Speaker is long NKE and added to the dip; views max negativity and analyst hate as contrarian signals for a turnaround thesis.

Nike. Oh, that's Nike. I apologize.

We'll get to Nike, which unfortunately is going down even more.

Now, if there's heavy volume in the pre-market on something like a a Nike, I will use that.

The big one, folks, is Nike. Take a look. You guys saw this a little earlier, but Nike beating on earnings, but missing on revenue and missing on their guidance. They lowered guidance.

So, you can see right there, EPS actual was 48 cents versus expected to be 44. So, they beat by 4 cents on a headline basis. That is actually pretty good. But when you look under the hood of that car, things don't look so good.

Revenue missing 11.21 billion versus 11.32 billion expected. And the key in and this is always the key for every stock is what's the guidance because the earnings and revenue are what happened last quarter.

What's the guidance? And guidance they lowered to 1.15 to 1.35 from a buck 69 that had been expected. So, they lowered guidance pretty hefty.

Now, believe it or not, I I am long Nike and I continue to like it. In fact, I've added to it as it dipped in yesterday's after hours from the aspect of it's already been beaten up to a pulp.

And I think again, you have max negativity. And you know, I'm a big contrarian. If you look at what's being said on social media or even by analysts, they all hate it. And when they all hate it, I start to accumulate.

Now, this isn't a short-term, you know, buy it today and be out of it for 30% tomorrow type thing. It's more of a thought process of a turnaround that I do think they will figure out.

Now, part of it is their revenue in the US actually beat. So, that's good. China revenue was weak and we know the Chinese economy is weak as well. If China starts to turn around, my guess is Nike turns around

All right, let's go back to the charts here. Nike, here we are right here. Nike again dropping as low as $31.35. It has bounced back pretty nicely here, but still down about 8% from yesterday's close.

And we were looking at Nike on the 10-minute chart going into earnings. And Nike all day long had been grinding up, grinding, grinding up. And then all of a sudden, and look at the chart here, right?

So this is where Nike was going into the 300 p.m. time frame. Here's the chart. So again, Nike opened yesterday, was grinding higher, and then 3:00 comes, look at what happens.

Look at this. Right? So basically it collapsed in the final hour of the day over a dollar which is over 3% on massive volume going into the earnings release.

the point is is very clearly on Nike, someone got the news ahead of time, very obviously.

If we bring up the chart on Nike, is there a level? Well, we got to go really far back here. Um, and basically, we're trading now into levels here. Take a look at this, guys. This is kind of an interesting little zone.

We're basically into 32, this area here. So, there is technical support. I do want to be clear, there is a chance it could go as low as 28 to 29, but these would be your next supports. 32, which is where we are right now.

So, there is technical support. You can kind of see it on the chart. I know it's so hard to see when I go back to 2013 and then 2012 here. But these are your two levels, $32 support and $28 support.