 We have a guest, Elliot Wellenbach. Elliot's the Senior Vice President with Institutional ETF Strategy with Direction, and we're going to talk some markets. Elliot, welcome to TFNN. Thanks so much for joining us. Hey, Tommy. Thank you for having me. Excited to be here. Boy, so we spoke last week. We were talking about the interview, I was excited to have you on, and we got some fireworks today, man, as may have been the case. I know we're going to talk, you know, some treasuries. We got some action today. We'll talk a little bit of gold. But just on the first glimpse, what do you think about the Fed? All, you know, expectations are, we keep it where we are, and that's what they do. We're at 5.25 to 5.5%. But yeah, the market reacting a bit as we got record prices across the board right now. We have yields reacting, and I know we'll talk some gold. You have gold spiking with the dollar kind of cratering a bit. What do you think of this market action today, Elliot? Yeah, I know, definitely an exciting day. An exciting day around FMC meeting, you know, always going to be some calm before the storm. You know, nothing too unexpected that, you know, really saw it coming out of, you know, having no change to current rates. And of course, once you get Powell on speaking, that's going to move the markets, which we did see, you know, broadly moving higher and sending rates lower. But that being said, I mean, there's not too much new that's come out from the rhetoric of that they still need to see greater confidence in cuts before they have cuts, and inflation is still running very hot, and they need to see that tick down. And you know, one thing they did mention, which they have before is, you know, if they see a weakening or continue weakening labor market, that could, you know, instill a response from them. So you know, pretty moving markets here, and you know, we do have ETFs for traders, short term tactical trading, mostly in the leverage and inverse space. And we've seen a lot of traders going into, you know, our 20 plus year bull treasury ETF, TMF, which is actually a contrarian view compared to TMV, which is the inverse. So we've seen a lot of actually the largest inflows out of all of our ETFs into, you know, the bull fund, TMF on the 20 plus year treasury. And I'm glad you went there, man, because that was going to be my first question yields in focus. It's Fed Day. You got the chairman speaking. They adjust some of their forecast potentially on a longer term basis. So it's interesting when you talk about maybe 20 year plus, you know, the 30 year right now, we got actually rising in yield, the two year, a little bit of a different case when you look at that yield curve and how it's reacting. But if you could go into, because I know we have a ton of traders out there, you know, treasuries are in focus, of course, and for those traders out there looking to trade potentially some of the action in treasuries, maybe they don't have a futures account where they're trading, you know, some of these futures accounts are pulling up. If you could go over your list of them, but the TMF, I got it up here right now. You're down about five pennies. But for those traders, if you go over it again, those ones in particular for traders looking for action when you're looking at US treasuries, kind of some of the options that you guys at Direction have available for those traders. Yeah, yeah, absolutely. Yeah, like we mentioned, we specialize mainly in leverage and inverse ETF, short term trading vehicles. So, you know, as I mentioned, TMF, that's a 20 plus year treasury bull fund. And we also have TMV, which is on the 20 plus year treasury. That's a bear fund, both three X ETFs. So these are short term trading vehicles. If you're looking to trade the shorter, you know, end of the curve, we do have the seven to 10 year bull and bear, three X products, TYD and TYO, which we've seen a fair amount of action in, you know, this year especially. Nice. And we got a jump to gold, man. I had mentioned that, boy, we got a lot of gold bugs in the trading room over here. And I was just jumping around even to nugget before you came on the air. Look at that chart of nugget, folks, up 9.4 percent. So we have the dollar pulling back quite a move on the dollar, man, even with, you know, a great summation, not a huge surprise from the chairman or the Fed. We, you know, they still got three cuts in the picture right now this year. Some adjustments later, but boy, the dollar just pulled back earlier today from 104.15 almost, we're at 103.46. You got gold spiking the record territory and you got nugget, man, up almost 10 percent. So for traders out there, you got gold right near highs. The miners, man, sometimes they move just magnificently when you get that type of action in gold for the traders out there looking for some action in gold in the miners. If you go over some of the options, I know I just put one out there. But for traders putting some money out there looking for some action in the miners, the products you guys have available there as well. Yeah, no, definitely. Yeah, gold has been hovering around, you know, all time highs kind of waiting for this Fed decision. Like you mentioned, we saw a nice pop after, you know, the announcement and especially with the Powell rhetoric. We've seen gold miners actually move kind of lagging behind gold. Of course, these gold mining ETFs, they're invested in equities and not in spot gold. But as you mentioned, we have our gold miners, ETFs, they're 2X. NUGT is a bull fund. DUST is the bear fund. And then we have the junior gold miners that, you know, there's smaller cap companies tend to be, you know, historically a little bit more volatile than, you know, the larger gold mining stocks. We have 2X funds, JNUG is a bull fund and JDST is a bear fund. And we've seen the gold mining stocks and equities kind of rally, like I said, delayed rally behind the spot price of gold. But we saw today, especially with gold and the gold mining stocks, a pretty strong rally, you know, around 2 to 2.15. And, you know, these are short-term trading tools. You know, last week, after the pretty strong rally over a couple of weeks, we saw some larger outflows in JNUG, which is the 2X junior gold miners fund. And that's really short-term traders taking profit from the run-up that happened over the past couple of weeks. But we've seen a lot of activity, especially in the bull products today, JNUG and NUGT. Oh, man, it's pretty remarkable seeing these percentages. I was jumping through the charts as you were talking there. And folks, if you're out there listening, I mean, when gold hits these levels, you know, every gold miner, of course, is their own entity, their own business. But sometimes it's interesting, Elliott, especially the miners, right? You start approaching these lofty levels. And sometimes, man, these companies are pulling gold out of the ground. And every single time gold is going up 50 bucks, 100 bucks, it's just going right to the bottom line of some of these companies. So it's amazing when you get these types of runs folks in the gold contract that, yeah, you might see some huge accelerations. And, you know, we're seeing it today. Nugget up almost 10% and looking at the juniors as well. They are rocking and rolling. Now, speaking of rocking and rolling, we got to talk about some of the magnificent seven. I know you guys have a variety of ETFs. You got the single stock ETFs, of course. And those are on fire. Microsoft right now, you're up about 1%. I'm looking at up another $4 approaching all-time highs. That stock holding out so, so well. Apple been struggling a little bit, but they got some news with Google this week. And then, of course, NVIDIA, the poster boy. But for those investors that are looking for, you know, whether it's individual ETF equities and exposure to the magnificent seven as this run, you know, there's a lot of people out there talking about, you know, it's tough to call at the beginning of the run right now from where we've come. But boy, we are at the forefront of some pretty remarkable technology and the stocks are paying attention. If you could just talk about, you know, direction, the outstanding ETFs you guys have and how you've gotten into some of those around the magnificent seven as well. Yeah, absolutely. And, you know, it might be currently the magnificent six right now with Tesla's performances here, but we'll go with the seven. Sure. But that being said, yes, we do offer leverage and inverse single stock ETFs. So these are providing on the bull side, 1.5 daily exposure to these individual names. We have it across Apple, Amazon, Google, Microsoft, NVIDIA and Tesla. So we have six out of the seven, with the exception of we're missing meta of our suite. And then on the inverse side, we have their single inverse more used for intermediate short term hedging, concentrated position. But yeah, as you mentioned, we're seeing Microsoft trading to all time highs, you know, kind of seeing it being perceived as, you know, one of the AI leaders and a recent rotation out of NVIDIA. We've seen a lot of action in our, you know, our single stock bull Microsoft fund MSFU is a ticker and we've seen some key hiring for in-house AI capabilities, actually a couple announcements today coming out of Microsoft. And with, excuse me, Apple, you know, their AI efforts have really yet to materialize. But earlier this week, we saw a report of Apple licensing Google's Gemini AI to power the iPhone AI. So, you know, their AI for Apple is kind of yet to materialize, but they're making strides and efforts, you know, to partner with some of the leaders like Google and Alphabet. And we do have, again, single stocks for both those products. But one of the more exciting things, you know, in kind of the magnificent seven space is the QTC Global AI Conference that NVIDIA has been hosting this week. NVIDIA has been a very popular name last year, running into this year. And we've seen a lot of action in our NVIDIA bull single stock ETF, NVDU, you know, and really some exciting stuff, you know, coming out of the conference, you know, kind of looking at their goal to, you know, really become a term key full stack provider for proprietary AI, you know, factories where they're both, you know, in the hardware space, but also the software space is a provider and AI. And, you know, outside of if the single stock space is not a place, you know, you're really looking for, which our newest fund, we've launched a concentrated Qs, Bull and Bear ETF. The Bull ETF is 2X, the Bear is a single inverse. And that's taking the highest market cap weighted companies within the NASDAQ 100. See, as you can imagine right now, that's made up of all the magnificent seven names. But we've recently launched that. And it's a great way to trade short term if you're looking to trade not the single stocks, but, you know, the concentrated, you know, NASDAQ 100, which just happens to be, you know, the magnificent seven at the moment. Right. And I was pulling those symbols up as you were talking about it. Those are QQQU and QQQD. And if you don't think Tesla has the legs, folks, they got the bear on Tesla as well. So you don't got to do all the all sides of it. Elliot, I appreciate the time and coming on the program, great discussion on a busy day. And we look forward to having you back on TFNN. Thank you for having me looking forward to it. Always a pleasure. Folks, check it out. Don't forget, you can always find out about the production products. Click on that direction banner on the front page of TFNN.com. And we'll be right back.