 of Traders. Sign up today and become a part of this educational community of Traders, just visit the front page of TFNN.com. The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Call now toll-free at 1-877-927-6648 or internationally at 727-873-7618. Now, Larry Pezzavento. Okay, looking good, Billy Ray. Feeling good, Lewis. We're going to take a look here at the regional banks, the KRE. This is the one that our good friend Jim Bartolioni told us to take a look at the short side there in late February. It turned out to be pretty good, but this is for our good friend Al down in Houston, Texas, and he had just taken profits. He was fortunate enough to buy it right off the bottom, and he made about a 20% profit today. You can see the ABCD structure. It hasn't quite made the 382 level, but it's still up a little bit, but to make that kind of a return in a market that had been dropping so much is a pretty good indication that he knows how to handle risks. So congratulations, Al. You did the right thing. I'd take a look at that short side of that if it gets up there to that 382 level. That's the one thing I would be certainly looking at. Now, yesterday, at the end of the show yesterday, we were making new highs in the NASDAQ. If you remember, I wanted to get this up here to show you what was happening, because I said there's no way this thing's ready to go down yet, because none of the other indexes it turned and it hadn't turned and had gone quite a bit above our level of 13,960. We went all the way up to 13,980. Now, you can see the ABCD pattern that is there, and then there's also, as you can see, there's a beautiful three-drive butterfly pattern that is there. It's a butterfly because this lower, the one is lower in the middle makes it a butterfly. If this were higher, it would be a three-drive to a top pattern. So a butterfly pattern is nothing more than a failed guardly, but you can see it measures two within about five points of the exact high. But what's interesting, folks, is what's happened since that time. Now, you'll notice here, this was a relatively short-term chart, 13 minutes, but you'll know each bar is 13 minutes, but you know that it's been going down considerably. Now, what I did, I followed this all night long, because I was waiting to see if it was going to do its favorite little trick of making a 3-8-2 retracement. Well, folks, you had to wait a long time for that one, and it missed it by about 10 points. But here's what it looks like when you extend it out. You'll see we almost made the 3-8-2 retracement. Now, we made the 3-8-2 retracement in the Dow Jones. Okay, just spot on, hit it exactly, but the most amazing one, and then one that has been the most bullish, has been the Russell. And this is why I think you have to pay attention to these numbers. I mean, I like Fibonacci numbers. That probably is the understatement of the year that I like Fibonacci numbers. I love Fibonacci numbers. And let me show you why. Here is the Russell 2000. I'm going to get it up here, and you'll see how many times we have been to the 3-8-2 retracement in this over the last two and a half months. One, two, three, four. And today's high exactly, again, 3-8-2 off of this high right back here. That's one, two, three, four times it's hit it. This time it also had an ABCD pattern lining up right here. To me, that interprets it as there's something really significant getting ready to happen in the stock market. Now, if the bond market is any indication, you know, that bond market is broken down. We had what we thought was a good trade yesterday, but in fact it wasn't. It turned out to be a loss. We had some nice trades and some other things, but that bond trade just didn't work. The euros continued to work. The gold has continued to work. The stock indices certainly doing well with the E-mini S&P being short up there at 42.22, but the bonds just didn't work. And the question is why, folks, I don't care why. That's a history trade and I don't look at it again. When it gives me another pattern to look at it, but other than that, I shake it off and move on. It's just like a golfer that if he hits a ball into the water, he doesn't throw his clubs into the water, he just gets out another club and drops the ball and starts all over again. And that's what trading is all about. You've got to be able to do that. But there's some big things happening. We're so close to a couple of things that I really want to share it to you. But before I do that, I wanted to go over that silver trade that we talked about that Jim 20-man was giving us. And I wanted to bring it up to your attention here because it was something very important happened. And we should report on that. These are the numbers. You notice it hits these lines. And the low there was at 2350. And this low here was perfect right at the 61% retracement. You notice that this one was not at any ratio. It was just maybe connecting. We said that was extremely important because of this number right here setting right below it, which is the .382 of the whole swing. And folks, I am really bullish gold and silver. I haven't entered either one of them as of yet, but I'm waiting to get the signal to go long. It's a little bit lower than where we are right now. But that's what I want to do. But let me update this silver. And you're going to see why this is so important. Hey, this is from my perspective, too, folks. I mean, it might not mean anything to you at all. But it means something to me because it gives me a place where I can buy silver with a lot of confidence right in here at this .382 retracement. And that's going to be pretty much spot on. Now, it's not going to fit this fulcrum line, the 20-man line that we talk about. That failed because once we went below 2350, that said, we're probably going to come down here to 2290. That's basically what it's trying to tell you. So that's the next time that you want to be watching it is at that level. This level here, you realize we dropped over $4 an ounce here. This would be $3 an ounce down into here and be sitting right at a 382. And that's not very far away. So we need to be watching that. Those of you that get the videos each day, you'll see we went through this whole sequence to say that's what you want to do is to wait for that level. Have the patience to wait because when it does happen by golly, it'll probably give you a better chance to do something than you might not think that it might. That's pretty much it. I wanted to post the chart. I posted the chart of NVIDIA when the other show started. Here was the place. This market has been going straight up for so long, high being 319. And the last night, the earnings were extremely good. Sales were good. Everything was good. And yet the stock's down about $6 or $7 today. That's because the news follows the trend, folks. And the trend was over when it got to 319. That doesn't mean it can't get to 320, 425, 20. But right now, 319 has capped that Nasdaq market. And that's why the Nasdaq has sold off as much. And it has today is because of stocks like Amazon, NVIDIA, Google, and Apple all down a little bit. And that's enough to put that index down. We'll be right back. 877-927-6648. Mike Moore, more analytics will be our guest at the half hour break. So stay with us. Currencies, commodities, and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe, which is why it's a great time to try out Teddy Kegstad's Tiger Forex Report. Teddy Kegstad breaks down the Forex markets every Monday using his 30-plus years of experience as a trading veteran of futures, forex, stocks, and options. Teddy releases his weekly Tiger Forex Report every Monday morning with coverage of all the major currency pairs, including the dollar index, the euro dollar, pound dollar, dollar Swiss, dollar yen, as well as many more. And he also has weekly coverage of the crude oil market and the 30-year T-bonds as they both influence forex markets tremendously. When you sign up for the Tiger Forex Report, you also gain instant access to Teddy's 60-minute webinar archive he just hosted, forex strategies, and fundamentals. What is behind the Tiger Forex Report? For all the details and to start your 30-day Tiger Forex Report subscription today, visit the front page of TFNN.com. TFNN Educating Investors. Steve Rhodes started his trading career as a student almost 20 years ago, and the student has now become the master. Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019, finishing it number two for the year, an amazing accomplishment. Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn, and he shares his vast amount of trading knowledge every day in his Mastering Probability Newsletter. Steve's award-winning newsletter, Mastering Probability, is delivered every trading day with updates throughout the afternoon. Sign up for Steve's Market Newsletter, Mastering Probability, and you'll receive access to seven of Steve's educational webinars absolutely free. At TFNN, all our newsletters come with a 30-day money-back guarantee, so you have absolutely nothing to worry about. Visit TFNN.com and try Mastering Probability, 30 Days, risk-free today. TFNN Educating Investors. 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 markets 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. Okay folks, we're going to talk just a little bit about trade strategy here. Now we bought corn last Friday at $492. Today it's trading at $417. Well, high was $419. At that level, you can see there's a really nice A-B-C-D pattern here lined up perfectly. Now, the $64 question is, does it explode higher and never look back? Or does this mean there's going to be another correction of $0.11? Well, the overall trend is down and last night we had a strategy to buy November beans and it worked perfectly. We bought it at $382. It touched the 50% and then rallied $0.12 or $600. And I said last night as I laid my head on the little pillow and said my prayers, oh boy, is it going to be a big day tomorrow. But what I did was after I had seen that the beans had moved so much, I said to move your stop at the breakeven point just in case they would sell off and you wouldn't want it to go to a loss after being ahead $600. Well, when the old bell rang to wake me up today, the old fill was right there and we had taken a profit of $600 and given it all back, didn't lose anything, but we broke even and the course of beans continued to go down a little lower. With that strategy in mind, and I'm looking here at this ABCD pattern and by now you've made $1,500 on the trade you are risking $500 on, that's a three to one risk reward ratio. That's the number that's based on the Floor Traders Handbook of 30,000 euro trades over a period of 15 years. So I have to take profits here. If I have to buy it back at a higher price, I'll buy it back at a higher price. But right here is an area where I think we're going to see a correction and they're in the keywords there or I think, not I know. There's a two big difference. So that's why I'm handling the way that I do. I had three airport people ask me because I was so bullish with the beans acting the way that they did last night. But that all changed in the morning and so I had to change my opinion on that trade and so I decided to take profits here and I'll buy it back at a better price. I know the old adage is there's nothing wrong with taking a profit. Well, there is something wrong with taking a profit and that is if you think it's going to go a whole lot higher and you take a profit just to be taking a profit that's not right. I'm taking a profit because it's an A B equal CD pattern and we're still in a bear market. Now, the next question is why don't I go short? I'm not that brave because I'm still very bullish to corn and still various to beans. But this is a place where I think the profit has to be taken. Now, we have Mike Moore coming up here in about 10 minutes which always has some great stuff and he's certainly been spot on with the crude oil concept. But we've got another one folks that is rarely set up now and it's in the newsletter. We mentioned it yesterday. I want to get it up here. It's the US dollar index and of course the reverse of that is the euro which we've been sure since Hector was a pup and that dog was a pup about three and a half weeks ago. Here's where we are. We're almost exactly to the 61% retracement. Now, this is 53% of the value of the euro. In other words, the euro is 53% of the dollar index because that's the US dollar. Now, what we want to do now is we want to reverse this and we want to see what the euro looks like and that's what we've been doing because we've been very bearish the euro for a considerable amount of time. Now, here is what the euro looks like. Now, this is going back. You can see up there at that 110 level that was a 61% retracement on the weekly chart and it was also a three drive to a top pattern. There it is right here and this is where we are now. We're only 30 pips away from it hitting this level. Now, we might go crashing through here and never look back but this is the area where you're getting to be the moment of truth because look at it folks. You've been really close here now three days in a row. Thursday, Friday, Monday, Tuesday. It's the fourth day that we've been right near this level so all it takes is to get down just a little bit more and hold that level and that tells us that we're probably getting ready to see the euro rally i.e. the dollar react a little bit to the downside. What would that do? That would send gold and silver a little bit higher, maybe a lot higher. All I know is these are critical levels that I'm looking at right here and that's why I'm following it so very closely in the videos each night is to show you how close we are. These numbers are so accurate on these things. It's scary. Really is that here it is here it is the gold. I have to show you the gold last night just to give you an example of how well these numbers line up. Of course, you know, we've been bearish gold for quite a while but as you'll see because we think we're going to 1915 to 1905 but look at the 382 retracement over the last few days folks. This is a 60-minute chart. Look at that. There's a perfect 382 here. Perfect 382 here. Now we made a lower low down in here today and we've rallied back up to touch these levels again so that tells us that we might be at a pretty good bottom here today but as of early this morning it looked like it was ready to fall out of bed but we've rallied up another $15 to get back into the 382 level of the whole thing one more time. So again, what you're looking at here is if you're watching a 60-minute chart keep your eyes on the 60-minute chart because that's what brings you to the promised land. So see what the next retracement is going to be up into this level because if we get much lower down into this level we're going to hit that 10690 or 107 level and that's going to be a really important number because of the fact that it's a 61 retracement on the daily on the euro and the reverse of that at 61% on the upside of the US dollar index and that's why it's important and those numbers you see them each time you do the charts you'll see them on the Japanese yen you'll see them on the Canadian dollar the Australian dollar you know anything that's actively traded you're going to see these numbers appear and that's why you want to pay closer attention to them as you're seeing these things unfold you know each day because that's what gives you the edge and the edge means you have an idea what the what the pattern is going to be but remember when that pattern fails your edge goes out the window you got to put in you know the reciprocal is protect your backside in other words always you know have your stop in to protect your loss because you know it's not how much money you make it's how much money you don't lose and if you don't lose a lot you're going to make a lot that's the bottom line of what you're looking for on these things so I certainly hope that that makes sense because that's what I live and I don't want to use that other word that starts with the D what I live and think about all the time is how to protect these profits that we have and then when they we haven't had it knock on wood you always worry about that string of losses and they will come you're going to have a time period we're going to have five or six losses in a row but all that means is you're just five or six trades away from your next string of winners that's all that really means folks so you got to shake it off and and that's one thing that I've been able to do over the years I learned that from just watching you know the equity curves and stuff that I followed through the years especially during the time when I was handling a large amount of money for Drexel I could see the curve was up so do the right thing hey we'll be right back with Mike Moore of more analytics 877-927-6648 the gold report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market the US futures market and the Shanghai gold exchange the gold report Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, the dollar, bonds, the South African RAND as well as 25 different mining equities with specific buy-sell recommendations the gold report new subscribers get a 30-day money back guarantee so you have nothing to risk subscribe to Tom O'Brien's gold report newsletter now at tfnn.com newsletter at tfnn.com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need 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left off last time uh the trade above 65 31 to 31 of decent strength we've seen 858 of that so far we left out 55 we left another bullish reversal below which we've seen 344 from and let me just see your trade flow so right now we've just been consolidating here i'm just about ready to break out of another formation right here and as we spoke last time i think we were in a lower time frame bullish structure here at a lower time frame bearish correction and i think this may be resuming a new bull structure so we're breaking above this line above i think that'll project this higher although it's not the greatest formation in the world but that comes in at 73 32 minus 0.2 of a tick per hour which means this is basically 73 31 right now this lower line though is a is a more well formed formation that came into 71 31 plus 1.3 per hour this morning and that comes in at 71 38 as of 2 o'clock so a break below there it's probably going to project this down with a couple dollars but right now a bullish and also i just note that the dc spread which is a spread of 12 months in the back curve the crude oil complex that also broke above a formation here a couple days ago pulled back to a chapter and broke above another formation and has been heading higher and that if we leave a maintain gap higher today that would also be assigned to strength so i have to see if we continue to motor higher do you want to take a look at the arbab and the heat or the natural yeah whatever you whatever you think is best because you've done a really good job given this direction of this market so you know the spreads and where the demands coming from so please share us the information that you have okay so it's important to note that right because what's the first thing you asked about crude oil right yep because that's what a lot of people trade what looking at this spread right here this is what's called the arbab crack spread right this is the spread between the unleaded gas and the crude oil now i said the trade above 2757 has brought in 700 and 794 ticks of strength so let's just take a look here 27 i've been long since down here 2757 in here say right about there you can see in a matter of two and a half weeks if you were alone the unleaded gasoline instead of the crude oil you would be up $8,170 more per contract than you would be the crew what it also says is the arbab of the unleaded gas is leading the charge to the upside which also makes sense because we're going into summer driving season right yep and on the same token if you were to look at the heating oil crack the heating oil crack was also leading a drive up but then a couple days ago failed below this formation and turned perish meaning that if you were if you were along the heat instead of the crude you would have been down 2500 relative to the crude and then when this is going in one direction and the other is going in the other direction you have great opportunities uh for a hedge let's say right so if you want to be long something short something else being long the arbab the heat spread would have been a good hedge and we've been bullish in here i think you guys remember i said we're starting a bullish correction in here and that's to the that's to the effect of almost 11 grand in two weeks does that make sense meaning that you rather if you know they're all related they're all moving but i'd rather be long if i was long the unleaded gas i'd rather be short the heat against it as a hedge and just yeah just having that spread on you could have made 11 grand over the past couple weeks mic this off we broke above a massive formation in here uh just a couple days ago i think we talked about this on the show last time and you can see that pop that's come up ever since i have a question i have a question mic yeah do you have do you have clients that uh you do hedging for yes okay because you know i've been in this business a long time and worked out not that i do hedging for but you just tell them what the direction is for hedging i'm sorry yeah shouldn't say well the thing that i remember the most about these guys are in the lumber business and in the cattle business and in the grain business they only how to do one thing they'd put a texas hedge on and i asked the question when i'm 18 years old i says what the heck is a texas hedge long the futures long the cash you know so they're real gamblers you know a lot of times they just throw those hedges out the window or just play the roll the dice so i hope the folks realize that and even though they're professionals they still have a tendency to believe in their products and sometimes to an extent that uh they get hurt by it so look at lumber it went from $1800 a cubic foot to $380 a cubic foot right yeah unless you're building a house it's still that point i'd like to just point something out real quick you know there's a lot of other ways to make money in the energies and one of them for instance is like the front month spread in in the arba right that's being long the front month spread and short the back month or the the second month and a lot of times this spread is very quiet but it presents a significant upside opportunity at certain points of the year right maybe only a few points but if you're on it the right way you can have a lot of size on for very small risk and have an explosion in equity so for instance you know the volatility down here is very low right down here was just sort of chopping around so it's not like a huge downside risk because we had been up high somewhere like this and then it rolled over it was just sort of chopping around and then when this thing took off for example like I had my clients down long down here for certain reasons and then the break above this this formation you know that's to the tune of 3,300 contract now that may not sound a lot as compared to the crude oil but you got to understand it spreads you could have a lot more of them on than you would a single contract in in the crude oil so if you're if your average volatility on a day right here is say 75 ticks whereas crude is 200 ticks right you could have three x these on and if you look just as a quick example here you know this volatility here is almost 2x what the the volatility of since back in June was in a matter of six days so the point I'm trying to make is that some of these spreads offer enormous opportunities at certain times of the year that if you're just patient and you wait for them they can avail themselves so like some of my clients just look for some of these some of these opportunities that present themselves at different times of the year does that make sense Mike yeah the problem is Mike we've not been able to see of course you're going to be on the show the next uh the next we haven't been able to see that that the one the one uh request we're having well I'll bring the request back to act we pay a few bills we got to pay a few bills we'll be back with Mike more more analytics sounds good 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 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 in our gear 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 is booming but for how long whether you think the biotech bull has room to run or has run its course trade labu or labd directions daily s and p biotech three times bull and bear ETFs visit directioninvestments.com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 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 this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ back folks with Mike Moore and more analytics and I believe we're showing you a charge now spot on the one chart that they're asking for is if it's a spread chart of the gasoline like long the nearby short to defer what that spread chart looks like so they can interpret it like they would a regular chart right so here here's the front month here's the front month chart right now this is the June-July spread now okay now that's that's because the board in a couple of days when June expires okay but you can see right in here that that this volatility here is gigantic $3,800 in spread is huge and you can see that it's moved the amount of volatility in the past 10 days you know is almost double what you've seen since last July almost a year in here wow and the point I was saying is if it's quiet and it takes off you can have a lot of spreads on down here for very low risk and then when it starts to go it just goes and on my my charts I've had my clients long down in here and then long above this formation here and then long above this formation so there's ways that you can layer in and layer in and really route and and really hold them out of here and then we just held this exhaustion level almost dead on right here at 1296 at 1294 with the 1296 high and it started to roll over but I'll just give you an example here I just I made this chart while we were on on break so this is this is a chart of the daily continuation chart of the front month of the Arba and you can see like these these big spikes that you get like see how low the volatility is here then boom a big spike you know how low the volatility is here and then this huge spike and and so if you if you can have a lot of size on when it's low volatility and then catch one of those rides you just can make an enormous difference in your equity at different times of the year and then there's some seasonality so you see this vertical line right here that's around October 20th 2012 you see this big spike up and then around the next 20 the 22nd of October 13 see this big spike up and then right here around the same time this is a smaller spike you still see it from the same time and then here around the 19th and then here on the 18th this big run up and then here around the second this big run up so there's also seasonality there that you can capitalize on that can be enormous now what does that mean to you for all your traders that doesn't mean that you have to be sitting there glued to the Arba front month spread every day because you drive yourself nuts because there might be months to go by that is very quiet but what you do want to do is take a quick eye on the analysis and say hey did he say to get long did he say to get short and then be aware of these different seasonalities and just say hey it may not be dead on this day but in this time frame here there's a very high likelihood of this market moving hard and I want to be really dialed in on those time frames does that make sense Mike I have a question would say the margin margin on crude oil say $6,000 what's the margin on the June-July spread it would be a fraction of that be 25 but it might be $1,500 or $2,000 or something like that okay that's roughly yeah 20-25% okay that is huge leverage that's for sure I mean which makes sense right because your volatility is basically one-third or less than what it is in crude but on top of that you're a long one month and short the other month of a singular commodity so that's a hedge within the hatches if that makes sense yep I remember it very well and I just wanted to just go over and show you these other pages that I didn't have them shown before but this is an example of the heat crack that I was talking about even though the crude's been rallying you know we've been long in here since 2757 and that financial difference is over eight grand you know in just just about two and a half weeks so it's very very important if you're trading the crude oil to understand what is going on in the Arbaub and what is going on in the heat because they are going to lead the direction of the market 85 to 90% of the time now if the market was coming off right now right I probably expect it's more like the heat leaving the downside because that's got less demand or if it's rallying that the the Arbaub would be leading the upside because we're going into the summer season all right so I'm going to jump over to natural gas yes sir there are any questions there before I go over uh no so far so good yeah doing great okay so natural gas if you recall last time we've been in this this massive downward move I mean we've been bearish since since the break below 844 and then had this massive projection down from 499 30 for 227 minimum 3.7 plus maximum you know we attained a little over $3 of that lower then a whole bunch of other stuff but most recently I said that we were poised to hold a macro exhaustion level down here at 203 10 and we held that on the debt well this is the July contract but if we go back in the June contract the June contract dead low was actually 203 10 and then we've been rallying up ever since with you know different bullish formations on the way up and I said that this if this turns into a macro correction it could exceed 990 ticks from whatever the low is which would be up in here somewhere that said we just rolled into July this is a completed lower timeframe bullish structure and we're now in a bearish correction against that structure we left a gap open lower yesterday right here and we also came back down through this these apex of peaks right here and started rolling over so currently we're bearish but I would be keen on looking at these different exhaustion levels on the way down seeing if any of those hold one of them comes in here at 247 70 to 245 60 and the one below that comes in at 238 235 80 if we hold either one of those it has the potential to start this in a whole new bull structure but the gap lower and the failure below this formation and that formation presently has a bearish you got to go to hear the music in the background it will be soon it will be soon have a question and that is on the natural gas if you have anybody in the in the business are they are they concerned about the fact that new york wants to stop you know gas furnaces and natural gas furnaces and and barbecue pits and stuff like that is are they worried about things like that i've been concerned as a new yorker because i'd really be pissed off but i don't really you know i haven't really gone into a lot of years on that i mean they've been threatening forever about you know alternative fuels and stuff and eventually i think that that stuff will come up but spikes in the price of this stuff can happen in any time for any reason regardless of what new york may be doing or california may be doing yeah we're at ten dollars last year now we're you know 250 that's a big drop that's for sure yeah and we're going to pay a few bills here and what we'll do mike is we're going to have you back at 230 and make sure we'll have your charts up to go over some of those charts because the folks who are asking for them and we'll we'll review those on the second show is that okay okay are we done for this show we're done for this show and what we'll do is we'll see you at 230 on the next segment sounds great thank you larry and thank you for everybody watching i appreciate it let us see on the next show event we'll be right back folks if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try tomyo brian delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30-day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of tfnn.com tfnn educating investors 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 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cash or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of tfnn.com don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv okay folks i posted this weekly chart of the nasdaq with our price objective that we had at 13,960 we got as high as 13,976 last night and of course we sold off a couple hundred handles from that level whether that means anything or not i'm not sure but the fact that it hasn't been able to rally even to a 382 at least so far today does mean that there's some bearishness coming in to the market we won't know for a few days to see if that's going to be the case but with the dow jones hitting the exact 382 retracement and then russell hitting the exact 382 retracement for the fourth time in the past seven months that's another reason to think this may be a significant topping action and remember it was done mainly because of the stock of invidia it went from a price of 245 all the way up to 319 and that exploded that stock along with the nasdaq index because it's 5.6 percent of the nasdaq and that's what got it up as high as it did and since that time we had good earnings yesterday supposedly in invidia and yet the stock is off today but the high yesterday was 319 which measures to an abcd pattern that we did talk about yesterday on the show and i think i'll bring this up just to show you that sometimes these abcd patterns do work unfortunately they don't work all the time but when they do work gives you a pretty good idea of where you stand on some of these things on the second part of the show here we're going to go into some of the agricultural stuff that we talked a little bit about yesterday because we've had some more information come to us regarding this al nino situation that's potentially out there and we had a little bit of a movement in some of these things but it was very very minor nothing like a weather market or anything anywhere near that so those are just a few of the things that we were going to be covering with mike more as our guest also 877-927-6648