 news update. Good afternoon, Basil Chapman here. This is the Tiger Financial News Network 3 p.m. Eastern Time Update. We're looking at the Dow down to 265 at 34,471. News has been the story for certain for the last three days and we've just seen how many times is a rally attempt and then selling comes in because whatever was going to expedite some resolution to many of the crises going on right now, it gets cancelled out. So what we're looking at is the Dow is down sharp. The S&P is also making its third session to the downside. Whoops a minute, I tied that. Let me just do that quickly. There we go. SPX, there it is. Underneath the 200 period exponential moving average. So the pattern we've been talking about ready for weeks has been a sharp move up from the 4222.62 low of the 24th of Jan and then we run up and then it's got to break this resistance area but I speculated that we'll see an arch formation, a pullback and then a second arch formation and I don't know if that second arch formation is going to come about. We'll talk about as soon as we get back for the Tom and Brian show where I'm the guest host. So we'll talk about that but in the meantime the S&P is down 30. You're looking at the QQQ, tried to rally earlier on now. It's a little bit weak, just a little bit weaker, down 31 cents, 346. You can see this arch formation right there in the data chart on the left. The middle one is the weekly and the monthly is there. We'll talk about that when I return. But in the meantime the QQs are trying to find some kind of support. The IWM, the Russell 2000, also down 52 cents of 200 just underneath key support levels. It's really important that it tries to at least have a bit of a rally going into the close and you're looking at gold. Gold is really the star of the day. I mean, two days actually, Friday and today. It's up 29.7 at 1871. This is really good action. It's trying to tackle the high that was made in the 1880 area quite a few weeks ago, two months ago. And this software is saying that I've always considered gold to be a fear factor for the geopolitical scene and certainly it's displaying that right now. We're looking at crude oil. Crude oil is actually office high of the day, but that was a recovery high, 95.82. We're going to be watching this closely because that really portends what's going to happen geopolitically. We're looking at the TLT. And the TLT right now is, it just can't get a rally going. It's down at 136.75. There's a lot to talk about as soon as I return for the Tom O'Brien show battle champion here. We'll be back in a moment. Hope you can stay. Should be a good one and happy Valentine to those of you.