 The following is a presentation of TFNN. The Morning Markets Kickoff with your host, Tommy O'Brien. Good morning everybody, I'm Tommy O'Brien, coming to you live from TFNN Tuesday morning just after 9 a.m. Eastern time. We got about 30 minutes to go until the start of trading and markets rolling over a bit. We got some volatility overnight. Let's jump right into it in the S&Ps. You're negative by seven points right now, trading at 41.34. NASDAQ 100. We just rolled over in the last half hour or so. We were in positive territory across the board. Right now you get all the major indices in the red as even the Russell sneaks into the red as well. NASDAQ 100, negative by a quarter percent right now. Dow off 52 points right at 33,000. Russell, flat right now. We jump back to the S&Ps. The overnight session, you're as low as 41.18. Look at these moves, man. You call it 41.20, just round that number. You trade as high as 41.57. That's 37 S&P points. This thing rallied from about 230 till 4 a.m. Eastern time since then. We've had lower lows and lower highs, 41.34, just below where we closed out yesterday in the S&Ps. How about that crew contract yesterday, man? Wow. From $91 to 86.50 back to 91. $4.50 down and up. We're sitting at 91.96 right now. You take a look at the daily on-cruise, okay? Price level to keep on your chart here. It's bouncing in the $85 area. Now, interesting, 85.41 on the futures, okay? The longer-term chart going back, that has a high of 85.41. That's correlating to October 25th, almost a year ago. All right? Interesting that it's traded all the way back to that price level. The war broke out in February. All right? That's where you see this thing really go parabolic. But it had a rise all the way from December 17th when we were trading at 66.12, zooming in on the shorter-term action. We make a low of 85.73, okay? So you're talking about within about 32 pennies of October prices of last year. Seems like Crude has found somewhat of a floor 85 to maybe $90 we're trading at 91.83, something to keep in mind here. Even if you don't think we're going to see Crude go back to recent highs of whether it's 125, whether it's 130, the high we had on the spike highs of the war began, we get some tough deals going with energy in the winter in Europe, folks. Everyone's talking about it if you're in the market, okay? The one thing to keep on your radar though, even a 382 or a 618 of this recent pullback we've had in Crude, that can get you up to 100 bucks to $110 pretty quickly in this contract. The one thing I will say is lower lows, lower highs coming at you basically since the middle of June. Now what was also the middle of June? That was a market lows, okay? So we had market lows, you had crude highs. Right now we're seeing Crude bouncing from an area of 86 to 91, meanwhile we have the market pulling back a bit from those recent highs and it's all tied together of course with notes and bonds as we check them out as well. Notes and bonds, you take a look at the action, we're coming into the 618, the entire move higher we had. So you traded from 114 in the middle of June up to where we were at 122 basically, that correlating to a yield approaching 2.5. We're sitting this morning with a yield of just over 3%, 3.05%, I believe we're sitting at something like that. 117 is going to be an interesting area here, you're talking about an area that basically is the low you had all the way back in May. Excuse me, that's going to basically tell us when we hit that area, is the market comfortable with yields in the 10 year going higher than 3% because we're sitting at that level right now, or could 3% be a little bit of a ceiling? I say 3%, we're already at 3.05%, would probably be approaching 3.1 or a little bit above that as we came into a price level of 1706, which is pretty close, 1708 was the low we had back here on May 9th. So keep that one on your radar, we blow through that area, you're probably heading back to 114 and change, that's correlated to a yield of above 3.5%. If you do that, watch out stock market to say the least, if we get yields that high yet again, interesting to see what would happen with crude at the same time, if we had yields rising at that level and we jump over to the VIX as we wrap up this market. First spike we've seen in the VIX in about two months, you go back to June 13th, we were at a high of 3.5.05%, basically correlating to the market lows at that point. What have we seen? We've seen lower prices in the VIX all the way for two plus months. That is the first breakaway spike we've seen, you got two days holding up their VIX right now positive by 14 points as the market chops around in negative territory, sitting at about 24, could be indicative of the low volatility March upward this market has seen over a period of two months, potentially coming to an end in the near term future. We are now less than a month out from the next Fed meeting, right? Interesting how that goes. That's going to be coming quick. We got earnings already out this morning, Zoom missed in a big way, Macy's, Dick's, some pretty good numbers, they're trading slightly higher this morning. We got Nvidia out this week, we got Salesforce out this week as well, among some other companies. We got a Tesla stock split going on and then we get PCE on Friday, personal consumption expenditure. That one we got on Friday, it's going to be September, before you know it, it's going to be Memorial Day weekend and before you know it folks, we're going to be coming into the next Fed meeting in September. We're already less than a month away and you're seeing markets potentially prepare for that so many times, all right? We have seen this market trade into a Fed meeting, right? The Fed makes the decision as in the hike 75, the market says, oh my goodness, but it's already been priced in. What is the market going to price in coming into this Fed meeting, right? Because it looks like the trend has changed a little bit to say the least as we are now 200 points, basically off of the highs that we had just about a week ago, August 16th, one week ago, exactly 43.27, we're trading 41.34, you were as low as 41.18. Overnight, now you take a look at the S&Ps, okay? The areas I would have on my chart folks, really the area is 3,900. You better be careful, you better be ready for this thing to trade to 3,900. It was a one-way shot from 3,600 to 4,300 in the face of CPI still printing at about 8.5%. We're going to get some economic numbers in the beginning of September before we get the next Fed meeting, but yeah, I'm looking at about 3,900. That would bring us back to the lows of May. That would bring us back to the highs that you chopped around in, whether it was the end of June, the beginning of July, you broke out of that area. July 19th, that would also bring you back to about the 618. Seems all but reasonable that the S&Ps could give back to a 618 of just the run it's had over the last two months, you know? And maybe the low is in at 3,639, but I don't think the volatility has passed us to say the least. You jump over to the NASDAQ 100, looking at similar price levels, okay? The thing I love about Fibonacci folks, they give you a price level. You know if you're right, you know if you're wrong. The 618, about 12,100. Now that's correlating to a little bit of a different area in terms of whether you were back in May. You were lower in May when you were back there. You were about 11,750. You see the NASDAQ 100, right? The low in the middle of June versus low in the middle of May, pretty close to each other actually. But NASDAQ 100, maybe it's 12,100. We're sitting at 12,885. Folks, we're 900 points above where we were trading at a week ago, okay? You better believe that we can trade down 700 points over a period of X days. Could be a month, folks. We could trade down to that level going into the next Fed meeting, okay? We just traded down 900 points in the NASDAQ 100 or a period of about five days, five trading days, at least. One, two, three, four, five, okay? Even being today, 618 level, 12,100. Maybe that's what this market needs to get a little bit of risk reward back in balance with the numbers so out of whack still for CPI. S&P's negative by five, folks. NASDAQ 100, negative by 22. We jumped to some of those stocks with earnings. We'll talk to our man, Kevin Hinks, when we get back. There's Macy's out as well, up marginally this morning. 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. Vista Gold trades on the NYSE American and TSX under the ticker symbol VGC. Vista Gold executing a strategy to create shareholder value. 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. 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Let's jump over to our man, Kevin Hicks. Every trading day, folks, 12 noon Eastern Time, fast market from the TD Ameritrade Network right here on Tiger TV. Kevin Hicks, Tom White, the team of TD Ameritrade Network. They break down the day's action, folks. They walk you through hypothetical trade setups. You're talking about options. You're talking about defined risk in a market where we get the VIX spiking a little bit again up to above 23 this morning. Kevin Hicks, good morning. Good morning, Tommy O'Brien. Yes, unfortunately for these indices this morning, good news in Dick's Sporting Goods, good news in Macy's, isn't giving me enough to keep us in the green. This market's going to remain tense, Tommy, until later in the week when we get some inflation data and Jerome Powell speaks in Jackson Hole. So I would expect what the dollar word is with yields rising that this market's going to be stressed slightly until the end of the week, Tommy. Yeah, it's interesting, Kevin. So often we've seen some of the moves in the market proceed, right? Some of the expectations, Fed meetings in particular, we're now less than a month out from the September Fed meeting as we approach and we get Chairman Powell this Friday at Jackson Hole. We got the yields back above 3%. What's your take on the yield action? Quite a volatile session, man. You got the 10-year, 117-18 about this morning. Quite a pullback, Kevin, when you look at it. August 2nd, I got on the Thinkorswim platform a price on the 10-year of 122 and just like that in the same month, August 23rd, we're back to 117-18. What's your take on yields right now coming into, as you said, a Fed Friday and then we're right into September for another Fed meeting? Yeah, Tommy, August 11th, the dollar we're worried about the dollar holding 105. It's now over one, sitting right at 109. So that affects rates as well, as you know. We are clearly, when you compare us to China, when you compare us to Europe, when you compare us to Japan, we are the most hawkish building on the street, Tommy, and that is causing our dollar rally, causing our rates to come up. Now, 3% in the 10-year is probably going to bring in some foreign buying eventually, but you know that our Fed has been pretty consistent in their messaging about staying hawkish, staying attacking inflation. So I think it's very important, the inflation numbers that we get Friday with the PCE data out of income and outlays. So we'll see how that happens, but if the tone change here, I would be waiting till a little later in the week maybe, but you know you do get durable goods on Wednesday. You do get the second look at second quarter GDP on Thursday, but that number on Friday is going to be the big one, Tommy. Yeah, and it's pretty cool, as you mentioned. So Friday is going to be a big day, of course, with the Chairman of Jackson Hole PCE, as you mentioned, and I was just looking at the calendar, Kevin, so that is this week. We come into next week, well, next week as we trail off potentially in the long weekend, right, we're coming into the long weekend and the summer, and when we come back on Tuesday, September 6th, we're literally just two weeks away from a Fed meeting. Seems like it's coming up pretty quickly. As you said, we have some numbers, you mentioned them, Dix trading a little bit higher, Macy's a little bit higher, Zoom with some tough earnings last night, trading lower. We got some action this week in earnings among the Fed, the Fed speak that we'll get. What are you guys talking about on 12 o'clock at 12 o'clock today, Kevin? We'll look at three names, two names coming out with earnings and one that we'll look at. And that is told brothers that we'll look at. And then in the first segment, and then we'll look at JW Nordstrom, like fully old do presentation on Nordstrom and retail in general. And then we'll look at PayPal, how we pay for those retail purchases that we make. And that's PayPal. So told brothers, JW Nordstrom and PayPal today. Pretty interesting as I pull those up told brothers, housing, of course, interest rates above 3%, really interesting how that's going to play out. Kevin, you have the housing prices, everyone seems pretty convinced that at least the market has stalled to put it lightly when you have rates where they are mortgage rates where they are, what that does to a mortgage payment and just the general economy. But then you have the component of rents in the CPI, which is so interesting, man, one third of the cost of CPI shelter with everything else going on told brothers. So man, that's a tough chart right now trading at 45 bucks down from $75 folks at the end of last year. Well, Kevin, we appreciate the time you take with us every morning, man. We'll be watching fast market today. You have a great one, and we'll be watching at 12. Thanks for having me on, Tommy. Have a great day. Always a pleasure. Folks, tune in every trading day. We got a great week of earnings. You heard the three stocks that they'll be talking about. They set up outstanding trades. And in this market, folks, defined risk, I mean, what do we have yesterday? A 2% pullback basically, NASDAQ almost down 3%. Pretty cool when you can lock that in. And still, okay, VIX, you can't wait, folks, for the VIX to spike to lock in your defined risk trades when you're paying the volatility premium. But the cool part is you can always take both sides of the trade. So right now, I would say the VIX, pretty affordable volatility premium in this market when you look at where it's been just over the last year, even, right? We ticked down to 20. It catches a bid almost where we were in April. But we've seen much loftier levels, I should say, 36, 35, 37, 35, even 27, 28. My guess would be that this is not the spike in the VIX that we have seen the end of as in we got some volatility, man. We're going to get Fed Friday with Chairman Powell and Jackson Hole. Kevin mentioned PCE, personal consumption expenditure, a big number that the Fed is always watching. That number comes out Friday. The market, I'm sure, reacts to that as it does Chairman Powell. We'll see what he has to say in his speech, 10 a.m. Eastern Time Friday. And then as I mentioned, next week, okay, end of next week, it's going to trail off, man. We're coming into Memorial Day weekend end of summer, excuse me, Labor Day weekend, right? I always get them. Let's get me, yeah, Labor Day weekend. September 5th is Monday, market will be closer to that. So end of next week's going to trail off. And when we get back Tuesday, September 6th, guess what? Two weeks for a Fed meeting. You've seen this market trade into those meetings, folks, and you better believe that it's possible that this market gets ahead of a Fed that while they said they're going to be data dependent, okay, and the market loved the fact they were going to be data dependent last go-around, all that really meant was we have to wait for the data and we're still on course to hike intensely until the market shows us that inflation has been tamed. And it has not shown that to the slightest yet, folks. All right, let's jump around to some of the stocks we're moving this morning. We kick it off with Macy's. Macy's, talk about tough chart, man, barely higher this morning on their numbers. Not reflected yet on this chart, but you're up above 15 pennies. Macy's trading at 1861. You take a look at it a three-year weekly, right? You are back to where you were prior to COVID, but talk about getting ahead of itself, man. Up to 38 bucks, you give it all back from that run. July 19th of last year, you're trading at 1568. You trade down to 1585, within about 16 pennies. So, yeah, maybe that's a nice four, 1570, somewhere like that from Macy's. They come out with their numbers. There's your short-term action, a little bit of a spike higher. They give it back a bit as well. And Dick's Sporting Goods out with their numbers. Decent numbers for Dick's, a little bit higher. Again, though, you take a look at this chart. Yes, quite a bounce, man, but they had quite a pullback. And the last year, you were at 142, you get cut in half to $70. Now, yes, we got quite a bounce going. You're going to open at about 113. As I mentioned on yesterday's show, I was actually on the Dick's Sporting Goods on Sunday. Man, they got some, they got like everything in that store, right? I was buying a little t-ball glove for our man in the house, a t-ball helmet, a t-ball on top of it. Yeah. And we'll take a look at Zoom when we get back, folks. On the flip side, Zoom, down about 12% this morning. We'll go over some other equities with earnings this week, including Peloton. Stay tuned, folks, and be right back. Time of looming inflation. We are purchasing powers eroded. There's no better place to protect your harder and money-thinning gold. This is the gold's flagship asset, the Mount Todd Gold Project in the Northern Territory of Australia. This is Australia's largest unveloped gold project. We are talking a world-class gold project in a tier one mining district. This is a large-scale, low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction. Vista Gold just completed the Mount Todd Feasibility Study, which resulted in a 7 million ounce gold reserve in a 16-year mine life. All of this combined with the approvals of all major operational, as well as environmental permits. This distinguishes Mount Todd as an attractive, devious part, ready development stage gold project. 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Be careful in bear market bounces, folks. 270 to 400 as in, you can see the markets do similar things just like Zoom did. Did you ever think that when this thing went from 270 to 400 that you'd be chopping around near 100 for the better part of this year when you were pushing 400 in July of last year? Down 13.2%. Now, let's jump over to Zoom to kick off their numbers to start with. Here's back the annual forecast and here's the kicker. Revenue growth, single digit growth. That was not what was supposed to happen when this thing was pushing 600 bucks. Revenue growth slowed to 8% from 12% in a year ago quarter. I mean, it's one thing if you're growing at a flat rate, right? You're not accelerating growth, but that's a race to zero growth, folks. If you're in a downward trend from 12 to 8 to 6, 5, 4, 3, 2, 1, 0, right? Now, they blame the strong in part on the US dollar, okay? But the tough part about when you have companies missing earnings like this is that they're going to blame all the things happening right now and it's on your job as an investor to figure out whether that's accurate or whether they're just excuses. And when you jump back, $1.05 versus $94, but the revenue they missed by, and that's $20 million, folks, on a 90-day basis. 1.1 versus 1.12. Revenue only growing in the fiscal second quarter, 8% year-over-year slowing from the 12%, net income fell to 45.7 million in the quarter from 316.9 million in the year ago quarter. They increased spending on sales and marketing and still they dropped from 12 to 8. They're struggling, folks. The one thing about this is you might be getting back to some multiple levels that you might be comfortable with in Zoom, man. End of the quarter, it had about 204,100 enterprise customers. Those are business units that Zoom's direct sales teams, resellers and partners work with, up less than 3% from the 198,900. 198,900 three months earlier. So what do they gain? 4100 plus 1100, 5200. They gain 5200 enterprise customers in 90 days. What are they adding? 10, they're adding 50 customers a day, right? They get some serious multiples to only be adding 50 customers a day, folks, especially with the type of money that they're plowing in, where they went from making 316 million to making 45 million, and they're adding 50 customers a day. Well, what is that? They just added 5200 customers, enterprise. They went up to 204,000 from about 199,000. So we'll call 5,000 customers. 5,200 is what the number is. And from that increase in sales and marketing, I mean, just the net income, and there's a lot that goes into it differently, okay? But net income alone seems like they just missed out on 270 million dollars in profit, right? So at 270 million dollars in profit, let's do one of the numbers here, because I was a big bull at one point, folks, okay? But when you start running these numbers, they're spending $52,000 per enterprise customer added. Now, that is not what they're spending, okay? The difference in net income is not what they spent to secure those customers, okay? But part of the reason why they're making only 45 million versus 316 million a year ago is because they spent more on sales and marketing. And when you spend more on sales and marketing, the companies that matter to this company are the enterprise customers, okay? I use Zoom for free. Zoom isn't going to make any money off of me. Maybe if we use it for TFNM, they could, okay? We do not currently use it for TFNM right now. They added 5,000 enterprise customers. They made 270 million about less money. You do those numbers. They're spending $152,000 per enterprise customer, okay? Now, yeah, it goes a lot deeper than that. Who knows what they're actually selling everything on, okay? Enterprise customers deliver 54% of total revenue. I'm surprised it's even that small online business customers or Zoom customers that don't work directly with Zoom salespeople, resellers, or partners. And that's a tough one, folks. I would let this one sort out a little bit, because that is a tough one in a big way. And we got Zoom down 12.7%. And that's with the market up above five points. Maybe you find a little bit of bid on that acceleration lower. But yeah, that's a tough one to say the least. All right, let's jump around a little bit of currencies. Yeah, we're talking a little bit of euros. Why not? We'll talk a little Euro-US dollar. Look at that. We're finally getting a little bit of a pop. What's going on there? Back to parity potentially. We got a 98-handle, folks, on my chart. A 98-handle on the Euro-US dollar. And we might be going way lower. We're approaching parity yet again. 99.63%. But boy, you take a look at this thing on a daily, folks. You want to talk about well-defined channel lines. How's that channel line for you? Going back basically seven months, the Euro-US dollar has been in a downtrend channel. And if you just head towards the bottom part of that channel, you're talking about 97 and 96. And that's in the short term, folks. We could be there in five, six days at this type of action. We were trading at 104 almost two weeks ago. And we're at 98. 99, we'll call it. Yeah, some tough goes around, as Kevin mentioned, right? Dollar. I think we're pushing 109 right now on the dollar index. Let's jump over to the yen. Look at that yen. 137.5. I mean, that's a big reason we got some negative action in the gold contract. Gold up $3 today, but we just pulled back from 1820 to 1750. You take a look at gold on a little bit of a longer term basis. Now, the cool thing about this, all right, I even got to go back five years. You got to get the COVID, no, not the COVID lows, because this thing started in 2018. You accelerate from about 1176. There's your COVID volatility right there. It just blew right through it, right? Right up to 2089. And you could make the case that this thing's been consolidating in a price range of about 1700 to 1750, the lower portion of that range up to about 2000. Got a couple tails above that area for the better part of almost two years. You've been in this price level. Now, what's cool here is the bottom part of this support for gold, for you gold bulls out there, and I know we got some gold bulls out there. I think we got some gold traders at least. That's right at the 3A2. All right. And yeah, it's an art not a science folks. All right. It looks like this thing, maybe 1700. The round number is where it's comfortable with. Maybe the 3A2 at about 1740 is where that area starts. Okay. But we're approaching that area right now. You've held that area in terms of the last two years in gold at a price level 1700 to 1752. What is necessary there, man, is to see how the dollar trades because if the Fed is going to hike it, the dollar's got strength. What's going to happen, right? Gold's going to have a tough go around when priced in dollars. Stay tuned folks. We've got a lot to talk about. We'll be right back. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all for daily market overviews that give you direction on the key indices, selective stocks and commodities. Subscribe to the opening call newsletter at tfnn.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. 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Direction leveraged ETFs. An investor should carefully consider a fund's investment objective, risks, charges, and expenses before investing. A fund's prospectus and summary prospectus contain this and other information about direction shares. To obtain a fund's prospectus and summary prospectus, call 866-476-7523 or visit Direction Investments.com. A fund's prospectus and 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, foresight fund services, LLC. Amazon shares are up by about a third of a percent right now. You jump to Apple, news out of Apple. They're going to be making iPhones in China, probably a smart move to be diversifying away from India, probably a smart move to be diversifying away from China. You've got to get those two right for sure. Apple, flat today. You jumped to Microsoft shares, down two tenths right now. Jump over to Tesla. Tesla's going to be splitting three for one later in the week. Tesla down about a third of a percent as the markets roll over slightly into the red this morning. Let's see how some of the stocks with earnings. Macy's holding up on its gains up 3 percent right now. Dicks up 2 percent right now and Zoom down 12.5 percent. Do not expect a huge bounce out of Zoom this morning, folks. That was a Zoom bull for a while. And maybe at these price levels, you can start being a bull at these levels. I mean, you get a market pullback, folks, to any of the levels I was talking about, and you get Zoom back to $75, $70 or something like that. You're talking about, I mean, check this out, right? You're back to October of 2019 prices, man. Just wild stuff. Obviously, vastly overvalued their growth, but they're a profitable company. So what happens is, is that when you're a profitable company and the market knows that you're only growing at 8 percent down from 12 percent, the multiples you're getting on there, it's almost becomes calculated in math for not a dividend company, right? But they're growing at 8 percent and they're a profitable company. Much easier to do the valuation of what that company is worth versus when they have astronomical growth rates that obviously Zoom couldn't keep up with. All right. We get Peloton. Speaking of stocks to pull back later in the week. Checking out Peloton down 3.1 percent today. You talk about a pullback, man. This thing puts Zoom to shame at 11.22. And again, not the same as Zoom, Peloton, not making money, all right? Burning cash in a big way. Zoom, they made 45 million down from 300 plus million. I imagine they'll be back to somewhere in that area though, in terms of being able to make margins on that type of business, even though they're plowing money into sales and growth, they're going to eventually either figure out it's not working or they're going to figure out that system and that funnel to get it done. My guess is they figure out that it's not going to work. You can't just transform a company that was grown from 12% to 8% even though you're spending a lot of money to change that and somehow just spend enough to grow. You can't do it sometimes. I mean, they might have reached peak Zoom as in, if you haven't paid for Zoom yet and we're two and a half years into the pandemic, you've probably adjusted your life in a way that you don't need it, or you've adjusted your business in a way that you don't need it, right? All right. Jumping around to some of the other articles I had pulled up here. Let's kick it off with this one, which I found somewhat interesting. So JP Morgan, when you get into it, yeah, that was yesterday. So the headline is, and this is what's to keep on your radar folks, all right? JP Morgan is looking for another supersized rate hike. This one's out yesterday at about 3 o'clock in the afternoon on Fox Business. They're looking for 75 basis points in September, folks, and the meeting is September 20th and 21st. We make it through next week. You come back September 6th and you're exactly two weeks ahead of that meeting. So get ready for the market to start getting their chips in line in a big way. Some of the other data points I wanted to bring up that I was looking at this morning, talking about housing, all right? A couple of tweets out here from Liz Ann Saunders. Average cost of building a home now, almost 300,000. Interior finishes, the most expensive component at 75K, setting aside when you got land labor and sales in there, that number coming in at 188,000. Interesting to see how those go in there. Home framing alone, 52,000. Let me see if I can blow this up. There we go. Foundation is 35K. Exterior finishes, you're talking about 42,000. Major systems, 44,000. Miscellaneous is 11. Siteworks 18. Final steps, 20K. Throw it on top and you're at about $300,000. Staying with housing as well. Pandemic boom town, no more. Get Tampa out of there, man. I kid. Areas with growth during the initial phase of the pandemic, seeing a slowdown in sales. Boise, Idaho, they were rocking, man. 70% of homes for sale dropped asking price in July. More than double the 30% from a year earlier. Now, Boise is at the top here. Taking a look at this, you have the orange is 2022. So you have a lot more home prices being caught. And we've been hearing this, right? My dad and Bessford doing an outstanding show on Fridays, folks. If you catch one show my dad does all week and you're in real estate at all, catch the Friday show at Bessford. They go over some great numbers. They go over the statistics in Pinellas County, how many price reductions, how many sales, how many new listings. Those alone can give you a nice pulse for the market. Boise down big, there's Tampa, man. What were you looking? Last year you're probably pushing 30%. We're having a price cut right now. What is that? Probably 55% of homes that are for sale in July, seeing a price cut in Tampa. You know, you can't deny the numbers in that type of action, folks, all right? The other way to saying that though, even last year when the market was going up 20 to 30% in Tampa, you still had somehow 30% of homes having price cuts. Maybe they were just reaching for the moon. Maybe they were just the most least, most desirable properties around. Nonetheless, those numbers almost doubling on July numbers for homes as everything, kind of facing a little bit of a pullback. And anytime we got rates rising yet again, folks, we had the 10 year yield just rise about a half a percent in a very short period of time, okay? Jumping back to that 10 year, that's a weekly, putting it on a daily. We just had the 10 year rise about a half a percent this month alone. That's going to weigh on those homes yet again. Here's the kicker though. What happens to rental prices then? It's quite a conundrum that we find ourselves in. We see as in it's all supposed to help inflation, right? Shelter is one-third of inflation. If causing interest rates to spike means that nobody can buy a house even though they're already hard to buy, so what are they going to do? They're going to rent. Well, what's happened to rental prices? They're still going up. Why? Because there's high demand for rental prices because nobody has a house and especially now they don't want to buy a house. Eventually, that market can reach a healthy equilibrium, but it's not there yet, man. And that is a real worry when you're talking about a Fed that's on a course to hike interest rates. And they might be doing their third consecutive 75 basis points hike coming up. It's either 50 or 75 and we find out in less than a month. All right. Jumping around to some of the other headlines I had pulled up here. We'll go quick. There's the headline on Apple. The new iPhone to show India closing the tech gap with China. So they're going to release the iPhone out of China, okay? But two months after that, they're going to begin manufacturing the iPhone 14 in India, probably a smart movement. You do not want to be prone to all of your production in China as seems like geopolitical risks ratcheting it up in a pretty big way over in China to say the least. This one I found interesting. Nice article on Bloomberg over there talking about the cash of college, Harvard status as the wealthiest school, oil rich contender University of Texas. You can't compete with oil at 100 bucks a barrel, folks. And I am being serious, man. You check out this chart. There it is. Okay. You got Harvard in the pink here. They're up at the highest level. The University of Texas is in the green. Yale is in the blue. They all got quite a nice acceleration as the market exploded higher. And you want an example, folks, of the outsized returns that the market just had. Look at these endowments and how they pop, man. You do not see pops like that across the board. They all just accelerated higher. But nonetheless, University of Texas, they're going to be catching up. They're making $6 million a day. How about that? We'll talk a little bit about this when we get back. It seems inevitable that they're going to catch up. They're at $42.9 billion right now. Harvard $53.2 billion. Not bad. Stay tuned, folks. I'll be right back. 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TFNN.com – Educating Investors Up by half a percent. There's an acceleration for you. $12,965 on the Nasdaq 100. Dow barely in the red right now. Jumping back to that story, before we do it, what's crude trading at right now? $92.95. Look at that acceleration, man. Crude just had $93. Watch out. So, University of Texas. Now, really cool how this story shakes out in terms of where this came from. The amount of land that they own is as large as like multiple states in the U.S. I was trying to find exactly how big their property is. It does say in here, this is a big article that they have over here in Bloomberg. We went over this here. Now, what they're talking about is some of the other biggest endowments are going to have negative years this year with the market pullback. Not going to be the case probably for the University of Texas. Now, how did they get all this land? In the 1800s, the state of Texas set aside land to help fund public higher education. Could you imagine if that happened today, even in the state of Texas, not to digress, okay? It's setting aside land to help finance higher education. It's a bummer what's happened in folks' education, getting demonized everywhere, okay? Even in a state like Texas. But what happened? At first, it seemed like a worthless gift. The dry rugged acres bestowed to the University were supposed to generate some money from grazing rights for cattle. But what happened? In 1923, they struck oil man and they've been pumping ever since. Most of the University's land happens to sit atop the nation's most productive oil basin. Not bad, man. The amount of oil they're pumping folks, the land produced the equivalent of roughly 300,000 barrels of crude per day. And the best part is they collect the royalty no matter how much it costs to operate, to produce its royalties averaged 22.3% per a barrel. Yeah, that is quite a number, man. So I imagine they are going to eclipse those numbers because boy, we got crude rocking. It's probably going to rock for some time. Tough to compete with that type of land and production of crude. Pumping those crude, crude right out of the ground, man. Good, goes to education. Probably one of the best things we could do fun for the next generation. Stay tuned, folks. I'm and Basil Chapman's next. Thanks so much for starting your day with me live programming all day at TFN and folks. Have a great Tuesday.