 Right now we're going to bring on man Mr. Basil Chapman on, we're going to be talking markets and of course don't forget Basil does an outstanding show here. Every trading day, 10 to 11 Eastern standard time, also has a great newsletter, the opening call. Now it's very easy to get the opening call folks, come over to our website at TFNN, go into the newsletters, you hit that opening call, it's right on your left hand side and you hit subscribe, you can get the opening call for one month for $149. You can get it for six months for $695 which is a savings of $199 or 22% and you can get it for one year for $1195 which is a savings of $593 or 33%. Now they all come with a 30 day money back guarantee folks, so you can come over, take your choice, you try it out, you know 30 days later, if it doesn't work for you for some reason guess what, you get your money back. Let's get on man Mr. Basil Chapman, what's going on Basil? Hi Tom, what's going on is I think we're actually stepping into summer for the first time. I heard it's going to be hot up there this weekend I guess, huh? I hope so, yes. Yeah, it's a beautiful thing man, totally. We deserve it, yeah. You definitely do man. So let's take a look at this market Basil. So last time we spoke last Tuesday I was saying to you that I think I'm getting ready and we've built up for subscribers to my opening call, we've built up a big cash position, one of the biggest cash positions we've had in a long time and that will probably start putting money to work very soon. Well on the Thursday low when the Dow went to $31,222 on the 12th the candle that was formed and I have discussed this with you, I told you that in my work I like to draw trend lines and arches but there was a particular two trend lines making a little mini-channel that was coming down, price had held that all the way through but that's what I call the Chapman Wave inside track propellant zone. If it holds the support it could be a nice turnaround area so it went just below but closed within it and I thought this is perfect so on the early pullback on Friday morning we went long. So we went along the Dow, we have a call position going back to the low of 2020 but basically this is a new position, a shorter term position and at the same time I like very much even though if I'd listened to the news I would never have done it but I did my analysis and I said you know the QQQ, the index 100 has done exactly the same thing, here's this trend line coming down, the price went right inside, the MACD looked like the histogram was starting to improve in the daily chart, stochastic was not nearly as bad as it was earlier in April and I thought that there was a chance that this was a positive divergence that could produce some results but it needed to do certain things before I was guaranteed anything so on. There again we went long, we went long actually a little more aggressively in the QQQ's and so far it's working out well but for this to be and we also we've got some very low price stocks I like to have a mix for subscribers of maybe double or triple digit stocks but I also like to put in single digits because if it's in the right sector and things are working out well they can very nicely move at the same time. So in this particular instance I just wanted to say that in the QQQ index 100 trading vehicle there's been a nice move up today, this is leg B, the MACD hasn't yet crossed positive that means the histogram is good but I would prefer if it suddenly crossed positive it'll be the first time since it crossed negative way back the 7th of April when the price of the QQQ's were at the 200 period moving average up in the 358 360 area so this is a big pullback that we've had, I don't think this is the low but I think it's at this point I'm treating it as an acceptable low that we could use as a trade but to really get a confirmation I need to see a 306.36 right now the QQQ needs to trade, it needs to close a couple of times over the 14 period moving average which is at this particular point is a 308.15 so it's got a bit of a way to go and I would also like not this leg B to turn into a peak D and such a small move I like this leg B, I like when leg B's are very strong so it's almost the same thing for the Dow, the Dow right now is in leg A I like the takeoff to be very strong, A or B needs to really get a good percentage move off the low so this is a nice starter position in terms of a turnaround, the weekly chart says yes the Dow held in the same this a much longer term inside track propellant zone so this is nice but the technicals need a lot of work and the QQQ went right through so this is what I'm doing now is trying to treat these as trades but there are times where if you get it right it gives you some comfort because as the market whipsaws trying to get some traction to the upside you've got good support so I like the positions that we've got right now I also prefer that if we can get turnaround areas either at the top or the bottom very close to the actual turning point it just gives you a nice cushion because as prices start to rally if it's from the bottom up it means that every time there's some kind of a whipsaw in other words if we make a peak and there's a pullback before you get to leg C if you're in comfortably just off the lows it means you've got a bit of a cushion there because the price shouldn't go back to your entry point if it does that's usually a big negative so it's a good thing to get out so I'll raise the stop as we move higher and at the same time looking at the different again I'd spoken to you for a long time now that we've got the DB agricultural food this is the agricultural sector ETF yeah the DBA right yeah the DBA DBA Agricultural Fund and it ran up we were in the 1377 for a long time now they pulled back from 2288 down to 2127 but you and I've been talking about for ages that when the Fed keeps talking about inflation inflation and both of us said when the Fed suddenly realized that the inflations out when the genies out the box it's really hard to put it back in and I think we started starting to see that I mean look what happened to wheat this is wheat is in this agricultural fund look at this this is wheat breaking out it had the spectacular move remember it went up into a 3063 and a half on the 8th of March I discussed this Roman candle I gave a whole analysis of what happens in the Chapman River and Roman candle if it goes halfway into the wick look out can pull back sharp you want to plunge from 1363 down to around about 1000 and I think it was just about a thousand and 80 or maybe a little lower yes about thousand and ten and now so another movement is back at 1279 so this is part of that this is the thing with with with the grains it's very difficult to to produce them you have a certain time and if it doesn't get done in that particular time that could lead to shortages so I think that the agricultural sector is saying that got to be careful this is something not to ignore it's going to impact grocery products just a lot of things yeah no there's no doubt man I mean well you get I believe that like either three one half of the wheat production you know Ukraine is a monster we produce it is huge yeah well it's not just great I mean it's all the grains it's a lot of things yeah and I don't know even if let's just say they started to get production back again well this is a summer how they're going to get it to port how they're going to ship it yeah and what's happening in the US the bottom line is that unfortunately folks it's whacked out this year where the wheat is being planted there's a drought so they're not going to get anything and then where the beans are being planted there's too much water so this this trouble in paradise out here folks you get Basil's newsletter but come over to our website at TFN and hit those newsletters and get that opening call thanks Basil thank you Tom