 The following is a presentation of TFNN The Tiger Technician Hour with your host Basil Chapman Toll free at 1-877-927-6648 internationally at 727-445-1044 Now Basil Chapman Hello everyone Basil Chapman this is the Tiger Technician Hour and I'm also the author of the opening call a daily newsletter very interesting I'm looking at a newsletter the Dow is down 132 points down 0.49 S&P is only down about unchanged actually and we're fortunate in that we have one stock that's up 0.87% another one that is down a little bit it was up sharply yesterday giving back something and another one that's up a 0.12% and another one that's up 1.18% that's you know this is really a bifurcated market we're looking at the Dow I'm showing you right here forming either a double-cup formation I can even think of it as a rectangle we put this in as a rectangle for the moment just stuck in a range so as to close under 27,000 that'll make do the damage that we're talking about for some time now and that is to see the moving averages of importance this is go right here to the Dow INDU look the Dow is holding the nine-period exponential moving average it goes green when it crosses the 14 period you can use anything you want this be consistent in whatever you do this is what I find for me over the many years and hundreds of thousands of charts that I've done look how it's held the support of this green line so you could use I know people use different moving averages I like this accounts held so nicely in the Dow so we were fortunate at that doji low we were long a good position in the Dow we took a tiny bit off on the way up we've still kept a good call but at the same time I have said that we are short from seven points off the all-time high that was made right here on this little doji candle and you can see these little green these green numbers right here these are resistance levels automated chaff we've automated resistance levels we've already passed 27,339 now the new one that popped up today is 27,474 normally in this case is that there's a stalling action at this if it isn't a big turnaround and then if it takes it out you got to wait for the next level of resistance to come in on this case support you can see there are very few support levels at all is this is very strong so I've said that until we start to see the Dow close decisively below the 9-speed moving average preferably a close below the black line that's the 27,030 level that's where we start to see the market turn down sharply and then I also say to subscribers to my opening call that we're just going to stay with these positions for now it's a little uncomfortable to be long and short or that we more long than we are short but I didn't want to I didn't want to add to the short side and there's certain things happen we had one little experiment today with the volatility index it was either it just worked immediately or it didn't work at all very tight very tight stop on a little nibble just a very small position just kind of an experiment and I'll tell you why I wanted to experiment because if you're looking at the Dow it's held very nicely in this range if you're looking at the S&P the S&P has also let's just do it on this on this chart that I like to use as kind of a template look it's walking the 9-period exponential moving average it went right down to these resistors you could I saw the support levels these automated support levels 2968 what was the low 2975 and there was one at 2975 and 2968 held it beautifully held the 40-period moving average beautifully and it's running so that says when I said it was a bifurcated market you can see that you've got the Dow with the triple M where's triple M where it is look triple M having a good day today finally 146 Caterpillar UG down 5 and 13274 it actually was yesterday trading in the 135 area goes down to date to 132 68 now let's come back a little bit a Boeing same thing ugly ugly session look at this down 10 or 362 that's the waiting of the Dow now look at the QQQ 123 QQQ a lot of resistance levels coming up at 195 10 195 47 195 69 all the way across there when it took out the other one is stall the market then a pullback sharply to the 40-period moving average now it's running again to an all-time high and that's saying to me that within the context of what I'm looking at you've got the XLF the financials and I've been talking about this for months I've been saying the reason why we have banksock is because I think the financials are very quietly doing a very good job and at the same time as they do a good job there are some that are doing much better than others but this is the total financial S&P financial ETF spider and look how nicely this is at a recovery high what about Goldman Sachs Goldman Sachs today is up 0.85 cents bumping into resistance here but look at this nice move walking that nine period exponential moving average look at gold gold is finally saying hey I'm walking this but I'm really starting to skip the line I'm going down to the 14 period moving average if gold trading at 1422 right now the continuous contract at one actually does close first of all it has to close under 1411 that's the 14 period moving average but second it has to close underneath 1400 underneath the 1401 so below of the 17th why because that's the only way you're going to get an arch formation that says aha now we've got maybe a bigger rectangle formation I'm going to call that an oval it's more like a rectangle and that's going to say it could be trading in this range and this is a really good spike into the 1460 silver on the other hand has in fact moved very nicely to the upside it's even taking out 1652 the automated chapel wave resistance high today 1668 this is acting extremely well now it's getting a little bit oversold overbought not even close to oversold overbought and the dollar using the same technique look at this nice cup formation stalled here at the resistance 9784 on the left 9757 and went above that it's just kind of in this range doji candle we'll see what happens after this crude oil as to crude oil doing the same same technique crude oil right now is underneath the line underneath the 14 just kind of stuck let's go to it in real life let's go out of that here we go crude oil we're gonna click this we've got crude oil okay there it is crude oil just stuck in this lower range and the Magdeez kind of weeks the castings very weak at 21% it's trying to rally didn't help the price very much I think crude oil is just stuck it's gonna try to form an H pattern a lower case H on the chapel wave methodology what does that mean it means if I can just go across to this right here jagged across you see in the chapel wave we look for what we try to identify the lowest low bar we count each successively higher peak ABCD can go EF and G but these where other things can happen look on the left side you can just see the crude oil D at 61 9 I think it is look at that sharp pullback and then you get an arch formation or a cup formation or a mixture those are the patterns we're looking at all the time you're right back in a moment the doll is down 120 SMB is now up 1 I'll be right back and we want to look at new highs of the estimation the semiconductor index I'll talk about that in a moment I'll be right back if you're not currently using the TAS profile scanner when looking at setting up your trading opportunities then your arsenal is short a mighty weapon the TAS profile scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks ETFs commodity futures and forex headed by Steve doll TAS understands that in today's technological world the use of top-flight software applications and technical analysis expertise is essential to successful trading in today's market you also gain access to the webinar that Steve doll and Tom O'Brien just hosted the best way to use the TAS profile scanner to profit this webinar 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navigation whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions we even have new pricing in six months and yearly options check out the new TFNN.com now and experience all the upgrades TFNN.com educating investors call now toll-free at 1-877-927-6648 internationally at 727-873-7618 folks so let's go back a minute ago look at the semiconductor index the semiconductor index trading at an all-time high leg D in the weekly chart f f slash c in the daily chart and I have to go this is not an f this looks to me like a b in the monthly chart and that's really exciting and it's not the month yet we've got me just check here we've got July July goes to the 31st Wednesday hey today a week in and the month and so far this has been a very good month a certainly a wonderful month with a semiconductor index and the mag D with a week to go has just crossed positive for the very first time in this little W formation stochastic still only at 70% yep 70% this is nice action this is I mean this is just fantastic that it's gone from the low of 80.71 up 40 points up 50% to I have 122.82 as we talking this is a this is very good action and that speaks to this bifurcated market you've got some areas that are doing extremely well and you've got other areas like Norfolk Southern which came out with earnings today Norfolk Norfolk Southern is trading down 9 and 187 and this is look at this Chapman wave what do I just to show you in the Chapman wave methodology those d's can be lethal a b c d just a little over a week ago it goes to 207 and now it's trading at 183 on the 200-period moving average so that's what is it doing to the IYT well this is going to be interesting because the IYT which is the transportation index ETF is trading up $1.16 and $193.83 wait a minute how's that to be well because United parcel service just spiked to 113.27 it's up eight so obviously the semis are still doing pretty nicely uh let me just check is that a recovery high no get rid of that no it hasn't oh yeah maybe it is so we've got the 150, 303, 114.91, 114.98 and today's high is 114.83 close it's just breaking out United parcel shipping packages breaking out it'll make a leg B with another another dollar high it makes a leg B in the monthly chart that is finally doing something a lot better let's see but discover card DFS DFS is trading at leg D in the monthly chart huge leg G slash C in the daily chart I'm sorry the weekly chart is a leg D breakout cup and ladle breakout that usually goes to a D oh my goodness all-time highs 91 71 these credit card companies are charging a bundle between 14 and 19 percent in some cases and what are they paying nothing for their rates so um what a fantastic we must have a brilliant uh results earnings result today RHI this is uh this is Robert half international spikes up up 3.86 at 62.66 not a new high no it's just in the middle of the range all-time high was around about 69 it plummets down to the 53s now it's trading up at 62.64 very nice action but not good enough that monthly chart really needs to get to the 70 area to start saying yep there's a chance you could finally go to a leg D yeah over 80 and that's going to take a while and that's actually a good sign because it's looking out at the economy so as long as it's building steam to go to the upside well that I we used to have a position in this a long time ago lithium motors haven't looked at it for a while all-time high 131 12 uh this can be a leg A in the daily surely um but in the week it's a b c d leg e in the weekly chart huge candle and look at this candle today up 13 and 131 up 11 percent wow that must have been absolutely fantastic earnings they are I believe that they have um sales forces out in the wherever there are no um what do you call those things show showrooms uh like in cities and all that these are out in the country lad motors lithium motors lad is a symbol um so that must be doing very nicely let's see what's g e had a fabulous day yesterday and another day today it's it's down three cents but it made a new recovery high at 10.70 and general motors with all the news and stuff going on china and tariffs and all this and mexico is trading down three cents and 40.67 and a recovery high this is really good action having gone from the 31s to the 40 level I would say nine points is very good so um there is some very nice action going on there's also some terrible action going on so we'll have to sort that out the other thing I was asked about is would I just quickly look at um where was it d twitcher bank db twitcher bank they're having a lot of problems but they're holding okay down 10 cents a 785 I'm going to suggest that the low that was made at six dollars and 65 what was it six dollars and 61 cents back in the week of the 7th of june of this year is a low of consequence at least in the intermediate term I think it's going to take a lot now to go back under the 650 level I think that we've got a low that says sideways trading band as other things start to happen you know you can just beat it you could beat this thing just so many times and at some point it wants to have a little bit of a bounce I think that's what it's in right now a question I had was um what about Chipotle Chipotle Mexican group you know that I've never ever um eaten aged or eaten in a Chipotle cmg trading at 785.33 up 45 wow leg e leg f in the weekly chart it's only a leg b in the monthly chart look at this monthly chart remember when they're having whether with a motorcycle ronde was to see how many people they could send uh to the bathroom and now they've changed that completely a b c d e f peak f in the monthly chart and all time high in the 700s has a little problem um and flushes out in 290 what is that 247 level um in February of last year and has now gone wow 250 let's call it 250 and it's now 785 I I would have to say that 520 points is a spectacular run after the spectacular dive very good bravo to cmg trading up 45 right now must have had really good earnings and so when I say bifurcated what I am saying is that there are certain sectors that are not doing well but within those sectors sometimes there are stocks that are doing well some that are not and that's the same thing in the um heavy industrial area dear oh dear wrong wrong window dear d symbol trading down $22 1 6 7 13 this had a beautiful run almost to the highs after all that bad news with the farms and and maybe China's not buying for their for their own equipment etc and yes dear um what a spectacular move from December in the 134s it comes up to the 167 area almost an all-time high I like that let's just see week does week is trading up up a nine a 496 soybean trading um up five and Khan is trading up we'll talk about the uh the uh grains in a moment when we get back Basil Chapman tiger technicians out wouldn't be like that have to take your course since 1984 Basil Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion while originally hand drawn charts from the late 1970s into the 1980s Basil noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Basil found that computer software which included the standard market technical indicators enhanced the degree of accuracy and calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Basil Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a two week free trial to the opening call Basil's daily trading newsletter by visiting the front page of tfnn.com cancel it anytime during that trial and pay absolutely nothing get your two week free trial to Basil's newsletter the opening call today by visiting tfnn.com the path of least 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of 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 Hey folks so I hadn't finished a corn has a little bit of a balance today and then it's given some of it back it's unchanged a 425 and a half one of the reasons why I think that this is the start of something but it got kind of carried away with all the short selling I suspect is that going from 362 under 362 in the weekly chart corn continuous contract to 484.66 to the towards a period exponential moving average in one swoop leg b but this was barely a pk says to me yeah you're gonna have a bit of a pullback but it's starting the process of changing the monthly chart from sharply down to at least stable the weekly chart from sharply down to at least in a buy mode suggesting this should be at some point a c and a d doesn't say hi and the and the daily chart says yeah it's stuck in a range but there's going to be a trigger at some point if it's going to get over 443 is it 425 and a half right now if we can close for two days about 44 I'd say 443 that would start to move even higher so we're getting there it's just it's just it's a process the other thing I want to look at was tell teardine teardine not tell a dime but teardine teardine trading at 5592 it's only up 8.79 up 18 percent just yesterday it was in the 47s announced 56 is this is incredible action and this is really the semiconductors I they the book to bill or whatever they call it the billing ratio must have been as we're speaking it must be improving a ton because from everything I'm hearing they haven't really seen the orders come in but at the same time look at these stocks let me see where Zeiling says Zeiling's zxl and x trading at up 360 at 130.88 all time high is at 140 area this is in late is this a c or a d yeah this is still leg c this is a really good action I am so impressed look what a nice trade would have been huh we were short the the stocks index we've been long and short and I just didn't get along again that was very silly no reason to then no excuse all the technicals were good it was just I didn't want to get on because every time you go on it had a sudden pullback and then when it took off it just took off like lightning so that's a question about the gold I think you're trading around core position in gold and you mine and you want mining ng and am do I think that there's going to be a pullback let me just show you something here the XAU which is there we go XAU trading at 9235 up a dollar 15 this is the Philadelphia gold and silver index has broken out beautifully it's gone back into this whole rectangle formation that had been in for literally you know a couple of years 17 and 18 and went under it in 19 and they came back into it now it's trying to go above it so that says that let me show you the big picture Philadelphia gold and silver index way back in 2010 in December it makes a high of 232.72 has a little problem comes back and goes down to to a 38.36 doji candle low trough e and that was January of 2016 bounces back to the 14 to the 200 period moving average in the monthly chart and then comes back sharply goes to the 103 area no actually more it goes to 100 and is that 15 yes 1475 and then it pulls back to the little doji low of of September of last year to 60.59 so now it's at a good 45 50 almost 50% rally I think it's getting close to a little time out but I there's no other way I can call this this is leg B in the monthly in the weekly chart a brand new bi-signal it doesn't say that it has to go up as much as it's just done but it does say that it should go to a leg C above the most recent high and even the D and that I would say in the 95s it's probably going to bump into a lot of resistance and then have maybe a digestion of sideways action maybe treat the 81 level that was resistance now as support going to 83 very strong support maybe between 83 and 85 initially and just going to a rectangle formation I like it so yes if you want to trade around and that's fine don't don't get too carried away staying your core positions because this is a great move up in gold gold does like to give back a lot of its gains after it's had a spectacular move but I haven't yet got that signal I'm just going to show you something else in the GDX the GDX daily is in leg D with a little doji candle here just make it simple at 28 if the GDX which has been reluctant to pull back for weeks and weeks and weeks because it just keeps going high or it goes sideways if it does close under 2650 in the next two weeks that says yep it's in a consolidation phase and you'll have to wait for a leg D now I had a question it's a good question the question is would your analysis of XA you change on the weekly if which I believe to be the case this is the person to ask the question your F is actually an E look when we made this peak E right here in the weekly chart on the GDX at 2370 it pulled back pretty sharply to the 20 level and then it also made a cup and that cup broke out with a peak A and the low was 20.14 because the third of May but look how the magnus cross positive regardless the casting at 93 is holding steady at the higher level very strong and look at the way the nine and 14 period moving average or high high much higher and look at the way it is just treated this as a fulcrum for a move that become could be considered a propeller shaft right here in the 200 period moving average all the high that was made at that peak E and now if I do this and make it new there we go for making new one-to-one it's done the most conservative from the base of 20 to the high of 26 but if I do it from the moving average itself which is kind of what I like to do when I do this one-to-one measurement right here it's gone even higher that should have taken you to 2772 so this little doji candle says probably a little bit of a pullback and then we start another move up and it starts to go higher and I don't think much higher so I'm watching the doji candle we've got two and a half days to go for this week so I'm not going to call it as it is right now because it's a weekly chart I have to wait for the full week to close the magdeen stochastic are really strong I don't think it's going to give back much if you want to trade around I'd keep the core position I would rather than trade around I'd rather wait for a little bit of a pullback to do some buying and if you're trading around and getting out this is such a big move that it's going to have to be an event that makes gold unfavorable it's going to be a piece event internationally I just don't see that quite on the horizon right now so I'm inclined to say if you're going to trade around it rather not do too much lighten up just a little bit because there's been spectacular moves you were talking about where was it NEM this is good NEM look at this NEM is trading you know this is I am calling this a leg E and not a new leg A in the weekly but a leg B in the monthly and this is a brand new ABCD pullback in the in the daily alright this is what I would say to you just take a tiny little bit off and it's a 39 48 under 38 somewhere in the 37 60s start putting something back that's the way I would deal with it and over a six or seven percent I'm not sure I actually want to mess around with that I'd rather say to you why don't you just hold it and let's see if you just want to add to that position coming into any sharp pullback if you're in the CD market and looking for a secure investment the Tiger first mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in st. 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intraday stuff when we're actually looking at big pictures what does a two-minute chart do even though we enjoyed why he doesn't oh yeah well where does it fit into your program it's the chart formations look at that peak e in the 10-minute chart of the e-mini look how sharp we were pulled back from the 3007 area down to the 22996's look at this nice move the winter pt look at this cup formation that we're looking at right now the e-mini is up three if the e-mini by two o'clock this afternoon is actually trading at 3,000 and 12.75 or higher that's going to be very good action if it suddenly gives everything back and it's down below 3003 that says uh oh be careful for um uh for Thursday remember yesterday i said be careful i think there's gonna be some kind of a pullback consolidation tomorrow so this is kind of what we've seen but actually some of the indices are doing very nicely so i showed more as patterns than anything else i'm not saying anybody should trade it like this now you need different techniques and tools to be able to do that but it's just to show the patterns i wanted to go back to the gdx because the point that was made is if there's an alternate count could this not be the the extension of the letters that we were looking at after that peak e on the week of the 22nd of february the high was 2317 good point but when you've used up this kind of time when the magd is actually gone much lower rather than this very soft m shape pattern and this making a nominal new high which you then cross very sharply higher if the stochastic goes under 20% and then it goes up over 90% not even 80 but 90 to the 93% level i'm more inclined to say yes i call this a g-c as an alternative count my eye says everything about this should be that there's a pullback maybe to the 27 20 maybe even 26 80s but there'll be one more spike over the next two weeks to say yep there's that leg d doesn't have to go much higher and then i think that gold can have a pretty decent time and some price pullback and even if you look at the ddz ddz ddz ddz we once traded this very nicely haven't done that for a while trading it down for cents at 481 this is the 200 this is the double gold short eth eth etn yeah it's trying to rally off of the slow and i suspect that it's not going to go too much deeper maybe it's the 460 level and then all of a sudden they'll announce the 900 to one split and you'll see the ddz not at 481 but at 40.81 or 400 whatever it is they always do that and then over the months it goes back to four this is what they keep doing all the time with these etfs the two and three times etfs all right enough with that question i had about just real quickly in the crude oil the crude oil trading at 58.80 56.87 yes i do think it's stuck in the range and i drew this rectangle that's gone above it a little bit and then back in in the range again and then below it and then back in the range so i'm thinking that the magnet now is a 57 30 area up and down and up and down but 57 it's kind of where it wants to keep coming back so even it goes down unless it breaks 54 that'll be very serious then you'll see something in the xal xal which is the airline index look at that leg d finally we've got our leg d in the daily very nice move up a dollar 29 and 109.29 and there's your d i'm going to put that in leg c in the weekly so this is oh and there's a breakout in the monthly it's finally we're seeing some action now i've got a couple of things that i want to quickly add before this break comes up if instead the reason why we want to we've remained long and the reason why even today i didn't add to the short position even though we are short the dow from seven points off the high on a different separate trade altogether is because if you take time to move sideways look at the uh let me go to the go to the maybe the spy because many of you this instead of going to index is easier just to go SPY look at the spy 301.13 is the all-time high i'm going to go one at a time the the date he says is taking a lot of time but it's gone to an all-time high 294.95 was the high back in uh september no oh it's about may i'm sorry may of this year and then it plumbers down to 273 i should say plum it drops very sharply down below the 200 removing areas and then look at the MACD turns up and look what's happened and now you can see you've really gone sideways for the last two weeks or three weeks you're used you're surping energy in the in the MACD stochastic's fallen all the way to 61 but the price is within a point of an all-time high that's what counts price is the arbiter of the trend don't get it confused and i i wanted to show something i'm gonna ask Dave why if i can if i can use this maybe tomorrow i'll ask him for permission i wanted to show something on his oscillator he's not in non-oscillator which is really a fantastic instrument but i wanted to show something i if i can do it here i'll do it here let me just see if i can find one yeah there are this is a good example you see the way the MACD is coming down here from the high end march when we got that peak D and there was a dip in the price of the S&P and it goes from 281 87 on the 4th of March it goes down to uh 272.42 feels like a lot but when you're looking at this it's just barely a blip and then it goes back above the moving averages and then goes under it but holds them on a closing basis look at the weakness in the MACD it deflected lower because it's stochastic how sharply it fell and then rallied and then a sharply and yet the price basic was making higher highs and higher lows how do you deal with that what techniques can you use and that's the issue that's what i show subscribers to my opening call that's the reason why we've kind of stuck with what we've we've been long and we try to add to it when we can because if you're getting price movement that is very positive and the technicals are deteriorating but the price refuses to acknowledge it and says no i'm really not interested you know why don't you find something else to worry about because i'm just holding great i mean i i like what i'm doing here you're making it like it's a big deal but actually it's not a big deal um even i couldn't put a down arrow off to the peak f i should have technically because the MACD is stochastic turned down but it barely it barely closed below the 14 premium ravage and now it's holding but here's the other thing if it goes another day and all of a sudden it starts to fail because of maybe china the talks are not going as well i don't i don't care what it is whatever the news is um then what we're going to see is from the high that was made on the 15th at 3 or 1.13 to the high that's made maybe tomorrow the next day maybe even monday the technicals have not verified that high and if there then is weakness it says now watch out because you've used up your time just use it as you did back in when we had our cell signal um i mean just for them i'll stick with us when we got the cell signal in the dowel i'm using the s&p but look how long it took before the technicals actually broke down it was like five or six or even seven days before all the technicals gave signals so that's what i'm saying that's the only way you're going to get a pretty serious sell-off is that we've already used up most of the time one two three four five six seven seven sessions since the all-time high three or 1.13 so you could say wait a minute seven sessions in such a big bull market you still have a mate in your hide what's with that i agree i think that is an issue but at the same time this hell fantastically i mean if you were short this you'd be looking at a bit of a loss if you were shorted anyway other than from the the next day to confirm the pf but at the same time this doesn't look like a b it looks like if it isn't your all-time life it's the most common trait that we tigers and tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets i'm steve roads author of mastering probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer in the nation for the s and p 500 for the last 12 six and three months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and i'll teach you the exact set of tools that i use that has transformed me into one of the best at what i do sign up for mastering probability today by clicking on the newsletter tab on the homepage of tfnn.com and get immediate access to workshops where i take you step by step how to use an extraordinary set of tools as well as provide great market calls to sign up today if you haven't checked out the newsletters page of tfnn.com what are you waiting for all of the tfnn newsletters are 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so the spy needs to close below 297 60 somewhere around there closes under that and says okay finally you should see deterioration in the technicals and the price but it hasn't done that yet now what i did want to say is that if there is a move by tuesday wednesday of next week going to the end of the month and the dow starts to trade in the 27 450 or higher area area and the s&p breaks out the spy starts to go into the 30 250 303 this is the move that might force people in and i'm looking at this and you know we are along the II which is the broker dealer etf this is that a spectacular move very quietly uh and be careful trading this it has very low volume but it's trading at 6609 i we're in since 60 and it's up 10 percent and in a very quiet market so if this thing starts to take out i'd say for a long time if it goes to 65s and then choose the 63s as support and then breaks into the 67s i think it's just going to be telling me that people are buying stocks people are in the market they're not talking about it but they're actually in it and that's going to be that that'll get this next phase much quicker than i thought i thought we'd have to have a timeout before we get the next phase i'm just dealing with numbers that's all so we'll see how we can get out of it in the next day the next up up to friday's close you're going to see whether it isn't a pullback but if it wasn't today and there was good opportunity wow this is really good action so that's that junk jnk is the question about it jnk is the spot smiter barclays high yield bond fund peak d at the 200-period moving average of 109.29 just four weeks ago it's still sitting there it's at 108.72 that's like a magnet that's the high yields and i suggest to you that we got to watch yields there's a even though the fed comes out later in a week's time it talks about rates maybe the market just has its own thing going here so watch 133.50 on the upside for a breakout for yields to go lower the tlt to go higher the tlt goes below 129.50 it says yields are going quite a bit higher okay thank you for being here thank you for steve david and toml brine i'll be back tomorrow check out my opening call my daily newsletter and i'll be looking forward to seeing you tomorrow have a great day