 The following is a presentation of TFNN. The Morning Markets Kickoff with your host, Tommy O'Brien. Good Friday morning everybody. I'm Tommy O'Brien, company alive from TFNN just after 9 a.m. Eastern time. We got about 24 minutes to go until the start of trading and we got markets in positive territory kicking things off. We got some inflation data this morning. We'll get into that in a moment. The market digesting earnings from many companies. What are those companies trading higher this morning? We'll get into that as well, but you've got markets trading up S&Ps up by half a percent right now. You're up by 21 points trading at 41.77. You see the action this morning. You see the volatility on some of the economic data that we got at 8.30. We'll get into that in a moment, but nonetheless we've got markets in positive territory with the S&Ps up by half a percent. Trading at 41.76. You jump to the NASDAQ 100. You're up by 130 points, up by 9.10 percent right now. You're up by the Dow, up by 30, it was 30, we'll call it 28, up by one-tenth percent, the Russell, up by two-tenth percent right now. Crude, catching a little bit of a bid yesterday. You're down to an 82 handle this morning. We're up a buck 35 on the session trading at 84.56. Goal contract. We were inching towards 2,000 yet again. We were over that price point yesterday. We're just under there at 1,992 this morning and gold got a little bit of volatility on those economic numbers at 8.30 with the rest of the market. You jump to nos and bonds. Not too much movement considering the action that we got at 8.30. You check out the 10-year. We moved three, four ticks, pretty remarkable, especially in the context of where we've been this week. How about the 10-year? Up a point and a half, down a point and a half, up almost a point. Not quite a point and a half, I guess, but you get the point. Boy, some volatility across the board right now. We're talking about a 10-year yield sitting at 4.87. The yield on the 10-year. Still relatively high, but boy, we had quite a backoff yesterday as some of the weak economic numbers pointing to the fact that maybe the Fed will not have to hike going forward. Seems like consensus that they will not hike when we come back next week for their November meeting, but we'll get to find out. But nonetheless, yields backing off from that 5% mark right now. Up. Do I not have a chart? Shame on me, Al. Thank you. You got the best producer in the business, our man Al. Shame on me. He's texting me in multiple different locations here because I don't have my chart. Shame on me. Here it comes, folks. Thank you, Al. All right. You should have my chart now. Checking back on the indices at least, taking a look at the S&P, right? Because we're coming up to an area. The spike high intraday yesterday was 41.90. We're coming up to 41.77 right now. The lows in the 41.50 area intraday yesterday, but right now S&P is up by about 20 points and we'll take a look at that 10-year as well. As you jump around, there's your 10-year. Talk about some volatility, right? 10607 right now, well off of the lows yesterday morning of 105.15 and we jump over to the dollar index this morning. DXY, backing off a bit, 106.49 right now in the dollar index and as I mentioned, the 10-year yield's sitting at about 4.87%. All right. Let's jump over to some of the equities with some action. We jump over to Amazon shares. Talk about some volatility last night, man. So they come up with their numbers and boy, they crushed it on earnings. They crushed it in the current quarter that they're in right now and I have a couple different articles we're talking about here. Here we go. Yeah. So here we go. This is the article. Where were we? There we are. Third quarter revenue gained 13% to 143.1 billion. The market was only looking for 141.6. Now here's the kicker. Operating income increased to 11.2 billion in 90 days. When are we going to get to the point where companies are making a billion dollars a day? We're not there yet. That would be a company making 365 billion dollars a year. We're not there yet, but nonetheless, Amazon, they're making 11.2 billion dollars in 90 days. Yeah. Remarkable, man. Compared with 2.5 billion a year ago, analysts were only looking for a profit of 7.71 billion. So how about bringing 3.5 billion dollars extra profit to the bottom line? Remarkable. Yeah. Online stores were a big beat as well, man. 57.3 billion, 7% increase from a period a year earlier. The quarter included Prime Day, operating profit in the company's North America segment was the highest since early 2021. 12 billion dollars topping estimates, man. Yeah. Amazon Web Services, a key growth driver, you're talking about 2.31 billion. Now here's part of the story where things started to go a little bit sour. So you jump over the Amazon chart, right? You spike higher. And then what happens is it said, ah, maybe the guidance is going to be a little weak, right? Yeah. Projected sales of 160 to 167 billion in the December quarter. Well the market was looking for the basically the high end of that. 166.666. They were looking for 167, the market. Amazon says we'll come in at 160 to 167, right? Operating income, going to be 7 to 11 billion? Well, the market was looking for 8.71. So no matter what here, they are focusing on profits, man, margins going back up. Yeah. And how about it? You're talking about 5.9 billion dollars in the US with their Prime Big Deal Days event. I mean, what a name, right? Prime Big Deal Days Event. Gotta love marketing. An 8% gain year-over-year momentum as we head into the heart of the holiday season. Yeah, nonetheless. So the market likes that they are profitable, man. Even if they miss slightly on the revenue in the coming quarter, profitability is there, growth is there, and AWS doing well as well. So they spike higher. They're holding onto those gains right now. You're pushing 127 on Amazon. That's about what, a $7 spike on their earnings. You jump over to Intel. We're going to Intel as well. Strong numbers for Intel, man. That's why you had the market trading up almost instantly last night when you had Amazon spike higher. You had Intel spike higher, Chipotle and Mexican Grill still trading higher by about $65. You spiked all the way to 1910 on their numbers last night. So you get a real lift in this market. Now we jump around to the economic numbers. US core PCE prices jumped most in four months as spending picks up. Now we knew that spending was going to be a big number for the retail sales. We've seen retail sales accelerating. We've seen GDP accelerating with the 4.9% number. So that spending was already priced in, essentially. But what was not priced in was the inflation data. So you get down to it. Let me just jump here first. Consumer spending month over month, 0.4%. The estimate was 0.3. Market knew that might be hot. Personal consumption expenditure, the PCE, the Fed's preferred inflation gauge, it's always an important one, especially right now. Month over month, a little bit hot, 0.4 versus 0.3. On the core number, excluding food and energy, pretty much right in line. Wages and salaries rose 0.4%. Real disposable income fell for the third straight month. As a result, consumers have been saving less to support their spending. The savings rate falling to 3.4% the lowest this year. That may raise concerns about Americans' ability to keep spending at such a pace through the year end. Not on the credit card. I kid, but we know how that goes. So nonetheless, we get a little bit of a hot number on the CPI print out there. On the core level, we're pretty close to in line. Now you can argue a little bit of a pickup there, right? Inflation adjusted personal spending is in yellow here. We're going to finish this conversation when we get back. Core PCE is in black. I don't know if that's coming back down to 2%. Stay tuned, folks. We'll be right back after the break. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them, using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30-day money-back guarantee so you have nothing to risk. For all the details and to start your subscription today, visit the front page of TFNN.com. TFNN, educating investors. Trading in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything, from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. 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There's no cash or added costs when you join our community of traders. Sign up today and become a part of this educational community of traders. Just visit the front page of TFNN.com. Welcome back, folks. We've got the S&P right now, up by about 19 points, trading at $41.75. You take a look at this market, man, a little bit longer term picture for a moment here. And we've been talking about it, and guess what? We're back to that area, man. So here's where the real battle begins, right? We've been talking about this for two, three weeks, man, this area of confidence, and boom, we got there. Just like that. Fibonacci numbers, folks, the golden ratio. We've been talking about it, and boom. We drive down there in no time, man. This is a daily. And check it out. I mean, I think we were talking about it on this first escalation about a month ago, September 20th or so, September 21st. Things really started escalating. You got a little bit of a pop back up to about $4,400, and then boom, just like that. The 618 was what? Let's back it out. It's more like literally to the tick at these price levels right now. The 618 was $4,140. We got down to $4,146.25. And again, that's the bottom of the confidence area, okay, folks? If you're unfamiliar with confidence, confidence is two different Fibonacci retracement zones from two different trends. So you're looking at the first trend that began on March 13th, where you accelerated from a price point of $3,800 and change up to $4,600 and change. The 618 brings you back to $4,140. The 382 is from the spike low of last October, which was about $3,500, $3,502. You drive that one up to $4,600. You take the 382 of that retracement area of that trend, and you're talking about about $4,200. So what we've been saying is $4,200 to $4,140 area. That's an area that you're potentially going to face a little bit of support. It was an area of resistance. That potentially turning into an area of support. And that is where we are resting right now at the bottom of that area of confidence. You break below here. I mean, 4,000 is a nice round number, you could say, which could be the next stop. Let's back it up so we get the full COVID picture of everything going on here. But point being, you trade below this $4,140 area, right? Where's your next stop? I mean, any of these lows down here? 38,36? It's only 300 points below where we're at right now. And we just traded down 400 points over the last five weeks or so. It's market moving very quickly. Yields a big component. Of course, the Fed a big component, but now we're in earnings. And a little bit of a tale of two stories in terms of companies like Google. Quite a weekly bar shaping up. Google shares barely in the positive this morning. They trade from 141 down to 122 yesterday. And we're sitting at 122.37. Meta this morning, up a few dollars to 292, but we were just trading at 320. Meta's been on quite a run though recently. We check back in on Amazon shares right now, trading at about 126. All right, we talked about Intel shares. We jump over to Intel. Intel up about $2.30 right now. We jump over to the Analyze tab. Only $1.43 priced in in terms of the implied movement, either direction on Amazon shares. And so you've got a much larger move than the market was thinking. We're talking about almost double the move, right? $2.40 to the upside right now. We jump over to Intel on some of their numbers. Let's pull it up. Intel stock rises on earnings beat and strong revenue guidance. Yeah. 41 cents a share adjusted versus 22. They beat 14.16 billion versus 13.5 is the number. Always amazing when you look at a company like Intel, right? Intel's been around forever. It feels like a juggernaut to put it lightly. And they're doing revenue of 14 billion. Meanwhile, Amazon's doing revenue of 100 plus billion, two different companies, but just amazing. Some of those big tech companies, what they do when you look at a company like Intel, now Intel, just with some context here. You jump over to the Analyze tab. You jump over to the Fundamentals tab. Come on. You're talking about a company valued at a $145 billion market cap. And they are nothing compared to the FANG and Magnificent 7. Net income of about 300 million or seven cents a share. Yeah. They're going to cut costs by $3 billion this year. And they've benefited from controlling expenses with operating expenses declining 15% from a year ago. And they've shaved more than 10,000 employees off the headline number. But they get strong numbers. They get strong guidance in the market. Like in that is they're trading higher, helping the market out this morning at $35. All right, we jump over to Chipotle Mexican Grill. They're trading up by 65 bucks. The headline there, higher prices. Here we go. Higher prices. Go figure, right? Chipotle Mexican Grill easily tops earnings estimates. Higher prices help offset food inflation is the number there. Same store sales growth of 5%. They raised prices for the first time in over a year, citing inflation. Earnings of 1136 versus 1055 revenue pretty much in line of 2.47 billion income of 313 million bucks up from 257 a year earlier. Yeah. Beef and queso cost rose this quarter, largely offsetting last year's menu price hikes. Beef and queso. The beef and the cheese, baby. Yeah, I don't know about value, man. I mean, they're making money, but I don't know if they're providing value. Chipotle is expensive, man. And this is the CFO here saying, I think the Chipotle value when we haven't raised prices in over a year until this latest action is coming through. And people are choosing to dine at Chipotle because we are very affordable. Boy, if that's the case, watch out, man, because I don't remember Chipotle being affordable. Net sales climbed 11.3%. Same-store sales 5%. As we said, beat the estimate of 4.6%. Higher transactions and menu prices for the quarter's same-store sales growth. Prices were up 2.8% compared with a year ago period due to the last year's, due to last year's price hikes. They opened 62 new restaurants in the quarter. Pretty remarkable how these companies churn out restaurants, right? Almost a new restaurant a day is what they're churning out. All but eight of those locations featured a Chipotle, a drive-through lane reserved for picking up digital orders. I think that's the most brilliant thing of what they're doing right now, man. Get everybody out of the way. I don't want to be behind somebody ordering. I got to wait for their order, right? Your order online, it better be ready. You pull up to the window, you pick it up. They're ahead of the curve there and they're benefitting from it. The company expects it's going to open next year, almost 300 stores. Almost a store a day. Still pretty remarkable. Chipotle trading higher right now to about 1865. We'll see where they open. All right, we jump to Ford. Let's jump to Ford, man. A little bit of a different story for Ford. Yeah, they pull their guidance. They talk about maybe a lack of profitability. Second, let's pull over the headline here. It's pretty interesting that the headlines came out right back to the Ford chart. The headlines come out. Maybe they got a deal, right? They would draw the guidance for the year due to the strike. The strike cost them $1.3 billion. And you got earnings of, excuse me, 39 versus 45 cents. Revenue, a slight miss. 41.18 versus 41.22. The UAW strike cost them $1.3 billion in lost production to date, including roughly 100 million during the third quarter. They lost production of about 80,000 vehicles so far due to the strike. And restarting production will be a tremendous amount of work. It's going to be a tough go around, man, even if they get a deal. Right? Look at this chart. Let's go back five year weekly. Let's back it up even further. Long term. Look at this chart, man. Well, if you bought Ford back in 1987, folks, you broke even. What is that? 23, 33, 36 years you hold Ford to break even. Just amazing when you look at those charts. Don't get married to stocks, folks. Ford, there's nothing like a Ford, right? Except if you're holding those shares for 36 years. Stay tuned, folks. We're coming back for the opening bell. Lots to talk about. We'll be right back. Currencies, commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe, which is why it's a great time to try out Teddy Kegstad's Tiger Forex report. Teddy Kegstad breaks down the Forex markets every Monday using his 30 plus years of experience as a trading veteran of futures, forex, stocks and options. 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Go to TFNN.com and hit Watch Tiger TV. That's TFNN.com and hit Watch Tiger TV. Welcome back, folks. We've got markets open. You jumped to the S&Ps. We're up about 17 points right now, trading at $41.74 a lot for this market to digest. We've got a plethora of earnings out there. We've got economic numbers out there. We've got PCE numbers out there. We've got personal spending and saving numbers out there. And right now, you've got the S&Ps up by 18. That's up 4.10%. Nasdaq 100, you catch a bid up by about 1%. We check in on Amazon as they open, trading about $126.50. You're up about 5.8% for Amazon. We check in on Intel shares holding onto the gains up by 7.5%. We jump over to Chipotle Mexican Grill. Where are they? There they are. 18.84%. 18.70%. It's where we are up by 3.5%. Jumping back to Amazon for a second. Now, I'm a long-term Amazon bull, folks. I got some Amazon in my retire on my phone, full disclosure. And when you look at the advertising of what they're doing, man, just huge numbers when you look at the advertising, especially when you look at the growth of their advertising business. Now, man, I've been jumping around to so many articles. Shame on me if I can't find it. Where are we? Okay, here we go. $12.1 billion is what they came in with advertising numbers. The market was looking for 11.6%. Amazon Web Services comes in at $23.1 billion. So Amazon Web Services is about twice what advertising is for Amazon right now. But the growth rates of those two are dramatically different. And for so long, these companies have been graded on their cloud growth, right? Because that's where they're making so much money. But boy, keep your eye on the advertising number for Amazon, man, because I imagined that they have quite the margins on their advertising revenue, right? You think about what has to happen in terms of the costs of selling another advertising spot on their website. They're probably making good margins. Advertising is a good business, right? You look at Google, for instance, Meta. Ad revenue soared 26% from a year earlier, okay? That's much faster than Google's ad growth. But guess what? That's a different animal. Google was growing at 9%. Facebook's ad growth was 23%. Snap was at 5%. Amazon's at 26%. Now you go to the cloud. Amazon's given up some market share. It's the other way around on the cloud, right? When it comes to advertising, Amazon's is a new one in town. They're the one with the big growth rates. When it comes to Amazon web services, they were actually the one that was number one. Now I think they're number two to Microsoft. Yeah, I don't know. Maybe somebody can help me out on the debt. What are the numbers across the board for? Because I was reading one article earlier, and I saw that Microsoft Azure was ahead of AWS. Is it? Are they ahead right now? I don't know if that's the case. Nonetheless, okay, the growth rates, and let's just pull over the article. I'm just jumping through articles here. The growth rate, so you can see them, okay? Ad revenue we were talking about, soaring 26% from a year earlier. And that's soaring 26% to $12 billion, remember, okay? So these are not, I always say, percentages on small numbers can be deceiving. That is a 26% growth rate to $12.6 billion, okay? In cloud, however, AWS showed growth in the quarter of 12%, okay? Microsoft earlier this week said Azure revenue jumped 29%. Like we said, Microsoft might be its own animal right now with the acceleration they're getting from OpenAI and ChatGPT, et cetera. Google Cloud expanded by 22%. So you have Azure growing at 12%, excuse me. You have AWS growing at 12%. That's a lot of numbers, I know. You have AWS growing at 12%. You have their ad revenue growing at 26%. It's not gonna take long for $12 billion in ad revenue to exceed the AWS revenue of $23 billion if you're growing at 26% on ad revenue and only growing at about 12% on cloud. And guess what, folks? Advertising companies, when you really ratchet it up, you see some of the quickest runs out there. You can't in prices in stocks because it's all to the bottom line. I'm exaggerating a bit. But think about the run that Microsoft had when it monetized all the ads, right? When they somehow put it into being the plan that they said they could make happen and they made it happen. But just keep those two on your radar because I've looked at them before and ad revenues exceeding expectations. I think they came in at 12.1 billion. Let's do it again just to be sure. Yeah, and they were supposed to take in 11.6. That's 500 million extra just in ad revenue as they're really juicing that number there versus 23.1. I mean, just for some context here, right? 12.1 times... Oops, let me pull up the calculator here. It's not going to take long to catch up. 12 times 1.26 times 1.6 times 1.26. If you grow at 26% for three years, 12 billion turns into 24 billion. Crazy, right? So in three years, if they keep up 26% growth rate, you'll have advertising revenue exceeding what it is now for AWS, but we just said AWS is growing at about 12%, okay? That would put AWS at 33 billion. So let's say they hold steady on their growth rates. Let's say AWS grows at 12%. Let's say advertising grows at 26%. In three years from right now, you'll have AWS revenue at 33.7 billion. You'll have advertising revenue at 24 billion. So in four or five years, depending on how those go, right, depending if they can keep that growth rate in advertising, but you may actually see advertising revenue exceed AWS revenue in Amazon. I'm talking about three to five years, man, but those percentages, the growth rate and the profitability of that advertising segment, pay attention to it, because that's probably kind of the part of the margin story that's going on right now with Amazon and margins were the highest since 2021. There it is, 7.8%. Amazon's cost cutting is showing up in the profit margin. The operating margin, 7.8%, the highest since early of 2021. And yeah, he also said when you talk about AWS, Jazzy was out there talking up that they got deals that they closed recently that haven't been accounted yet. He's talking about deals, the type of deals they do don't happen overnight. You know, I'm paraphrasing, but it makes sense. You're doing deals with literally the government. You're doing deals that take years to play out. He was talking them up. He was saying there's deals in place that haven't even shown up yet. Several deals were signed in September that will show up in the fourth quarter. That was what lifted Amazon shares late in the session. And you're holding on to those gains, even as the market gives it up a bit. S&Ps only up by 11 right now. And this was where things accelerated when Jazzy started talking about the deals that were getting done in AWS. There's the conference call that began at about 5.30 and you see the spike there about 10 minutes into that conference call. And Amazon pushing higher by 6.6% today. We jumped to Intel, up 8.5%. We check in on Chipotle, up 3.8%. We check in on Ford, different story. Ford off about 7% right now. All right, what else we got going on? We got some upgrades. We got some downgrades. One of the things that helped Amazon with a little bit of profitability is that they had some profitability in Rivian. Over the quarter. Now, boy, that had hurt them in years past. But I guess if you look at... What? I don't know. I don't know where this thing goes in terms of looking at the quarter. Rivian is traded lower. Maybe if you cherry pick where you were in the lows back here. But nonetheless, Rivian gets an upgrade today. They're up by 2.15%. We check in on some of the other equities with action this morning. S&Ps rolling over a bit. Only up by 12. Dow off by 53. They've been folks. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at tfnn.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. 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Interact with other tigers and tigers as they share trading ideas, news analysis, and discuss the market action all trading day, even at night and on the weekends. The Tiger's Den at Discord is accessible on mobile or tablets as well, so it's always at your reach. To sign up today and become a part of this educational community of traders, just visit the front page of TFNN.com. 8 o'clock AM area, 4162. Longer term, right? 4140, potentially the area that you're talking about there on that chart. And that is, folks, the golden ratio of the 618. And I'm going to take this off, okay? Because we're through the 382 of the larger trend, which is from the spike low of 3502 up to the highs. We're now through that area. That 382 was 4200. It's an art, not a science, so keep the range in mind, folks. I highlighted that range right here and you can see where I finished that range. That was when the date was current. So that was way up here. We were talking about this conference area. We're now right back in it, okay? So it's a range of 40 to 50 to 60 points from about 4140 to an area of 4200. But I'm going to take off, real quick, the larger trend because when you look at it with some clarity on the shorter term trend, that's an area chopped around in from March 27th, all the way to May 22nd. You're talking about almost two months, okay? From March through May and that area is 4140 and we got within six points of that this morning and it looks like we might be heading to that area yet again as you got the S&Ps right now, only up by about five points. All right, what else are we going to talk? Let's talk a little, J.P. Morgan. As Mr. Diamond, J.P. Morgan off by 1.2% right now. Mr. Diamond's going to be selling some shares, man. He's talking about just a little bit of diversification. He's talking about a little bit of tax planning, but nonetheless, he's selling $140 million to J.P. Morgan shares. And guess what, folks? He wouldn't be doing it if he thought this thing was super underpriced, okay? Yes, there's such a thing as diversification. Yes, there is such a thing as taxes, et cetera, especially when you're getting paid in all-stock grants, most of which he's doing. But one of the things he had always said was that he's never sold a share. He liked to say that, okay? He's not going to be able to say that anymore. Yeah, he's led J.P. Morgan since 2005, crazy, man, 18 years. And he has often mentioned how he has not sold a single share of the stock. Well, he has other assets. The vast bulk of his wealth is tied up in J.P. Morgan's stock, okay? His pay total is $34.5 million last year, mostly in stock. For the last dozen years, his compensation has included $6.5 million in salary and cash bonuses each year. I point that out just so it's apparent that he has made almost $75 million in cash over the last 12 years outside of all the stock grants he has, okay? So it's not like he's cash poor. $75 million, it's almost like an afterthought as opposed to how much stock he's gotten, okay? He is a brilliant man. I don't know much about bank fundamentals, but I do know that, boy, the way he manages that company, man, the confidence in the market, the confidence of investors, he is a brilliant person leading that company. No denying it. I mean, check out this chart. You go back to when he took over, it was trading at 32. He had a tough go-around up until about 2011, but things there really took off from 30 up to 172, volatility in the last few years to put it lightly. But looks like he's liking the action at about $140 on J.P. Morgan, man. Maybe he's a little bit skittish of potentially driving that thing back down to some of the lows of last year at 102. So pay attention, okay? Because he's a brilliant man. There are other ways that he could have facilitated gaining access to cash without selling J.P. Morgan shares because you got to know it's going to be a big headline, folks. You got to know people are going to pay attention. When your mantra is, I've been the CEO for 18 years, I've never sold a single share, and then you come out and you say, well, I'm going to sell $140 million. And listen, that's barely 10% of what he's got. He's worth something like $1.2 billion or something like that, I think. So he's selling $140 million, but it's not nothing, okay? So pay attention to that. Yeah, and you talk about that, yeah, you can take a loan out on that, right? Well, maybe he doesn't want to take a loan out because guess what? Maybe he thinks the price he's going to be paying on that loan right now is not worth the appreciation that J.P. Morgan shares could have in the next few years. He's no fool, man. The last year, he just made 40% on his money off of the loss, okay? That's hundreds of millions of dollars when you're talking about somebody who's worth $1.2 billion and most of that money is in J.P. Morgan. So yeah, pretty remarkable. He talks about regulation, Duffy. He talks about the banks. He's talked about, it's a tough time potentially to own banks right now with the prospects of regulations. Well, what I'll say to that is, okay, but guess what? We got to protect the banking sector, man, and we saw how we really weren't protecting the banking sector. We had banks with $200 to $250 billion in assets that were actually insolvent, that actually had no money if they had to cash out their assets. That's not the way it works, folks. If you've ever been in accounting, I took two accounting classes in Villanova's business school, outstanding school folks. You got kids out there yourself. If you're young, looking for an outstanding business college, Villanova University, good old Villanova, Pennsylvania, absolutely beautiful. I took two accounting classes as part of my business degree there, had a focus in finance, shocker, right? And you got to balance the assets and the liabilities, folks, and guess what? When the banks do it, they got more liabilities than they got assets, and they are out of business, and somehow that was working. So I'm not really worried about the future of banks if there's more regulations. Yes, it might hamper things, okay? The truth lies somewhere in between as usual, folks. It's not going to crush everybody, okay? Yes, it may matter. But guess what? These things need to take place, okay? And the banks, the big banks are a different story. Super well-capitalized across the board, man. But yeah, pay attention when you got somebody brilliant like Jamie Dimon, selling off his own shares, and you're off 1.8% for JP Morgan. But guess what? That's not really an isolated case, because Bank of America, off by 1.8% right now. You jumped to Wells Fargo, off by 1.2%. City shares off by 7.10% right now. We're checking on some of those companies with their numbers. Amazon not stopping up by $9 to $128.38 this morning. Quite the surge higher, man, for Amazon shares. Yeah, let's talk a little Disney, man. We always talk Disney. This is an interesting story out there from Bloomberg out yesterday, but I think it's talk about it yesterday. Let me pull this over for a second. And we'll check in on Disney shares. This thing's been hampered, man. To put it lightly, $79.52. You talk about some pain, man. And this is always the question. I've gotten plenty of calls recently about Disney, right? Say, man, is this a good spot for Disney? Long-term folks, I think this is a great spot for Disney. The worry here is the market's a little skittish right now, right? The market trades lower. Everything's trade lower. So what I've said to some callers that have called, I said, listen, you're thinking about scaling into Disney. If it's a longer-term position, right, you can buy it here. Let's say you're investing 10 grand in Disney. You got $10,000. You want to put it into an investment account longer-term for Disney shares. Well, here's what I'll say. Take that 10 grand, chop it up into four different parts of $2,500, and then invest that $2,500 in Disney over the period of the next year to year and a half, okay? So maybe you put $2,500 in now. You put $2,500 in in the next three to four months. You do it again in three to four months, and you do it again one more time in three to four months. Your dollar cost averaging in. You're getting in at a price of $79.58. If the market trades lower, it goes lower, right? You're pricing in. If it trades higher, you're pricing in a little bit less risky than just putting that position in right now. I mean, folks, we're still 660 points off in the market lows, and things a little bit dicey right now is the market about to give it up yet again with the S&Ps at $41.59. That's even with Amazon shares up by 7.2 percent. NASDAQ 100 up by 101 points, and the S&P is about to be read. One more segment, folks. Don't go away. Coming back to finish up the show. Stay tuned. Gold Report every Monday morning for subscribers, consisting of coverage of the XAU, HUI, GDX, the dollar, Bonds, the South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. The Gold Report New subscribers get a 30-day money-back guarantee so you have nothing to risk. Subscribe to Tom O'Brien's Gold Report newsletter now at TFNN.com. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. 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When you subscribe, you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis. After all, he's got 45 years experience as a day trader. Larry will also provide daily charts, videos, and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com, educating investors. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit Watch Tiger TV. That's TFNN.com and hit Watch Tiger TV. Welcome back, folks. We get the SMP clinging onto the green territory by one point right now trading at 41.57. We might get rid in the next couple of minutes before I get off the air. NASDAQ 100 holding onto the gains helped out by Amazon, helped out by some of those companies. They're all higher right now. The tech company is remarkable. You get the SMP actually flirting with negative territory when you look at some of these big companies and the acceleration they have going to the upside. Amazon, up by almost 7%, up by $8 right now. You jump to the Big Dog Apple. They're up by 210% right now. Microsoft, up by 1.1% right now. Google, continuing the losses, off by 1.3%. You jump to Intel shares. Up almost 10%. There it is, 10% for Intel. Quite the number. Chipotle, Mexican Grill, up by 5.6% on their numbers. Other companies we got reporting. ExxonMobil, out with their numbers. Yeah, out with their numbers, off by 1.1% right now. We jumped to Ford. Yeah, tough go-around for Ford after the bell last night and they continue the decline, off by 7.9% right now. And what else we got, folks? If you didn't, check it out last night. Our man, Tim Ward, comes on with my dad, Tom O'Brien, every Tuesday and Thursday. He's got a webinar coming up, folks. Okay, a week from this coming Tuesday. So, not this Tuesday coming up. A week from this Tuesday, so just more than a week out, November 7th. Can't believe we're coming into November, man. Halloween. He's going to be doing a 90-minute webinar. Now, if you've listened to any of the interviews that Tim does with my dad, Tuesdays and Thursdays, he's talking about ratios, okay? And he's got six ratios. And he likes to call them the six secret ratios every trader should know. You see them up here on the front page of TFNN, okay? You're talking about the TLT in the VIX, the SPY in the VIX, the SPX in the VIX on a weekly basis. Your daily VIX, the American Association of Individual Investors, Bull Bear Ratio, and then you got trend panic levels. So, these are the six ratios that he thinks are most important. He thinks every trader should know. And I encourage you to check out this webinar, folks, because the ratios that he's been putting together, some of the calls that he's been having, it's going to be a great webinar. I know it. This is only $149, folks, okay? And like my dad was saying last night, it's going to be archived. You're going to want to go back and check this thing out and watch it a couple of times to go over those ratios to really learn them, how you break them down, how they're calculated, why they're important, how you use them, and to trade more profitably. All right, folks. Thanks so much for starting your Friday off. Stay tuned for Basil Up Next. Have a great weekend, and we'll see you on Monday, folks. Have a great one.