 Let's get over to our man. It's the Dave Mazda as we do each at every other Monday You can Dave is the head of products and managing director of direction as you're right at our website right there folks Just hit that direction banner. It will bring you over as to you know bottom line in this type of market You know whether you want to hedge whether you want to be a bow whether you want to bear bear We have it all happening and we haven't had this type of marketing quite some time Dave Mazda, how you doing? I'm doing well. Happy to be back. Yes, absolutely great to have you so what I'd love to talk about is you know the Notes and bonds right You know the bottom line is that you know folks rates have been going up You know the the rate note and bond markets going down as they're going down You know your TMV. I mean that's a three. It's a 300% folks Bear position You don't have to be a bear. I'm just I'm just explaining that the bottom line is that there is always something to trade And the thing that's intriguing to me Dave about the the note and bond market in general is that you know first? We went straight down, you know, but we got a little bounce and like What I can't understand sometimes is that there's so many folks that think that the rates aren't going to go higher They're bringing the feds telling us the rates are going higher So when I actually hear that they say oh it's already baked into a marketplace I'm saying to myself, okay, the Fed fund rate is 1% They claim they're gonna go to two and a half and I can understand it. We're in a market Okay, so everyone, you know, you're a bull you're a bear. I get it But can you talk a little bit about the the note and bond market because I see the year you're 10 year I mean, there's a lot of liquidity in that one I mean the 30 the 10 year there's not as much but the 30 years of beauty man I I trade the 30 year. I like it Yeah, so TMF and TMV provide exposure to the essentially the long bond so 20 plus year 30 year Treasuries but in a leveraged fashion. So TMF is your bull and TMV is your bear so what we are what we've seen particularly as Really rates have moved up But I think as you're alluding to really volatility in the interest rate market has has increased and remained high So there's something called the move index, which is similar to the VIX But but really for treasuries and that's remained, you know quite high for this for for the year because exactly they're saying It's unclear the market is not really accepting what the Fed is telegraphing, right? So these 50 the 50 basis points hikes that are coming and Potentially not just a 25 but a 50 on the table for September, you know these are these are these are sizable moves in the Treasury market and Even though we've seen a kind of a risk-off event pull down as people pop bonds again You know today is an example where where that might not necessarily be a one-way direction So we got to stay focused on the data because inflation keeps surprising the upside and right now Economic growth is beginning to slow doesn't mean we're in a recession tomorrow or the next month But the opportunity to take advantage of this opportunity exists. Yeah, there's no doubt So now what I'd like to do Because it seems to me, you know when We've been doing business a long time now I don't know if it's 10 or 15 years actually, but I remember at the beginning of it We used to always get so many calls about the small caps, right and all of a sudden like About two months ago the whole TNA is the whole thing's happening again It's like it's kind of intriguing. Do you know what I'm saying because you know, I can kind of tell Where people are at as to how many calls come in so can we talk about the small caps a little because those when they move They really move man Yeah, small caps have been in a tough spot, right? So for years strategists, you know in their in their forward predictions say So this is the year for small right because really for a decade if not more They've underperformed large caps and historically over the years smalls mids, you know that you're taking on more risk But they do outperform. We haven't been in that environment And we did see some green shoots for small caps really last year But that ended quickly particularly we've seen this kind of risk-off tone Pick up last year and of course really pick up starting late last year into this year however And what we saw kind of trading volume in TNA and TZA which are the bullish and bearish Three set three times use or ETFs for for the Russell 2000 index come go down a base of a stroke average because there wasn't a lot of activity there, but What what we what I would would advocate for is I think what you're saying have the investors keep both on their radar Because if we do if if if the economy, you know, China maybe reopens the zero COVID policy changes Or we hear from the Fed that it isn't gonna be 50 basis points 50 basis points 50 basis points because it or if inflation starts coming down Small caps do have the potential to really rip higher But at the same time if that doesn't happen we may still end up in a bearish environments for small caps So both of those could be tools for traders in this environment Yeah, and they're you know, and we need to take a look at it You know the small caps really didn't get a lot of juice going then all of a sudden they hit the high They came off it but they seemed to just they seem to be a little more stable right now And we all know that we don't know where the market's going That's the bottom line and this is such an intriguing place because you took the first leg down It's like okay, you know, which way do you want to go now and we're coming into the summer and you know Things slow down a little in the summer So we'll see where this goes out folks as you're on the website of the TFN Just hit that direction band that you can bring it over there They got a great news that it goes out keeps you up to date of what's going on in the direction Shares each and every day Dave you have a great one safe one. We look forward speaking to two weeks from today Thank you talk soon. Thank you, man. Have a great one. Have a safe one Stay right there folks who come right back. We have the Dow industrials right now down 21 Asics up 32 S&Ps are up 10 we'll come right back