 Welcome back, folks. We have the Dow Industries up 14, Nasik down 13, S&Ps down five. Let's go over to our man, Mr. Dave Mazza, who is the managing director, head of product at Direction Shares and of course Direction Shares, folks. We're talking about funds. You're talking about Levin products. In that particular case right here, we're talking banks. We're talking gold. We're talking small caps. Dave Mazza, welcome back to TFNN. Hey, thanks for having me back, Tom. Absolutely. So since the last time we talked to you, okay, we had the bond market get smoked last week, Dave. Indeed. And, you know, in that context, these banks, you know, these banks are running higher. You know, when we take a look at, well, even the FAS, the FAZ, right, which is in this particular case, the FAZ folks, they're three times, you know, the Levin product of the financials. Do you guys get to see a big switch when, you know, I mean, when that bond market went down, I mean, everyone's been waiting for the financials to go topside. What do you guys see on your side when this happens? Yeah, it's really interesting. I think we've seen a bit of a coiled spring when it comes to financials, as many bull strategists from a long-term point of view and traders have been waiting for, you know, the opportunity to pounce. And it's been interesting is, you know, we've been in a market that has been extremely defensive. People have avoided the cyclicals. They've avoided the more value names. And if there's one sector that's both cyclical and value, it's financials. And so when we have these risk on days in the market, you know, we certainly see significant activity on people trying to play that, especially on the bull side, because in FAS, because we've certainly had seen more activity in an area like FAS as, you know, financials haven't had the easiest run, really, you know, sensical financial crisis, but even more recently as rates, and especially the yield curve, continue to be depressed over the summer. Yes. You know, it's amazing that they haven't had a more extraordinary run actually, because they seem to always make money. Like if we look back from here, even before the crisis, they're making much more money now than they were then. But for some reason, you know, the market hasn't jumped on it. They're jumping on it now, but for some reason, there's legs that are involved there, I guess. Well, you know, there's been a, there was a persistent overhang of regulation, right? You know, financials certainly may be benefited and overlaid from a revenue and earnings perspective because of loose regulation. Concerns about whether it's Basel III coming out of Europe or Dodd-Frank here, it's difficult for people to get a sense of clarity on what the picture is going to be from earnings, you know, do they become just regulated utilities in the worst case scenario. Heading into the election, which is actually, we're already beginning to see our trading clients begin to make some interesting bets in that particular space. That's another concern, right? We know, you know, whatever your political opinion is, President Trump and his administration has certainly been more favorable to financials than many people expected. You know, I don't know if the same can be said with some of the Democratic candidates while still early there. So there is this kind of, I think still a little bit of mist of exactly how investors should be positioning with financials. But for traders who can look at both the bull and the bear side, a lot of opportunity is going to be there, especially if we begin to see a continued move up in rates, you know, by market close today. But some of those moves to your point in the last week were extraordinary. And if that continues, you know, we could see a 10-year jump pretty quickly to 3%. I think that gets the market into some other kind of trouble. But that certainly would help the case for financials. Yeah. So, hey, let's go on that side. Because that's, you know, this, the, where the level line is, folks, is so hard in this market. Because just as Dave said, right, is that, you know, the bonds came down, banks are going up, but if the bonds go up too fast, then the market's going to start saying, okay, what's going on? So what I'd love to talk about is the small caps, you know, because it seems that when we take a look at the small caps, you know, those topped out July of 2018, you know, now if we're talking the TZA, the TNA, you know, like what do you think's happening to the small caps? It's amazing that we're at all-time highs and these guys still can't, you know, basically get the juice going. Small caps can't get your break, you know, to your point. You know, they topped out well before the large cap space continued to live, continued to be middling around, looking for support and really have struggled. This most recent earning season has not been pretty for small caps. You know, large caps have seen the beats as they normally do. So I think we're going to avoid negative EPS in the third quarter, but man, small caps so far have not been nearly as positive there. And for the trading community and the long-term community, small caps, while the valuation with large caps, you know, if I look at price to book or price to earnings, price to sales look terrific. If you can't make a case for earnings to recover, it's difficult to step back in. However, again, if we do see some of these signs that the economic data begins to bottom or even from true green shoots, that's got to help cyclical sectors. It's got to help small caps, especially some of those financials that are in small caps. However, one thing to know with small caps is sense of global financial crisis they've taken on a lot of debt, unlike the large caps space. So again, people see this and they're concerned about the health of some of these balance sheets. You know, we're seeing news out of the loan market, that there's some cracks there. High yield is holding up a bit better. So I think it's a pretty unclear picture on exactly what we get out of small caps. But again, we are actually beginning to see a pickup and activity on both sides of the trade, both TNA and TZA, just because, again, some people are getting very bullish on small caps, where others are just about as bearish as you can get. Now I have to bring you into the gold market because with your hat out here this morning, folks, this is good. This is quite a deal this morning, folks. You know, in the course of half hour, okay, the bottom line is that you had three million ounces of gold sold. That being said, guess what, you know, when we're talking the gold equities and we're talking the nugget or the dust, the bottom line is that it was really intriguing, Dave, we had, you know, gold shoot down a 1448 like in a heartbeat. Yeah. You know, come back to 1456. But it was always not all the time. I mean, sometimes they could just kill the equities too. But this morning, actually, we were live on the air. It was amazing watching that the first the GDX, okay, you know, bottom line shook it off. And of course, then, you know, the nugget is trading off, off of the, you know, the HUI. And it's just amazing to me that, you know, we hit 2515. And it said, I don't want to be here. I'm up at 2560 now. So it's like this is almost a disconnect between the metal versus the equity still at this point. Yeah, no, I think that's a good, good and interesting observation, because really, more recently, up until the last couple of days, we actually seen, I've seen the gold mining stocks and gold trading a pretty tight relationship. And we know they're always trade tightly. But yes, the correlation was remarkable. But now we begin to see some cracks in that, which frankly, is probably a bit healthier from, you know, that the equities can behave like an equity and the gold gold can behave like an like bullion. But you know, taking a step back here, you know, gold bullion have been on a pretty nice run up until recently when we have this massive risk on rally. So, you know, my trinity of risk off utility stocks, long term treasuries and gold all hurt last week. But maybe this week, not today, but we'll see if we see a bit of a bounce back and gold. Nice. Well, listen, man, it's always a pleasure for the great education. I look forward to speaking it from two weeks from today, Dave. Sounds good. Thanks for having me back. Thank you. Appreciate it.