 Steve Rhodes, what's going on? Start building my arc over here. Oh, is it raining? Just in case it decides to not stop raining. Oh, we got that yesterday, in the day before. You know, is that a new storm coming in then? I know, this is, we got quite a bit of rain, man, no doubt. Yeah, it was great during the lockdown time period, at least on the southeast coast, because the weather was perfect, blue skies, low humidity, and then a boom, all of a sudden, the end of May, June rolls in, and it's just a, it's been a super soaker. So, and I don't, you know, I don't mind if it rains, I just prefer for it to rain in the evening time. That's totally, you know, but that... Well, golf courses, right? Four inches of rain, destroy a golf course, folks. Well, they don't destroy them, but you can't go out in it, that's the bottom line. That's right, that's right, that's right. So, hey, I thought we would start by taking a look at the markets, and first I want to make sure that folks truly understand that, you know, what you and I do here when we're taking a look at the markets, it's just so important, as you've did during your opening segment, where you're taking a look at so many different markets, and it's important to understand what's going on in the currency area, because we're all interconnected. So, we live in an interconnected world, meaning we've got to focus on more than just what is taking place in the US, and that also means that, and especially true with regard to our markets, is it's so important to understand what I refer to as the global flow of capital. There's always this big ball of money. I like to visualize this little metaphor, this big ball of money that's just floating around the world, and it's important for you and I to be able to figure out, is it being parked anywhere? Because it'll be parked where there's an area where there is an area of competence, we'll call it. And a way that I'm able to track this is with inside my e-signal software, this happens to be a table that takes us back to March of 2009, about 45 quarters ago. And here it becomes easy, because I track instruments, both in US dollars, that'll usually be the top line. And then in the comment column, as you can see, I've got the Dow price, Dow futures, and I've got Dow futures in euros, then in yen, and then in pounds, and then next to that is a column that's labeled ROC, that's the rate of change. So it gives you a feel for what the percentage rate of change has been from the low of that quarter, 45 quarters ago. So it takes us back into March of 2009. Now in real bull markets, what we see out here is we'll see a concentration of capital somewhere. Well, since that 09 bottom, the concentration of capital has been in the US, and it's been in the US in a massive way. If we take a look at the Dow futures as an example, this snapshot was probably from about an hour ago, about a 420% rate of change since that March low. Now if we start taking a look at the DAX, or the FTSE, or the Shanghai, we'll see a 213% or a 64% or a 23% or even gold since that time period, a 53% move. But as we take a look at major markets around the globe, it's very easy here to see where that global flow of capital was inside the US. In fact, when we take a look at how the Dow trade, it has traded in terms of euros to take into consideration either appreciation or depreciation of these currencies out here, we can see that the Dow had a 500% rate of change in terms of euros. So if you're trading the markets, you're sitting over in Europe, you're taking a look at how the Dow is performing, you've had a bigger winner priced in your local currency, which is the way that you would look at it versus going on in US dollars. And so this is where it's really important for us to try to figure out where is capital constraint. Doesn't necessarily have to be the US stock market, it could be commodities. Of course, if we take a look at the Goldman Sachs commodity index, we'll see that since March of 2009, it's down 59%. So certainly that's not where money had concentrated. Now, what we can also do is we don't have to just go to the 2009, the March 2009 bottom. Tom, you and I can take a look at March of 2020. And here when we see this, so it's been 12 weeks since that low. And we do see nice performance in the Dow via the diamonds out there, about 43%. Germany's got a 57% move off of the low using the ETF. So here I've got the ETFs and that way folks that are watching us, they can do this at home on their charts as well. But what this data table is telling us, telling me Tom, is there is no concentration of capital anywhere. That instead I take a look at this and say, this is just normal counter trend rally inside the markets. And this is worldwide. Now we can also take a look at the chart patterns that are going on worldwide. And you had mentioned the IWM Russell 2000. Thanks for doing that. Because I hadn't picked up on the fact that it didn't take out its prior highs. Which Tom is very similar to all of these other major markets out here. There was already problems brewing in Australia, in Canada, in Germany. Even though Germany's had a nice bounce off the bottom, lower left-hand panel, take a look at the descending trend line. In fact, this morning, or as of the close today, price got right up into that trend line. So the German DAX is close to a very key level of resistance out here. But this shows us all of these downtrends that were in place across the globe prior to the COVID-19. Now the exception here is the DAO. Now all that makes sense when we took a look at the global flow of capital. Now earlier I had mentioned that markets are interconnected. So this is a line chart that takes look at the DAO, the Shanghai, the Nikkei, and the DAX. We can see that markets tend to top and bottom at the same time. So if markets are topping, and if markets are topping right now, or whenever they would top, we should see signals across the globe. And if we take a look at the DAO right now, one of the tools that I use is the Tom DeMark nine count out here. Well, the DAO has completed that pattern and a top will be in place as long as price doesn't close above whatever the high today will be. So it's got a topping signal. The NDX 100, which led the markets higher on its weekly timeframe, is in a TD nine count pattern. The footsie completed a TD nine count top, but today, the Shanghai has completed a TD nine count. So to go take a look at all those charts would take a ton of time. Instead, Tom, I've got this little market analyzer tool that I've developed that subscribers and I track. We can see exactly what is going on across the globe utilizing these patterns. So if you take a look at this column, about five or five from the left out here, it's got D dash TD nine. These are the daily TD nine signals. This is in essence live as of maybe about a half an hour ago. And everything in pink out here is a potential topping signal. The next column to it is the Chapman wave. And I look for wave number seven or letter G. So look at all of the topping signals that are present on the daily timeframe. Look at all the topping signals. We go over several columns to the right on the weekly timeframe. We've got similar signals coming from the monthly timeframe. So this allows us to see what's going on across the globe and I'd summarize it like this, Tom. A market top may be just around the corner. And we're talking just over the course of the next couple of days out here. And I can tell you folks, go look at tailored brands. Steve, check this out. This is sick when you were just coming on the air, right? So tailored brands, okay, that's men's warehouse, right? We're trading at 244. They say they're going bankrupt, okay? And the stock's still up 17 cents. And folks, my point is that's as cool as it gets because that's what does happen at talks, man. If there's no doubt. Listen folks, come over to our website at TfN. You're going to see it right on the featured content, mastering probability, hit it, subscribe. Steve, we look forward to the program tomorrow. Thanks Tom, happy reading. Thank you. Stay right there folks, come right back.