 The following is a presentation of TFNN, the TFNN Bull Bear Training Hour every training day live at 10 a.m. Eastern call now toll-free at 877-927-6648 or internationally at 727-873-7618 the TFNN Bull Bear Training Hour. Now, Tommy and Tommy O'Brien. Welcome folks, appreciate your growl and a problem with us out here. We have the now investors down 74, Nasdaq's off 15, S&P's off 4.5, Gold, Gold down $4.70 at $14.93, you get Silver down 8 cents, $17.53 an ounce, LightSuite crewed up $0.48, $54.41 a barrel, notes and bonds, you get the 10-year note up one tick trading at a price point. That wasn't supposed to happen, we'll get it. Ten years up about one, 30 years up about two points and King dollar, bottom line has been going down the last few days. We're down 157 trading at 97, 452, the year is at 111, the yen is at 108 and a half and the pound is at 128. Pound, you ready for that Brexit vote tomorrow? Yeah, let's go look at that, there's no doubt. What are they pricing in man, the whole conversation I heard this morning is nobody knows what's going to happen if their vote doesn't pass. Yeah, and you know bottom line. Place your wagers, you know. Yeah, the bottom line is that that pound has gone, you know, six days, we just went from this 122 to 128. Remarkable. And it looks like, you know, 133 is on the agenda and it doesn't look like that's going to be that hard to get to. We take a look at the Euro and the Euro likes it too. We take a look at the Euro and, you know, that's got its head stuck up too, you know, it's up there. And that's a lot of that dollar weakness, right, for sure. Yeah, you got the Euro, 60% of the DXY index, so just off the Euro strength alone, you're seeing some weakness in the dollar index. I mean, we talked to our man, Teddy Keg's dad, he had said that earlier, you know, that we've had quite a run in the dollar, but you've had some real pressure from pressure in terms of pressure to the upside in the dollar, because of the pressure to the downside in the Euro and the pound and guess what, you know, you might have seen the worst of that and you might see some dollar pullback if you get some reprieve and that's kind of what we've seen there. Well, it's going to get it. It's really, it's broken, you know, but we get a break like that next week. Yes. And what we're talking about folks is that, you know, right now we're at 97, 460, so you can make the case you're going to go to 95, you know, 96, you get another barrel like this, it's going to be like, okay, man, you know, you're going to go down to, what is it, 89. That's, you know, that's... That's a case, then the Euro and the pound are going to be rocking. Yes. Yeah, no doubt. Now, what you have out here, this is the type of day that I really dig inside the metals market and this is why folks, okay, the metals market has held up with the doll of being at highs, okay? So you can see the gold contracts down $5.20 right now. Now it's light volume, but that's where in a fundamental basis it absolutely is like, okay, that's twisted. And the reason I like that is that that's what normally does happen in markets. Okay, the markets are so deviant that it's like, okay, man, you know, what does that mean? Well, guess what? What we're really doing here is just going sideways. The market's not saying anything, but when you first look at it, even me being a bull, I'm saying myself, oh, this is what this is, right? Yeah. So we'll see where this whole baby shakes out. So just to stay with some of the headlines, Macron, right? I mean, this article, I'm not sure when he made this statement, but this is where you're going to get a lot of rhetoric. Now, Macron has been pretty tough during these Brexit negotiations, but, you know, he's saying out there that the UK shouldn't get a new delay if Johnson loses the vote. That's kind of pushing for, you know, you lose the vote, the deadline still approaches. There's going to be other people saying, no, no, no, no, no, we're working on a deal here, and maybe we need another delay, right? So it'll be interesting to see how this thing kicks out and what happens. So I don't think a new extension should be granted, Macron said at a press conference after a summit of EU leaders in Brussels. The October 31st deadline must be met. It's pretty remarkable to see that continued. And that vote tomorrow, man, for parliament. Tomorrow, huh? Saturday. The Brits working overtime on Saturday. Macron's stance increases the risk that the UK will crash out of the EU without a deal on October 31st, but it also increases the pressure on those lawmakers. And that's probably why he's putting that out there, right? Who are unsure whether they should back it or not, and the pound dipping, I guess, slightly on those comments. Evidently, after three and a half years, everyone's getting fed up with it. They should be, no matter what's that on your eye, you know? I mean, because uncertainty is harmful no matter what. So they got to figure out a path to get out of the, you know, let's move past the Brexit conversation. Because man, we're coming up on another presidential election in 13 months. Brexit was before Donald Trump was elected. I mean, it's almost remarkable how long I don't think most people realize that we're going on three, three and a half years. Time flies, but it's remarkable. There's no doubt about that. Our phone number is 877-927-6648. You get a sideways market out here. The market itself, folks, is having a tough time at that S&P 3000-3005. We've been up here since, I think, last July. Let me just look at this. It's actually, we've been talking about it. The S&P is about, what, 40 points above we were almost two years ago. Actually, let me put this up. So what is that? Yeah. Oh, no, one year ago. One year. Almost to the, yep. Because what is that, a weekly? Yeah. So just over a year. That's 20 points. No, 60 points above. Yeah. And you back it up here, man. We're not 2872. I mean, we have 100 point S&P swings. Oh, yeah. You know, what is this bar we just did? That was 140 S&P points. Right. So we were, you know, just, I mean, not to mention how, how long we go there, 2892 last week. Yeah. And you're talking about going all the way back to the beginning of 2018. Look at that. Yeah. And we're coming into, and that's where we talked about. I mean, almost two years. Right. Right. And we were, we were having that discussion when we were actually at that level. Right. Which is this month. Okay. And that got you back in the lower range now. It didn't stay there at the end of the week. No. I mean, let me put this on a monthly, because I'm curious, because the monthly is going to dip right into it, for sure. We'll put it on a five-year monthly even. So we're going back, that is the January of 2018, the high of 3027. Right. And man, oh man, that monthly is going to be in it. The low of 2855. I mean, just remarkable, man. Now, you know, it's cool, folks. If you happen to be in candlestick charting or council charting, it's the same thing. Okay. This is very bearish. Okay. So this is what you have. You have a shooting star, which is a bearish signal. And the way a shooting style works is that you basically wait for confirmation. The confirmation would be that you get a low, a low on the, and it's not a monthly. Okay. So you get the shooting star in July. You go to a low, a low in August, right? Now it comes all the way back up, but this little baby right here is a hanging man. And a hanging man is also a bearish indication. And the same deal is that your confirmation on a hanging man would be that you get a low, a low, not a low, a low, not a low, a low here, but you get a little close at the end of the month. So that's kind of interesting. And you see that a lot, that you get a bearish signal, test it with another bearish signal. And, you know, what ends up happening with a hanging man that you can see if you're watching Tiger TV, that looks like a hammer and it hammered is, it's the exact same symbol, but a hammer is at the bottom. That's funny. Look at that bottom. And July, you know, February of 2016 and a hanging man is at the top of an uptrend. That's how those things work. So that's pretty intriguing on a monthly basis because that's actually hard to do, particularly when you're testing something else. But that's where this baby's set up right now. Sunday night. So Sunday night is going to be monster action inside these currency markets. It sure is. Well, probably the S&P too, but inside the currency markets, you're talking about real action. It'd be interesting to see those headlines tomorrow as it comes out. And then of course, as the markets start open for the first trading, depending on what happens, man, they get it pretty wild. If Johnson pulls it up. Yeah. And all the expectation is much closer vote, no matter which way it goes, as compared with the May votes where she was losing by 100, 200, much closer. And that's, I wonder what really changed too. I mean, other than him saying we're going, you know, sometimes it's for the hardliners. It's that they're going to vote for it with Boris as opposed to voting for it with May. Yeah, pretty similar deal. So we'll see. Stay right there, folks. Tommy and I are coming right back. If you're not currently using the Taz profile scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. 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The Tiger's Den is a lively community where professional traders and investors can meet, exchange ideas and information in a comfortable moderated atmosphere. Hear all of the TFNN shows, plus see all the charts as they happen live and have access to archives of all of those charts. You can test drive The Tiger's Den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you. Details on The Tiger's Den are on the front page of TFNN.com. Hi, definition or just accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com educating investors. Call now toll free at 1-877-927-6648 internationally at 727-873-7618. Welcome back folks. Dow. Dow is down 64 and right now Nasdaq's off 23. S&P's off 4.5. Now it's pretty wild that we are just hanging at these highs. We're at 1% of all-time highs basically. Right. And we've had numbers come in and numbers are pretty good. Bank numbers for sure. I hear those China numbers, man. Those China numbers are still big in the context of 6%, but I guess in the context of 1992, is that what you're saying? That's a remarkable statistic, right? Yeah. That's a long time ago, man. Let me pull up. We can just take a quick peek at it. Which one are we on? Oh, I got them both over there. All right. We're over here. Is that right? You know what? I've jumped around, I think. We'll pull it up, but it was 6 something percent. 1992, in terms of their quarter GDP, 6% the last time we got to go back to be that slow of a growth. That's a wake up, man. That's a heads up. You better be listening when China. And what's happened, though, is that you got to take into consideration the economy is so much larger than it was in 1992, though. So they are going to reach a point of diminishing returns. That's why the U.S. is not gunning for 6% growth because we're a very developed economy. In 1992, China was completely undeveloped, right? So they are much larger, much more developed. It's much harder to grow at double digit GDP growth when you have that much growth. No doubt. So let's go take a look at, we get Johnson and Johnson and Netflix. Now, Johnson and Johnson, they're having troubles with their baby powder. No doubt. And it came out again today. Now, this is the thing that's pretty amazing about this is that, you know, they're fighting all these suits right now. And, you know, they're claiming that they don't have asbestos inside the baby powder. But yet, guess what? This morning they had a recall. You mean they're not telling the truth? Well, this morning they had a recall, a batch, because there's the lot number 22318RB. And they're encouraging people to discontinue its use because they actually did find a small amount of asbestos inside of the baby powder. You know, so they got problems. They sure do, man. Netflix. Just before you jump, I mean, Johnson, they're dealing with the opioid deal right now, too. So it's just a plethora of things coming at them as they should, man, because that's ridiculous. Let's look at that thing for a second. So ridiculous. You're at, let's see, is that Johnson? Yeah, it's Johnson and Johnson. We're at 131. Put that on a monthly. Yeah, he's still at highs, but bottom line, because, you know, if you get back inside 125, it's going to be trouble. And I believe that, yeah, that bar there was when you and I, I believe we're talking about, when it first started coming out, there was a huge article about their goal to even hide everything going on and listen how ingrained in the company it was to squash any type of public release of the data that that, for decades. Right. And so we went from 148 to 121, like in a heartbeat. Yeah. And then you almost got it all back, man. What did it get to? Got to 145. I know. Netflix. Yeah. Netflix is taking it on the chin this morning. What's going on with Netflix? You went up yesterday and guess what? Just can't handle it today. Bye-bye. Down $10.44. You're 282. And the remarkable thing is actually under the close of 286 that we had prior to earnings. And that number as well, we actually made it up to, that's 308. I think it was 318. It was. It was the print after hours. When you're about to think of swimming, it was 318. Let's see what they have to say. Who's hammering this baby out here today? It doesn't seem they have much. I mean, they get the Panama papers coming out, which is going to be a big film for them. Okay. They're getting sued over that, I guess. Yeah. And they won. They won, though. That was coming out yesterday that they couldn't stop them. The laundromat, it's released today, was transferred to California Federal Court after the District of Connecticut rule that didn't have jurisdiction over the parties. So I don't know if they won that. I mean, it's a small victory, but it's still going on. It's just got moved to jurisdictions. So let's see. You've got Mozak Lorenza. Yeah. Fonseca. That's the law firm, sued Netflix for libel, trademark, and fingered false, light, privacy violations, arguing the laundromat defames and portrays the plaintiffs as rootless on caring lawyers who are involved in money laundering, tax evasion, bribery and other criminal content. How dare they classify those lawyers like that? The film requested a preliminary injunction and temporary straining order. Yeah. The firm requested that, right? So they were looking for an injunction. Yeah. But the film was released October 18th. Is that today? Maybe it is. Yeah. So Connecticut only allows a state resident or person having a usual place of business there to sue a non-Connecticut corporation because that firm is based in Panama and all the name plaintiffs are Panama residents. They couldn't sue Netflix in Connecticut. So Netflix, Connecticut for incorporation registration also didn't establish jurisdiction over the company. So they're going to be doing action in California. The defend is clearly subject to California's jurisdiction as Netflix produced the film in the state, headquartered in the state, and obviously consented to being sued by the plaintiffs there. Yeah. So I guess the plaintiffs didn't want to sue in California. At the beginning. Well, they're lawyers. They lost. So you have to see the film tonight. Yeah. That'll be interesting, man. The Panama papers. I know. Yeah. So let's go HGZ. So copper. Let's see what copper is sticking its head up a little here. Yeah. So we'll see what it can get in this higher range. You know, the copper equities have been moving. You know, the higher range of copper, though, would be 260. Oh, you got it. 262. You know, so is it a funny how sometimes when you put, what happens, folks, with charts is that when you look at these quick, I mean, it didn't look to me like it got in that higher range. You know what I mean? Because it's like, okay, that's, but bottom line when you put the crossbar, it's just stuck its head up there today. Yeah. And if we go take a look at a few of these copper stocks, you're going to see they've been moving. You know, you got southern copper, you know, bottom line is that bottom a couple of months ago. Yeah. You know, down at $29, you're at $34. Yep. FCX, which is not pure copper, but it's one of the largest copper companies also, but it has oil and gold in it. That little baby, you know, we'll see whether that's the bottom out there at $8.43. Okay. The range there, just go down to $9.47. Yeah. And if you pull this back in both cases, if you do pull them back, you're going to see that they went right into where they had strength and they rejected it, you know, like the low and what is that? FCX, that's 2016, $3.52. You know, you can see the contraction, the contraction of all that was pretty dramatic. This is not a monthly. Yeah. So last month we did what, $429 million the month before, $434. And you can see, you know, the good buyers out here, a million shares, 1.1 coming off the lows. Yeah. And you know, I suspect they're up there today, just because the market's like, and I like 6% for China when it could be a lot worse. China rules the copper market, you know? Yes. That was a miss though, wasn't it? That says. It was a miss. Yes. No, it was a miss for, you mean the growth of China? Yeah. Yeah. But the market liked it. I'm just saying it's, you know, because copper is moving. So, okay, the market, well, the copper market evidently thought it was going to be a lot less. Yeah. Okay. 877-927-6648. Let's go. Walnut's getting a lot of traction. Yeah. That's, you know, let's see, when they come out with numbers first. So, numbers come out. Okay, we got almost a month. Yeah. And this is, this is another all-time high. I think it is. It couldn't be. They're close. They were close to... Oh, the 11th. 120-71. Oh, hit 120-61. Yeah. It's not a bad chart. No, it certainly is. And you know, the bottom line is that they, between, you know, the groceries, call it, pick it up, you know. Yeah. They're becoming a real competitor with Amazon. Not quite there yet, but that chart says it. Target says well, right? Yeah. Dow. Dow down 61. Nasdaq off 22. S&P's up 4.5. Gold's down 380. You get notes and bonds on the move. 10-year-up free ticks, 30-year-up 5, and King Dollar down 159. Come right back. Every morning by 9.30, I send out my morning letter to subscribers with market commentary on a variety of markets, currencies, and commodities to keep investors up-to-date on the day's trading action. Included in Market Insights are specific buy and sell recommendations for stocks, ETFs, and even options, which stops and price targets included for every trade in my newsletter. If you'd like to try my newsletter risk-free for 30 days, then head over to the front page of TFNN and you'll find Market Insights under Trading Newsletters. I use my years of trading experience to bisect and dissect the market every morning and give my subscribers the most important information they need to know for the day ahead. I even issue afternoon updates for my subscribers whenever warranted with important market action. I'm always scouring the market for the next great trading opportunity. 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The Art of Timing the Trade Chart is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. And right now we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of The Art of Timing the Trade Chart today by visiting TFNN.com. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFNN.com. Welcome back, folks. DOW is down at $69,000. DOW is except $27,000. SAP is off $5.5,000. Now, when we were getting off the area yesterday, oil was coming out, right? Yeah. And that was quite a build. It sure was, man. And it didn't move. It moved higher, right? I think the build was 9.2 million barrels. The estimate was about three million barrels. Now, API did have a big number, which we didn't quite get into. Okay. But I was sitting here, so program ends at about 10.57 a.m. to be exact, right? So I'm sitting here waiting for the numbers at 11 and kaboom, man, nine. I'm like, oh boy, what's oil going to do, right? Yeah. Oil doesn't even budge, man. And then just like you said, can we drill it down even closer? Because it's remarkable that it actually, so where let's get, because we did get some volatility. We're going back to yesterday, right? We're going back to there's your 11 a.m. bar. And this is what's remarkable, man, is that we come into that bar and you actually traded higher. We were coming in at even 10.30. We're trading at 53.26. You get the 11 a.m. bar. We're up to 53.29. You did see a dip down until about 12.10. Yeah, maybe an hour even. But you reach a low of 52.86 and then kaboom, man, you take off to the top side and by four o'clock you're trading at 54.16. And then by 8 a.m. this morning, we're trading at 54.50. I mean, you're talking about when we came into that number, you're talking about two bucks. Yeah, more than a buck 50, at least. Now, that being said, would you have on it today? You're just coming into this downdraft that had been created out here. You know, well, you get a couple of them. You know, the big one there was October 14th, went from 54 to 52. You got another one here, 53, 56 to 53. So let's go look this morning, Schlumberger come out with numbers. And of course, this Schlumberger is a monster, you know, basically, I think it's a service to everything, right? Let's see. Yeah, oil service company provides range of services, technology, project management, information technology. Yeah. And it was going to get interesting here is that it's up, but these numbers, I believe, right? Yeah. And even I'm just going to pull it over because that top article is the one we already got up here, man. Not bad. You got a 12.7 billion dollar write down and kaboom, your stock trade is higher, man. Right. So Wall Street guessed that write downs were coming, but analysts were taking it back. Obviously not taking it back too much, man, if they're trading higher by the sheer size of the 12.7 billion in pre-tax charges reported by the early oil services company. So the earnings report was its first since CEO. That's a big one. Yep. Olivier LaPouche maybe took the reins in August. The write downs led the company to post its largest net quarterly loss in at least a decade. They said on their earnings conference called the write downs were part of the new CEO strategy. The size of the charges was eyebrow raising, one analyst said. So most of the charges, 8.8 billion compromised write downs on Goodwill, the intangible asset on a corporate balance sheet that typically arises after the acquisition of another company. Slumberger cited its 2010 purchase of Smith International and its takeover of Cameron International in 2016 and the subsequent deterioration in market conditions. It blows my mind that the intangible assets on a balance sheet is so dramatic that you have a write down and they still make in money. We'll go back and do it because I'm curious with their market. We'll pull them up because yeah, that's quite a... So then they reported another 1.8 billion charged related to pressure pumping business where fracking industry is slow, exciting ongoing economic challenges in Argentina. Every quarter to 127 million charged there due to its activities in the country. It also had 62 million in severest costs. Ah, 62 million. That's pennies on it. But what's the market cap, man? 341 billion. So 12 billion. I mean, what is that? That's 3% of the market cap. And you can see they're still making money. They took in 1.130 billion and they made $1.27. So what? No, you're on Walmart. That makes more sense. That makes more sense. I was like, I'm unbelievable, $300 billion company. Yeah, right. Okay, so let's see. Yeah, different world, okay. $45 billion company. So quite a difference. But revenue. Took in 8.5 billion and made 43 cents. Yeah, so their producer, it looks like, I guess, with 12.4 billion, drilling 9 billion. And you can see the reservoir characterization going down, drilling is going down, production down slightly. Yeah. Yeah. I mean, you look at three years in oil, not a horrible three years, but not a great three years in the food market either. Yeah. Well, there's no doubt, man. It could always be a little worse. Oh, look at that chart. Oh, this is dangerous. Yeah, let's pull this back further. That was, that's 15 years. We're trading at 15-year lows here. Look at this. So let's do it that way right there. What is that? Well, that's 2005. Yep, that's 15 years. Oh, we can go to 2002. 20 years of stagnant prices. Wow. Let alone getting a 400% return and then giving it all back twice almost. Yeah. Right? Yeah. Up and down, up and down. What a business, man. I wouldn't be so confident the up is coming again on that. Yeah. Well, the thing that is a mindblower here is that we have so much oil that, to me, like $55 oil is still, you know, that's pretty good oil. I would agree. But evidently, they went into the business, not just them. A lot of these other people are saying, okay, we're going to have $100 oil, you know? And guess what? We don't, you know? So we get a little pressure in the market here. Let's see what's putting pressure on it. Dows down 94. Yeah, we'll go inside the dial. Let's see what's happening. We just saw the Nasdaq 100 fall about 50 points. Yeah, that thing, man. Yeah. That just loves to move. So you get Big Mac, putting nine positive points. Coke, putting seven. Home Depot, four. Taking away from it. You know, nothing heavy, man. Johnson and Johnson 37, Boeing 20, IBM 11. Yeah, IBM's in tough shape. Yep, they had their earnings yesterday, right? Just continuing the slide on that stock. Yep, dicey, dicey, man. It is. How about Coca-Cola? Because they had their earnings. Let's jump into that. Hey, let me see. The sugar water business, man. Yeah, right. No, they're stretching beyond sugar water at this point. So 200, not bad, man. What do you sell? We sell soft drinks and syrups. And we're worth a quarter of a trillion dollars. Yeah. But there's very few brands out there worldwide like Coca-Cola. There's no doubt. Yeah. And you got, so they took a 9.5 billion, brought 56 cents to the bottom line. Yeah. Non-alcoholic beverages are growing by 10 percent. Bottle investments, they, well, they're spinning those off. Okay. That's down 33 percent. But they're, and they're so smart, what they're doing there, folks. All they're really doing is making, you know, you get Coca-Cola and you're looking at me and saying, hey, you know what, you're going to own the bottling business now. I'm the distributor. You're going to go, you're going to pick up that overhead. Sure. Okay. Sure. And so it's something like, you know, like the Budweiser deal, that you still, you're still going to control. Pretty much intertwined. Yes. Separate entities, yeah. You're going to control it, but guess what? Yeah. The bottom line is I'm going to have to put up the, I'm going to have to go to the bank to upkeep the facility to do the whole bottle of wax. How about Disney? Can we take a look? Yeah. Because Netflix, of course, reeling back. How has Disney fared over the last couple of days as they're going to be a competitor in the coming future? Yeah. And you'd expect, I mean, higher yesterday and, you know, positive today. Pretty muted, but you know, Disney, man, if you're a buyer in the long haul of Disney, not bad when you just got to pull back all the way from 145 down to 130. Yes. Yes. Disney, Disney, another one of those brands that just go nowhere, man. You know, if you're a long-term retirement investor, I see great things for a company like Disney in terms of- And you got a 1.3% dividend. Yeah. I mean- Content is king, man. And you know, we just talked about, you know, Netflix, they're going to have the Panama Papers. Well, Disney's going to have to name it, right? The Mickey Mouse show. They already have that. That's what I'm saying. Yes, they have proven deals. They- That's- That's- Can you imagine being in the Netflix offices and saying, all right, how do we compete with Mickey Mouse, Donald Duck? You know, I can't even name them all in a few seconds. Right. And the, what are all the cartoons? The Superman, the- Exactly. Stay right there, folks. Tommy and I come right back. 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And we will continue with WeWork, okay? Because this is valuation-wise. If we all can learn anything out of this, is that buyer beware on a continual basis. So this just came across the tape here, folks. SoftBank is assembling a risk-of-financial package for WeWork that may value the office share and company at $8 billion. Is that a typo? It says below $8 billion. Below $8 billion. Yeah. Don't give them that extra money, man. They're below. So the new figure, I mean, if you've been following, obviously a fraction of the $47 billion that they got just in January from SoftBank. Tox are fluid and the terms could change. Well, obviously that's the case until everything is signed. WeWork, reeling since it scrapped its IPO, considering dual plans from SoftBank and JP Morgan to show up its finances before it runs out of cash as early as next month. And so JP Morgan, we've talked about this. I think this is just summarizing the rest of it, that they're pitching to investors $5 billion junk debt package for WeWork, unsecured and secured notes. But man, oh man, it just continues, right? Yeah, Adam Newman, a bottom line. We sold those $700 million in shares. Sweet move. Yeah, now you're saying he was able to do that during one of the private offerings himself, right? That's correct, yeah, in the past, yes. And that was only about six to eight months prior to where they were pushing out these valuations. So he got a good value for that, right? Yeah, we don't know, but I just expect maybe it will come out what he got. Do you know what I mean? Because part of the angst towards the IPO is that was part of it, where he was able to sell shares. Other investors were not given even that right. It's like, hold on. The CEO is given preferential treatment to sell out his shares as you're going on the road to pitch an IPO. And then the other side of it, you got people, it's just, it's a sensational story. So if you want to catch a headline, say something about WeWork, man, you'll get out there. Okay, so this is cool, right? So I saw this this morning. So this is an hour ago, this is not recent as in, it's recent this morning, but not having to do with the $8 billion that just came out. Okay. But you have Barry Sternlicht, are you familiar with him? I'm not myself. I am. And he's really, this guy is really a smart guy and he's been a real real estate investor for years. Okay. I mean, he had, I believe he, yeah, Starwood. It was all, he just sold. Starwood Capital. Yeah, he all sold all the stuff. $60 billion in assets. Yeah, he sold all the Starwood, I mean, this, yeah, the Starwood brand to Marriott. I mean, this is like Hilton. Okay. You know, the guy really, I like how he sets things up. But this is, this is actually good news. So we work, I'm sure. What we don't know yet has he invested. I was thinking the same thing, man. Same thing. You always got a question where the information's coming from, right? So he says it was built for hyper growth and that is too capital intensive. Said Sternlicht, who co-founded Starwood Capital in 1991, Starwood Hotels, now part of Marriott. So let's see, in the past, had a negative outlook on WeWork. Well, he probably had a negative outlook at $47 million. He's probably saying maybe at $8. He says, I'm conflicted in this. Oh, look, he would say we're involved. Yep, there you go. We'll close that one, because that's a meaningless article then. No, no, take it for what it's worth. All right, that's it. No, you have to, because what ends up happening, when you look at Sam Zell, okay, he's from Chicago and they used to call him the grave digger. Okay. So he made his mark in the 80s when, what happened in the 80s, folks, in the 89, the United States had a huge amount of Middle East money and from Japan. They were the two biggest economies, and they came into the cities and they bought everything. Downtown Boston, a quarter of it was owned by the Middle East investors. We golfed when we came back from Alaska. El Pebble Beach, okay? The Japanese came in and bought all those golf courses. Bottom line, the market crashed out. And these both economies, they lost everything. Okay. They lost all, and Sam Zell is the one who came in and bought them, okay? So now, fast forward to now, okay? So he made his mark there, then right at 2005, he sold his whole company to Blackstone. Okay. So this is a great story. Blackstone had to write it down by 30%, okay? That they never thought they'd get their money back. Just last week, it took them, so 2005, it took them 14 years and it was supposed to be a 10-year deal. Bottom line, took them 14 years, but they finally made money. Okay. Okay. So anyway, I was listening to him and he was explaining it as we've talked about before. This is just a regular real estate company, you know? So like, the evaluation is, you know, not there. I mean, if they bring the evaluation down, they're good. You got a real estate company, you're renting spaces. Sure. And he was on the same aspect, though, as the guy from the Federal Reserve from Boston, that if, in fact, they get in trouble in a couple cities, it could be trouble for that market in that city, you know? Too big to fail type deal when you own so much of the real estate. Exactly. You plummet, you have all this real estate that's now just basically in a BK company. Right. And then, you know, you and I went in there, we rented the space and then all of a sudden, you know, crash comes and we'll say, okay, what are we going to do? Sure, it's certainly never a good deal. Interesting to say the least, man. We'll see how that plays out. $8 billion. I mean, just remarkable the difference in that valuation. Oh, that's intense, man. And I mean, maybe they're a real real estate company, but what if they, because they've taken out debt as well in a much higher valuation, so they have a lot of debt to handle and they're burning cash. Right. I think, I don't know how the fundamentals work on most real estate companies, but I think that they have some pretty substantial leases that they've signed that they can't pay for. That's a huge problem. And what happens on a commercial real estate lease, folks, is that, let's say you sign a lease for 15 years, let's just say it's, I don't know, $25,000 a month or something like this, okay? The bottom line, when you default, I can't do the math over my head, but it's probably about $15 million. Well, you don't own $25,000. You already signed for $15 million. Sure, right. You owe them $15 million for the bottom line. They might have outs, right? No, I mean, you're just saying. Most of them don't. Okay. You know what I mean? But, you know, it's going to take years, you're going to have to go to court to collect that. Sure, sure. But most times that you're inside an LLC and no one's going to have that $15 million anyway, but that's what crashes the real estate back in general. There'll be a battle for it. There'll be a battle. You know, so there's a lot of moving pieces, but, you know, we'll see where the whole baby, it does shake out, so. And let's see, they're talking about rate cuts in the den, probabilities, fed funds futures. What are we at? So we're sitting right now at 1.75 to 2. Yeah. The odds that we're getting a high hike, listen to me, a cut, October 30th, 86% right now. That's a good number. Yeah. Yeah, so, you know. And then. And that's at market at highs. You can imagine if we pull back at all. Oh, man, right. If we pull back at all, you'll see that December one go up. And then you go, the odds that we get two cuts in two meetings at about 30% right now. Right. Yeah, right. And then even to combine them, that you get a cut over the next two meetings, you're looking at 91%, you know, because you only have a 9% chance that we're sitting where we are by December. So, cuts coming. Cuts coming. They better be. And if we go take a look at the tenure, let's just look at this because, you know. Simple, simple number. I like it, 1.75, I think, right? Nice, nice rounds. Yeah, 1.7449. We'll call it 1.75. Simple math. Volatility in that bond market, man. Beginning of August, hold onto your hats. 2% to 1.44, I think is the low. 1.42. Right. Back up to 1.9. Yep. Back down to 1.5. And we're sitting at 1.75 after just being at 1.8 last week, I think. Yeah. That sounds high now. It does. Yeah, it really does. I like 1.42. Me too. Yeah. I think the whole world is like in one. Yeah, seriously. Dow, Dow's down 84, Nasdaq's off 44, S&P's down 8. We're going to be right back, folks. I'm certain you are or strive to be one of the best of the best at everything you do in life. 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Since 1984, Basil Chapman has been using the Chapman Wave methodology to advise traders of his expert market opinion. While originally hand-drawing charts from the late 1970s into the 1980s, Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply. Later, Basil found that computer software, which included the standard market technical indicators, enhanced the degree of accuracy in calling price turns as well as market trend calls. Thus was born the Chapman Wave sequence. Using the Chapman Wave methodology along with other indicators, Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter. Right now, you can get a two-week free trial to the opening call, Basil's daily trading newsletter, by visiting the front page of tfnn.com. Cancel at any time during that trial and pay absolutely nothing. Get your two-week free trial to Basil's newsletter of the opening call today by visiting tfnn.com. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of tfnn.com. Folks, and after 16 years of all stats, multiple developers, we are going to see the American Dream Mall open in New Jersey, October 25th. Now, this is quite a story. Quite a name, American Dream Mall. Well, and these were the original developers of Mall of America. That's a good one as well. And Minneapolis, I think. I think so, biggest mall out there in the country, right? So, they're expecting 40 million visitors a year, and the story really is cool. We only got a couple minutes at the end of the program here, but they're talking about, so it's in New Jersey, right across from the Hudson, right? And they're talking about whether they're going to eat everybody else's lunch, basically, because, yeah, things have been going well, but man, it's pretty cool when you get in here. So, although brick and mortar shopping overall has been on the decline, right, as we all know, you've seen many shopping centers in northern New Jersey have had a pretty successful run, partially because the state doesn't charge sales tax on clothing, a welcome relief from the 8.875 that they pay just over the Hudson in Manhattan. It's huge. So, all those Manhattan shoppers, they skip across the Hudson and save almost 9%, and remarkable here when you get this down this. So, Paramus, New Jersey, for example, has boasted having the busiest retail zip code in the country, despite being located in Bergen County, the last in the state with blue laws that they not even open on Sunday. I mean, so they get the busiest zip code and they don't open on Sunday. That's right, retail-wise, yeah, it is. But, you know, hey, man, if you got everybody from Manhattan coming over to buy your clothes, totally. And this is going to be like an amusement park, too, evidently. It's 40 million visitors a year, man. No, you're right. It's entertainment, right. You know, you don't get 40 million people marching through just to visit J.C. Penney and Macy's. And then the real question is, oh, yeah, it is. It's going to be the largest indoor theme park. Oh, my God. Including snow skiing and DreamWorks water park. 40 million a year. What is that? That's more than 3 million every month. Big time. Get your skis on, folks. Get your skis on in your bathing suit. All right. You hear it. We're wrapping up. Thanks, folks. Stay right there, folks. Fast Market. I'm Ann Basil Chapman. Steve Rhodes, Dave White. I'll be back. Thanks, pal. Thanks, man.