 is a presentation of TFNN. The Tom O'Brien Show is produced every business day. Tom takes your phone calls toll-free at 1-877-927-6648 internationally at 727-873-7618. Let's go to Eddie and book our town. Hey, Eddie, what's going on? Hey, Tom, how are you, man? I'm doing great, man, yourself? Good, good. It is a treasure to have TFNN every hour during the trading day to be there, to help you to guide you, and even to give you some peace of mind, or like that somebody else is there with you while you're training this crazy market, either up or down. Well, listen, we appreciate you growling a problem with us out here, because we wouldn't be out here, folks, if we didn't have all you guys, gals, tigers and tigers as clients. And the market teaches you every single day, man. Now, Tom O'Brien. Welcome, folks. This is Tom O'Brien of TFNN. We have five days a week. We go seven hours a day. We go 24 hours a day on the internet at tfnn.com. Always remember, folks, whatever you think about, you bring about whatever. You focus on growth. Hope everyone's having a great day, safe day. Let's make a great week, folks. September 13th, kicking into fall. You're going to love it. Serve the one you love. Once you decide to be a couple, you're there to serve the one you love, to serve your love to your lover. And every kiss and every touch, you feel you're there to please the one you love without expecting anything back. Market wise, let's take a look at it out here. We have the Dow Industrial's up 126. NASDAQ's down 65. S&P's off 8 and 1 half. Gold contract up 230, trading $17.94 an ounce. We've got Silver Dow at 16 cents, $23.74 an ounce. Light Sweet Crude up 81 cents, $70.53 a barrel notes and bonds. The 10-year up 5 ticks, $133.10, the 30-year up 16 at $163.07, and $king dollar, $king dollar. Up 99 ticks, trading $92.681, Euro 118, yen 110, British pound, $138 to one at US dollar. iPhone number's 877, 9276648. What's up, folks? Want to know what's going on in your world? And the world of the S&Ps, let's take a look at them. What do you have? Well, we rolled on Friday, folks. You rolled downtown, you had volume on the move. You're following through out here today. The spy is at 444.89, and anything inside 447, which we're in, sets up the next leg down, which would be approximately 437. And right now, and 437, by the way, folks, is only the high of the, it just got into a lower range. It's not in the lower range yet. My take of the spy is going to get down on this get go right now to 431, actually. So we'll see how it handles 437 first. But that's how it's set up. The day that you want to keep your eye on is on 19th of July. That's what my take is that we're going to get down into. NDX 100, same type of setup inside the NDX. And you saw the NDX. The NDX, OK, they sold this thing off so fast this month it couldn't see straight. And you're going to get an expansion of volume. So you get the NDX right now at down $1.60. Friday, we did the 40 million shares. You're already at 39.5 million right now. We'll end up doing 50 million. That is saying that the NDX, well, the cues are going to run down to 368 right now, or 374. Now, the benchmark, the day that I'm talking about on the 17th, is 352. So I suspect we're going to get down into that level. And guess what? I mean, the bottom line, it doesn't have to stop at that level. What you have there is that that is a high volume low that I do expect that we're going to get tested. High volume lows, once you turn, folks, OK? They love to go after them. It's like a magnet. And in this particular case, we've been at highs, dramatically lighter volume, all of the above. We do have triple witching coming in this week, which is going to have high volatility. Great trading. That's the real bottom line. It's going to be fabulous trading, because you wouldn't like it. It's going to be a two-way market going down into this lower level. Gold. Gold contract out here, finally, well, the equities are getting a lot more bid than the gold contract. The gold contract rejected 1784 out here today. You're at 1794, which is no big deal. But guess what? It's a big deal inside of the equity market, because the equity market, we're just ready to jump over a freaking cliff. The GDX, now the GDX is up $0.75. This didn't get into its lows. That was kind of showing how strong some of the gold equities are. The GDX has volume at the price point of $33.52. I suspect we're going to get there. It looks to me like the GDX actually wants to go up to $35.83. That being said, there's plenty of equities. In fact, if we go to the XAU and the HUI, that they looked about as bad as you can get. I mean, they were set up. If we didn't catch a bid out here today, it's like, OK, man. You can see the bottom of this consolidation that we really started going all the way back. We hit a high of 2020, August 2020. You come down like the XAU. That low of the bottom of the consolidation was 128. Well, the XAU made it to 124 and then rejected it. We made it last week to 129. Today we did 128. So we needed this coming out of there in a monster way. Notes and bonds still want higher price. Pretty amazing, too, when you take a look at notes and bonds, man. I mean, the bottom line is that the bids just continue to come in inside the note and bond market. What we do have worldwide is that these rates are still really high. That's the real bottom line. Power rates in the US. And the bottom line is that there's plenty of cash around the world looking for a place to park. And what you actually have here is that this is not so much as a trade that you and I do every day. What this is, folks, is balance sheets just basically getting as close as they can to a delta neutral, meaning that big insurance companies have a liability on one side. What they're trying to do is get the asset on the other side to match the liability. And one of the easiest ways to do that, there's no two ways about it, is to turn around, get in the bond market, either get a 10, 20-year bond, 16-year bond, but the bottom line. So what happens in the bond market is this. We've got 2s, 5s, 10s, 20s, 30s. That being said, let's say that we were an insurance company. We had a match out that, oh man, OK, hold it. We think that we're going to have to pay off so much in 17 years. Well, that's where a TLT comes in. We could go into that bond market and find, OK, I want 20-year minus bonds that expire in 17 years. We get 17 years. Guess what? We buy those babies. You just keep them in there. That takes care of the other side of the balance sheet. And I suspect that's exactly what we have happening in the world, because what we still have is that we have still much higher rates than everyone else in the world. Some of the higher volume equities out here today, looking at this market, we have, let's see, Apple is up $0.42. They're going to do their dog and pony show tomorrow. Apple wants lower price. What do you have with Apple out here? Apple came down off its high with volume on Friday. Bottom line is you get a sideways move. This will probably mess around here for a couple of days. They're very good at PR. You know, bottom line, push and push and push. That being said, you know, my take is that Apple's going to lower price. NVIDIA, NVDA, this is down $5. That's a big deal. It's not. But as I said many times, the chips can take you higher and the chips can take you lower. And we have with NVIDIA is that it couldn't hold higher price today at $2.29. You're trading $2.20. This thing is strong as a bull, but the bottom line is that guess what? Even bulls can basically get pushed around a little. And that's what's going on right now. Stay right there, folks. Come right back. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years. A frequent contributor to TD Ameritrade Network and CNBC, Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. Tom's Daily Market Newsletter, Market Insights, is published every morning when the market's open. To give you the competitive informational edge you need to succeed, these newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio. Get Tom O'Brien's newsletter, Market Insights, today. And try all of our products and newsletters 30 days risk-free with our money back guarantee at TFNN.com. TFNN, educating investors. What's separating you from the most successful men and women on Wall Street? That's right, information. 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At TFNN, you'll get advice and guidance from the authority in technical market analysis, and it's not just dry, tedious text either. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern for free. Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN. Educating investors. Call now. Toll free at 1-877-927-6648 internationally at 727-873-7618. Welcome back, folks, to Dow. Dow's up 192, we get the Nasdaq down 38. S&P's the flat. Let's go over to our MMS to Steve Rose as we do each and every Monday at 20 past the hour. And don't forget, folks, Steve has an outstanding show every trading day right here, one to two Eastern standard time. Also, there's a great newsletter, the Mastering Probability. Now, it's very easy to get Steve's newsletter. Come over to our website at TFNN. You're gonna see it right under Featured Content. You just hit Mastering Probability. You're gonna hit that Subscribe button. You can get Mastering Probability for one month for $149. You can get it for six months for 6.95, which is a savings of $199 or 22%. You can get it for one year for $11.95, which is a savings of $593 or 33%. Now, they all come with a 30-day money back guarantee, folks, okay, great newsletter, great time to do it. We get volatility in spades, man. You want trades, you want volatility, we have it all. Steve Rose, what's going on? Well, you know, the other thing we've got is great sports in Tampa. I know. You know, off to a great start last Thursday. Yep. And then you got the raise. I think they are still eight, nine, 10 games out in front of the Red Sox. I think out there, has it come into the season? It's amazing, man. I mean, you know, for folks down here, this is a sports town anyway, but now we're winning everything. So it's really wild, man. I mean, it really is. You know, when you go to Publix and you're going shopping, I mean, depending what day it is, right, you should see these people, Steve. They're all decked out, I mean, in everything now. Absolutely. Yeah. Yeah, yeah, yeah, that's the beauty of it. What are we gonna wear, man? We need something to wear for the market. Well, well, you know what's interesting? I was listening to your show, you know, both your market update as well as just part of the show. And one of the things that you were chatting about were the interest rates. Yes. And the negative interest rates, I think during the market update, you started listening to Switzerland and, you know, lots of VU out there. And I don't know what the total value is of negative interest rate, debt denominated in U.S., U.S. currency. Right now, I think it's like four trillion or something. It's an outrageous amount, yeah. Yeah, so first it's just kind of hard to wrap your head around the negative interest rates. Right. But even if you do wrap it around, can you imagine, as you were pointing out, our interest rates are higher and our interest rates rise, just the pressure that puts on that four trillion or whatever that amount is that is over there. Let alone we got the U.S. dollar index, you know, kind of moving higher versus lower, generally speaking at this stage. So yes, we absolutely have interesting markets out here. And we're in that cycle, as we've talked about, we're in that unfavorable seasonal cycle, which typically lasts from July through October. So the sell-off that we saw last week that seems to be having some steam, we may in fact see the markets move lower into October. Now from a monthly perspective, September as itself, as it stands on its own, has the lowest odds of closing above the prior month's higher, August high out here. So it's the lowest, it's only over the last, since 1970, it's been a 37% chance of the Dow in September finishing closer than August. So we're certainly in this rocky period of time. Now the Dow itself generated several different A to B equal CD patterns. The most recent one was on August 17th, when it generated a sell the D point. So we certainly have topping signals out here and that would suggest perhaps moving lower into October. Now a move lower in the Dow is also supported by taking a look at the Dow equity future contract. And that's what we have up on our screen right now. And the blue lines represent the TAS market profiles. And so on Thursday last week, price closed below the bottom, that's a signal of a potential change in trend. Then on Friday, it was a big close below that and today we've had some additional follow through. So this chart here from a daily perspective says that price should continue to move lower. Now, from a market profile standpoint, what I like to do is if on a daily timeframe, I've got a break of support or resistance to figure out from a profile perspective, where is the next target? I go to that next upper timeframe. So if I'm on a 60 minute, I might go to 120. On a daily, I would go to a weekly. Well, this is actually the daily timeframe chart. If we now go to the weekly chart and take a look at its profile levels, here what this shows us is that 34, 392 is going to be the key level. As you had mentioned during your show, the Dow has been the weakest out here and the Dow is one that is closest to the bottom of its weekly profile. So the level for folks to be watching is 34, 392. If price closed below that, that's a real good indication to us, Tom, that the market should move lower into that October time period. And I don't want to try to pick out a date, just simply that prices should continue to move lower into their normal seasonal cycle low that typically takes place in about the middle of October. Now, a close below both a daily and a weekly profile is going to give us that change in trend signal. And what I do is I take people back to the left-hand side of this chart and the red arrow. Now this takes us back into the March or February 2020 timeframe and we can see first price closed below. Again, this is a daily chart that we're looking at, but it has both daily and weekly profile levels. Each of these profile levels folks, the blue line is the daily, the green lines are the weekly. And I'm just looking at support because we've got a market that's moving lower. We want to try to understand is there a change in trend signal? So here we can see just the importance of that 34, 392 because if that gives way, price should move to lower price. And at lower prices, it's around the 33,000 area. I don't have that off the top of my head. I'm just kind of ballparking it based upon this chart here, which would be a prior weekly horizontal trade, a weekly profile level. So very similar. And we know what to watch for 34, 392 is the number out there. Now, if the YM's monthly chart, so the YM's monthly chart, so I can go from daily, which we've done, daily profiles to then weekly profiles. And now we're on the chart that shows our monthly timeframe. And it just so turns out that in the month of September, we have a brand new and it's a bearish structured monthly profile. So price closes below the level we looked at on a weekly basis and then it can close below 34, 305. That's the center of this bearish structured monthly profile. Then that's gonna suggest move back into the 32, 443 area. So we can take daily profiles, which we know price is below in the Dow, then go to our weekly. So we know where price could find support or should find support. And if that level fails, we can then come over to the monthly chart and take a look at where price would head to. And that would be the 32, 443. So that's the bearish side of the trade. Sacrilegious, sacrilegious man. There's always two sides to a trade. And this is the interesting part of it. This is the Dow. Now I've got the continuous contract, doesn't matter because here what I'm just looking for are what I refer to as knee jerk lows. And if we can take a look at coming off the March, this weekly chart now, coming off the March bottom, we can see, now this just shows the numbers out here, the ones, the twos and threes. This is showing consecutive closes below a prior period or a prior week. So we're looking at a weekly chart out here. You can see that most of the retracement or moves lower completed with two bars. Last week, Friday was bar number two. We've had one instance, which was bar number three. This takes us back into the November timeframe. So we have both the bearish side and the bullish side. If we start getting to four weeks in a row, consecutive lower closes out here, that's gonna signal that we've got this change in trend that takes us into October as well. So there's always two sides to a trade folks. Not trying to make anything up or anything, but just take a look at this chart here. And there's the possibility that in fact, Friday was the yellow out there. So we got both sides of the trade. And as you said, volatility is continuing to increase. So there's gonna be trades on both sides of the aisle. Great update, man. I'm telling you, it is amazing. This market has been something else, man. And it is no doubt. I mean, and as you said, when we've had a correction, it's been what, a three day correction. So we'll see where this shakes out, man. Yeah, yeah, yeah, exactly. Hey, Tom, always good to talk to you. Have a great day. You have a great one. A safe one. We look forward to the show tomorrow, Steve. Thanks, Tom. Stay right there, folks. We're coming right back. We have the downed industrials up 195. Now as it gets down 31, S&P's a flat. We'll come right back. Are you having fun trading the markets, but having trouble finding like-minded individuals to discuss your trading and investment ideas with? Become an apex predator in the trading markets and join the Tiger's Den trading room only at tfnn.com. The Tiger's Den is an exclusive trading room where successful traders from around the world come to exchange trades and ideas. Join the den and surround yourself with the sharpest minds in the trading world. Subscribers to the Tiger's Den are also the first to have their questions answered live on air and can privately chat with our TfNN hosts live during their shows. 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And make sure you check out Tiger TV for free on tfnn.com or TfNN's YouTube channel for live financial content from 8.30 a.m. to 4.00 p.m. Eastern on market days. Stop watching on the sidelines while other people get rich and become the investor you were born to be. TfNN, educating investors. TfNN is excited about our new software charting program, The Art of Timing the Trade Charts. In collaboration with Tom O'Brien and using his best-selling book, The Art of Timing the Trade, Your Ultimate Trading Mastery System, David White has programmed an outstanding piece of software that will complement any trader's methodology. Using this first-of-its-kind program, The Art of Timing the Trade Charts allows you to scan thousands of stocks for Fibonacci formation setups, including art lease, ABCs, butterflies, and much more. The Art of Timing the Trade Charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. And right now, we're offering licenses available at only $79 a month. We are so confident that you're gonna love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece 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. Welcome back, folks. Sit down. That one that shows right now of 220. Get the NASDAQ guy down 19. S&Ps are up five. Let's go to my man, John and Philly. What's going on, brother? Hey, John, it's good to talk to you. I have to tell you, it always boggles my mind that it has been since I first just spunked. I can't either, man. That's crazy, Z. That's insane. 16 years. And up until that point, to certain something in market analysis and the feel of the market that you brought illumination and it was the action of what you've always called the operators. And I remember going back 16 years, you telling stories of your history in trading rooms before you started tfnn with the Sewers Bandits and then with the ECN, the electronic... Isn't that crazy about ARCA? Yeah, I know, let me tell you. You know it's wild, folks, so pitch this. I'll just tell you this story quick, because you were talking about ARCA this morning. So what happened, folks, listen to this. This is a great story for a software writer. The people that actually own the New York Stock Exchange right now, the guy that was ARCA, his name is Stuart Townsend, was in my office in 1994. And it was one of these deals that you don't know how much you actually know. So I sat with him for a week. He was wanting to know what he should put in the system. And so what the deal was, I got the system for nothing, which was a great deal at that point. But the bottom line, he ended up selling it. He ended up, that ended up being the New York Stock Exchange, which is a mind blow. I mean, they sold it for, I don't know, 400 million or something. But that's, everything was changing then. You know what I mean? The way this worked, folks, is that first it was instant that you could cut the bid and offers, then it was ARCA. And ARCA just ended up having the best setup. But I watched that guy go from a software writer to, I don't know if he's a billionaire or a multi-millionaire, but bottom line is pretty cool. You know what I mean? That is, that is indeed. Well, back to the present term. The stock market rally, frankly continued and kind of stalled as of the close of business Monday, August 30th. So the Monday right before Labor Day. Yes. And ever since, I've seen it, and you've talked about it on your show, signs of distribution. More importantly, or more recently, last Thursday, Friday, and this morning, there's been this interesting phenomena whereby the futures markets and the futures, the E-mini S&P's or the NANDAC, have been bid up between, say, 2 a.m. and 9, Thursday, Friday, and today. And then lo and behold, once the cash market opens at 9.30, there's an unleash of aggressive, and at least for a short time, high-volume selling. So I wanted to ask, if you can describe the mechanics by which you see the operators, quote-unquote, using the futures market to get a position where you can unload cash equities at better prices, come that 9.30 open, please. I'd love to listen to hear you talk about that. Right. And what happens, what you see in there, Z, and folks, is this, is that if you remember, I don't know, we haven't had a correction a long period of time, but whether it was five or six years ago, what happens is that when you do see the futures get bid up overnight with no juice on them, it's, you know, I mean, I love waking up and having them bid up. That's the bottom line, okay? Because what happens, folks, is that you, you know, everyone, if you're gonna sell the market, you wanna sell the market at a higher price. You know, we'll see where this whole thing's gonna shake out, you know, because this one here has been at such a long period of time that we haven't got any type of correction whatsoever. But that deal about bidding futures up overnight is very easy to do for the large broker dealists, because there's actually a tiger that was working for Goldman at one point that was explaining to us that, listen to this, this is crazy, this was, now I'm going back 2007 because he was in, he came down to Clearwater and he still worked for Goldman, but he was telling us what he actually does. They kept him in the office, him and another trader all night long, and all night long, their job, their only job, so picture they get, who knows how many billions and trillions, right? You know, and equity. So their job was to keep the market either flat or crawling up slightly all night long, and then as the, all the traders come in, then bottom line, yeah, you get a bigger market. My point is, is that overnight folks, okay, when you were broke a deal, and you have unlimited amounts of money, and they do. I mean, Goldman Sachs has unlimited amounts of money because they just do, they could double triple up and the markets are a liquid. And- That's just a fact, Jack. Yeah, and you know, I learned a lot from him. I thought I was hearing things, man, like whoa, okay. That there's only two people in that office, but yet the key there was what he said about unlimited amounts of money, that they would try to jam it as much as they could. Every time, you know, bid, bid, bid, and nothing, it's not like they just wanted to keep the market higher because the bottom line is that they wanted to stay delta-neutral, that's what they're trying to do. So, you know, well, it's gonna be intriguing, man, I mean, to see what type of correction we get, you know. I mean, my take is that's going to the bottom of consolidation, and I hope that's all it is, because that, the bottom of this consolidation, if that's where we're going, you know, if you're fully invested, folks, okay, you're gonna be totally flipped out, and you shouldn't be, because that's not that far, but I understand when we haven't had a correction for this amount of time, that's gonna feel like a deep correction. You know what I mean, so. Indeed, thanks for the conversation. Okay, man, you have a great one and a safe one. And the, yeah, because when we take a look from the highs to the lows, that's not a lot where I'm talking, there's no doubt, but we'll see where this whole baby's gonna go. Let's go take a look at a couple of the big dogs out here. If we take a look at Amazon, Amazon right now, she's backing down. Now, if you like Amazon, this is how inequity actually should back down. You know, my take is that Amazon actually is gonna back down again to 31, 37. All right, now you're at 34. The reason I'm saying that, folks, is that that's a high volume, high, high volume low, rather. And now what we're doing, though, this is what's really cool. So picture, you have the high volume low. That high volume low is 4.6 million shares. We came in close to it with 3.5. So that's telling me, number one, that what you have here is that more than likely it's gonna stick. Now, if we take a look at what happened the last few weeks, well, you went higher and you had some good juice in Amazon all the way up to the price point of 34.72. Now you're backing down with light volume. If that continues and then you can get that test and that test is on light volume, that's a beautiful setup. The price will scare you, but it's a great setup when you've already come close to the test at the low. You've got a lot higher in its own strength, then you're backing down again and as you're backing down, the contraction is happening again. And as close as you can get to the bottom of that consolidation, bottom line, the more probability is that you will get a rejection of lower price and that wants to go higher. I would set that up with the market in general. That's kind of how you should start at this particular point, looking for equities that you wanted to get into that you couldn't get into because they were too high. Dow's up 231, Nasdaq is down 23, S&P's up four. Stay right there folks, come right back. Are you in the market for buying or selling real estate in the Bay Area, including the surrounding St. Petersburg, Tampa and Clearwater markets? Tiger Real Estate LLC is a firm that has extensive experience in the Tampa Bay Area. 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Visit DirectionInvestments.com slash Biotech today. An investor should consider the investment objectives, risks, charges, and expenses of the Direction Chairs carefully before investing. The Prospectus and Summary Prospectus contain this and other information about Direction Chairs. To obtain a Prospectus or Summary Prospectus, please contact Direction Chairs 866-476-7523. The Prospectus or Summary Prospectus should be read carefully before investing. An investment in the funds is subject to risk including the possible loss of principal. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, Four-Side Fund Services, LLC. At 1-877-927-6648. Internationally, at 727-873-7618. I'm O'Brien. Welcome back, folks. Dow Industrial is right now up 219. You get the Nasdaq down 30. S&Ps are up three and a half. Our guest today, folks, is Bill Letera. Bill is the Chairman and CEO of iSocrates. Now, check this out. This is pretty cool. Bill's a former Wall Street Head of Research and Portfolio Manager in the 1990s, folks. Bottom line, Bill started art.com when Jeff Bezos was out there with Amazon and the bottom line, Getty Images bought it. Bill's got a new company, it's iSocrates. Bill, welcome to TFNN. Thank you very much. How are you doing? I'm doing great, man, yourself? Good, a little bit hot and humid here in Florida, but we're doing okay. And we're glad you're in St. Pete, man. We're definitely glad you're in St. Pete. So, hey, so tell us exactly what this company is. Yeah, you bet, happy to do so. So, iSocrates began life a little over six years ago. We work in the digital media and marketing industry, started out doing some pretty high-end consulting work around strategy and operations. And all about 90 minutes into our first major consulting assignment became pretty clear that companies were having difficulty executing with all these literally thousands of platforms that they have to work with and didn't take long for us to figure out, gee, there's an opportunity here. In addition to the consulting, maybe we should be doing hands-on execution, letting them outsource to us and where we can run mission-critical applications for them in media and marketing. Publishers, marketers, agencies, different data and tech companies. And we're headquartered in St. Pete, but it's a global business today and we've got clients around the world. We've taken those services that we've been providing and learned where the gaps are in the technology. And so, like many companies, we are evolving a SaaS solution to go with our services. So, like if a large company wants to advertise, would they basically hire in you so that you could figure out what these different platforms are doing and just what type of return on investment they could get? Is that what we're talking? Yeah, and we're hands-on keyboard actually planning and buying or in the case of media companies selling, doing the monetization for them? Okay. Reporting in analytics, data science, all that. Runs 24 hours a day, seven days a week in our operations. Yeah, this business has come so far. It's really intriguing. Large companies, you'd be really surprised, folks. Large companies spending a huge amount of money that they really don't understand. It kind of, how this works. And the advertising companies have everything to gain and zero to lose by just saying, okay, you got this many hits. I mean, years ago, Bill, I used to own radio stations and Abitran used to drive me crazy because I'd be saying to myself, this is amazing that a large company would just buy this buy based on a certain amount. But I've seen it and where we are right now. I still see it. I actually got a spreadsheet because we do a lot with a couple big advertising firms and they sent me a spreadsheet one day that they never sure sent me and it was like, I thought I was seeing things, man. I mean, and what it was, it was supposedly the number of hits that these large companies were getting, but if anyone ever drilled down to it, they'd realize that this is not what they need and more than likely that's what you're digging into. You know. I mean, the reality is that not only is there a lot of waste in the system, but increasingly, particularly in this economy, it's hard to find the staff that sophisticated understands that's affordable and available. Yes. We've been able to fill that hole, fortunately. So businesses has been very good and it has allowed us to be able to reinvest in building our own technology. So after having been a professional services company for so long, we have begun to build Madtech BI, which is our SaaS platform and very fortunately for us, all of our services clients have taken the platform and now other new clients who've never been services clients are taking it. So we're benefiting from a lot of learning here and on our way to building a nice growth company. It's a great name, Madtech. That's definitely a great name. So what level company-wise, like with gross numbers, would be your clients? Is it 5 million, 10 million, 20 million, 1 million? Where are we at in that? Typically when they're on the buy side, it's gonna be companies that have over a million dollars a year or over $100,000 a month to spend on digital media and marketing. But since you're from the radio business, you might remember Enercom. Oh yeah. CBS News, they are a long time customer for us. Gosh, probably going on almost five years already. Yeah. Do work for them and a lot of other big businesses that you know, but it can be a smaller company. I think the big thing is, if you're looking for full transparency, lower costs, very significant accountability, we're the right people to go with. If you're looking for a full service agency and you really don't wanna know more about what's going on, we're probably not the right fit. All right. Where do you feel the most amount of advertising fraud is in the business? That's it. I know. I'm not putting you on the spot because I know it's not close to what you do, okay? But we both know that it's like, oh my God, it's like, sometimes I'm trying to figure it out myself. Do you know what I mean? Absolutely. So first of all, there's fraud in many ways. I'm a graduate school professor in this subject matter and I definitely share this with my students every semester. I love it. This is definitely a business where caveat emptor, you wanna trust, but verify every step along the way throughout the ecosystem because there's plenty of fraud. I think that probably the biggest fraud from a dollar standpoint is gonna be in the ad inventory itself. What advertisers believe they're buying, but actually what is not being delivered. But something that can also happen where the publishers are getting short change themselves. Overall, what I would suggest is I'm not familiar with another commodity industry where fraud is a bigger factor. And I'm gonna call it flat out. This is a commodity industry. These are companies that are being bought and sold and increasingly in auction-based transactions, just like financial services evolve to, basically from May 1st of 1975 with the onset of a negotiated commissions of the New York Stock Exchange. And that was really the beginning of loosening up of the market. In the same way, electronic real-time auctions have come to advertising inventory. And we're seeing the same kinds of challenges but in a very short, much more compressed period of time. And in that activity, with hundreds of billions of dollars being transacted in auctions going forward, there's plenty of fraud. So this is not a place for the timid. And you really, it requires constant observation and clients, they need to know what's going on. And you know what's so cool when clients do know what's going on, folks, okay? It's awesome, because if they're educated, I can tell you from me trying to sell them advertising, it's much easier. When they're not, it's a real problem, man. I mean, because they can say to me, I've got this many, what I can't say to them that, hey man, you better go check it again because I know you don't have this many. Meaning, and that conversation is very hard when I'm on the selling end of it, do you know what I mean? Yeah. Yeah, I don't think if it, just so it's what it's worth, I don't think it's just going to be the unification of all those things, because there's a lot of platforms involved. This is a complex industry. No, there's no doubt. Well, listen, this has been a pleasure. Appreciate the update. Appreciate the education. I'd love to have you on again, Bill. Great, thanks so much. Thank you. Have a great one. Have a safe one. Say it right there, folks. Come right back. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNN, you'll get advice and guidance from the authority in technical market analysis, and it's not just dry, tedious text either. TFNN airs live financial content streamed live on tfnn.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern for free. 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The Tiger First Mortgage program may be just the program for you. The Tiger First Mortgage program pays 7% per year, paid monthly. For more information, you can call 877-518-9190. That's 877-518-9190. Don't forget, you can listen to TFNN, live on your mobile device, 24 hours per day. Go to tfnn.com and hit Watch Tiger TV. That's tfnn.com and hit Watch Tiger TV. Welcome back, folks, sit down. Down industrial's right now at the 246, you get the Nasdaq down 21. S&Ps are off seven. If we go up, we're talking about Nike inside the den here and Nike, folks, is gonna be a confirmed ABC structure on the way down. It's about a 10-point A to B, equal C to D. You're taking out the B-point today. The B-point is 159.75. You need 6.5 million chairs. We get 6.5 million right now. That's gonna set up a run to 154. 154 is the high of the gap. And we'll see how that baby shakes out. Most times what does happen is that when you have gaps to this large, most times they go to the high of the gap first, you get a bounce, then they go after the gap. And in Nike's case, that gap is one monster. If we go into the ETF structures, looking at the volume out here today, you get follow-through and you get follow-through with volume. The spy right now has done 70 million. You're up 73 cents. We did 89 million. You're still inside the range. Anything inside the 447-11 is saying it wants lower price and the X100, same type of setup. Inside the three cues, excuse me, a lot more volume in the cues. The cues, yeah, it is already. The cues have done 45 million. Now, the volume exploded out of the cues on Friday. Still pitchless. The cues made a high of 23 million. You came out of that on the right-hand side of the hot shoe with 40 million, did 45 today. Bottom line, this is going after 368. You're at 376. Bottom line, these indices in general want lower price. We'll see how many more days of follow-through we get. I expect we're gonna get it. If you go look at the small caps, now, this is really cool. That's saying that the oil and gas and metals and materials are gonna go higher. That's what you have happening out here today. A rejected lower price. It's up a buck 22 right now and I expect what you're gonna see is, we'll go to the oil market first. We take a look at oil. What do you have with oil out here? Oil is up 85 cents. October, yeah, we're on October oil. This baby here, yeah, it's peeking its head up. Oil, this contract here wants to run up to $70. It's $70.59. Oh, you remember folks, the bank and claw your heart out the bull can run you over and thank God there's always another trade. Health happens in prosperity. Have a great night, have a safe night. Please come back and visit us tomorrow, folks. Tommy kicks us off, 9 a.m., great show. Have a great one, folks, have a safe one. Wee, we'll get them, folks. Building wealth trading in the stock market seems impossible to mo-