing that we didn't know was how was the market going to react today after, right? After the initial digestion of the news, were they going to start selling the market off? Because remember, again, the macro indexes started selling off a week ago, a week and a half ago, and now we were in really place with a big line of the sand, with a huge juicy line of the sand, both in the S&P and the Nasdaq.  If you watched this video at any time in the last two weeks, you know how important 435 was. I was basically screaming every single day. There's no room for interpretation. 435, 435, 435, 435. And you finally started seeing the Nasdaq go from up 130 in the day to going red in the day. And the next thing you know, you had a very, very big battlefield, battle lines drawn. That was the CPI lows. That was the April 4th lows. It was 435. And I said, again, like I kept on reiterating, 50-day, right? The 50-day is the start of a trend. Okay. It's not a small thing. It's not one of those things that go, ah, it'll be back. Okay. So we lost the 435 this morning while this afternoon.  Absolutely huge move. Here is the 435. What was the last time you saw an ETF, right? Get really hit that hard? That's what happens when you have technical damage and you miss on very, very key level of support. You give it up. You're going to have a lot of selling to, you know, to happen next. Now the question is, now that we have this big move here, we traded right to the next support zone, the question is what happens next? Let me break it down. So in 2022, we lost the 50-day moving average. What followed next is 90% of 2022, we were below the 50-day moving average. And we lost roughly 34% on the Nasdaq 100. Okay. This is now the first close. Okay. The first close underneath the 50-day moving average since the end of the last week of 2023. Judy, the first week of 2023. Does this mean now that the market is going to go down 20%, 30% from here? Not necessarily, right? Not necessarily. Because again, what we've done, we've seen and we witnessed in this type of scenario was that the Nasdaq has the ability to reclaim back the 50-day. Okay. It has to. Now, here's the problem. The longer we stay below the 50-day moving average, the higher probability that we are going to start getting exaggerated back down to the downside.  See the Nasdaq reclaim back that 435 later, like yesterday or at least today. Because the longer we build the base, the longer we build the ceiling below this 50-day moving average, the higher probability this line right here that was hit, right? This next demand zone. If it starts confirming in the next few days, again, who knows? Maybe we have a debt card bounce tomorrow. But the point is the longer we stay below the 50-day moving average, the higher probability that at some point in the next couple of days, we retest today's lows channel, we break below the channel, and then look how much room you have back down to the next support, which is roughly the 100-day SMA. And the point was me reiterating the point of that 435 level throughout of last week, we kept on saying, look, be prepared. We want you to be prepared.  Guys, technical analysis is real. It's very real. I don't know why people are in denial. It's very, very real. There's nothing random. Again, this is what we talked about on the weekend video. If you refuse to acknowledge that 50-day moving average was a big deal, then you're going to have a very, very big problem continuation underneath that 50-day through all its time won't stay below. So again, the best case scenario for the bulls, the market has a debt card bounce tomorrow and reclaims back that 50-day moving average, and everything is all good in the hood. The problem is the longer we stay, the higher probability we are going to hit, and we're going to get hit much more. So again, very, very important that the bulls in the next couple of days reclaim that 435 level, especially on the close, because if not, your yote was a first inning of what you're going to see for the foreseeable future. So it's very, very important for the bull case to reclaim back that 435 level. Same thing we talked about on the weekend video with the SPX. We talked about if it was going to lose 5107, right? If it was going to lose 5107, what was going to happen? Again, all you need to do is go back to the weekend video. We talked about these levels. This was basically my thank you for everybody tuning in. We were giving specific levels, majority on the QQQs, but we talked about the SPX as well. 5107 was the major line in the sand, and this was a massive move, guys. 5107 all the way down to 50-52. Again, any close now below 50-52, this is going to turn into a very, very aggressive move. So hopefully, you guys took advantage. If you're trading on the trading side over the weekend, all of you guys at the webinar, obviously we know what we did today, which is pretty neat. And the most important thing is now what do we do next, right? And obviously, you're going to go through a lot of charts. You're going to see a lot of broken charts. You can see a lot of charts that were strong and now are very, very close to breaking down. You're going to see a lot of charts already broke down and pretty much a mirror image of the QQQs and the S&P 500. And the key right now is to go with the trend, right, guys? Go with the trend.   We talked about over the weekend, if it starts breaking down below the 50-day to start hedging your portfolio if you are a permable. So hopefully, you guys listened to what I was saying. If not, again, it's not too late, but any bounce, any initial bounce will get stuffed into supply until the bulls start reclaiming back the 50-day moving average. So let's get to the pivots. Yeah, pretty good, man. Pretty good day. Let's start off with one that confirmed a couple of days ago. I came in short a runner on, we've been talking about Rivian now for a while. We came in short a runner from this $10 area. It's $840 on Rivian. This thing, it's one more day of selling. You could see a move sub-8. So this is great. This is really, really great. And then things started really escalating very, very aggressively. AMD 16182, I believe we talked about AMD on the weekend video. 6182, if it builds below, can flush. So here is AMD. It got below the 6180 level, went all the way down initially to like 59 and change, bounced back a little bit with the market. And now this is the lowest close in the whole formation. It went down about three, four bucks after the pivot. Again, we always talk about both sides, folks. We're not in love with the stock. We're in love with the ranges. And we don't care which way. In a weird way, it was actually good on both sides. In the beginning of the day, it got above 902, went about a little under last week's hive, about 907. But this was the big one in the afternoon. 875 is your downside pivot, and Nvidia got crushed.  It took out the 875. It took out last week's intermediate low and traded all the way down to 859. Just a huge, huge move on Nvidia. This was the massive one for me. I am still short overnight. We're getting into a juicy level for tomorrow, guys. Tesla, we had, again, two-sided pivot, 176 to the upside, 16850 to the downside. So that's where I got short of this 168 level. And this thing, this is now the lowest close in this whole formation. Here is the key. The January, February, March lows and the lows from two weeks ago were exactly the same number. All you got to do is look at the chart. It's exactly the same number. If Tesla confirms the March lows books, this thing is going to get just creamed tomorrow. If they give up those March lows, look at the weekly chart. Look at the weekly chart on this thing. If it gives up these weekly lows, you can see it a little bit more defined here. If it gives up these weekly lows, look how much room you have here. So Tesla is a huge line in the sand tomorrow. Absolutely huge line in the sand tomorrow on Tesla. It's running down another dollar after the close for all you guys who trade Tesla. Watch this macro level, folks. If this macro level goes, we saw today 160, 155s, 140s, 140s for short term exploration, 145s. So this is a heavy, heavy macro level coming up on Tesla for tomorrow. Here is Reddit. We talked about Reddit over the weekend video. 4172, if it builds below, can flush more. Here was Reddit. Oops, Reddit. Third time's a charm. Here was Reddit. Broke down below that 4172, traded out to 3960s. This thing looks lower, but this is the one, the creme de la creme de la creme de la creme, that everybody, again, everybody had this line in front of them. Everybody had the same information, the same chart data in front of them. The question is, did you pay attention to that level or you refused to ignore it? And now is the big, big move up the day sending the market into an absolute tizzy this morning whether this is this afternoon. 435, massive line in the sand. And here are the cues, right? Stocks trade from support and down to support, all the way down to the 430 level. So that's it guys. So hopefully everybody that watched the broadcast took advantage, put yourself in a position of strength for all you guys who are brand new to trading. Again, I don't care what opinions you have. It's not your reality, it's the reality you have. And this market, when things have good value, right? And the value gets confirmed, whether the upside or downside, there's a high probability that it's going to play out in that direction. Guys, have a great night everybody. God bless. Let's see what happens tomorrow. If we get a continuation of today's selling, we have a lot of really great value for tomorrow as well. Guys, God bless everybody. Have a great night and I will see you all tomorrow. Take care.


I'm Agis, I'm Antonio and I'm the CEO of a company called Covenso, so we are based in Belgium, already two and a half years, relatively new, but with quite some adventures, so we are 15 engineers. I would say that we are AI-driven software integrators in the sense that we combine knowledge engineering, some of the technologies, linked data. Recently, you will find us in high-cup integrators because we have started very discretely to do some machine learning adventures with the University of Brussels. Our projects, the last two and a half years, are around the labor market, the legislation. These are the two cases that I'm going to show later on, and we have started two experiments quite strongly on digital badges, based on the open badges and electronic portfolios, and with some future, let's say, wishes for blockchain technologies, which is quite a high place. In this perspective, I chose this heavy word to differentiate ourselves from research data. So whether they are production-based or whatever you might call it, we are not going to show things that have to do with research data. We are going to talk about linked data and open data that are applied in production-based systems. Unfortunately, or fortunately, the private sector is not very keen on open data. So industry here don't expect any manufacturing data and stuff like that. We are going to talk about the problem. But before doing that, and in order to prepare my story, let's say, in a better way, this is something, this is a photo and diagram that I used quite a lot, which shows that what amount of data is produced per minute. So four million views on YouTube, for half a million speaker feeds and so on, and the question is, while data is the king, open data is not such a good number. This is the open data bar meter, which shows with the red areas where data is really closed, with the green area where data is really open. So it's quite interesting to see that despite the fact that there is huge quantity of data generated every minute, a very small percentage, because you are going to see in the next slide, it's really important. If I would have prepared the slides after the first presentations today, I would have been even more transparent because the guys gave me a lot of hooks today, whether from the open data portal, the European data portal, especially the data tunnel, this reminds me of the old days, but that's another discussion. What I want to point out is that there are many, many criteria where you can say that my database is very open, not a lot of stuff. We focus on the two principles that already exist. The one is from the open data chart, about some years ago, and relatively new one, 2016, which was in the G20, in China in 2016. What these two principles say, that in the end, okay, open by default, of course, it's not rocket science, but comprehensive according to the open data chart. And if you see the fair, findable, accessible, reusable, interoperable, and this is the criterion that we are going to use throughout the presentation to show how fair are our opening. Findable and available. Okay, in 2015, I hope on that parameter, showed that from the quantity of data available online, only a small percent, 10% or around 12% was really open. And the now Arab shows the new report that has just been published, where you see that the open data has decreased, the open data is 7%. The machine readability has decreased 53%. While the good thing, of course, is that there is a 26% of the open license, which means that the barrier of using the proper open license is getting better and better. Accessible and usable, and just quoting the barometer, 23% of the data sets were relatively easy to find, 10% of all data sets we surveyed were not available in real charges. Only a quarter of the data sets we analyzed were available under open license, meaning licensing remained a big barrier for that image. Interoperability, something that we believe in, something that is not very easy to implement, because interoperability stems out of many, many criteria, but the institutions are producing more information, which is included in forms that are preventing data publishers and public users from communicating with one another in the data community. If the data is only available for interoperability, how can you communicate? The usability fixer, they are out here from what I saw, which is very nice report, which shows that the technologies are still unobstructed. Well, if you see how much effort is typically required to make the data reusable, a lot of effort, and some effort. So you see it's already quite a lot. And reusability, data is published in many forms, from disaster and mobs to interactive bubble charts, but the news cannot be used in bubble charts as we use on the paper. We're going to show, without marketing ourselves, but just very, very bad things, and I'm going to be quite fast because there's quite a lot of work that has been done in the last two and a half years out of these use cases. There are people who are approaching panaceas of control, architects and developers, we can start asking them to do that whatever you want. So we have two very interesting projects that we've worked on the last two and a half years. The logistical data in Luxembourg, which is basically open data, which is quite interesting in the system, and opening up the qualification data in Europe, which I'm going to describe in the next 10, 15 minutes. Open data sets are about the legislation. By the way, according to the barometer, you see legislation, machinery stability 14%, bulk uploads 66%. The best thing to show what we have done in order not to go, we had to make the red color green. An ecosystem of applications in the government of Luxembourg, we have not developed everything that we have developed, but we're part of it. Two basic distinctions. Back-end applications, that's a whole lot of cost. The back-end complicated stuff, from URIs to linked data, some of these ontologies, which must be transparent according to that very, very interesting data journalist, that must be transparent from the end user. So these back-end applications support the portals that are more user-friendly. But developers need flexible APIs. Developers need endpoints, we get a little bit technical here. And also developers need to know about the control mechanism which we call here of our details and so on. So an application, an application, a very nice supporting ecosystem of back-end and front-end applications. And of course, with some annotators here, because you always need to annotation, whether it is intact because I want to... The front-end portals, the goal was to open web applications to visualize and discover all sorts of looks and work use legislation. So facilitate the exchange of looks and work legislation, information between different stakeholders within the country but also across Europe. The back-end applications minus different pieces of the legislation by relevant ministries and organizations. So it's not one ministry, it's not one organization, it's let's say a set of minus stakeholders around this nation. Facilitating coding of legislative data for internal and open data usage. Share the information across different organizations when we hear about sharing. Of course, come up with ontologies, and there's a very interesting ontology that provides this sharing, provides the metadata, provides the richness, provides the labeling and all the stuff to do a very nice query on top of the last search and stuff like that. The second case is was and still is a little bit tricky because it has involved a lot of politics because it has to do with the member states. It's not only one country. Even one country is difficult but when you start 24, 26 countries it's getting a little bit more complicated. What was the idea? What is the idea of the European Commission? The National Publication Database is the cost metadata about qualifications and significations of every country that the member state of Europe. The EUF, the European Publication framework wants to more or less try to align the levels of the certifications. But how can you align when there are many countries, many players and when there are different semantics. So what would have been the best idea is first of all to convince the member states to open up their databases. Well, okay, open up a SQL database doesn't make sense unless you are defying it and so on. So opening up the databases, semi defying them, whether you choose the word amplify, scoshify, whatever and then start harvesting the metadata. The result. The result with two tangible things that we have developed the last two and a half years and metadata schema that describes everything around qualifications from the provenance side who is issuing from the application side who is operating from the context and content side what are the building blocks for the qualification and qualification and some parts of the workflow and so on. Once this common language, let's say, has been established, some crossworks with other existing schema types some really very, in a very good situation countries were done, then a register of registers, let's say or a qualification that a register was implemented is implemented so that it hosts the metadata of these qualifications. The idea, not hosting the qualifications per se but having a very powerful search engine first of all to search the data to the national qualification database that is opened and secondly to help the other states to publish their own characteristics should they have not finished with the qualification database implementation or because they just wanted to make some data publishing available quite soon. Third goal was to support the existing portals of the European Commission that has to do with qualifications and skills and jobs and activations basically the ESCO and the LLQ LLQ stands for learning opportunities and qualifications for them. The idea was, was, still is quite simple there are providers of qualifications from other states then private and working parties as well of course and there are consumers in this case the consumers are the two portals of the European Commission so an API which can just publish let's say the datasets to the portal but of course this can be expanded this can be expanded into providing search and user search functionalities. In the core, the QDR, the qualification data register standardized data by using standardized technical for much whether they are JSON, XML, RBF or whatever is supported at this moment there are validations there are validations we have started for fortunately as of even last year which is quite interesting as a commendation from the W3C and of course something very, very important missing in our opinion not from these projects but by the regime so data catalogs, data application profiles or other extensions of the data let's say in ocean are very, very fundamental for data publishers to start using in order to have version. Challenging, we went to the member states the last few years, visited 15 and for moving any plaques not that it's a problem everything you have to see the glass are full but there were some challenges regarding the level of technology the level of understanding we found that some countries were way ahead of what we would ever dream we can talk during lunch but we found some countries that well they were a little bit behind this so we had to prepare we were quite proactive I must say with the help of a commission basically we had to be proactive about changing documentation, slides, webinars whatever you can imagine in order to foster so we found countries that were already familiarized with linked open data software and we were part of that as the English could say we found also countries that were not that far but they had already created a centralized identifier scheme so we could do a crosswalk we could do mapping and that was really short well for marketing reasons I would say that we didn't have challenges but of course we have, everyone has challenges but the truth is that in our case of Luxembourg we only had some challenges which we were expecting and that made us not feel bored technology, not understanding because we are 16, 17 years developing let's say RAAF partners but for example there were challenges like legacy data that had to be transferred so scripting here scripting there which of course is a challenge but it's a nice challenge for nerdish people on the other project on the second project we had more let's say the understanding of technology as a sort of a barrier the implication that opening data meant and means which is very very important to understand and see how officials from the member states are either very positive or quite reluctant to open up the data all these two and a half years the project that we have done the lessons learned is that indeed, guys don't publish data on PBS if you really are fostering the usability of data not rocket science please add metadata so that you can make the data comprehensive and thus interoperable make them findable put intuitive links whether they are existing schema like schema.org or just some simple metadata that you define in a control vocabulary and publish the control vocabulary so that the people can understand don't take and transport around your data sets without updating the URLs encoding in URIs there is some stability so that you can make them accessible and use licenses really use licenses I might say three times but the most important is try to also start implement license conflict mechanisms I was also personally surprised last year when I found out that languages that in theory could handle or tools can be built on top of them exist already around 10 years now we believe we have seen it we have implemented it we believe that open standards and technology stacks are mature whether it's part of the new version or link data fragments or stuff like that are successful or not this thing can work so use them and I left in the end two very important things also the world hooks this morning about quality of open data even if which is not very regular I find the data sets open there to implement my use cases and my workflow which is not very public let's suppose I find the completeness the schema let's say compliance or stuff like that are not in there there are now some calling issues there is one from a researcher from AKSW in Germany Zaberek who has really implemented a very very let's say A to Z quality framework we should start using it but not least whether the EIF and the solution architecture templates or the European Commission sometimes are a little bit difficult to read they provide a very very nice first roadmap for interavailability ESA is working now already quite a lot of years let's help them by providing feedback this is where it all started that's all, thank you very much thank you very much for finishing a bit ahead of the schedule so we'll use some time for questions in the legislative sector what vocabularies are emerging from the typical vocabularies like Kavlingdor for example and well we use quite a lot of the ISAC vocabularies for example for legislative I mean the ISAC vocabularies are quite generic they're talking about location they're talking about service then we use some other vocabularies but still you know XML is around so some commandosional stuff like that they are already in there there were a variety of vocabularies I don't remember if the way SCOS was used I think there was a sort of parsing vocabularies SCOSMOS which I mentioned SCOSMOS in Polish or the text itself in the you know the structure, the background the idea, the direction then you have to look at the publications yes, publications like SCOS I don't know what you mean thanks but what leather are you looking to do that stuff in the versioning or somewhere else that's a good question can you consult a possible guy it's not and can you for Luxembourg it's mainly French so for Luxembourg it's mainly French at this point but for the other if there is a multilingual linking this in here should be linked you saw one layer which was versioning here and there you had the editing facilities but I thought that there you had also the link in English because this is on the map yes, the multilingual in the sense that if there are different language the same data set is in different languages then what we usually the so called language packs for example and then every language pack is a different data set and then the multilinguality is linked on the versioning level so because this is a different data set it's not the same data set we split them because you understand clearly what works on all the terms this will be very simple depends because there are so many terms yes it depends also on the way that you structure your taxonomy your cost taxonomy and the terms I mean there are different labels for example it's how you structure also your taxonomy and what do you put in memory and all this stuff I guess you have a model somewhere yes there are quite a lot of models on the website for SQL yes it is on the website which everything is open so we can provide you you looked at 15 different language dates but did you only look at the national level or did you also look at different languages below that for example or city well for example in Italy the regional it's quite complicated there are 21 regions that are behaving like 21 countries but whether we like it or not we had to address the regional also maybe in Belgium also there are some regions so of course needs to be in a national level doesn't work on a national level in all the countries so we have also to address the regional level so how would you link them to each other the regions for example well not a lot of linking in the sense that for example I have a very recent example they have implemented their qualification database which is called Atlanta they have as an ambition to foster Atlanta throughout all 21 regions but from what I know so far it's been heavily used by the Fremont region from the Romana region and 3 hours I don't remember so it's an ongoing thing I saw Trina is going about the same time I was going to add for the answer to the question the thing is that in every country they need to link the national qualifications and what is mandatory for them to link those qualifications to take the case of Belgium for example one for Flanders one for French speed in Belgium and one for the German so those institutions that are wanting qualifications they need to link those qualifications to one of those specific Fremont and then those qualifications are assembled by national all regions of Belgium and Fremont and then we retrieve those information from the databases but there is no even if there are regional qualifications they want there are not and they are not and the qualifications are not in the state for them yes we have one more session before lunch which is suggested if you have any other questions you it's very short very short two weeks ago after meeting out by the Flemish region Jean-Pierre Younger has announced that there will be a new European regulation imposing that once an information is available in one public institution anywhere in any country the other public administration will not be allowed to re-ask the question to the citizens but they will have to make a plan set how to find the information inside the program once and only principle yes that is do you see any link between that and open data? absolutely and I would say I see a link with this with linked open data maybe I'm playing with words but this is the reality absolutely thank you


My name is Russ Eads. I'm a senior emergency services coordinator with the Disaster Logistics Unit at Cal OES. That means we are deployed immediately for an emergency to start coordinating logistical support for people in need, people that have evacuated communities. I've been with OES almost four years. Before that I was with the Army National Guard. That's where I got emergency services experience. I made this board game where you're moving around pieces that represent ships and vehicles like fire trucks and police cars and you had to create a maritime bridge to support Los Angeles after a major earthquake. It was a great exercise and we're probably going to do it at least once a year now. Most Cal OES operations are logistics. When we get involved is typically when a community has to evacuate and we have to provide shelter, supplies like pots, pillows, blankets, food, water. Helping folks makes you feel great. I mean once you've had a job where you get to help people you never really want to go back to a job where you're not. I'm Russ Eads and I am Cal OES.


Welcome, everyone. Welcome to Options with Doug, streaming live daily at 1.30 p.m. Eastern Time on Bookmap Discord and the Bookmap YouTube channel. Before I go any further, let me go through the disclosures. General disclosure, all Bookmap 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 options involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. As a reminder, my presentation and the Options with Doug channel at Bookmap Discord is very focused and the focus is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading. The first step is planning and that is based on positional analysis. I look at how market makers and traders are positioned in the options market and then how those positions change from day to day to help develop a thesis regarding expected volatility, expected training range for the day, as well as a directional bias. Other traders use more traditional approaches like technical analysis or fundamental analysis and I use positional analysis. I think this is a new way of looking at the market that I believe provides a significant edge. The second step in my process is education. Once the market opens, I look at real-time order flow in Bookmap and market maker hedging flow with Spot Gama Hero to confirm my thesis and to find setups for the day. On-topic questions and comments are welcome and I will be watching chat in the Options with Doug chat and Bookmap Discord as well as the chat in YouTube. So again, on-topic questions or comments are welcome. Okay, that's out of the way. So today what I'm going to talk about is first of all some news. Go over the economic data that's coming out this week. The reason I do that is that does have an impact on price action as well as how traders and market makers may be positioned in the options market. And the data that is coming out this week is, there's still, there's plenty of data coming out, but nothing as significant as last week with the CPI report and the FOMC announcement. And hello Tom, welcome. Are you lost? Glad to see you. Okay, so let's take a look at some of that news. And first of all, this is the economic calendar for the U.S. United States for this week. And just want to quickly cover this. Tomorrow this is showing building permits at 8.30 a.m. as a high importance event, a high importance event. And I'm not so sure about that, but that's what this is showing anyway. And then on Tuesday, this consumer confidence out at 10 a.m. and that could have a short-term impact on price action. And then on Thursday there is the GDP, also this PCE, all coming out at 8.30. And then Friday there's another PCI report as well as durable goods. So a trickling out of data all week that could have an impact on price action. And as a trader it's important to keep up with that and be aware of it. So that is the news coming out. Now let's take a look at our positional analysis. And the first thing that I typically look at is the support and resistance levels. And these are shown on my ES chart here. And these are the, there's only one support level in play. And that is shown here at the, this is the SPX 3835 level. And that is the call wall. And I'll talk about that more in a minute. The significance is that is the call and the JP Morgan caller. So what I believe JP Morgan does is they sell a call to buy a put spread further down. So this is the JP Morgan call and the JP Morgan caller. And this is, this expires on December 30th. So that is the, that's the only support level that's in play so far today. And again a reminder last Friday was the monthly options expiration. And it was a big expiration and there were quite a few shifts in levels in the SPX and SPI. So I'll talk about those. First of all, and let's go take a look at the S&P 500 charts. So this is the absolute gamma levels. And this is showing first of all the SPX put wall shifted down to 3800 and from 3900. So as a reminder the put wall is the level with the highest net negative gamma. And can often act as support. And that's typically my expectation that that level will be support. And you can see these significant gamma levels on the put side below zero. Shown by these teal lines here from 3800 to 4000. And also as I mentioned the call wall also shifted down. And that was a significant shift down from 4000 to 3835. And that's the strike right here. So that is the strike with the highest net positive gamma. And it's pretty insignificant compared to these other levels. The big round numbers 3800, 3900. And then 4000 is still the key gamma strike or the absolute gamma strike. Now let's take a look at SPI levels. And this one thing to note here is the significant build in put positions. Really below 390 from 370 or primarily let's say 375 to 390. And just a couple of weeks ago there was a significant difference in the call positions. Now SPX and SPI have shifted much more towards a negative gamma part of the curve. So the market makers now have a negative gamma position. Meaning that traders are long puts, market makers are short puts, and they have to sell futures as price drops to hedge their delta exposure. So the shifts for SPI and actually the call wall shifted up to 410. And that looks like just a technicality to me based on the definition of the call wall. It's not really a significant strike. So the significant strikes now are 390 down to 375. And actually 380 is probably more of a road block getting to 375. And the SPI key gamma strike now is at 380. And that is the strike with the highest net absolute gamma. And if you recall last week I was talking about the potential for a Vanna rally on Monday that has been pretty typical this year in a negative gamma environment. Traders will, again traders are long puts, market makers are short puts, and on expiration Friday a lot of those puts go away, they expire. And then on Monday market makers can buy back their short hedges because they don't need them anymore as those puts have expired. Well that really, as we can see, the S&P 500 is dropping and that really didn't happen today. And the reason is that traders rolled out both their in the money puts and in the money calls out and strike so further out and strike and in time. And this was particularly heavy on the put side. So traders just rolled their puts out further out in time and further out in strike. So they have initiated new positions further out of the money and that is shown indicated by the drops in the put wall for SPX and the key gamma strike for SPI. And also one other thing to note the put wall for SPI is at 380 as well. One other thing is I pointed out there that 3,800 level was the large critical support line. And let's just go take a look at that again. And there's that 3,800 level and the corresponding 380 level in SPI. And now let's take a look at some data and a couple of things I want to point out here. First is the gamma notional and this indicates the market makers position on the gamma curve. So this is indicating again that market makers are in a pretty significant negative gamma position. Meaning again traders are long puts, market makers are short puts and they have to sell futures as price decreases and they can buy back those futures as price increases. So that tends to add to volatility. And one other thing to point out here is the implied moves for the week. And spot gamma is calling for, this is based on the SPX Monday reference price of $38.51. So this is about a plus or minus 100 point range for the week. And we can compare that with thinkorswim and we'll go to SPX. And this is showing right now by Friday expiration and this would be the weekly, so this would be the PM or Friday afternoon settlement, plus or minus 70 points. So a little bit less than what spot gamma is forecasting for the expected move for the week. And finally let's go to the Vanna charts. We'll take a look at SPX first. And for anybody new, what this is indicating is how market makers delta exposure changes as price implied volatility change and time passes. And what this is showing, this confirms the, this is typical of negative gamma environment. This just confirms that market makers delta exposure, delta notional increases as price falls and they have to sell futures to hedge their delta exposure. And it works the other way around as price increases, they can buy back those short futures. So again, that tends to increase volatility. And let's just take a look and see how that has changed over time. And just to point out the green curve indicates the delta notional how that changes with changes in implied volatility and the black line and that, so that's the Vanna effect. And then the black line shows how delta notional changes with the passage of time and that's the charm effect. So again, let's see how that has changed over time. A minor change from Friday and then a pretty significant shift from December 15th last Thursday. And let's take a look at SPI and the same shifts. So again, just another confirmation that market makers are on the negative part of the gamma curve. Okay, let's, so that's my positional analysis. And from that, that I conclude there's the expected volatility is about in line with Friday. So I'm looking for a wider trading range today and more volatility. And also based on the shifts lower in the put wall, call wall, and the key gamma strike for SPI, more of a bearish directional bias. Okay, so let's take a look at some setups now. And every day, every morning in bookmap discord, I post this watch list. This is my spot gamma hero watch list. And I rank it from the either the weakest signal to this or this to the strongest signal or the strongest signal to the weakest signal. And I meant to show this, this as well. So this is something else. This is the same watch list. And I also track how the key gamma strike changes from from day to day. So this is the key gamma strike for the previous day. So that would be from last Friday. And the red color indicates that that level dropped from the previous day. And green would indicate that there was that it increased from the previous day. So, you know, as you can see, there was a pretty significant shift lower on Friday with the key gamma strike for a number of these stocks.  And the significant thing here, I think, is noting the the shifts lower and spy. This was a shift lower on Friday and another shift lower on on today. And that is a I interpret that as bearish. Okay, now let's go take a look at at the list again. So this is this is part of my positional analysis. This is part of my part of my planning. And then let's take a look at that. So then right after the market opens, I usually post this. Maybe I try to post it 15 to 20 minutes after the open and I rank this list. And again, it's the same list mostly mostly large cap tech stocks with a few higher beta stocks thrown in there. And I'm ranking by the weakest signal to the strongest signal today and just want to make it clear. When I ranked this list from weakest to strongest, I'm looking for shorts. I'm bearish and I am looking for shorts. And then if I ranked it from strongest to weakest, I would be looking for bullish setups. So what this is showing is that spy, for example, here showing this red circle is the weakest that it has been in the last 30 days. And that's shown by this light gray slider here. And then the colored part would be the last five days. So the hero signal for spy is showing that hero is the weakest that it has been in the last 30 days and weaker that it has been in the last five days. So let's go through the list in that order. And again, I'm looking for shorts. So let's go take a look at. Spy Gaming hero right now. And by the way, there has been a release of a new version of hero that came out that is in dark mode. And I'm still using the old version here. And let me just check YouTube for questions. Oops, and I think I'm looking at the wrong thing here. Okay, no questions in YouTube, so I'll go ahead and proceed. So this is spot gamma hero. And this is showing market maker options trades and the resulting market maker hedging activity. And let's zoom in on this. So this is spy and it is showing traders are in the morning taking negative delta positions. And one thing to note is this is pretty typical behavior in spy is price take is at a high point for the day. Traders are selling that so they're they think that spy price is high and they are selling calls and buying puts. And then that behavior reverses often as price starts to drop. And they start here buying puts and a little bit later selling calls. So the this orange line is calls and the blue line is puts. And this is pretty typical in spy and it can lead to some good divergence setups. So that was that was the case this morning. Let's zoom in on this a bit. It looks so there was a nice divergence setup here and the entry points would have been just looking at this chart. We'll look at book map in just a moment here as traders were buying puts. And as they do that market makers are selling the puts and they have to either sell futures or in the case of spy they can sell spy shares. They're probably selling futures and then the next setup would be there. But spy SPX and ES are all versions of the exact same product. All right let's go take a look at book map now. So here's spy. Here's that first setup if you were fast enough. And then here's the the second setup and this purple line is the point of control. So the first reversal is at VWAP that that blue line light blue line here and the second reversal at point of control. And then another entry at the 383 level and the VWAP. So what I'm looking for is pullback entries. So I see the divergence the put divergence. That's the first step. Then I go to book map and I'm looking for an entry point for a for a short here again is the first entry point multiple entry points. And then I'm looking for a target and there it is the 380 put wall has been in play all day and notice the high liquidity at that level as well. And we can brighten that up just a little bit and you can see the high liquidity there. So the the targets were at this 35 level and then at the the primary target at the 380 put wall. So this was really about the best setup of the day and notice it was at the top of the list. So the you know things that that align using one of Tom's terms. So the things that align were first of all the falling key gamma strike. So key gamma strike falling from 400 on the 15th to 390 on the 16th to 380 today. So that's definitely bearish. And then the traders taking negative delta positions soon after the open and then you know finally this 380 put wall on the high liquidity there is as a target. So things lined up very well here for this setup. And you know this could have been traded any number of ways with with ES you know if you trade futures there's their setup. And what we'll see look we'll look at the that hero for ES in just a moment and it's very close to spy. So you could trade ES trade spy shares trade spy options or SP SPX options. So with the S&P 500 there are a number of number of ways to take a trade. All right let's go look at let's take a look at ES now and that's the next one on the list and pretty similar to spy. And that has been the case the last few weeks. And this is showing the combined trades options trades for SPX and spy and SPX does look a little bit different than spy today. And we'll take a look at that in just a moment. So you know one thing to point out again and this behavior is typical of the S&P 500 is as price falls traders start to take positive delta positions. So this is again pretty typical of the S&P 500. Traders are taking advantage of falling prices for example to let's see what they're doing. I would expect that there are selling puts yes. So the rising blue line indicates traders are selling puts and they're also buying calls. But again that behavior in the S&P 500 can lead to some some good divergence setups. While we're on the S&P 500 let's take a look at SPX and here as I noted the behavior has been different. So they have been selling puts from the open and then started buying calls a little bit later. So the again the ES signal is including both the spy and the SPX. Okay let's take a look at let's just go down the list. I moved Netflix to my other computer here so I'm not going to show that show that a book map. But there was a strong correlation this morning between the hero signal and price action and that did not last long. So not a lot of clarity in Netflix and I actually removed Rivenia from my Rivian from my watch list and added Moderna. And I'm showing Moderna on my main computer and we'll take a look at that in just a moment. So Microsoft here it is in spot game a hero and there was a very strong correlation between options trades and price action.  And let's go take a look at Microsoft in book map. So nice nice setup here in Microsoft and great liquidity targets down below at the 240 239 and 238 level. And let's just see if there's see what's below. And then 235 is the put wall. Microsoft might not be strong enough to get there today. And again I like pullback entries. Here's the first to the 243 level and then the reversal lower here at the VWAP and then a drop below the 242 level with the 240 as the first target. And now it looks like prices made it to the next target and then the next below is 238. Let's just go back to back to hero and take a look at that again. So traders have been taking negative delta positions all day. So the way I would interpret this is you can see this line sloping down price increases and just look for a bear setup bearish entry here. And let me check for questions in YouTube and JC what which instrument are you referring to? If it's if it's Microsoft here or I can use this as an example and this shows let me just zoom in on this so we get rid of this big block trade. And this shows that traders are buying puts and the the blue line is puts and a falling blue line means they're taking a negative delta position. And so they're buying puts and they're selling calls. So those are both negative delta positions. The question looking that and looking at this in the five minute five minute rolling window. Yeah, I can do that and it's pretty noisy. I normally don't don't look at the the five minute rolling window. It's just it's too jittery. Too much noise. I think this provides a lot more clarity the 30 minute this 30 minute look back period. But in the morning I typically keep it just keep it at the one day look back period. Then trading in the afternoon I would most likely switch to the 30 minute rolling window. All right, the next on the list is Apple strong correlation first thing in the morning up until about 10 o'clock, mainly with calls. So traders were selling calls. And let's go take a look at at book map now Apple. From what I see here the level and play the primary target is this 130 put wall. So traders that good good drop in the morning toward the put wall and then traders are starting to buy. Let's take a look at at hero again. And this is showing traders taking positive delta positions right around 11 o'clock and that stops the drop. And now they have reversed again and there looks like they're starting to let's change the look back period. So now it looks like they are mildly buying puts and selling calls. So good good short set up in the morning book map with that 130 put wall target. Not really in play today, most likely, but it might have been this morning with this nice drop and pull back entries to VWAP 134 133. And the first liquidity target there at 132 and then the primary target at the 130 put wall. And I'm going to skip over meta and it was really, we'll take a look at it in book map pretty choppy today. And there was some news, bearish news, negative news, I guess, regarding the EU. All right, so the next thing is let's look at Google. And I've got a few of these stocks on my other computer. And once I go through the stocks on my primary computer here, I will, we can take a look at some of those. So let's go take a look at hero for Google. So right now we're skipping over meta. There was nothing, nothing here really to see. And I'm going to skip all the way down to Google. We've already looked at SPX and we'll look at, we'll look at Disney after that. So this is showing a pretty strong correlation between options, trades and price action in Google. And let's break out puts and calls. And really there's been more correlation, at least in the morning. Let's zoom in on this in the morning with calls. And a little bit of a divergent setup here as traders started selling calls and then price followed just a few minutes later. And let's go take a look at book map again. And the order flow is, is pretty, pretty clear here. Trader selling at the opens, big sell sweep. And the first reversal lower point of control. And the second reversal lower at, in the absorption at 91, the liquidity there and point of control. And then the third reversal entry point lower at the, at VWAP. Not a lot of range in Google today. And that's, that's pretty typical. And the key delta strike, the 90 was a, was a target. And then the 89, 8950 and 89 liquidity next targets. And it looks like a nice liquidity target there at 88 down below. And let's take a look at Nvidia. Pretty choppy day in Nvidia. And let's just take a look at hero, pretty strong correlation with puts. And I'm going to, let's change this rolling window to 30 minutes here. And it's a little bit more clear. It's not always that way. But I think there were clear trades, especially spy and block and really stronger correlation with puts. And this looks like a nice divergent setup this morning. Let's zoom in on that. So first of all, traders are taking negative delta positions. And they price increases.  And then price starts to make a, start to make a lower high. And the last two that I want to actually, let's take a look at QQQ. So this was really no correlation up until about 1030. And then strong correlation. Well, actually no, a little bit of a correlation between options trades and price action from around 1030 to 11. But it looks like traders are definitely, this kind of looks like the SBX chart. Traders are definitely fading this move. So they're taking advantage of lower prices, mainly to buy calls. So they're buying calls and buying puts. So not a lot of clarity there to me. They were spy, the S&P 500 was a much better setup. And then Tesla, as usual, there's a very strong correlation between price action and options trades. And a stronger correlation with puts, at least in the morning. And this was a, like a pretty good sign to look for, look for a bearish entry. Let's go look at book map. So good signals here in order flow. A sweep up into the liquidity at 155. Then a pullback made a lower high to 154. And then the next pullback at 152 with a primary target or initial target at the 150 key gamma strike. And all that liquidity there. And then the next target would have been the 145 level. And I usually, again, when I'm looking for a signal, I usually, if I'm looking for a bear setup, I rank my list by the weakest of the strongest, I start at the top. So I often like to look at Tesla, but it was actually showing a pretty strong signal this morning. It was actually a great setup here in order flow, but it didn't really align with the strength of the signal. Then the last, let's just look at Moderna. Again, this is a new stock on my list. And let's take a look at Hero. And again, here are Tesla and Moderna on the bottom of the list with the strongest signals. And not a lot of clarity there up until, you know, let's say 945 to 10 o'clock. This is a large block trade in the morning that kind of confuses the signal. And some large trader was buying calls. And other traders took advantage of that. And they started selling the calls 945. All right, let's, I'm going to go to go to my other computer here. So bear with me just a moment as I share my screen. And Disney's the first one that I want to take a look at. And pretty weak stock today. Let's go take a look at Hero for Disney. And there's a very strong correlation between Hero and price action for Disney, mainly calls. So traders are selling calls. And that is a key part of driving price action. You know, from this, you could pick out a few divergent setups. And this was the, probably the best one right here, just around 1030. And let's go take a look at Bookmap. And that's shown right here. This reversal at VWAP and 88 with clear price targets down below at 87 and 86. Now I want to take a look at Block. And let's go take a look at Spot Gamma. It's way down here. But there was, you know, I thought a strong correlation here between price action and Hero. And a bit of a divergent signal here in the morning as Hero continued to drop. Price increased and set up the reversal lower here at 62. And let me check for questions in YouTube. And there's a question about why Tesla went down today yet had a strong Hero signal. Sometimes it just, you know, I guess it just works on that. It works that way. You know, the signal compared to the last five days and the last 30 days was strong. And for Tesla, that's not really saying much. It's been falling so much. You know, overall, though, in the morning, let's go look at Tesla in Bookmap here. You know, overall in the morning, it was still very weak. So even though compared with the last five days and last 30 days, Hero was strong. It's, you know, it was still weak enough. You know, we saw the, let's go to Tesla. You know, saw the strong correlation between Hero and price action and Tesla. So that list ranking is just a starting point. And sometimes generally, I would say it works out well. You know, sometimes it doesn't, even though, you know, here Hero is again showing a strong correlation both as price moves lower and higher. And why do I look at the weakest Hero signal for bearish plays? Because it works. That is, you know, I think the, I don't know, the natural, natural way to look at the list to me. The most logical way is to look at, start with the weakest Hero, Hero signals. Again, as a starting point for looking for shorts. Hope that answers your question. Again, that list is a starting point. And to me, it just makes the most sense. And it typically works very well. You know, the list, there were good bearish setups on every stock that we, that we looked at. Let me just go back to discord, see if there are any questions. And I don't see any questions. Again, just a quick summary for today. For the S&P 500, the anticipated Vanna rally, put Vanna rally, did not happen. Traders just rolled their puts down and strike and further out in time. And I thought the S&P 500, whether you chose to trade that and spy SPX or ES, provided the best signal this morning. Maybe not the highest range, but definitely the best signal. And stocks, there were some good short setups, but nothing like Friday. There was just, you know, I guess a bounty or a bonanza of great short setups. So anyway, you know, today, and we also looked at the expected trading range for the day. And I would expect volume to diminish as the week goes on. And, you know, you never, never can tell what's going to happen with price action in a negative gamma low volatility environment. But, you know, I would not necessarily expect for, expect trade anything like last week with the big news event. So anyway, that's what I have for today. And thank you for your attendance, your questions and comments. And I will see you tomorrow. Thanks again. Bye.


Hello and welcome to this session in which we will discuss the concepts of gains and losses in property transaction. Specifically we're going to be focusing on one aspect of this and this is called the amount realized. So whether you are a CPA candidate or an enrolled agent or an accounting student taking a tax course, the concept of gains and losses is extremely important in property transaction. So when you sell a property well you might have either a gain or a loss as a result of this transaction and it's very important that you distinguish between the realized gain and loss and the recognized gain and loss from this property. So we're going to have some of it will be realized and some of it will be realized and recognized. Well what happened if it's not realized and recognized it will be deferred. So the gain slash loss realized represent the amount actually realized. It means what actually happened. What's the actual gain or the actual loss. Now sometime this gain or loss may be recognized and what is recognized it means recorded. It means if it's a gain it's going to increase your taxable income. If it's a loss it's going to be a deduction. However the gain slash loss recognize indicate the amount that should be reported on the taxpayer tax return. As I just said if it's a gain it's going to increase your tax taxable income. If it's a loss it's going to deduct. To determine the gain and the loss we should first calculate something called the amount realized from a given transaction. So we're going to be focusing on this concept. What is amount realized because once you know what's the amount realized from that you can generate whether you have a gain or a loss. Before we proceed any further I have a public announcement about my company farhatlectures.com. Farhat accounting lectures is a supplemental educational tool that's going to help you with your CPA exam preparation as well as your accounting courses. My CPA material is aligned with your CPA review course such as Becker, Roger, Wiley, Gleam, Miles. My accounting courses are aligned with your accounting courses broken down by chapter and topics. My resources consist of lectures, multiple choice questions, true-false questions, as well as exercises. Go ahead start your free trial today. No obligation, no credit card required. So let's focus on the term amount realized. A taxpayer may dispose at means sell of a property through sale, trade and transaction, casualties, condemnation, theft, bond retirement and so on and so forth. This is when you get rid of something, when you dispose of something. The amount realized, the amount that you receive from the disposition should equal to the total consideration received in the exchange. So if you gave up something you're going to be receiving consideration in return. Well that consideration minus expenses you incur equal to the net sales, whatever you received in net sales. Now the consideration might include cash, usually it includes cash when you sell something you would receive cash. Also mortgage or loan transferred to the buyer. So if you have a piece of property and there's a mortgage against that asset and you transfer the asset and the mortgage simply put if you get rid of the mortgage, if the buyer assumes the mortgage, it's more money to you because you no longer have to pay this mortgage. They are responsible for paying the mortgage, the buyer. If you received any fair value of any services, well that's consideration to you. Fair market value of any property received. If the buyer pays any taxes on that property, all of those are consideration received which are included in the amount realized. Therefore let's take a look at the complete formula. Well, fair value of property received. So amount realized would include the fair value of any property received plus the fair value of any services received. Of course that's to you. Any taxes paid by the buyer on your behalf. Obviously the cash received. Basically the cash, I should have listed the cash first because that's the most important one. So those all going to increase your amount realized. Then if you paid any cash, it's going to reduce if you paid for any expenses. If there is any debt relief, debt relief means you no longer responsible for the debt. That's positive to you. That's amount realized. If you take over that, if you assume that as a result of this transaction, now you deduct it from the proceeds. If you assume that but if the debt is relieved, you are no longer responsible as if they pay for it minus any selling expenses and that's going to give you net amount realized. Now bear in mind the fair market value of any asset represent the value of that asset determined in an arm length transaction. What is that arm length transaction that's in contrast to related party arm length is when the transaction entered between two willing buyer and seller and neither is obligated to enter into this transaction in contrast to a related party transaction where the buyer and the seller can influence each other can dictate something other than fair market value of the transaction. Just keep that in mind. We'll talk about related party transaction later on. Let's take a look at an example. Bob sold Calvin a parcel of land under the sale contract. The two parties agreed to the following. Bob to receive 71,000 in cash and a note receivable in three years for 30,000. Calvin assumes Bob's mortgage. So Calvin took Calvin says, okay, don't worry, there's a mortgage of 7,000. I will assume that Calvin pays the realtor 6,500 on behalf of Bob. Calvin pays the entire annual property taxes of 5,000. Although Calvin's share is limited to 3,200, but he paid the whole thing. Bob pays a legal fees of 6,20. Calvin pays legal fees of 9,20. What we're going to do, we're going to determine how each item listed above affect the amount realized by Bob from the sale of the transaction in the adjusted basis in the property that Kevin acquired. Starting with Bob, the cash and the notes receivable received by Bob, which is the 71,000 and the 30,000. And the mortgage assumed by Calvin. Remember, Calvin assumed the mortgage of 7,000 as well as the realtor commission paid by Calvin also paid it on your behalf, 6.5,000, 6,500, would increase the amount realized by Bob.  The share of property taxes paid by Calvin on behalf of Bob, which is 1,800, because Calvin's share, only 3,200, would also increase the amount of realized by Bob. So we're going to have to add this 1,800 and Calvin basis in the property. The remaining property taxes will simply be deducted on Calvin's schedule A as itemized deduction. As far as for the legal fees, the amount paid by Calvin would increase his adjusted basis, which was 950 in the acquired property. Well, the amount paid by Bob would decrease the amount realized. Basically, this is legal fees. It's a minus. It's basically think of it as a selling expense. In cases where the sale of property occurred during a given tax year and the buyer pays the tax associated with that property for the entire year, the deduction of taxes is allocated in between the buyer and the seller based on the ownership period. And we would look at an example to illustrate this concept. Maggie sold a property to Sarah on March 9th, 2004 for 600,000. In addition, Sarah and Maggie agreed that Sarah would pay the annual real property taxes of 10,000 on October 1st of 2021. Well, determine the amount of property taxes that might be deducted by each Maggie and Sarah. Well, let's see. It's going to be prorated. Sarah paid the property taxes for the entire year. However, she's allowed to deduct on her income tax return the portion equivalent to her ownership period only, which goes from March when she purchased the property till December 31st. On the other hand, Maggie is allowed to deduct the remaining taxes on her income tax return. As such, the amount, let's look at the amount. We're going to prorate it. We're going to go 298 days divided by 365. This is the prorated amount multiplied by $10,000, which is 8,164. This is the amount here, 8,164. So basically what we did is we prorated the amount. Now the amount of taxes to be deducted by Maggie equal to this portion here, which is 65 days divided by 365 times the full amount, which is 1,836. So what they did is they prorated the amount based on their ownership period. How does the property tax apportionment affect each of Sarah's basis and the property? Well, Sarah paid Maggie 1,000 property taxes of 1,836. Therefore Sarah's basis on the property will equal to the amount that she paid plus, and she also paid in addition 1,836. It would be 601,836. It's also important to note that the remaining taxes paid by Sarah would be deductible on Schedule A. It's itemized deduction. However, the extra 1,836 increased her basis, and the other taxes will not affect the basis because she's supposed to pay those taxes. It's not part of the basis. Think of it as part of her annual tax expense. How does the property affect the amount realized by Maggie for the sale of the property? Well, the amount realized by Maggie would equal to the amount collected $600,000 plus the amount taxes paid on her behalf. Therefore, it's going to be $600,000 plus the 1,836. That's the amount realized by Maggie because she's supposed to pay the 1,836. Somebody paid it on her behalf. It's amount realized to her. Let's take a look at another scenario. Assume that property taxes were paid by Maggie. Now, Maggie paid them. Well, if Maggie paid the property taxes, her realized amount will equal to $600,000 minus the property taxes that she paid on behalf of Sarah, which was computed above $8,164,000 and Maggie's realized will be $591,836 because she paid the taxes on Sarah's behalf. In parallel also, Sarah's basis will be what she paid minus what Maggie's paid on her behalf, which will be lower $5,198,836. Now, let's talk about realized gain or loss. What is realized after we determine the amount realized? What we're going to do from that transaction will take the amount realized minus the cost and that's going to give us the realized gain or loss, which is the difference between the amount realized minus the cost. So, amount realized, which we were talking about, minus the cost will give us the realized either gain or loss. The calculation is summarized in this formula. Let me show you. Amount realized, which we talked about earlier up to this point, minus the adjusted basis of the property, which is the initial basis plus capital addition minus any cost recoveries, which is the appreciation and other capital deduction we spoke about in the prior session, which will give us the amount realized of gain or loss. Remember, although the amount realized, it doesn't mean it's taxable, nor it may not be deductible as well. We have to find out because that's the recognized part. Let's take a look at a few examples. Aiden sold equipment used in his business to Alvin for $40,000. He received $20,000 in cash and a property of a fair market value of $20,000. That's $40,000 in total. At the time of the sale, Aiden's equipment had an adjusted basis of $31,000. So, the amount realized is $40,000, adjusted basis is $31,000. You got it. We have a realized gain of $9,000, which is $40,000 in amount realized minus the cost basis. Example two, Angelo owns a building that's subject to a mortgage of $15,000. The building is sold to Larisa for $45,000 in cash. In addition, Larisa assumes the mortgage attached to the building. So, what happened is Angelo received $45,000. In addition to the $45,000, since Angelo is no longer for the mortgage, Angelo received in total $60,000. That's the total amount received by Angelo. So, the total amount realized by Angelo is $60,000. Now, we would compare this to the basis. We'll determine the realized gain or loss. Let's take a look at this example. On December 13, 2020, X3, Caroline sold an office building to Mark under a sale contract sign on the same date. The two parties agreed to the following. Caroline pays Mark cost of obtaining credit of $12,200. Sometimes that's the case. They have a cost to obtain the loan. Caroline said, you know what? No worries. I would help you with that because she wants to sell the building. So, she's trying to facilitate the process, $12,200. Mark pays $5,050 to Caroline in cash. That's the price that Mark is going to pay. Mark assumes her mortgage for $150. And if Mark assumes her mortgage, as if Mark paid an additional $150 to Caroline. In addition, there's the brokerage commission cost amount of $33,000. Determine the amount realized by Caroline from the sale of the transaction? Well, let's take a look. The amount of realized is $654,800. Let's see how it's computed. Amount of cash, that's pretty straightforward. Mortgage assumed by Mark, $150. The brokerage fee, $33,000 because the brokerage fee is paid by Caroline. We assume it's paid by Caroline. Caroline paid this. So, that's basically part of the selling expenses. Then she also paid the cost. Remember, she paid on behalf of Mark the cost to obtain the credit, $12,200. So, if you take all of those, you net them, should be $644,800, the amount realized. Now, we compare this to the cost, then we'll determine the gain or the loss. Now, recognized gain or loss? Again, what is recognized? It's mean that's the amount that's going to be listed. That's going to be listed on the tax return. So, if it's a gain, it's going to increase our taxable income. If it's a loss, great. It's a deduction. We like losses for tax purposes. The recognition of a realized gain indicate that the gain is taxable. A recognized gain is included in the tax returns gross income. In contrast, a realized loss indicate a tax deduction. It gets deducted, and it's reduced your gross income, which we like this. Again, we like this for tax purposes. Realized gain and losses are not always recognized. What happened if they're not recognized? They might be deferred. In some cases, realized gain or loss are simply deferred. It means we push them down the road at a later date, which result in a temporary non-recognition of a gain or a loss. And we'll see later on under what circumstances we do that. Later on means not long, not long from now. In other cases, realized gain may be non-taxable, and realized loss may be disallowed, which result in a permanent non-recognition of a gain or a loss. Sometimes the gain is never taxable, and the loss is never deductible. An example of disallowed loss is the loss on a personal use property. You don't, you cannot deduct personal use property. Don't confuse personal property with personal use property. For example, your personal car. If you sell it, you incur the loss. You don't deduct it. If you sell your furniture and incur a loss, you don't deduct it. The determination of recognized gain or loss is summarized in the following chart. So this is what we did up to this point. We started by looking at the amount realized, and we learned how to compute this amount, the consideration received, right? Then we take the consideration received and we deduct the adjusted basis from it. At this point, we either have a realized gain or a realized loss. Nor is realized and realized. It's either a gain or a loss. Now, if we have a gain, then we, we might have to defer some gain, which is non-taxable. And after we defer the gain, what's left is recognized. It means the taxable portion. Same thing with the loss. After we determine the loss, some of the loss might be disallowed or deferred, means deferred for later. And we're going to see later on what does it mean, deferred specifically. And whatever's left is the deductible amount, the amount that we like to have on the tax return. What should you do now? You should go to Farhat Lectures and look at MCQs. Look at additional resources that's going to help you in understanding this concept. Property transaction amount realized, deferred gained, deferred losses, those are extremely important concept that you need to have, you need to be aware of them inside out. Farhat Lectures is here to always help you. Good luck. Study hard. The CPA exam is worth it. And of course, stay safe.


Thank you. And before that, I would just want to thank the president of Mr. Bosdegh, the chairman of our Council of Administration, which is the executive body of the union. And to start with, the chairman of our post-op operation in Scotland, both of them made a long journey to come and join this day. So thank you to all of you. We had, two weeks back now, a very important comrades' dream, and I long to recognize the president of the United States of America, the President of the United States of America, the President of the United States of America. Today, this is a spirit, a spirit of multilateralism, but also the spirit of a sunny 1925 anniversary for me, to the cost of me, and to all the cost of me.


What's up you guys, welcome back to my channel. My name is Coach Coco and I love volleyball. So much so my channel is filled with tips, tricks, hacks and everything you could ever need to know about volleyball.  A lot of us are transitioning outside to grass and beach. And there are some things that you should do before you do that for just some safety tips. So I want you to always remain safe, healthy and happy. So with that I'm gonna give you some of my great recommendations for outdoor grass volleyball play. Let's get right into it. So if you didn't already know, I train volleyball players, which I do here in Charlotte, North Carolina. I make sure that I give them a recommendation list of things that they should bring with them when we start practicing outside in the grass. And I've been recently dabbling a little bit into grass volleyball. So these are some of the things that I think are really important, especially when you're transitioning to beach, which a lot of us are, and grass. So starting with that, some of these are just a little bit obvious, but I'm just gonna reiterate them because they're so important. And the first thing is a water bottle. Now because it is so important to have a water bottle or a refillable water container, especially when you tend to burn through so much energy when you're outside and the sun drains you, I have my water bottle here, I have a blender bottle. And my blender bottle, I think I got this at TJ Maxx for $7.99 or something like that. And it's refillable and BPA free. So especially when I'm outside and somebody maybe has one of those water tanks or there's a water fountain, I can just refill this water bottle and be able to keep drinking water throughout the entirety of practice so that way I can stay hydrated the entire time. So this is why I really love this water bottle. Also, if you don't have a water bottle, it's also important to get Gatorade or something that will replenish your electrolytes because the sun will burn those electrolytes from your body and then you'll be extra tired which you don't want, especially if you're at practice or you're playing with friends. So make sure to think about either a Gatorade or a Powerade, something that will replenish your electrolytes or get that water bottle where you can refill a water bottle. But regardless, you need to stay hydrated. After that, I bring my outdoor volleyball, not my indoor volleyball. So I've been thinking about filming a video on my outdoor volleyball collection. That has not been done yet. Oh, I'm sorry, my volleyball collection in general. That hasn't been done yet because I have maybe like 15 or 16 volleyball at this point. But this is one of mine that I recently just got. I just made a video on it and it's just, thank you. This is the Molten Beach volleyball. As you can see right here, boo boo. So the importance of the Beach volleyball is this volleyball is made differently than the indoor volleyball because the indoor volleyball is a little bit softer and material and we wanna make sure to preserve that. So that way it stays that way. The outdoor volleyball is made differently so that way it can be weather defensive and it can stand those harsher climates and that weather so that way you can use it for years to come. So looking at an outdoor volleyball is important because you want to have one that's gonna last you a long time, right? Not one that you take outside and then it's just. So this is why I like this volleyball, particularly not only because the colors are really cute, but because it's gonna last me a long time, especially when I start playing outdoor volleyball again. Next is one of the most arguably important parts other than the ball is the sunscreen. And this is the sunscreen, this is the beach defense. Let me see if I can zoom in on this. This is the beach defense by Nutrigina and this beach defense. I really like this because it's 100 SPF which is really, really important, especially when the SPF corresponds with how many minutes that the sunscreen is active. So I use this part, water and sun protection on my body but I use a different one on my face. So on my face I use a little bit different of an SPF because my face I have sensitive skin so I wanna make sure to take care of my skin and body because the sun ages your body and you don't want that because UV is bad for you. So this is what I use, it's also Nutrigina which is Hydro Boost. This video is not sponsored but they can sponsor me though. Hydro Boost which is the water gel lotion. I recently found this because what I have found with sunscreen is it tends to be goopy and it will get on your face and then when you start sweating it will sweat off your body. Have you had that happen? And people are like, yo, what is on your face? Yeah, no, I don't like that and it feels, it gets in your eyes, it burns but I found that this one works really effective because it is 50 SPF, it's broad sprectrift but what I really like is it's a gel, gel, gel. And it just, it goes right on under it all. I like this, I like this a lot. This is a gel, so awesome. And this is the Nutrigina Hydro Boost. It's a gel, I really like it a lot so. So that's why I think it's important to wear the sunscreen because you wanna make sure to take care of your skin especially when the sun's beating down because that tournament I did last year when I was outside and it was a grass tournament I swear it was like 98 degrees and I just was just listening in that sun. But you know what? Protect it because I had sun screen on. The next thing that is really important is sunglasses. You need to have someone kinda look at my refractory sunglasses.  Now a lot of people don't like playing with sunglasses but a lot of people do. I think it's important to protect your eyes, your body, all of that. So I recommend that you get a pair of sunglasses. They don't have to be funky like these ones but something that's gonna stay on your face and protect your eyes from the sun. Next is a visor. A lot of people like playing with visors are hats but this is my visor. I use this visor when I'm coaching. It's just a plain old Nike visor but I like that because sometimes I wear my puffs or I wear my buns but I just want something that when I can slip on my hair can stick out on the top. So this is my visor. I like this a lot. Some people prefer hats. My head is really big so I prefer a visor for obvious reasons. It's up to you. Just something to protect your face from the elements. Next because of obvious reasons I have a hand sanitizer and this is one of those little dangly attachments that I put to my bag. It's this little dangly attachment I put on my bag and I have it so I can refill it.  Almost last but I bring baby wipes with me.  So I bring baby wipes with me so that way I keep my hands absolutely clean and if I need to do something else between sets or something like that, I have baby wipes to kind of wipe that sand off.  This is why I always have these with me. But last but not least, my favorite, this is personal to me but it may apply to you is I bring some kind of chapstick. And this is the Vaseline lip therapy advanced. I used to be one of those cherry chapstick kind of girls but now I like this right here which is the Vaseline lip therapy because not only can I close the top but it really moisturizes it and it keeps me from getting cotton mouth because sometimes it's just, you know especially when you're outside and it's hot and when you drink a lot of water, it's kind of gross. So I try to keep myself moisturized at all times. Also one thing that I don't have in this video that I think you should bring is one of those small first aid kits because sometimes when you're out in the grass and the sand we're more privy to be getting injured which is like, you know, small cuts and bruises and it's important to keep those things clean so they heal properly. So I bring one of those little small first aid kits with you so that way you have all the protection you need from everything. So I really hope that this video was very helpful for you that you learned something that you didn't already know especially if you're starting to go out into that grass and sand area. I hope that you found some great recommendations for you for some products that you're looking for or maybe you weren't looking for but now you are. I have links to all of those products down below in the description box. Also I'm wearing my shirt so if you haven't seen my shirt my shirts are also down in that bar right there and I'm working on some Cocoa Valley merch. So I hope you're really excited about that because it's really coming soon and I wanna thank you guys so much for being subscribed to my channel that we have surpassed 113,000 that we have surpassed 113,000 of you guys. I am so blessed to be able to have each and every one of you who watch my channel who have come to me at different parts of their playing volleyball career at different points and stages of life. I am so happy that I am able to both give you volleyball advice and really help you on your journey and help you become great players and great people. So thank you for joining me here and I hope to make content for you guys as long as I can so that way we can both grow in volleyball and we can grow in life. So with that please like, comment, subscribe and I will see you guys next time.