 Our man Mr. Basil Chapman as we do each and every Tuesday and don't forget folks Basil has an outstanding show here every trading day 10 to 11 Eastern standard time also great newsletter the opening call now it's very easy to get the opening call folks come over to our website at TFNN and you're gonna see right into featured content the opening call by our man Mr. Basil Chapman now Basil I just did a subscribe a subscriber webinar folks okay that webinar is on his page as you sign up the bottom line what will end up happening is that you're gonna not only get a great newsletter for a month you're gonna get the archives that Basil already has on there the newsletter the cost of the newsletter is $149 for one month $6.95 for six which is the savings of $199 and it's $11.95 for the year which is a savings of $593 now they all come with a 30-day money-back guarantee so as you get the newsletter you're gonna get a great newsletter you're gonna get some great archives and we're gonna understand bottom line how to ride that Chapman wave each and every day Basil Chapman what's going on you did double duty today too man thank you I did my pleasure yeah it's a little difficult because Tommy does a terrific job of putting the fundamentals together with the technicals so you did a great job thank you thank you very fabulous absolutely fabulous so here we are another day another high how many times have we said that this year what would this is very interesting so just real briefly I just want to for some new people who come to my work I I try to identify the lowest low bar and then if the technicals concur as soon as it rallies I ascribe to each higher peak a letter it's uppercase on the way up and the letters can go a b c d e f g to seven higher peaks but is at the fourth highest PPD that other things can happen goal it could go a little higher to e but at the same time this is where I become a little bit cautious we've done that in my newsletter for I don't know how many years often I've spoken to you over the period of a year and I said okay now we're getting to a D or an E and I said this is where we become rather cautious so I'm going to put a little circle I don't want to make it too complicated because in my show tomorrow I'm going to be going through everything that's during my tiger technicians hour at 10 a.m. but in the Chapman wave methodology what I'm looking for is that once we get to a peak D that's where I do an assessment and I say okay where are we being long the Dow along the core position going back to March of last year but we also have a trading positions and the last one we got in long somewhere around 35,000 about two and a half weeks ago and we've lightened up a little bit and today and this is where we start to implement some kind of insurance so now we've got a little insurance and we are still longer position we actually have started a short position and we're in leg E but what I have to mention right now is that normally whenever we get to a millennial level in other words millennium level a thousand points I that's where I become a little cautious and very often just before you get there you start hitting resistance and that was at 35,900 but we've gone right through it for the second day now we've gone to 36,000 above 36,000 we are 36,053 my contention is that if we start to trade it on a closing basis at about 36,000 132 then instead of being a repellent zone it's like a magnet zone of 36,000 so I'm trying to make it as simple as possible only the on balance volume in my work other than the letter E and the on balance volume are suggesting that there could be some kind of a pullback and I believe that we've got to be ready for that and so we're preparing and if you look at the S&P what are we looking at we're looking at a leg D well there it is there's your leg D with an all-time high 46,000 4635 so nothing really to see other than here again it's the letter the notation D and it's the on balance volume this little blue line which is overextended but what's really interesting is that the QQQ the NDX100 trading vehicle this is the Invesco trust series Qs 388.72 at an all-time high but it's only an egg C so when we get this rotational aspect what happens often is that in the at lows you get a coincident of low but at tops you can rotate through at different times so I'm looking at this and I think that IWM Russell 2000 is made an alternate count leg F I'm looking at this and saying this is about where I would anticipate some kind of a pullback it doesn't mean it has to happen it doesn't even mean that has to be deep but this is where I've become a little cautious we've done enough times that I feel comfortable saying you know but of course yeah there's nothing wrong with that we have we have now just two short positions and or in our entire portfolio event because some some positions that are at either yearly or all-time highs so I want to be careful so basically I'm saying right at this particular moment not looking out to the rest of the year but just in this particular timeframe a little bit of caution I think is appropriate I do say that when the Dow makes when it survives September and October and it's able to close the last day of November or the first sorry last day of October the first week of November almost at all time at either all-time highs or the yearly high then even if there's a pullback usually you get by in December you get your close the last day of December somewhere near those highs so that's kind of my belief right now but I wouldn't be surprised if we are pretty close to some kind of a pullback so that's kind of what I'm looking at at this moment yeah it's gonna it's gonna be interesting tomorrow man I mean you know like I said you know at the beginning of the show we seem to always think that the Fed Day is gonna be big but this one I mean I think this one is gonna be big well they've announced that it's important so we have to respect that and we you know we don't know what they're going to say but you have to respect the fact that what if we go to the TLT I've made the parameters quite clear in my show I've said if there is a close in the TLT at this point it's at 147 if there's a close at any point in the next week above 149 70 or 150 30 round about that area if get even into that area that essentially says okay rates are gonna be pulling back and they could be pulling back for a little bit longer but I can just tell you if there is a sudden slide and you're looking at the TLT which is the 20-year Lehman Treasury Bond Fund and it closes somewhere below 144 143 that's gonna be a problem I think the Fed's gonna have no choice but they gonna be watching yields go up and they're gonna be kind of stuck so well you know it's gonna be interesting so picture this folks okay you got Paul's coming up for your nomination right oh that's you get you got that no one wants rates to go up right meaning politics but I'd say it no one was raised to go up anyway it doesn't matter who you are right so that's gonna be some pressure also right I mean you know it's really like okay so this more than likely folks this is almost one of the last meetings in fact and if I look at December I don't know if there's a December meet here let me do this quick one second because they fed FED should be yeah there's a couple times that there aren't meetings and a month let's see so meetings there's meetings okay so let's see so there's a political angle to this as well there is man I mean you know they say that yeah it's non-political but guess what we know how everyone wants their job absolutely calendar so it's an interesting time at least in the short term and then we'll see how things settle down no doubt and folks it's really easy to get Basel's news that I come over to our website at TFNN you're gonna see it right on the front page featured content hit that button Basel you have a great one safe one we look forward to show tomorrow thank you Tom YouTube thank you stay right there folks to come right back