 Good morning everybody I'm Tommy O'Brien coming to you live from TFNN 9 a.m. Eastern time Friday morning 30 minutes to go until that opening bell right now we got markets slightly in the red S&P is negative by 11 points trading at 3059 you're looking at Dow futures negative 189 points trading 25,407 NQ's negative by 16 10,072 oil contract negative 54 cents oil down more than a dollar from where we were just at 5 a.m. oil trading at 3821 you get the gold contract basically flat at 17 69 silver up four pennies just above 18 at 1809 and no Tim bonds we got a little bit of higher price and lower yield seems to be the trend recently the 10 year up four ticks the 30 year bond up 8 ticks and we'll start it off with the VIX as quite a volatile week Wednesday 37 12 we've backed off a bit quite a strong finish to the market yesterday you saw the VIX go from 34 to under 32 trading at 32 53 right now times a one-on-watch in for Friday trading coming into the end of the week you had US consumer spending up 8.2% in May partly erasing the record plunge so US consumer spending rebounded sharply in May but the gains are not likely to be sustainable is the quote from CNBC personal income falling 4.2% in the month and is expected to decline further as millions lose their unemployment checks starting in July folks factor in this one okay I just talked about it the end of my program the morning market kickoff this one here with the mortgage bailout swelling 80,000 people in the past week just started in the mortgage for parents programs okay where you have anywhere from three months to a year delay payments those payments are going to come back though you still got to pay for those payments you either got to make up for them you got to add them into your mortgage you got to refinance you got to sell your home you're talking about 8.8% of all active mortgages up from 8.7 4.7 million homeowners right now okay and this number is going up what happens in the year when we're still dealing with millions of homeowners they can't pay their mortgage folks and the and the year is over this the this one's the starkest story of them all folks because that number is not going anywhere down follow that with the numbers from yesterday we're getting almost the new normal is every week we're dealing with 1.5 million weekly jobless claims how that plays into thing folks just watch out okay couple stories out there how about gap Kanye West he's going to be collaborating with gap and guess what investors no matter what you think a Kanye he's got a following and how about jumping almost ah what's that 17% right now for gap up to 1175 and Nike with their earnings last night open and lower stay tuned folks Larry Pezzavento coming up live at 9 o'clock I'll be back at 10 we'll be right back