 The following is a presentation of TFNN. The morning market kickoff with your host Tommy O'Brien. Good morning everybody. I'm Tommy O'Brien, coming to you live from TFNN. We kick things off for Tuesday trading. We got a hot retail sales number and the markets taking it and running with it to negative prices. What hits me most? Well, you talk about two-way markets, right? I mean, check out this market right now. Taking off the Fibonacci price levels, you back it up to last Thursday, 44.30 down to 43.60. That's a move of 70 S&P points. You go to Friday's action. You go from 44.07 down to 43.40. That's a move of almost 70 S&P points from the lower Friday back up to a high of 44.10 yesterday. That is 70 S&P points and right now we are a solid 40 points off of those highs. That's going back to last Thursday. That's not even counting Wednesday. When you move from a price point of 43.76, nonetheless, you get the point today, we're trading lower. You have yields on the rise with a hot retail sales number. Taking a look at the markets, S&Ps right now, off by about two-thirds percent, trading at 43.72 and you see that number at 8.30 dropping off. We'll get into it. What do we have? We have yields rising. You have a dollar strength. You have market weakness. All of those acting together, the NASDAQ 100, you're off by 9.10 percent right now. Those of last Friday, 15,062, within about 100 points of that low right now, doesn't, I don't know if I see that one stopping anytime soon. Banks a little bit of a different story, which is part of the dynamic of the Dow versus the NASDAQ 100. You get the Dow right now off about four-tenths percent. You jump over Goldman Sachs out with their numbers this morning, basically flat to slightly lower. You jump over Bank of America, Bank of America, excuse me, with their numbers this morning trading a little bit higher. We'll get into those in a moment as well. You jump to Crude, $86.58, pretty much flat. We're up to 88.33 yesterday. Gold, up by $2 to 19.36 right now. You jump over to the dollar. There's the strength on that hot number, man, 8.30. You're trading at 106.20, boom, just like that. We're at about 106.44 right now, the dollar, up 200 basis points. You jump to notes and bonds. We'll start with the 10-year now. This is like the main event of everything going on, notes and bonds. We've been talking about this channel on, boy, it seemed tough to do when we were getting some accelerations into this channel line. You're talking about six days ago. Let's put this thing back on a 20-day chart, on a 60-minute chart. That was the low on October 3rd, 106.03. We're within a stone's throw, that low right now, and absolutely remarkable when you look at that this number is coming off where we were basically on Thursday. What was that? That was the CPI number. That was the CPI number. You're backing up on the market, yeah, Thursday market's trading at 44 Thursday, 30. You sell off through the day. Yeah, that was Thursday. Let's put it on a 30-minute even, because I believe it was coming right into that number. Yes, it was. It was coming right into that number, and even we're going to go back on a 10-minute basis, we're zooming in to last Thursday, because what was interesting was, that was the CPI print. We actually got a spike higher prior to that print, and then what happened is, you had the market trading lower off of that print in terms of higher yield. Now we back things up on the hourly. Look at the reversal on that trend line, man. That's the trend line we're looking at on a daily, and we know that lower price equals higher yield. We take a look at the longer-term trends, since rates have really been accelerating higher since May 4th. How about we had a 117 price point on May 4th? We're now flirting with that 106 low yet again. A very well-defined channel line for lower prices in the 10-year. All we did is we just bounced off the upper boundary line of that channel line. You make a run to the bottom of that channel line, and you're talking about basically 105, 108, depending on how quick you make it to the bottom line of that channel. But boy, retail sales, man. Coming in hot, we'll get to that right now. Let's jump to the VIX first. VIX, up by about $1 from, excuse me, from, yeah, a close of about $17.19. You're up about $0.98 right now, trading at $18.19. Well off the lows of last Thursday, $15.44. We spiked to above $20 on the Friday action. We're pushing a little bit higher this morning at $18.19. All right, retail sales. How about it? The number that comes in, 0.7%. You also got a revision of higher prices, excuse me, higher retail numbers in August. Excluding gas, September sales rose 0.7%. I mean, the headline number, folks, 0.7%, excuse me, they were looking for like 0.3%. OK, so big numbers all around. Retail sales, month over month, 0.7 versus 0.3. You take out gas, 0.6 versus 0.1. Now, these are not inflation adjusted, OK? But inflation numbers just came in at like 0.4%. So we are exceeding inflation, which means that that is pressuring the economy to grow for prices potentially to go up, et cetera. Not exactly what the Fed is looking for. In the third quarter, control group sales rose an annualized 6.4%. Purchases rose in eight of the 13 categories, including stronger receipts at restaurants, motor vehicle dealers, and personal care stores. And yeah, it showcases a consumer that's still powering ahead despite the recent energy-driven pickup in inflation. And you could say, and the persistence of core inflation, because that is real, then. So that's the number that hits this morning. And there's the headline you're going to see everywhere, that's on CNBC. Retail sales rose 0.7% in September, much stronger than the estimate. And boy, what are we now? Almost two weeks out from a Fed meeting? Yeah, two weeks out tomorrow, Fed meeting November 1st. Not sure they're going to hike on that one, but boy, you keep going at this rate. On a year-over-year basis, sales rose 3.8% compared to the 3.7% CPI, but month over month, much hotter, because you had a 0.4% number in September. And retail sales come in at 0.7%. Again, not inflation adjusted. So you could make the case that 0.4% of that is just higher prices. But the other 0.3% is straight-out growth, which is not supposed to be happening right now. If there's lag on this economy and causing it to restrict, which is really what the Fed is trying to do, right? We jump over to gold. It's going to be an interesting Tuesday in the markets, man. Gold, pushing the recent highs. We did get that spike up on Friday to 1946, right on the close of action. Sunday night, you open almost at that price level, and we're pushing those highs yet again. 1936.80. I talked about it. If you haven't tried out the gold report, folks, great time to do it, as gold is rocking and rolling yet again to put it lightly, right? And yields are up across the board right now, man. That's the tenure that you're looking at, OK? We jump to the 30-year, down a full point in 12 ticks, 109.31 right now. You jump over to the yield curve, OK? We are agreeing across the board in pretty dramatic fashion. Now, I point that out, because very recently, the two-year had been stuck somewhat, and you had the 10-year and the 30-year, the longer end of the curve going up, it's up across the board right now, man. The two-year is up seven basis points to 5.17%. We're going to have to get a whole program where we talk about yield. What's the program on Bloomberg? Real yield, which is a good one, man. With Jonathan Farrell, if you ever check it out, what are we now? We are within, like, one tick almost of the high yield on the two-year. And that is especially interesting, because that means that the Fed might be hiking, man. If you're pushing highs on a two-year basis, that is Fed territory, either they're hiking or they're not cutting. Either way, folks, yields in focus, markets in negative territory. We got earnings as well. We'll take a look at Goldman Sachs, Bank of America. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them, using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30-day money-back guarantee so you have nothing to risk. For all the details and to start your subscription today, visit the front page of TFNN.com, TFNN Educating Investors. Everything in the universe is governed by the Fibonacci sequence. 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And we're coming into a great time of earning season and on top of that, quite a retail sales number. Kevin Hinks, we got some retail sales, man. You got markets moving this morning. Good morning. Good morning, Tommy O'Brien. You have to not get between the US consumer and their discretionary income, Tommy, because these retail sales numbers that were put out, not only were they strong, but the revisions to last month were really strong. So you add those together, and that explains what the bond market and note market is doing right now, Tommy. You've got a 10-year, now over 4.8%. This was a powerful number, Tommy. It's really quite impressive. What did you think about, and it's a great yield. You got to go right to yields, I think, recently, Joyce. The volatility amazing. The numbers we're dealing with pretty amazing. Even on a two-year basis this morning, Kevin, I think I got the two-year up seven basis points. What are we pushing right now? We're pushing, yeah, about 5.17, inching towards that 5.2% number. We're almost two weeks out from a Fed meeting, Kevin. What do you think of the action on the two-year as trying to just figure this out myself, of course, the mental gymnastics, but, boy, you start talking about the two-year moving to those higher levels. I mean, is that really inching us towards? Maybe the Fed has to go a little bit higher than the market may be thinking if these numbers persist? Well, I think that November is still off the table. We see some dramatic spike in the probabilities. I don't think they're, but this may bring December back on the table if, Tommy, and this is a big if, if these numbers persist. Remember, this is a one-off event. If there's some reason why this number hit, which you always have to discount for, then everything is the same, right? And this is just one strong number. But if it persists, if you start seeing strong, reigniting inflationary numbers, and, you know, if you think about retail sales, Tommy, it's not hard to connect the dots back to higher rates and all the limitations going up. So all that, higher wages leads to more discretionary income. More discretionary income leads to higher retail sales. So you're, you're, this is the stickiness that inflation can become if not dealt well. Now, Trump thinks he's got rates at a restrictive level, and the inflation numbers are coming down at a moderate pace, but they're always afraid of reigniting. And some of the Fed speakers that are out today, we've got four Fed speakers. They're going to have to comment on this retail sales number, right? Patrick Harker yesterday basically said, we're done raising rates, and it's hurting the U.S. consumer and it's hurting small businesses. Well, doesn't seem to be hurting the U.S. consumer too much. So they need this to be a one-off event and go back to moderate levels. So we'll see if that happens, Tommy. And Margaret doesn't like it though, that's for sure. Mark, get a little bit spooked, man. One of the only things on my screen that's green is that VIX up this morning as we get a little bit of a pullback yields, of course, going higher as well. With that in mind, Kevin, we're coming into earnings season with some pretty decent earnings so far from the banks. But we march forward. We start getting some big names coming up, earnings season, going to drive a lot of the action, I'm sure, in terms of the numbers for the market. Do you guys have any equities you're talking about on fast market coming up today, Kevin? Mike Folio's going to do a presentation on United Airlines. They come out with earnings after the bell. The first launch of earnings is financials, it's airlines. So we'll do United Airlines, we'll do Morgan Stanley has earnings coming tomorrow morning. I believe we'll do JP Hunt, which also has earnings coming out after the bell today. They're affected by oil, crude oil prices and all those things. So transportation, United Airlines, and Morgan Stanley today on fast market, Tommy. Well, Kevin, I appreciate the time as always, man. We live in interesting times, as they like to say, and yeah, 0.7% on a retail sales number and still above where we are for inflation. So not adjusted for inflation, but as you said, man, pretty interesting November, only about two weeks away. So not sure that one's going to be live, but I agree with the take. I appreciate the analysis as always, Kevin. And we'll be watching the show at 12 o'clock today, man, and we'll talk to you tomorrow. Thanks for having me on, Tommy. See you tomorrow. See you tomorrow. Tune in every trading day, fast market from the Schwab network. I've learned so much from Kevin and myself over the years. They walk you through hypothetical trade setups. You heard what they're talking about, and we are coming into the heat of earning season and, yeah, the airlines. How about United Bank, right? How about that pullback from almost $60 trading at $39.53 so far this morning? But yields are going to be in focus, and Kevin laid it out well. I mean, we're only, what, 15 days out from the next Fed meeting. It would take a lot to swing that probability, but, boy, time comes at you quick, man. Before you know it, you're going to be in the middle of December, and what's going to happen to retail sales coming into a holiday season? Especially interesting. Is that going to carry forward to the holiday sales period? Student loan payments, those are kicking back in. It doesn't seem to be hampering things just yet, right? We will find out. But holiday season coming in, absolutely amazing that we're two weeks out from Halloween today. Is that right? Right? Tomorrow, two weeks out from November 1st, a Fed meeting, and before you know it, man, you're in shopping for Halloween, right? You're in, basically, holiday season. I mean, they almost have the decorations up right now, and that's October 17th for holiday shopping. Halloween's out. If you didn't get your Halloween stuff, it's probably too late, not exactly, but pretty close, man. I mean, for a target, for example, absolutely loaded up with Halloween decorations. They are basically all gone. It's going to be holiday season before you know it, and that's going to determine a lot for these numbers, and we'll see. And as Kevin said, do not get in the way of the Americans, the consumer and their discretionary income and purchases, man. We are a consumer nation, and that marches on, right? But yeah, the two-year, man, how about it? Look at this. Okay. So the two-year, okay? We are like a tick away. Now, the two-year does not trade as much in terms of on a daily basis, the move you get. The duration, so the moves matter more, so you don't get as large of a swing when you get the moves. The 30-year, for instance, right now, is what? Down a full point and 15 ticks, okay? The 10-year is down 25, the 5-year is down 15, and the 2-year is down 5. Point being, the low on the 2-year, and you're going back 7 weeks ago, 101.027, okay? We're at 101.031. You're basically a tick away from the high. I'm not sure we hit 5.2. Maybe somebody can help me out in the den. Did we hit 5.2 on the 2-year, or did we just get right up to that level? Because I think we got just up to that level, and then you got a little bit of a reset on the 2-year, and you pulled back a bit, but boy, we're going to be there today, I think. Let's see where we're at right now. The 2-year, 5.173 is where you're at on the 2-year right now. The 10-year at 4.83. I mean, maybe that's where we got to get to. We got to get to 5% on the 10-year. We got to get to 5.2% on the 2-year, and it's going to be interesting to see if a hike for December comes back in focus. Now, we've been talking about the crude market. Gas price is actually going down in the US right now, okay? So that has not been a strain on the economy. But on CPI numbers, which the Fed is not as worried about on a top line because energy, they can't control this much. But boy, you start coming into November, okay? And we are going to be dealing with comps in energy where crude was under $80 for seven, eight, nine months. That is going to be a wait on CPI. Stay tuned, folks. We're coming back for the market open. Commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe, which is why it's a great time to try out Teddy Kegstad's Tiger Forex report. Teddy Kegstad breaks down the forex markets every Monday using his 30-plus years of experience as a trading veteran of futures, forex, stocks, and options. Teddy releases his weekly Tiger Forex report every Monday morning with coverage of all the major currency pairs, including the dollar index, the euro dollar, pound dollar, dollar Swiss, dollar yen, as well as many more. And he also has weekly coverage of the crude oil market and the 30-year T-bonds as they both influence forex markets tremendously. When you sign up for the Tiger Forex report, you also gain instant access to Teddy's 60-minute webinar archive. He just hosted forex strategies and fundamentals. What is behind the Tiger Forex report? For all the details and to start your 30-day Tiger Forex report subscription today, visit the front page of TFNN.com. TFNN, educating investors. Are you ready to take your trading to the next level? Introducing Tom O'Brien's award-winning newsletter, Market Insights. 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Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN. Educating investors. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit Watch Tiger TV. That's TFNN.com and hit Watch Tiger TV. Welcome back, folks. We have the markets in negative territory, S&Ps off above 30 points right now, shooting at 43.71. You're looking at the NASDAQ 100, often even 1% 15,127, the Dow right now. You could say the strongest index, only down by 3.10% the Russell, only down by 3.10% as well. You jump over to some of the banks that have reported Goldman Sachs out with their numbers this morning. They're down about 7.10% off $2.38. You jump over to Bank of America. They're flat on their numbers. They were higher, up to 27.40. You're back to about $27. You check out some of the other banks reporting last week. JP Morgan, positive today, up by 2.10%. You jump over to Wells Fargo, up by 2.10%. You jump to Citi, negative by about 4.10%. You jump to United, Kevin mentioned. They're out with their numbers after the bell today, I believe United, up by about 2.10% right now, 39.60%. Excuse me, and jump into, again, the company's today, Goldman, off about 9.10%. And Bank of America, slightly in the positive. Jump back to Bank of America. Profits, tops, estimates on trading and net interest income. Shouldn't be surprising, net interest income, right? But the equity traders had revenue up 10%. Excuse me, you get into the numbers. The fixed income and equity traders trumped expectations with stock trading revenue up 10% to $1.7 billion, not a bad 90 days of trading. Dramatic market swings. The windfall from trading helped Bank of America's net income surge 10% to $7.8 billion or 90 cents a share. The market was looking for 81 cents a share. Net interest income rose 4.5% to 14.4 billion. Analysts were looking for a 2.5% increase. It's the best third quarter ever for equities driving the trading gain. And you look where they are 2023, fixed income in the black, equities in the blue. I mean, they crushed it, man, right? They crushed it in dramatic categories. $4.4 billion is the number that they took in. And that is for equities and fixed income. Equities, 2.72 billion fixed income, 1.7 billion. Some big numbers there, man. Non-interest expenses rose 3.5% from a year earlier, 15.8 billion costs like any company right now. A focal point, the market was looking for a 3.3% increase. So they're spending more than the market thought to make more than the market thought is the story there. Fears, fees for advising on mergers and acquisitions rose 3.7%. Yeah, and this is the one I appreciate you sharing that eloto, I need to not say eloto, eloto. One of the things we've all learned about is hold to maturity securities, right? Bond losses on the bank's held to maturity portfolio widened to 131 billion in the third quarter compared to 116 for the same period a year ago. Such losses are not recognized in earnings because the bank plans to hold the bonds until they are paid off. 131 billion dollars of losses on their balance sheet that they do not have to account for. And yeah, he shared that in a tweet. Let's pull it up, man. Where is it? There it is. And there's the number right there, right? So this is going back in June of 2003. Excuse me, yeah, June. It was 105 billion, it looks like. In September, it's 131 a year ago. It was probably 116, as they said. Held to maturity securities, negative 131.6 billion dollars. The only thing there is the US government ain't letting Bank of America fail, man. That's for sure. Held to maturity securities are probably getting held to maturity. But nonetheless, this is what happens when yields go higher, okay? That is a main concern for the Fed. It's the reason why banks like Silicon Valley don't exist anymore. Nonetheless, Bank of America up by about 8% today. And I'm not fundamentally aware enough in terms of the financials, in terms of the accounting ability to know how big they are and how big 131 billion dollars is compared to what they're dealing with in terms of equity on their balance sheet. But that's why you have regulations, okay? And that's why the big banks getting stress tested is a different deal than banks like Silicon Valley who were not stress tested in any way. And guess what? The stress comes and there you go. But that is a concern for the Fed in terms of all of the banks facing some heat as yields go higher, any held to maturity securities they have on their balance sheet immediately add losses on that number. And guess what? You get those losses large enough and your bank might not have any equity, man. Yeah, that's an interesting one. Let's jump around to some of the fang stocks, see how we're trading. You get Apple ripping lower on higher yield off by 1.5% for Apple shares. Microsoft off a full percent. You get NASDAQ 100 accelerating a bit. We're off 175 right now. You jump over to Amazon shares off by 2.1% so far to kick things off. NVIDIA, there's a drop for you. $27 to the downside for NVIDIA shares. Look at that, man. Tesla's off by about $5. Let's jump to NVIDIA and take a look here, man. What's going on in NVIDIA? Yeah, so the news was out yesterday. I mean, we were talking about it on the program early yesterday, right? Came on the program talking about that there were additional curbs put in place for China, for AI chips in particular. Market said, no worries there. We traded higher from 450 to 460. I mean, some of the stories here. NVIDIA doesn't expect a meaningful near-term impact from the US. That's from Bloomberg. Maybe that's regurgitating a little bit of yesterdays, but no real action, man. And maybe this is just finally it mattering. With yields rising, with facing some heat in terms of their chips being shipped over to China. Nonetheless, you're off $27 right now on NVIDIA shares. You can't even see it on this chart. If you ever get a rollover, man, there is nothing in the way of this thing for like $100, right? I mean, you're talking about testing the high of 2021, brings you $100 below where you're at right now. And let's just look at some Fibonacci numbers if you're looking for a potential area. And look at that. Where's the 3A2? Pretty close to 340, man. You got a rollover in this market, man. This is the type of action that can drive it. Now, you want to see something wild, right? So there are $1.7, $1.07, excuse me, trillion-dollar company. What do they got? 2.5 billion shares outstanding, okay? You're down 25 bucks. That's pretty simple math. They just lost $62 billion in market cap. I mean, just bonkers, man. NASDAQ 100, off by more than a percent. Let's check out the dollar index as we jump around and come into this next break. Yeah, it pulls back a bit from that retail sales spike. We got the dollar index still up about 14 pennies right now. We check in on gold. Gold's sitting at about 1936 right now. We check back to the 10-year right now, 106.14. Keeping our eye on that two-year. Oh, we did. We just broke that low, didn't we? We sure did. We broke it. It was 101.027. We just hit 101.026. So pretty close to yields. Nonetheless, you just got below it. The two-year, making new highs in yields. And that is gonna, the Fed Chairman Powell, he's watching yields this morning, man. He's got 15 days till the next meeting. Stay tuned, folks. We'll finish up the conversation on yields. 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? 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To sign up today and become a part of this educational community of traders, just visit the front page of tfnn.com. This program is brought to you by Vista Gold, traded on the NYSC American and TSX under the symbol VGZ. Welcome back, folks. We get the market's bouncing a bit off the lows right now this session, but you're only talking about a few points here, folks. We get the S&P's off by 26, trading at 43.75. We were just below 43.70 on the open there. And you got the Nasdaq 100 still right near the, basically session lows, 15,111. You're off by 177 points. You're off by 1.2%. And yeah, you just got to jump to the big dogs, man. Apple off 1.6%. We talked about NVIDIA. So NVIDIA is off 25 bucks. Remember, two and a half billion shares for NVIDIA. Every 10 bucks is 25 billion. 20 bucks is 50 billion. Add the five. You're at $62.5 billion market cap loss for NVIDIA. But guess what? What's Apple got? Did I do this right? Yeah, look at that. They're even off. So Apple's got 16 billion shares outstanding. Okay, NVIDIA's got 2.5 billion shares outstanding. Apple's got 15.6 billion. Apple off about 48 billion. I mean, remarkable when you look at NVIDIA, man. I guess NVIDIA's down, what, 25 bucks? Apple's down three bucks. But Apple losing about 50 billion in market cap. NVIDIA losing 62. Between the two of them, you just lost $112 billion that went poof. I think they're fantasy numbers at some point, but they matter. Microsoft, they're off $3. What do they have? 7.5 billion. So add what? 22.5 billion market cap gone from Microsoft. We don't have to do the numbers, but man, this NASDAQ 100 is accelerating. You're now off by 1.2% right now. 15,111, you're coming right into the lows of Friday and early Monday. That price level about 15,100. That's also correlating to somewhat where we were on Friday morning in terms of that high. Maybe that's an area of support. We'll see where that goes. You jump back to yields as we jump around very much in focus, because it's not stopping right now, man. The 10-year off 28 ticks right now. We jump back to the yield curve. The 10-year is at 4.85%. We're up a quarter point in no time. We're up 14 basis points today on the 10-year. The 30 years up 11, and the two-year right now is above 5.18. Mammoth move on the two-year, man. Above eight basis points, we're pushing above 5.18. I think that might be recent cycle highs for the two-year. If not, it's pretty close, man, for price-wise. Now I know things roll over on contracts, so you get a little bit of different action, but nonetheless, we are making lows in price on the two-year futures this morning. We're sitting at 101.026, if that's how you say it, pretty remarkable. All right, let's jump around. What else do we got up here we're gonna talk about? Yeah, this one's interesting, just talking about what's happened in the world, man. Being in Florida, very fortunate this year for storm season. Fingers crossed, it's October 17th. We're almost out of the woods, don't wanna jinx it, but we still got some warm temperatures. And you got a few things churning out there in the Atlantic right now. Yeah, I saw a chart on one of the other articles I was looking at. We got 19 storms so far, including an unnamed storm in January. We're still getting some, but nonetheless, usually when they're forming in the Atlantic at this point, they won't be that bad, but the Caribbean is where things can still accelerate some degree because they got some warm weather out there. But nonetheless, climate change, shaping the way things go on a consistent basis. All right, what else do we got pulled up here? We talked about Goldman, we talked about Bank of America, but we haven't talked about any DJing activity. And yeah, the CEO of Goldman, he's hanging them up. Looks like the pressure might be on, man. He gave up his DJ gig of all things. David Solomon has decided to no longer DJ at high profile events and early retirement for a highly visible off hours persona that drew unwanted scrutiny. For the position he holds, just the appearance of impropriety or the appearance of getting gigs for certain things, right? That was the thing that I had read articles in the past that had caused so much concern among people in terms of, he played at Lollapalooza, okay? He didn't play at Lollapalooza for his DJ skills. He played for Lollapalooza for his DJ skills and the fact that he was the CEO of Goldman Sachs, okay? He's got to be a pretty good DJ, man. If he's really rocking these types of bookings. Yeah, Lollapalooza in July last year. He even got a gig on Billions. Used to watch Billions. Haven't watched it in a while. Pretty good program. I heard it's kind of declined at some point in its past, but he hasn't done it over a year. And yeah, seems like that is a distraction and he's not doing that anymore. He's facing a little bit of heat though. So I imagine that's a concession he's making. You take a look at Goldman Sachs. You pull up the five year weekly and what? You're at 314, you're at the price point you were at in the beginning of 2021. You back things up COVID. You were at about 250, you're at 315 right now. That's not bad compared to company like JPMorgan. They're the gold weather, man. And they're what? 10 bucks above where you came into COVID. They hit a high of 172. You jump over to Morgan Stanley. They're at 78 from 50 or 60 bucks out there. They have slightly different business models, but nonetheless, he's under some heat. All right, this one's an interesting one in housing. I wanted to talk about real estate brokers pocketing up to 6% and fees draws anti-trust scrutiny. Seems like the real estate market is ripe for a shakeup, man. There's so much that goes into buying and selling a house. When you think about a broker fee of 3% on each side, you think about a 6% commission and you think about what's the median price right now for a home sale? What, 350,000? If somebody knows it in the den, help me out. It's probably pushing 350 at this point. And you're talking about 350,000. That's a $21,000 commission built into every house sale. And a lot of times folks, people are doing a lot of work right now by themselves. There's a lot of availability to list houses, right? To find houses online, et cetera. Zillow in particular comes to mind. But nonetheless, the lucrative broker commission system at the heart of the US residential housing market is facing unprecedented anti-trust scrutiny from the Justice Department and two private class action lawsuits that risk weakening. National Association of Realtors, the industry's powerful lobbying group. They're focused on the commission sharing system that typically puts home sellers on the hook for five to 6% cut of the sale, split between their agent and the buyer's agent. It's a structure largely unique to the US, preserved by the association's control of many of the country's multiple listing services, okay? An essential tool that aggregates properties available for sale in a given region. To use the system, National Association of Realtors requires sellers to offer compensation to the buyer's representative, which critics say inflates home prices. Who says it doesn't inflate home prices? The people collecting those fees probably. This practice will also be on trial in two anti-trust class actions, including one beginning just yesterday in Missouri could result in as much as $4 billion in damages, okay? And they're seeking as much as $40 billion, but I wonder how it may move things forward. The commission sharing structure equates to collusion is the argument there. And the day of accountability is coming and to a certain degree, it's probably pretty close, man. Yeah, it's probably pretty close. It's an industry ripe for shakeup, man. You used to need real estate agents on the buy side to find things, on the buy side, man. You can see what's available right now, right? On the sell side, my dad included marketing a house. You want to sell a house, give my dad a call, man, because he markets that thing, okay? Sellers and buyers have their value too, but it seems like nowadays you can do your own buying out there. Sellin' for your marketing, maybe that makes sense. Interesting nonetheless. The Gold Report. As a precious metal, gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market, the US futures market, and the Shanghai Gold Exchange. The Gold Report. 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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. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit Watch Tiger TV. That's TFNN.com and hit Watch Tiger TV. Back folks, we're in the markets making session lows right now. S&Ps off by 33. Little worried about a hot retail sales number, man with yield spiking. NASDAQ 100 off 1.52% right now. You get the Dow saving itself a bit. Off by only 2.10%. We jump around to some of those banks reporting. Bank of America, barely in the red by about 1.10% right now. Goldman Sachs off by 1% right now. Some of the other banks, JP Morgan up by 2.10% right now. Wells Fargo up by 6.10% right now. You jump to some of those fang stocks. Apple off 2.14% off almost $4. NVIDIA, how about it, man? Off $32. What do you say? 2.5 billion shares outstanding. So what are they down now? $80 billion in market cap, man. This is just bonkers. 7% of the company is gone. They're probably flirting with losing their trillion-dollar status. What are they at? $1.06 trillion is where they are right now. Quite a day for NVIDIA shares. And we jump to yields. Talk about yields, man. The 10-year, basically at session lows, $106.10. We've been talking a lot about the two-year because you're getting some mammoth moves on the two-year right now. Just off of the lows of the session, but we make a new cycle low for price. $101.023 was that low. We're just up a bit off that $101.028. We jump back to some of the conversation we were having. Now, we were just talking about real estate. Before I get off the program, we've been talking about retail sales. And how about holiday spending? Deloitte, they're looking for 14% growth, man. Holiday spending to grow 14% this year. College debt and low wage growth are hurting middle-income consumers. Nonetheless, the number is 14%. Overall, shoppers are predicted to spend an average of $1,652, up 14% from last year. Shoppers with the yearly household incomes between 50 and 100,000 expect to spend 26% more. And those earning 200,000 or more expect to spend 22% more. That's big numbers, man. What's Chairman Powell thinking about drinking his coffee this morning, reading those numbers, saying, come on, man. What are you guys getting all that money? It's around, man. Wages. Tell them wages. Folks, thanks so much for starting your trading day off. We got Basil Chapman's Tiger Technicians Hour up right now. Live programming after that. Have a great Tuesday, folks. We'll see you tomorrow.