 is a presentation of TFNN. The Tom O'Brien Show is produced every business day. Tom takes your phone calls toll-free at 1-877-927-6648 internationally at 727-873-7618. Let's go to Eddie and Booker Tom. Hey, Eddie, what's going on? Hey, Tom, how are you, man? I'm doing great, man, yourself? Good, good. It is a treasure to have TFNN every hour during the trading day to be there, to help you to guide you, and even to give you some peace of mind or did somebody else is there with you while you're trading this crazy market, either up or down. Well, listen, we appreciate you growling and prowling us out here, because we wouldn't be out here, folks, if we didn't have all you guys, gals, tigers and tigers as clients. And the market teaches you every single day, man. Now, Tom O'Brien. Welcome, folks. This is Tom O'Brien, a TFNN. We have five days a week. We go seven hours a day. We go 24 hours a day on the internet at TFNN.com. Always remember, folks, whatever you think about, you bring about whatever you focus on grows. Hope everyone's having a great day, safe day. Let's make it a great week and a great month, folks, kicking into August, baby. Always do your best, but don't overdo. When you overdo, you deplete your body and you go against yourself and it'll take longer to accomplish your goal. Make it wise. Let's take a look at it out here. We have the Dow Industrial trading up 12. Nasdaq is down one. S&P is off six and a half. Gold contract trading up 440 at 17.86 an ounce. We've got Silver up 10 cents, $20.30 an ounce. Light Sweet Crew, that's taken on the chin, down 477.93 dollars, 85 cents. A barrel, notes and bonds. You get the 10-year note, trading up six ticks, 121.11. The 30-year up 21 at 144.21 and King Dollar. King Dollar's down 433 ticks, trading out at 105.469. The year is at 102. The yen is at 131. And the British pound is at 122 to one US dollar. iPhone number's 877, 9276648. Give us a call, folks. Wonder what's going on in your world. Let's go over to the world of direction in our man, Mr. Dave Mazza. Dave is the head of product and I'm managing director at Direction Shares. Dave Mazza, welcome back to TFNN. Hey, happy to be back. Listen, we gotta talk about the bond market and folks inside the bond market. So as you come over to our website, the TFNN, you can hit that direction banner, you're gonna bring it up and we're gonna talk about the TMF and the TMV, depending whether you're bullish or bearish. It's pretty amazing, Dave. I mean, this is, we hear everyone talking about that rates are going up and there's no doubt the Fed fund rate has been going up, but the 10 year note has been going down. I mean, we peaked out at 3.4 and we're 2.6 right now. Pretty wild, man. So let's talk a little bit about, if you can explain both of these and I've traded both of these. These are great trading vehicles, folks. This is the direction 20 year plus bear or bull fund. The bear fund is the TMF, the bull fund is TMF, that's what I like now. The bear fund is TMV. So pretty wild, it's pretty diabolical, isn't it, that the Fed's going up and the market's sending the rates down. Yeah, I think what we're seeing from a macro point of view is a pretty difficult environment for rates. That's an insight that is not insightful, but I'm being facetious here because we were in expectation, again, before we had concerns about economic growth, that we were going to see the Federal Reserve embark on a path of rising interest rates because inflation was higher. Yes. And what that could have done, especially because even if we have the White House set aside politics trying to redefine what recession is, we know we have pretty strong job growth and of course that could change, but for the time being, we actually could have environment where rates were rising for a good reason. We were out of COVID, there was not fears of the economy being shut down again. But now what we're seeing is rates rising at the same time inflation remains high and economic growth, particularly heading into the back after the year is questionable. And this has hurt banks, a lot of people again came into the year thinking financials were gonna do well, as this yield curve is flattened though, it's created this really interesting trading environment. So as noted, TMF and TMV provide exposure to 20 plus year treasuries in an amplified way. So these are tools for tactical trading. What I find fascinating, but it makes sense performance-wise, this is one of the only areas where the Bayer Fund, so in this case, TMV, has greater assets than the Bull Fund, TMF because they came exactly, they came into the year being relatively similar, but that's changed. So people are really positioned on that Bayer side. And look, it's been, if we look at the environment, it's an interesting one because you would say, hey, right, that trade hasn't worked for the most part, but especially of late, but starting the year it did. So I think both of the tools are there, depending upon what your thoughts are on the long bond here. A great explanation, man. I mean, I think this is the first time, I'm trying to think back that I've ever seen the Fed fund rate going up and the industry is going down. And what I mean specifically, folks, you gotta remember something, the Fed fund rate is bank to bank rate and they have raised it and they're gonna raise it more. And what has happened in the marketplace, however though, is that the marketplace is buying these tens, I mean, these 20s, hand over fist, driving the price down. So it's a couple of good trading vehicles there in a huge way. You know, when we look at the broad market, I thought it's so intriguing, Dave, that you were talking about the aspect that the Bayer fund actually has more than the bull fund because that folks is very unusual because the bottom line is that everyone, not everyone, I'm just saying in general, if we took a big picture, the bull funds are where it's at because on a long-term basis, gotta remember something, numbers are gonna be higher. I mean, that's what it comes down to. So when we're taking a look at the structures in general, I mean, we have the S&Ps, people can protect themselves with, as you just brought up, you know, the FAZ and the FAS, when they're looking at the banking structure, that banking structure is gonna get interesting, Dave, right, because, you know, the reality is that these banks still are not paying us any interest, but yet their structure because of the, you know, basically the Fed fund rate, it is, you know, their spread should come up somewhat. Yeah, so you're absolutely right. So I think, you know, we haven't seen an environment where the Fed is materially raising rates and the bond market is, you know, at least those trading the long run are saying, nah, we don't believe it. We're already getting, you know, you know, Powell came out a little bit more dovish last week, but we're already getting other governors and folks saying, well, yeah, we're gonna keep raising, but don't worry about 2023. So that has put pressure on the macro side. And yeah, people aren't seeing it in their checking accounts, right? Or saying it in their savings accounts, meaning because, you know, much of that is depending upon what the short-term rates are doing. And those are going up, but not enough to offset what's happening on the inflationary side. So I think the TMF and T&B, if those aren't on traders' radars, really should be because you're amplifying exposure really to what already has long duration. And they're great vehicles, man. Well, listen, we appreciate the update, appreciate the education. You have a great one, safe one. We look forward to speaking to you two weeks from today, Dave. Sounds good, we'll talk soon. Thank you. Stay right there folks, we'll come right back. A time of booming inflation, we are purchasing powers eroded. There's no better place to protect your harder and money-thinning gold. Vista Gold's flagship asset is the Mount 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. Vista 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 operational, as well as environmental permits. 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Toll free at 1-877-927-6648 internationally at 727-873-7618. Welcome back, folks, to Dow. Dow Industries right now trading up 13. You get the NASDAQ up four, S&Ps are down six. Let's get over to our mam's to Steve Rhodes as we do each and every Monday at 20 past the hour. And don't forget, folks, Steve has an outstanding program here every trading day, one to two Eastern Standard Time, also a great newsletter. Now, it's very easy to get Steve's newsletter just come over to our website at TFNN. You're gonna go into newsletters, you're gonna hit Master of Probabilities right on the right-hand side. You just hit Subscribe. You can get Master of Probability for one month for $149. You get it for six months for 6.95, which is a savings of $199.22. And you get it for one year for 11.95, which is a savings of $593.33. Now they all come with a 30-day money-back guarantee. So as Steve says every day, you can get it for 29 days, no problem. So as you're coming over here, check it out. You're gonna like it. Steve's got a lot of great education on that site on a continual basis. Steve Rhodes, what's going on? Well, kind of enjoying the somewhat dry weather weekend that we had. I think it was probably dry up in your area too. It was. It was. It was a great weekend. Highly great. It does, but it's a summer. Listen, it's probably harder in Boston and York than it was in Florida, folks, and we were breaking records. Yeah, exactly, exactly. But it was nice to have a little bit of dryness out there. It was. You know, so. Hey, let me ask you something. You know the guy that won again this week, right? So he won two weeks in a row, right? Totally, Pino, yeah. Are these, now is that the same circuit? Like that's just the same circuit, but you don't get all the bigger golfers. You only get the bigger golfers, like at the big majors, is that what happens? Well, when they get towards this part of the season, so I think there may be just, there just may be one more tournament. There is, right. Before they start the FedEx Cup. I see. Yeah, so what will happen? Because they had the Scottish Open and British Open and the guys were overseas and so forth, most of them that are inside the cut line for the FedEx, we'll take a little bit of time off and try to hone in on some parts of their game. Cool, I get it, okay. Tony Pino, he's been around for a long time, but has always struggled to get the ball across the goal line. Okay. Except, I mean, he's been finished in the top five so many times. So it's been very cool. It's always cool to watch these guys get the ball across the goal line. And you know what it does, Tom, it increases their confidence. Yeah. And in golf or really anything that we do, isn't it really all about confidence? It is, and you know, it's incredible. There's so many good young golfers, man. It's unbelievable. I mean, it was fun watching. I was just curious. You know what I mean? It's like, okay, you know, it's just amazing. I mean, that little golf ball and that little hole, it's like, God, to get in, man, right? Yeah, and these guys, these guys have changed the younger ones, have really changed the game from the standpoint of the distance that they are hitting golf balls. Yeah. You know what the driver, I mean, they're carrying the ball 300 plus yards in narrow fairways. The camel, the camel, he was 345, right? Yeah, exactly. Yeah, I was like, wow, 345, man. Yeah, I love to figure out their secrets. I have been struggling with my driver. So I'll say the easiest way to fix that or to try to fix it, and I did it this weekend, I was up on Sunday, up in Orlando playing golf with my brother and one of my son. Yeah. And then we play up at the, or this time we played at the Grand Cyprus Golf Resort. Nice. And the only course, well, actually they have two courses now, but we played the new course, the new course, which is really like playing the old course over in Scotland. Now the reason why I say, I like to go there when I'm struggling with my game is because, it's the widest, the fairways are larger than what you'd see in a driving range. I see, okay. So if you want to really tinker with your game, it's hard to tinker with the game in your regular courses out there. Right. You just, you know, I need a wider area. And really, I think I found, you know, what the issue was. And it's just, it's a confidence thing. All right. I mean, I had no confidence in my game. And you should see Steve hit the ball, folks. I've seen him. I mean, he winds up like a fricking, wow. Yeah, well, all the rage though, you kind of got to pair things back a little bit. Last Monday when we were on the line, we were talking about how the prior Friday generated both a short-term sell signal and an intermediate term buy signal. Turns out that since last Monday, both of those signals were correct. So let's take a little bit of time, take a look at what unfolded and then where the markets are likely going. So it was Friday, July 22nd, that was the Friday, where the daily NQ generated a bear sash candle. Now that bear sash candle was important because it was completed in A to B equal CD pattern. That short-term pattern then suggested that price would run to the oscillator and change line. One of the tools that's available that folks can test and learn about in 29 days. It doesn't really cost them anything. And that's exactly what took place. Price pulled back to support, which was the bottom of its profile and that oscillator and change line. That was done on July 26th. The only topping pattern that's currently present, there's none. There's an A to B equal CD pattern at the upside. We both know that. So therefore, if we do get a bearish reversal candle, then that should set up the next sell the D point pattern. And if we do get that, that would likely bring our price target. Again, back down to that oscillator and change line. Now that's currently printed at 12, 473 on Wednesday. That'll be a different figure in Friday and so forth. But newsletter subscribers, we'll see this each and every day and each and every morning. So in summary, Friday, July 2nd generated a bearish reversal candle that generated a sell the D point pattern. That set up a run for support, which was its oscillator and change line in the bottom of its daily profile. Support was tested and held on July 26th. And that's what set up that move higher. Now the next bearish reversal candle that forms, that'll generate the next sell the D point pattern with again that daily oscillator and change line being the price target again. So let's take a look at the bullish intermediate timeframe signal that also formed on July 22nd. And that was this. This was the weekly timeframe chart. Now I'm showing the NQ and the arrow, the blue arrow here is pointing to the bar that crossed over or closed above that oscillator and change line. So that was an important thing to suggest we might get more rally. Well, if we take a look at each of the weekly equity futures charts, each of them closed above that oscillator and change line. And in the Dow specifically, the lower left out here, that was the first time in all of 22 that that had happened. That was a slight signal to you and I and everybody else out there to at least expect a rally. And the type of rallies, ones that typically last two to three weeks out there. So each of the weekly equity futures contract had also formed what I refer to as a rogment indicator bottom. These blue arrows are showing that pattern. Again, something that is taught to all subscribers that get access to the videos that will teach them this pattern, which is really important. The NDX100 as an example, it was launched in 1985. Its first weekly rogment indicator bottom took place on October 5th, 2001. I've got the blue arrow here. That led to a TD9 count top. We get another pattern that I teach out there that we use each and every day. And that eventually then once it got to the TD9 count top we get a topping pattern. That moved to lower lows out there. The final bottom for the 2000 bear market formed with another rogment indicator bottom pattern the week of October 11th, 2002. The next weekly NQ rogment indicator bottom marked the end of the 2007 bear market. So there was one that formed in October of 2008. And then there was one more that took place in March 13, 2009. That blue arrow out there. Yes. So now we're dealing with the current one, the June 24, 2002 rogment indicator bottom out here. We've discussed several times how the counter trend rallies typically last two to three bars out there. Last week was bar number two. This suggests that we should get some type of short term top that forms this week out there. But I'm in total agreement with you. Likely this is gonna be a top. It pulls back with lighter volume into support, which would be the oscillator and change line to get around the 12, 448 level. And then it likely sets up that next move higher. And where I think we're at, we take a look at the 2007 bear market. We had two periods where there was a three month rally and a two month rally. I believe that's where we're in now. Likely takes the markets higher into some part of September. And then we have the Nike swoosh to the downside. I love it how DVD it is, man. It's unbelievable. All right, it really is. Come over to our website folks at TFNN, check it out, master in probability. You're gonna get a great newsletter. You're gonna understand exactly how Steve looks to the market every trading day. Look forward to this market tomorrow, Steve. If you wanna take advantage of this sector, now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector, as well as the markets that move gold, which is the currency and bond markets. New subscribers get a 30 day money back guarantee, so you have nothing to lose. Every Monday morning, I publish the Gold Report with coverage of gold, silver, bonds, DXAU, HUI, GDX, as well as more than 30 different mining equities. To sift yourself, the types of profitable trades that are recommended within the Gold Report, sign up now by visiting TFNN.com. Don't miss out on the next great gold trade. Sign up today. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNN, you'll get advice and guidance from the authority in technical market analysis, and it's not just dry tedious text either. 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Using this first-of-its-kind program, The Art of Timing the Trade charts allows you to scan thousands of stocks for Fibonacci formation setups, including guardleafs, ABCs, butterflies, and much more. The Art of Timing the Trade charts 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 gonna 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 charts 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. We have the Dow. Dow Industries right now, down 18, you get the Nasdaq off 31, S&Ps are off 14 and a half. I'm not quite sure why this is going like that. Sorry about this, we'll figure this out. Inside the MDX 100, let's take a look at the strength versus the weakness. And what you're gonna have out here, folks, which is unusual for... Well, it's not unusual for Monday, but we're in window dressing. You're gonna have light volume. Putting strength into the MDX right now, you get AMD's up 2%, PayPal's up 1.8, Verisign, Verisign, no, Verisign's up 1.8, and Kraft Heinz is up 1.7. Taken away from it. Pinduodu is down three and a half, you get CJen off two and a half, Vertex Pharmaceuticals off 2.3, and then Tuat's off downwards down two. We go into the Dow industrials, we take a look at the strength versus the weakness. There it is, Al, perfect, thank you. We go into the Dow industrials, take a look at the Dow industrials, and this is what you have. Boeing is the big winner out here inside the Dow industrials today. That's putting 64 positive points, Home Depot 42, Procter & Gamble 26, and Big Mac 10. Taken away from it. You got United Health, minus 53, we got Microsoft minus 18, Chevron minus 17. So, bottom line is that we've got some action out here, but when you take a look at this volume, the volume's gonna come up shot. So it really depends on where this market closes, but I suspect what we're gonna have out here, folks, is a little backing and filling. That's how this seems to be setting up, and we'll see how this shakes out. You have two weeks straight up. It's June 1st, where you're trying to launch right now, and what ended up happening, Friday we had volume coming to the marketplace, and the spy, we did 87 million. You're only gonna do about 61 million today. So most of the time, when you get a move like this, you're either gonna build cause and go sideways, dip down a little, you know, and then you're gonna go forward. As I said a little bit earlier, it's gonna be on the pullback. It's even a slight pullback to see if there's any sellers whatsoever. You know, we don't have buyers right now, okay, out here today, because of the bottom line is that in the queues, so it's gonna get interesting with the queues. If the queues do close in this benchmark of 314.56, that means you're gonna get a pullback, because we're not gonna have the, you're not holding price, and it doesn't look to me like you're not gonna have the volume either. And this is light volume to take out the swing. This swing only needs 59 million, and the bottom line is that we're gonna probably do about 50. You know, you're 39 million right now. What we've already done on the queues is you've got over the highs of Friday. You know, we'll see whether they close over them. But the bigger benchmark is this June 1st day. That's the number. And then what you're gonna have, now watch this, if you're watching Tiger TV, this is pretty cool how this is set up. This is also ice. So you can see that this is a nice way that if you're always wondering what ice is, okay. This is a Wyckoff term. I have it in the time of the trade. And what it is is that when you break out of a range, and you can see we're coming right up to the range, man. That's the bottom line. The range is 317.45. And that swing point that we're talking about is 314.56. You know, bottom line is that that's important. And this is where my head's at. Let's check this out. This would be the most deviant thing that the market can do if in fact it has made a bottom. And what you get is this, right. You get an acceleration up. We've had a couple of them thus far. Then you get that pullback. And remember last week when we got that pullback last week, what had happened is this. That was a pullback without volume. And then bang, you went topside right again. And so when you get a fast pullback with wide price spread, but no volume, most times, man, you just flip right around and go topside once again. So we'll see how this shakes out. What's unusual out here today is that number one, you got window dressing. Number two, you have the dollar going with you. And you can see that the market still can't catch the bid. So this is pretty cool how it's setting up deviance in a monster way. And you could actually see it. You know, when I was looking at the market earlier today, you could actually see it that the dollar, and this is going to be cool for us going forward also because, you know, markets always change and the correlations and relationships change. And what we had out here this morning is that you had the dollar stayed, well, let's go look at it. So you can see that the dollar's been weak all day, right? I'll put this intraday and you can take a look at it. So you've had a weak dollar, meaning in the context all day long, right? It started high up. But yet gold couldn't hold price and the gold equities weren't taken off either. So that was telling me right off the bat that, you know what, man, this thing wants to pull back a bit because what we've seen is this. We've seen not only the aspect that, you know, the dollar's running the market. If we go back two or three weeks ago, what you had is that the dollar was pulling back a bit and gold still wasn't moving. So where I'm going with that is that watching the gold equities is also a good way to get the correlation as to, okay, bottom line, where does this market want to go? Now, let's go over to the TLT because that was when we had Dave Mazur on the head of product and managing director at Direction, okay? He was talking about the aspect that on the TMV, okay, which was the bearish fund for the triple versus the TMF. Now it's very unusual when that this has, let me put it up so you can see it. TMV, so this is the bearish three times 20 here. And you can see here what's going on is that right here, this market cap, they get 484 million. So that's, when you look at this, folks, that is how many people, this is a short position, okay? And you can see, of course, the bottom line, this thing is down $6 today, okay? Now, remember that number, 484. And then we get over to the TMF and we take a look at it and you're going to see in the TMF is 381 million. And that's up $0.92. Well, the bottom line, folks, now let's go to the 10-year. So I want to show you that the 10-year is an ABC structure on the way up. And I want to thank Jimmy because he was explaining that in 1999 and 2000 when I was talking to Dave saying it's really weird, I never remember that you had the Fed fund rate going up but in, you know, in yield and the market was basically driving it down, the real yield. When I say real yield, the Fed fund market rate, folks, none of us have anything to do with because you have to be a bank and out of the do it, okay? The bottom line is that what runs everything is the 20-year. And you can see this 20-year, man, it's in an ABC structure up. This thing wants to run up to the 124-125 level, which is going to, if that's what we get, you're going to have a 2.110. Let me pull this up. A 2.1 to a 2.14 yield because it's right down here. So right now you can see this. Look, as we're talking, we just broke 2.6. You're 2.59. Well, it's March 14th. That's your benchmark down there. All those have done is a separate correlation, meaning the 10-year going up, I took the date and then this is the other correlation to it. It's 2.02 to 2.14. And the bottom line is that, you know, what the bond market is saying is that they're saying that the Fed is going to have to do the slow down or do something different because the economy is going to slow down. That's what that rate is actually saying. You know, we'll see what one is right. I'm banking on the 10-year doing that ABC structure up. 877-927-6648, we have the Dow. Dow industry is right now down 18. The Nasdaq's off 15. S&P's off 12.5. And I am getting glasses tomorrow, folks. They're all like picking them up tomorrow. Thank God. I'll be right back. Vista Gold owns and operates the largest undeveloped gold project in Australia, the Mount Todd Gold Project. Vista Gold just completed their feasibility study, resulting in a 7 million ounce gold reserve. Vista Gold has all major permits approved and has retained CIBC capital market assistance in evaluating alternatives and in completing an accreted transaction. Vista Gold trades on the NYSE American and TSX under the ticker symbol VGZ. Vista Gold executing a strategy to create shareholder value. TFNN has been your trusted source of analysis for bonds, metals, stocks, commodities, and options for years. And we are happy to announce that we are bringing that same caliber of analysis for the Forex market. Teddy Kekstat has 30-plus years of experience in Forex trading, commodity risk management, Forex hedging, volatility, and so much more. Teddy releases his weekly Tiger Forex report every Monday morning with elite coverage of all major currency pairs, including the DXY, Euro-dollar, Pound-dollar, Aussie-dollar, Dollar-yen, Dollar-Swiss-Frank, and so much more. Teddy will recommend specific trades when the market presents them and provide updates throughout the week when warranted. For the month of July, inaugural members to the Tiger Forex report will receive 25% off the monthly subscription for as long as they're subscribed. Just use promo code Teddy25 to lock in the added savings. This offer is good only for the month of July, so do not miss your opportunity to save on the Tiger Forex report, TFNN, Educating Investors. Biotec Today! TfNN has launched the Tiger's Den, hosted at Discord. TfNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours, the Tiger's Den. Available to all tigers and tigers for just $1 for the year. There's no catch or added costs when you join our community of traders. Sign up today and become a part of this Educated Investors. TfNN has been educating traders for more than 20 years and if you want to become a part of this educational community of traders, just visit the front page of TFNN.com. This program is brought to you by VistaGold, traded on the NYSE American and TSX under the symbol VGZ. Welcome back folks, Dow. Dow Industries right now, up 13, Nasdaq's down 6, S&Ps are down 7. And you talk about, you know, we talk a lot about these banks and how much they can pay in fines and how much banks make folks is just like so over the top. It's insane. So you got Barclays, you know, and Barclays, they just, they evidently just, they make so much money and blow so much money. So check this out. Barclays, what Barclays had done, right, is this. They made structured notes as well as ETFs. And they sent too many of them out because what happens is that all securities have to be registered folks. So the bottom line, somewhere along the line they bottom line did not register these securities and they sent them out. Well, guess what? This is a year and a half later and now they have to buy all these securities back at the price, picture it, at the price that they sent them out. Now the biggest winner, listen to this man, this is sick, the biggest winner, and this is extreme, there's no doubt about it, there was a, now they're going to lose over a billion dollars on this deal just to, you know, because there's so many, they did, it had to be a total breakdown of compliance evidently. But listen to this one. For the holders of Peloton, notes, Peloton notes, okay, when they pushed them out, the bottom line is that they weren't supposed to push them out. And these notes have gone from one dollar, guess what, to what? Eight cents. And they're going to have to pay the note holders back a hundred and two dollars. Well, a dollar two. That's a dollar two point one, that's what's, so needless to say, those note holders are so happy they can't see straight. Now this is so, I've never seen anything like this. Not with this many, have we? Because listen to this, there's 3,000 securities that affected by Barclay's the rescission offer that was flagged in March. The bottom line is that the bank realized that it had sold, listen to this, this is crazy, man. They've sold billions of worth of securities more than it had registered for sale with the Security Exchange Commission. Bottom line, you know, I mean, how does that work? How do you push out, not, how do I just, yeah, how do you push out 3,000? The 3,000? Yeah, 3,000 securities. You know, without, it's really bizarre, I'm telling you. But can you imagine, you know, bottom line being on one of those sides? Yeah, no, and the question, and bitcoins are not registered. Let's talk about that for a second because what just happened, actually, when I just got on the air, let me pull this back, because the Attorney General of New York just came out. We were talking, not about this, but I was, we were talking upstairs about the aspect of, you know, the, most of the people that were into, I don't know, anyway, it seems that most of the people that were into Bitcoin were novices. That's the reality. He had plenty of pros that were taking people and the bottom line is that, so pitch this. The SEC has said a thousand times, okay? But guess what? These, these are illegal. Now, no one paid attention to them. That's the bottom line. Now, I can understand, you know, really, you know, folks that out in the marketplace, 20, 30 years old, I can understand that because, meaning I can't picture that all of them thought they're sending money to the platforms and there wasn't some kind of, like, regulation that, you know, that they just, at least get their money back, okay? But the bottom line is, is that they didn't, they won't and it really comes down to the fact is that how did, how did people think that you could make 15% or 13% on your Bitcoin on a continual basis, who's paying for it? But the bottom line is that what we're going to see now is after the fact that, you know, these attorney generals in different states are going to basically be going after companies that have no more money. So it's like, okay, this went down the deep hole. What I do expect you'll probably see though, it was a question, does Bitcoin meet the definition of a security? There's definitely tokens that meet the definition of a security. And specifically what that is, is this, folks, okay? A security is that they've been selling these tokens and they sell the tokens to get a company going, okay? That's a security, man. That's the bottom line. It doesn't get any better than that, okay? If you're raising money to put it into a company, that's a security. That's what it comes down to. This got so big that it was almost like, oh, it's got to be okay because there's so many platforms that do it. I mean, actually when they were going bankrupt left and right, I didn't know half those companies that went bankrupt, but they were going BK with 350, 500 million of everyone's money. And the amazing part is that they could actually use your money when you're on a platform to gamble. That's what they were doing. That's the bottom line. When you take a look at some of these stories, they were using customers' deposits to gamble, to give to another firm to hope that they could make more money. And guess what? As soon as three arrows went south, the bottom line, three arrows brought everything down. So, bottom line is that there's going to be a lot of bread that is lost, period. Let's go take a look at some of the higher volume equities out here this morning. This afternoon rather, we got Advanced Micro is up $2. You got Apple down 80 cents, Carnival's down 14. You got NVIDIA up 287. Tesla's up $2. That gave up a lot of bread, man. It just gave up about 35 bucks. We have Roku is up $6. That's after getting smoked down 20% last week. You got Comcast, flat. Google is down a buck. We have Google's down a buck. We're going to take a look at the small caps. Small caps out here. This looks actually pretty good, man. This will be interesting. Small caps, now the IWM has volume. Volume Friday has volume today. You're coming into, yeah, it's not bad. You're coming into 41 million. You're only done 20. It's consistent the last couple of days. Whereas the NDX and the Spy isn't. Both of those, you have a big contraction of volume out here today. It just depends where you close. We did 57 million or 41 right now in the Q's. That actually is slowing down versus speeding up. You might get a couple of big audits at the close. On the Spy on Friday there's no doubt about that. It got over the high. We hit 413-41 413 413-03 because it's in a subtle way, but it looks like the Spy is going to fail. We'll see whether it doesn't look to me like the Q's are going to fail. They won't have the volume, but it looks like they're going to hang over that price. Dow, Dow industries right now. Up 12, Nasdaq's down. Two S&P's off 7. 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 technology that shapes today's markets and tomorrow's future. 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Down investors right now trading down 21 Nasdaq's You take a look at Apple, man. Apple not only has more cash than just about anyone in the marketplace, but guess what? They're going out to the market today to get more cash because they're going out with 5.5 billion of bonds to basically fund buy-backs and dividends. Pretty amazing. They still think money's cheap, evidently, so for them it is. The longest portion, they have a 40-year security that is going to be, this is going to be So this is going to be, they're paying 118 basis points, so that's 1% plus 0.18 over 2.5 So you got that 3.68 3.68 Now, this is there's no doubt, man, if you can do this we'd all like to do this. You're paying 3.68% to take out money for 40 years. Just as something you always want to remember, folks, okay, that numbers always go higher. Always. They talk about inflation, they're going to exponential, but all you have to do is take 2%, 2% and compound 2%, okay, and the bottom line every 40 or 50 years you're really 10 times to 12 times higher than the number you had prior to that. That's also one of the main reasons that when you look at markets the bottom line is that that number is normally higher over the course of time because that's just how numbers go and that's important to understand. Apple certainly understands it because the bottom line is that could you imagine when they're going to pay back that money in the course of 40 years? Yeah, I mean, you know, that's well, right now so right now, so check that out. Right now, that would be saying that you're borrowing money at a negative interest rate because the way that you do it you take your interest rate that you're paying and you take the inflation rate. Bottom line that's a negative rate, man. Wow. Always remember, folks, to back and claw your heart out the bulk and run you over and thank God there's always another trade. Have a great one, have a safe one, come back and visit Tommy tomorrow morning, big week out here kicks us off now in the morning. Well, look at him, folks.