 The following is a presentation of TFNN. The Morning Markets Kickoff with your host, Tommy O'Brien. Good morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN Thursday morning, just after 9 a.m. Eastern time. We got about 24 minutes to go until the start of trading. You have markets starting things off across the board in green territory, but barely. You got the S&Ps up by three points right now. You were in negative territory overnight, 3 a.m. the lows, down at about 4,260. We were just approaching 4,300 right now. You're positive by three points in the S&Ps. NASDAQ 100, you're positive by single digits as well, 13,500. You got the Dow just under 34,000. We were just above that level briefly. Again, all the indices positive, but all of them by single digits. Dow positive by eight, Russell positive by three. We jumped to crude, catching a little bit of a lift this morning. We make it to $85 yesterday. You're chopping around with lows of 86 yesterday. Excuse me, 85 was Tuesday, 86 was yesterday. How about $90 coming at you for the price of crude? As we catch a little bit of a bounce, you get the gold contract catching a little bit of a bounce. We give some of that back in the last few minutes. Gold up $2 right now in the session. Well off where it was to end last week though, 18-19 for that gold contract. And you jump to notes and bonds. There's a little bit of volatility for you to kick things off. Right now you're positive by three ticks on the session, but boy, we just gave up about 10 ticks at 8.15 this morning. You were at 1.1907. Right now we're trading 1.1827. We jump over to the VIX right at about 20, which is where we've been chopping around for the better part of this week Monday. You accelerate to that area and since then just chopping around around 20. Now you take a look at the daily, I've brought it up before. Quite a pullback on this VIX. Risk reward wise in terms of where this VIX goes, right? Do you see it pulling back to 16, 14, potentially 18? We kicked off the year, okay? Kicked off the year, folks. Now remember, kicked off the year at all-time highs of 4,800 in the S&P at 1650 about, okay? We're sitting at about 20. As in pretty close to those price levels, considering the volatility we now face, August 18th versus the volatility we faced in January, you know? We knew that rate hikes were coming in January, but nobody knew that inflation was going to be so persistent. Many people thought so. Nobody knew it. There was still a huge camp that was saying the transitory factors, including the chairman himself, were going to take over. Keep it in mind, because these VIX, you know, chopping around at a pretty low level, looks like the VIX is not going to be comfortable going under 20 anytime soon, even with an S&P sitting pretty comfortably at about 4,300. All right, where do we kick things off? How about meme stocks? Bad Bath and Beyond. Yesterday closes at 23. You had a run up to 30. Let's put this thing on a 15 minute to see the action. 30 early yesterday made it to 28 late in the day. It collapses overnight. And that has to do with Ryan Cohen, second biggest shareholder, the guy who started the meme craziness. He's selling everything he's got. Yeah. He plans to sell as many as 7.8 million shares. Folks, yesterday this thing closed at 23. Right? What is that? He's almost got 8 million shares. He's in a dollar position in this equity that he's going to sell off. Five months after disclosing a stake in Bad Bath and Beyond, he's selling everything. It might sell as many as 7.78 million shares at Bad Bath and Beyond along with some call options as well. You have the stock cratering, of course. It's been a little bit of craziness leading up to that. Now, yeah, you have downgrades, of course. Wedbush, I think, said, yeah, 80%. Some of them, 80%. That's surprising, man. It's a game of hot potato, folks. And you got the guy that started it all, leaving the game, right? Yeah. I would not be participating in that one. Surprised it's not down more. Kevin Hinks on Fast Market at 12 o'clock. We'll talk to him a little bit at 9.15. Get a little taken there. They set up great trade yesterday. I'm going to ask them to talk about it a little bit when we get back, because it was a pretty cool trade and sort of how they set that up with a little butterfly action. Their max profit in that trade that they set up was about 18 bucks, I believe. And right now, you've got it sitting at about 18.40, but pretty cool nonetheless. And yeah, I wouldn't touch that thing now that he's out of it, man. GameStop, you collapse into the close as well. Give back all the games you had on Tuesday. We check in on the recent high flyer, HTD Global, right? HKD, I believe, is their symbol. Yeah, this thing was just up to 2,500 when it was bigger than some of the biggest tech companies in the world. And you're trading at 186, chopping around. Still, still a far cry from, would it go public at like 5 bucks, 12 bucks? Is that okay to sell the way back? Yeah, it does. So I would stay away from all that stuff. All right, let's jump around to some of the other hard lines. We got Apple yesterday announcing September 7th, the new iPhone, one month, new devices, the iPhone 14 Pro line to get camera upgrades and speedier chip. Remember the days that the iPhone literally had huge upgrades that changed the functionality of what you could actually physically do with that product? Now everything just gets better and better, but everything is already so good. And still, Apple gets you to upgrade that phone every two to four years, right? Pretty remarkable. I was just thinking, I got mine. I think I have a 12 and I think I got it December 19? No, December of 20. Yeah, almost two years ago. And I'm close to that point. I'm actually thinking I should contact my provider and find out you pay like a payment plan, usually for 18 months, two years, something like that. If I pay up on it and I can get a refund, a rebate or something like that, maybe I'll trade it up. My screen's got a little bit of a headache right now. Might be time to do it. More than half of Apple sales last year are iPhones. Just remarkable. They keep plugging along to that degree. We jump over to Apple, so they'll have that in September. Apple shares. Yeah, look at that, man. There's a lift for you yesterday. Now, Apple's got 16 billion shares outstanding folks from the early action yesterday to where it was in the high. You're talking about 60 plus billion dollars in market cap added this morning, about a dollar to the downside at 173 and change. Not bad. You're bumping up against levels, man. We got to 176 and change yesterday. You're almost back to all-time highs for Apple, the biggest company in the world. I mean, if that's the case, my goodness, what would this market be doing if Apple, the biggest company in the world, wasn't basically at all-time highs, right? I mean, Apple's trading at prices that are traded at December 23rd. For context, okay, December 23rd, the S&Ps were sitting at 4,700 almost, right? Another 12% above where the S&Ps are at right now, even with Apple, and you are bumping up against that 3 trillion mark. 182 and change is the 3 trillion mark for Apple as we're up about 4 points coming into that. Let's check out some of the other Frank Stocks this morning. Amazon shares. Yeah, interesting. Yesterday, heard my dad talking about Amazon. They might be getting into social media. Amazon catches a little bit of a spike yesterday to above 143, pulling back from 146. Why not? We'll reference that article right now. And there it was, testing a new photo and video stream app similar to TikTok. TikTok, well, influencers are convincing followers to unsubscribe from Amazon over labor disputes. Yeah, they have quite the... I was looking this up, right? And it's interesting. You just Google Amazon TikTok, trying to find the articles. And what do you have? You have there testing apps. And then what do you have? Young TikTok creators are organizing a campaign against Amazon to support workers. So maybe Amazon trying to control the conversation with their own social media site, as my dad was saying yesterday. Imagine you're just on social media and they just instead of watching videos, you're getting people to watch videos and just buy things on a little hamster wheel, right? Stay tuned folks. We'll be coming back talking about Kevin Hinks from Fast Market. We'll be right back. We'll be right back. We'll be right back. Larry will also provide daily charts, videos and data on the key markets that he's tracking. 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Just visit the front page of TFNN.com TFNN.com Okay great hopefully you can hear me folks we got the S&Ps up by 3, NASDAQ 100 up by 14 right now and let's jump over to our man Kevin Hinks every trading day 12 noon eastern time folks fast market on the TD Ameritrade Network we'll jump right into it. Kevin I was talking about bed, bath and beyond you talked about it yesterday I watched the segment you guys did yesterday great segment great program overall as usual and I was hoping you could go over the segment you guys did because pretty interesting action overnight I set up the trade I believe on my platform with what you guys had yesterday now the prices have moved dramatically but if you could talk about real quick just a segment bed, bath and beyond and the trade you guys set up I believe which is what I have up here Kevin so what we did yesterday and Tom White my co-host he made up he you know this trade and what it was is we bought the 25 foot and bed, bath and beyond and then against and we did basically bought the 25 18 foot vertical right and then against staff we sold the 18 11 foot vertical so we did the butterfly and so we paid about a dollar one over dollar dollar $25 $30 range for that butterfly that would peak out if bed, bath and beyond went back to $18 and where is it today Tommy? about 1890 right around that level 1880 so this trade that we put on that was risk-defined and used that butterfly strategy of selling of your target and that's the 18 strike but we bought the 25 sold two of the 18 and bought one of the 11 so any move right to this area around 18 or in that area Tommy and this trade is pretty profitable with the only risk being if it moves through that and towards the 11 strike so yeah really interesting discussion we had yesterday bed, bath and beyond listen you did such a great job man I knew you could walk through every part of that trade as a trader that you are and I have it up on the platform folks and so you know you're buying a 25 foot now these are September Kevin correct September 16 September 16 almost a full month out to the September expiration and then you're selling the 18 puts you're basically buying a put spread from 25 to 18 folks and you're selling the put spread from 18 to 11 to help with some of the payment you know some of the debit it comes in at $1.24 and I've got the chart up here Kevin in terms of the risk reward when they put it on the risk profile on the thinkorswim platform and you can see folks defined risk of and right now it's showing $1.24 Kevin like you said for a debit for that trade on my thinkorswim platform and that's your risk when it gets above that price point of 25 folks that's your risk when it gets above below 11 range man you got $14 for a stock that's trading at 25 and you've got a break even from about 12 to 24 it was just a great trade man because I of course everybody might go the first step Kevin right which is maybe you think okay I'll buy a put spread right I'll buy the 25 put I'll help finance that by selling the 18 put and I love that you guys just took it one step further and almost did it again by selling the 18 and buying the 11 to help even further it was a great trade folks and yeah some pretty interesting headlines yesterday after your segment to say the least with that in mind Kevin we got a new day ahead of us what are you guys talking about today coming up on fast market more earnings coming out today Tommy will look in the first segment of the show will look at Deer and Company John Deer they have earnings coming up tomorrow morning before the open then like bullio will do a presentation on Foot Locker they have earnings coming out before we'll look at the overall effect of Nike and their direct to consumer and the effect that it's having on Foot Locker and then in the seedlock will look at Chipotle a name that you know by Brian Nichols admission a company that's not really being hurt by inflation because their clients their customers are the higher the middle end in the income spectrum so interesting how that is defining or helping define what this economy is doing in terms of inflation and where it's affecting consumers so John Deere Foot Locker and Chipotle today three great stocks man and yeah quite a chart for Chipotle I got up here you're flirting around 1700 right now with a bid ask pretty strong year considering what's happening some of the other equities of course and yeah interesting we even saw earlier this week right Kevin talking about Walmart one of the reasons they're doing so well actually reaching some of those higher income brackets as people come down to save some extra money with inflation down the line and then target not quite keeping up to the same degree at least with Walmart Kevin I apologize for the technical difficulties but I think we save the segment man I appreciate it we'll be watching fast market at 12 o'clock today man no problems Tommy have a great day you as well folks tune in every trading day outstanding program and yesterday I'm telling you I'm sitting there watching it right it just makes you think about the type of trades that you can make folks when you have market opinions okay it was an outstanding trade setup you talk about defined risk on an equity that's going bonkers right let me pull up BBBY yet again I found it remarkable that for a dollar 24 and you're gonna have to have some price discovery as they say on fast market folks you have to have some price discovery about where that bid ask is because when you're making these multi leg trades like this okay there's not a super deep market of bids and asks for a four legged trade of you know a butterfly option position a month out even in a stock that is traded as actively as bad bath and beyond because you think how intricate it is so you're gonna have a wide bid ass spread potentially so you're gonna have to have some price discovery okay and sometimes it might not be possible for like full disclosure of everything to get the exact price that this yields when you're talking about the middle of the market because sometimes that market in multi leg option trades is very wide okay but if you're looking to trade a mean stock I love this way to trade a mean stock because if you are able to get executed and you do discover where that price is that you get filled and you you consider that a reasonable price of execution you're risking 124 bucks on an equity and guess what this thing's close to 18 bucks this morning and that would be your max profit of almost 600 stay tuned folks we'll be right back for that open booming inflation we are purchasing powers eroded there's no better place to protect your harder and money than ain't gold this the golds flagship asset is the Monk Todd gold project in the northern territory of Australia this is Australia's largest undeveloped gold project we are talking a world-class gold project in a tier one mining district this is a large-scale low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction this the gold just completed the Mount Todd feasibility study which resulted in a 7 million ounce gold reserve in a 16 year mine life all of this combined with the approvals of all major 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moves with your money watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be TFNN educating investors this segment is brought to you by thinkorswim for more information just click the thinkorswim banner on the front page of TFNN.com welcome back folks we've got markets open you got an SMP right now flat NASDAQ 100 barely in the red dial as well now these option markets take a few minutes sometimes even to chop around enough folks to get an accurate price reading of where you are in a specific trade let's see how bad bathroom beyond I'm just going to walk this over one more time so you're trading it about 1880 right now okay now it's going to be interesting with this traded it is so far out into the future okay that the reason why you're able to risk a dollar fifty for this hypothetical trade we're talking about with Kevin okay to make a potential 515 the reason why you risk that money to make that money is you have a $7 range okay so your max profit in the put spread is at $18 and your max profit in the put spread yourself from 18 to 11 is also at $18 okay so ideally on September 16th if this thing expired at 18 on the dot you would make whatever the difference is $7 minus whatever you paid so call it $575 about now what you can see though okay is that we paid about $1.24 if you'd executed this yesterday maybe you paid up to a $1.50 or something like that yesterday because I looked at it when they were trading it even with the type of move you just got okay you're barely in the green because there is so much volatility still priced into this equity that they're not going to let you out with that big of a profit on a defined risk trade because everybody would love to find risk market so interesting to see we'll keep that up but maybe you have a slight profit in that equity and that's with bed, bath and beyond dropping from a price of 25 to 18 overnight right in many other equities folks okay you achieve a much greater profit but in this equity okay there is still so much volatility priced into every price spread along the way okay so to show you real quick we're talking about the September 16th a month out okay we were selling excuse me we're buying the 25 put we're selling two of the 18s and then we're buying the 11 they're all trading with such high volatility and implied volatility okay that you're not getting the type of movements that you may get when yesterday the equity was trading at 25 and today it's trading at 18 but they've all moved in pretty dramatic fashion to where you add up all the prices okay and yeah you know that's not a nothing profit folks okay because you were paying a buck not saying even trying to keep track of this in my head saying it would be even a cheaper trade I mean the volatility this is the disclaimer which is why I cover this in the end right it's almost a broken market when you have implied volatility to this degree with the front end at 633% and the contract we're trading 104% okay trading them up to that point okay your risk profile right you see the purple line is today's action well it's very difficult to get a big profit in today's action with where volatility implied volatility numbers are okay we're almost right where we were yesterday and meanwhile we have the stock moving from 25 to 18 which is our max area but guess what what this number is telling you okay is that we don't care if it's trading at 25 yesterday we don't care if it's trading at 18 today the odds that this thing is either much higher or much lower in a month anybody's guessing that's probably where it'll be because trying to peg a $14 price range on any of these meme stocks is very difficult which is why they're still giving you the same risk reward no matter where this thing is 25 or 18 you want action for a month doesn't even matter where it is today it's kind of the point which is crazy right but that's a nice lesson man to get how that went in terms of price action check out fast market folks they're going to talk about it I'm sure they do an outstanding job this is a great opportunity to learn about how these move and how implied volatility numbers move I'm going to sneeze excuse me okay what is cool about that trade as well last thing is that you can make trades like that though without placing them on the meme stocks okay so maybe if you wanted to make a put spread trade broaden up the type of trades that you put together because let's say you thought this thing had price action potentially closing out at 18 well some people if the stock was trading at 25 this is a great opportunity I'm going to buy a put spread from 25 to 18 because I think it's going to 18 why would I buy a put spread any further if I think the stock's only going to 18 well you want an even better trade then if you don't think it's going past 18 then sell somebody else a put spread that starts at 18 and goes down lower and you you absorb the premium and you face risk once it starts does start going down 18 okay so if you're bearish in equity then you got to pick how bearish you are but that's what you're doing with put spreads already you're capping your loss potential I mean your profit potential as in you're capping the price action of that put spread so they do an outstanding job and check it out man they're going to be talking about three great stocks as well coming up today deer tomorrow morning footlocker tomorrow morning they'll be talking about Chipotle Mexican Grill as well all right let's jump around some of the other news stories we got so I talked about it interesting that Amazon you Google them and they got they got both worlds of it they're starting a tiktok app and then they got the young tiktok is coming after them to support workers rights nonetheless Walmart they're going to explore matchmaker marketplace for social media influencers think as a smart move man they're well aware of the power of influencers so what are they going to do they're going to use social media influencers to help the retailer and it's a hundred thousand third party sellers so what are they going to do they're going to train the third party sellers in how to use social media Walmart creator Walmart creator collective social media consulting and the promotion of goods and services and others through influences I've already seen some of this right was it's it's Walmart style or something like that people people post on maybe Instagram or something and they hashtag it Walmart style or something like that so what you're seeing is you're seeing creators they put together an outfit which is all products that they bought from Walmart influencer marketing 16.4 billion dollars this year yeah influencers man and it makes sense there's no greater marketing than having somebody that you aspire to be or or are fascinated by vouch for that product themselves alright let's jump back to some financial moves turkey overnight shocks the markets with a rate cut despite inflation near 80% yeah so they already have their main policy rate at 14% and it's down to 13% now surprise surprise but they have 80% inflation turkey's in big trouble man or to one over there he's a bad dude in a big way well I wouldn't have too much faith in everything going on there when you have somebody like that trying to keep control of that company in every way company country every way they can alright let's see what else I have pulled up here talked about Apple yeah Warner Brothers they're gonna sell a steak in GB news checking out this this equity man they have been punished WBD is their symbol yeah let me check this thing out well below covid lows the Bill Huang run up to 7814 and now they're known to 1299 down another 2% today there's your drop off at some point I imagine that we'll find a low man what are we talking about from market cap right now for this company one of brother's discovery $31 billion that's still a lot of money okay yeah so be careful Paramounts they're lower today as well by about 1.4% we jump over to Disney down about a half a percent right now Netflix shares down a third we got all the markets literally in the red stay tuned folks we'll be right back TfNN.com the opening call newsletter is written by Basil Chapman creator of the trading methodology known as the Chapman wave the Chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by Basil Chapman and your inbox every day first time subscribers also get a 30 day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up TfNN.com educating investors the technology around us is changing every day with so much happening it can seem impossible to keep up with all the information David White's investment newsletter the technology insider is designed to give you all the information you need to understand the 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30 on Tuesday too can't overstate the biggest cheerleader of them all folks that was the whole rallying cry now interesting to see he got out of this he had been calling for them to spin off the baby store they own let's see if it lists in here what do they operate bye bye baby to spin that off because that is probably yeah bye bye baby so I wonder how that's going to play out because that was probably a decent idea but guess what even he knows that it's not a decent idea when the stock is trading at 25 and he's only got 8 million shares folks okay I say only 8 million because the volumes at these levels allow for somebody to get out pretty quickly and he doesn't want to wait till it's back at 5 okay he's got 8 million shares a month ago this thing was at 5 bucks now I think that was when he first revealed his stake back here he was probably unhappy that he was sputtering around at $4 for a while and maybe he's getting a little bit of a reprieve up at these higher levels maybe they do eventually spin that off but it doesn't matter if they're going to spin it off on the things at 19 bucks because it's way overvalued as to begin with yeah maybe a billion dollar deal I don't think I've ever been in a bye bye baby but I've heard good things about it and with a 1 year old in the house I do hear things about where you shop for baby goods and you got to love shopping for your kids man I should really be creating baby products man because you want to talk about rationalizing overspending on yourself get a 1 year old or a newborn in the house and walk through a baby store that's got all the outfits and the little foot, the feet and the slippers and the hats and the onesies and the shorts and the little toys and the chew toys and the bottles you walk through that store and good luck with impulse buys folks to say the least jumping back to what we have going on this morning we got jobless claims $250,000 these are just numbers as long as it chops around anywhere we look where we are folks we've been here since January now you do have continuing claims rising a bit up to a level of 1.437 million the market was looking for 264 applications we come in at 250 that's the weekend at August 13th continuing claims which is one week delayed August 6th that's for 1.44 million drop in jobless claims still healthy labor demand 250,000 man 200 even 275 is just the numbers that you'd be getting normally with the healthy economy as long as we chop around at that level I wouldn't be too surprised Coles out with their numbers let's see how they're trading this morning they were lower on the retail Coles they're down 5.4% man let's back this up even further give it a 5-year weekly pretty remarkable right COVID collapses this thing down to about back down to below 30 as they got hit with the same deal Walmart target the whole deal Coles has a good deal going on though folks I'll tell you in my opinion just from a consumer you walk into a Coles they got a lot of good products I'm not sure on the margins they're able to make quite a tough area to be competing in but you talk about a good store that you feel comfortable in and they have some heck of a deal especially with kids whether it's toys cheap toys cheap just straight out clothing for children and then you add on top of that though I believe they have a Sephora right inside so they're doing the deal stores within stores etc nonetheless you're down 5.3% on their numbers today trading off about a buck 82 and check out the volatility they had on there down to 29.30 conference call begin to catch a little bit of a lift for Coles let's see how some of those retailers are trading right now Walmart little bit of a lift today target basically flat to slightly lower on the retail we jump over to the home stocks lows up 3.25% after their numbers yesterday Home Depot down a little bit ahead of the numbers tomorrow Foot Locker down about 2.3% John Deere basically flat and they're going to be talking about Chipotle Mexican Grill as well coming up at noon on fast market trading about 17.05 so it'd be interesting folks jumping around I mean there's been a lot of talk of the IRS and 87,000 agents and all that stuff I was looking into it all right this should not be political something we should all care about remarkable to see the part of the reason this is where everything of you can distort the truth by having a kernel of truth in anything folks right so say you know I said really are they are they higher in 87,000 new auditors that are going to audit everybody I'm concerned about that of course anybody would be right is that how it's going to come down the line that's really not the reality but folks right okay it is amazing how many employees they're going to lose in the next six years okay now I had a few of these up here to pull up they're going to lose look at I got to get it up it's 50,000 plus employees over the next six years they are going to lose in the IRS 50,000 employees talk about having a an elevated age of your employees coming in and the IRS audits when you get into this the percentages here I mean here's the bummer right our biggest worry and this is Republican Kevin Brady of Texas is that these audits will land on Walmart shoppers there's no way that's going to happen in the context of this is folks audits dropped 75 percent from Americans making a million dollars or more from 2015 to 2019 and only dropped 33 percent for low to moderate income filers okay you have an entire segment and I should get the numbers exactly because the number of people that are quitting and just retiring let's get exactly at least 50,000 of the agents current employees are expected to leave over the next five years because they're eligible for retirement so this number is 87,000 by 2031 folks they're going to lose 50,000 employees by the year 2050 or 60 okay so it's important to understand the context politicization of everything but audits are down dramatically in a huge way I'm going to get a couple more statistics in terms of how many phone calls they got last year etc and you're talking about replacing a workforce more you are than ramping it up by 87,000 stay tuned folks we're right back to finish up the show and... the other TFNN hosts while they analyze charts during their live tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas, interact with other tigers and tigeresses as they share trading ideas news analysis, and discuss the market action all trading day even at night and on the weekends the Tigers den at discord is accessible on mobile or tablets as well so it's always at your reach today and become a part of this educational community of traders, just visit the front page of TFNN.com. 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For more information, just click the Think or Swim banner on the front page of TFNN.com. Welcome back folks. Take a look at that Bed Bath and Beyond trade man, you get a lesson for everything which is why it's great to watch these programs, watch Kevin Hanks, watch all of our hosts folks, especially the hypothetical trade they set up in these meme stocks, but taught me anything, right? That trade made no money and you got to move from 25 to 18 overnight, but the reason why is as I stated folks, okay, in terms of the market still saying, hey, you're a month out, the volatility a month out, we're not going to give you a huge reward for five or six dollars in movement in action in one day. Now, if you get that type of action into expiration, okay, then yeah, you're making a lot more money, but one day of movement is not going to shift, which is why you got the blue graph is September 17th, which is the day of expiration technically, as in they expire on the 16th and the pink is the chart of today's profitability and as you can see basically there's no real way to achieve it because there's just so much volatility priced into these equities. Back to the IRS real quickly. So some of the statistics I did want to pull out of that, okay? You're talking about in 2010, the IRS had 94,000 employees. They're down 20% employment over the last 12 years. 12 years have went by and you have 20% less employees. You're at 78,000 last year from 94 and of the 78, 50,000 are going to retire in the next five to six years. And this hiring of 87,000 is over the next 10 years that figure comes into play, okay? You talk about they have a backlog of 10 million unprocessed individual returns as of August and you talk about wait times, et cetera, to get up to here, how long they had, you're talking about the end date, come on. It's crazy, folks, in terms of the wait times people had something like, let me find it to end it because it's a good one. Too much data to pull in one segment. It should have had a cherry picked out. Nonetheless, you see the number of people. So dig deep into that. That's been a talking point recently. We should all want that, folks. We need people to collect taxes if you want a government to function. I know it's kind of vogue to say not, but it's not new employees. They're going to replace them over 10 years. Stay tuned, folks. We've got our man Basil Chapman. He's up next. Thanks so much for starting your day with me. Have a great Thursday, everybody.