 of T-F-N-N. 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 Alan Tamp. Hey, Al, what's going on? Oh, it's a beautiful thing. I mean, if your listeners don't get the gold report, they're missing out. I mean, with your gold report, you just print in money. I love it. You're my best ad out there, Al. Let's go to Jeff in New Jersey. Hey, Jeff, what's going on? Great. Hey, listen, I was calling to thank you. A few weeks ago, you were prompting on your show to fill out that $10,000 grant. Yes. So I filled it out. And just a couple days ago, I found $1,000 in my business checking account. That's awesome, man. That's awesome. Yeah. I owe it to you because if it wasn't for your prompting, I would have just assumed no way I would have gotten anything. So I wanted to thank you. No, we appreciate your problem. A problem would have seen it. Now, Tom O'Brien. Hi, everyone, Basel Chapman, sitting here for Tom O'Brien. My pleasure to be here on Friday, the 7th of July. This is really not the first full week, but a decent weekend in the market. We've got really interesting things going on. And we'll look at the Dow right now. You see this left-side chart? That's the daily in the middle. He has the weekly on the right. It's the monthly chart of the Dow. And you can see that there's a, let me just show you this briefly here. I look at three core patterns, straight up, straight down, cup formation, arch formation. A mix of the two, yes, red, because if it's a one and three, where it comes straight down, and then there's a failure where you go to just one or two peaks, peak A or peak B, alphabetize them, take out that left-side low. You've got to be real careful. But wait a minute, this is exactly what we've got. Oh, and in Chapman Wave, we're always looking for four higher peaks. We try to identify the lowest bar, alphabetize them, A, B, C, D, E, F, G, all the way to G, but it's at that fourth highest peak, peak D, that other things can happen. So that's the core that we're looking for in terms of notational aspects. So what we've done is we've gone to that peak D in the Dow, 34,588, on the 16th of June. We've come back, made that cup formation. There's always two patterns, vying for one another, with a couple of the arch. So we stalled underneath that previous high, and that said to me, be a little careful, because there could be a roll over at that peak B. And if it takes out the left-side low in the next couple of days, 30,610 was the low that we made back around about the 24th or so. And now what we're looking at is, you see this green, this is the daily choice, that little green, nine-period moving average, and you see the black, 14-period moving average. Seattle turned green, Seattle was pink there, then it turned green with an L, and then it turns, when it turns down, it makes an S. There's an S right there, around about the eighth of May. Well, look at this. We are so close to turning down, and that'll say there's a good chance that we will close under 30,610, if that happens. And that says that the next level of action will be 33,300, where the 200-period moving average is. That's the negative side. The positive side said we've kind of used up all our time, the best that we can anticipate right now is the lowercase H goes to a lowercase M. So let me just go through this again, said you don't want I'm talking about, when I said lowercase H, where did I put it? Where did my chart go? It was right, there it is. So in other words, the path that we were talking about, the one that I said, can, there are, if it takes out the left side low, right there, oh, I lost a whole bunch of stuff. Let me get you back here, there it is. And it says that if you take out that left side low, I just need to get this back. You can go from an H to an M pattern. All right, so that's just quickly, I want you to go through that. The weekly chart has made a peak D, this is the third week that it hasn't broken above it, hasn't broken down, it's holding beautifully at the 14 period moving average. The MACD is good, Stochastic is at 80%, that's good. But look at the daily chart, the MACD turned down, the Stochastic turned it on balance volume, is actually almost oversold, it could rally at any point, it should have had a much better day today, it hasn't. So I'm kind of cautious on the near term, the daily charts, not so much the weekly charts, but the near term. So this is the data, this is the weekly, yes, the monthly, the monthly is still holding very well. Look at the S&P monthly. All right, as I keep doing that, S&P, X, X, let's just go there, not by the wrong chart, here we go, one more time. There it is, okay, S&P, S&P, X, X, there it is. Holding beautifully, look at that, nine period moving average holding well, even with a dip yesterday, so it's going to take a move, really it would take it to almost the low that was made on the 26 at 43, 28, to see that nine period moving average even getting close to turning down, and that'll be very negative. So in the meantime, I'm going to put this in here to show you that you've got a cup formation with a little bit of a double top and it filled the gap today, but basically I think we're in this rectangle formation for the moment, weekly chart is still very strong, and the monthly chart has gone to a very strong leg C, the MACD has turned up, the nine period moving average is good, the stochastics at 71%, I'd prefer 80%, but that gives it time on balance volumes of 10, the blue line here is a tad overboard, but so far this is very good action in the monthly chart, look at the QQQ, we'll just do this quickly, and this is what I do for my subscribers on the weekend, I have about an hour of an overview, I call it my overview video, and I go through all these different aspects plus all the positions that we have and what we're looking for and what I'm expecting over the next week or two. Now what we're looking at is this is double top, now look at this, this is the QQQ, if I do a vertical test, you know, I was looking at the dent today, there's just so many wonderful traders and so much good information, earlier on, very early when the market was very weak, Tom O'Brien just popped in for a second to say that 44, 63 was his upside target, the market was down like 44, 20 or something like that, and it just looked impossible, lo and behold, we went all the way to the 4470s, I mean, the information there's fantastic, so the other thing is, this is the final day, final weekend, but certainly the final day of the tiger, these are the tiger dollars, that's a fantastic way, if you're looking for a bargain in the market, this is absolutely the bargain, up to a 40% discount on what you're buying, you have these dollars, you have the, let me just put this here to show you what I'm looking at, so you have these certificates basically that say, you can do whatever you want with your tiger dollars, you can get any service, my service is the opening call, any service you want to get a nice discount, if you're already a subscriber to one of our hosts, and you're already enjoying it, this is a fantastic time to add to it, with a really great discount, but look at this, this is the QQQ Dairy Chart, look, 372.85, and look at the technique, all these indicators that were so positive, and then that on balance volume, I mean, if ever there was something that can give you almost to the day sometimes, the reversal, look at that on balance volume, turn down sharply right there, and it turns down, but look at the strength, never, I never want to fight the nine period moving average over the 14, because that is internal strength, and look what happened, it went red on the day of this 26th of June, the QQQ, Investor QQ trustees, and then it bounced right back, and it's the IWM, which is the Russell QQ dial, has a very strong day today, stuck in the range, I'll be back in a moment with the dials down 17, the SMB's down 12, and as we go to the break, a few things I can show you, that PT has come back, there's the X that I'm gonna take. Oh. Tigers and Tigresses get ready for our annual 4th of July, Tiger Dollar sale. From now until July 7th, you can receive a 20, 30, or even a 40% bonus when you purchase Tiger Dollars. Tiger Dollars are automatically applied to your account, and can be used for all subscriptions and purchases. Don't wait, this sale ends July 7th. Visit tfnn.com today to purchase Tiger Dollars, and receive a 20, 30, or even a 40% bonus. As an added bonus, every order comes with a special TFNN mug. Happy 4th Tigers, TFNN, educating investors. 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 4x report. Teddy Kegstad breaks down the 4x markets every Monday using his 30 plus years of experience as a trading veteran of futures, 4x, stocks, and options. Teddy releases his weekly Tiger 4x report every Monday morning with coverage of all the major currency pairs, including the Dollar Index, the Euro Dollar, Pound Dollar, Dollar Swiss, Dollar Yen, as well as many more, and he also has weekly coverage of the crude oil market and the 30-year T-bonds, as they both influence 4x markets tremendously. When you sign up for the Tiger 4x report, you also gain instant access to Teddy's 60-minute webinar archive. He just hosted 4x Strategies and Fundamentals, What is Behind, the Tiger 4x report. For all the details and start your 30-day Tiger 4x report subscription today, visit the front page of TFNN.com. TFNN, Educating Investors. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years. A frequent contributor to TD Ameritrade Network at CNBC, Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. 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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. Toll free at 1-877-927-6648 internationally at 727-873-7618. Hi folks, so I had said that we could look at this 10-minute chart target that I had was I'll show you your exact ESU-23. This is a very near-term target. I put an X in right there and that X was at exactly 320 and the target was this candle low of 44.57. And we're at 44.55 right now. There's still a leg seat to the downside. So I need to just go through a couple of things here because I've shown you the core of the Chapman-Wing methodology. So the IWM is stuck. Oh, I'm gonna do this. It looks a little messy, but at least it outlines very clearly what I'm looking for right here. That's the rectangle formation at any point if the IWM takes out 1-817-9 if it starts to close at 1-179, it's in for a deeper consolidation. So I want you to just go to gold and show you something very interesting. Gold is up 15, 16, pretty good, 1931. But the pattern says that if this nine-period moving after that peak D in the daily chart round about the beginning of May up in the 2100 area, look what happened. As soon as the pink nine-period moving average went under a change from green to pink under the 14-period moving average back on the 16th of May and the prices at about 2040, we have not turned green once. And therefore I can't say to you that this is a great start to a move to the upside until I get that confirmation. So that's the daily, but look the weekly turn negative with the S-meaning cell on that particular index, this is completely separate to what you do. This is just saying, this particular 9-14 moving average went negative and the magneese week, the stochastic weeks, I don't see gold yet starting to move very sharply. That's number one. Number two is the monthly chart is really stuck in a big rectangle. So I didn't have to talk about that at this point. Other than to say, I would put 19, the 19, now I'm going to make it 1895. If 1895 on gold gets taken out, I think you're in for a longer dip before you can really have a very strong move. I don't mean a strong move that gets us back to where we were two weeks ago. I mean, a strong move that says for two out of three weeks, we're making higher highs and higher lows. We haven't got that yet. We're doing the exact opposite, lower highs and lower lows. That's the definition of a trend. That's number one. Number two is within the context of gold and silver. So the way I've been discussing it with my subscribers is that gold is really, it's kind of a fear factor. A big part of it for me is to look at it as a fear factor. When the financials, the XLF really takes a hit, very often money goes into gold because it says, oh, you know, if the financials internationally, big money goes into gold and says, if the financials are that bad, American economies, yeah, this is not good. So it's a safety factor, but silver, I've been looking at it in a little different way. We haven't done anything yet, but over the next six months or three to four months, I'm looking at it differently because I think silver has more of a physical factor in the sense that it's used for batteries. It's used physically. I could used to be used for photography. There was a component of silver in gold is different altogether. So they really have them a little bit separately, but that doesn't, that's completely separate to chart formations. I'm just talking about thinking about that. I got a call or I believe, unless it's a painful for dinner. Oh, it's Michael and Tucson. Ah, Michael, how are you? Hi there, Basil. This is my annual phone call to you. How are you? I'm okay, yeah. Oh, just one minute. Could you look at a hot stock named Ferrari? Sticker symbol R-A-C-E. I want to let you look at it on the daily versus the weekly versus the monthly. All right, so folks, we're looking at Ferrari in V. It's automobiles, of course, Ferrari, everyone knows what a Ferrari is. And I did this the other day and I said to myself, I think I need some kind of a phantom peak here because just like Apple, it made a peak C with a doji high in the Chapman Way methodology on the 30th of June. Fabulous technical aspects. The MACD is strong. Right now, it's just turned down for the first time. It's almost gonna cross negative, but it has been strong. Circastic was over 80%. Now it's 70%. We're just in three, four days. It's come down to 71%. Unbalanced volume turned down. The aspect that I'm looking at here is these two candles. Now, when you're looking at foreign stocks, they always add gaps. So I don't even ignore gaps when it comes to gold stocks. Anything that trades overseas before we do. Okay, so Ferrari is an ADR trade on the Milan stock exchange? Well, we've got it on our, it's traded here because I don't get any of the foreign stocks. So it is traded here. RAC, as you said, is the symbol. And then I've got an HB next that I can't remember what this HB stands for, but anyway, so this is what I'm looking at. Do you have a position or is this kind of looking at it for a different reason? I'm just looking, there's lots of these YouTube stock market experts and they keep repating the same stock and I have deep suspicion they're being paid by some operator to promote these stocks. And so I'm just watching them, and I'm totally an expert like a Basel Chapman from TFNN to give me a second opinion. Okay, so let me just do this. Let's forget about everything else. I'm only looking at the stock. I have an expression. I've added for years and years here at TFNN, I say walking the nine period exponential moving average. Sometimes you use the 14 as a springboard, but if you walk in that nine period moving average, that is an extremely strong move. Well, look at the weekly chart from the moment it crossed positive in the weekly chart back in November, the week of the 11th of 2022, it went from 200 to 218 is that particular week. It hasn't looked back and that nine period moving average is way above the 14. So it gives you 304 support and 296 as the next support. All I can say is, and that's the reason when I was looking at this a few days ago, I see to myself, this is so, look, let me just show you something. They got no, there's nothing in connection to the one another. I'm looking at Apple just to show that also made a peak C and there's no other way I can count it. With race, which is Ferrari, there is another way to count it. I've, but it's not what I like to be very strict with my methodology, A, B, C, that could be D, that could be any, yeah. So there is another way to count this as if it's, and I'm gonna put it in here because this is a legitimate way to count it as if it's an F slash C. And now I can say the way I'm looking at it right now on the short term and the reason why I looked at it, I said, how are the stocks that are, the normal aspirated stocks doing as opposed to the electric one? So I, and I'll do this for you right now. Look, yes, Tesla, Tesla made a big gap up and it's holding very nicely, but I'm calling that a peak F with a chance that it's making some form of a double top but it's holding very nicely. I'm looking at was a Rivian, R-I-V-N, Rivian? Yeah, Rivian's got, Rivian's been in the news. Rivian is like trending on YouTube. That's another pumped up stock I'd like to see. Oh, okay. So hold on a second. I think it's worth having a look at these because it's going to tell us about some of the parts of the economy. If you can hold on, we'll be right back with Michael in Arizona. Look. The Gold Report. As a precious metal gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market, the US futures market, and the Shanghai Gold Exchange. The Gold Report. Tom O'Brien publishes his weekly 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. 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. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern for free. 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In the Tiger Zen, you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas, interact with other Tigers and Tigresses 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. 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. Hi folks, we're back with Michael in Arizona and we're looking at race, which is races symbol for Ferrari. So I just wanted to show a couple of things. Okay, I'll go to the monthly chart right now. I wanted to actually show you a comparison with someone like General Motors at Ford, but we'll do that right now. The monthly chart, I've got it as a G slash B in the champion methodology. I don't like to have these, G says, oh my God, you better be really careful. A B says, are you kidding? Every single drop needs to be bought. The way I'm looking at it, I'm not worrying about that right now because I'm looking at the other, the daily and the weekly because obviously the monthly is not going to turn until the daily turns or the weekly won't turn until the daily turns. But I like everything I'm seeing in the monthly. And I think I can still call it a leg B at this particular point because the Magdies goes to the Castex at 93%. I love that. So you wanted to say what? I think on the monthly chart for Ferrari, you have the formation of a cup and now it needs a handle. The question now becomes the $64,000 question is what is the length of the handle on the downside for this stock so I can get into it? Okay, so let me just tell you something. I have a technique called the Chapel Wave cup and ladle pattern. It's a way more powerful than the cup and handle. The cup and handle means that on the left side, look the market store, the price you're following, whatever it is. Stalls makes a little bit of a kind of a little cup like a handle, not a big handle like a coffee cup handle, but just a little handle like an English tea cup handle. And then what happens is the price moves up and investors business dating as for decades and decades and decades made a big deal about that pattern but you have to deal with it in a very special way. Now, if you look at the Chapel Wave cup and ladle says you get to the left side, you pull back and then you make a peak A and then a B and if it breaks out and goes above that left side high in the C you should go to at least a D. When it does that in a leg B like this is done, it says that you can now consider that a worst case basis is that the breakout of the left side lip which is at 278.78 back in November of 2021 is major support. So that's the way I would look at this but on a shorter term basis, the way the weekly chart has gone up with higher highs and higher lows in this very steady, like it's walking like a little worm walking up the limo or a branch of a tree. That's a great description about what do you see a cup and handle formation on the monthly? I see it breaking out already on the monthly. Are you talking about just from the high that was made in November of 2020? On the right side chart. Yeah, I see a cup formation but I don't see the handle. There's no handle, this is a ladle. You know how you got, you know, a ladle has a cup formation and then it doesn't stop on the left side lip. It goes straight up because it's got the handle. This is the pattern that I discovered years and years ago and as far as I'm concerned, this is a cup and ladle and it says at some point you should pull back and you should still go to a leg C and then a leg D. So this is looking really good on a monthly basis. What's your leg C? It should go to at least the C and so far the high that was made last month of 327.07. This month we haven't gone, we've gone to 326.02. So it's just, it's quite important. Do you think we can order the 260 on the pullback? The way I'm looking at it right now, I think the worst case basis, if I'm correct in my analysis of the weekly chart, first of all, if it breaks 296 to get that nine-period moving average to cross negative it would have to go way under 280. I think that whole area of 290 to 280 is really strong support. That's the way I'm looking at it. Okay, since it's a two-year backlog on Ferrari. You know, those backlogs, I've seen this before, when the economy suddenly changes for the worst, those backlogs stay backlogs. Nobody actually pays up for the car, but Ferrari don't forget is also an investment. There are a lot of people, and I mean a lot, I was shocked when I saw numbers, a lot of people who buy Ferraris, they hardly ever drive it. They keep it as an investment. As an investment, really? Yeah, so you're collecting money? Yeah, they, just take it out on every 20th Sunday or whatever it is. Yeah, they keep it as an investment. So in the meantime, back to your answer. Yeah, but the insurance premiums are pretty high on these cars, you know? They're not a Nissan Sentra. If you're paying two or 300,000 for it, you don't have to worry about cash. Okay, and most of the time they're paying cash, but let me just do this since you brought it up. So we're looking at that, we were looking at Rivian, which is now a completely different thing, because this is electric, all electric. The breakout that we've just seen, yes, I realize it's news related, but the price is the price, and it's jumped over the 200-period moving average. What I wanted to point out is, they're going to rotate. You see, Tesla is now the old God. So Tesla is gonna have much, to get the kind of percentage moves that these, the EVs that like Rivian, they are the ones that are gonna play catch-ups. So percentage-wise when they move, they move very quickly and big percentage moves. So Tesla is the granddaddy of EVs, and they are doing a whole bunch of other things as well to get off the income with the charging, et cetera. So is Rivian a short squeeze? Rivian, I think, is partly a short squeeze, but I think there is something there. I've seen some on the road, not many, but I think it's a legitimate company, as opposed to some of those that have gone wrong. Is there some operator promoting this thought on YouTube? It's a yes, and yes, and yes, but that's got nothing to do because people are buying it. I'm just looking at the price, I don't care how, why, or where, the fact is it's gone from 14 just a week ago to 24, to 25, 63 today. So it's in play, but I would be very careful if you're treating this as a long-term buy and hold, this is not the price to be buying it at rather wait for pullbacks. But I just wanted to go through those. And if you look at general motors, they've said that by 2035 or something, there'll be only electric. This is a leg D in the daily, a very nice chart pattern, a leg B in the weekly, but the monthly looks very awful. So you've got to look at each one separately. I hope that helps you. Last question to ask you, Basil. How come on your show you never bring on a guest interview? You know, I used to do that, I used to have Harry Schiller, I used to have a whole bunch of people. And then I found that the way I do the show, the questions that I have is so detailed and so specific to the actual day's action and to what we're looking at internally and weekly and monthly, that I just enjoyed it too much to be able to take that time. There are so many people I would love to interview, but I've just found that there are so many questions that come up that I really, Larry does a fantastic job with these interviews. Tom does interviews. So I thought, I'll just stick to what I'm doing and it's just a lot of fun for me. I get a great kick out of it. So I hope that answers your question. And thank you for calling. All right, that's my annual interview with you. Take care, Basil, see you next year. I don't know where I'll be. Have a good year. Maybe in Baghdad, maybe in Taiwan, I may be in Kazakhstan, but I'll call you again in a year's time, okay? Have a good year. Speak to you then. Fine, bye. Okay folks, as we're going to the breakdown, 68 SAPs up five. And someone in the den earlier this morning said, what if we close unchanged and the market was at rally, really sharply? Good, prescient call. I'll be back in a moment. Basil Chap is sitting for the one and only, Tom McBlind. And I have a mark, the opening call, my daily newsletter. Check out the special that's going on for a page of TFN. 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 TFN.com. TFN, educating investors. 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 TFN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman and your inbox every day. 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. TFN.com, educating investors. 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From now until July 7th, you can receive a 20, 30, or even a 40% bonus when you purchase Tiger Dollars. Tiger Dollars are automatically applied to your account and can be used for all subscriptions and purchases. Don't wait, this sale ends July 7th. Visit TFNN.com today to purchase Tiger Dollars and receive a 20, 30, or even a 40% bonus. As an added bonus, every order comes with a special TFNN mug. Happy Fourth Tigers, TFNN, educating investors. This program is brought to you by Vista Gold, traded on the NYSE American and TSX under the symbol VGZ. Yes, it says in the dent. True story, two, three guys buy a top-notch Ferrari, put in the garage for 10 to 15 years, goes up 10 times the collector ones. Yeah, it has to be a certain type of Ferrari. Anyway, enough of the Ferraris. I do the same to show you the left-side, right-side, price-time match that I usually do for all the charts that I notate. And we did that perfectly right here, the left-side, right-side, price-time match. I put in the X right where that X go. There was an X right there, and we hit it. And now I've got another X. I'm not sure about this one. This goes to five o'clock, because you know that futures go on for a little longer. All right, so this is, and that takes you to the low that was made this morning at 10.40 before you broke out to the upside. And that's between 4.44, 4.44, and 4.34, 36. All right, it doesn't have to do that, but this is what I like, to be able to gauge time and price. So look out, General Motors, that's a really good move. But I want to move on now. I want to show you some of the things that I'm looking at before we run out of time. And one of the reasons why for subscribers to the opening call, my newsletter, is that we have been along the Dow from the exact low in October, both the diamonds and actually be still long from even earlier on, but we've got the diamonds long and the UDOW, which is three times long. And one of the reasons is, if you feel strongly enough about a position, I don't see why you take something like a three times long, get a smaller position rather than a hundred shares of diamonds, you get something like a split position in the three times long, because you put in less money, but you have a much better gain. If you're correct, if you're going to be correct, I mean, you might be correct and see the benefit of that. So we took all the profits and the very short term trading position, we still have our core positions on this big rally up and failure, because I said the pattern I'm looking at is the dreaded H. I think we're going to form some kind of a dreaded H. We will try to test the high and probably fail and we still don't know if this is going to work, but this is the pattern. You remember what I showed you? The lowercase H pattern, that red one. So if the Dow takes out this left side low, which I think it's going to do next week, then there's a problem. Then I have the 200-period moving average which was all the support over here before it ran up, and that's between 33,000, 330,250 would be a target. That's number one. Number two is the weekly charts. I don't have to talk about in the moment because you have to be in the zone. And one of the reasons why I decided not to short the Dow is because the S&P as well, which is sometimes we go short the S&P, is that it was holding well that nine-period moving average was very good. So what I decided for subscribers is that we would go short the SMHs with the three times short, the SOXS. It was fabulous yesterday because we took profits, really good profits. We got out within pennies of the high yesterday and I anticipated there'd be some kind of a pullback today. So it's still that nine-period in the SMHs is still very strong, but both the nine now and the 14 are starting to point downwards. The MACDs week in the day is the casting set to 45%. And my rule of thumb for years now has been where the semiconductors go, the general market tends to follow. Or sometimes the market will lead and the semiconductor occasion we saw during 2022 that the SMHs were lagging. That was a hint to say we weren't quite done on the downside. And eventually in October, we got that fantastic turnaround. Now what's really important about this is that if you're looking at stocks like an NVIDIA, which is holding so well at almost at an all-time high at 426, but it's starting to slow down. And if you look at not the nine over the 14, but the MACD, the stochastic and the on balance volume, they are suggesting that there's some internal weakness, but there's residual strength. And until that residual strength at this peak A peak, it actually looks like a leg B until that fails. And you start to see NVIDIA below 401 round number low that was made on the 26th of June. But if it can close it below 398 any day in the next week and a half, that's where the semiconductors will probably start to decline further. So actually at this particular moment, something as strong as an NVIDIA tells you that there's some internal strength. So I got a call here. We've got, yes. So within that context, what I wanted to say is there are so many things going on in this market, besides being a bifurcated market, it's really trial quadruple-focated because there are different sectors, even within a sector that's doing well, you've got some of the stocks doing poorly. So I'm being very cautious. We raise cash, we're looking for entries into positions we've already got that have had fabulous gains. We want to add back into that to add to the positions and we're looking for things that are coming down very sharply. Let me just do this because I don't want to run out of time before we say because it is so important here at Tiefen and we're always trying to give you the very best that we can, information, stock positions, analysis. We've got just a wonderful roster of hosts. There's just no question about it. So within that context, I really urge you to go to the front page of Tiefen and check out the special that's going on because this special happens just occasionally every year. Once or twice a year, we get this. This is a very special one, of course. This is a tiger dollar sale that says you can get up to 40% discount. You're looking at the market, a 40% discount. I mean, really, you got something that's worth 10, you're paying six, that is really a deal. So check it out, it's really important. And within that context, I just wanted to say that you can hold those dollars. You don't have to use them right away, but anytime you have someone on and you say, you know, I really like this person's work. I think it doesn't matter. Tom, Tommy, Steve, Larry. You know, these are all, these opportunities that, you know, you can say I've got the service. I like it. This is a good opportunity to add to it. Well, I haven't, you've got a 29 or 30 day trial. If you, for instance, on my service, you've got about nine, 10, 11 webinars that I've done that I like talking about the nine period moving average over the 14, talking about the bar symmetry, the left side to the right side, talking about staying in a position much longer than you anticipated because of a particular tool that just keeps you there, even everything else looks terrible. So all I'm saying to you is check it out. I really think it's worth it. Now let's get back to the market and what I'm looking for. I've been talking about this for about two weeks now saying, I think that this beginning of July is going to see a consolidation phase and that the consolidation phase is going to start because the nine period moving average has been so strong, it's not going to be just a big sell-off in three days, you get your major market downturn, you're almost ready to do buy. I think it's going to be a process and this process, let me just go to this right now and show you, look at the QQQ, holding extremely well, this is the Russell 2000 and yet it's given back all the gains and that's what I'm thinking that this period here, I'll talk about this just very briefly. I do more in my show, the Tiger Technicians Hour, but let me show you something for since November of 2020, since November of, indeed you, 2022, I talk about the dark news cloud cover, that over this, there's an overhang of bad news. Sometimes the market just ignores it, but whenever we get like the Dow, whenever it gets into the 33,600 to 34,800 area, there's a lot of resistance, a lot of resistance and we're right there, it's an internal high that we've seen and we've just seen the residual high and that says you've got to be a little careful here, just be careful. I'll be back in a moment, I'm a little chaff and sitting in for Tom O'Brien, you'll have that final segment, we'll do a wrap up and we'll see whether the E-mini Winterlock target price, let's see, yep, it hit the target price in a shorter time span, I'll be back. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years, a frequent contributor to TD Ameritrade Network and CNBC, Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. Tom's Daily Market Newsletter, Market Insights is published every morning when the market's open to give you the competitive informational edge you need to succeed. These newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio. Get Tom O'Brien's newsletter, Market Insights today and try all of our products and newsletters 30 days risk-free with our money-back guarantee at TFNN.com, TFNN, educating investors. 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. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman in your inbox every day. 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. TFNN.com, educating investors. Everything 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. 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. A couple of things that we want to look at here, the VIX index. For instance, looking at a VIX index where I type it in in the wrong place, I'll type it in right here. VIX right now is down. Isn't that interesting, vix.x? So the VIX has almost beat, I wouldn't say normalized, but it definitely after this whole COVID two-year period, the VIX has kind of come back to a level that was at way back in the 2021 period, 2020, 2019, 2020. It used to keep coming back to the 13s. It would go lower than that. If you look at this monthly chart of the VIX index, look at this, it can go all the way back to the eighths and then it adds a big spiral to the upside. For a long time, we haven't had a big spiral to the upside. The way the chart is looking at this particular point at 14.47 on the monthly chart, it's hugging this horizontal line in the 14s. But if you look at the daily chart, it's just starting to show signs of awakening. And therefore I'll just give you parameters I look for next week. If the volatility index, the VIX index, training at 14.76 right now, actually can hold at the close on any very weak session, hold in the 16.80 to 17.30 area, hold there. Can't just hit and pull back, hold there. And then the following say, it has to be almost like the following session has to go to a higher high into the 18s. That's where we start to get a more significant sell-off in the daily charts that really starts to impact the weekly. Until then, all of this is just chopping and taking a digestive phase off the really terrific June. And that's the way I'm looking at this particular point, looking for ideal places to get into stocks that we missed on the way up. Just nice building up a portfolio for the next part of the market rally that I see coming up sometime this summer. And just be a little careful right now. I'm saying that there are very good positions that you can get into in this sell-off. And so you can do well. Have a wonderful weekend everybody. And don't forget, tie down dollars, go to the front page of TFN and check it out. You'll save a lot of money. Have a wonderful weekend. See you on Monday.