 The following is a presentation of TFNN. The morning markets kickoff with your host, Tommy O'Brien. Good Monday morning everybody. I'm Tommy O'Brien, coming to you live from TFNN, 9.06 a.m. Monday. We got about 24 minutes to go until the start of trading and markets. We just got below where we were on Friday, folks. So much for the acceleration towards the end of the day. We make it just at about $3900 as futures close in that 445-bar Friday evening. You give it all back in terms of the acceleration. You're talking about basically 50 points. You were at a price of $38.52, middle of the day on Friday. You closed out near $3900. We make a low of $38.46 at about 6.30 a.m. this morning. We've risen a bit since then. Still, futures, negative by 26 points, that's about two-thirds percent. NASDAQ 100, we're negative by a similar two-thirds percent. Not quite to the lows of Friday, but right near that level, $11,853. You get the Dow at about $30,700. You make a low in the pre-market session at about 6 a.m. Russell this morning, down about 7-tenths percent at $17.90. Crypto getting a lot of headlines this morning, man. Below $19,000, $18,195. Growth stocks getting hurt by rising rates. There's nothing like a growth stock like cryptocurrency, man. And you put things on a weekly, you're talking about dicey action. Now, I'll back it up even further for a five-year weekly to see the start of trading on futures. I've talked about it before, critical area, man. And you are now below that area. We put it back on a daily to see a little bit closer action. And you're talking about making new lows this morning. Below the low, we got September 7th, low $18,360. We're at $18,195, let alone you go back to June 30th, $18,525. $18,630, so you see below where we were in June, below where we were in early September, catching a little bit of a bid, but lower nonetheless. You jump to Ethereum, so much for the merge, Ethereum. You're down 8% or $113 to $1313. Now, Ethereum, recent lows, about $1,000, $994. Nice round number. Lot of rent on this board, crude, off $2.72, coming near the lows we had early September. You're talking about lows of about $81.20, I think was the low there. So you're within a dollar of that price level. Talk about a drop-off, man. We put crude back to a little bit an hourly 20 days. We were just at 90 bucks, folks. When is that? September 14th, so five days ago, we're at $90, you're pushing almost $80 this morning on crude, volatility continues. You hear the gold contract trading lower. Gold, $16.73, the low of last week, $16.61. On Friday, excuse me, gold backs off though from the acceleration it had. Got to talk about notes and bonds. Now, putting this on a 15-minute action. We're up a bit off the lows, but this morning, we got some big numbers all over the place, man. We got the 10-year, we're back to 3.47. We were above 3.5, and we'll kick off the headline. With the headline, rises to 3.5%. Now, as I said, we just backed off a bit. As you've said, the 10-year rise, almost 10 ticks from where we were. 3.5% for the first time since 2011. This ahead of the Fed meeting that begins tomorrow. So it's Fed week, folks. Fed meeting tomorrow. We get the announcement Wednesday, okay? 2 p.m. Eastern time. 2.30 p.m. Eastern time. We got a press conference that follows, all but assured that you'll go 75 basis points, at least some looking in for as much as a full percentage point. And as you come into that, the 10-year, at 3.5% this morning, and you got action all over the place, man, in a big way. The two-year yield, you talk about inversions, almost a half percentage point above the 10-year. Crazy. And around a 30 percentage point, higher than the 30-year bond. The yield on five-year inflation-protected treasury debt rose to the highest since 2009 Monday. Yeah, you talk about rising rates. Five-year treasury inflation-protected securities. Tips exceeded its 2018 high of 1.172%, reaching 1.22%. They receive additional income to offset the changes in consumer prices. Yes, so that is basically a measure of the true cost of money, as they factor in rising consumer prices, and you're looking at 1.22% above that number. Big numbers, man, across the board. All right, let's jump around to some of the currencies going on, man. I'm gonna pull up my forex because we got action all over the place. We'll start it off with the dollar index. There's an acceleration for you overnight. You give it back a little bit, but we were at 109.15, and you charged up to almost 110.20 in the dollar. You're coming right to where we were prior to Friday's action. We put this back on a daily to see the context, and you're pushing highs, basically. At 109.999 was the number when I pulled it up, and there's 110 for you on the dollar index as we speak. You jump to the euro-US dollar, and I've been talking about it a lot, man. We'll see how these shake out, but keep your eye on it. So both of these, as in, we're gonna go over the pound and the euro. The euro-US dollar, we're sitting basically at parity. This thing has been shopping around at parity, folks, remarkably for a month. Okay, now I say that, that's not that long. We hit that, though, first two months ago. So what happens? You hit parity July 14th, okay? You really hit it, I think July 12th. Yes, there's 9999, okay? It's September 19th, folks. We're more than two months past parity. Point being, look at what happened at this price level, for instance, at 104, right? You hit that level, you come up, you hit that level again, then you're able to blow through it. We come into parity. We bump up to the upper portion of that trend line, and this is the euro-US dollar. We come back down, we're chopping around your bit. You make it as low as 98, 634. You have a charge lower. Just the lower boundary line that this thing has been in, and we're pushing seven months, eight months almost, that the euro-US dollar has been in this slide since the end of January, all right? Really, since, I guess, February 10th, kind of that slide begins. You just trade to the lower boundary of that channel line. You're talking about 94, potentially. And yeah, you better believe that's possible, man, with the way things are going right now. Now, I bring that up, okay? Now, keep that in mind. You jump to the pound-US dollar, still well within a channel line. Now, that I extended left, just if, yeah, I guess we can extend that left. The pound-US dollar is right near where this thing has bounced. Now, this channel line might not be as well-defined as that euro-US dollar, but it is interesting that the pound, there's no consolidation there, right? While the euro-US dollar has been able to chop around a bit of parity and as time has moved on, that's allowed it to meander to the top portion of that channel line, there's been no pause in the pound-US dollar. Now, what could that mean? That could mean if you're a forex trader out there, or if you're just looking at how those currencies may be impacted by yields, et cetera, potentially you get the euro and more trouble than you get the pound in, both of them in big trouble compared to the dollar and that's the trend to keep your eye on folks, okay? Because I bring it up because it's interesting and they're so well-defined and you get the pound literally right at the bottom of the channel line, you get the euro literally right at the top of the channel line, so you could probably just trade, you know, pound strength versus euro weakness, but both of them weak against the dollar, which is the trend that is impacting our market so dramatically. We jumped to the dollar yen, chopping around at highs, man. You know, I imagine this is building costs for one way or the other in the dollar yen. We just charged higher from 132. I mean, you know, it's just crazy folks when you think you back this up, right? So the real move goes from about 150 set, 115, excuse me, it begins, but just where we were with an August, okay? Now, we already knew things were wild in August, folks. Meanwhile, the yen has risen from 130 to chop around at 145. You're building costs for a move in the end. Stay tuned, folks. We'll be right back in three minutes. Vista Gold owns and operates the largest undeveloped gold project in Australia, the Mount Todd Gold Project. Vista Gold just completed their feasibility study resulting in a seven million ounce gold reserve. Vista Gold has all major permits approved and has retained CIBC capital market assistance in evaluating alternatives and in completing an accretive transaction. 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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. tfnn has launched 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. Available to all Tigers and Tigresses for just $1 for the year. There's no 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. Welcome back, folks. We got the S&P right now. Pulling it up as my charts connect. We're negative 29 points right now, jumping back to the futures here. I mean, one moment, apologies. We got the Nasdaq 100, negative by 83 right now. 11,844 and the Dow off 240. Let's jump around some of the fang stocks. See how we're looking this morning as we kick things off in 11 minutes and 20 seconds. Amazon man, some big numbers to the downside on this pullback. You're talking about trading from a price level as we are just near that 618, folks. 1,2052 and that's the entire give back from this thing charging from 106 to above 145. And you do it all. I mean, imagine the volatility, not imagine, right? Just take a look at the volatility. And patience is the key in this market in my opinion. You have moves that are so dramatic. You trade from 105 to 145 and you give up the 618 and you do that all in the span of about two months on a stock that's one of the biggest stocks out there in the market right now. You jump to Apple speaking of the biggest stock out there. You talk about moves. Apple almost gets to the 618 as well. You're trading this morning down about a dollar for Apple to 149.58. We jump over to Microsoft shares. Microsoft gives it all back. You trade from 245 in June up to almost 300 and you give it all back to 245. It's a tough deal, man. Microsoft looking a little bit weaker, right? Just compared to when you bring it up versus Amazon versus Apple. You check out Google. Google gives it up and then some is they're breaking below an area of a consolidation at 105. Let's check out a little bit longer term on Google, man. Google back to a 50% of the entire give back of the run this thing had tripled in price of the COVID lows and we're back to 103 for Google. Let's check out how Tesla is doing this morning. Down a little bit as well. Let's take a look at some of the growth stocks and arc down about 50 cents as well. And look at this thing just chopping around, right? Since the better part of May where this thing had a dive lower on volume on a weekly basis, you did 315 million shares and you've just been, maybe that's building some cause to trade higher because boy, you get decimated from 160 to 40. You're gonna take some time before you can ever think about moving higher when you get caught by 75% from where this thing was. And pretty remarkable that you're actually a loser from the pandemic. When you think about these companies should be benefiting the most. A lot of them, the likes of Zoom, right? The likes of Teladoc, et cetera, below where it was to the tune of almost 20% when you look at where you are as in 50 to about 40. All right, let's jump around to some of the headlines I have pulled up here. What do we got? Well, in terms of what we have going on for central banks, how about a lot going on just even beyond us? So we got the Fed meeting tomorrow, we got them expected to raise by 75 on Wednesday, but you also have Japan, Sweden, Switzerland, Norway and the UK are gonna review their benchmarks. And in the emerging markets, you got Philippines, Indonesia, Taiwan and Turkey among those that assess whether their lending rates are in tune with the rest of the world. Yeah, I'm sure you've been seeing the headlines this morning. I was watching a lot of it last night, 60 minutes, I think it's a great program. That was actually the kickoff episode for their 55th season, I believe, of 60 minutes last night. They had an interview with Biden, along with the president of Iran on the second one. I'm not sure are the Ayatollah, I think it's the president of Iran. But yeah, in any other normal day where you don't have so much going on, you don't have a Fed meeting where they're expected to hike, maybe even a full point. His remarks last night could cause enough angst that that may be what's going on in the market today as he had a simple answer that yes, that he would intervene in a potentially unprecedented attack of China was going to attack Taiwan while reiterating that the policy is one China and that Taiwan makes their own choices on independence. It gets murky, folks. And if the market really starts pricing it at some risk to China, which it already is, okay? But it could get a lot worse and hopefully it doesn't. Take a look at Alibaba, this thing charged lower on a downtrend channel, you've been chopping around, potentially building a little bit of cause on the lower portion. I mean, look where you are, right at the lower portion of that acceleration. Almost looks like a charter arc, right? It really does, in terms of you make that low on big volume, and they made that low in May, but Alibaba makes that low in March and you just been chopping around at that lower level since that, what else do we have going on? Yeah, so today you have Japan closed and you have the UK observing the holiday for the funeral of the queen. We get some information, but really it's gonna be about the Fed tomorrow beginning their meeting and Wednesday we get the announcement. Talking a little bit about debt, which obviously matters for interest rates, more Americans are stuck with long-term credit card debt, not surprising. Even, you know what? I could see this number even bigger though, actually, for how poorly people manage their own credit and debt I should say. Some 60% of credit card debtors, debtors owe card debt for a year or more. That means that 40% of credit card debtors pay off all their debt within a year. I actually thought it might be less than that because people abuse their credit cards to a tough degree in terms of the damage that it does to you with the fees and the percentage you end up paying. And you look at where they are, 40% are at least two years and 28% at least three years. The number that I wanted to kick out of here that was most important to me, total consumer debt rose 23.8 billion in July, the number they have to a record $4.64 trillion. And guess what? Credit card rates, folks, they are floating. Might be aware of that. Maybe you're not, hopefully you are. They are usually floating rates that are tied to the Fed funds rate and those increasing dramatically, folks, as we all know. Yeah, how about this one in terms of volatility, man? Heat and drought caused the earliest ever wine harvest but hope remains. I had a friend, a couple of friends actually in Europe in Italy, they were grabbing some wine on the duty free. They were all excited to get some good Italian wine on their duty free on the way home, talking about years. The years might be, I think they got like a 2016, it's supposed to be a good year, some wine. But maybe 2022, the harvest, we'll see. In Portugal, the winery was stopping pick grapes in August. Never in the history of this great state which dates to 1565 have grapes been this early. They've been producing premium ports in there for five generations. It's a nail biting harvest. It's a tough one, man. We're dealing with some climate change and this is gonna have ramifications all over the globe and you're seeing it in wine. Downside of a lack of water and 100 degree temperatures is lower than normal yields and thus less wine to sell. You didn't get a rain of drop in France's Alsace. How do you pronounce that? Maybe Versace, Alsace, where it didn't rain for a drop for two months and the gross association reports will be a very, very small harvest. You're getting a lot of heat, you're getting less rain. We're dealing with some of that in America, of course, as in ramifications, whether you're getting too much rain or not enough or it all comes at once. Yeah, I mean, how you shape the airline, business going forward, man. Business travel changing forever, man. You solve that one in terms of how that plays out, folks, we'll talk a little bit about that when we get back. We pull up some of the airlines. I mean, what happened to the trade for the airlines, what happened to people getting back out after the pandemic and traveling? Well, what happened, folks? You got crude pushing 130 bucks at one point. You have labor shortages, you have less flights and you have rates rising dramatically and you have some of these airlines not making the money that they thought they might make, man, American sitting at 13 bucks. It's almost chopping around where you chopped around for the better part of 2020. Delta, not quite at those lows, but man, you're backing off to 32 bucks and you're united right now at 37 bucks. We'll talk about the cost, the cost of business travel, doubling up to $20,000 on some flights. We'll be right back, folks. In the time of booming inflation, we are purchasing powers eroded. There's no better place to protect your harder and money than in gold. This, the gold's flagship asset is the Monk Todd Gold Project in the Northern Territory of Australia. 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For more information, just click the Think or Swim banner on the front page of TFNN.com. Welcome back, folks. We've got markets open and you're pushing basically where we were pre-market in terms of a price of 38.55. Your worth is 30, 8.46, but we've just gave up about 10 points in the final 40 minutes as we came into the opening bell. S&P's off about 9.10%. You get the Nasdaq off about 9.10% as well. Dow right now off about 9.10% as well. The Russell, how about it? 9.10% pretty broad acceleration of lower prices. Bitcoin off 4.3% right now. 18,735, how about crude? Trading at about $82, right on the dot down $2.74. You get the gold contract off $11. Keep your eye on gold. Chopping around near the lows of Friday and Thursday action made a low of 16.61 on Friday's action. We take a look at notes and bonds. You give it all up in terms of that pop that we got. So much for that. Let's take a look at where we're talking about right now, man. You're talking about a yield back above 3.5%. Just that quick, man. 3.502 to be exact. But boy, there is no reprieve right now for yields and for the market to say that. OK, jumping back to that airlines real quick. So the article that got me thinking about it over at Bloomberg, this morning, business class for $20,000 means staff fly coach or not at all. I would say not at all if it's $20,000 in most cases. You really got to have a reason, man, to be sending people around the globe or the country if it's costing tens of thousands of dollars. Because think about if you're doing that on a regular basis. If every flight is 20 grand, man, five flights is 100 grand, 50 flights is $1 million. You better make sure you're making $1 million more than you would have if those 50 people had just been able to do something online. I'm exaggerating a bit, but, man, managers are making those decisions all over the place. Now, this $20,000 fair they're talking about is New York to Sydney. That's one of the longest routes. But that is the cost about double the price from the pre-pandemic days. And that's the tough one, man, for a lot of people. That's a 100% inflation from pre-pandemic levels. At the same time, it's become a lot more acceptable to do business online. So you have cost doubling to fly people around the globe. And meanwhile, you have a more acceptability of people doing business online. So according to One Travel Association, business clear, class airfares will be up 45% this year. And this is where things get funky in terms of calming inflation, folks, okay? Because you're still gonna have pockets of inflation that are really gonna matter. 6.2% potentially next year, business class airfare. Business class tickets for flights leaving the US jumped 52% between January and August, steeper increase than the economy and premium, okay? So everything's rising, but business economy, excuse me, business class in a big way. Business travelers represent 75% of the carrier's profit, but only 12% of the passengers. I bring this all up, folks, because you wanna know why those airline charts look like they do, okay? That's why. American, now look at it, they're getting a pop today up 1.75%, okay? But American, American is trading at a price, folks, that you were trading at March 9th as the world was going into shutdown and people didn't know what was gonna happen with air travel for the foreseeable future. We couldn't even go outside and hang out or go to school, let alone travel around the country or the globe, right? You're trading at prices that you were trading at in June of 2020. You're trading at prices you were trading at in the week of March 23rd of 2020. You had American Airlines with a 13 handle, March 30th of 2020. You had it with a 13 handle the week of April 16th, okay? The reason why, folks, has a lot in my opinion to do with this one sentence. Business travelers represent 75% of the carrier's profit and only 12% of passengers. And meanwhile, they're jacking it up to 20 grand a pop for some of the biggest, longest fares they have, New York to Sydney, but over a broad base of it, you're still talking about every single fare isn't getting doubled, but guess what? They're getting 150%, okay? One and a half times what you were spending. And meanwhile, it's much more acceptable to be doing business over Zoom or Microsoft Teams or whatever it is. Now, this is a chart that kind of illustrates where those costs have gone and come from. We're talking about global is in black there. Blue is the North America line. So even just looking at the blue line, okay? Now this is corporate costs, okay? This is business travel, the average prices and projections for airfares in premium classes, okay? But this is where all their profits come from. So this is what people who are in the know really care about for these companies, man. The US, 2020, 4800. Where are we now? 5,500, that's what? 20% alone Europe. You go back to 2019, we're about a 49, 55. You go back to 2018, we're 4,700. Pretty stagnant, right? 4,7, 4,9, 4,8. You dip to a low of 4,1 and we're pushing 5,588 by the year 2020-4, okay? That is prices and projections for airfares in premium. It's a big number and I don't know if they're gonna be able to push out the number that they need to make the money that they wanna make especially with where accrued prices are where they at. And is that gonna wane in the next year or two? That's a tough one to figure out. As in, I don't see that happening anytime soon, man. All right, what else do we have pulled up here? Yeah, let's go over to this one. So, grand theft, okay? Take two interactive, they are trading lower today. These markets catch a little reprieve on the open. Take two interactive is down 2.2% today. There's your 15-minute action. So it saves itself a bit and what's going on there is they are the makers of grand theft auto, video game maker. They have a new video game coming out and they got a hacker releasing some of that image. So the hacker published authentic pre-release footage from the development of grand theft auto six, the most anticipated video game from take two interactive software. The cache of videos offers an extensive and unauthorized look at the making of one of the biggest games in the industry. A leak of this scale is so rare that some people cast doubt on its authenticity but people familiar, so the videos are real and provides an early and unpolished view of plans for the game. So the final version will look much more refined, so they just basically put out everything they got in terms of the game, where it is right now, what it looks like right now, dozens of never before seen videos of it on an online message board over the weekend. It's a tough one. The person suggested they were the same hacker who infiltrated Uber in a high profile incident last week. Who knows if that's happens, right? They're quote unquote looking for it to negotiate a deal and yeah, they might have more of this stuff, which is the wild thing. Now this video game, the last one came out in 2013. So you're talking about nine years ago was the last grand theft auto, almost a decade, what's crazy is folks, this game was huge when I was in college, right? I wonder what was the first, does anybody know when the first grand theft auto came out, I can look it up, but yeah. So they have some issues, man, and what I would keep your eye on there, okay, is that this may persist until the game goes live, which would be a real bummer for the company when you have 10 years ago, the biggest game out there, right, and you wait a decade to release your new game and you have all this stuff happening, but here's the caveat. So I'm running this over this morning, I'm reading the article, I said, oh man, can you imagine being in the PR department, just the C-suites, any of them, right? Planning this big launch, planning the game, whether it's the development of it, then the marketing, the public relations, the launch, all of that, you want to go perfectly. Now you've got a hacker with all your information who may publish videos whenever he wants, but guess what? You know what I just found out today? I found out that Take Two Interactive has a new grand theft auto game coming out. It's the first time in 10 years, it's their biggest launch in a long time. Do you know why I found that out? Because of the hacker. There's no such thing as bad publicity, to a certain degree, all right? So take that sort of worth, but I found that out today. I bet there's a lot of people finding that out today that they have a new grand theft auto game coming out the first time in almost 10 years. Stay tuned, folks, S&P is negative by 25. 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 and your inbox every day. First time subscribers also get a 30-day money back guarantee. 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This program is brought to you by Vista Gold, traded on the NYSE American and TSX under the symbol VGZ. Bit of a pop going on. We got the S&Ps now negative by just 15 points, but you're talking about charging higher to the tune of about 20 in the last 12 minutes to the upside since we've opened. The day is young as our man Basil Chapman says, folks, Basil is coming up next, of course. And then who do we have after that, folks? We got our man Larry Pezzavento and folks tomorrow, Larry's not doing his show because he is doing his live trading webinar, trade what you see tomorrow, September 20th. We have enough volatility in this market potentially going on the day before we get a Fed decision. The day the Fed meeting begins, Larry will be in there for five hours, 9 a.m. till 2 p.m. Eastern time, folks. He'll be live trading. He'll be going over his methodology. He uses ABCs, Fibonacci's. You can check all of that out on the front page of TFNM. The cost is $295. Immediately you gain access to a month of his newsletter, which is almost a $100 value right there, folks. So the whole thing's 300 bucks. You get into the five-hour webinar, you get a month of his newsletter, and that will be archived. If you can't attend all five hours live, if you wanna watch it, you wanna rewatch it, you wanna watch certain parts of it, Larry setting up the trades, trade he may make, whatever goes on. You wanna watch it, it'll be archived on my members page. That'll be tomorrow. So please check it out and please don't rush in and sign up, folks, at the last second because this takes place in our Tiger's Den discord room, okay? So you need to get into the discord room. It takes five minutes. Maybe it's free if you get it done. But if you sign up the minute this thing is starting at 9 o'clock a.m. tomorrow, you may be a little late getting in the room because we have to get you in there. The technology is great. We're getting people in there right now. It should be a good turnout. So that's tomorrow at 9 o'clock. Don't forget about it, folks. Check it out the front page of TFNN. All right, let's jump to some of the stock soon moving this morning. We talked about take two interactive. We got Coinbase. They're trading lower, man. With Bitcoin and Ethereum trading lower. There's Coinbase down 3.2%. They're catching a little bit of a lift. You put this thing on a three-year weekly well off the lows of 40 bucks. But boy, I mean, could you? Could you? I mean, you could be consolidating for a move higher potentially. But very difficult to find strength in that chart at all considering this thing got demolished from November of last year at 3.70 down to 40 bucks. You're trading at 71 bucks on Coinbase. Yeah, FedEx, we're gonna jump around a bit. So I was gonna talk about a little market analysis. One of the things going into that market analysis, one of the takes I was reading this morning talking about the warning from FedEx. FedEx quite a day on Friday. Now that's a weekly. You put this thing on a daily. There was your drop off on Friday from above 200 to 155. Yes, you are up 2% today. But boy, you're still trading obviously well below where you were. Now I'll jump over to the article I was gonna talk about. Morgan and Goldman, one of the things they say. What do they say? Higher rates and shrinking margins among key concerns, companies with the highest returns on capital. Okay, that's who they like folks. The highest returns on their capital because what's gonna happen? Profits are gonna be in trouble potentially. How do they expect inflation? And then you have FedEx coming out with their profit warning. That is pushing. Mounting risks is as some put it for US earnings and equity valuations. Just keep your eye on this folks. FedEx, who pay attention to that one man because if FedEx is having big problems that could be indicative of economic woes that are coming down the line to many companies. You got Morgan Stanley's Michael Wilson now he's been a bear forever. You got Goldman's David Costin, said headwinds to profitability are building, highlighting tighter monetary policy and pressure on company margins as key concerns. And as they say, Wilson, one of the most vocal bears, long way to go before reality is fairly priced in is his opinion. S&P 500 earnings estimates have yet to reflect market expectations. You have the S&P 500 index, okay. The forward earnings per share. This is the part of this article I wanna get to folks. There is no pullback in earnings at all from where we are at the middle. This is why you hear so many analysts saying, you know, you're gonna get some revisions on earnings at the later part of this year. Man, it's gonna happen. Well, it hasn't happened yet folks. And if it does happen, guess what? The valuations might not make sense even at these levels, okay. It was a tough week last week to say the least, but boy, we're still, I mean, context is important folks. We are still 240 plus points about off of the lows that we made just about three months ago to talk about where we may go in this market. And things have not improved in my opinion from where we were in June. If you asked me in June where we were, what the inflation numbers were gonna look like as we come into September, right? What the consensus was gonna be for the Fed to be doing on their September 20th and 21st meeting. If you said, hey, inflation's still raging and all the flits talking about now is whether they're probably gonna go 75 or even a full point, say, geez, I don't think we're gonna be higher then from 36, 39, but nonetheless, we charged higher to 4,300. We've given up most of that, but we're still 200 points above that price level with a lot of volatility to go. Now I was talking about Take Two Interactive, Grant Theft, thank you to my producer. Let me know 1997, makes sense. That was like one of my, a video game peak of my life. I was 17 years old, right? That's a good time to be playing some video games. Grant Theft Auto, and no wonder I remember them so well, because they released four games over a period of five years which encompassed my last two years of high school and four years of college. Kind of like a lot of video games going on usually at that age in somebody's life, 17 to 22 years old. But check out how often they were releasing them, man. 97 was the first one. Now what was interesting here is originally, they released it to just Windows, which was interesting. And then it just immediately followed to PlayStation after that. But originally it was just Windows and MS-DOS originally, and then it goes to PlayStation shortly after that. But the first game was in 97. That was a big hit. They throw out Grant Theft Auto II in 99. Two years later, they put out number three. A year later, they put out Vice City. Two years later, San Andreas. And then four years, they go to number four. It took them five years to get to number five and it's gonna take them almost 10 years to get to number six. So you see why that anticipation for that game that they're coming out with, 10 years of building anticipation, whereas meanwhile they were popping about two years of pop, one year of pop, right? I mean, you see, they were just profiting the best they could when that game was raging and everybody was buying every update they could. But nonetheless, 10 years later, we'll see how they're opening today. Let's see. Take two. Down 2.8%, but as I said, no such thing as bad publicity. And as long as the game is good, if the hacker's not able to cause any problems and he's just putting out videos that are a game that's gonna be good, maybe that actually helps the company, which is ironic enough, right? All right, let's check out how rates are moving right now as we have some volatility going on. You get the 10-year. Yeah, you gave up that pop you got and you're just sitting right there. So we're sitting with a yield of about 3.5% the yield on the 10-year. Let's see how the dollar's doing right now, DXY. Sitting at about 110, currency's kind of right where you were, Euro-US dollar right now, just under parity at 99.85. We see how crude is trading. Interesting to see if crude holds this $80 mark. There's a little bounce forward to the tune of $1, $1.20. Crude bounces from 82 bucks at 9.30 up to about 83.23. But boy, when you get these types of moves, man, you're talking about a 3.82 bounces right where we came to. Check that out, right? All we've done, folks, is we've given up a 3.82 bounce just from where crude traded overnight. From 85.88 down to where we were 81.80 yesterday, you're trading at 83.27. I'm sure Larry Pezzavent, though he's gonna pull up lots of Fibonacci numbers tomorrow, folks. That's how I learned some of what I do. Fibonacci's, folks, I don't know how it works, okay? I don't know why it's the golden ratio. I don't know why the Fibonacci sequence is the way it is. I don't know why, right? It is such an important number, but this is my opinion, okay? It's an important number, and it goes beyond markets in terms of just life. But guess what? Life goes into markets. Markets go into life. And as we say that, crude rising above that 3.82. We'll be right back at the end of the show. One more segment, folks. TFNN has just launched their new trading room, the Tiger Zen, 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. In the Tiger's Den, you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas, interact with other Tigers and Tigresses as they share trading ideas, news analysis and discuss the market action all trading day, even at night and on the weekends. The Tiger's Den at Discord is accessible on mobile or tablets as well. So it's always at your reach. To sign up today and become a part of this educational community of traders, just visit the front page of TFNN.com. 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 and 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. 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. You gotta love when you got a two-way market. We have the Russell going positive. Look at that pop, man. The Russell, up a full percent from where you open. We're above 1807 right now in the Russell. You're positive by three points. You got the Dow, negative by just 62 points. We might get positive in all the indices by the time I get off the air in less than two minutes from right now, folks. You got the Nasdaq 100, negative by seven. You got the S&Ps, negative by seven as well. Bitcoin, back above 19,000 right now. You got crude. Look at the crude market charging higher, 83.77 in crude. Gold, small bid, but nonetheless, still negative by eight bucks on gold right now. We jumped to no 10 bonds, sitting at about 1.1409. So not sure what's driving this market higher right now, but nonetheless, we got higher prices coming in. We check off the VIX right now. Volatility index backing off a bit. 20,845 was the spike high on Friday. I bring that up because even if you just look at the accelerations we've had this year, folks, when things get a little haywire, and I would say things got a little haywire on the Fed prospect of raising maybe a full point, okay? Meanwhile, the VIX can't get above 28 right now. When we have inflation raging, you have the market pulling back. What was last Tuesday? 4%, 5% almost on the Nasdaq 100, and the VIX is just chopping around 26.88. I illustrate that. Keep your spikes up, folks, okay? Because if things really get haywire, the VIX is usually spiking above 26 right now in terms of what is going on in this market. Let's see how the currencies are continuing to fare right now. Dollar index just chopping around 110 basically on that dollar index. We take out the Euro, Euro US dollar, sitting under parity 99.86 right now in the Euro, and we get the S&Ps right now. Negative by seven points. Decent pop, okay? But context is important. Can you even see a pop when you put this on a daily chart, folks, on the S&P? No, all I see is a little tail. All I see is negative prices. I know we got a lot of fib numbers over there. Let's take them off real quick, okay? Yeah, no real pop. This is a daily, folks, okay? We just popped 20, 30 points in the S&Ps, but boy, you got a two-way market, and we got lower lows and lower highs. Folks, don't forget our man Larry Pezzavento heading over to the front page of TFNN. Check out his webinar tomorrow. Sign up for it right now so you can get in that discord room. Your subscription to Fibonacci 24-7 begins instantly, and don't go anywhere, folks, because we got our man Basil Chatlin. He's back in the saddle. Tiger technicians hours next. Have a great Monday, everybody.