Is It Possible to Make Millions While Trading Binary Options?

A Closer Look at Time Travel and Probability

Abstract — I discuss several models for assigning probability to timelines under the assumption that time travel is possible, but paradoxes are absolutely impossible, as is the case in many fictional worlds. The models are mathematically precise, and illuminate issues that have previously confused many people about what sort of timelines are "most likely". I discuss an example due to TimTravel in a old post on /HPMOR, then analyse whether time travel can be used to solve the halting problem. I outline how timeline probability may interact with physical probabilities, often used to justify physics "conspiring" or contriving a certain outcome to prevent paradox.
Total length: ~5000 words, or about 15-20 minutes of reading.
Edit: commenters have pointed out similarities between this and the Ted Chiang story, What's Expected of Us. The similarity was not intentional, but is undeniable.
Note: The text of this post has been revised in response to objections, and some commenters may be reacting to the initial version of my arguments.

Contents

Introduction

Let's say you're walking down the street one day when a wizard appears in a clap of thunder, and places a strange gray device of buttons and switches into your hands.
You're looking down at it, struggling to make heads or tails of it, and then you look up and the wizard is gone.
At the top of the device, there is a slider, already set to the leftmost extreme. Below it, two switches: a power switch already set to ON, and an stiff, unlabeled switch, the exact gray of the surface, rising so inconspicuously low off the surface you almost miss it. Below that, two LED buttons, both inactive.
Suddenly, the left LED glows blue. Confused, you press the button (it goes in with a satisfying click) and the light flashes off instantly.
Furrowing your brow, you decide to press the button again. The blue light quickly comes on while your finger's still moving, and it again winks out immediately as the button is depressed. You try pressing the button again and again, and each time the blue light turn on, seeming to predict or anticipate the button press.
Then, the other LED button glows red. You press it, and it turns off; several tries later, you conclude it behaves exactly the same.
You decide now to deliberately not press either button, even if the lights were to shine encouragingly. But nothing happens; neither light comes back on. You move your finger closer to a button, determined to arrest its motion at the last possible second. But the light doesn't come on, even when your skin is brushing the cool metal. You forget it and press the button. The light blinks bright blue milliseconds before you've even decided.
Now, you (you, dear reader, not the above character) have already read the title of this post. This is strange device sends information backward in time. Specifically, it sends a single bit back in time one second.
Or well, you fiddle with the slider, and notice it controls the interval; you can set it to one minute, an hour, or even a day.
All that established, it's time to test something. "Red is heads, and blue tails," you say. A coin from your pockets is flipping in the air until you catch it and slap it down on your wrist.
The device shines blue. You lift your hand. It's heads.
You push the blue button anyway, out of habit, the light flashing off. And then it hits you: you have to commit intently to pressing the right button even when (especially when) the device is wrong.
Another test: if the device shines red again, you'll press blue. But if it shines blue, you'll press still blue.
There's a noticeable delay before the device tentatively shines a light.
It's blue.
Call this act forcing. You can force the device to be red or blue.
You try the coin flip test just a few more times. Now, the device is always right, even if it seems to pause a random interval before shining a light.
The opposite of forcing would be splinting (after 'splinterpoint'). This is, pressing the button for whichever light comes on next, with no tricks and no conditionals.
Finally, the last thing you can do — for a broad notion of 'can' — is what we'll call crashing. This is: pressing the button of whichever light doesn't blink on. It's less that you can do this, and more that you can intend this, and reality responds to that.
You give it a try right now: you commit to crashing if your next coin toss doesn't come up heads.
You flip the coin, anxiously watching it's path through the air, catch it, slap it down on your wrist, spend a few seconds working up the nerve and then lifting your hand. It's tails.
You take a deep breath, and look expectantly at the device.
No light comes on. You're waiting for a few minutes.
And then it hits you; the device isn't binary, it's trinary. Sure, it can shine red or blue — but so too can it not shine at all! And if it either light leads to paradox, why would any light come on? The only winning move is not to play.
Is that it, then? Are your dreams of munchkinry doomed to fail? Was it just a coincidence that 'forcing' seemed to work earlier?
And then the red light comes on. You grin triumphantly, with not a little dread. You're about to destroy the universe! Before the implications catch up to, you're flinging your hand forward, jabbing it at the device. You don't want to lose your nerve.
You look down, and see that you missed, pressing the red button, rather than the blue like you planned.
Is this fate? Is the world itself conspiring to prevent paradox, just like in the stories? You want to give crashing another try, but the last thing you want is to wait those long minutes for the light to come on again. You glare down at the device, and then you notice the second switch. You'd almost forgotten about it.
You idly flick it, and immediately the blue light comes on.
It forces a prediction? Maybe your plans aren't doomed. You consider giving crashes another try, but maybe destroying the whole timeline is not worth the risk. You decide to spare the universe, and press the blue button.
You need to understand how this device works before you can really exploit it. And you have just the idea for another experiment. What if you splint, and if the splint comes out blue, you force blue again, but otherwise you just splint again. After two button presses, you turn off the device.
It's clear there are three possibilities: blue-blue, red-blue and red-red. But which are most likely?
You run this experiment a hundred times, and keep track of the results.
Call it the double blue experiment.
There are a few ways it could turn out:

Model A: Path Realism

It seems that consistent timelines are the only thing that matters. It's as if the universe has already set aside exactly the number of timelines there needs to be, and you're already in a certain timeline, you just don't know which one yet.
In the double blue experiment, there are three possibilities, and every one is equally likely. p(red,red) = p(red,blue) = p(blue,blue) = 1/3
You find it strange, as a follow-up experiment aptly demonstrates:
Splint once. If it comes out blue, force blue twenty-nine times. Otherwise, do nothing. Turn off the device.
On the face of it, it's crazy that you can even experience the second possibility. It's like winning the lottery half the time. Then again, maybe it's not so crazy? If you were to just force blue twenty-nine times, it's equally unlikely on the face of it; like flipping dozens of coins that all come up heads.
There's a weirder consequence, though. If you splint ten times, you can see any combination of reds and blues; red-blue-blue-red-red-red-blue-red-red-red and all the others, with uniform probability.
But if you splint ten times, and if and only if every splint came up blue, you splint ten more times, you'll find that the first set of splints come up all blue half the time!
This is easy to reconcile with path realism. There are 210 = 1024 through the ten splints. Each is as likely as the other.
But if you commit to doing ten more splints if and only if the first set comes up all blues, then there are 211 = ~2048 paths down the time-tree. If each is as likely as the other, then half of them are located under one branch!

Model B: Local Branch Realism

It seems that splints are basically coin tosses; it either comes up blue or it comes up red. The exception is if one of those options always leads to paradox. If you commit to causing paradox when the light shines blue, then it will always shine red. If you commit to splinting then crashing when the first splint comes out blue, then the splint will similarly always shine red.
The intermediate is more interesting: if you, as in the original experiment, splint and then splint again and crash if both splints come out blue, then half the time the first splint will come out red, but if the first splint comes out blue, the next one always comes out red. In numbers, the possibilities are p(red,red) = p(red,blue) = 1/4, and p(blue,red) = 1/2.
It's like the universe is a savescumming gamer: it saves to a slot to every time a time travel event is about to happen. If a paradox happens, it reloads from its saves on after another, finding newest one that lets it avoid the paradox.

Model C: Reroll Realism (or, Bayesian Branch Realism)

Edit: a commenter pointed out that this resembles Tim's model.
You're not sure if paradoxes really don't happen. You've looked at the numbers. What it suggests is that, rather than avoiding paradoxes, paradoxes could simply cause the universe to restart.
The stats from the double blue experiment don't lie: p(red) = 2/3, p(blue,blue) = 1/3.
Imagine you were simulating the universe. 1/2 the time, red comes up and you're just fine. 1/2 the time, blue comes up. 1/2 the time after that (for a total of 1/4 the time), blue comes again, and you've got a paradox on your hands.
What if you just, restarted the universe, and hoped it didn't happen again?
Well, there's a 1/4 chance it will. Since you have a 1/4 chance of restarting in the first place, that's 1/16 of the time you'll restart twice. Luckily, it's getting exponentially less likely.
Looked at another way, the odds of it coming up red is the limit of the infinite sum: 1/2 + 1/4 * 1/2 + 1/16 * 1/2 + 1/64 * 1/2 + 1/256 * 1/2 ...
This series converges on 2/3.
But there's another interpretation, with seems less like the work of a lazy programmer and more like something a statistician would come up with.
Suppose, as we must, that the timeline is consistent. What is the posterior probability of that timeline being red, given that 100% of red timelines are consistent, and 50% of blue timelines are consistent?
Or, in symbols:
P(red | consistency) = (P(consistency | red) * P(red)) / P(consistency) P(red | consistency) = (1 * .5 / .75) = 2/3 
Even more intuitively: you have four balls (timelines) you paint half of the balls red and half blue (splinterpoint), and you take away one blue ball (paradox). 2/3 of the remainder is red.
You'll recognize this as Bayes' Theorem.

Model D: Weighted Branch Realism

The reality is more subtle than you thought. It seems that, while you've never seen a paradox, if a branch has a path through splinterpoints that ends in paradox, that fact subtracts probability from the branch and gives it to its counterfactual sibling. This happens in Local Branch Realism too, but not to this degree: the very possibility that a time-path has a paradox however many days or years down the line always shaves some degree of probability, if only just a sliver; but naturally, that sliver increases as the paradox gets closer.
Thus, the results of the experiment are: p(red, red) = p(red, blue) = 3/8, while p(blue, blue) = 1/4 = 2/8.
You can see it clearer with a more involved experiment. Take your device and a sheet of paper and:
Splint, call this splint A:
  • if A is red, write "foo" on the paper
  • if A is blue, splint and call it splint B
    • if B is red, write "bar" on the paper
    • if B is blue, splint and call it C:
      • if C is red, write "baz" on the paper
      • if C is blue, crash
According to weighted branch realism, the probabilities look like: P(foo) = 20/32 = 5/8, P(bar) = 9/32, P(baz) = 3/32.
To understand this result, we have to define a notion of "static paradox fraction", or spf. If you intend to force blue, then the spf is 1/2. Why? To force blue you must (intend to) cause a paradox in the event that not-blue happens. Despite that fact that paradoxes never happen, static paradox fractions seems be a real quantity in Weighted Branch Realism. It is as if the device is looking at every possible and impossible timeline, and measuring which ones are paradoxical.
(Note that static paradox fractions are diminuted by splints. So if you splint and when the splint is blue you then force red, the spf of the first splint is 1/4, even if there is no second splint whenever the first is red. This distinguishes it from simply counting paradoxical timelines; 1/3 of the timelines are paradoxical, but a paradox behind a splinterpoint has lesser weight.)
Furthermore, let's have a notion of "intrinsic probability" or ip. The ip of both splint outcomes is 1/2, even if one of them is paradoxical.
Thus:
P(C = red) = 1/2 (ip) + 1 (sibling's spf) * 1/2 (sibling's ip) = 1/2 P(B = red) = 1/2 (ip) + 1/2 (sibling's spf) * 1/2 (sibling's ip) = 3/4 P(A = red) = 1/2 (ip) + 1/4 (sibling's spf) * 1/2 (sibling's ip) = 5/8 
To reiterate:
p(foo) = p(A = red) = 5/8, and p(bar) = p(A = blue)) * p(B = red) = 3/8 * 3/4 = 18/64 = 9/32, and p(baz) = p(A = blue) * p(B = blue) * p(C = red) = 3/8 * 1/4 * 1 = 6 / 64 = 3/32 
(Note for the pedants: normally, the ip is actually 1/3, and ditto for spf; we're ignoring that the device can not shine a light, because you can just flip a switch and force a light on. Even without the switching, committing to either turning the device off, or splinting endlessly once the the experiment is over means the probability of the device choosing to not shine drops exponentially while the alternatives remain constant.)
This model is somewhat unintuitive, because despite the name, it has more in common with Path Realism than the other two _ Branch Realisms. You can't emulate the probability distribution of WBR by running one timeline and restarting (either from the beginning (Bayesian), or from the nearest viable alternate splint (Local)). This is entirely the fault of a phenomena we can call "paradox by association"; in the foo-bar-baz experiment, in a certain sense, just as 1/8 of quasi-timelines are paradoxical because they end in crashing, 1/4 of the quasi-timelines ending in baz are paradoxical just because baz timelines are near to the paradox.
This accounts for the numbers: p(foo) is 5/8, 4/8 intrinsic + 1/8 from the paradox. p(bar) is 9/32: 8/32 intrinsic + 1/32 from baz's paradox by association. p(baz), lastly is 3/32 owing to loosing 1/32 from paradox by association.
(Why 1/4? Good question. There must be a reason, and it's clear this is the number that comes out of the equations. Alas, I'm not smart enough provide a reason in words and not symbols.)

Which Model is Best?

Path Realism and Local Branch Realism are both pretty wack. Path Realism discards all local information about plausibility, and allows munchkins to blow up the probability of their favorite timelines arbitrarily high. Local Branch Realism does the same thing from the opposite direction; wanton invocation of paradoxes intuitively should be penalized, but Branch Realism simply says I don't mind.
Between Weighted Branch Realism and Reroll Realism, I'm inclined to prefer the latter. WBR is the first I thought up, but RR is just more natural. It has two obvious interpretations, both things that anyone would come up with after thinking about it for a little while. WBR, in the other hand, is harder to conceptualize in terms of what mechanism would actually cause the probabilities to look like that (I've tried; the results are not pretty). "Paradox by association", while potential a fresh concept to use in a story, is a truly strange mechanism.
Now, how does the connect with TimTravel's ideas? Just as he proposed, it is, in some models the case that the most probable timelines are the ones in which time machines are never invented. In Local Branch Realism, this is not true (unless some bad actor arises in every single timeline and causes paradox. Time Beast, anyone?). In Path Realism, this is again never true without positing a Time Beast. However in WBR and RR, it's more or less true. In general, timelines with fewer instances of retrocausation are more likely, only because instances of retrocausation are a proxy for instances of paradox. Now, if paradoxes are rare, this argument would be weak. (But to be fair, most meaningful uses of time travel require copious paradox; it's the oil in the engine.)
That said, I believe it is admissible for a work to posit that the characters find themselves in the (slightly unlikely) timeline where retrocausation happens. After that, though, the principles constrain the probability space.

Example: The Time Thief Puzzle

In the somewhat flawed post which inspired this, TimTravel outlines a paradoxical puzzle:
Suppose Alice has a bag of money with a dollar on it. If anyone steals it, she'll go back in time and see who did it. Bob wants to steal it. He knows she has this policy. He decides he'll give himself the thumbs up just before he leaves the future if all goes well stealing it and she doesn't see him. If these policies are followed then it leads to a paradox, so something must prevent them both from simultaneously following their policies. Either Alice wins because Bob goes to the past without getting an honest thumbs up from himself or Bob wins because Bob sees the honest thumbs up and Alice doesn't go back and check who stole the money for some reason, or some third possibility prevents both.
There is no reason to think that either of them automatically wins in this situation. Timelines in which Alice wins should be about equally frequent as timelines in which Bob wins. Numerous characters have implicitly assumed that there is a reason to think one of them automatically wins in such situations.
We'll have to change this scenario a little bit to fit with the schema we've been using so far. (Besides, Tim's example is kind of unclear and it's not even obvious that paradox must occur in all permutations. If Bob doesn't get the thumbs up, wouldn't he not steal? Puzzle solved.)

Alice and Bob

Let's say that in the morning Alice has acquired a bag full of money from sources unknown, and has come to an arrangement with a shadowy individual: leave a dufflebag full of money with a dollar sign on it at a dropoff location, and in exchange, the individual will leave a limited print run of all eleven books of Worth the Candle at the same location.
Alice knows people want to steal that money, but part of the arrangement is that she can't be there guarding it when the shadowy individual arrives.
On Tuesday morning, the deal is still in its negotiation stage, and there are two places Alice can think of to arrange for dropoffs: atop the looming mountains outside of town, or deep into the mysterious catacombs below it. Both of these hiding places will take two hours to enter and two to leave. (Pretend the mountains have a rogue paramilitary that shoots down helicopters or something.)
Due to work obligations, Alice can only make the dropoff in the early morning, and return that evening to pick up the books.
Meanwhile, Bob, the thief, knows all this and certainly doesn't want to get caught. He can't go into either location until Alice has left, else he'll be seen. Lucky for him, that leaves a large window for him to do the deed.
Both of these characters have the same magical devices from the earlier section, and they'll naturally use them to ensure success; except, for obvious reasons, we'll call their predictions "catacombs" and "mountains".
Before she goes to hide the money at 5:00 AM, Alice consults her device for where to hide it.
Four hours after he has seen Alice leave, at 9:00, Bob consults his device to determine where she hid it. If the predict is wrong, he forces a paradox.
When Alice returns to get the money, at 17:00, if it's there, she confirms the location that the device advised. Otherwise, she presses the opposite button, forcing a crash via paradox.
What happens?
This requires introducing yet another notion.

Interlude: TIME FORCE

The TIME FORCE is any one in a billion freak accident that happens 100% of the time to prevent a paradox from occurring.
TIME FORCE is a quantum fluctuation that causes right neuron to misfire which butterflies into changing your whole decision. TIME FORCE is random air currents that causes a bird to fly by and drop a rock on the right button of the time-device. TIME FORCE is the lightning in the clear blue sky which spells out Do not mess with time in typographically perfect serifs.
There are a few things we can say about TIME FORCE.
Let's say that the general odds of TIME FORCE acting on a given person in a given second is extremely, astronomically unlikely. One in a billion, or one in a trillion sounds about right.
But from that, it follows that the odds of TIME FORCE acting over an interval of time is proportional to the length of that interval. (It's at least monotonic. Difficult/impossible to say how fast it grows.)
It also follows that the odds of TIME FORCE acting is increased if an agent is acting in concert with it, and decreased if they are acting in opposition, proportional to the efficacy of that agent. I.e., an agent is defending against TIME FORCE, or attempting to utilize TIME FORCE.
(consider: if Bob, after stealing, were to proceed to try to also steal Alice's device or persuade her to cancel her prediction herself (e.g., by faking a dire emergency which requires her foreknowledge to solve), then TIME FORCE would provide some boost to the probability of success.)
An obvious corollary to all this is that TIME FORCE is almost never relevant. If you had a bigger device that spat out 32 red/blue pairs at a time, you could predict the lottery without seriously worrying about TIME FORCE.
One common confusion which leads people to overstate the importance of TIME FORCE is the fact that parallel universes and timelines aren't necessarily the same thing.
Let's say you wanted to force a coin to come up heads. Turn on your device. Then, splint. If the result was blue, flip the coin. If the result was red, splint again. The idea is to have the device spawn as many timelines as possible. Pressing buttons (subtly) alters the configuration of your brain and muscles and the microcurrents of air in the room, and the hope is a certain combination of buttons at a certain rhythm is prod you into the right configuration to flip the coin heads. This is almost certainly true in this specific example, but if the coin is flipped before the device is turned on, time cannot help you. And if you don't have intimate control over the outcome, time cannot save you. E.g., if a meteor is flying towards your town, forcing a paradox if it hits true cannot avert its course. Of course, if you splint long enough, maybe the branches describe a powerful, quickly-createable, meteor-destroying technology in morse code. Or maybe it just spells out "You needed worth opponents," and you give up and let the asteroid take you.
(There is one slight exception, and this is where the different formulations of Bayesian Branch Realism and Reroll Realism differ. In BBR, the universe is posited to either A) know before splintering the posterior probabilities of each branch or equivalently, B) have so many timelines that destroy paradoxical ones leaves the distribution looking as it should. However, in RR, paradoxes are posited to cause the universe to restart from the beginning (or when the device was turned on). This means that in RR, simply flipping a coin and forcing a paradox if it's tails is all you need. That is, assuming quantum fluctuations making the coin heads is more likely than quantum making you decide not to crash, or failing to crash. Or dying instantly and having the wizard return to push the button.)
There's one last possibility, and that's if you posit that quantum randomness itself are biased by time travel, so each quantum measurement counts as a splinterpoint. I'm reluctant to do such, because the edict I've heard over and over again is that when worldbuilding, Do Not Mess With Physics.
I'm going to continue writing this article with the assumption that physical randomness is not biased by timelines. Extreme improbabilities are still extremely improbable, but, to mangle the quote, when you have eliminated the impossible, whatever remains, however improbable, must happen.

Back to Alice and Bob

So, with TIME FORCE in mind, what happens to Alice and Bob?
It's 4:50. Alice is sitting beside her bag of money with a dollar sign on it, her device in front of her. If the device shows 'catacombs', she intends to, when she returns from work, press 'mountains' in case her bag was stolen and she doesn't have her book, or otherwise she will confirm 'catacombs' (and vice versa).
She waits. And the device doesn't say anything at all!
It's well known that sometimes there are random delays before the devices spit out answers. Some users interpret it as an omen, suggesting that whatever you're asking is so likely to lead to paradox, time itself has to work up the nerve to allow it to happen; the theorized mechanism is 'paradox aversion', where in some models, the odds turn against timelines long before the paradox is even nigh. (But as far as Alice knows, no one has never proved which model they live in.)
She decides to buck superstition and conjecture, and reaches out to flip the switch which forces an output.
Record scratch, freeze frame. What happens next?
A) TIME FORCE intervenes before Alice can flip the switch.
B) Alice flips the switch, but TIME FORCE subverts the resulting prophecy. (I.e., the bag is stolen, but events contrive to have the incorrect button on the device pressed anyway.)
C) Alice flips the switch, and TIME FORCE subverts Bob's prophecy instead, sending him to the wrong location. Her bag is not stolen, and she happily reads the ending of WtC.
D) Alice presses the secret button, and TIME FORCE subverts both prophecies.
(Stop reading now if you want to try to work out an answer yourself.)
The correct answer is B, which is about three times more likely than anything else, barring unspecified details.
A requires TIME FORCE to act in the acute interval before Alice presses the button, which is at best a few minutes long.
C requires TIME FORCE to act in the four hour interval of 9:00-13:00.
D is the conjunction of A and C, and less likely than both.
B is the winner, because it only requires the TIME FORCE to act on the long, twelve-hour interval of 5:00-17:00
I think this goes even if timelines nudge physical probabilities. Exercise for the reader, though.
(((Now, one may object that this formulation bears little resemblance to Tim's example. My only excuse is that Tim's model was too unclear for me to formalize specifically. When I tried, I got this scenario:
First, Alice gets a prediction from the device: stolen, or untouched. Iff it says stolen, she waits to see who the thief is, and gets them. Else, she goes about her day, secure knowing her money is safe.
Then, Bob consults his device as to whether his theft would be successful: if it says yes, then either 1) Alice is there, catches him, and he triggers a paradox, or 2) Alice isn't there, he gets away, and she triggers a paradox later. However, if it says no, then he just sighs, and fucks off, no paradox to worry about.
Even if I missed something/misinterpreted TimTravel and this situation is paradoxical all four ways, it still follows that Bob will probably win (if not so overwhelmingly so) because he spends less time in temporal limbo where TIME FORCE might fuck with him.)))

Example: Hypercomputers?

It's clear that if one were to disassemble the strange device and hook up a few wires to its circuit boards to a computer, you'd create a hybrid device capable of advanced feats of computation. What is the exact strength of this retrocausal computer?
As mathematicians are wont to do, we will dispense with practicalities like having to use at most as much space as actually exists, or needing our computations finish before the heat death of the universe. Given all this, if we have an idealized retrocausal computer, a la the idealized turing machine, what can we do?
Let's try the halting problem, a classic test of strength. Say we have a computer program, and we want to know if it's ever stops running. Well, either it does or doesn't.
Consider a slightly different device, instead of red/blue leds, it has magic screen which can display any integer. (For models where it matters, the intrinsic probability of an integer n is equal to 2-k, where k is smallest number with 2k > n and k > 0.) It also has a numpad now, which allows the input of any integer.
With this device, to determine when a program halts, given that it halts, is as simple and looking at what number comes up on its screen, and running the program for that many steps. If it halts before then, input when it halted (causing paradox). Otherwise, input the number it gave you. Otherwise otherwise, cause a paradox via your preferred means.
If the program might run forever, things are trickier. What you can do is interpret the number the screen outputs as the index of a proof of (not) halting. This isn't sufficient, however, as no computably-checkable proof system can prove that any turing machine (never) halts, essentially by definition. But we can use the fact that if a program runs forever it doesn't halt: simply try over and over again until 1) you learn the program does not, or 2) the odds of it halting given that you found no proof is as astronomically low as satisfies you.
By construction, the odds of the screen outputing the right halting time decreases exponentially as the halting time increases. If the halting time is in the millions, it takes a several hundred trials before you have even odds of the screen having already spat out the right answer. If the time is in the billions, it takes several hundred thousand.
(Model-specific tricks can alleviate this quite a bit. In Path Realism, you can use the path blowup technique to increase the probability of the correct halting time coming up. In Weighted and Reroll, you can inflate the static paradox fraction to arbitrary heights, reducing the odds of false negatives.)
From ordinary turing machines, this is a difference in degree (retrocausal machines are better at it), but not kind (retrocausal machines can never decide whether a machine halts or doesn't).
Long story short, retrocausation can increase the efficacy of your computers, but you're still stuck at 0.

Applications to More Permissive Time Travel Models

Our device is quite limited, in the world of retrocausation. There are at least two stronger types of models:
  • Bound Time Travel: our system only sends information back in time, where most extant system allow entire persons to make the journey. While I strongly prefer this "prophecy" scheme to proper time travel (prophecy is simpler and more physically plausible, and opens up less strange cases), the evidence suggests that's not the prevailing taste.
  • Free Time Travel: In contrast to a Primer-style system where time travel is limited to when and where a machine exists, quite a few just let you pop out at old place and time. Again, this is not preferable to me because it doesn't allows limits to be as clear (a desirable quality for any rational system), but free time travel seems rather common. Cf. HP Time Turners, the very things which started this discussions.

Bound Time Travel

It's clear how our models transfer the bound case; proper time travel is basically sending a whole bunch of information at once. There's another hurdle though: can you tell from when a time travel comes?
With our red/blue device, the slider at the top puts an upper bound on how long the device waits for stablization. If the system allows this, then great! It means there's a clean cutoff point after which we know the timeline is stable or not.
Otherwise, you probably want to make probability proportional to how far in the future the traveler comes from; if you're uniformly selecting a person that could exist between now and the heat death of the universe (without grandfathering themselves, granted), it's probably not going to be you from two weeks hence, of all people.
There's a more interesting question this is avoiding though. What can we say about what will probably step out of the time machine, aside from whence it came?
Well, it's helpful to assume that there's an organization controlling and regulating time travel. There's some failure modes that would be cripplingly common. For instance, doppelgangers.
Temporal doppelgangers are a variation of the bootstrap paradox (i.e., self-causation), where a mutant version of your steps out of the time machine, finds current you, and forcibly alters your mind to replicate its own (anthropically, it must know how to succeed at this).
This seems pretty inevitable from the premise, and it provides a nice, fresh justification for "you can't interact with your past self". Not out of fear that it might cause a paradox, but out of fear that it won't. If your mind is randomly altered repeatedly, even by slight amounts each time, the results are quickly going to not be pretty.
Other than that, this scheme of time travel seems somewhat tractable; while the odds of any given arrangement of matter is a specific person with a specific set of memories consistent with the past and future of the extant universe is very very very low, there is some wiggle room, especially depending on the specifics of the time machine.
The assumption baked into our models is that, in effect, the time travel mechanism is plucking a random configuration of matter from possibility space. Most arrangements of matter, even restricting to the stable ones, aren't neat blobs of protein and water. And the most of the ones that are, are random goop!
Now, requiring that the configurations which arise in the past-time machine are exactly 1-1 equivalent to what enters the future-time machine is very tight requirement. I doubt bodies will be too much worse for wear if a few atoms are a few picometers off. And you can relax the requirement even further, allow what appears in the present to be "close enough" to its future equivalent, and increase the possibilities further. Of course, this will have ramifications; cancer, prions, strange tastes in the mouth.
The organization controlling the time machines could require that everyone who walks out of a time machine undergo a medical examination, and make most crippling ailments thereby paradoxical. (And, likewise for the dead bodies which can't walk out anyway).

Free Time Travel

Free Time Travel is the trickiest of all, but it has a few felicities in addition to all the extra warts. There's not necessarily authoritative time travel device (or an immediately plausible time travel agency) that you can stick in to stealthily add in extra conditions and assert nice properties.
With FTT, a time traveler could pop up anywhere, and at any time. Unless you add in a time agency that can monitor for new arrivals, there's nothing you can do about doppelgangers, unless you bolt 'no interacty with the past self' into the rules of the system somehow.
You probably shouldn't have location be conserved; requiring that you come out exactly where you came tightens probabilities too tightly. Allowing leeway puffs them up a bit. The same goes for concerns about exact molecular matching.
All those caveats aside, it seems as tho you can otherwise treat BTT and FTT similary to our toy examples, where they line up, showing the benefits of the simplification.

Conclusion

Well, that turned out much longer than I'd expected (or wanted). It feels like it puttered out here at the end, but I've said everything I set out to say and then some.
I hope this served to sharpen your intuitions regard time travel, and make precise things which were previously vague.
I would like to thank the nice people on the /rational discord for inspiring this line of thinking and providing the impetus to refine it.
Thank you for coming to my TED talk.
P.S.: worth mentioning that Tim covered much of the same ground as me in their initial post. My post is less a refutation to theirs than me working out my own solution to the problems they pose, as I didn't understand or believe all of their arguments.
submitted by endlessmoth to rational [link] [comments]

Wall Street Week Ahead for the trading week beginning March 9th, 2020

Good Saturday morning to all of you here on wallstreetbets. I hope everyone on this sub made out pretty nicely in the market this past week, and is ready for the new trading week and month ahead.
Here is everything you need to know to get you ready for the trading week beginning March 9th, 2020.

Wall Street braces for more market volatility as wild swings become the ‘new normal’ amid coronavirus - (Source)

The S&P 500 has never behaved like this, but Wall Street strategists say get used to it.
Investors just witnessed the equity benchmark swinging up or down 2% for four days straight in the face of the coronavirus panic.
In the index’s history dating back to 1927, this is the first time the S&P 500 had a week of alternating gains and losses of more than 2% from Monday through Thursday, according to Bespoke Investment Group. Daily swings like this over a two-week period were only seen at the peak of the financial crisis and in 2011 when U.S. sovereign debt got its first-ever downgrade, the firm said.
“The message to all investors is that they should expect this volatility to continue. This should be considered the new normal going forward,” said Mike Loewengart, managing director of investment strategy at E-Trade.
The Dow Jones Industrial Average jumped north of 1,000 points twice in the past week, only to erase the quadruple-digit gains in the subsequent sessions. The coronavirus outbreak kept investors on edge as global cases of the infections surpassed 100,000. It’s also spreading rapidly in the U.S. California has declared a state of emergency, while the number of cases in New York reached 33.
“Uncertainty breeds greater market volatility,” Keith Lerner, SunTrust’s chief market strategist, said in a note. “Much is still unknown about how severe and widespread the coronavirus will become. From a market perspective, what we are seeing is uncomfortable but somewhat typical after shock periods.”

More stimulus?

So far, the actions from global central banks and governments in response to the outbreak haven’t triggered a sustainable rebound.
The Federal Reserve’s first emergency rate cut since the financial crisis did little to calm investor anxiety. President Donald Trump on Friday signed a sweeping spending bill with an$8.3 billion packageto aid prevention efforts to produce a vaccine for the deadly disease, but stocks extended their heavy rout that day.
“The market is recognizing the global authorities are responding to this,” said Tom Essaye, founder of the Sevens Report. “If the market begins to worry they are not doing that sufficiently, then I think we are going to go down ugly. It is helping stocks hold up.”
Essaye said any further stimulus from China and a decent-sized fiscal package from Germany would be positive to the market, but he doesn’t expect the moves to create a huge rebound.
The fed funds future market is now pricing in the possibility of the U.S. central bank cutting by 75 basis points at its March 17-18 meeting.

Where is the bottom?

Many on Wall Street expect the market to fall further before recovering as the health crisis unfolds.
Binky Chadha, Deutsche Bank’s chief equity strategist, sees a bottom for the S&P 500 in the second quarter after stocks falling as much as 20% from their recent peak.
“The magnitude of the selloff in the S&P 500 so far has further to go; and in terms of duration, just two weeks in, it is much too early to declare this episode as being done,” Chadha said in a note. “We do view the impacts on macro and earnings growth as being relatively short-lived and the market eventually looking through them.”
Deutsche Bank maintained its year-end target of 3,250 for the S&P 500, which would represent a 10% gain from here and a flat return for 2020.
Strategists are also urging patience during this heightened volatility, cautioning against panic selling.
“It is during times like these that investors need to maintain a longer-term perspective and stick to their investment process rather than making knee-jerk, binary decisions,” Brian Belski, chief investment strategist at BMO Capital Markets, said in a note.

This past week saw the following moves in the S&P:

(CLICK HERE FOR THE FULL S&P TREE MAP FOR THE PAST WEEK!)

Major Indices for this past week:

(CLICK HERE FOR THE MAJOR INDICES FOR THE PAST WEEK!)

Major Futures Markets as of Friday's close:

(CLICK HERE FOR THE MAJOR FUTURES INDICES AS OF FRIDAY!)

Economic Calendar for the Week Ahead:

(CLICK HERE FOR THE FULL ECONOMIC CALENDAR FOR THE WEEK AHEAD!)

Sector Performance WTD, MTD, YTD:

(CLICK HERE FOR FRIDAY'S PERFORMANCE!)
(CLICK HERE FOR THE WEEK-TO-DATE PERFORMANCE!)
(CLICK HERE FOR THE MONTH-TO-DATE PERFORMANCE!)
(CLICK HERE FOR THE 3-MONTH PERFORMANCE!)
(CLICK HERE FOR THE YEAR-TO-DATE PERFORMANCE!)
(CLICK HERE FOR THE 52-WEEK PERFORMANCE!)

Percentage Changes for the Major Indices, WTD, MTD, QTD, YTD as of Friday's close:

(CLICK HERE FOR THE CHART!)

S&P Sectors for the Past Week:

(CLICK HERE FOR THE CHART!)

Major Indices Pullback/Correction Levels as of Friday's close:

(CLICK HERE FOR THE CHART!

Major Indices Rally Levels as of Friday's close:

(CLICK HERE FOR THE CHART!)

Most Anticipated Earnings Releases for this week:

(CLICK HERE FOR THE CHART!)

Here are the upcoming IPO's for this week:

(CLICK HERE FOR THE CHART!)

Friday's Stock Analyst Upgrades & Downgrades:

(CLICK HERE FOR THE CHART LINK #1!)
(CLICK HERE FOR THE CHART LINK #2!)
(CLICK HERE FOR THE CHART LINK #3!)

A "Run of the Mill" Drawdown

If you're like us, you've heard a lot of people reference the recent equity declines as a sign that the market is pricing in some sort of Armageddon in the US economy. While comments like that make for great soundbites, a little perspective is in order. Since the S&P 500's high on February 19th, the S&P 500 is down 12.8%. In the chart below, we show the S&P 500's annual maximum drawdown by year going back to 1928. In the entire history of the index, the median maximum drawdown from a YTD high is 13.05%. In other words, this year's decline is actually less than normal. Perhaps due to the fact that we have only seen one larger-than-average drawdown in the last eight years is why this one feels so bad.
The fact that the current decline has only been inline with the historical norm raises a number of questions. For example, if the market has already priced in the worst-case scenario, going out and adding some equity exposure would be a no brainer. However, if we're only in the midst of a 'normal' drawdown in the equity market as the coronavirus outbreak threatens to put the economy into a recession, one could argue that things for the stock market could get worse before they get better, especially when we know that the market can be prone to over-reaction in both directions. The fact is that nobody knows right now how this entire outbreak will play out. If it really is a black swan, the market definitely has further to fall and now would present a great opportunity to sell more equities. However, if it proves to be temporary and after a quarter or two resolves itself and the economy gets back on the path it was on at the start of the year, then the magnitude of the current decline is probably appropriate. As they say, that's what makes a market!
(CLICK HERE FOR THE CHART!)

Long-Term Treasuries Go Haywire

Take a good luck at today's moves in long-term US Treasury yields, because chances are you won't see moves of this magnitude again soon. Let's start with the yield on the 30-year US Treasury. Today's decline of 29 basis points in the yield will go down as the largest one-day decline in the yield on the 30-year since 2009. For some perspective, there have only been 25 other days since 1977 where the yield saw a larger one day decline.
(CLICK HERE FOR THE CHART!)
That doesn't even tell the whole story, though. As shown in the chart below, every other time the yield saw a sharper one-day decline, the actual yield of the 30-year was much higher, and in most other cases it was much, much higher.
(CLICK HERE FOR THE CHART!)
To show this another way, the percentage change in the yield on the 30-year has never been seen before, and it's not even close. Now, before the chart crime police come calling, we realize showing a percentage change of a percentage is not the most accurate representation, but we wanted to show this for illustrative purposes only.
(CLICK HERE FOR THE CHART!)
Finally, with long-term interest rates plummetting we wanted to provide an update on the performance of the Austrian 100-year bond. That's now back at record highs, begging the question, why is the US not flooding the market with long-term debt?
(CLICK HERE FOR THE CHART!)

It Doesn't Get Much Worse Than This For Crude Oil

Crude oil prices are down close to 10% today in what is shaping up to be the worst day for crude oil since late 2014. That's more than five years.
(CLICK HERE FOR THE CHART!)
Today's decline is pretty much a continuation of what has been a one-way trade for the commodity ever since the US drone strike on Iranian general Soleimani. The last time prices were this low was around Christmas 2018.
(CLICK HERE FOR THE CHART!)
With today's decline, crude oil is now off to its worst start to a year in a generation falling 32%. Since 1984, the only other year that was worse was 1986 when the year started out with a decline of 50% through March 6th. If you're looking for a bright spot, in 1986, prices rose 36% over the remainder of the year. The only other year where crude oil kicked off the year with a 30% decline was in 1991 after the first Iraq war. Over the remainder of that year, prices rose a more modest 5%.
(CLICK HERE FOR THE CHART!)

10-Year Treasury Yield Breaks Below 1%

Despite strong market gains on Wednesday, March 4, 2020, the on-the-run 10-year Treasury yield ended the day below 1% for the first time ever and has posted additional declines in real time, sitting at 0.92% intraday as this blog is being written. “The decline in yields has been remarkable,” said LPL Research Senior Market Strategist Ryan Detrick. “The 10-year Treasury yield has dipped below 1%, and today’s declines are likely to make the recent run lower the largest decline of the cycle.”
As shown in LPL Research’s chart of the day, the current decline in the 10-year Treasury yield without a meaningful reversal (defined as at least 0.75%) is approaching the decline seen in 2011 and 2012 and would need about another two months to be the longest decline in length of time. At the same time, no prior decline has lasted forever and a pattern of declines and increases has been normal.
(CLICK HERE FOR THE CHART!)
What are some things that can push the 10-year Treasury yield lower?
  • A shrinking but still sizable yield advantage over other developed market sovereign debt
  • Added stock volatility if downside risks to economic growth from the coronavirus increase
  • A larger potential premium over shorter-term yields if the Federal Reserve aggressively cuts interest rates
What are some things that can push the 10-year Treasury yield higher?
  • A second half economic rebound acting a catalyst for a Treasury sell-off
  • As yields move lower, investors may increasingly seek more attractive sources of income
  • Any dollar weakness could lead to some selling by international investors
  • Longer maturity Treasuries are looking like an increasingly crowded trade, potentially adding energy to any sell-off
On balance, our view remains that the prospect of an economic rebound over the second half points to the potential for interest rates moving higher. At the same time, we still see some advantage in the potential diversification benefits of intermediate maturity high-quality bonds, especially during periods of market stress. We continue to recommend that suitable investors consider keeping a bond portfolio’s sensitivity to changes in interest rates below that of the benchmark Bloomberg Barclays U.S. Aggregate Bond Index by emphasizing short to intermediate maturity bonds, but do not believe it’s time to pile into very short maturities despite the 10-year Treasury yield sitting at historically low levels.

U.S. Jobs Growth Marches On

While stock markets continue to be extremely volatile as they come to terms with how the coronavirus may affect global growth, the U.S. job market has remained remarkably robust. Continued U.S. jobs data resilience in the face of headwinds from the coronavirus outbreak may be a key factor in prolonging the expansion, given how important the strength of the U.S. consumer has been late into this expansion.
The U.S. Department of Labor today reported that U.S. nonfarm payroll data had a strong showing of 273,000 jobs added in February, topping the expectation of every Bloomberg-surveyed economist, with an additional upward revision of 85,000 additional jobs for December 2019 and January 2020. This has brought the current unemployment rate back to its 50-year low of 3.5%. So far, it appears it’s too soon for any effects of the coronavirus to have been felt in the jobs numbers. (Note: The survey takes place in the middle of each month.)
On Wednesday, ADP released its private payroll data (excluding government jobs), which increased by 183,000 in February, also handily beating market expectations. Most of these jobs were added in the service sector, with 44,000 added in the leisure and hospitality sector, and another 31,000 in trade/transportation/utilities. Both of these areas could be at risk of potential cutbacks if consumers start to avoid eating out or other leisure pursuits due to coronavirus fears.
As shown in the LPL Chart of the Day, payrolls remain strong, and any effects of the virus outbreaks most likely would be felt in coming months.
(CLICK HERE FOR THE CHART!)
“February’s jobs report shows the 113th straight month that the U.S. jobs market has grown,” said LPL Financial Senior Market Strategist Ryan Detrick. “That’s an incredible run and highlights how the U.S. consumer has become key to extending the expansion, especially given setbacks to global growth from the coronavirus outbreak.”
While there is bound to be some drag on future jobs data from the coronavirus-related slowdown, we would anticipate that the effects of this may be transitory. We believe economic fundamentals continue to suggest the possibility of a second-half-of-the–year economic rebound.

Down January & Down February: S&P 500 Posts Full-Year Gain Just 43.75% of Time

The combination of a down January and a down February has come about 17 times, including this year, going back to 1950. Rest of the year and full-year performance has taken a rather sizable hit following the previous 16 occurrences. March through December S&P 500 average performance drops to 2.32% compared to 7.69% in all years. Full-year performance is even worse with S&P 500 average turning to a loss of 4.91% compared to an average gain of 9.14% in all years. All hope for 2020 is not lost as seven of the 16 past down January and down February years did go on to log gains over the last 10 months and full year while six enjoyed double-digit gains from March to December.
(CLICK HERE FOR THE CHART!)

Take Caution After Emergency Rate Cut

Today’s big rally was an encouraging sign that the markets are becoming more comfortable with the public health, monetary and political handling of the situation. But the history of these “emergency” or “surprise” rate cuts by the Fed between meetings suggest some caution remains in order.
The table here shows that these surprise cuts between meetings have really only “worked” once in the past 20+ years. In 1998 when the Fed and the plunge protection team acted swiftly and in a coordinated manner to stave off the fallout from the financial crisis caused by the collapse of the Russian ruble and the highly leveraged Long Term Capital Management hedge fund markets responded well. This was not the case during the extended bear markets of 2001-2002 and 2007-2009.
Bottom line: if this is a short-term impact like the 1998 financial crisis the market should recover sooner rather than later. But if the economic impact of coronavirus virus is prolonged, the market is more likely to languish.
(CLICK HERE FOR THE CHART!)
Here are the most notable companies (tickers) reporting earnings in this upcoming trading week ahead-
  • $ADBE
  • $DKS
  • $AVGO
  • $THO
  • $ULTA
  • $WORK
  • $DG
  • $SFIX
  • $SOGO
  • $DOCU
  • $INO
  • $CLDR
  • $INSG
  • $SOHU
  • $BTAI
  • $ORCL
  • $HEAR
  • $NVAX
  • $ADDYY
  • $GPS
  • $AKBA
  • $PDD
  • $CYOU
  • $FNV
  • $MTNB
  • $NERV
  • $MTN
  • $BEST
  • $PRTY
  • $NINE
  • $AZUL
  • $UNFI
  • $PRPL
  • $VSLR
  • $KLZE
  • $ZUO
  • $DVAX
  • $EXPR
  • $VRA
  • $AXSM
  • $CDMO
  • $CASY
(CLICK HERE FOR NEXT WEEK'S MOST NOTABLE EARNINGS RELEASES!)
(CLICK HERE FOR NEXT WEEK'S HIGHEST VOLATILITY EARNINGS RELEASES!)
Below are some of the notable companies coming out with earnings releases this upcoming trading week ahead which includes the date/time of release & consensus estimates courtesy of Earnings Whispers:

Monday 3.9.20 Before Market Open:

(CLICK HERE FOR MONDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Monday 3.9.20 After Market Close:

(CLICK HERE FOR MONDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 3.10.20 Before Market Open:

(CLICK HERE FOR TUESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 3.10.20 After Market Close:

(CLICK HERE FOR TUESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 3.11.20 Before Market Open:

(CLICK HERE FOR WEDNESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 3.11.20 After Market Close:

(CLICK HERE FOR WEDNESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 3.12.20 Before Market Open:

(CLICK HERE FOR THURSDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 3.12.20 After Market Close:

(CLICK HERE FOR THURSDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Friday 3.13.20 Before Market Open:

(CLICK HERE FOR FRIDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Friday 3.13.20 After Market Close:

([CLICK HERE FOR FRIDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!]())
NONE.

Adobe Inc. $336.77

Adobe Inc. (ADBE) is confirmed to report earnings at approximately 4:05 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $2.23 per share on revenue of $3.04 billion and the Earnings Whisper ® number is $2.29 per share. Investor sentiment going into the company's earnings release has 81% expecting an earnings beat The company's guidance was for earnings of approximately $2.23 per share. Consensus estimates are for year-over-year earnings growth of 29.65% with revenue increasing by 16.88%. Short interest has decreased by 38.4% since the company's last earnings release while the stock has drifted higher by 7.2% from its open following the earnings release to be 10.9% above its 200 day moving average of $303.70. Overall earnings estimates have been revised higher since the company's last earnings release. On Monday, February 24, 2020 there was some notable buying of 1,109 contracts of the $400.00 call expiring on Friday, March 20, 2020. Option traders are pricing in a 9.3% move on earnings and the stock has averaged a 4.1% move in recent quarters.

(CLICK HERE FOR THE CHART!)

DICK'S Sporting Goods, Inc. $34.98

DICK'S Sporting Goods, Inc. (DKS) is confirmed to report earnings at approximately 7:30 AM ET on Tuesday, March 10, 2020. The consensus earnings estimate is $1.23 per share on revenue of $2.56 billion and the Earnings Whisper ® number is $1.28 per share. Investor sentiment going into the company's earnings release has 57% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 14.95% with revenue increasing by 2.73%. Short interest has decreased by 29.1% since the company's last earnings release while the stock has drifted lower by 20.3% from its open following the earnings release to be 12.0% below its 200 day moving average of $39.75. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, February 26, 2020 there was some notable buying of 848 contracts of the $39.00 put expiring on Friday, March 20, 2020. Option traders are pricing in a 14.4% move on earnings and the stock has averaged a 7.3% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Broadcom Limited $269.45

Broadcom Limited (AVGO) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $5.34 per share on revenue of $5.93 billion and the Earnings Whisper ® number is $5.45 per share. Investor sentiment going into the company's earnings release has 83% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 5.65% with revenue increasing by 2.44%. Short interest has decreased by 15.6% since the company's last earnings release while the stock has drifted lower by 15.3% from its open following the earnings release to be 7.7% below its 200 day moving average of $291.95. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, February 25, 2020 there was some notable buying of 1,197 contracts of the $260.00 put expiring on Friday, April 17, 2020. Option traders are pricing in a 11.1% move on earnings and the stock has averaged a 4.9% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Thor Industries, Inc. $70.04

Thor Industries, Inc. (THO) is confirmed to report earnings at approximately 6:45 AM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.76 per share on revenue of $1.79 billion and the Earnings Whisper ® number is $0.84 per share. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 16.92% with revenue increasing by 38.70%. Short interest has decreased by 12.9% since the company's last earnings release while the stock has drifted higher by 5.4% from its open following the earnings release to be 12.0% above its 200 day moving average of $62.53. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 6.3% move on earnings and the stock has averaged a 8.1% move in recent quarters.

(CLICK HERE FOR THE CHART!)

ULTA Beauty $256.58

ULTA Beauty (ULTA) is confirmed to report earnings at approximately 4:00 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $3.71 per share on revenue of $2.29 billion and the Earnings Whisper ® number is $3.75 per share. Investor sentiment going into the company's earnings release has 73% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 2.77% with revenue increasing by 7.78%. Short interest has increased by 8.7% since the company's last earnings release while the stock has drifted lower by 0.1% from its open following the earnings release to be 9.5% below its 200 day moving average of $283.43. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 15.3% move on earnings and the stock has averaged a 11.7% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Slack Technologies, Inc. $26.42

Slack Technologies, Inc. (WORK) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, March 12, 2020. The consensus estimate is for a loss of $0.06 per share on revenue of $173.06 million and the Earnings Whisper ® number is ($0.04) per share. Investor sentiment going into the company's earnings release has 67% expecting an earnings beat The company's guidance was for a loss of $0.07 to $0.06 per share on revenue of $172.00 million to $174.00 million. Short interest has increased by 1.2% since the company's last earnings release while the stock has drifted higher by 19.0% from its open following the earnings release. Overall earnings estimates have been revised higher since the company's last earnings release. The stock has averaged a 4.3% move on earnings in recent quarters.

(CLICK HERE FOR THE CHART!)

Dollar General Corporation $158.38

Dollar General Corporation (DG) is confirmed to report earnings at approximately 6:55 AM ET on Thursday, March 12, 2020. The consensus earnings estimate is $2.02 per share on revenue of $7.15 billion and the Earnings Whisper ® number is $2.05 per share. Investor sentiment going into the company's earnings release has 76% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 9.78% with revenue increasing by 7.52%. Short interest has increased by 16.2% since the company's last earnings release while the stock has drifted higher by 1.8% from its open following the earnings release to be 5.7% above its 200 day moving average of $149.88. Overall earnings estimates have been revised higher since the company's last earnings release. On Friday, February 28, 2020 there was some notable buying of 1,013 contracts of the $182.50 call expiring on Friday, March 20, 2020. Option traders are pricing in a 9.2% move on earnings and the stock has averaged a 5.7% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Stitch Fix, Inc. $22.78

Stitch Fix, Inc. (SFIX) is confirmed to report earnings at approximately 4:05 PM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.06 per share on revenue of $452.96 million and the Earnings Whisper ® number is $0.09 per share. Investor sentiment going into the company's earnings release has 83% expecting an earnings beat The company's guidance was for revenue of $447.00 million to $455.00 million. Consensus estimates are for earnings to decline year-over-year by 50.00% with revenue increasing by 22.33%. Short interest has decreased by 4.6% since the company's last earnings release while the stock has drifted lower by 16.1% from its open following the earnings release to be 5.1% below its 200 day moving average of $24.01. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, February 19, 2020 there was some notable buying of 4,026 contracts of the $35.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 28.0% move on earnings and the stock has averaged a 15.2% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Sogou Inc. $3.85

Sogou Inc. (SOGO) is confirmed to report earnings at approximately 4:00 AM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.09 per share on revenue of $303.08 million and the Earnings Whisper ® number is $0.10 per share. Investor sentiment going into the company's earnings release has 58% expecting an earnings beat The company's guidance was for revenue of $290.00 million to $310.00 million. Consensus estimates are for year-over-year earnings growth of 28.57% with revenue increasing by 1.78%. Short interest has increased by 6.6% since the company's last earnings release while the stock has drifted lower by 27.8% from its open following the earnings release to be 15.7% below its 200 day moving average of $4.57. Overall earnings estimates have been revised lower since the company's last earnings release. The stock has averaged a 3.8% move on earnings in recent quarters.

(CLICK HERE FOR THE CHART!)

DocuSign $84.02

DocuSign (DOCU) is confirmed to report earnings at approximately 4:05 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $0.05 per share on revenue of $267.44 million and the Earnings Whisper ® number is $0.08 per share. Investor sentiment going into the company's earnings release has 81% expecting an earnings beat The company's guidance was for revenue of $263.00 million to $267.00 million. Consensus estimates are for year-over-year earnings growth of 600.00% with revenue increasing by 33.90%. Short interest has decreased by 37.7% since the company's last earnings release while the stock has drifted higher by 12.1% from its open following the earnings release to be 31.9% above its 200 day moving average of $63.71. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, March 4, 2020 there was some notable buying of 1,698 contracts of the $87.50 call expiring on Friday, March 20, 2020. Option traders are pricing in a 8.5% move on earnings and the stock has averaged a 10.0% move in recent quarters.

(CLICK HERE FOR THE CHART!)

DISCUSS!

What are you all watching for in this upcoming trading week?
I hope you all have a wonderful weekend and a great trading week ahead wallstreetbets.
submitted by bigbear0083 to wallstreetbets [link] [comments]

Wall Street Week Ahead for the trading week beginning March 9th, 2020

Good Saturday morning to all of you here on StockMarket. I hope everyone on this sub made out pretty nicely in the market this past week, and is ready for the new trading week and month ahead.
Here is everything you need to know to get you ready for the trading week beginning March 9th, 2020.

Wall Street braces for more market volatility as wild swings become the ‘new normal’ amid coronavirus - (Source)

The S&P 500 has never behaved like this, but Wall Street strategists say get used to it.
Investors just witnessed the equity benchmark swinging up or down 2% for four days straight in the face of the coronavirus panic.
In the index’s history dating back to 1927, this is the first time the S&P 500 had a week of alternating gains and losses of more than 2% from Monday through Thursday, according to Bespoke Investment Group. Daily swings like this over a two-week period were only seen at the peak of the financial crisis and in 2011 when U.S. sovereign debt got its first-ever downgrade, the firm said.
“The message to all investors is that they should expect this volatility to continue. This should be considered the new normal going forward,” said Mike Loewengart, managing director of investment strategy at E-Trade.
The Dow Jones Industrial Average jumped north of 1,000 points twice in the past week, only to erase the quadruple-digit gains in the subsequent sessions. The coronavirus outbreak kept investors on edge as global cases of the infections surpassed 100,000. It’s also spreading rapidly in the U.S. California has declared a state of emergency, while the number of cases in New York reached 33.
“Uncertainty breeds greater market volatility,” Keith Lerner, SunTrust’s chief market strategist, said in a note. “Much is still unknown about how severe and widespread the coronavirus will become. From a market perspective, what we are seeing is uncomfortable but somewhat typical after shock periods.”

More stimulus?

So far, the actions from global central banks and governments in response to the outbreak haven’t triggered a sustainable rebound.
The Federal Reserve’s first emergency rate cut since the financial crisis did little to calm investor anxiety. President Donald Trump on Friday signed a sweeping spending bill with an$8.3 billion packageto aid prevention efforts to produce a vaccine for the deadly disease, but stocks extended their heavy rout that day.
“The market is recognizing the global authorities are responding to this,” said Tom Essaye, founder of the Sevens Report. “If the market begins to worry they are not doing that sufficiently, then I think we are going to go down ugly. It is helping stocks hold up.”
Essaye said any further stimulus from China and a decent-sized fiscal package from Germany would be positive to the market, but he doesn’t expect the moves to create a huge rebound.
The fed funds future market is now pricing in the possibility of the U.S. central bank cutting by 75 basis points at its March 17-18 meeting.

Where is the bottom?

Many on Wall Street expect the market to fall further before recovering as the health crisis unfolds.
Binky Chadha, Deutsche Bank’s chief equity strategist, sees a bottom for the S&P 500 in the second quarter after stocks falling as much as 20% from their recent peak.
“The magnitude of the selloff in the S&P 500 so far has further to go; and in terms of duration, just two weeks in, it is much too early to declare this episode as being done,” Chadha said in a note. “We do view the impacts on macro and earnings growth as being relatively short-lived and the market eventually looking through them.”
Deutsche Bank maintained its year-end target of 3,250 for the S&P 500, which would represent a 10% gain from here and a flat return for 2020.
Strategists are also urging patience during this heightened volatility, cautioning against panic selling.
“It is during times like these that investors need to maintain a longer-term perspective and stick to their investment process rather than making knee-jerk, binary decisions,” Brian Belski, chief investment strategist at BMO Capital Markets, said in a note.

This past week saw the following moves in the S&P:

(CLICK HERE FOR THE FULL S&P TREE MAP FOR THE PAST WEEK!)

Major Indices for this past week:

(CLICK HERE FOR THE MAJOR INDICES FOR THE PAST WEEK!)

Major Futures Markets as of Friday's close:

(CLICK HERE FOR THE MAJOR FUTURES INDICES AS OF FRIDAY!)

Economic Calendar for the Week Ahead:

(CLICK HERE FOR THE FULL ECONOMIC CALENDAR FOR THE WEEK AHEAD!)

Sector Performance WTD, MTD, YTD:

(CLICK HERE FOR FRIDAY'S PERFORMANCE!)
(CLICK HERE FOR THE WEEK-TO-DATE PERFORMANCE!)
(CLICK HERE FOR THE MONTH-TO-DATE PERFORMANCE!)
(CLICK HERE FOR THE 3-MONTH PERFORMANCE!)
(CLICK HERE FOR THE YEAR-TO-DATE PERFORMANCE!)
(CLICK HERE FOR THE 52-WEEK PERFORMANCE!)

Percentage Changes for the Major Indices, WTD, MTD, QTD, YTD as of Friday's close:

(CLICK HERE FOR THE CHART!)

S&P Sectors for the Past Week:

(CLICK HERE FOR THE CHART!)

Major Indices Pullback/Correction Levels as of Friday's close:

(CLICK HERE FOR THE CHART!

Major Indices Rally Levels as of Friday's close:

(CLICK HERE FOR THE CHART!)

Most Anticipated Earnings Releases for this week:

(CLICK HERE FOR THE CHART!)

Here are the upcoming IPO's for this week:

(CLICK HERE FOR THE CHART!)

Friday's Stock Analyst Upgrades & Downgrades:

(CLICK HERE FOR THE CHART LINK #1!)
(CLICK HERE FOR THE CHART LINK #2!)
(CLICK HERE FOR THE CHART LINK #3!)

A "Run of the Mill" Drawdown

If you're like us, you've heard a lot of people reference the recent equity declines as a sign that the market is pricing in some sort of Armageddon in the US economy. While comments like that make for great soundbites, a little perspective is in order. Since the S&P 500's high on February 19th, the S&P 500 is down 12.8%. In the chart below, we show the S&P 500's annual maximum drawdown by year going back to 1928. In the entire history of the index, the median maximum drawdown from a YTD high is 13.05%. In other words, this year's decline is actually less than normal. Perhaps due to the fact that we have only seen one larger-than-average drawdown in the last eight years is why this one feels so bad.
The fact that the current decline has only been inline with the historical norm raises a number of questions. For example, if the market has already priced in the worst-case scenario, going out and adding some equity exposure would be a no brainer. However, if we're only in the midst of a 'normal' drawdown in the equity market as the coronavirus outbreak threatens to put the economy into a recession, one could argue that things for the stock market could get worse before they get better, especially when we know that the market can be prone to over-reaction in both directions. The fact is that nobody knows right now how this entire outbreak will play out. If it really is a black swan, the market definitely has further to fall and now would present a great opportunity to sell more equities. However, if it proves to be temporary and after a quarter or two resolves itself and the economy gets back on the path it was on at the start of the year, then the magnitude of the current decline is probably appropriate. As they say, that's what makes a market!
(CLICK HERE FOR THE CHART!)

Long-Term Treasuries Go Haywire

Take a good luck at today's moves in long-term US Treasury yields, because chances are you won't see moves of this magnitude again soon. Let's start with the yield on the 30-year US Treasury. Today's decline of 29 basis points in the yield will go down as the largest one-day decline in the yield on the 30-year since 2009. For some perspective, there have only been 25 other days since 1977 where the yield saw a larger one day decline.
(CLICK HERE FOR THE CHART!)
That doesn't even tell the whole story, though. As shown in the chart below, every other time the yield saw a sharper one-day decline, the actual yield of the 30-year was much higher, and in most other cases it was much, much higher.
(CLICK HERE FOR THE CHART!)
To show this another way, the percentage change in the yield on the 30-year has never been seen before, and it's not even close. Now, before the chart crime police come calling, we realize showing a percentage change of a percentage is not the most accurate representation, but we wanted to show this for illustrative purposes only.
(CLICK HERE FOR THE CHART!)
Finally, with long-term interest rates plummetting we wanted to provide an update on the performance of the Austrian 100-year bond. That's now back at record highs, begging the question, why is the US not flooding the market with long-term debt?
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It Doesn't Get Much Worse Than This For Crude Oil

Crude oil prices are down close to 10% today in what is shaping up to be the worst day for crude oil since late 2014. That's more than five years.
(CLICK HERE FOR THE CHART!)
Today's decline is pretty much a continuation of what has been a one-way trade for the commodity ever since the US drone strike on Iranian general Soleimani. The last time prices were this low was around Christmas 2018.
(CLICK HERE FOR THE CHART!)
With today's decline, crude oil is now off to its worst start to a year in a generation falling 32%. Since 1984, the only other year that was worse was 1986 when the year started out with a decline of 50% through March 6th. If you're looking for a bright spot, in 1986, prices rose 36% over the remainder of the year. The only other year where crude oil kicked off the year with a 30% decline was in 1991 after the first Iraq war. Over the remainder of that year, prices rose a more modest 5%.
(CLICK HERE FOR THE CHART!)

10-Year Treasury Yield Breaks Below 1%

Despite strong market gains on Wednesday, March 4, 2020, the on-the-run 10-year Treasury yield ended the day below 1% for the first time ever and has posted additional declines in real time, sitting at 0.92% intraday as this blog is being written. “The decline in yields has been remarkable,” said LPL Research Senior Market Strategist Ryan Detrick. “The 10-year Treasury yield has dipped below 1%, and today’s declines are likely to make the recent run lower the largest decline of the cycle.”
As shown in LPL Research’s chart of the day, the current decline in the 10-year Treasury yield without a meaningful reversal (defined as at least 0.75%) is approaching the decline seen in 2011 and 2012 and would need about another two months to be the longest decline in length of time. At the same time, no prior decline has lasted forever and a pattern of declines and increases has been normal.
(CLICK HERE FOR THE CHART!)
What are some things that can push the 10-year Treasury yield lower?
  • A shrinking but still sizable yield advantage over other developed market sovereign debt
  • Added stock volatility if downside risks to economic growth from the coronavirus increase
  • A larger potential premium over shorter-term yields if the Federal Reserve aggressively cuts interest rates
What are some things that can push the 10-year Treasury yield higher?
  • A second half economic rebound acting a catalyst for a Treasury sell-off
  • As yields move lower, investors may increasingly seek more attractive sources of income
  • Any dollar weakness could lead to some selling by international investors
  • Longer maturity Treasuries are looking like an increasingly crowded trade, potentially adding energy to any sell-off
On balance, our view remains that the prospect of an economic rebound over the second half points to the potential for interest rates moving higher. At the same time, we still see some advantage in the potential diversification benefits of intermediate maturity high-quality bonds, especially during periods of market stress. We continue to recommend that suitable investors consider keeping a bond portfolio’s sensitivity to changes in interest rates below that of the benchmark Bloomberg Barclays U.S. Aggregate Bond Index by emphasizing short to intermediate maturity bonds, but do not believe it’s time to pile into very short maturities despite the 10-year Treasury yield sitting at historically low levels.

U.S. Jobs Growth Marches On

While stock markets continue to be extremely volatile as they come to terms with how the coronavirus may affect global growth, the U.S. job market has remained remarkably robust. Continued U.S. jobs data resilience in the face of headwinds from the coronavirus outbreak may be a key factor in prolonging the expansion, given how important the strength of the U.S. consumer has been late into this expansion.
The U.S. Department of Labor today reported that U.S. nonfarm payroll data had a strong showing of 273,000 jobs added in February, topping the expectation of every Bloomberg-surveyed economist, with an additional upward revision of 85,000 additional jobs for December 2019 and January 2020. This has brought the current unemployment rate back to its 50-year low of 3.5%. So far, it appears it’s too soon for any effects of the coronavirus to have been felt in the jobs numbers. (Note: The survey takes place in the middle of each month.)
On Wednesday, ADP released its private payroll data (excluding government jobs), which increased by 183,000 in February, also handily beating market expectations. Most of these jobs were added in the service sector, with 44,000 added in the leisure and hospitality sector, and another 31,000 in trade/transportation/utilities. Both of these areas could be at risk of potential cutbacks if consumers start to avoid eating out or other leisure pursuits due to coronavirus fears.
As shown in the LPL Chart of the Day, payrolls remain strong, and any effects of the virus outbreaks most likely would be felt in coming months.
(CLICK HERE FOR THE CHART!)
“February’s jobs report shows the 113th straight month that the U.S. jobs market has grown,” said LPL Financial Senior Market Strategist Ryan Detrick. “That’s an incredible run and highlights how the U.S. consumer has become key to extending the expansion, especially given setbacks to global growth from the coronavirus outbreak.”
While there is bound to be some drag on future jobs data from the coronavirus-related slowdown, we would anticipate that the effects of this may be transitory. We believe economic fundamentals continue to suggest the possibility of a second-half-of-the–year economic rebound.

Down January & Down February: S&P 500 Posts Full-Year Gain Just 43.75% of Time

The combination of a down January and a down February has come about 17 times, including this year, going back to 1950. Rest of the year and full-year performance has taken a rather sizable hit following the previous 16 occurrences. March through December S&P 500 average performance drops to 2.32% compared to 7.69% in all years. Full-year performance is even worse with S&P 500 average turning to a loss of 4.91% compared to an average gain of 9.14% in all years. All hope for 2020 is not lost as seven of the 16 past down January and down February years did go on to log gains over the last 10 months and full year while six enjoyed double-digit gains from March to December.
(CLICK HERE FOR THE CHART!)

Take Caution After Emergency Rate Cut

Today’s big rally was an encouraging sign that the markets are becoming more comfortable with the public health, monetary and political handling of the situation. But the history of these “emergency” or “surprise” rate cuts by the Fed between meetings suggest some caution remains in order.
The table here shows that these surprise cuts between meetings have really only “worked” once in the past 20+ years. In 1998 when the Fed and the plunge protection team acted swiftly and in a coordinated manner to stave off the fallout from the financial crisis caused by the collapse of the Russian ruble and the highly leveraged Long Term Capital Management hedge fund markets responded well. This was not the case during the extended bear markets of 2001-2002 and 2007-2009.
Bottom line: if this is a short-term impact like the 1998 financial crisis the market should recover sooner rather than later. But if the economic impact of coronavirus virus is prolonged, the market is more likely to languish.
(CLICK HERE FOR THE CHART!)

STOCK MARKET VIDEO: Stock Market Analysis Video for Week Ending March 6th, 2020

(CLICK HERE FOR THE YOUTUBE VIDEO!)

STOCK MARKET VIDEO: ShadowTrader Video Weekly 3.8.20

(CLICK HERE FOR THE YOUTUBE VIDEO!)
Here are the most notable companies (tickers) reporting earnings in this upcoming trading week ahead-
  • $ADBE
  • $DKS
  • $AVGO
  • $THO
  • $ULTA
  • $WORK
  • $DG
  • $SFIX
  • $SOGO
  • $DOCU
  • $INO
  • $CLDR
  • $INSG
  • $SOHU
  • $BTAI
  • $ORCL
  • $HEAR
  • $NVAX
  • $ADDYY
  • $GPS
  • $AKBA
  • $PDD
  • $CYOU
  • $FNV
  • $MTNB
  • $NERV
  • $MTN
  • $BEST
  • $PRTY
  • $NINE
  • $AZUL
  • $UNFI
  • $PRPL
  • $VSLR
  • $KLZE
  • $ZUO
  • $DVAX
  • $EXPR
  • $VRA
  • $AXSM
  • $CDMO
  • $CASY
(CLICK HERE FOR NEXT WEEK'S MOST NOTABLE EARNINGS RELEASES!)
(CLICK HERE FOR NEXT WEEK'S HIGHEST VOLATILITY EARNINGS RELEASES!)
Below are some of the notable companies coming out with earnings releases this upcoming trading week ahead which includes the date/time of release & consensus estimates courtesy of Earnings Whispers:

Monday 3.9.20 Before Market Open:

(CLICK HERE FOR MONDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Monday 3.9.20 After Market Close:

(CLICK HERE FOR MONDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 3.10.20 Before Market Open:

(CLICK HERE FOR TUESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Tuesday 3.10.20 After Market Close:

(CLICK HERE FOR TUESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 3.11.20 Before Market Open:

(CLICK HERE FOR WEDNESDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Wednesday 3.11.20 After Market Close:

(CLICK HERE FOR WEDNESDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 3.12.20 Before Market Open:

(CLICK HERE FOR THURSDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Thursday 3.12.20 After Market Close:

(CLICK HERE FOR THURSDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!)

Friday 3.13.20 Before Market Open:

(CLICK HERE FOR FRIDAY'S PRE-MARKET EARNINGS TIME & ESTIMATES!)

Friday 3.13.20 After Market Close:

([CLICK HERE FOR FRIDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!]())
NONE.

Adobe Inc. $336.77

Adobe Inc. (ADBE) is confirmed to report earnings at approximately 4:05 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $2.23 per share on revenue of $3.04 billion and the Earnings Whisper ® number is $2.29 per share. Investor sentiment going into the company's earnings release has 81% expecting an earnings beat The company's guidance was for earnings of approximately $2.23 per share. Consensus estimates are for year-over-year earnings growth of 29.65% with revenue increasing by 16.88%. Short interest has decreased by 38.4% since the company's last earnings release while the stock has drifted higher by 7.2% from its open following the earnings release to be 10.9% above its 200 day moving average of $303.70. Overall earnings estimates have been revised higher since the company's last earnings release. On Monday, February 24, 2020 there was some notable buying of 1,109 contracts of the $400.00 call expiring on Friday, March 20, 2020. Option traders are pricing in a 9.3% move on earnings and the stock has averaged a 4.1% move in recent quarters.

(CLICK HERE FOR THE CHART!)

DICK'S Sporting Goods, Inc. $34.98

DICK'S Sporting Goods, Inc. (DKS) is confirmed to report earnings at approximately 7:30 AM ET on Tuesday, March 10, 2020. The consensus earnings estimate is $1.23 per share on revenue of $2.56 billion and the Earnings Whisper ® number is $1.28 per share. Investor sentiment going into the company's earnings release has 57% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 14.95% with revenue increasing by 2.73%. Short interest has decreased by 29.1% since the company's last earnings release while the stock has drifted lower by 20.3% from its open following the earnings release to be 12.0% below its 200 day moving average of $39.75. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, February 26, 2020 there was some notable buying of 848 contracts of the $39.00 put expiring on Friday, March 20, 2020. Option traders are pricing in a 14.4% move on earnings and the stock has averaged a 7.3% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Broadcom Limited $269.45

Broadcom Limited (AVGO) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $5.34 per share on revenue of $5.93 billion and the Earnings Whisper ® number is $5.45 per share. Investor sentiment going into the company's earnings release has 83% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 5.65% with revenue increasing by 2.44%. Short interest has decreased by 15.6% since the company's last earnings release while the stock has drifted lower by 15.3% from its open following the earnings release to be 7.7% below its 200 day moving average of $291.95. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, February 25, 2020 there was some notable buying of 1,197 contracts of the $260.00 put expiring on Friday, April 17, 2020. Option traders are pricing in a 11.1% move on earnings and the stock has averaged a 4.9% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Thor Industries, Inc. $70.04

Thor Industries, Inc. (THO) is confirmed to report earnings at approximately 6:45 AM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.76 per share on revenue of $1.79 billion and the Earnings Whisper ® number is $0.84 per share. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 16.92% with revenue increasing by 38.70%. Short interest has decreased by 12.9% since the company's last earnings release while the stock has drifted higher by 5.4% from its open following the earnings release to be 12.0% above its 200 day moving average of $62.53. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 6.3% move on earnings and the stock has averaged a 8.1% move in recent quarters.

(CLICK HERE FOR THE CHART!)

ULTA Beauty $256.58

ULTA Beauty (ULTA) is confirmed to report earnings at approximately 4:00 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $3.71 per share on revenue of $2.29 billion and the Earnings Whisper ® number is $3.75 per share. Investor sentiment going into the company's earnings release has 73% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 2.77% with revenue increasing by 7.78%. Short interest has increased by 8.7% since the company's last earnings release while the stock has drifted lower by 0.1% from its open following the earnings release to be 9.5% below its 200 day moving average of $283.43. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 15.3% move on earnings and the stock has averaged a 11.7% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Slack Technologies, Inc. $26.42

Slack Technologies, Inc. (WORK) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, March 12, 2020. The consensus estimate is for a loss of $0.06 per share on revenue of $173.06 million and the Earnings Whisper ® number is ($0.04) per share. Investor sentiment going into the company's earnings release has 67% expecting an earnings beat The company's guidance was for a loss of $0.07 to $0.06 per share on revenue of $172.00 million to $174.00 million. Short interest has increased by 1.2% since the company's last earnings release while the stock has drifted higher by 19.0% from its open following the earnings release. Overall earnings estimates have been revised higher since the company's last earnings release. The stock has averaged a 4.3% move on earnings in recent quarters.

(CLICK HERE FOR THE CHART!)

Dollar General Corporation $158.38

Dollar General Corporation (DG) is confirmed to report earnings at approximately 6:55 AM ET on Thursday, March 12, 2020. The consensus earnings estimate is $2.02 per share on revenue of $7.15 billion and the Earnings Whisper ® number is $2.05 per share. Investor sentiment going into the company's earnings release has 76% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 9.78% with revenue increasing by 7.52%. Short interest has increased by 16.2% since the company's last earnings release while the stock has drifted higher by 1.8% from its open following the earnings release to be 5.7% above its 200 day moving average of $149.88. Overall earnings estimates have been revised higher since the company's last earnings release. On Friday, February 28, 2020 there was some notable buying of 1,013 contracts of the $182.50 call expiring on Friday, March 20, 2020. Option traders are pricing in a 9.2% move on earnings and the stock has averaged a 5.7% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Stitch Fix, Inc. $22.78

Stitch Fix, Inc. (SFIX) is confirmed to report earnings at approximately 4:05 PM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.06 per share on revenue of $452.96 million and the Earnings Whisper ® number is $0.09 per share. Investor sentiment going into the company's earnings release has 83% expecting an earnings beat The company's guidance was for revenue of $447.00 million to $455.00 million. Consensus estimates are for earnings to decline year-over-year by 50.00% with revenue increasing by 22.33%. Short interest has decreased by 4.6% since the company's last earnings release while the stock has drifted lower by 16.1% from its open following the earnings release to be 5.1% below its 200 day moving average of $24.01. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, February 19, 2020 there was some notable buying of 4,026 contracts of the $35.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 28.0% move on earnings and the stock has averaged a 15.2% move in recent quarters.

(CLICK HERE FOR THE CHART!)

Sogou Inc. $3.85

Sogou Inc. (SOGO) is confirmed to report earnings at approximately 4:00 AM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.09 per share on revenue of $303.08 million and the Earnings Whisper ® number is $0.10 per share. Investor sentiment going into the company's earnings release has 58% expecting an earnings beat The company's guidance was for revenue of $290.00 million to $310.00 million. Consensus estimates are for year-over-year earnings growth of 28.57% with revenue increasing by 1.78%. Short interest has increased by 6.6% since the company's last earnings release while the stock has drifted lower by 27.8% from its open following the earnings release to be 15.7% below its 200 day moving average of $4.57. Overall earnings estimates have been revised lower since the company's last earnings release. The stock has averaged a 3.8% move on earnings in recent quarters.

(CLICK HERE FOR THE CHART!)

DocuSign $84.02

DocuSign (DOCU) is confirmed to report earnings at approximately 4:05 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $0.05 per share on revenue of $267.44 million and the Earnings Whisper ® number is $0.08 per share. Investor sentiment going into the company's earnings release has 81% expecting an earnings beat The company's guidance was for revenue of $263.00 million to $267.00 million. Consensus estimates are for year-over-year earnings growth of 600.00% with revenue increasing by 33.90%. Short interest has decreased by 37.7% since the company's last earnings release while the stock has drifted higher by 12.1% from its open following the earnings release to be 31.9% above its 200 day moving average of $63.71. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, March 4, 2020 there was some notable buying of 1,698 contracts of the $87.50 call expiring on Friday, March 20, 2020. Option traders are pricing in a 8.5% move on earnings and the stock has averaged a 10.0% move in recent quarters.

(CLICK HERE FOR THE CHART!)

DISCUSS!

What are you all watching for in this upcoming trading week?
I hope you all have a wonderful weekend and a great trading week ahead StockMarket.
submitted by bigbear0083 to StockMarket [link] [comments]

Comprehensive Guide for getting into Home Recording

I'm going to borrow from a few sources and do my best to make this cohesive, but this question comes up a lot. I thought we had a comprehensive guide, but it doesn't appear so. In the absence of this, I feel that a lot of you could use a simple place to go for some basics on recording. There are a couple of great resources online already on some drumming forums, but I don't think they will be around forever.
Some background on myself - I have been drumming a long time. During that time, home recording has gone from using a cassette deck to having a full blown studio at your finger tips. The technology in the last 15 years has gotten so good it really is incredible. When I was trying to decide what I wanted to do with my life, I decided to go to school for audio engineering in a world-class studio. During this time I had access to the studio and was able to assist with engineering on several projects. This was awesome, and I came out with a working knowledge of SIGNAL CHAIN, how audio works in the digital realm, how microphones work, studio design, etc. Can I answer your questions? Yes.

First up: Signal Chain! This is the basic building block of recording. Ever seen a "I have this plugged in but am getting no sound!" thread? Yeah, signal chain.

A "Signal Chain" is the path your audio follows, from sound source, to the recording device, and back out of your monitors (speakers to you normies).
A typical complete signal chain might go something like this:
1] instrument/sound source 2] Microphone/TransducePickup 3] Cable 4] Mic Preamp/DI Box 5] Analog-to-Digital Converter 6] Digital transmission medium[digital data get recoded for usb or FW transfer] 7] Digital recording Device 8] DSP and Digital summing/playback engine 9] Digital-to-Analog Converter 10] Analog output stage[line outputs and output gain/volume control] 11] Monitors/Playback device[headphones/other transducers]
Important Terms, Definitions, and explanations (this will be where the "core" information is):
1] AD Conversion: the process by which the electrical signal is "converted" to a stream of digital code[binary, 1 and 0]. This is accomplished, basically, by taking digital pictures of the audio...and this is known as the "sampling rate/frequency" The number of "pictures" determines the frequency. So the CD standard of 44.1k is 44,100 "pictures" per second of digital code that represents the electrical "wave" of audio. It should be noted that in order to reproduce a frequency accuratly, the sampling rate must be TWICE that of the desired frequency (See: Nyquist-Shannon Theorem). So, a 44.1 digital audio device can, in fact, only record frequencies as high as 22.05khz, and in the real world, the actual upper frequency limit is lower, because the AD device employs a LOW-PASS filter to protect the circuitry from distortion and digital errors called "ALIASING." Confused yet? Don't worry, there's more... We haven't even talked about Bit depth! There are 2 settings for recording digitally: Sample Rate and Bit Depth. Sample rate, as stated above, determines the frequencies captured, however bit depth is used to get a better picture of the sample. Higher bit depth = more accurate sound wave representation. More on this here. Generally speaking, I record at 92KHz/24 bit depth. This makes huge files, but gets really accurate audio. Why does it make huge files? Well, if you are sampling 92,000 times per second, you are taking each sample and applying 24 bits to that, multiply it out and you get 92,000*24 = 2,208,000 bits per second or roughly 0.26MB per second for ONE TRACK. If that track is 5 minutes long, that is a file that is 78.96MB in size. Now lets say you used 8 inputs on an interface, that is, in total, 631.7MB of data. Wow, that escalates quick, right? There is something else to note as well here: Your CPU has to calculate this. So the amount of calculations it needs to perform for this same scenario is ~17.7 million calculations PER SECOND. This is why CPU speed and RAM is super important when recording digitally.
2] DA conversion: the process by which the digital code (the computer representation of a sound wave) is transformed back into electrcal energy in the proper shape. In a oversimplified explanation, the code is measured and the output of the convertor reflects the value of the code by changing voltage. Think of a sound wave on a grid: Frequency would represent the X axis (the horizontal axis)... but there is a vertical axis too. This is called AMPLITUDE or how much energy the wave is generating. People refer to this as how 'loud' a sound is, but that's not entirely correct. You can have a high amplitude wave that is played at a quiet volume. It's important to distinguish the two. How loud a sound is can be controlled by the volume on a speaker or transducer. But that has no impact on how much amplitude the sound wave has in the digital space or "in the wire" on its way to the transducer. So don't get hung up on how "loud" a waveform is, it is how much amplitude it has when talking about it "in the box" or before it gets to the speakeheadphone/whatever.
3] Cables: An often overlooked expense and tool, cables can in fact, make or break your recording. The multitudes of types of cable are determined by the connector, the gauge(thickness), shielding, type of conductor, etc... Just some bullet points on cables:
- Always get the highest quality cabling you can afford. Low quality cables often employ shielding that doesnt efectively protect against AC hums(60 cycle hum), RF interference (causing your cable to act as a gigantic AM/CB radio antenna), or grounding noise introduced by other components in your system. - The way cables are coiled and treated can determine their lifespan and effectiveness. A kinked cable can mean a broken shield, again, causing noise problems. - The standard in the USA for wiring an XLR(standard microphone) cable is: PIN 1= Cold/-, PIN 2= Hot/+, PIN 3=Ground/shield. Pin 3 carries phantom power, so it is important that the shield of your cables be intact and in good condition if you want to use your mic cables without any problems. - Cables for LINE LEVEL and HI-Z(instrument level) gear are not the same! - Line Level Gear, weather professional or consumer, should generally be used with balanced cables (on a 1/4" connector, it will have 3 sections and is commonly known as TRS -or- TipRingSleeve). A balanced 1/4" is essentially the same as a microphone cable, and in fact, most Professional gear with balanced line inputs and outputs will have XLR connectors instead of 1/4" connectors. - Hi-Z cable for instruments (guitars, basses, keyboards, or anything with a pickup) is UNBALANCED, and should be so. The introduction of a balanced cable can cause electricity to be sent backwards into a guitar and shock the guitar player. You may want this to happen, but your gear doesn't. There is some danger here as well, especially on stage, where the voltage CAN BE LETHAL. When running a guitabass/keyboard "Direct" into your interface, soundcard, or recording device, you should ALWAYS use a "DIRECT BOX", which uses a transformer to isolate and balance the the signal or you can use any input on the interface designated as a "Instrument" or "Hi-Z" input. It also changes some electrical properties, resulting in a LINE LEVEL output (it amplifies it from instrument level to line level).
4] Digital Data Transmissions: This includes S/PDIF, AES/EBU, ADAT, MADI. I'm gonna give a brief overview of this stuff, since its unlikely that alot of you will ever really have to think about it: - SDPIF= Sony Phillips Digital Interface Format. using RCA or TOSLINK connectors, this is a digital protocol that carries 3 streams of information. Digital audio Left, Digital Audio Right, and CLOCK. SPDIF generally supports 48khz/20bit information, though some modern devices can support up to 24bits, and up to 88.2khz. SPDIF is the consumer format of AES/EBU - AES/EBU= Audio Engineering Society/European Breadcasters Union Digital protocol uses a special type of cable often terminated with XLR connectors to transmit 2 channels of Digital Audio. AES/EBU is found mostly on expensive professional digital gear. - ADAT= the Alesis Digital Audio Tape was introduced in 1991, and was the first casette based system capable of recording 8 channels of digital audio onto a single cartridge(a SUPER-VHS tape, same one used by high quality VCR's). Enough of the history, its not so important because we are talking about ADAT-LIGHTPIPE Protocol, which is a digital transmission protocol that uses fiberoptic cable and devices to send up to 8 channels of digital audio simultaneously and in sync. ADAT-Lightpipe supports up to 48khz sample rates. This is how people expand the number of inputs by chaining interfaces. - MADI is something you will almost never encounter. It is a protocol that allows up to 64 channels of digital audio to be transmitted over a single cable that is terminated by BNC connectors. Im just telling you it exists so in case you ever encounter a digital snake that doesnt use Gigabit Ethernet, you will know whats going on.
digital transmission specs: SPDIF -> clock->2Ch->RCA cable(consumer) ADAT-Lightpipe->clock->8Ch->Toslink(semi-pro) SPDIF-OPTICAL->clock->2Ch->Toslink(consumer) AES/EBU->clock->2Ch->XLR(Pro) TDIF->clock->8Ch->DSub(Semi-Pro) ______________ MADI->no clock->64Ch->BNC{rare except in large scale pofessional apps} SDIF-II->no clock->24Ch->DSub{rare!} AES/EBU-13->no clock->24Ch->DSub
5] MICROPHONES: There are many types of microphones, and several names for each type. The type of microphone doesn't equate to the polar pattern of the microphone. There are a few common polar patterns in microphones, but there are also several more that are less common. These are the main types- Omni-Directional, Figure 8 (bi-directional), Cardioid, Super Cardioid, Hyper Cardioid, Shotgun. Some light reading.... Now for the types of microphones: - Dynamic Microphones utilize polarized magnets to convert acoustical energy into electrical energy. there are 2 types of dynamic microphones: 1) Moving Coil microphones are the most common type of microphone made. They are also durable, and capable of handling VERY HIGH SPL (sound pressure levels). 2) Ribbon microphones are rare except in professional recording studios. Ribbon microphones are also incredibly fragile. NEVER EVER USE PHANTOM POWER WITH A RIBBON MICROPHONE, IT WILL DIE (unless it specifically requires it, but I've only ever seen this on one Ribbon microphone ever). Sometimes it might even smoke or shoot out a few sparks; applying phantom power to a Ribbon Microphone will literally cause the ribbon, which is normally made from Aluminum, to MELT. Also, windblasts and plosives can rip the ribbon, so these microphones are not suitible for things like horns, woodwinds, vocals, kick drums, or anything that "pushes air." There have been some advances in Ribbon microphones and they are getting to be more common, but they are still super fragile and you have to READ THE MANUAL CAREFULLY to avoid a $1k+ mistake. - CondenseCapacitor Microphones use an electrostatic charge to convert acoustical energy into electrical energy. The movement of the diaphragm(often metal coated mylar) toward a ceramic "backplate" causes a fluctuation in the charge, which is then amplified inside the microphone and output as an electrical signal. Condenser microphones usually use phantom power to charge the capacitors' and backplate in order to maintain the electrostatic charge. There are several types of condenser microphones: 1) Tube Condenser Microphones: historically, this type of microphone has been used in studios since the 1940s, and has been refined and redesigned hundreds, if not thousands of times. Some of the "best sounding" and most desired microphones EVER MADE are Tube Condenser microphones from the 50's and 60's. These vintage microphones, in good condition, with the original TUBES can sell for hundreds of thousands of dollars. Tube mics are known for sounding "full", "warm", and having a particular character, depending on the exact microphone. No 2 tubes mics, even of the same model, will sound the same. Similar, but not the same. Tube mics have their own power supplies, which are not interchangeable to different models. Each tube mic is a different design, and therefore, has different power requirements. 2) FET Condenser microphones: FET stands for "Field Effect Transistor" and the technology allowed condenser microphones to be miniturized. Take for example, the SHURE beta98s/d, which is a minicondenser microphone. FET technology is generally more transparant than tube technology, but can sometimes sound "harsh" or "sterile". 3) Electret Condenser Microphones are a condenser microphone that has a permanent charge, and therefore, does not require phantom power; however, the charge is not truly permanent, and these mics often use AA or 9V batteries, either inside the mic, or on a beltpack. These are less common.
Other important things to know about microphones:
- Pads, Rolloffs, etc: Some mics have switches or rotating collars that notate certain things. Most commonly, high pass filters/lowcut filters, or attenuation pads. 1) A HP/LC Filter does exactly what you might think: Removes low frequency content from the signal at a set frequency and slope. Some microphones allow you to switch the rolloff frequency. Common rolloff frequencies are 75hz, 80hz, 100hz, 120hz, 125hz, and 250hz. 2) A pad in this example is a switch that lowers the output of the microphone directly after the capsule to prevent overloading the input of a microphone preamplifier. You might be asking: How is that possible? Some microphones put out a VERY HIGH SIGNAL LEVEL, sometimes about line level(-10/+4dbu), mic level is generally accepted to start at -75dbu and continues increasing until it becomes line level in voltage. It should be noted that linel level signals are normally of a different impedance than mic level signals, which is determined by the gear. An example for this would be: I mic the top of a snare drum with a large diaphragm condenser mic (solid state mic, not tube) that is capable of handling very high SPLs (sound pressure levels). When the snare drum is played, the input of the mic preamp clips (distorts), even with the gain turned all the way down. To combat this, I would use a pad with enough attenuation to lower the signal into the proper range of input (-60db to -40 db). In general, it is accepted to use a pad with only as much attentuation as you need, plus a small margin of error for extra “headroom”. What this means is that if you use a 20db pad where you only need a 10db pad, you will then have to add an additional 10db of gain to achieve a desireable signal level. This can cause problems, as not all pads sound good, or even transparent, and can color and affect your signal in sometimes unwanted ways that are best left unamplified. - Other mic tips/info: 1) when recording vocals, you should always use a popfilter. A pop filter mounted on a gooseneck is generally more effective than a windscreen made of foam that slips over the microphone. The foam type often kill the highfrequency response, alter the polar pattern, and can introduce non-linear polarity problems(part of the frequency spectrum will be out of phase.) If you don't have a pop filter or don't want to spend on one, buy or obtain a hoop of some kind, buy some cheap panty-hose and stretch it over the hoop to build your own pop filter. 2) Terms Related to mics: - Plosives: “B”, “D”, “F”, “G”, “J”, “P”, “T” hard consonants and other vocal sounds that cause windblasts. These are responsible for a low frequency pop that can severly distort the diaphragm of the microphone, or cause a strange inconsistency of tonality by causing a short term proximity effect.
- Proximity effect: An exponential increase in low frequency response causes by having a microphone excessivly close to a sound. This can be cause by either the force of the air moving actually causes the microphone’s diaphragm to move and sometimes distort, usually on vocalists or buy the buildup of low frequency soundwaves due to off-axis cancellation ports. You cannot get proximity effect on an omnidirectional microphone. With some practice, you can use proximity effect to your advantage, or as an effect. For example, if you are recording someone whispering and it sounds thin or weak and irritating due to the intenese high mid and high frequency content, get the person very close to a cardioid microphone with two popfilters, back to back approx 1/2”-1” away from the mic and set your gain carefully, and you can achieve a very intimite recording of whispering. In a different scenario, you can place a mic inside of a kick drum between 1”-3” away from the inner shell, angled up and at the point of impact, and towards the floor tom. This usually captures a huge low end, and the sympathetic vibration of the floor tom on the kick drum hits, but retains a clarity of attack without being distorted by the SPL of the drum and without capturing unplesant low-mid resonation of the kick drum head and shell that is common directly in the middle of the shell.
6) Wave Envelope: The envelope is the graphical representation of a sound wave commonly found in a DAW. There are 4 parts to this: Attack, Decay, Sustain, Release: 1) Attack is how quickly the sound reaches its peak amplitude; 2) Decay is the time it takes to reach the sustain level; 3) Sustain how long a sound remains at a certain level (think of striking a tom, the initial smack is attack, then it decays to the resonance of the tom, how long it resonates is the sustain); 4) Release is the amount of time before the sustain stops. This is particularly important as these are also the settings on a common piece of gear called a Compressor! Understanding the envelope of a sound is key to learning how to maniuplate it.
7) Phase Cancellation: This is one of the most important concepts in home recording, especially when looking at drums. I'm putting it in this section because it matters so much. Phase Cancellation is what occurs when the same frequencies occur at different times. To put it simply, frequency amplitudes are additive - meaning if you have 2 sound waves of the same frequency, one amplitude is +4 and the other is +2, the way we percieve sound is that the frequency is +6. But a sound wave has a positive and negative amplitude as it travels (like a wave in the ocean with a peak and a swell). If the frequency then has two sources and it is 180 degrees out of phase, that means one wave is at +4 while the other is at -4. This sums to 0, or cancels out the wave. Effectively, you would hear silence. This is why micing techniques are so important, but we'll get into that later. I wanted this term at the top, and will likely mention it again.

Next we can look at the different types of options to actually record your sound!

1) Handheld/All in one/Field Recorders: I don't know if portable cassette tape recorders are still around, but that's an example of one. These are (or used to) be very popular with journalists because they were pretty decent at capturing speech. They do not fare too well with music though. Not too long ago, we saw the emergence of the digital field recorder. These are really nifty little devices. They come in many shapes, sizes and colors, and can be very affordable. They run on batteries, and have built-in microphones, and record digitally onto SD cards or harddiscs. The more simple ones have a pair of built-in condenser microphones, which may or may not be adjustable, and record onto an SD-card. They start around $99 (or less if you don't mind buying refurbished). You turn it on, record, connect the device itself or the SD card to your computer, transfer the file(s) and there is your recording! An entry-level example is the Tascam DR-05. It costs $99. It has two built in omni-directional mics, comes with a 2GB microSD card and runs on two AA batteries. It can record in different formats, the highest being 24-bit 96KHz Broadcast WAV, which is higher than DVD quality! You can also choose to record as an MP3 (32-320kbps) if you need to save space on the SD card or if you're simply going to record a speech/conference or upload it on the web later on. It's got a headphone jack and even small built-in speakers. It can be mounted onto a tripod. And it's about the size of a cell phone. The next step up (although there are of course many options that are price and feature-wise inbetween this one and the last) is a beefier device like the Zoom H4n. It's got all the same features as the Tascam DR-05 and more! It has two adjustable built-in cardioid condenser mics in an XY configuration (you can adjust the angle from a 90-120 degree spread). On the bottom of the device, there are two XLR inputs with preamps. With those, you can expand your recording possibilities with two external microphones. The preamps can send phantom power, so you can even use very nice studio mics. All 4 channels will be recorded independantly, so you can pop them onto your computer later and mix them with software. This device can also act as a USB interface, so instead of just using it as a field recorder, you can connect it directly to your computer or to a DSLR camera for HD filming. My new recommendation for this category is actually the Yamaha EAD10. It really is the best all-in-one solution for anyone that wants to record their kit audio with a great sound. It sports a kick drum trigger (mounts to the rim of the kick) with an x-y pattern set of microphones to pick up the rest of the kit sound. It also has on-board effects, lots of software integration options and smart features through its app. It really is a great solution for anyone who wants to record without reading this guide.
The TL;DR of this guide is - if it seems like too much, buy the Yamaha EAD10 as a simple but effective recording solution for your kit.

2) USB Microphones: There are actually mics that you an plug in directly to your computer via USB. The mics themselves are their own audio interfaces. These mics come in many shapes and sizes, and offer affordable solutions for basic home recording. You can record using a DAW or even something simple like the stock windows sound recorder program that's in the acessories folder of my Windows operating system. The Blue Snowflake is very affordable at $59. It can stand alone or you can attach it to your laptop or your flat screen monitor. It can record up to 44.1kHz, 16-bit WAV audio, which is CD quality. It's a condenser mic with a directional cardioid pickup pattern and has a full frequency response - from 35Hz-20kHz. It probably won't blow you away, but it's a big departure from your average built-in laptop, webcam, headset or desktop microphone. The Audio Technica AT2020 USB is a USB version of their popular AT2020 condenser microphone. At $100 it costs a little more than the regular version. The AT2020 is one of the finest mics in its price range. It's got a very clear sound and it can handle loud volumes. Other companies like Shure and Samson also offer USB versions of some of their studio mics. The AT2020 USB also records up to CD-quality audio and comes with a little desktop tripod. The MXL USB.009 mic is an all-out USB microphone. It features a 1 inch large-diaphragm condenser capsule and can record up to 24-bit 96kHz WAV audio. You can plug your headphones right into the mic (remember, it is its own audio interface) so you can monitor your recordings with no latency, as opposed to doing so with your computer. Switches on the mic control the gain and can blend the mic channel with playback audio. Cost: $399. If you already have a mic, or you don't want to be stuck with just a USB mic, you can purcase a USB converter for your existing microphone. Here is a great review of four of them.
3) Audio Recording Interfaces: You've done some reading up on this stuff... now you are lost. Welcome to the wide, wide world of Audio Interfaces. These come in all different shapes and sizes, features, sampling rates, bit depths, inputs, outputs, you name it. Welcome to the ocean, let's try to help you find land.
- An audio interface, as far as your computer is concerned, is an external sound card. It has audio inputs, such as a microphone preamp and outputs which connect to other audio devices or to headphones or speakers. The modern day recording "rig" is based around a computer, and to get the sound onto your computer, an interface is necessary. All computers have a sound card of some sort, but these have very low quality A/D Converters (analog to digital) and were not designed with any kind of sophisticated audio recording in mind, so for us they are useless and a dedicated audio interface must come into play.
- There are hundreds of interfaces out there. Most commonly they connect to a computer via USB or Firewire. There are also PCI and PCI Express-based interfaces for desktop computers. The most simple interfaces can record one channel via USB, while others can record up to 30 via firewire! All of the connection types into the computer have their advantages and drawbacks. The chances are, you are looking at USB, Firewire, or Thunderbolt. As far as speeds, most interfaces are in the same realm as far as speed is concerned but thunderbolt is a faster data transfer rate. There are some differences in terms of CPU load. Conflict handling (when packages collide) is handled differently. USB sends conflict resolution to the CPU, Firewire handles it internally, Thunderbolt, from what I could find, sends it to the CPU as well. For most applications, none of them are going to be superior from a home-recording standpoint. When you get up to 16/24 channels in/out simultaneously, it's going to matter a lot more.
- There are a number of things to consider when choosing an audio interface. First off your budget, number of channels you'd like to be able to record simultaneously, your monitoring system, your computer and operating system and your applications. Regarding budget, you have to get real. $500 is not going to get you a rig with the ability to multi-track a drum set covered in mics. Not even close! You might get an interface with 8 channels for that much, but you have to factor in the cost of everything, including mics, cables, stands, monitors/headphones, software, etc... Considerations: Stereo Recording or Multi-Track Recording? Stereo Recording is recording two tracks: A left and right channel, which reflects most audio playback systems. This doesn't necessarily mean you are simply recording with two mics, it means that what your rig is recording onto your computer is a single stereo track. You could be recording a 5-piece band with 16 mics/channels, but if you're recording in stereo, all you're getting is a summation of those 16 tracks. This means that in your recording software, you won't be able to manipulate any of those channels independantly after you recorded them. If the rack tom mic wasn't turned up loud enough, or you want to mute the guitars, you can't do that, because all you have is a stereo track of everything. It's up to you to get your levels and balance and tone right before you hit record. If you are only using two mics or lines, then you will have individual control over each mic/line after recording. Commonly, you can find 2 input interfaces and use a sub-mixer taking the left/right outputs and pluging those into each channel of the interface. Some mixers will output a stereo pair into a computer as an interface, such as the Allen&Heath ZED16. If you want full control over every single input, you need to multi-track. Each mic or line that you are recording with will get it's own track in your DAW software, which you can edit and process after the fact. This gives you a lot of control over a recording, and opens up many mixing options, and also many more issues. Interfaces that facilitate multitracking include Presonus FireStudio, Focusrite Scarlett interfaces, etc. There are some mixers that are also interfaces, such as the Presonus StudioLive 16, but these are very expensive. There are core-card interfaces as well, these will plug in directly to your motherboard via PCI or PCI-Express slots. Protools HD is a core-card interface and requires more hardware than just the card to work. I would recommend steering clear of these until you have a firm grasp of signal chain and digital audio, as there are more affordable solutions that will yield similar results in a home-environment.

DAW - Digital Audio Workstation

I've talked a lot about theory, hardware, signal chain, etc... but we need a way to interpret this data. First off what does a DAW do? Some refer to them as DAE's (Digital Audio Editors). You could call it a virtual mixing board , however that isn't entirely correct. DAWs allow you to record, control, mix and manipulate independant audio signals. You can change their volume, add effects, splice and dice tracks, combine recorded audio with MIDI-generated audio, record MIDI tracks and much much more. In the old days, when studios were based around large consoles, the actual audio needed to be recorded onto some kind of medium - analog tape. The audio signals passed through the boards, and were printed onto the tape, and the tape decks were used to play back the audio, and any cutting, overdubbing etc. had to be done physically on the tape. With a DAW, your audio is converted into 1's and 0's through the converters on your interface when you record, and so computers and their harddiscs have largely taken the place of reel-to-reel machines and analog tape.
Here is a list of commonly used DAWs in alphabetical order: ACID Pro Apple Logic Cakewalk SONAR Digital Performer FL (Fruity Loops) Studio (only versions 8 and higher can actually record Audio I believe) GarageBand PreSonus Studio One Pro Tools REAPER Propellerhead Reason (version 6 has combined Reason and Record into one software, so it now is a full audio DAW. Earlier versions of Reason are MIDI based and don't record audio) Propellerhead Record (see above) Steinberg Cubase Steinberg Nuendo
There are of course many more, but these are the main contenders. [Note that not all DAWs actually have audio recording capabilities (All the ones I listed do, because this thread is about audio recording), because many of them are designed for applications like MIDI composing, looping, etc. Some are relatively new, others have been around for a while, and have undergone many updates and transformations. Most have different versions, that cater to different types of recording communities, such as home recording/consumer or professional.
That's a whole lot of choices. You have to do a lot of research to understand what each one offers, what limitations they may have etc... Logic, Garageband and Digital Performer for instance are Mac-only. ACID Pro, FL Studio and SONAR will only run on Windows machines. Garageband is free and is even pre-installed on every Mac computer. Most other DAWs cost something.
Reaper is a standout. A non-commercial license only costs $60. Other DAWs often come bundled with interfaces, such as ProTools MP with M-Audio interfaces, Steinberg Cubase LE with Lexicon Interfaces, Studio One with Presonus Interfaces etc. Reaper is a full function, professional, affordable DAW with a tremendous community behind it. It's my recommendation for everyone, and comes with a free trial. It is universally compatible and not hardware-bound.
You of course don't have to purchase a bundle. Your research might yield that a particular interface will suit your needs well, but the software that the same company offers or even bundles isn't that hot. As a consumer you have a plethora of software and hardware manufacturers competing for your business and there is no shortage of choice. One thing to think about though is compatability and customer support. With some exceptions, technically you can run most DAWs with most interfaces. But again, don't just assume this, do your research! Also, some DAWs will run smoother on certain interfaces, and might experience problems on others. It's not a bad thing to assume that if you purchase the software and hardware from the same company, they're at least somewhat optimized for eachother. In fact, ProTools, until recently would only run on Digidesign (now AVID) and M-Audio interfaces. While many folks didn't like being limited to their hardware choices to run ProTools, a lot of users didn't mind, because I think that at least in part it made ProTools run smoother for everyone, and if you did have a problem, you only had to call up one company. There are many documented cases where consumers with software and hardware from different companies get the runaround:
Software Company X: "It's a hardware issue, call Hardware Company Z". Hardware Company Z: "It's a software issue, call Software Company X".
Another thing to research is the different versions of softwares. Many of them have different versions at different pricepoints, such as entry-level or student versions all the way up to versions catering to the pros. Cheaper versions come with limitations, whether it be a maximum number of audio tracks you can run simultaneously, plug-ins available or supported Plug-In formats and lack of other features that the upper versions have. Some Pro versions might require you to run certain kinds of hardware. I don't have time nor the will to do research on individual DAW's, so if any of you want to make a comparison of different versions of a specific DAW, be my guest! In the end, like I keep stressing - we each have to do our own research.
A big thing about the DAW that it is important to note is this: Your signal chain is your DAW. It is the digital representation of that chain and it is important to understand it in order to properly use that DAW. It is how you route the signal from one spot to another, how you move it through a sidechain compressor or bus the drums into the main fader. It is a digital representation of a large-format recording console, and if you don't understand how the signal gets from the sound source to your monitor (speaker), you're going to have a bad time.

Playback - Monitors are not just for looking at!

I've mentioned monitors several times and wanted to touch on these quickly: Monitors are whatever you are using to listen to the sound. These can be headphones, powered speakers, unpowered speakers, etc. The key thing here is that they are accurate. You want a good depth of field, you want as wide a frequency response as you can get, and you want NEARFIELD monitors. Unless you are working with a space that can put the monitor 8' away from you, 6" is really the biggest speaker size you need. At that point, nearfield monitors will reproduce the audio frequency range faithfully for you. There are many options here, closed back headphones, open back headphones, studio monitors powered, and unpowered (require a separate poweramp to drive the monitor). For headphones, I recommend AKG K271, K872, Sennheiser HD280 Pro, etc. There are many options, but if mixing on headphones I recommend spending some good money on a set. For Powered Monitors, there's really only one choice I recommend: Kali Audio LP-6 monitors. They are, dollar for dollar, the best monitors you can buy for a home studio, period. These things contend with Genelecs and cost a quarter of the price. Yes, they still cost a bit, but if you're going to invest, invest wisely. I don't recommend unpowered monitors, as if you skimp on the poweramp they lose all the advantages you gain with monitors. Just get the powered monitors if you are opting for not headphones.

Drum Mic'ing Guide, I'm not going to re-create the wheel.


That's all for now, this has taken some time to put together (a couple hourse now). I can answer other questions as they pop up. I used a few sources for the information, most notably some well-put together sections on the Pearl Drummers Forum in the recording section. I know a couple of the users are no longer active there, but if you see this and think "Hey, he ripped me off!", you're right, and thanks for allowing me to rip you off!

A couple other tips that I've come across for home recording:
You need to manage your gain/levels when recording. Digital is NOT analog! What does this mean? You should be PEAKING (the loudest the signal gets) around -12dB to -15dB on your meters. Any hotter than that and you are overdriving your digital signal processors.
What sound level should my master bus be at for Youtube?
Bass Traps 101
Sound Proofing 101
submitted by M3lllvar to drums [link] [comments]

TokenClub Bi-Weekly Report — Issue 114(5.4–5.17)

TokenClub Bi-Weekly Report — Issue 114(5.4–5.17)

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Hello everyone, thank you for your continued interest and support. In the past two weeks, various tasks of TokenClub have been progressing steadily. The product development and community operation progress this week are as follows:
1. TokenClub Events
1)TokenClub & 499Block reached strategic cooperation in live broadcasting
On May 28th, TokenClub and 499Block reached a strategic cooperation to jointly build a live broadcast ecosystem in the vertical field of blockchain.
2)520e events
When 520 comes, TokenClub launches live interactive interaction. During the event, participate in interactive questions in the live broadcast room or forward the live poster to Twitter and the telegram group, and upload a screenshot to have the opportunity to extract 520, 1314 red envelope rewards

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3)Text version of live content is abailable on Medium
In order to better understand the live broadcast of TokenClub by overseas communities, we translated the live broadcast content into English and uploaded it to TokenClub’s Medium official account, so that the community’s small partners can view it.


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4)Preview: TokenClub’s self-media grandma is invited to participate in the golden financial theme live event
From May 29th to June 4th, Golden Finance will hold a five-day live broadcast of the theme of “Finding Double Coins”. Grandpa Coin will express his views on June 3, welcome to pay attention.

2.TokenClub Live
1) Summary
Recently, Binance Co-founder He Yi, TRON founder Sun Yuchen, Hobbit HBTC founder Ju Jianhua, OSL chairman Dave, BlockVC founding partner Xu Yingkai, Outlier Ventures founder amie Burke, Bitribe founder SKY, CryptoBriefing CEO Han Kao , Huarai Group / Vice President, Global Market and Business Leader Ciara, Guosheng Securities Blockchain Research Institute Sun Shuang, Tongtongtong Research Institute CEO Song Shuangjie, Jin Tiancheng Law Firm Senior Partner Yu Bingguang, Binance China Jiang Jinze, principal researcher of Blockchain Research Institute, Meng Yan, vice president of Digital Asset Research Institute, co-founder of Primitive Ventures & director of Coindesk advisory board-Dovey Wan, founding partner of Genesis Capital & co-founder of Kushen Wallet Ocean Liao Yangyang, Binance C2C-Kathy, Binance OTC-Coco, Binance Contract & Options-Justin, Binance VIP-Jennifer, Binance Broker-Jess, Binance Mining Pool-Denny, Harbin Institute of Technology Blockchain Research Executive Deputy Director Xu Zhifeng, dForce founder Yang Mindao, Mars Finance co-founder Shang Silin, Cobo & Yuchi co-founder Shenyu, well-known investor Xu Zhe, CasperLabs CEO Mrinal Manohar, CasperLabs co-founder Scott Walker, Chairman of Rock Tree Omer Ozden, Nova Club incubation team leader & Waterdrop Capital partner Zheng Yushan, Rolling Stone miner founder Alex Lam, BitUniverse coin founder Chen Yong, Odaily Planet Daily founder and CEO Mandy Wang Mengdie, Binance stablecoin BUSD project responsible Helen Tu and senior expert of TokenClub blockchain and cryptocurrency investment strategy-Zao Shen talks with you about blockchain things ~
On May 18, Block 101 Binance Key Account Manager Luna talked to Primitive Ventures co-founder, non-profit bitcoin development fund Hardcore Fund executive director, and Coindesk advisory board director-Dovey Wan, to understand “C and C How is the Goddess of Crypto Assets made? “Dovey Wan shared with us on asset allocation, investment judgment, entrepreneurship, DCEP, etc.


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On May 19, Block 101 Yingge talked with Sun Zeyu, the founding partner of Genesis Capital and co-founder of Kushen Wallet, to share the theme of “Blockchain Investment Experience”. This investor, who is rated as “reliable” by insiders, recommends that novices try not to touch contracts, do not stay overnight even when making contracts, be alert to risks, refuse gambling, and rationally analyze investments.

On May 20th, 499Block ’s two-year birthday carnival “Global Hot Chain, Keeping Together for Every Year” celebration was held in the TokenClub Live Room. The cross-border AMA Solitaire + popular day group anchor live video sharing, including Binance Co-founder He Yi, TRON founder Sun Yuchen, Hobbit HBTC founder Ju Jianhua, OSL chairman Dave, BlockVC founding partner Xu Yingkai, Outlier Ventures founder amie Burke, Bitribe founder SKY, CryptoBriefing CEO Han Kao, Huobi Group / Vice President Global Markets and Dozens of blockchain leaders from home and abroad, such as Ciara, the business leader, all appeared on the scene, and 499Block became a popular beauty angel group to help the interactive host.


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On May 20, Sun Shuang, senior researcher of Guosheng Securities Blockchain Research Institute, Song Shuangjie, Jin Tong, CEO of Tongzhengtong Research Institute were jointly invited by Lingang Xinyefang, Lingang Innovation Management School, and Binance China Blockchain Research Institute. Tian Bingguang Senior Partner Yu Bingguang, Binance China Blockchain Research Institute Chief Researcher Jiang Jinze, Vice President of Digital Assets Research Institute Meng Yan, and many experts talked about the “Critical Digital RMB DCEP” in the live broadcast, one A feast of intertwined thoughts is worth watching again!

On May 21st, Ocean Liao Yangyang, the founder of Block 101 Seven Seven Dialogue Force Field, focused on the “big enlightenment era of digital assets”, Ocean shared with us his entrepreneurial experience, the first pot of gold, public chain, currency circle and Analysis of the current market. Regarding the future of Bitcoin, Ocean feels that he can work hard towards the direction of digital gold and become a substitute or supplement for gold. He is determined to see more, because the ceiling of the entire industry is very high, and he still cannot see its end point. The index level is rising, far from being over.

On May 22, “In the name of the Pizza Festival, we came to a different live broadcast” Bringing Goods “”, which was organized by the girls in the 101-day group of the block: June 6, July 7, Sisi, Yingge, Qianjiangyue , Dialogue: Binance First Sister, Binance C2C-Kathy, Binance OTC-Coco, Binance Contract & Options-Justin, Binance VIP-Jennifer, Binance Broker-Jess, Binance Mining Pool-Denny. We have explained to us one by one about C2C, OTC, contract options, etc. If you are interested, please move to the live room.


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On May 22, Block 101 Sisi Dialogue Xu Zhifeng, executive deputy director of the Blockchain Research Center of Harbin Institute of Technology, shared the theme: “Strategy of Great Powers: Seizing New Highlands of Blockchain Technology”. He expressed his views on his own currency circle experience, entrepreneurship, blockchain technology, DECP, etc. Xu Zhifeng is very optimistic about the future development of blockchain. He said: “Ten years later, blockchain will become a very common industry. We are the Internet industry and have never changed.”

On May 23, the old Chinese doctor Zao Shen from the coin circle went online ~ The theme of this issue: If you want to be short, you must be able to sing first, and if you want to be long, you must be patient. If the meal is not fragrant, the game is not good, and the happiness of the past has drifted into the distance, just because the daily reading is still a loss, and the head is hurt. Don’t panic, the old Chinese doctor Zao Shen of the currency circle will adopt the Trinity Interventional Therapy and precise care to regenerate life. Don’t move quickly to the live room to see what “therapy” is.

On May 25, Block 101, July 7th conversation with dForce founder Yang Mindao, talked about “DeFi opportunities and challenges.” Yang Mindao believes that the four biggest benefits of DeFi are: programmability; non-custodial nature; non-licensing; composability. He believes that the current public chain market is seriously homogenized, and the most promising public chain is Ethereum. Ethereum is the best and largest in terms of developer group, ecology, and technological evolution, and can absorb the advantages of each public chain. At the same time, he is also extremely optimistic about DeFi, “DeFi application value is gradually verified, and the value of this type of token will gradually become more prominent.”

On May 26th, Mars Finance co-founder Shang Silin Hardcore Dialogue Cobo & Yuchi co-founder Shenyu and well-known investor Xu Zhe. The trend of “financialization” in the digital asset industry is becoming more and more obvious, and the friends of miners need to master more and more skills. Unveiling the mystery of hedging for everyone.

On May 26th, Nova Superstar Dialogue Phase 13 focused on the Silicon Valley star project CasperLabs, specially invited CasperLabs CEO Mrinal Manohar, CasperLabs co-founder Scott Walker, Rock Tree chairman Omer Ozden, and Nova Club incubation team leader Water Capital Partners Zheng Yushan, discuss CasperLbs together.
On May 26, Block 101 Sisi talked with the founder of the Rolling Stone Miner, Alex Lam, and took us into the “post-worker life” of a PhD in finance. Alex shared the reasons for entering the coin circle, the first pot of gold, mining, pitted pits, investment experience and opportunities in the digital currency industry. Alex said: Bitcoin exceeds US $ 100,000, and it will be in the second half of next year or the year after.
On May 27th, Block 101 Yingge talked with BitUniverse founder Chen Yong and shared the theme: “Who” needs grid trading. Chen Yong mainly introduced the currency trading tool of Bitcoin. In his view, grid trading has changed an investor’s concept-from stud into a batch of positions and positions. Regarding the price of Bitcoin, Chen Yong believes that the price of Bitcoin may reach one hundred thousand dollars around 2030.

On May 28, Block 101 Binance Mining Pool Wu Di talked to Mandai Wang Mengdie, founder of Planet Daily Odaily, to learn more about the process of “media entrepreneurs marching into the blockchain from venture capital circles”. Mandy believes that the core competence in the media industry is high-quality original content, which is the most basic but difficult to stick to. The initial focus of entering the mixed media industry of the dragon and dragon is to focus and amplify value.

On May 29th, Block 101 Qianjiangyue Dialogue Hellen Tu, the project leader of Binance Stablecoin BUSD project, talked with everyone about the stablecoin “Life and Death”, Hellen shared the stablecoin in detail, and published his own the opinion of. For details, please move to the live room.

On May 30th, Zaoshen came to share the theme: Dongfeng blowing, bullets flying, unlimited chase? In this issue, Zao Shen shared with you the recent international financial situation and various major events in the United States in the past week, which extended to the impact on the currency circle and answered various questions about investment strategies. Friends who want to know more details can move to the live room of Zao Shen.
3.TokenClub operation data
-Live data: 13 live broadcasts in the past two weeks, with over 800,000 views. TokenClub hosted a total of 870 live broadcasts with a total of 45.06 million views.
-Binary trade data: In the past two weeks, guess the rise and fall to participate in a total of 1268 times, the amount of participation exceeded 2 million TCT. At present, it is guessed that the rise and fall function has participated in a total of 1.11 million times, with a cumulative participation amount of 498 million TCT.
-Chat data: In the past two weeks, a total of 19271 messages have been generated. A total of 4.85 milliom messages have been launched since the function was launched.
-Mini-game data: The mini-game has participated in a total of 4212 times in the past two weeks. A total of 1,66 million self-functions have been online.
-Cut leeks game data together: Since the game was launched, the total number of user participation in the game was 962612 TCT total consumption was 6,27 million gift certificate total consumption was 15,95million and TCT mining output was 161496.
-TokenClub KOL data: Over the past two weeks, the total reading volume of the BTCGrandpa article has been viewed by more than 300,000 people.
-Social media data: At present, the number of Weibo official accounts is 18033 and the number of Twitter followers is 1332 and we have opened the official Medium account this week, welcome to follow.
-Telegram official group data: In the past 2 weeks, there were 238 chats in the group, and the total number of Telegram official groups is currently 2906.
-Medium data: Medium official account u/TokenClub has published 5 excellent articles, official announcements and updates are published in English, welcome to follow.
4.Communities
1)Overseas Community
TokenClub held an event for forwarding Twitter and telegram group chats for overseas users. Bitcoin halved in less than two weeks, overseas users are more active in the telegram group, and some friends are more concerned about Binance Block 101 live broadcast, aggregation exchange, TCT usage and other issues, the administrator responded in time.On May 12th, when Bitcoin was halved, TokenClub organized a forwarding Twitter, telegram group chat prize event and participating in a live question asking interactive prize event for overseas users. There are many live broadcast events in the near future. The live broadcast poster information will be released to overseas users as soon as possible. The follow-up TokenClub will translate and broadcast high-quality live broadcast content to Twitter and Medium. Bitcoin halved, overseas users are more active in the telegram group, and some partners are more concerned about block 101 live broadcast, bitcoin future price trend, TCT usage and other issues, the administrator responded in time in the group.


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2)Domestic community
Sweet Orange Club Weekly News
Last Friday, a holiday, the community opened the red envelope rain event, and brought a sincere gift to everyone while relaxing in the holiday. At the same time, it also sent the most sincere blessings to all mothers in the community on Mother’s Day. Thank you for your long-term support and help to the Orange Club community.

Hundred-day scheduled investment event (Phase II)
The fourth week of the second 100-day fixed investment plan held this week has been awarded, and everyone is still very active in this event. This week, the Bitcoin halving market was also opened in advance. The small partners participating in the fixed investment should now have a certain floating win, so we adopt the correct cycle investment strategy to believe that it can bring unexpected benefits to everyone.
Sign in the lottery.
On the evening of May 3rd and May 10th, TCT Fortune Free Academy carried out the 51st and 52nd week sign-in sweepstakes, and rewarded the small TCT partners who had always insisted on signing in. In these two sign-in sweepstakes, the lucky friends received 20–180TCT as a reward. In addition, during the lucky draw, the college friends also actively expressed their opinions on the topic of this year’s bull market.

The Leek Paradise Community Conference will continue as usual every Sunday at 20:00. During the conference, members will discuss recent hot topics, including gifts and blessings for Mother ’s Day, and the halving of Bitcoin everyone is paying attention to. At the end, the friends in the group also showed a rare enthusiasm at the first sight. It seems that the market still affects the mood. The members routinely started a red envelope rain to cheer for the participating partners and encourage everyone to maintain patience and confidence. Of course, at the same time, we are encouraging ourselves to see the community meeting next week. Come on!

TokenClub volunteer community, sign in red envelopes every day, as long as you sign in every day, you can get good benefits, friends join us quickly! In the past two weeks, the community has conducted active partners.
Volunteer community: Change to the currency circle consultation and pass the analysis of Grandma Coin and Panda analysts, support TokenClub in action, and continue to vote for TCT. In the last month, we have worked hard to learn the rain god’s strategy. We have doubled the coins in our hands. The community WeChat group has recently injected fresh students. We look forward to more people joining! Volunteer community, will continue to work hard for TokenClub
TCT has been listed on Binance、Okex、Gate.io、ZB-M、MXC、Biki、Coinex、BigOne、Coinbene、Cybex、SWFT、Loopring、Rootrex etc.
TokenClub website: www.tokenclub.com
Telegram:https://t.me/token\_club
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