 The following is a presentation of TFNN. The morning market's kickoff with your host, Tommy O'Brien. And good morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN Friday morning, just after 9 a.m. Eastern time. We got about 24 minutes to go until the start of trading and you got markets oscillating a bit in positive territory. You got the S&Ps right now, up by six points trading at 41.65. We were just up at, basically, the highs of yesterday, a little bit of volatility in the pre-market, 8.30, 4.15, 4.40 on the spy. We spiked about 10 points lower. Let's back it up to the ES just to put things in perspective. We were just above 41.70, a little bit of volatility at 8.30, and we're right back to the highs of yesterday right now, trading at 41.65. NASDAQ 100, you talk about a day yesterday, folks, yesterday might be a day for the record books, man. You think about it, right? Maybe the day that AI really started to accelerate. 13,566 on Wednesday, we're pushing 14,000 this morning just above the highs we had yesterday, up by another 3.10% today. You got the Dow, up by 40 points right now, 32,846. You got the Russell, basically, flat. You jump over to crude, up about $1.72.76. You jump over to the gold contract, up by about $4 right now, and you check out notes and bonds, a little bit of lower price and higher yield. Here's a gap for you on Thursday. Now, I think that might be rolling over. Nonetheless, we get the 10-year right now, negative by 7 ticks, trading at 1.1306. You got the 30-year, negative by 5 ticks, trading at 125.22. We jump over to the volatility index, the VIX right now, trading at 1881, and we jump over to the dollar index, dollar index at 1.0405 this morning, and let's jump to the headline of the morning, the US debt ceiling deal. How about it? Excuse me, US debt deal would raise the debt limit and cap spending for two years? I'm not sure this is going to be what happens, man. Defense spending would be permitted to rise 3% next year. Deputy Treasury Secretary Adiemo says, size making progress. And boy, I don't know. I think the consensus from Republicans is that they want cuts. They just don't want things to stay the same. Not sure how they leave the negotiating room with this being a win for them, and everybody's playing for personal wins here, as tough as it sounds. I don't think this gets it done. Under the terms of the emerging agreement, defense spending could rise 3% next year in line with Biden's budget, and you got Treasury yields a little bit lower across the curve, as that's coming out, the dollar's slipping a little bit, as it says early Friday. You got the Deputy Treasury Secretary warning, as we talked about yesterday, that Social Security payments to beneficiaries would be delayed if there's a default. I mean, it's tough to see how it doesn't, right, when basically they need cash to pay the bills. And yeah, we'll see where we go from there, man. But I don't think that's going to get it done, to put it lightly. I don't think that Republicans are going to vote for something that has no spending cuts, right? Imagine that. Imagine that they have to go home after all of this, and they have no spending cuts. I don't know. We know where our differences lie. McCarthy told reporters on the Capitol, adding that they plan to work through the holiday weekend. We do not have an agreement yet. We knew this would not be easy. It's hard, but we're working, and we're going to continue to work till we get this done. Bunch of words that don't mean much in all seriousness. So we go from there, but nonetheless, what do we got? We got markets in positive territory. I would be careful today, though, folks, because it feels like we got a lot of risk to the downside in terms of there's a lot of optimism in this market, man. I mean, yesterday alone, what did NVIDIA add yesterday? Something like 25 points to the S&P alone. NVIDIA shares this morning basically flat. You were trading at 300 on Wednesday. You were trading at 400 coming into the open yesterday. We're trading at 380 right now. So you look at the S&P, right? And you have an S&P that traded from, I'm looking at Wednesday. Yeah, it was almost the entirety of the S&P almost. It was a large portion, was just NVIDIA shares trading higher. As we push 41.70 this morning, so be careful if you get some headlines on that debt deal, because I don't think, I mean, I'd love to get some feedback, man, politics aside, right? How does that happen? Do people think that Republicans are going to go in and get no spending cuts? I mean, listen, I don't think that we should even be negotiating over the debt limit. I got no problem with spending cuts, man. But the point of a negotiation, right, is who holds the cards in the negotiation? Who negotiates from a position of strength versus a position of weakness? And what I never understand in this is that when one side says, no matter who is in office, I just want to extend the debt limit because we have to pay our bills. And the other side says, I'm willing to force default on the country if I don't get what I want. It seems like the person or party that is negotiating from the position of strength is the one that says I don't want our country to default. So what I never understand is where the leverage is from the other side to basically put the position out there that they are willing, and listen, it's a big game of poker, OK, in terms of what are you willing to do? Are you bluffing or are you being real? Because if they're being real and they say they're willing to default, then maybe the other side caves. But if they're bluffing, then why would the other side move at all? And you'd like to think that most politicians would not be willing to force us over the cliff. So I never understand how this goes in terms of that. But from where we are right now, I don't understand how all the hoopla's made out about it. We've been talking about this for weeks on end. And meanwhile, Republicans are going to get no spending cuts, and they're going to have to go back to their constituents with that after what's been said, OK? So I don't know how that happened. So be careful today, because you get some headlines out there that really rip this market. It's I see risk to the downside. Doesn't mean we don't get a deal and we spike above 4,200, but I see some risk, man, if the breakdown really ensues today. Stay tuned, folks. We've got a lot to talk about. We'll come back after the break. 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There's no catch or added costs when you join our community of traders. Sign up today and become a part of this educational community of traders. Just visit the front page of TFNN.com. Welcome back, folks. We get the S&P right now, up by about 10 points, NASDAQ 100, up by 52, Dow up by 65. So let's talk a little bit of inflation. The Fed's preferred gauge of inflation rising, 0.4% in April. So the Fed's preferred gauge of consumer inflation, the Personal Consumption Expenditures Price Index, this number, I believe, at 8.30 this morning, rose 0.4% in April from the prior month, and 4.4% from a year earlier, when you exclude food and energy, looking at the core number, rising 0.4% in April from the prior month, and 4.7% from a year earlier. All I'll tell you, folks, is take a look at this core number, man. That core number is not moving from December, January, February, March, and April. We're sitting at 4.7%. Sorry, just give me one second, folks. Yeah, I'm dealing with a few technical. I got kids running around the house. So summer vacation has begun, folks. The kids are around, summer vacation has begun. Okay, we'll go back at it. Keep your eye on that core PCE number, folks. That's the volatility saw at 8.30, man. And you take that number, 0.4%, you're talking about 4.8% over the period of, if you annualize just the last 30 days in terms of what we're dealing with. Over the past six months, senior Fed officials have focused on prices for a subset of labor-intensive services by excluding food, energy, shelter, and goods, what do they call that, super core, right? Officials believe that category could reveal whether wage pressures from the solid labor market are passing through to consumer prices. That reading rose 0.4% in April from the prior month and 4.6% from a year earlier. It's the same numbers, man. The Fed's looking for 2%. We're stuck at near 5%, folks. And the other wild card out here is what happens, man, if crude starts peeking its head above where it's been? Because yes, the Fed is focused on core, but the headline matters as well, man. And we're gonna jump over to crude. There's your weekly. I mean, if you're a technical trader, folks, there's a lot of pressure in terms of maybe a floor being somewhere around the $70 price point. I mean, this is backing things up all the way to the beginning of what, 2021? That's a three-year weekly? Excuse me, two year? What are we backing up to? There you go. That's the last three years, but you really zoom in on the action, man. Since we accelerated above that $70 price point, it's been a bit of a floor. And if we ever get a lift in crude prices yet again, it's gonna put a hurt on consumers and that is gonna put a strain on the inflation pressures facing this economy. All right, let's jump around to what else we got going on. So talking about the debt deal a little bit more. One of the facets of this possible deal is talking about the IRS money and everything gets so politicized, man. I don't get the contention with the IRS money. I mean, people hate taxes, folks, but if you want low taxes, you gotta collect the taxes that you want. And a lot of this money is gonna be spent on agents that are just being replaced to make sure that they can actually, that they can actually enforce the tax laws as they're on the books. And so what they're gonna do is they're gonna have potentially some cuts, okay? Rolling back baseline federal spending on most discretionary programs and rescinding the $80 billion. The IRS money would then be used to cover much of the shortfall and domestic funding. So you get GOP spending cuts, but you preserve the programs by taking the IRS money and putting that money back into the programs that Democrats want. Pentagon and veterans health benefits would be spared from any cuts. Thank goodness, that seems like an easy one. And see their funding actually increase next year. I mean, vets, come on, man, right? Details are still fluid. Yeah, I would put it lightly, man. But on its face, it could offer both parties a win. Republicans could claim correctly that they secured a cut in baseline government spending for the fiscal year. Democrats could say they preserved a vast majority of the domestic programs at funding levels, either equal to or just below the current ones. And the IRS deal has become so politicized, but you know that, you know what? That might give Republicans something to talk about. I don't understand it with the IRS deal, man. I don't understand it at all. I mean, high earners folks, they get away with a lot to put it lightly in terms of taxes. And you got an IRS that's just been defunded that can't do their job. And yeah, it's kind of like another facet of an easy way to break the government without actually doing it. It's just to take all the workers out of the IRS. We'll see how it goes. The day is young, as our man Basil Chapman says. That is for sure. All right, back to the markets. I mean, interesting that we're sitting right at the highs of yesterday, right? Now you take the Fibonacci numbers, we're at a price point of 4220 folks. We dive down to a price of 4120 and where are we sitting? Right at the 50% right now. If you're looking for a 618, that price point would be 4181 in the S&Ps. So we're about 10 points off that price level right now. But boy, we got inflation raging, man. We got a debt limit that looks like they're making a little bit of progress. But again, folks, there is so much out there. I mean, they gotta get like every single member to vote for this. And what if you got a couple of far right, far left, wherever it is, members of Congress that just aren't feeling it, man. And if they're just not feeling it, they need everybody on board. And as I said yesterday, you really get somebody that wants to make a statement for themselves. They call a revote from McCarthy. Imagine what would happen if that comes out today, right? So be careful, because I think there's a lot more risk to the downside in this market with things falling apart potentially pretty quickly. Politics are as bad as they have become folks. Bad as they've been ever in my lifetime for sure. And so it's tough for me to imagine that we're gonna get an easy peasy deal here with McCarthy and the leader of his party. And I'm not sure he really has control over that party. You can't blame him. Nobody has control of that party right now. Nobody has control over any party right now, but especially with where Republicans are and where their majority is so slim that you have either one, two members that really can throw things in turmoil. I see a lot of risk when any member of Congress can really derail things. And with that, we get the S&P, about three points off the high. We spiked on that CPI number to 4156. We got it all back. We get the opening bell in less than five minutes. We'll see where we go from there. And yeah, let's jump over to, man. Let me find it. Let me find it. Where are we? Come on. You gotta talk about a little bit more about NVIDIA, man, because there's only been a few days like this ever that companies have achieved this type of growth when you're talking about the number. 184 billion dollars is what they added yesterday. 184 billion dollars. There's a lot of companies that go up by 20 or 30%. Those companies, as in when they crush on earnings, those companies aren't worth $750 billion when they come into those numbers. AI is catapulting NVIDIA towards the $1 trillion club, the chips of the leaders in processing, the complex calculation, striving, the latest internet revolution, and look at what they added for market value. They added more than Texas Instruments, Intel, Qualcomm, or AMAT, all of those companies combined. Absolutely remarkable when you think about it, man. The largest one day change in market value among U.S. companies. It's amazing how so many of these took place during COVID. Right, Amazon, February 2022, almost added 200 billion. Apple, right up at that number, about 190. NVIDIA, 183 is what they added. Now, here's the kicker. Apple and Amazon, much larger companies when they added that, percentage-wise, not the same. And yeah, you know, my dad was talking about shorter term, NVIDIA completing the A to B, C to D, and that would make sense, folks. You can't go up forever in terms of on a short-term basis when you just went from a price of $1.08 to $400. But longer term, they're in the right spot, man. AI chips, we'll be right back for the open, folks. Stay tuned. Building wealth trading in the stock market seems impossible to most people. They think it's too volatile and risky. Most people aren't going to take the time to educate themselves on how to do it right. But you're not most people, are you? 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You got the Nasdaq 100 up by 41. 14,000, 14,022. You get the dial up by 26 points. Now again, folks, the S&P, okay. Yesterday alone, I think Navidia was adding 27.30 bucks. Maybe somebody's got it in the den. It was an extreme amount of money in terms of what they did. Yeah, an absolutely remarkable duffy. I saw that one too, man. Kathy Wood, I'll try and find that article, man. She dumped a ton of Navidia shares towards the end of last year when this thing was pushing 100 bucks. Tough deal as that keeps going, man. Not as bad. Boy, I don't know. That's not how I look at it, man. She's on a five-year horizon and that's what ARC looks like. That's pretty freaking bad, man. Think about what the world has done, folks, over the last five years. Think about where the world was in May of 2018. Think about where it is right now, okay? Thanks, Duffy, perfect. And there's absolutely no business that somebody is on a technology fund. We go through COVID where we are. I mean, for instance, folks, all right? Navidia was at 62, maybe 30 bucks back then. It's at 376 right now. You can jump around to almost anything, man. Let's see where AMD was. AMD. AMD was at 13 or 20 bucks five years ago. It's at 120 right now. Chips are gonna take over the world, man. Even Tesla, right? Tesla was at $18 five years ago. Even right now, it's at 185, okay? Let's see where Teladoc was. Yeah, the problem is she's inequities that have gone down over a period of five years. You jump over to Teladoc. It was at 50 to $70 to $80. It's sitting at 20. That's a big position that she had. Of course, Roku was a big position that she's had. Same deal, pulls back over a five-year period. Peloton, right? It was a big one that she had, $7. It was trading between $20 and $40 five years ago. So anytime that you get in that big of a hole, she was reaching and yeah, we'll see where it goes. Now, with that said, folks, like I said, don't think there can't be a pullback, man, okay? You just traded from 110 to 395. Now, it's all about multiples, okay? But you wanna see some multiples, folks? Do you know how you rationalize a high PE? The way you rationalize a high PE, folks, is you crush it in future growth and that brings down your PE. Well, guess what? How NVIDIA became cheaper on a PE ratio, and this is Bloomberg talking about five different charts that kinda go over how big the jump was NVIDIA had. Analysts raised their earning estimates, bringing down the PE ratio, blended forward 12 month price to earnings ratio. You were at 62 plus? Well, you're not there anymore because the stock is trading so high, you're only at a 46. Pretty remarkable when you think about what that's done. Now, I talked about some of the moves we've had here. Check out the one day move into NVIDIA, which is about $200 billion. Look at all the companies that it encapsulates in terms of their raw market capitalization. Adobe, Nike, Comcast, Disney, Netflix, Wells Fargo, Morgan Stanley, Intel, GE, all companies value that under $200 billion. Sometimes the raw numbers get lost because they are so large in terms of the added value that NVIDIA saw yesterday, but this is probably the most important chart when you talk about value in my opinion in terms of that PE ratio dropping like a rock. But where is it, folks? It's just back to where it was in March of 2023. Now, the kicker is in March of 2023, man, we were still well off the lows. So those are still pretty lofty expectations. So you get both sides of it a bit there. Pretty interesting action as this market creeps higher on Friday trading coming into the long weekend. And I would disagree with the idea that there won't be any surprises once this deal gets done. You can't count the votes when the speaker doesn't have control over their caucus. That's the thing to remember here, folks, whether it goes on right now, whether it goes on in the future, and this one's an important one, right? Usually what happens is that you have a speaker, a house, he commands control of the caucus to a certain degree, they will vote with him because the party stays intact. That's no longer there. So the speaker can't know every single detail and how it's going to impact every single member until almost you go talk to every single member individually and find out. And the kicker is that, of course, they're doing that, I'm sure, okay? But there's a lot of details, there's a lot of people, there's a lot of people with their own agendas. And so don't be surprised, man, if you get a couple people that say, you know what? I'm gonna burn it all down because guess what? I'm gonna make a stump speech. And listen, these are just risks, even if they're a tail risk, okay? Don't think it's not possible, man, okay? Because you can be, I mean, imagine, you can be the person, if you're a Republican member right now, you can be the person that's all over the nightly news tonight, and I'm not saying this would be good for the country, the party, the anybody, okay? But you could be the person that's all over the news tonight saying, guess what? I am the one that stopped the debt limit from being raised. You know that that can happen, which is, I think, so interesting that you can say I am the one that stopped the debt limit from being raised because everybody else was gonna cave as usual and I'm the savior. That's out there, and there's a few members, I'm sure that are capable of that, so just keep that in your back pocket, man. Yeah, and we'll see where that goes from there. Now, all right, let's check out how some of the fang stocks are kicking things off this morning. Apple shares, strong like bull, man, just keeps going up, Apple up about half a percent this morning, you jump over to Microsoft, falling there big day yesterday, digesting some of those gains, you got Microsoft shares basically flat down to 10th of a percent. You jump over to Tesla, up about 8 tenths percent right now. 187.80, you jump over to MetaShares, up about 8 tenths. Yeah, look at Tesla catching a little bit of a bid. You jump over to some of those streamers, Disney taking down the chain recently, telling you folks, I know I've been saying it for a long time, it's been quite a pullback. Longer term, there's only one Disney, man, and you are pushing back to the lows on the beginning of the year at 88 bucks, you're at 84, and I imagine Iger, I mean, when I saw Iger coming in there, you know, it's straight and lower, but boy, you're back to COVID lows at Disney, you're back to the lows of December 19th. The risk here is that you got the S&P trading at 4,200. This market really sells off on potentially inflation raging or whatever it is, recession looming. Disney may take it on the chin a bit, but I tell you folks, you know, the one area of the economy that's raging is vacations, services, the whole deal. It's not going away, man, and they're gonna be in a pocket of the economy that's gonna be successful for some time because we are coming out of an area, folks, so I have a two and a half year old. We're about, shoot, I'm probably 30 minutes from Disney, maybe 45 minutes from Disney, and I haven't even made it there yet. Think how many people are on the agenda to make it to Disney the last three years? We're three years and two months into COVID, and they got a lot of backlog, man. It's something that never happened ever in our lifetimes, and there is still this feeling that you missed out on life for a year or two and you wanna get back out there, and that feeling is not going away, and it's the reason why it's put so much pressure on prices in the service economy, whether it's going out to dinner, right? Just participating as a social member of society, vacations, planes, Disney, what it is. So longer term, man, back to the COVID those, back to where we started the year, Disney, up about 410th percent right now, state-tuned folks are coming back in three minutes. 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. 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Remarkable markets across the board when you think about it. Give me one second as I pull up here. All right, and we're gonna tie it back to Kathy Wood to talk a little bit of those shares. Cause it's pretty remarkable. She finally was in a stock that really caught a bid and she got out of it before it really mattered. So when it was trading at 234, when it had a 50 times forward PE, she was talking about the valuation was very high and she got out of it then for a majority of the shares. They still have some in there. When ARK first launched in 2014, okay, NVIDIA was one of the biggest holdings. I'm sure she wish she held on to that one. And NVIDIA has contributed 13% of the funds, 112% total return, okay. And yes, it's been good to her, but when you've taken it on the chin with so many other equities that rise and fall, it is unfortunate that you tank this thing right before it accelerates another what, 60, 70% for a large position out there. It held, so in October, when it started to recover, ARK had 750,000 shares. She trimmed that position to just under 39,000 shares by late November, slashing that to zero by mid January, according to Bloomberg. Yeah, I would stay away from ARK, man. If you're really into some of these equities, then diversify yourself into them because a five year time horizon is brilliant. That's how people should invest longer term, okay. But if you can't make money over five years over the last five years, folks, when you think about how technology, I mean, just look at the NASDAQ 100, man. I'm not gonna spend any more time on this, but the NASDAQ 100 has doubled over five years, okay. Doubled, and she's down. You can't have that happen, man. Now, Apple's been a big driver of that, okay. She's not starting a fund to be in Apple and Microsoft and Google, et cetera. But she's in technology stocks and you got the NASDAQ 100 doubling over that time. So it's something to consider if you really want exposure to those tech stocks because even over a five year period, okay. And people give her grief over days like Nvidia yesterday and I'm not giving her grief over Nvidia yesterday. I'm saying, look at five years, folks. You're paying a fee for her to manage a fund that the world has changed dramatically since 2018. AI is gonna change the world of all the trends that you didn't pick up on. How do you miss with all those bright minds? I'm sure she's got in her office that that was gonna be the acceleration when really that's the most decisive trend that's taking shape in technology since she had GPT came about. Yeah, in very few funds outperform, okay, folks. Retirement-wise, just stick it in the spy, stick it in, what is the Vanguard one? VOO, whatever it is, 0%, just stick it in there, okay. But you don't start a technology company and go flat over five years, well, the NASDAQ 100 doubles. That's quite an extreme in terms of where you are. And still, she's a fan favorite that catches headlines across the board. So whoever her PR specialist is, they deserve a raise for sure, to say the least, right? All right, let's check out Yields. Whoops, there we go. You check out the 10-year, we put it back on a daily. Yeah, chopping around a bit. We're up, but we've faded some of that gain that we got on the CPI, man. No, not really. I guess you drop on that CPI at 830. We drop about 15 ticks and we're just chopping around where we are right now. We jump over to the dollar index, dollar index trading at 104.17. So we got higher yields, we got a higher dollar, dollar at 104.31 as of yesterday. And we have a Fed meeting three weeks from this past Wednesday. So we come back on Tuesday, folks, and we are 15 days away from a Fed meeting that is certainly live when we got the inflation numbers that they're at right now. The NASDAQ 100 is its own animal right now and you are seeing the acceleration, but I would be careful, folks, because NVIDIA cannot save the world. And we'll leave it at that. All right, chopping around a bit. So we talked about the debt ceiling. Let me jump around a bit on where we are here. Yeah, we talked about inflation. Now, what's interesting here, folks, okay, is that we're having the conversation in the den, right? We're talking about that the house already passed a bill. Potentially you could just pass that in the Senate or at least bring it up for a vote. It's politics, you gotta have the house, you gotta have the Senate and you gotta have the president, okay? So all of them are combined. You could bring it up there. But this IRS money, all right? Now that house bill that was passed, okay? Because this is important information, man. I want to know myself. So what is actually in that house bill, right? Maybe, you know, and listen, spending has to stop, folks, okay? Spending has to come back down. It has to, it's out of control, period. If you don't think so, then that's unfortunate, okay? This article from PBS out here talking about what is in that deal. Let's see when it's dated, April 26th, okay? Now, if you remember, this is kind of a wish list from Republicans. Never had a real chance to go forward. Biden certainly wasn't gonna sign this, okay? This was gonna set federal discretionary spending at 1.47 trillion, pretty amazing that millions turn into billions turn into trillions. I get it, okay? With cap spending on the big ticket item in the bill, accounting for about two thirds of the 4.8%, 4.8 trillion in deficit reduction that the CBO says would occur over 10 years if the bill's enacted, okay? That's capping spending on that big ticket item, talking about discretion, okay? But getting to the IRS money, okay? Republicans began their tenure in the majority by passing a bill that would rescind nearly $71 billion that Congress provided to the IRS to upgrade its technology and boost hiring, okay? Now, that same deal is in this deal, okay? Here's the kicker, folks. This is what I don't understand, okay? If things matter beyond politics, because all this is is politics, okay? This isn't talking about money because actually taking money away from the IRS adds to the deficit. We need people to collect taxes, folks, okay? Even if we bring them down. The CBO has said that rescinding the IRS money actually would increase deficits by more about $120 billion over the coming decade due to the impact on the agency's work, but then you got politicized saying, McCarthy said it's needed to protect families from a weaponized IRS, folks, that's just not real, okay? This is not real. You're gonna call me political, but I apologize if you think that because it's not real, okay? The IRS isn't weaponized against families in America, okay? It's not happening, man. And I know politics come into things, but we need an IRS, okay? The country needs some form of taxes to be collected to move forward. There's no point in having tax laws if you don't have the people to actually enforce it and get it done. So I don't understand why, if you really care about deficits, why are you taking money away from the IRS that's actually gonna cost the country more money than what you're saving? And stuff like this is what drives people bonkers about politics, man. Stay tuned, we're gonna finish it up when we come back, folks. One more segment, stay tuned. TFNN has just launched their new trading room, the Tiger's Den, hosted at Discord. 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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. Welcome back, folks. We get the S&Ps sitting right at that 618 of the acceleration lower prices from where we were at the highs on Monday afternoon to the lows of Wednesday where we've risen a solid, what, 70, 80 S&P points right now up to a high of 41, just about 41.83, but we are sitting right at that 618 right now, 41.81 in the S&Ps and going back to it, man, and it stinks that you gotta go over some of the stuff as you do it, but it becomes so politicized that everything loses at the actual value of actually what is going on. You jump over, so the IRS, folks, what I don't understand, okay, is that you're gonna have 52,000 workers over the next six years that need to get replaced. This has become a rapid talking point in terms of Republicans and conservatives, okay? That supposedly this is going to increase funding and you're gonna have 87,000 new IRS agents that are gonna be weaponized to attack American families. Boy, talk about fear mongering, man, because that doesn't sound like a good country to live in where you got 80,000 IRS agents coming back after hardworking Americans, right? Well, thankfully that's not the truth, okay? So what you have is 52,000 is the number of employees that are going to retire in the next six years alone. And this funding is over 10 years, is what we're talking about, okay? So what this will do is this will bring the workforce for the IRS to about 113,000 employees over the next 10 years in the year 2033, which would be akin to the same number of workers you had in the 1990s, the early 90s as well. Okay, that's just workers. Yeah, let alone everything else you're talking about with technology, with workers basically transcribing things by hand when you talk about where they are in terms of technology, computers, et cetera. But the workers alone, folks, it's not a reasonable, it's not a real argument, okay? When you're talking about that over 10 years, you're gonna add that many employees and you're gonna replace the employees that you have retiring or being lost. It's that simple, man. And I don't understand why it's so politicized. And it just keeps going forward and we're stuck in this loop. So we'll see where we go. Folks, thanks for starting your Friday off with me. We got markets in positive territory. Stay tuned. We got our man Basil Chapman coming up next and I meant to talk about it. Check it out on the front page. My dad was talking to our man Tim Moore yesterday. He's gonna be hosting a webinar. Coming up in less than two weeks on the S&P and then on gold, check it out on the front page. Have a great long weekend, everybody. Safe out there. No drunk driving, taking Uber. Building wealth trading in the stock market.