 over to our man, Teddy Kegstad. Folks, we talk to Teddy every Wednesday at 40 past the hour. You can read Teddy's take on the market in his weekly newsletter, the Tiger Forex Report. Check it out at tfnn.com, folks. It comes out every Monday. He's got updates during the week. And as I talked about, man, coming into this segment, the way that we have everything impacting the markets right now from forex to commodities to rates to yields across the world, it's a great time to know what's going on in those forex markets, even if you don't trade them in terms of how shaping they are of other markets. Teddy Kegstad, good morning. Good morning, Tommy. So we always get you on an interesting day. We get you on Fed Day sometimes. Today we get you on Fed Minutes Day coming up at 2 p.m. Eastern time. We just had the retail sales going on. But maybe we kick it off in crude, as we've talked about for a while, approaching some pretty lower levels. I think we got an 86 handle, potentially, as I talk to you right now, hovering around 86 bucks for the price of crude. What's your take on this crude market? Well, definitely, where it's trading right now, that definitely is very bearish, obviously, for making lows. I mean, there's no denying that. You know, I'm a long-term bull. I think that one of the things you're seeing is a little bit of a balancing now. You know, we have, you got to remember, six months ago, we were in a much different state. You know, we had such supply issues and supply chain issues that was impacting a lot of the pricing and stuff like that. You know, I mean, remember the ports in California were jammed up with tankers, you know, going out as far as the eye could see and stuff like that. You had diesel trucks sitting idly, just burning diesel day after day, hour after hour, waiting to get, you know, stuff loaded up on their trucks, you know, as well as also Americans finally could get out, you know. So now the things I think are stabilizing, maybe that has a little bit to do with it. Gas prices aren't going down. So crude may be going down, but gas progress actually went up by us over 60 cents just over the past few days. You know, so I'm still a long term bull for the US or for the crude oil market. Right now I'd be very careful, you know, but I'd be really careful selling into these lows. That's for sure. If anything, I'd be trading the options and not the futures right now. Yeah. I mean, volatility in both directions, man, on these moves, we've seen a series of lower lows and lower highs and pretty remarkable that we're talking about almost two and a half months now of negative action. And we're almost back to where you were as a technical trader, man. You're talking about highs. We've looked at them before. They stick out on the chart just last October. Almost back to those price levels with everything kind of up in the air right now. And I'm sorry, I wanted to real quick, one more thing to add to that. If you look at the further out months, they're at a premium. So no matter what the expectations by the market is that we're going to have higher crude prices in the future. Yeah. I mean, I guess that would make sense coming into the winter months or energy in general. I know Europe, that's a whole show we could do a conversation. Speaking of Europe, the UK inflation this morning, which were your action on kind of the UK over there. I mean, what's it, 10 points something inflation? They think it's going up to 13.3. I'm not sure if you heard, if you were listening to the program coming into it. But right now, we're in, you know, a market where the feds, the first one to act in pretty dramatic fashion, right? We're hiking 75, 75, 50. We have higher yield. That's driving demand in the dollar that we've seen. At some point, that should shift, Teddy. But, you know, if it's a matter of, you know, when not if that could stretch out for a long period of time with what's playing out right now. Do you keep that in mind as you look at these currency pairs and where do you see that potentially, you know, where, where, how, I guess, what kind of legs do you see the dollar having right now with this relationship? And do you see it changing at all? Well, definitely I pay attention to the yields because interest rates are definitely a function of currency pricing, depending on which leg you're talking about, you know, which side you're on. But absolutely, there's one of the reasons the dollar is so strong is because our central bank is the most aggressive at raising rates right now. You know, so that is definitely one of the factors that has helped to promote a bull market in the dollar versus most currencies, you know. Now, when you talk about like, for instance, the UK, you know, they're in a disastrous shape right now. Obviously, their numbers are not looking good. And in the EU, it's even worse. I mean, Germany's falling apart at the seams. Literally, you know, I mean, everything I've read on them in the past week just makes everything that I was looking at already a couple weeks ago pale in comparison to what they're looking at right now. You know, so and especially because they're not raising rates like we are, that's going to cause a big, you know, differential change between the strength of the dollar versus these currencies. You know, so I mean, remember how a couple weeks ago, we were looking at the euro and the pound rallying versus the dollar. Now, this that move we've been talking about, or I've been saying has been a corrective move that you should view it as that because the long term trend has been obviously bullish to dollar. So we've definitely peaked in those currencies. I mean, the pound is the one that's a little bit more sideways because it has a little more stability than the EU. I mean, remember, the UK only has to deal with the UK, they really don't care what goes on in the EU anymore. You know, so so that's probably an I've been saying that for a long time that as the US dollar is a bull against these European currencies, the pounds, the one that's going to get hit the least, you know, the euro, I think is really, really set up for a free fall. You know, I mean, there is nothing, there's no even if they start to raise rates in the ECB, I don't see that that's I think that'll slow the slide. It's not going to actually give it a lift, you know, they got some issues, I would agree, man. And I just got it up here on a daily and it's a pretty well defined channel line, man. For those of you out there that love channels on a daily basis, I don't even have to draw these lines on this chart to show you that it's just bumping up against that upper boundary line. And boy, if you head down to the lower boundary line of that channel line, I got on that chart, man, we're probably talking 97 at least on that chart. Sure, sure. You know, and then as far as essential banks, you have to remember to now we have China that they're under pressure for them to start using rates, you know, so which is a completely counter trend, you know, idea as far as the central banks of the world are concerned. So if they start easing rates, that's going to really put the currency markets into a little bit of a tizzy, you know, most people don't think about the Chinese currency as far as what it really, how it relates to the rest of the world. But believe it or not, it actually does, you know, so because that would lift other currencies, not necessarily meaning that they're just going to make them bulls against the dollar. But it does change things on the economics of things because China's struggling, you know, if you remember 2008, China was literally about six months to a less than a less than a year away from other other economic collapse, because when we when the consumer engine of the United States dried up, there was no more cash coming in, the rest of the world can't support the Chinese manufacturing engine, even China can't produce, you know, support it, you know, because the average people in China, except from the major cities, they can't afford anything anyhow, you know. So and now you're looking at a situation where with COVID and all these lockdowns that whether they've had it or whether the globe had it, it's restricted commerce, you know, so all that cash, you know, we know their books are cooked to begin with, you know, but they don't have cash flow. Well, you can lie about your numbers all you want, you still don't have any money. Comes to roost totally. Yeah, so and the yen, let's jump to the yen real quick. The yen were back to 135, pushing up where we were almost when we were well day before we were chatting some ball to the what's your take on the yen right now? I sit in 135. I am bullish to yen again, you know, I mean, it's interesting because with this huge slide that we've had in crude, remember crude oil was one of the reasons that I was very bullish to US dollar yen for a long time, you know, so obviously with this pullback, that is helping to probably keep this mark, the yen that's, you know, from where it was at, I mean, it topped out below 140 and came back to almost 130 again, which 130 is the magic number for Japan because they really don't want the US dollar yen above a dollar third or 130, excuse me. Nice. And now you look at how we bounced over the past couple of sessions. I'm a bull. I think we're going to go make a run for 140. Folks, you heard the great education. Teddy, I appreciate it, man. I've learned so much over the years chatting with you and just some more of your reference and check out the Tiger 4x report under newsletters folks. Teddy, I appreciate it. We'll talk to you next week, man. Sounds good, Tommy. You guys have a great day. Have a great one.