 The following is a presentation of TFNN, the morning market kickoff with your host Tommy O'Brien. Good morning everybody I'm Tommy O'Brien coming to you live from TFNN 8 30 a.m. Wednesday morning one hour to go to until that opening bell and we got markets in negative territory right now S&P futures negative by about 18 points or six tenths percent trading at 3100 on the dot NASDAQ futures negative by 24 points or about two tenths percent 10,171 yet the NQs record territory yesterday Dow off 190 points 25,830 we've got oil negative today 81 cents trading of 39 56 we get EIA numbers two hours from right now 10 30 a.m. Eastern time Tom and I will be on there for those we got the 10 year yield ticking up as we're getting some lower price in yield excuse me at lower price in the notes higher yield the 10 year yield yielding 0.73% to see what that looks like on price there's your 10 year down about six ticks at 138 17 you get the 30 year down 11 ticks right now at 176 19 I mentioned oil down 82 cents at 39 55 you back it up we're about two dollars though from the high that we had about 24 hours ago 41 63 in the price of crude gold contract up four dollars to 1786 hit a high of 1796 early this morning for some context on gold you back it up that's a three year weekly it's basically been a rocket ship since November of 18 you could argue really things accelerated May of last year you're talking about the last 13 months you traded from 1276 we're flirting with recent all time highs and you want to back it up to where we were the max 1923 that all time high taking place 2011 and folks were right back up to where we were on those all time highs the price of gold drilling back down to the shorter timeframe jumping around to the VIX as this market creeps a little bit lower we got a little elevated territory in the VIX 29 handled to open trading yesterday actually made it down to a 29 handle in the afternoon as well briefly spiked to a high last night in the VIX 33 76 currently trading in 32 19 as we stem the worst of some of those losses in the market jumping over to the S&P to take a look so of course late late Monday night we get Peter Navarro's gaff whatever it was out there saying the China deal is no longer we charge back what I want to point out is this was yesterday's action and we stayed relatively calmly at this level that we were at in terms of regard above let's say the flash low we had but last night things accelerating this potential for new trade concerns talking about EU tariffs potentially coming into play that hitting the market COVID-19 accelerating hitting the market either way at about 3 30 a.m. You have markets trade from 31 21 you trade down about 40 points by 5 15 to 3081 and then you see we bounced about 20 points since then but man we made it within 20 points of the flash low yesterday that we had on those Peter Navarro comments trades trade concerns always the forefront of what we have going on and we'll see how that plays out alright let's jump over to some of the equities we'll jump right into it stocks making moves this morning so carnival their debt rating count excuse me cut to junk by S&P which is forecasting continued weak demand for the cruise industry due to COVID-19 should not be a startling revelation folks nonetheless carnival from 18 to about 17 Dell technology so Dell exploring options for its 50 billion dollar stake in VMware according to the journal those options include both selling the stake or buying a portion of VMware that it doesn't already own so they they don't want to go all in or all out when a bag go out with their numbers the recreational vehicle maker lost 26 cents a share for its latest quarter market was looking for a loss of 45 cents revenue well above estimates despite the negative impacts of the shutdowns hey maybe when you're shut down you want to go for a what's that symbol I should know it's a good one what is it now WGO maybe people want to just ride off into the sunset and there when a baggo in their quarantine for some context on this stock look at that right winners and losers talk about winners and losers folks when about when a baggo from 60 down to 16 and we're gonna open right under 70 6850 by 6950 on their bid offer with their earnings out just remarkable some of the accelerations these stocks have had Dick's Sporting Goods I personally have talked about I've been to Dick's they get some great curbside takeaway sounds like outback steakhouse carabas no it's Dick's Sporting as you order it you check in when you're there they bring it right out to your car in your window you don't do anything common upgraded the sports goods retailer stock to outperform from market perform noting increased market share as well as strong growth in e-commerce DKS I think there you go so you're gonna open a bit higher today at around 42 you were at 41 44 not quite back up to pre-covid levels but you were in low teens 13 46 in the low of the market around March just remarkable now back above 40 at 42 for Dick's Sporting Goods Morgan Stanley upgraded to a buy from neutral cited several factors including attractive valuation and lower credit risk for Morgan Stanley compared to its peers Morgan Stanley gonna open basically flat 47 60 this morning was down to 27 currently right there T-Mobile said its sale of shares in the public offering priced at 103 the share offering was part of soft bank group sale of shares in the wireless carrier T-Mobile had closed Tuesday at 106 so soft bank a loading shares just under market at 103 to see how that hits T-Mobile shares TM US is their symbol we're gonna open at about 108 not bad to be a T-Mobile shareholder Simon property so the mall operators teaming up with shopping center operator Brookfield property partners to explore bid for bankrupt retailer JC penny according to the journal penny assignment second largest mall anchor tenant behind Macy so looks like Simon well aware that if they start losing these anchors in terms of JC penny Macy's that might be the end of their business as they know it so what are they gonna do they're saying you know what we're gonna conglomerate everything we're gonna put it under one roof and we're gonna own JC penny since it's going out of business we'll see how that plays out folks I mean the mall business they they may be around they're gonna have to shift what they do though in terms of being an activity center almost right movies restaurants the likes of needing to do all your shopping there it's a different environment it's gonna be a much different environment after COVID so you got Ben and Jerry's piling on Facebook Ben and Jerry's became the latest company to join an ad boycott of Facebook and Instagram calling on Facebook to stop the platform from quote-unquote from being used to spread and amplify racism and hate Facebook continually in the crosshairs from almost both sides of the political aisle but guess what folks they keep printing money look at that look at that chart from 137 we're sitting this morning at about 240 so you're gonna open a bit lower with the market but in a remarkable acceleration I mean you're probably approaching almost a hundred percent pop from those march lows of 137 alphabet Google their unit of the target of criticism by newspaper publisher the post the paper said the publishers have told the justice department that Google's market power forces them into an unfair agreements while somebody complaining about Google surprise surprise all right and as we finish up this first segment let's jump around to some of these tech stocks folks because it has been quite a run you got Microsoft gonna open about 201 all-time highs yesterday 203 95 we dipped down to a low folks of 132 on Microsoft and how about it Apple coming out with their worldwide developer conference ios 14 Apple charges to an all-time high of 372 yesterday we're gonna open this morning and it looks like about 365 40 by 365 50 stay tuned folks we'll come back see what else we have on tap for Wednesday trading we'll go with some of those trade concerns with Europe we'll take a look at oil as well with inventories coming up in less than two hours stay tuned folks we'll be right back many of our new listeners have heard about the tiger's den 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 of the charts as they happen live and have access to archives of all 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 or on the front page of tfnn.com tfnn has launched our brand new website you can still visit us at the same tfnn.com url but when you do you'll see a new and improved homepage with a much simpler navigation whether you're watching tiger tv live in high definition or just accessing your newsletter subscriptions we even have new 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device 24 hours per day go to tfnn.com and hit watch tiger tv that's tfnn.com then hit watch tiger tv for the latest market information folks we get the s&p is negative by 21 the dow off 234 and i'm going to start with silver they're talking about silver in the den folks and check out that acceleration my goodness if you weren't paying attention silver was just trained at $18 as of 8 a.m. and my goodness what happened there fell out of bed we're trading at 1764 just dip below 1750 we were size 1825 talk about a volatile market and silver you jump over to gold a little bit of a pullback as well nothing like the silver market though from 1796 trading at 1783 not sure what's going on in that silver market but they're selling it that's what's going on for sure okay jumping around to covert numbers because that's playing into the market folks so you got to talk about what is happening here it's going to affect earnings revenue etc us going by the times data yesterday 35 000 cases for the first time since going back to April 24 today's June 24 highest total on a national basis in two months folks that is a rising curve and things you know it's it's it's something if it's a rolling stagnant deal that hospitals will be okay if this continues to rise like that there are going to be consequences in terms of earnings and revenue let alone the consequences to human life i'm bringing it back to the market okay there are going to be consequences if this thing spikes to 50 thousand 100 thousand cases a day i mean in florida you could call it a faint hope that that curve is starting to potentially flatten out you're still dealing with three four five thousand cases a day we'll see where that plays out you had fought dr fawcys testifying poor congress yesterday one of the things they talked about is hey we're seeing these cases spiking we're not seeing the debt till spiking um what do you make of that and and his first reply was it's too early in my opinion to be making estimates of that because deaths always lag cases by a dramatic amount hopefully that's not the case but this is what we're going to find out in the next two to four weeks and the market's going to find out and it's a shaky market we've talked about it many times add on to that okay now we're going to jump so you add on to that let me get the let me get the page i want to get up here you add on to that nope not that one we had a lot going on this morning there we go the us is considering 3.1 billion dollars in new tariffs on products from france germany spain and the uk that a big story going into why the s and p is around 20 plus points this morning the goods in consideration include olives coffee chocolate beer gin some trucks and machinery the potential enforcement the new of the new tariffs was open to public comment on tuesday and is set to last until 26 so the us is studying the possibility slapping 3.1 billion whoops scrolled a little fast there there we go 3.1 billion in additional tariffs on goods from the uk france germany and spain it's another step that's likely to exacerbate i would agree tensions right so this document was issued last night first reported by bloomberg and it's from the trade representative it's considering quote unquote an additional list of products now when they get into it there was more in there from how it's jumping right to a few different articles but the move is part of a wider reaction from the us in relation to long-standing dispute with the european union over their subsidies to large civil aircraft manufacturers there's a lot going on folks nonetheless trade concerns always going to hit the market that going on this morning other headlines out there weekly home buyer mortgage demand ticks down but is still a remarkable 18 percent higher than a year ago one of the most remarkable stories throughout all markets during covid has been the strength in the real estate market you could call it a transition in a cycle i mean families people working from home spending more time at home not needing to be so tied to maybe your physical office you see a lot of tech firms whether it's in seattle right all that stuff all of a sudden overnight hey guess what you can work remotely 365 days a year you don't have to buy an 1800 square foot two bedroom two bath home for 1.2 million dollars in san francisco you can go buy a home on the shores of sunny florida and work remotely in a much more affordable higher quality of living establishment nonetheless all that playing into it total mortgage application volume fell 8.7 percent last week from the previous week according to the mortgage bankers association home buyer demand for mortgages fell 3 percent for the week but 18 percent higher than a year ago applications to refinance a home fell 12 percent for the week but we're 76 percent higher than the same week in 2019 rates are low folks and i wonder how that's going to play out in terms of refinances but nonetheless you're talking about strong strong mortgage application volume for what we're going through in other markets out there another interesting story that popped up venezuela so the rival leaders have been going on for a while you got maduro up there the strong man and then you have uh guado who the us supports the uk supports as the rightful leader of the venezuelan country and their people so they're going at it in terms of who gets access to the billion dollars in gold reserves stored in the vaults of bank of england now you know part of the allegations out there is that president maduro is basically selling off all the assets that the country has to maintain power selling off everything that the people has nonetheless that's going to play out in the bank of england the hearing began and landed on monday expected to last four days represents an extraordinary case for the crisis trick in south american country venezuela central bank controlled by maduro is seeking to order to force the bank of england to hand over the lion share of the country's gold reserves the reason why i really don't see that happening just reading a few things going on out here is that the uk itself right now recognizes guado so how are they going to hand it over to maduro but it's it's it's an interesting case to see how it happens when one country is holding gold and you have basically a struggle for power going on another country and that's played out in england to the tune of billions at stake okay uh yeah i mean this is this is a story here for sure right you saw that president trump talking about the h1b visas uh doing away with those trying to push american workers and what what you know there's repercussions folks in the uk swooping right in trying to lure the tech talent that trump blocked from the us see how that plays out there's a lot of great minds that come from abroad folks and they can contribute to societies and we're cutting that off and other countries are going to pick that up that could have some long term effects as this plays out we'll see how it hits apple so apple and china apple iphone sales in china drop in may after recent rebound but apple shows signs of resilience is the quote iphone sales and shipments fell in may versus april according to third party party data apple was affected by the shutdown in china of course during the heighten of the coronavirus pandemic apple sold 3.6 million iphone in china in may down from 3.9 million in april 7.7 fall versus april but higher than the 3.05 that they sold in may of 2019 it contrasts with 160 month on month rise in april where apple benefited from pent up demand so they had a lot of pent up demand right it shoots up to 3.9 million in april comes back down to 3.6 uh nonetheless folks apple they're going to be just fine and they got the 5g cycle coming up probably part of the reason that this is accelerated so much but apple opening basically flat today after reaching all-time highs yesterday of 37238 jumping over to amazon shares talk about some strength folks 2783 all-time high for amazon yesterday looks like you're going to open right now at 2778 for amazon checking in on some of the tech stocks as we round out this final segment 20138 right now from microsoft after 20395 yesterday let's check in on mr elon musk what's he going to do we closed it a thousand yesterday we're going to open at 988 today for tesla we'll see i think he'll be all right on that one stay tuned folks s and p's minus 18 market negative territory but off the lows of the session we'll come back finish up what we have on tap for wednesday trading we'll take a look at gold as well we'll check in on that silver that's rocking to now down 50 cents for silver stay tuned folks will be right back back in the day i joined the hotel california in 2006 and like many of you was drawn in by as well as whatever you think about you bring about whatever you focus on growth you see i believe that everything in life happens for us not to us and tom ignited the fire within me to want to learn how to master the markets so how did i go from knowing nothing about technical analysis to becoming the number one market timer for the s and p 500 in 2018 and the number two market timer in 2019 simply put i hired coaches with a proven track record which led me to a whole new set of tools that i created to interpret the message of buyers and sellers i would love the opportunity to teach you this award-winning set of tools and help you improve your market timing you can test drive my newsletter service mastering probabilities for the next 30 days with no risk to you plus you'll gain access to archive workshops that will take you step by step through my system sign up today i'm going to the homepage of tfnn.com and selecting mastery probability in the newsletter tab if you haven't checked out the newsletters page of tfnn.com what are you waiting for all of the tfnn newsletters are informative up to date affordable and must 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stop peloton all-time highs yesterday 5660 we're going to open it looks like in record territory yet again with a bid ask right around 57 this morning for peloton from 1770 talk about a perfect storm of acceleration this company ip oing there was a lot of speculation they might be in trouble competing with a very expensive product that just a very expensive product and that's it's an exercise boat bike folks for thousands of dollars and then you got to sign up for their service to watch their classes but man that is a perfect storm from 17 to 57 on peloton and we're ticking up even as we speak now 5715 on the open there yesterday election day in a lot of states so we got a lot going on terms of who will face uh senate leader mitch mcconnell that to be undecided you're going to have a lot of vote in mail-in votes and this is going to change the way that things play out on election night and we all got to start being prepared that it used to be that you voted the polls and things were counted when you're dealing with a lot of vote-in ballots that can be done can be done securely no matter what you're hearing out there it can it is done securely in many states already in terms of voting by mail but it's a different process in terms of counting them and so we're seeing in a lot of these races photo finishes things are close but guess what the exact number of votes left to count is in clear they're talking about mail-ins that's going to play out and we might be dealing with something like this where there's a few things left up in the air but big night last night in the primaries in terms of what's going to be happening in the general in november all right and we'll finish it up with a little bit more covid because the numbers are stark folks you get into whether it's florida uh houston texas so texas had more than 5 000 cases in the past 24 hours this article was talking about when uh their governor greg abbott came on their tv tuesday yesterday the state health department had 5489 new cases and where this really gets dicey folks is they were talking about hospitalizations surging more than 10 right that's the big deal cases aren't the big deal it's going to be hospitalizations and all that stuff their intensive care capacity exhausted in 11 days surge beds full in 38 days you're going to see this play out in the next two to four weeks and guess what folks you might see a play out with the s&p's at 3100 watch out stay tuned folks larry pesavento coming up next with trade what you see live programming all day at tfnn we'll be right back