 News Update. Hi folks, Basel Chapman here on this 11 o'clock Tiger Financial News Network Market Update on this Wednesday the 4th of May Fedspeak Day in another three hours, but it doesn't matter what I tell you what the Dow is doing right now, it's up 32 at $33,161. The S&P is down, where was it, where did it go, S&P wise, they're typing in the wrong place, S&P, there we go, is down 13 at $41.62, it's where where these markets are at three o'clock or later this afternoon. If the S&P is down 16 points or more that's really negative action, if it's come back and it's actually up about 12 or more than that that's going to be a nice response to the Fed, it's the response. I don't care what the Fed says, I do care about the market response and the Dow needs to be not up 36 right now, if it's down 120 or more that's really not action, action you want to see if you're positive on the Dow, even short-term you want to see up at about 120 or more points, the QQQ, this is going to be really important because they are already pulling back sharp, you get down 389 at 314.94, you want to see it come back, it doesn't have to close positive but it needs to come back to at least just a minus one or better than that, definitely not accelerate the lower and the bonds have actually done the markets, they've done the Fed's work mostly, look bonds are the TLTs down again near the lows, the years are going higher, all the Fed has to do is just acknowledge it, check it off and say this is what's going on and now we're going to do our 50, whatever it is, whatever they want to do they can do but bonds have really done it for them and you're looking at crude oil holding very well, it's up four at 106 if it goes above 112 in the next few days that's going to be a market negative but also the other thing that we're looking at is the volatility index, let's just look at the volatility index and say before you go over to Leipzig-Vento then great programming here, don't forget we started nine with Tommy Jr looking at the markets through the market kickoff and does it on a fundamental and technical basis, look at this, the VIX index made a double top 37, 52, 8th of March, 2nd of May goes to 36.54 and that's after the terrible news that we had with Ukraine etc, so it's up, it was near the highs, now it's pulling back to 2910, if this afternoon the VIX index spirals into the 30.80 or higher area after the Fed speak that's a negative, if it starts to pull back all of a sudden there's a 2860, then 2830, that's at least the first time we can see some decent early attempt in the market, have a great day, see you tomorrow, check out my opening call, thank you, Leipzig-Vento, Leipzig-Vento, coming right up.