 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 727-445-1044. Now, Larry Pezzavento. All right, looking good, Billy Ray feeling good, Lewis. We're going to start out the week like we usually do, taking a look at the DAX and then also the FTSE, which is the UK market. As you can see, we've had a pretty strong rally here if you're looking at these. Now, this brings us to an interesting point, folks. When some folks trade, they trade off different time frame charts. In other words, if you're trading off of a 15-minute chart or an hourly chart or a 30-minute chart, whatever you're looking at, use that as your guideline. Don't go jumping back and forth to a weekly or a monthly or something like that. Stick with what you're using it for the pattern because this is what's really controlling that particular time frame. And remember, the definition of trend is if you have higher bottoms and you have higher tops, you're in an uptrend. If you have lower tops and lower bottoms, you're in a downtrend. And that's what you have to do is you have to ask yourself what type of trend that you're in and then trade off that chart and then match up the patterns where you want to be an entry fee on this. Because if we take a look just at a little bit longer time frame, let's do the DAX first just to show you the difference in the types of patterns that you're looking. The first one you saw was it was very, very bullish. It had been going up quite a bit. Let's take a look at the DAX this morning here, going back to January. Where are you? You're exactly at a 61% retracement. You've been there two days in a row. You have two ABCD patterns there. You can see the three drive pattern and the colorful triangles that are marked there from the instant software. So that's telling you, gee, this might be a really interesting spot here to sell the DAX and the footsie. Take a look at the footsie since we're doing that and then we'll look at a few others because we're seeing a lot of things like this. Here's the footsie. You can see it's doing exactly the same thing that the DAX is doing. It's also in a sell mode and that's what you're looking at. All right, that's what we're watching today. Now, since we're talking about time frames and stuff, there is a pattern here in the market that is very, very interesting that we looked at on the long-term weekly basis. We'll get up there and let you take a look at it. Here's the pattern for the NASDAQ on the weekly. As you can see, we're completing what we think is a one, two, three, four, five expanding triangle. Gartley put that down as a T6, expanding triangle T6. Wells Wilder turned that pattern into what he called the reverse point wave and what you're looking for is it closed down. Now, if you'll notice here, since the bottom was made in December, you'll see only one red bar on the way up. There was only one weekly close, where it closed lower than the previous week. That was up 18 out of 19. Folks, I don't think that's ever been done before in the NASDAQ. Actually, the actual, if you're looking at the market from a trend point of view, you're up 18 weeks in a row. In other words, you had a higher high than you did the previous week, either higher, higher, closed, higher, 18 weeks in a row. That is an incredible outlier event. The only markets that I can remember from history that did something like that were gold and silver and also sugar. They ran 22 days in a run before they finally turned over. And when they did, that was the ultimate top, so I don't know. But anyway, this is a reverse point wave. You have all the characteristics that you need. You have the expansion between 1, 3, and 5. You have a very nice timing signal between the 0.1, 0.3, and 0.5. And of course, 0.4 extends down to below 0.2, and then it goes up and makes a new high. So that's what we're watching here in this NASDAQ today and some of the others that looked a little bit interesting. Remember, this is golden week, which means that the Japanese market is going to be closed from the 27th of April through May the 6th, and that'll be the longest period that that market has been closed since World War II. And all that might mean is that there might be some illiquidity problems over there because it'll probably be the bank in Japan that's doing it. Remember, they are very notorious for doing bank robberies. In other words, pushing things out of extremes and then reversing stuff. So pay attention here. And I would certainly recommend you using stops during this time. But if you know how to handle your risk, then use a money stop or a desktop. And some people are capable of using desktops. And a desktop means that it hasn't been put into the market yet. So you have to get to that point where you actually have to call, you know, yell, Uncle, and say, I quit. You know, get me out of the position, but you've got to know what that level is because everything that we do is based on the amount of money that we're risk, not how much money we're going to lose. And that's the whole key, you know, to understanding what you're, what you're really watching. So I think it's very important to remember that that, you know, some people can trade without stops, but they're very disciplined and they know how to, you know, when it's time to, you know, pay the piper, they get out. That's basically it. The other thing, since we're talking about stops, but your stop's too close. And I mean, some people trade, you know, the e-mini with a three-point stop. I don't know how you can do that. That's $150 on a contract. That's, you know, looking to be pretty close to $150,000. That is, that's insane. That'd be like trying to trade gold for a dollar stop. And I don't think anyone can do that either, but that's my, that's my two cents worth. I had an interesting meeting with my good friend, Byron Tucker, on Friday. Talking about the old days. And one of the things he remembered was, he worked for Leo Malaman at the Merc. He was one of the fellows that was involved. Well, Leo started, you know, the foreign currencies and all the other stuff, the S&P and T-bills and all gold and all that. But one day he was putting orders in for Leo and there was a big report due. And Leo was trying to buy some treasury bills and Byron said, you know, there's a report due, you know, here we're going to, you might want to wait till after the report. And he said, it doesn't make any difference. He said, the market's going up. And so the report was very, very bearish and he had bought it and it turned around on a dime and went straight up. Byron said he never forgot that experience because Leo had a real strong opinion on the market and the, you know, the market paid, paid off his opinion in nice profits. But those are just some of the things that you hear from the old days where some of these guys were just having an intuitive feel of, you know, what was going to happen next. And that's not an unusual thing, you know, to have happened. We're going to take a little break here and when we're getting back, we're going to talk about the gold market and we're also going to talk about the bond market. Now, if you would like to call in, it's 877-927-6648. And then we think, I haven't heard the music yet, what happened? Did I do something wrong? I guess I have a couple more minutes here. I must have did a timing thing wrong, folks. I hope we're still on the air. And, wow, what's happened? 10-4. Mr. Z is asking what Leo traded before the financial stuff. He traded cattle hogs and bellies. Yeah, that's basically it. 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Check out the new TFNN.com now and experience all the upgrades. TFNN.com, educating investors. Okay, folks, I've been asked to take a look at the gold market here and, as you can see, that head and shoulders pattern that we've been watching is in force as long as we can stay above the 1267 level in the June gold. It looks like it has the potential to go higher. We're down a little today, but we've had a nice three-day run between Wednesday, Thursday and Friday, so I think that's important to remember that that's something that's going on. Now, I did want to share with you. We had two things, I think, but let me do the market one first. I just wanted to show you here, so give me one second to take a look at this. I wanted to show you the head and shoulders pattern that one of our friends from the UK sent to us. I'll get this up so we can take a look at it here one second. I want to blow it up pretty big, but this is a really nice one. Now, this is a 60-minute chart, of course, but it is the Dow Jones industrial average, and the thing that's important here, you remember now that the NASDAQ is making an expansion. In other words, it's completed a new high up there. It's made a three-drive pattern in the NASDAQ, and the Dow Jones, we're making a head and shoulders pattern. That's showing some type of diversion, so I think that's important. Oh, we've got a request to take a look at the silver, and I'm certainly going to do that. We'll bring this up to let you folks take a look at it. Here's the silver. We're down slightly today. As long as silver can stay above that $14.70 per ounce, I think it's got a chance for a pretty good rally in here, but remember there is a possibility that we have that outstanding target of $14.40 per ounce. That's the 78% level. I don't know if it's going to get there or not because it stopped exactly at the 61% retracement last Tuesday. There was a very strong rally that we had out of there showing you that that number was very good. In addition to that, if you look at it closely, you can see that that was also an ABCD pattern. You can see that by the colorful turquoise-colored triangles that are in there, so that's what we're watching. We're holding that relatively well. Now, if you're going to talk about the gold and the silver, you really should take a look at the platinum because this is the one that looks the most interesting here from a bullish standpoint. Here's the platinum chart. You'll see that we're trading up around a little below $900 an ounce. But folks, my friend Jim Fleining and over at GAN Educators in Santa Monica, California, I think is the premier GAN guy that I know if you like, Gannon, and I don't know much about it. But the thing is, he's extremely... I mean, you talk about extremely bullish platinum. He's very bullish. I think if you're going to be looking at this, you'll notice that there's an ABCD pattern on platinum that comes in at the $8.79 level. Now, maybe we'll go down one more time to test these because usually they don't run away without looking back. And if they do look back, the platinum at $8.79 would be really interesting because if, and this is a big if, if we closed below that $8.70 level, that would really negate this bullishness. It really would because the market had a chance to really go to the upside and it would have reversed. But that hasn't happened. I'm just trying to play the devil's advocate because you have to think about the patterns that don't work as well as the ones that patterns that do work. Now, we had a really interesting fund guest this past week out here in Tucson, Arizona. And I have to share this with you because it's really interesting, the thing that he did here with these charts. Hold on, I just want to show you. Hold on, just give me one second. This is the page out of... Okay, hold on one second here. There we go. This is a page out of John Hill's book that he did back in 1966. He was reprinted in 1977. But he did so much work in this book. If you'll look to the left of this, folks, on the far left, look at the little yellow, pink and turquoise tabs. I mean, about every third page was tabbed as something important, which I feel that book is pretty good. Anyway, I was so impressed that he did that much work and he's going to be extremely successful as a trader because he's certainly risk averse, but he's understanding the structure of the market much better now. And that's the whole thing that you're trying to look at because you're never going to know what's going to happen next. So what you have to try to do is to focus on the patterns that are there at the time, and those are the ones that you want to be watching very, very closely. And I think that's something that we really need to always pay attention to. No question about that. That's extremely important. Okay, we covered the head and shoulders pattern in the Dow Jones. I wanted to make sure we covered that. And I'll just make sure I get this one here. Oh, here's something someone asked me about in an email question over the weekend. That is to look at the Euro on a long-term chart, going back to, see, in 1985, it was the Deutsche Mark. That's really what that was. The Euro didn't come into being until I think about 99 or 2000, somewhere in that ballpark. I have to go back and look at it, but you'll notice the low in 2000 there. That's when my grandson was born, and that's when we started buying some gold for him for his college education, and it turned out to be okay. Look at this monthly chart on the Euro, folks. There's a really strong bottom there at that 104 and change that we hit, then we rallied up to the 382 retracement, and that stopped right on the money at 125. We're now trading at 111.50, and that is broken down below that 61% retracement. It's very oversold, so we could get a rally in here, but this is a long-term, very bearish market with a price level it looks like. It's going to go down to 90 again, which, you know, it was 90 back in 2000, and you can see it makes these trips sometimes. Hey, look, folks, I'm just showing you this chart. You can't make a trade-off of a monthly chart. At least I can't because the amount of money that you have to risk to see if you're right is a little bit out of the ordinary. Let's put it that way. So I hope that helps. Anyway, it's, you know, I hardly ever look at monthly charts. About as far back as I go is over the weekend, I always look at the weeklies, but monthlys I don't look at them. That's why someone asked about it, and it's nice to look at the picture of it, but frankly, it's just a little tough right now to look at a monthly chart and probably look at it. So, yes, we still have some bullishness in the market, folks, but believe me, this pattern that we're seeing, the divergence we're seeing between the NASDAQ, the Dow Jones, and the S&P 500, and also the E-Mini, the Russell, it's very important. No one's paying attention to it, it seems like, but it does seem like it is an important concept, you know, to pay somewhat of a, you know, close attention to. So that's what we're paying attention to this morning is to see if these markets are going to be blasting on to the upside or not. But remember, we're looking at some really negative patterns in the DAX, we're looking at negative patterns in the FTSE, and also we're looking at negative patterns in the Hang Sing, which I think is very important. Let's bring it up and take a look at it. 877-927-6648 We're both the key markets that he is watching during the day. This will be up to the date active trading information that will help you in your daily trading. In Larry's first week alone, he sent out 25 charts, six videos, and a full report to his subscribers in just one week. If you're a technical trader that uses patterns and retracements to trade, then Larry's service Fibonacci 24-7 is something that you must try. Right now, new subscribers can get a full 30-day money back guarantee. With nothing to risk, sign up now to Larry Pezzavento's Fibonacci 24-7 by visiting the front page of TFNN.com under Trading Newsletters. The path of least resistance is David White's daily trading newsletter, and if you're looking for active trading ideas, then now's a perfect time for a 30-day free trial to this powerful daily trading advisory service. David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter. 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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. Okay, folks. Someone's asked a question about the Golden Week that is happening in Japan. All I know is it's a holiday between the 27th of April and the 6th of May. What that usually means is there's not a lot of traders out there, but the Bank of Japan is always out there, folks. And remember, they do play games, so pay very, very close attention to it. We'll take a minute here to take a quick look at some of these currencies that we're watching. But before we do that, there's a very interesting pattern here that we're seeing here, since we're looking at something on a longer-term basis. I want to bring up the weekly CRB index to let you folks take a look at it because this is something that looks very, very interesting. And that is, you can see that up channel where you have higher tops and higher bottoms. That's basically telling you you're in the direction of the short-term trend. You can see the weekly chart is certainly heading to the downside, isn't it? But we do have that pattern known as a 135. That's a pattern from Roy Longstreet and his son Bill, and we're down there right now. This week is where we should be bottoming in the grains and some of the other things. I think the coffee is probably already turned. I think sugar is already turned. Cocoa certainly is already turned, so maybe some of these are going to come home and see if we have a little bit of a bounce, if nothing else, but that is a possibility. Now, if we go crashing down again this week in these grains, that would tell us that most probably that we are going to go lower. And this could be related to what's happening in the U.S. dollar because if that U.S. dollar starts trading above 98, that means the euro is in the sewer, and then the dollar being strong means that our products that we're selling are selling at a premium, so we're going to be punished because of what we're looking at. Terry is asking us to take a look at the corn, and we'll be happy to do that. We'll bring it up here to take a look at Christmas corn. That's the one that we'll be watching this week, and we'll bring this up so you can take a look at it. But as you see here in this pattern that we're watching for corn, we've taken out contract lows. We did that last week, and then we made that butterfly pattern. You can see down at the 372 level. We're trading a tiny bit above that right now, but as I mentioned, and this is why this is so much important, if we start going below these lows that we made on Thursday or Friday, that is not going to be a very, very positive thing for the green markets. I think they're going to hold, but we'll have to wait and see. The corn chart did not post. Let's see why it didn't. Let's try it now. Let's see if that worked. I don't know why. Folks, I am having a monumental computer problem. I worked on it all. I just can't tell you how many hours that I worked on this darn thing, and it's just really drawing me crazy. I'm not able to send videos out. Whenever I put the input into the video, I can see the video going, but you can only hear my voice very slightly. Hold on, folks. We've got something popping up. Oh, we've got new lows here in the July bean. See, there's another one there that looks like it's actually... I don't know if it's... Hold on just a second. I've got to turn this off. Otherwise, it's going to drive me crazy, and if it drives me crazy, it'll drive you crazy, so we'll see here. Yes, we did go down. Now, we're making a new bottom here in the... The beans have dropped, actually, about a nickel since last night, but they're forming a nice redrive pattern in July right on the opening, so that's the kind of thing that you'd really like to see, whether that's going to mean anything or not. We're going to pay pretty close attention to, so this is what we got, the stock market screaming again, which is not unusual, so let's just do one thing at a time here, and then we'll get back to it, but we really need these beans to hold this week, and that's the whole key to what we're watching here as we're looking at these things here this morning. Okay, now, the next question that we were talking about was the currencies. Now, I believe the Euro has made some type of a very, very small bottom, and I've reiterated that word small by a lot, because if you look at it here in the Euro, we've made a little three-drive pattern when we went below that 1160 area, and it hasn't gone anywhere, folks. We've only been able to rally about 70 or 80 pips. You know, that's really nothing. In order for this bottom to actually show that it has any legs at all, we've got to get above the 112-30 level of the Euro. That's quite a ways from where we are right now, so if that would happen, that would say, yes, there's a possibility that that could be a bottom, but I, you know, here again, it's just too early. You just really can't take, you can't say that, you know, see that? And Maria has just posted that the E-mini S&P will be at 3050 by the end of the week, so we can book that one. Thank you, Maria, for the heads up. This is the dollar index. This is a, this is basically the reverse pattern of the Euro, and as we look at this, you'll see that the, you know, area of 98 is going to be very, very important because there will be a 1.27 expansion there. We've certainly shattered that double top pattern, folks. We've certainly done that. And the key to this, if you'll look at that 382 retracement we made two weeks ago at 9650. Folks, it took 10 days for the market to make a 382 retracement in the dollar index, and whatever you see that, that is extremely bullish, and that's one of the reasons why we were bearish on the Euro and bullish on the US dollar because of that particular pattern. It had nothing to do with fundamentals, of course, but that's all it was. It was looking at that pattern that looks really, really cool, so whether that's going to continue on after we wait and see. Okay, the next one we want to take a Gander at, if you'll give me a second here, it's going to take me. I've got to do a few things here. Oh, dear. One minute here. Let's get this thing moving. Oh, hold on a second. I'm having all kinds of computer problems. You know, the British Pound. We want to watch this because this one's acting relatively nicely. It hasn't gone anywhere yet. And we'll take a look at that to see. You see, we're down to that 129 level in the pound held up relatively well. The low was 12860. And if we get below that, that would say that that strong support has dissipated and we're most probably going to go a little bit lower. So we'll watch that one very, very closely also. Okay. You have the British Pound should have popped up, I think, didn't it? I hope it did. Yep, it did. Okay. All right. So we're up to date on that one. Now, well, I guess, you know, one of the things that we got really very soon, just a few about a week or so ago was the Australian dollar because it was had that beautiful head and shoulders pattern. Let's get this up here so we can take a look at it. We had a beautiful head and shoulders pattern that finished back on March 4th. Then you'll see the ABCD pattern went up to 72 and then she right after that ABCD pattern just slightly above the 61 percent retracement. In other words, the difference between the 707, which is the reciprocal of the square root of 2, was about 14 pips, which is nothing when you're trading, you know, the currencies. That's like $140. And now it's broken, you know, almost well, it's broken $2,000 and it looks like it's heading down to that 69 level again in the Australian dollar because this head and shoulders pattern has now been, it's been violated. You never should have taken out that right shoulder low. This is not going to happen and that sets up that ABCD pattern that is down there at that 69 level. Very very clear, you know, that that's what it wants to do. Now, whether it's going to do it or not, we don't know, but nobody else knows either. 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Distributor for side fund services LLC. The bull bear binary option hour next on TFNN. Okay folks, I've been asked to take a look at the coffee chart. This is something that we are looking at at this level here at 9400. The important thing is if you look down at the bottom there where you see the 1.27 expansion coming in there at $87 we've rallied a lot folks we've rallied 10 cents a pound in coffee very, very quickly and then we backed off to try to fill that gap. This has a potential to be an extremely bullish pattern folks. I'm not giving a buy order in coffee like that but the pattern is certainly very, very interesting because of that 1.27 expansion and the way that it came out of there. You'll notice the move that we had in September to October we rallied 36 cents a pound in coffee that's about a $12,000 it's about about a $14,000 move in a matter of a month and then it went right back down it went from 86 down to almost 86 it dropped 40 cents a pound so this is really good for Starbucks because their number one flagship is coffee of course and they could buy it at a cheaper price so that's something that you pay attention but this has got a really potentially bullish pattern in the coffee. As my old grandma used to say when she used to feed me my oatmeal when I was 4 years old if you have the urge to trade coffee all lay down on the couch until the urge goes away that's really doesn't is not apropos anymore folks because with electronic trading it is extremely fair now so that's the main thing is you've got to decide when you want to buy and when you want to sell. If we take a look at the sugar I wanted to bring this to your attention because it's all part of that CRB index and if you'll see that we're watching here you'll notice that there should be really strong support in around 12 cents a pound in sugar and it's been this really long trading range since October 9 months now that we've been in this trading range so if we come out on the downside or the upside it's probably got a long way to go. Those are the key things to pay attention to us. Someone asked a question about when you decide to do things on trading I'll try to answer this the best I can but if you're going to risk something you should never risk more than about 2% of the value of your account now if you've got a really small account and you're learning to trade don't worry about that because you're probably going to blow the account up once or twice before you figure out what the heck you're doing right because the work that Mark Douglas did with the 10,000 or so commodity accounts that he looked at at Merrill Lynch was it was really very very informative people with small accounts have virtually no chance of winning but those that stick with it in other words they try it and again and try it and again and try it and again and then they finally get it right that takes some time that's to go into the school of hard knocks what you're trying to do is to learn without giving up too much and that's the real key I've had a lot of people that I've talked to about learning to trade and if you're anywhere near breaking even folks if you're anywhere near breaking even and what you want to look at is to take a look at these the fact that you are going to make it because all you have to do if you're breaking even you're only one little turn of the screw from getting everything right so pay attention to that it's a real interesting one to really watch very very closely anyway that's what we're paying attention to here this morning we'll see if that's going to meet anything we've probably made a pretty significant top up in here we've been talking about that area of $65 a barrel and it has certainly done that and we'll see if it is going to be going to be looking at these levels that we're watching here today let's bring up the crude oil so we can at least get an idea of where we are because we're trading down around that $62.80 right now that's down $4 a barrel this is the biggest break that we've had since the December lows if you'll notice that December low was a double bottom and I mean right on a double bottom and if you looked at it in a longer term timeframe you'll realize that $42 was right at a 78% level of low we made down at $32 a barrel several years ago so this is a really interesting chart there should be a lot of support in the crude oil somewhere between $62 a barrel and $60 a barrel but below that then you're looking at the prices going in to the high 50s without any trouble at all is what we're watching here in the crude oil here this morning so that's what we're looking at so we want to keep moving on to see what's going on here and everyone is telling me that we're making new highs in the stock market which we're very close which is what we should be doing but be careful up in here folks we got that beautiful pattern in the Nasdaq and I don't know if it's going to work or not but it's certainly the kind you like to see if you're a pattern recognition swing trader and that's what we're paying attention to text about the grains I mentioned this in the newsletter we're coming down here we've broken down through some major support in these grains I know the corn hit the level right where it should have took a little bit of trouble on the long side there but the stops at break even we just haven't seen you know any really significant spot here where we can actually say well maybe we'll take a gander at it right here but this is the week to be buying the grains folks I really believe that that 135 pattern on that CRB index is not to be not to be not respected so pay attention now we've got our programming note on the third of May I believe we're going to have Norm Winsky who calls it to the minute he'll be our guest I'm hoping to have Tim Bost and also Bill Meridian on this week to see what they're looking at so let's keep an eye on some of these things because it's I think we got a chance to have some really big turns coming here in the market and that's one of the main things that we're paying relatively close attention to we got gold trading at the 1280 level we had a high of a 1291 we're back off 11 bucks that should be some pretty good support here in the gold market pretty much what we're setting at right here but whether it'll hold there or not we'll have to wait and see those are the ones that are on the watch list for this morning the Euro we're trading at 11 52 folks this hasn't even bounced at all it just looks like it wants to go a whole lot lower that means that dollar index is going to go up and that's one of the reasons why the grains are under so much pressure is because the dollar being that strong makes our stuff cost more that's you know that's what happens you know if you can buy something cheaper across the street you walk across the street and buy it and that's pretty much what's going on in the grain market so that's neither here nor there but pay attention to it the gold is okay folks as long as we stay above that 1267 level that's really what it's all about if we can stay above 1267 we've got a slight chance of the market getting ready to rally so that's what we're looking at for the cheap seats here in Tucson Arizona with the beautiful we've got a beautiful full moon coming up here again which would be kind of cool and excuse me the new moon is coming in on the this Friday so we'll pay the norm tell us about that one for sure alrighty now one other question someone's asking is about the amount of money that they risk on any trade folks you have to decide how much you're going to risk that's what your job is you've got to take the responsibility for that no one can tell you how much you're going to win or lose no one knows the answer to that so that's it 877 927-6648 I'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trade that we tigers and tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets I'm Steve Rhodes author of Mastering Probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer and the nation for the S&P 500 for the last 12, 6 and 3 months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of tfn.com and get immediate access to workshops where I take you step by step how to use an extraordinary tools as well as provide great market calls to sign up today if you haven't checked out the newsletters page of tfn.com what are you waiting for all of the tfn newsletters are informative up to date affordable and must have for every trader looking to gain a competitive informational edge in today's markets tfn newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk free for 30 days from all aspects of the markets including stocks, bonds, metals, commodities and tech there's a newsletter to fit your needs exclusively from tfn stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to tfn.com and click the newsletters button near the top of the page tfn.com educating investors since 1984 Bazel Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into the 1980s Bazel noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Bazel found the computer software included the standard market technical indicators enhanced the degree of accuracy in calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Bazel Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a 2 week free trial to the opening call Bazel's daily trading newsletter by visiting the front page of tfn.com this segment is brought to you by thinkorswim for more information just click the thinkorswim banner on the front page of tfn.com okay folks we're going to have to take a look at the live cattle market and what we're going to be looking at here is August cattle as you can see we topped back in late March and we're going to be looking at August cattle as you can see we topped back in late March the market broke down to 115 a pound we rallied up to exactly the 78% level you can see it there rallied up exactly 13 trading days to trade at 120 that high was 120 05 the 78% level was at 1995 so it was within 10 cents of the exact high in the cattle and of course it went from 120 and on Friday we hit 112 and I believe we'll be going lower here but it does appear that we made some type of a pretty significant top here in the cattle because we've gone from 121 down to 112 we've dropped $9 a pound which is a big amount in the cattle market but we should be coming into some support here at this 111 area because it's the long-term 61% retracement is just a little bit below where we're trading right now but the way we came down folks from last part of the week Wednesday, Thursday and Friday there was a whole lot of selling coming in and it was also affected the hog market with even the bullishness that we're seeing from the Asian flu for the hogs it still we've gone from 99 down to drop $10 a pound so it's quite a bit for sure remember to live every day in an attitude of gratitude and may God bless the lift should be trading at around 53 this week folks 5250 for lift that's what we're watching remember we had that ABCD down there I'll talk about that tomorrow of course but the lift at 5250 I will post the lift after the show is I'm going to be off the air here in a minute but I will post the lift so your folks can take a look at that make your own decision let me see where it's trading and I'll post it in here we're almost done with the show here and I don't want to go over time