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Benzinga PreMarket Prep 8:00AM ET- 9:00AM ET BenzingaTV on YouTube
Benzinga PreMarket Prep 8:00AM ET- 9:00AM ET BenzingaTV on YouTube
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00:00 All right. I did want to give us a little extra value today. I'll be quick about it, though. I
00:03 just, I did some little research for you guys on a trade idea that I've been thinking about,
00:08 and I've been waiting to have action on this. This is going to be on SoFi. Why? Well, just take a
00:14 look at this Google trend data that I found here, and this is for student refinance. So of course,
00:21 student loans are going to be coming back. What will people be thinking about maybe?
00:25 Refinancing that student loan. Well, look at the, this is the past 12 months. Of course,
00:30 no one's been thinking about this because forbearance had been on, but look at the recent
00:35 increase and look how it's at all time high right now in the last 12 months. You're seeing student
00:41 loan refinance. And of course, what's one of those providers that they'll be looking at?
00:45 Probably looking at SoFi. So I'm just mentioning this as a potential trade that could be happening
00:51 in the next couple of weeks and always like to bring you guys a little extra value here on
00:56 PreMarketPrep. So smash the like button for that. And what do you guys think a little bit about this
01:00 before we wrap it up? I'll just say you're at major support on SoFi, which is good news. It's
01:06 major support. It's got to hold that support. Below 771, I'd be stopping out of this thing.
01:12 So if you are going into it for a trade and you're in a really tough environment for going in for
01:17 looking at longs, but maybe we've come down enough that maybe there is an opportunity here. I mean,
01:21 this thing was 12 bucks or 11.70. Now it's eight. So there's an opportunity there. But I would say
01:26 if you're putting on any trades at support, support is support until it's broken. So don't
01:31 get stuck and all of a sudden it's down at 750. You're like, well, it's going to come back. And
01:37 then it's seven and six and then you get stuck. So if you want to put on for a trade, I'm with
01:42 you, Mitch. Don't let the trade become an investment here. I would say that. So seven,
01:46 your support and your stopout setting up this trade for you. Below 771, I want no part of it.
01:52 It's 765. I gave yourself a little bit of room, but I'd say below 750. Below 750, I'd absolutely
01:58 stop out of this. But maybe you get a pop, maybe the market turns, maybe you get a little relief
02:02 rally, but it's a tough market environment right now. It came down to support. I'll agree with you
02:06 guys on that. As far as the refining at current rates, I don't know about that. They might just
02:14 be like, ah, default bankruptcy. But yeah, technical setup for SoFi, building a support
02:21 at the $8 area. I'll go with you on that one, Mitch. All right. Last levels on the ES, Joel,
02:27 what are you seeing? What will you be focusing on? And then we'll get just a quick comment from
02:31 Dennis Thick. I don't know if it'll be that quick, but- We just got to get follow through
02:36 through the pre-market high, mosey our way into the 4,400 handle and get back some of these losses
02:42 for the week. Just potential tape bombs. I know someone was speaking at 850. There's some other
02:49 Fed speakers going on. There's like a 10 o'clock number. So I think it's going to be a quiet day.
02:55 If in fact, they come in selling this off the open and you take off the pre-market low,
03:01 then we got some room on the downside. So that's it for me.