 The following is a presentation of TFNN. The morning market kickoff with your host, Tommy O'Brien. Good Monday morning everybody. I'm Tommy O'Brien, company alive from TFNN just after 9 a.m. eastern time. We got about 24 minutes to go until the start of trading. I hope everyone had a great Thanksgiving holiday out there. Absolutely amazing getting four days off. Feels like a week and a half. Feels great to be back in the saddle though. Friday, market open for half a day. Just watching some of the market action. Boy, you talk about a tight trading range. You're talking about one to two points. Maybe three or four. You've got a little bit of an acceleration towards the end of the session on Friday. Zooming in on Friday's action. I mean, you're literally talking about from about 10.30 until the acceleration just in the last few minutes. S&Ps didn't move more than a point or two. So everyone was on vacation. They're coming back for today. And we got a little bit of negative action to kick things off. You got the S&Ps off by nine points or so. That was six o'clock last night. Let's recalibrate that. What's going on with my chart? Let's put it on a 15 minute. There it is. That gets everything. So we opened last night pretty flat. A little bit of volatility overnight session. You were as low as 45-52 in the S&Ps. That was putting you down about 15 points. We were just almost flat in the last half hour. Right now you're negative by nine again on the S&Ps. NASDAQ 100 when negative by 35 points. Just under 16,000. 15,986. You get the Dow off 59 points right now. And the Russell off by eight. Bitcoin almost made it to 40,000. Bitcoin had a little bit of volatility on Friday. That's for sure, man. Where's the next thing? I'm seeing some prop bets. It's interesting, right? So I have an extensive history playing online poker. A lot of the people in the online poker realm really got into crypto. So that's progressed to there. And boy, there are some people making some prop bets for some very lofty levels for the price of Bitcoin over the next one to two years, thinking this was really the turn of the edge. You get SBF out of there, run the Ponzi scheme, and you get Binance going absolutely legitimate, making the deal that they had to make. Yeah, that could be the next one, man. And Bitcoin in its own world right now, from 14,000 up to almost 40,000, still well off the 69,000. But you get the CEO of Coinbase out there saying that, and I had heard it, man. And I have been seeing these prop bets for some very smart, very wealthy individuals that I respect in the poker industry. They're all making bets. It's all a risk-reward game. Anything can happen. But there are some big players in the industry who have a presence in the crypto industry, and they have some lofty expectations, man, and crypto has been delivering recently. So Bitcoin this morning, though, down about $1,300. Crude. They're talking about Crude and the Tiger's Den this morning. Crude, $75.23. You close out Friday at near $77. Well, I guess we traded off. That was at about 11 o'clock in the morning before you got a little bit of a sell-off. Wednesday's huge acceleration had to do with OPEC delaying their meeting, going out a little bit further. So we'll see how that progresses. Gold, if you haven't signed up for the Gold Report yet, folks, check it out. I think my dad was talking about $2,500 or $2,600 on his show on Wednesday. Potentially. Like we say, everything's a nice risk-a-ward ratio. But boy, I mean, he's looking at this chart, and he's looking at absolutely remarkable, right, that you're talking about. You've been up here for a solid three-and-a-half years above $1,800, right? The highs from 2011, this is a monthly chart going back. I'm jumping around a bit, but 1917, 19, 23, 70, I have on my continuous chart going back. 2011, you get above that level. In June of 2020, and here we are, 40 months later, three years and four months, almost three-and-a-half years later, this thing's been pushing that 2,000 price point, and it looks like we're going to break above it. We'll see. We got a lot going on, right? We have yields pulling back. That's putting weakness in the dollar. That's part of the story here. I mean, gold, and pay attention, man, because I like that case. I said to myself, you know what? Maybe I need to gain a little bit more exposure to some of the equities in the gold report. They had a decent week last week, and it looks like they'll get a lift this morning up about $9, but try out the gold report, folks. Great time to do it. Right on the front page of TFNN, under the newsletters, everything we do, 30-day money-back guarantee, and that's going to do some of it. Now, that's a monthly. Let's put it back to a daily, just for some context here, but check it out, right? The dollar index still dropping. You're down eight pennies right now, $103.22 on the dollar index chart, and what's that correlating to? It's correlating to higher yields, man. Now, I don't think this is going to be a one-way trip to much lower yield, but I think that might have been it, man. I think that might have been the high, because we got the tenure at above 4.5%, nice round number. We ring that bell so often. The market just rings that bell on that exact spot, right? And we're trading at 4.45, 4.45% the yield on the tenure right now. Now, it's interesting. If you've been watching the program, we've been talking about the five-year ladder, right? The five-year risk-free rate of return. When I was talking about that on the program, folks, 5.13, it was pushing. I saw it goes high as 5.22, something like that. That was probably very near the highs here. 5.22, just like that, the five-year ladder, now under 5%. There's some... The 12-month, the one-year CDs are not available right now, and I pulled it up just on one of the brokerages. So it's giving a distorted view of what your five-year APY is, but nonetheless, quite a pullback, man. So pay attention to those. If you are looking for CDs, there's nothing wrong with scaling in right now. At least if you want to put some of that money in there. You want to take some of the money out of the S&P. You've been riding it out. You rode it out well, all the way back to these recent highs of 46.34. Just pay attention to it, because I think that that is the switch. Now, here's the kicker. If you ever wanted to get back within that channel line, you could trade all the way down to 106 on the 10-year, and you're just testing the upper boundary line of the channel line before you could bounce higher. So I think that channel line has probably left us in the past, and that's probably the switch, and it probably makes sense, because we're at a fairly restrictive policy rate right now. We've seen a little bit of a reversal. But pay attention, because you think about that, right? Okay, so how can you profit as a trader if that's where we're going? Well, one of the ways might be gold, okay? Because, boy, we've seen quite a pullback. And folks, this would just be the beginning. We still got some lofty yields here. We got the dollar push in 103, okay? Well off the 114, but you see the pullback this thing had early in the year, kind of getting ahead of itself, right? Of where yields might go. We put the dollar back longer term, and, you know, from 2002 to 2007, 2008, it traded below where we're at right now, where we are at right now. 2002 to 2008, what did we have? We had yields higher. Excuse me, wait. Yes, yields higher than where we are right now, okay? So we're at a critical point here, and, you know, maybe the 30-year begins to rise as those short-term yields pull back a bit. We get the un-inversion of that yield curve. Something to pay attention to, man. But, you know, that dollar index and that gold contract, I found myself thinking a lot about them this weekend. Quite the consolidation here. You have the U.S. pulling back on yields that's going to present some weakness in the dollar index. Europe still has some inflation problems. They're going to have to stay on that, and that's going to put a bid in some of the commodities out here. You've got gold, up by $9. Yeah, crude its own deal, right? Its own deal. We'll see when we get that OPEC meeting. Nonetheless, we've got a lot to talk about, folks. We've got some personal consumption expenditures coming up on Thursday. We have some FedSpeak this week. We're going to go over it all when we come back right after the break. 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We're getting a little bit of weakness in this market right now. You get the S&Ps off by about 10 points and NASDAQ 100, barely in the red by about 36. Dow off by 72 right now. The Russell off by nine. So we're talking a little bit of Black Friday. Did you get your shopping done? Did you get any sales? I got a few sales. I told you even early last week, they started Black Friday sales on Monday. I had flown back from Boston on Monday afternoon. Jacob was doing my show last Monday a week ago. We get home, come back to the car, excuse me, come back to the house, get a little settled, change our clothes, get refreshed, grab a bite to eat, and Tommy and I go out to Target. And so we were doing Black Friday shopping on Monday. And they had some good sales on Target. They did. And the numbers? Well, their record setting shouldn't be too surprising. Online spending record. Online revenue up 7.5% from last year. The one thing I will say, man, now I'm out a little bit near Central Florida as opposed to the East Coast. Clear what I say, Pete. The parking lots weren't even full. And that doesn't mean that they didn't have a bad season. Right. But the dramatic shift of people who are shopping in store versus shopping online parking lots, not even full. I'm going to sneeze. Excuse me there, folks. One second. There we go. Okay. Yeah. So we made it to one of the little Lakeland malls around here. Looking at one of the trees, right? What night was it? It was Saturday night. I want to say. Believe it was Saturday night. Did we make it to Target? I did make it to Target. No, that was... I'm confused on weekend nights, but I believe Saturday night, point being, they even had seats in the restaurant in the mall, right? People not in the mall. So online is where it's at, man. Online revenue up 7.5% from last year. Slow sales growth possible during broader holiday months. We'll see how it goes after the sale. You know, I found myself saying, hey, there was some decent sales on Target. If I'm going to buy something, I'm going to go do some searching today, actually, and see if I can get something that I may be able to get a little bit cheaper than I might be able to get it tomorrow or Wednesday. You still might have some sales throughout the season, folks. Don't get anything you don't need. But if you need something, probably not a bad time to do it. Let's see. Demand for electronics, smartwatches, TVs, and audio equipment. Help boost the day's online sales by 7.5% compared to last year. Consumers extended their budgets by leaning on buy now, pay later, which climbed by 72% from the week before Thanksgiving. These are always so distorted. Now, I'm sure people use it, okay? But you're talking about comparing a percentage of a buy now, pay later on people that did it for Black Friday versus when they did it the week before Thanksgiving. Well, percentages on small numbers, folks. We say it all the time, right? How many people are doing a buy now, pay later program the week before Black Friday? If you're going to purchase something and you can't even afford to pay for it right now, maybe what you did is you put it off to Black Friday. So they're doing a percentage off the number before. It's just totally distorting how that number may... I mean, tell me numbers, tell me real numbers. Nonetheless, a lot of people... Excuse me. Yeah, a little sneeze. Yeah, a lot of people doing buy now, pay later. We'll see how that pans out. U.S. online sales grew 9% year over year. Okay, so that was Adobe numbers, right? And this is Salesforce numbers. They track things slightly differently, so you get a little bit of a difference in the numbers. But U.S. sales, according to Salesforce, 9% was the number there. Driven by footwear, sporting goods, health and beauty, clothing home and beauty, discounts there. And the U.S. Salesforce predicted online sales will grow 1% during that period compared to 2022. Yeah, they're looking for dismal growth coming November and December. Initial forecasts, 0.2 dismal sales growth, maybe talking about 1% during that period of time. Let's see when this article came out in terms of when they're talking about that. Now, November 24th, so that's coming into the holidays what they're looking for. They're looking to grow 4.8%. So a little bit different numbers, nonetheless. People spending in a big way. You jump over to Cyber Monday? How about it? Cyber Monday sales made top $12 billion and been bargain hunting by now, pay later surge. Now, this one's out this morning from the street. Yeah, and it looks like I'm not the only one that's saying there's nothing like fear of missing out folks or a deadline. Right? My dad was interviewing Steve Forbes one time. And I think he asked him something like, you know, what gets you up in the morning? What motivates you? And he said deadline, something like that. Wouldn't get anything done without a deadline. Deadlines get things done. Set your deadlines, make sure they get done. That's the way to do it. Well, we get a deadline. Cyber Monday, that's the last day. And everyone's going to come hunting, man. As you're talking about $12 billion between 12 to 12.4 billion is what they're looking for, adding to about the $10 billion spent over the weekend. So look at that, right? $10 billion over the weekend. Today alone online, people are going to do $12 billion. It's all about online, man. Yeah, after the $9.8 billion Black Friday splurge, overall sales for Cyber Week, which include the five days beginning on Thanksgiving, up 5.4% from last year to $37.2 billion. How's the consumer doing, man? Can you imagine if, you know, we have all these memories of the stock market crash in 1987, right? All these, the financial crisis, all this stuff. And everybody's worried about the economy right now. But boy, these are some pretty lofty numbers, but everyone likes to spend, especially during the holidays. So we'll see how that translates. Yeah, just different numbers. You got MasterCut out there talking about maybe a 2.5% rise from last year, paced by an 8.5% in e-commerce sales. It's all about online. In-store transactions were only up 1.1%. Now think about the inflation going on for an in-store transaction to be up only 1.1%. Pretty sure that is not inflation-adjusted numbers you're dealing with there, right? All right, what else we got pulled up there? That's the one we just clicked on. That's the one we're reading there. Black Friday. I wanted to talk a little bit. Well, we got consumers. We got Cyber Monday deals. Forgive me one second. Here we go. Keeping in. How about Amazon? They're eclipsing both carriers and the gap is growing. The biggest delivery business in the U.S. is no longer UPS or FedEx, this one. From the journal out this morning, yeah, I was reading it this morning, Amazon has grabbed the crown of the biggest delivery business in the U.S. And it's a nice segue, right? I go over all those numbers. I go over how all the online growth is what is pushing things here. And then what is it? Yeah, it's that they deliver more packages to U.S. homes in 2022 than UPS after eclipsing FedEx in 2020. It's on track to widen the gap this year. I mean, it is amazing that they started this like 10 years ago and just took out everybody, right? A decade ago, they're a major customer. I mean, what's even more amazing is how well UPS and FedEx have held up as their biggest customer became their biggest competitor. I mean, look at this. When did Amazon start doing packages? Maybe they did it somewhere back here where UPS dropped from 77. I don't know. That was a financial crisis, too. Somebody has it in the den. I'll Google it. Wonder when Amazon started that because look at this chart, right? Yeah. Quite the pullback recently, man. But imagine that their biggest customer over the last 10 years just transitioned to their biggest competitor. And there's UPS held up pretty well. FedEx held up pretty well over that period of time. When you're talking about a 10-year period that your biggest customer becomes a big competitor, but you... Amazon, they're on the top and they're going nowhere, man. Last year, Amazon shipped 5.2 billion packages. Unbelievable. And UPS said its domestic volume this year is unlikely to exceed last year's 5.3. Just amazing. We'll finish this conversation up. We're coming back for the open, folks. We'll talk about economic numbers. We get some FedSpeak as I mentioned this week. We got personal consumption expenditure Thursday. We'll come back for the opening bell. We'll come back for the opening bell. Are you ready to take your trading to the next level? 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You trade up about eight points almost. Yeah, right off that opening bell. We're trading just down by three points in the S&P, NASDAQ 100, just off by three as well back above 16,000. The Dow up by three right now in the Russell, leaving the way negative territory off by nine. We jump over to yields for a moment. You get the 10-year up about eight or nine ticks. We check in on the dollar index. You get the dollar index 103.37 and we check in on that gold contract that's had some volatility gold up about $9 right now with the NASDAQ coming into positive territory. Let's check in on some of those fang stocks. There's a reason for it. Keep your eye on Apple, man, especially if you trade the NASDAQ 100. Apple up by a quarter. We just traded up what almost a dollar on the opening bell there. You jump over to Microsoft shares, Microsoft up 72 cents at 378. You jump over to Amazon. Amazon shares up three quarters of a percent as well. You jump over to NVIDIA shares and the positive as well. Tesla shares rounding out the magnificent seven, all of them in the positive meta. That's the other one. Meta gets a lift on the open by $2, but they're basically flat so far. Jumping back to that article real quick, we were talking about for, I lost it. I'm going to get it. There we go. I wanted to show this chart. Pretty interesting. Amazon counts packages that they deliver from start to finish, right, from the warehouse to your doorstep. UPS counts packages that they actually hand off to the US Postal Service for the last leg of that journey. Interesting. FedEx part of ways with Amazon in 2019. Amazon accounts for about 11% of UPS's revenue. I was talking about how long ago that they started. 2014, about 10 years ago, right? Just less than 10 years ago, Amazon began delivering packages itself with a service call fulfilled by Amazon. That's when those signature blue delivery vans started appearing on local streets 2014. So not even 10 years ago. And just like that, they're basically about to take over UPS and trajectory-wide. You have UPS stagnant, Amazon growing, and you're talking about 5.9 billion parcels is what they'll deliver. You back it up to 2019 and they weren't even at $2 billion. Absolutely remarkable how they came just built that business out of nothing within 10 years. And yeah, that's not going anywhere. And I wonder how those companies in the longer run are going to compete. How is UPS and FedEx going to compete in the longer run? Right now, they're focusing not on the numbers, not being on the biggest, but profitability, but they all translate at some point. And look at this. It wasn't even in 2014. It was actually in 2018. That's the one I was thinking of. When did they launch that program where entrepreneurs could start their own franchise delivering Amazon packages for as low as $10,000? 2018. Unbelievable. February of 2018. That is remarkable. What do you think about that now? What are you talking about? Geez, five and a half years and they overtake them. Now, let's look where UPS was back then. Yeah, look at that. UPS was still at 100. You've had quite a pull back there in terms of when they launched it and FedEx back in 2018. Yeah, a little bit of a different story actually. FedEx barely positive from where they were in that February of 2018. So, not quite the appreciation. And as we speak, you've got a little bit of a roll over in the markets. The S&P is back down to being down eight. We give up that acceleration just like that. You make it up to 4567. We're back to 4560. Look at that give back within the first four minutes of trading. Apple gives it up just like that too. 18965. We got read across the board right now. All right. What else are we talking about? So, we talked a little Amazon. Yeah, we got some Chairman Powell. So, in terms of what we have going on this week, okay. The biggest economic data point is going to be Thursday for the consumer price expenditure. Yes, for October, okay. That's the Fed's preferred inflation measure is forecast to show a step down in the pace of price growth. Looming in the following week is going to be the jobs report. Yeah. So, we get PCE on Thursday, November 30th. We come back and we get the jobs number on Friday, December 8th. And beyond that, we do have some Fed speak as well. So, we get some mortgage applications. We get initial jobless claims as you always would. The PCE deflator is going to be the big one on Thursday that we get as far as the Fed calendar, right? Check it out. Tomorrow, we get Austin Gulsby and Chris Waller. On Wednesday, we get Loretta Mester and on Friday, correct? Yes, on Friday, we get Chairman Powell. We get Lisa Cook and we got Gulsby again. So, you get some Fed speak, man. And we got some auctions, right? Today, 1326, two and five-year notes. Tomorrow, one year, 42-day cash management bills and seven-year notes. And on Wednesday, we get some 17-week bills and four and eight-week bills. So, we get some auctions, keep yields in focus, as is usually the case. Earnings, not so much the case anymore as we're near the end of the earnings event going on. But yeah, we have Fed speak and we have the Fed's preferred inflation gauge on Thursday. So, that should provide a little bit of impetus to some volatility as we get a little bit of negative action. Look at this market, man. S&Ps just gave up 10-plus points. You're talking about 45-55 is where this thing chopped around last night. And you're just above that price point right now on the S&Ps as we get a little bit of a rollover, just that quick, man, with Apple giving it up. They're down a quarter percent right now. Amazon gives it up as well, stealing the positive territory. Microsoft down about a quarter percent. We jump over to Foot Locker. So, they get a downgrade from somebody. Interesting in light of that, Foot Apparel was one of the winners in the Black Friday holiday shopping this season. Foot Locker down about 3 percent right now. Let's check out the banks, how we're doing. JP Morgan down about a quarter percent right now. We jump to City down about 4-10 percent. Let's see how the airlines are doing after their busy travel. American down about half a percent right now. Delta down about half a percent right now as well. Let's jump over to the movie theaters. So, Disney down about 1 percent. Yeah, this movie Wish, right? Now, let's see if I can find these articles. I got too many good articles out here. So, what's going on over here? No, we finished those up. All right, I'll find it during the next break. Okay, I'll pull it up. So, Disney had their Wish movie which did not do so well. Here it was. Okay, Hunger Games eats on Thanksgiving. So, Hunger Games, let's see. The Hunger Games, the ballad of song words and snakes led the cinema hall during the five-day period, 42 million. You had Apple's epic biopic Napoleon distributed by Sony. They took in 32.5 million. Continued an underwhelming box office run for Disney. Its latest animated film, Wish, drew 31.7 million. Short of the 45-55 analysts were expecting. I tell you folks, I'm a Disney fan long-term. I hadn't even heard of that movie practically coming into the weekend, right? All these movies and it seems like they really have a hole right now that they got to dig out of Disney in terms of the titles that they're trying to push out. I mean, so what happens is one of the malls we go to, right? They have a movie theater in there. So, the kids always like you go look at the signs, right? The movie theater is all lit up. It's got neon around the movie theater. We go check out the different signs. They have the Mario movie in there. They have a Paw Patrol movie out there. So, they have all the signs for the movies. And the Wish sign, like nobody even knows what's it about. The kids don't care about it at all. You should see how excited they get over something like Super Mario Brothers or the Paw Patrol movie right now. We watch Frozen over the weekend, right? We watch all those. Just not exciting titles right now. All right, folks. Stay tuned. We'll be coming back. We still got a lot to talk about. We got S&Ps, negative by 10. We'll talk about some of the other equities moving this morning. Don't go away. We'll be right back, folks. TfNN has just launched their new trading room, the Tiger's Den, hosted at Discord. TfNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours. And now they are expanding their reach with the Tiger's Den, available to all Tigers and Tigresses for just $1 for the year. There's no catch or added costs when you join our community of traders. 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I can't believe December 8th is next Friday. So talking about interest rates, man, the market, you've seen the pullback on the tenure from above 5% to 4.45, the market is leading. So in theory, they should be getting ahead of what the Fed is going to be doing. And if you look at the expectations, they are pretty stark in terms of what the market is pricing in. Here are your rate expectations. Let's talk about the futures. Interest rate futures indicated last week are roughly 60% chance the Fed will lower rates by a quarter of a percentage point by its May 2024 policy meeting. So this is the rate expectations the market is pricing in for interest rate futures. You go to March, and we're pretty much where we are right now, but you go out to May and you start getting a slide down in terms of lower rates. And this is up from 29% at the end of October. Now, remember I say percentages on small numbers can be deceiving, percentages on percentages can be even more deceiving because that would be a double. It'd be more than 100% rise in the chances that the Fed will cut by May. The odds that the Fed cuts by May have more than doubled since the end of October. It's not even the end of November, but the number goes from 29 to 60% nonetheless. That same data has pointed to four cuts by the end of the year. That one is probably the stark one to take a look at, folks. That's a full percentage point. That means the Fed goes from about five and a quarter to five point five to four and a quarter to four point five. Shave a full percentage point off over the next year. Time flies, folks. And if the Fed is cutting by May, they're going to be indicating that they're probably cutting by March or April. And if they're cutting by May and they're putting four cuts in there by December, they're basically going almost every other meeting with a cut. It's going to be quite a different world. Now, we talk to our man, Kevin Hanks, every Tuesday, Wednesday, and Thursday at 9.15. We'll talk to him tomorrow. I'm going to ask him again about this. He had a great answer last week. I'm saying, Kevin, there's people out there talking about that when the Fed starts to cut, that may actually be the toughest time for stocks because it's going to be indicative of bad things coming, forcing them to cut, forcing them to cut more aggressively than they may have anticipated to get a hold of whatever problems are going on in the economy. And he laid it out well. He said there's two scenarios. One scenario is they're cutting because inflation is coming down and their policy is too restrictive. So they need to pair their restrictive policy rate. Meanwhile, keeping it restrictive, just not as restrictive because as inflation goes down, that same policy rate they have actually becomes more restrictive if you don't move it down with it or something breaks. And that's the scenario that they do have to bring it down. So that's the most interesting part of this conversation. Even if this is going on, normally you'd say, hey, we know that the Fed's going to cut right now. They're going to go from 5.3% to 4.5% over the course of a year. The market's pretty much pricing in. They're going to go down another percentage or even more than that the next year. Doesn't necessarily mean that the stocks are going to go through the roof. That's the one thing that I would caution you. That's the one thing my brain's trying to figure out, which is why I like trades like, for instance, the gold trade potentially. I see myself running over more and more in my head because lower yields are going to weaken the dollar, which is going to put a bit in gold. You've had gold chopping around for three years, those types of conversations I like right now versus saying, I know the Fed's going to cut and that's going to put stocks through the moon. Not sure that's going to be the case, but we're going to get to find out in a big way to put it lightly, right? The time will come at some point. I'm not saying when that it's appropriate to cut. He said in September, well, we got a long way to go, man, but guess what? PCE on Thursday. We got another round of non-farm payrolls a week from Friday. It comes at you quickly to say the least. All right, let's talk a little bit of crypto. I mentioned Coinbase CEO out there. Now, this guy, talk about kudos to this guy, pushing it out to the public, man. If you don't remember, you talk about the cynics in the market, man. You just got to look at a chart like Bitcoin and remember that they pushed out Coinbase. I think it was April of 2021. Let's check it out. Is that when it was or was it the second spike? No, it was April of 2021. They pushed out the Coinbase IPO. They ran Bitcoin futures up to almost 70,000 folks. They pushed out Coinbase and then it collapsed from there. I mean, talk about a cheerleader, right? Man, they got that done. They got it done one more time to 69,000 before things really collapsed. We've had quite a resurgence to check out Coinbase. They pushed that out to the public, approaching $430 is what that spike to the first week of trading down to 31 bucks. It's been quite a year for crypto though. Coinbase pushing 115 right now. And you know what, for the first time in a while, I think he's right. I think that was quite a turn for the industry getting rid of the two biggest exchanges that had shady happenings going on. You want to legitimize something, right? SPF had to be gone. That was a Ponzi scheme. Binance was facilitating money laundering, which was not going to be allowed on a longer term basis. So that's now done, allowing for what? Allowing for it to be regulated. And when it's regulated, then was it. You can turn it into a brokerage, okay? As in it can be regulated. Your funds can be secure. There's no Ponzi schemes, et cetera. The regulators take a look at it. That is the opportunity to flourish. And you get Bitcoin at 37,000. Yeah, so keep your eye on that one, man, as it does make sense that in the longer term, they really did turn a corner. Both of those have happened recently. Pretty remarkable there was never a bigger fallout from the FTX saga. I'll say that for sure. But nonetheless, now Binance, and I saw there, CZ, where did I? I saw. He won it. So it's amazing. He's getting sentenced in February. He wants to leave the country before his sentencing. He's worth $23 billion and he wants to go hang out in a country that has no extradition treaty back to the U.S. How do you think that one's going to play out? I was reading some of the filings last night finding it very interesting that the attorneys for the U.S., in one of their filings, talking about why he should not be allowed to leave the country, basically laid out that in any other circumstance, he wouldn't even be out on bail prior to being sentenced. The only reason he's out on bail prior to being sentenced is because they thought they could make sure they kept track of him by facilitating his inability to travel, making sure they couldn't travel. Nonetheless, we'll see how it plays out. I don't think they're going to let him go back to the UAE. Was it Saudi Arabia? I'm not sure. No, was it UAE? Might be the UAE that he's living in. But nonetheless, keep your eye on Bitcoin, man. They got two highs out there at $70,000. You're only at $37,000 right now. They're only making, what, $22 million Bitcoin ever. And the bad actors are out of that industry, at least for right now. Hey, CZ, he walks with $20 plus billion. Not a bad way. 18 months of time he might get. He's walking with $24 billion, as I laid it out last week. That's more than a billion dollars a month. More than a billion dollars a month. Not a bad deal, right? Folks, we got one more segment. S&Ps, pretty much where we lifted off the program. Down about 10 NASDAQ off 25, Dow off 66. Stay tuned, folks. We'll be right back. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman in your inbox every day. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. TFNN.com. Educating investors. Everything in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. When you subscribe, you'll get a weekly report from Veteran Day trader Larry Pezzavento on stocks you need to pay attention to, and you can trust Larry's analysis. After all, he's got 45 years experience as a day trader. Larry will also provide daily charts, videos, and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com. Educating investors. off by about 85 pennies off 4-tenths percent in the red. You jump over to Microsoft shares. A little bit of a calmer week for Microsoft after the fireworks last week, man. Microsoft down about 20 pennies right now, and we're going to jump to retirement accounts, 401k accounts. This one's interesting, talking about people withdrawing from their 401k. Americans pulling cash from their retirement savings to pay bills, withdrawals mostly spent on housing and medical expenses. The average 401k balances have barely budged in five years. What is up with that when you think about where the stock market has gone? Well, what's up is people are taking money out. Some 2.3% of workers took a hardship withdrawal last quarter. Last quarter, not last year. Up from 1.8% a year earlier, they're talking about avoiding foreclosure for homeowners or eviction for renters and medical expenses. Rent and medical expenses. In the third quarter, 2.8% of 401k retirement account participants took a loan against their account. It's a lot when you look at it over 90 days. Up from 2.4% in the third quarter of the prior year. Overall, about one in six workers has an outstanding loan on their 401k. Interesting when you look at it in that context as well. Now, I will say if you're unaware, folks, it is very easy to take a loan, especially if you're on a payroll from your 401k. If you don't pay it back, you do pay a 10% penalty plus the taxes that you owe on it. But if you do pay it back, you're paying yourself interest over that period of time, you take a loan out, they give you that lump sum, and then they take that portion of a payment out of your paycheck every two weeks or every month of hardware off and you get paid. But boy, the numbers are pretty big when you look at it almost 20%. One in six workers has an outstanding loan that's up from 17.2 and 16.8 when you back it up. Not exactly indicative of the strength that you see sometimes in this economy. Folks, thanks so much for starting your Monday off right here. Stay tuned. We got our man Basil Chapman. He's back in the saddle for the Tiger Technicians. I'm not back. He's bent here. We got our man Larry Pezzavento. He's back. Steve Rhodes. He's back as well at 11 o'clock fast market at 12. Larry at one. My dad, Tom O'Brien live from three till four. Have a great Monday, everybody. We'll see you tomorrow.