 This is a presentation of TFNN the morning markets kickoff with your host Tommy O'Brien morning everybody I'm Tommy O'Brien company live from TFNN 906 a.m. We got markets right now slightly in the red too flat in the Russell we're looking at an S&P negative by just one point we take a look at the overnight action you were lower at about 7 a.m. Eastern time we'll jump over the S&P you're trading down about 4450 we've got a little bit of a lift since about 6 30 call it 7 a.m. Eastern time we trade up about 12 points back to almost even NASDAQ 100 little bit of volatility overnight as well pretty much right in line with where we closed yesterday looking at a price of about 15,500 on the dot as we speak you get the Dow negative by 3.34,625 we get the Russell flat at 2228 it is triple witching we get some expirations going on today could add a little bit of volatility to the market session we got crude sitting right at about $72 right at it as we speak to the penny down 37 cents we got gold off about $2 right now gold caught a little bit of a bid from the lows we had about 24 hours ago during the 9 o'clock hour yesterday made it all the way up to almost 1768 and since then little bit of a sell off at 6 a.m. got another sell off at 8 30 a.m. you're trading at 1755 and the price of gold silver is positive by two pennies pretty similar action and silver how about the move yesterday and silver you trade it out from 24 to 2250 you're talking about a buck 50 almost in the price of silver in one day then you climb back above 23 we're trading at 2382 and we jump to notes and bonds we're getting a little bit of lower price in higher yield folks going to be interesting to see how this hits the market right now we get the tenure trading trading down 10 ticks at 132 25 that's correlating to a yield of 1.37% you take a look at that on a daily basis actually below where we were in terms of price on August 27th that low was 132 26 we're ticked below that low as well pointing to higher yields in this market we were chopping around since about August 26th you look where we were right actually going below that level right now pointing to a little bit of higher yields as we come into Friday trading and we'll jump over to the VIX volatility index this morning we're looking at a price tag of 1880 right now as we kick off Friday trading all right jumping around what else we got going on in the market we're going to start it off with a little Fed action why not in terms of a survey of economists they're looking for bond taper in November and they're looking for a rate lift off in 2023 did you hear that folks it's only 2021 we'll see but that's just the survey of economists chairman Powell be interesting to see what he has to say we got a Fed meeting going on next week Wednesday and Thursday I believe September 22nd and 23rd we'll get an excuse me an announcement six days from now I believe a press conference as well it be interesting as we get rising yields going into that we got a negative market coming into the open this morning but the Federal Reserve will probably hint at its meeting next week that it is moving towards scaling back monthly asset purchases and make a formal announcement in November if that's the case is the market going to be sitting at all time highs when we're only adding 200,000 plus jobs a month and the Fed is going to begin tapering bond purchases asset purchases I should call it a survey of 52 economists also predicted the US central bank would hold interest rates near zero through the entire next year delivering two quarter point increases by the end of the following year you're talking about end of 2023 they're only bumping things up half a percent FOMC okay there it is so they mean Tuesday and Wednesday so that's going to be 21st up yes 21st and 22nd that they will be meeting yes and the announcement due 2 p.m. on Wednesday so September 22nd that is five days from right now and then they'll have a press conference at 2 30 p.m. Eastern time two-thirds of economists surveyed expect bond buying announcement at the Fed's November 2nd to 3rd meeting with more than half seeing the tapering starting in December that's a preponderance of the respondents there in that survey that's earlier than the July survey when a plurality expected the decision in December and four-fifths we're looking for tapering to start in 2022 so they're up in that ante in terms of when the asset purchases are going to begin to taper that survey was conducted within the last week September 10th to 15th as well as expecting liftoff in 2023 that's matching the median forecast for the Fed officials for their projection the survey predicts three more increases in 2024 that lift the upper bound of the federal funds rate to 1.5% by the year and man the end of 2024 if anybody tells you they know where we're going to be by the end of 2024 I mean tell me where we're going to be by the end of today folks let alone where we're going to be by the end of 2024 boy interest rates I mean that's quite a leap to be making estimations out that far but that's what they're paid to do doesn't mean they're going to be right Powell will still be at the helm for that policy normalization according to an increasingly large majority of economists so of course you got the Fed chairman up for another term and the expectation is that president Biden will renominate him for another four-year term after his current tenure as Fed chair expires in February the tapering debate will be a central question for the FOMC next week I imagine chairman Powell is going to get some questions that's for sure in terms of when they're looking for and there's the kind of pie chart of when they're looking for November as they said about two-thirds of when they're looking for only 2% looking for September's meeting so that would be an outlier in a big way if they start to taper those purchases and with the inflationary data that chairman Powell's gotten with the weak jobs numbers that we've seen coming out of August for a number of variables that's where analysis and opinions play into thing why we've had that slowdown in terms of the jobs drawback clawback I should say in terms of getting those jobs back that's anyone's guess but the policy group is expected to hold rates near zero continue monthly purchases 80 billion in treasuries 40 billion in mortgage back securities and that's where the market's looking in terms of November 21% in December 6% in October and then you got 2 in September and 4% next year outliers there you add up November December in October better way to put that probably add up October December and you're looking at what is that 94% sees the FOMC announcing tapering going on in either next month the following month after that or the last month of the year December it's coming folks it's here it's going to be interesting to see how this market reacts when we finally get the official announcement of tapering to begin that does not mean that they're going to be raising rates the tapering will probably be the first step raising interest rates probably far behind that in terms of where they go for raising the rates so some of the quotes out here in terms of what they're looking for you had a stir in June projection showing for the first time two rate hikes in 2023 there's just so much that needs to happen by the end of 2023 and 2024 I'm very interested in this analysis because we're only looking out 123 months not so interested in economists telling me where we're going to be at the end of 2023 or even 2024 as we have a lot of market action we have a lot of fundamental data I mean we're talking to Teddy cake stat yesterday and I agree with him in terms of the the expectations on the economic numbers coming up whether it's the non farm payroll numbers whether it's the CPI data coming out every time we have a mess it just pushes back the expectations to the next number in the next three months they're just going to be mammoth in terms of we got a lot of jobs to make up and we aren't making them up at the pace that we were supposed to especially with the market sitting at basically all-time highs we'll talk about when we get back I mean we got all the markets sitting basically between 1% and 2.5% from all-time highs right now a little bit of red on the board as we come into the open we got about 15 minutes to go until that opening bell stay tuned folks I'll be right back golden ratios give shape to everything in our world represented in the Fibonacci sequence these special numbers to find the patterns that make up our universe not even markets can escape the omnipotence of these ratios Larry Pezzavento is a 45 year market veteran who has published nearly a dozen books on the powerful patterns we find in nature and their relationships with the ever elusive markets Larry's newsletter Fibonacci 24 7 will teach you to harness the power of these natural golden ratios in order to create 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help you make the right moves with your money watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be TFNN educating investors welcome back folks we get the S&Ps negative by two points right now trading at 44.62 within NASDAQ negative by 14 down negative by 14 as well and Russell in the red buy about four points as we wait to kick off the trading on Friday triple witching as we said could see some volatility in the markets jumping over to finish the conversation here about the Fed and part of what they're looking for so three quarters of economists expect the Fed to slow purchases of treasuries and mortgage securities at the same pace rejecting suggestions of some policy makers to halt mortgage-backed security purchases first in light of a hot housing market so you got treasuries in there and you got mortgage-backed securities right three quarters of economists expect them to slow those both at the same time there are people out there saying that you should really pull back on the mortgage-backed securities first in light of how hot the housing market is that'll be one of the things we look for the other area is how quick they're going to do it in you have some presidents they list James Bullard out there pushing for a quick taper to end purchases by 2022's first quarter now I wonder what kind of positions in his own personal account Mr. James Bullard has and if that's being influenced that's going to be a little teaser to our next article we'll talk about in terms of Fed officials trading off of the policies that they are helping enact not sure that makes any sense or even how that's even legal but nonetheless we'll get into it others have seen more comfortable with a pace similar to the 2014 tapering of asset purchases which lasted 10 months a plurality of 33% look for an eight month taper though nearly half are looking for 10 months or longer there is the interest rates we talked about earlier in terms of when they're pushing those numbers out there December 2024 remember they're looking for about 1.5% again good luck forecasting anything out to 2024 folks when it is so difficult in terms of the variables that we're dealing with right now and they get into faster growth and inflation make a rate hike more likely that's just common sense folks at that point all right jumping over we'll do that as a little segue to this one in this article this was out there a while back let's see where we are yeah so you have chairman paul directing staff to review the central banks ethics rules i mean congress should just get their act together and make this illegal it's crazy after several fed presidents disclose large investments and stock trades i mean they i pause here because to to choose my words lightly as in the federal reserve is a crucial element to our economy and helping stability okay we had rampant volatility before you had the fed in there so that is the argument okay you have fed presidents with enormous power to shape economic decisions when you control interest rates economy wide to give those people in particular the ability to trade individual stocks individual sectors specifically the real estate sector okay and what i'm going to get into here is that you have whether it was robert kaplan okay he was in there the dallas fed president he was trading apple amazon delta airline stock in 2020 okay even apple and amazon growth companies are massively impacted by interest rates folks okay when you are buying a growth company you are paying for the value of future earnings okay if you have very low interest rates the value of future earnings is worth more if you have very high interest rates then the value of those future earnings might not be worth as more especially if you have inflation coming in that's a simple way to explain why some of these growth companies you're obviously gonna have to pay more for capital as well which might hurt your growth all right but you're paying for growth multiples in the future if you have inflation in the future okay then those growth multiples aren't worth as much as they might be worth it's it's it's ridiculous to to put it lightly okay now this gets into it in terms of the numbers so yeah so you have kaplan out there making multiple trades worth of million dollars and more in his individual stocks including apple amazon and delta the one that really blew blew me away um boston fed president yet eric rozengren held stakes in four real estate investment trumps trumps listen to that trust and several purchases or sales of similar property owning vehicles folks at a time when the federal reserve crushes interest rates to zero you have fed presidents plowing their money into real estate investment trump the trusts which just go through the roof um you had i mean it's just everywhere the you know he held stock visor right chevron at and t tens or to hundreds of thousands of dollars uh it's just the the purest definition of conflict of interest and with the amount of power that they have um even if legal which it seems like it is which is unfortunate okay you need to have faith in the federal reserve we need to have faith in the federal reserve that they're acting in the best interest of the country of the economy all right for these presidents out here to erode faith in the federal reserve should kick them off that board making those trades alone even if they knew they're legal okay erodes the whole trust in the fact that they are making decisions in the best interest of the economy and not in the best interest of their own purse and that's just not the case if you're a fed official and you got millions of dollars in real estate investment trumps trusts i'll get there i don't know why that's sticking uh if you got millions in real estate investment trusts of course you're going to want to keep interest rates low and maybe that's not the best thing for the economy so why would you allow that to happen it seems ludicrous um so they're looking into that nonetheless it happened and uh shame on them in a big way um because that's just uh even if legally allowed they are eroding the institution by making those trades and they're smart enough to know that and they just don't care because they want to make enough money on it so hopefully something gets done to do that to do away with that ability now they've since said oh well i won't do that anymore we just had a a a a once in a lifetime market folks in terms of the pullback we had interest rates go to zero right stimulus is there the fed is a huge part of that stimulus the market takes back off certain sectors in particular like real estate accelerate through the roof we're seeing a real estate boom um that's just incredible and you have fed officials trading off all of that information making millions of dollars in the process that's not how it's supposed to work folks not even close all right jumping around to what else we got going on uh interesting story here as we wait for the open in terms of naming rights do you remember in the days where uh stadiums just were named for the city like the good old boston garden the good old garden um well boy talk about missing an opportunity back then the clippers they're not missing an opportunity how about a half a billion dollars for naming rights to intuit the tax uh software company um just amazing in terms of what you're talking about they're going to call their 1.2 billion dollar complex the intuit dome the whole thing costs 1.2 billion dollars to build and they're going to get back 500 million dollars of it just because they add the name intuit on the top but in terms of how much money marketing costs these days it might make sense for that company uh intuit financial management tech company trades on the nasdaq how about 156.4 billion dollar market cap i mean some of these companies right we've talked about it with amazon before you don't want so much money that you make a decision like this and if the market likes it sometimes you make up the cost of that so we're dealing with 156 billion dollar company right now you've got 273 million shares outstanding right you get a two dollar lift in this company and you make it all back just like that now we got a big ask it's spanning it that's not going to be a real move but the point is for the money that they have for the market capitalization they have uh not a big deal i remember when amazon bought whole foods for however much money it was and it wasn't much going years back compared to some of the dollar terms that are thrown around now amazon stock went up so much the day they bought whole foods that they could have paid for it like two or three times just in the market capitalization something like that that they created but still staggering numbers when you're selling naming rights for half a billion dollars uh these days but marketing marketing not inexpensive to say the least all right folks we got the markets right near flat all in the red though we got the nasdaq negative by nine points s and p's negative by just one the dow negative by 11 state june folks will be coming back from the market open very fast are you having fun trading the markets but having trouble finding like-minded individuals to discuss your trading and investment ideas with become an apex predator in the trading markets and join the tiger's den trading room only at tfnn.com the tiger's den is an exclusive trading room where successful traders from around the world come to exchange trades and ideas join the den and surround yourself with the sharpest minds in the trading world subscribers to the tiger's den are also the first to have their questions answered live on air and can privately chat with our tfnn hosts live during their shows interact with other tigers and tigers as they share trading ideas news analysis and discuss the market action all trading day subscribe to the tiger's den risk-free with our 30-day 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software get your copy of the art of timing the trade charts today by visiting tfnn.com this segment is brought to you by think or swim for more information just click the think or swim banner on the front page of tfnn.com all right folks we got markets open and we got a little bit of negative action to kick things off right out of the gate i'm putting it on a minute chart to see the drop and there you go folks we got the nasdaq 100 just dropping 50 points in a heartbeat we got the s&p's right now dropping about 10 points in the last five minutes or so you got the dow negative 60 points russell catching a bit a little bit of a divergence there with the russell positive by five points bitcoin trading at 47,260 these are minute charts i have up here as well they're going to be a little spotty at times because of that gold catching a bit on the open as well silver negative 13 cents right now we jumped to notes and bonds kind of hanging out where we were coming into the open we got the 10 year negative 10 ticks at 132 24 right now and that's correlating to a yield of 1.37 percent pretty much right where we started the program off but man you're looking for fireworks today we got them right out of the gate as we got movement all across the board on the indices all right jumping over to another story that caught my eye on bloomberg today speaking of what should be illegal the headline the hottest and i guess this was out yesterday but i didn't catch it until last night or getting ready for the program this morning the hottest tax break for the rich is a middle-class retirement account congress has got to get together and do something about this folks you want to talk about an easy way to make sure we're collecting taxes there's no reason why the ultra rich should be able to have access to retirement accounts to eliminate all taxes that you have to pay to the tune of millions and millions if not billions of dollars more than 279 billion dollars billion with a b sits in iras with at least five million dollars each folks those are tax-free piggy banks that you get to take that money out and never pay taxes on it gets to grow tax-free i love a roth account i have a roth account myself i encourage you if you have the ability to look into a roth account and see if it is right for you but it's not supposed to be an avenue for the ultra rich to avoid taxes folks they have limitations in here and i'm going to scroll a little bit to talk about them and we're all somewhat familiar with them but i'm getting down getting down yeah so officially okay officially talk about a disclaimer word you can't contribute more than six thousand dollars to your iras this year or seven thousand dollars if you're over 50 and those who earn more than 208 thousand can't contribute to the roth at all when talking to people about a roth and encouraging them to consider it one of the things i say is this is one of the few areas they they really clamp down who has access to put money into it right you can only put six thousand dollars a year into it okay so you you miss that opportunity it's gone and you can only do that if you're earning an income under a certain threshold 208 thousand is still a pretty decent income but it's not a million dollar income earner right if you're making a million bucks a year you officially don't have access to contributing to a Roth IRA here's the catch which is why money in politics ruins everything okay is that in 2006 getting into it congress good old congress made it possible for anyone including those with multi-million dollar traditional IRA accounts to convert them into Roth accounts the problem here is tax codes get so difficult right this one is super simple okay a high schooler of any aptitude could create a simple one-line catch raise that could eliminate the ability to people to have multi-million dollar accounts now you have the ability to convert multi-million dollar IRA accounts to Roth accounts the catch is you have to pay the taxes for that on any of those funds because you're putting into a taxary account but then you get to grow that tax-free for as long as you want I mean I think you got to start taking withdrawals at like 79 or something like that and we've all heard the Peter teal story where he's got five billion dollars in his okay there's no reason why they couldn't have said hey we're going to put a cap on this anybody who's got maybe more than five 10 15 25 billion dollars in their IRA loses some of those benefits but they didn't and they didn't purposely folks okay anybody could have seen the writing on the wall when you said that people could put IR Roth 401k money okay that they could put IRA money into I'm getting back down to the exact verbiage that they're using yeah anybody with a 401k could put that money into it and it just grows tax-free that's that's an avenue that just makes no sense folks you shouldn't have an IRA worth 10 25 50 million hundred million dollars where you're just paying no taxes whatsoever and hopefully they they solve that one I mean it's just crazy we've heard about Peter teal I think he's got five billion dollars five billion dollars folks in a in a tax-free IRA talking about the mega rich making billions tax-free and it was done purposely that's the thing there's a lot of things it's like oh we didn't see the loophole right this was done purposely in 2006 and there's a lot of brilliant people in congress and there's no way they didn't know that that was going to be a possibility for people to convert money into a Roth IRA and then have the ability to grow it to whatever they wanted now you know you could also make the argument that you're playing games with this when you got private companies that you're putting money into teal the biggest one of note in terms of sliding down I think he he ran his PayPal investment to the tune of let's find it within one year he had 1664 dollars worth of PayPal that he put into his Roth IRA and because he's such an astute investor Mr. Teal jumped up to 3.8 million versus one year and then what did he do he took that 3.8 million and he probably put it in the likes of Facebook and Palantir I mean he's got five billion dollars in his Roth and the guy's worth seven billion he's managed to basically protect his entire wealth into a Roth IRA which was designed from middle-class families all because congress purposely allowed him to that's the point folks hold your elected officials accountable it's garbage that that was able to happen and it hits us all okay we talk about you know we got a debt limit coming up right now okay and there's arguments on both sides right we spend a lot of money and we got some big debt problems okay this is an easy solve and hopefully congress gets together and does something about it because I mean they talk about Dustin Moskowitz the co-founder of Facebook he's worth 27 billion dollars well he's got a Roth IRA approaching a quarter billion dollars yeah it's not to the same tune of Peter Teals but why are we allowing retirement accounts worth quarter billion dollars that we won't tax when easily that could have been prevented with some type of disclaimers out there in terms of caps that they might have now what Democrats are looking at out there is that they're looking at maybe capping that number where you start to lose some of the benefit I believe it is about five million or ten million here we go Democrats in Washington trying to thwart the end of the ever larger IRAs and that is limits on their use by the wealthy including a provision that would impose restrictions on retirement accounts whose value exceeds ten million dollars anybody who's got a ten million dollar Roth out out there folks they're okay with paying taxes above that level and we'll leave it at that all right what else we got going on speaking of ultra wealthy or lack of ultra wealthy uh pin duo duo that name pretty catchy name but uh not too catchy for the china mogul that loses 27 billion dollars in the world's biggest wealth drop and we've talked about I mean these companies they're all just mammoth through the floor you look at baba as the market all falls apart now these getting a little bit of a lift we'll go back to a year daily um but you're talking about getting cut in half from a year ago on alibaba uh what is pin duo duo PDD maybe there it is PDD uh more than cut in half pin duo duo you go from 212 down to a low just recently of 74 and it might not stop there folks china the whole landscape has changed all right she over in china he doesn't care about tomorrow's prices for these equities he cares about the communist party in china controlling that country for the next 10 to 20 years while he's in control keep that in your mind as you think about this now he wants a successful economy okay he wants these companies to be successful but he's got a goal to be the dictator of china for years if not decades to come and and the markets waking up to that stay tuned folks we'll be right back are you in the market for buying or selling real estate in the bay area including the surrounding st. 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catching a small bump off the bottom that we had there we traded to a low of 15 4008 we're about 28 points above that and you get the dow and the rustle back in the green right now we take a look at notes and bonds always looking at the interest rates it's continuing to slide folks we got a yield right now 1.38 percent the yield on that tenure all right jumping around to what else we got going on be interesting to see how this shakes out today as you get the fda panel meeting today to debate and vote on the fizer and biontech's application to offer booster shots to the general public it's been interesting this one i've been following it a lot in terms of the debate you have israel out there plowing ahead with their booster shots talking about potentially waning data in terms of data pointing to waning efficacy of some of the vaccines pointing to a booster we've already authorized boosters for some of the more vulnerable vulnerable members of the country but then you got scientists out there saying they need more data doesn't necessarily point to the waning data the waning effect of the vaccines when it comes to preventing more severe impact that might bring you to the hospital it's going to be interesting to see how this shakes out in terms of where this comes out the vote by the agency's vaccines and related biological product advisory committee scheduled for around 230 today comes as some scientists including at least two at the fda said they aren't entirely convinced every american who's received a Pfizer vaccine needs the extra dose at this time so a little bit of a battle inside there we'll see where that comes out you're going to get that news at about 230 today not sure it'll move to the market but interesting as it shakes out for our protocols for the vaccinations as they press forward all right let's take a look at some of the equities they're moving today we're going to kick it off with a little football overseas a little soccer manchester united they're out with their numbers quarterly loss of 5.9 percent narrower than what it lost a year ago that's kind of a contrived census amid a 15.9 percent increase in revenue again a year ago not really comparable Manchester United not providing full year revenue or earnings guidance due to the uncertainty I've said it many times before folks if you're not providing guidance at this point you're not doing your due diligence as a an executive yeah any executive would not want to provide guidance you should be able to provide some type of guidance right now there is volatility in the future but we have a lot of knowledge in terms of where things may go with the economy at this point to at least provide guidance right I mean everything was so up in the area a year ago that you couldn't fault executives I remember saying this at the time to my dad saying any executive that didn't pull their guidance wasn't doing a good job because it was basically a get out of jail free card you weren't being punished for pulling your guidance last year because even the market said hold on everything changed we got a you know you can't fault them for pulling the guidance when who could decide where we're going to be when we got a pandemic we've never been in before that's not the case folks we're a year and a half into this all right companies have flourished or failed as a result of the executives being able to meander and navigate this exceptionally difficult period of time that we're in but you can't make the argument that you can't make educated guesses at this time about where we'll be in the future which is what guidance is right it's an educated a guess using the available information at your disposal of where we will be in the future you have enough information to make that nonetheless Manchester United trading up by about 1.8% today in Vesco they're in talks to merge with state treats asset management unit people with familiar with the matter spoke to the journal deals not imminent might not happen just yet as well but IVZ is in Vesco there their shares up about 5.5% on that possible deal coming out take two yeah they're down they got a downgrade from BMO says the stock is now a market perform from an outperform earnings estimates to take two have been on the high end of the street forecast but it said that now less confident following a series of video game release delays take two fast market did a great talk about I think it was earlier this week time flies maybe his last week talking about the gaming stocks it was earlier this week take two down 1.2% will pull up Activision as well pretty much flat right now Activision at 7926 what else we got going on here Eli Lilly one approval for the expansion of the user of the emergency youth authorization for its COVID-19 treatment being used in patients could have a high risk infection after being exposed to someone with COVID and that's Eli Lilly LLY a little bit lower with the market right now down about 410% U.S. Steel they're going to build a new plant a new steel mill with construction beginning next year production plan to kick off in 2024 it's really remarkable how some of these companies right they're going to build the plant and they're going to start producing things in about two years the move comes amid a booming demand for steel as well as prices that have roughly quadrupled since the summer of 2020 but anytime you're putting big time money into a capital investment like that that's going to take years to pay off the market saying hold on a second I don't want to wait years we're down 5.1% for U.S. Steel taking a look at this chart man quite a resurgence the better part of 2020 we spend in single digits you take off really when we get the efficacy data right you do start to trend higher in September of last year about a year ago things really take off when you get the efficacy data in November you plow higher to a high of above 30 bucks just recently but just like that you give back 20% I've talked about it before folks we got some big equities down 20% from the highs U.S. Steel now joining that as they are down 20% just from where we were trading at a month ago okay that's it we'll still from there and what else we got going on let's see where we are how about Google this one's interesting so Google Cloud the guy running Google Cloud Thomas Currian I think he came from Oracle where are we at let me slide down here I believe he came over from Oracle and he is uh I was reading this earlier I'm pretty sure well I'll pull it up nonetheless they are they're not afraid to make some waves over there in Google as investor that's what you'd want to see this article talked about that he's reorganizing and he's sidelining some long-tenured Google employees in attempt to streamline the technical technical units now I think he has in here that one of the people he sidelined there's a joke among Google employees that longtime middle managers and executives can sit comfortably in their positions for as long as they want despite changing business needs thanks to the cultural bureaucracy that seems to be changing if you want to complete compete in the cloud sector folks you better not just be bringing those employees on that were there from day one because that just might not be getting it done it's just that simple doesn't mean that those employees are going to get fired or anything like that uh he removed let's see yel manner who's been at the company more than 14 years and worked with cloud for five years he saw the app management service anthos which Google hopes will give it an edge against the rivals uh and manner will look for other areas inside the company to work the reorganization also his one effectively sidelines hers holds not familiar one of Google's first 10 employees 10 employees doesn't that guy get like a gold chair to sit on man you you you one of the first 10 employees in Google and you walk in one day and somebody who's been with the company for a year or two says I'm sorry but we're going to be removing you from your day-to-day responsibilities in favor of a more strategic role you know again he's not gone but that's probably what this what it takes at this time folks the cloud was not even around when Google came to be when he was hired um for the 10 employees but Google if they want to catch up to Microsoft if they want to catch up to Amazon the big dog yeah they they better have the best and the brightest up there in terms of what they have going on and Google not afraid with the man at the helm to uh make a little waves there and I'm going to slide down we'll finish this up because uh it was interesting in terms of where this gentleman came from yeah when he hired him in 2008 it came as a shock because he was the least googly person to be a leader at the company well we'll take a look at this a little bit more when we get back stay tuned folks we'll be back to finish up the show sharpening your skills as an 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into labor day right labor day was sitting at 45 48 we're solid 110 points below that level you take a look at the nasdaq 100 in terms of where we are what do I just have up there you're talking about a price of 15,396 you're coming down to the lows of yesterday let's just zoom in on the last few days of this trading week lows of yesterday before the market accelerated higher you're talking about a little 15,358 now what is that about 30 points or so 35 points where we're at and then what's hanging out there is that open from wednesday 15,307 some quick action across the board right now crude pulling back as well we're down to 7158 gold continuing lower coming right down to almost where we had the lows of yesterday 1753 and as we get some negative action in the market taking a look at the vixx volatility index spike into 1952 we'll see if we get a 20 handle as our man basal chap and likes to say he's coming up next folks the day is young gotta love it look for some volatility gotta love this start to the market if you're a trader we've had both action in terms of two-way action in this market for a lot of the days that we've had yesterday right look at that sell-off on the open things look pretty dire in the market just so strong in terms of resurging in the s&p but we give it all back just like that we have a two-way market right now nasdaq similar action as well jumping back to that google story real quick so he did come over from oracle sliding down let's see yes curian has a reputation for a no frills at times militant leadership style at oracle when google hired google hired him in 2018 came as a shock if i was an investor in google folks that's what i'd love to see i mean they have a lot of work to do to catch up with the likes of microsoft and amazon and it seems like he's willing to do what's necessary to get the people in there that might be needed to uh to grow that cloud sector and google with the market down about nine tenths percent today all right folks hold on to your seats it's triple witch in friday we got big action we got markets in the bread we got basil up next we got fast market at 11 we got larry pizzerento steve rhodes dave white tom obar in this afternoon have a great friday buddy