 The following is a presentation of TFNN. The morning markets kickoff with your host, Tommy O'Brien. Good Monday morning everybody. I'm Tommy O'Brien, company live from TFNN just after 9 a.m. Eastern time as we kick off the trading week, a big week. We got Jackson Hole, Chairman Powell. He'll be speaking interest rate hikes, of course, a focus. And this morning we kicked things off with some negative action in the market. S&P is off 1.2%. You're negative by 50 points. You back things up from where we started off last week. You're talking about 75 to 80 points. You look at it last Monday. We're trading at about 42.60. This week we come into the action at about 41.81. What's pretty interesting is where we ended last week. Only about 15 to 20 points away from where we began last week after getting up to about 43.27 on Tuesday. Now this market, we're about 150 points off of those highs already as we come into quite an interesting week to say the least. NASDAQ 100, you're pushing 1.5% of the red right now. Dow is off a full percent as well, 33,364. How about energy? Look at that drop in crude. Just even in the last few minutes, man, we got volatility everywhere in these markets, folks. Crude just dropped $2.50 in about the last two hours where it 88.60 and you want some action in commodities, folks, check out natural gas. Up almost $1 from where we were last day while at the same $0.50 on the session. But we were just trading at 9.20. We almost pushed 10. You take a look at natural gas. How about that? Blowing past the recent highs. You talk about a pullback to July 5th. It's been a rocket ship. We just climbed above where we were on July 26th on natural gas. Remarkable, the move in those natural gas contracts. You jump over to gold. Down about $17 this morning. The trend continues, 17.45 on the price of gold and we got notes and bonds this morning. As we kick off a big week, Jackson Hole, we'll jump over to that to kick off the program right now, but you're talking about a 10-year right now, negative two ticks at 118.01. That is correlating to a yield about 3%. Pretty remarkable, right? You come into Jackson Hole, 3%. We were at 3.5%. You almost made it back to 2.5%. Now we're right at 3%. 3%, nice, simple round number and remarkable that you look where we're at, folks. We're talking about almost back to where we were on April 22nd. Remember the conversations of, all right, you know, geez, we just accelerated at three, but maybe we chopped around at three for a while. Well, we didn't chop around for three. At three for a while, we chopped around three with about a half a percentage point leeway in terms of making it to a yield of 3.5%, June 15th, a yield approaching about 2.5% at the beginning of August and just like that. We're back to about 3% as we get some FedSpeak this week from Chairman Powell at Jackson Hole, Wyoming. A lot of attention gonna be paid to that. We get some earnings coming up as well and let's jump into some of the headlines as we kick things off and we'll kick it off with the chairman himself. The headline has a chance to reset the market expectations at Jackson Hole. Well, good luck to that, man. He's gonna speak amid high inflation and investor optimism, a little bit of tamed optimism this morning. Now you also have ECB and Bank of England officials. They're gonna be at the annual Fed conference in Jackson Hole. He is gonna speak Friday at 10 a.m. So we got the whole week kind of to go until he's there. He is expected to restate the Fed's resolve to keep raising interest rates to get inflation under control. They'll probably stop short of signaling how big officials will go when they meet next month. Now what's interesting is, we of course have had a lot of FedSpeak recently in terms of the Fed. We've gotten the minutes last week on everything on top of it. They're gonna be data dependent, but we got some data, man. And the data isn't exactly lining up with inflation disappearing as quickly as probably like Fed officials would prefer. That's everyone's top of the mind question. How much will Powell micro manage financial conditions? I mean, how much of leeway are they gonna give this, right? They've stated that the cuts they've already made are gonna take time. But what does that mean? Are they going to pause and see if that plays out or are they gonna keep stepping on the gas and be willing to overshoot a little bit as they probably did to put it lightly in terms of allowing inflation to roar its head to the point now it's basically out of control. Yeah, so we get Chairman Powell, we get him Friday. We'll see how that goes. We go from there, but let's jump into some of the stocks because we get a big week of earnings. We get Zoom after the bell tonight. We had some companies already moving this morning, some of the meme stocks as well. Yeah, Bed Bath and Bottom. We'll jump into that one and AMC, they're all, they're all cascading folks. AMC we'll jump to first, okay? Because we know the saga going on with Bed Bath and Beyond as Cohen's gonna sell off his entire stake. The movie theater chain AMC plummeted 30% ahead of the debut of AMC's so-called eight preferred equity units. I mean, they're going all in on NFTs, crypto, memes, the whole deal. Yeah, let's check out some of these meme stocks, man. Be careful. I'm gonna start off a game stop, not even mentioned. They're down $2.50 themselves, right? You jump over to AMC. There's a drop for you down to 1148. All right, now what's the news? What are they? Are they pushing out some type of paper in the same way? We'll have to look at this one. Yeah, what is this eight unit? Special preferred share dividends begin trading Monday. The eight units were announced as a special dividend to class A common stockholders when they reported second quarter earnings. At the time, they called the move perhaps the single biggest action they'll take in 2022 to fundamentally strengthen AMC for the long term. The day they start trading the stock opens down 30%. 517 million eight units, one for each share of outstanding common stock as of August 15th to be paid after hours last Friday. And that's gonna represent an interest of one 100th of a share of the company's preferred stock, giving them the same voting rights as one share of the company's common stock. There's a lot going on there. The market isn't having any of it though, as it's down about 30% to kick things off and watch out man, for that one, we jump over to Bed Bath and Beyond. They're down another two bucks to nine bucks. Now what's so interesting here folks is that, you know, when that news first came out that Cohen was selling, I mean, there was the chance to get out, man. All right, that was the day after he announced that he was gonna sell all his shares. It bounced around between 1650 and 20. It's trading at nine right now. You know, I remember talking about how well it hold up. Who was in this equity hoping for higher prices at 18 to 20 after Cohen sold out his entire stake? If you're playing a game of hot potato folks, that's when the music's about to stop in musical chairs and you make sure you have a seat at the table. Nonetheless, I expect that's probably gonna even go lower as we open on a tough market with the meme stocks getting slammed completely. And yeah, it might be a dicey open folks. We've had a, I believe $7 trillion meltup, right? I think that's one of the headlines I had up here. I'll pull it up, but I believe on Bloomberg, I think that's a rise, right? What if we got in market cap wise? I think we're talking about, yeah, $7 trillion rally. There was the article I had to pull it up. Bears take revenge. Well, you know, we're sitting at almost 4,200 in some context here. Fed is years away from meeting its inflation targets or way of market participant shows, I would say so. But yeah, we just had a $7 trillion rally in markets. So don't be surprised if we're gonna get a little volatility folks. You take a look at this S&P, even the S&P on a daily basis, right? I mean, we're back to prices that we were trading at almost in January. We reached that level. So volatility, we're coming from 36, 39 to above 4,300. We're backing off a bit. Stay tuned folks, we got a lot to go over. We'll talk about some of the companies with earnings. We'll kick it off with Zoom after the bell. Vista Gold owns and operates the largest undeveloped gold project in Australia, the Mount Todd Gold Project. Vista Gold just completed their feasibility study resulting in a 7 million ounce gold reserve. Vista Gold has all major permits approved and has retained CIBC capital market assistance in evaluating alternatives and in completing an accretive transaction. 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We make it to a high of about 43.27, 43.62 is the 618 of the entire move. Now, if you take off that Fibonacci and you just look at where we were at the end of March, you take a Fibonacci retracement off that price level and you see we've got just above the 618. So kind of just above, just below on a Fibonacci basis, looking at the recent action we just had, right, the run up from 36, 39, if you're looking for a Fibonacci retracement, about 4064 is where you're looking for the 382, okay? And you're talking about 4100 is the price point that you dove down there. That's a decent price action in terms of that was the low all the way back in February, that was the lower area you had before it blew through it in April and the area between about 4100 and 4200, that's where you got a little bit of a consolidation was the end of May, yes, end of May and early June. It's gonna be an interesting open folks, especially when you have the action you have in currencies right now, you have the 10 year back to about 3.5% and this thing was a shot out of the gate on a lot of Fed optimism that they were not gonna hike as fast as the market feared maybe that the 75 basis point path of meeting, meeting, meeting was not gonna be already spelled out but the data's gotta back them up and you see a lot of Fed governors still pushing a pretty aggressive path for hikes as we come down the line. Now jumping back, Fed tightens fast amid decades high inflation. This is the article I had up in the last segment talking about Powell having a chance to reset market expectations. You have the CPI here in black, okay? And what you have here is that the red is the midpoint of the federal funds rate target range. So that's the Fed rate that you're seeing there, okay? Now, what's really tough here is that you have inflation spiking, okay? And here they are late to the party but you're gonna have, if you look it, to pull this up. It raised the benchmark interest rate by three quarters of percentage point following an increase of the same month a month before the back to back moves marks the fastest pace of tightening since the early 1980s. Investors see similar odds to either half or 75 basis points, okay? But taking a look at CPI folks, check out the last time. Check out the last time CPI was at this level. Where was the midpoint of the federal funds rate? Yeah, it was at like 12%, we're 2.4, right? We've never seen anything like this. So keep the spikes up on your back when you see a chart like this. You say, yeah, well, the Fed's gonna get it under control because they have their rates set at 2.4 right now. That's the middle. So what is it, two and a quarter to 2.5 right now is the range that they have. And meanwhile, we've never seen a CPI that's been above probably that's been above about 5.5 or something like that and we're seeing an 8.5. And the reason why folks is because many times we've had energy being a huge factor. Anytime we've risen above some of these levels and it's pulled back and pulled us, this is everything is going at 8.5 now. So you're sitting at 8.5% CPI, the Fed funds rate is way down here, okay? And we have inflation rocking at levels we last saw when the Fed had their rate at double digits. Pretty remarkable, man. Okay, what else do we have pulled up here? Let's see. Yeah, this one's an interesting one talking about a couple things here. Wall Street, I talked about this one, $7 trillion rally, okay? One thing I wanted to take a look at here, so they have a survey here. A majority of the 900 contributors, let's check out what this survey is. MLIV Pulse Survey, okay? 900 contributors who include strategist, day traders, reckon inflation has topped out, still a whopping 84%, say it may take two years or longer. Two years or longer, okay? I'm in the longer camp, down to its 2% target. Now we're gonna be dealing with some pretty decent comps in two years, right? Imagine what do we just have? Like 9%, now we're pushing 8, 7, 6, 5%. So you're gonna have an eight or a 9% CPI print and then you're gonna have a 5% print if we're lucky and then you get back into 3% or maybe 2%. The point being, we're gonna be dealing with comps where you can get back to a 2% inflationary environment and meanwhile prices might be up 15% to 20%, right? But that's inflation tamed. We're still paying 20% more than the products we were two or three years ago, because you add nine, you compound it to five, you compound it to three and the next year's two and you're 20% higher, right? A soda that was costing you 99 cents, it's costing you a buck 19 today and that's inflation back to 2%. So we will be dealing with some comps down the line but boy, even two years for 2%, I mean, I could see 2.5, I could see three, I could see 3.5 but we got a lot of issues still going on in this economy, man. You look at whether it's shelter, I mean, you're gonna see some decent comps there too. How fast can rent continue to rise unless wages in some form keep up, right? Our rate's gonna be able to come back down to make houses more affordable. The other side of that is that plays in for rent as well but nonetheless, in terms of where people are, professional investors are in black here, retail investors are in pink, okay? And it's pretty interesting, even at this level, I think these things, these people are cuckoo, bananas. One year, you think the Fed's gonna be back to 2% inflation in one year? I don't agree but you're talking about 15% of professionals and almost 20% of retails. Two years, it's almost a 50-50, right? Professional traders, you're talking about 46% investors, excuse me, retail investors, 44% and then longer, 39 and 37 and that's where they get when they talk about two years or longer. You add up the two numbers in terms of what they're looking for. I would put in a longer camp for 2%. If you told me 3%, maybe I'd say two years is a little bit more acceptable possibly but boy, it's a tough deal, man, with everything going on to put it lightly, right? Okay, let's jump around to some of the equities like we talked about with earnings. We kick it off with Zoom today after the bell. Let's jump over to Zoom. Let's see how they're trading pre-market. They're down a little bit, makes sense, growth stocks getting hammered this morning. Zoom, man, talk about some woes. Down to $79 in May but boy, you're basically just chopping around lows at 100 bucks of 99.50. So they're out with their numbers after the bell. And let's see what we're looking at. Yes, after the bell today and you're talking about about a 12% move priced into that equity. You know it's gonna have some earnings volatility after the bell for sure, so we'll see what Zoom has to say. Now Zoom, multiples got way out of whack, of course, when this thing was pushing 588, right? Can't believe. I mean, folks, we're talking about two years ago now. Talk about time flying. Zoom has been in a pullback for two years. That's amazing. They give back everything that they gained in eight months in the span of about a year and a half and now we've just been consolidating though. And boy, you're gonna need a consolidation when you're gonna move from 600 to 100 in an equity, folks. And that is a real move. That is a recalibration of the multiples of an equity that in no way grew like the market was thinking. Now here's the kicker of Zoom. They're a profitable company. They're not, you know, it's not a theoretical profit that will at some time appear in the future like many growth companies are. I think Roku in particular, right? Among many others, but they are just not growing anywhere near where they thought. They're still a profitable company though in the long run. So at some point it has value. Still talking about a company right now. Talking about a company valued at $30 billion right now even at a hundred bucks. So what were you pushing $180 billion when you were up here at 588? They'll be up after the bell today. We'll talk a little bit more when we get back, folks. We got Dick Sporting Good, we got Macy's. Stay tuned, we'll be right back for the open. S&Ps, negative by 52. Time of booming inflation. We are purchasing powers eroded. There's no better place to protect your harder and money than ain't gold. Vista Gold's flagship asset is the Mount Todd Gold Project in the Northern Territory of Australia. This is Australia's largest undeveloped gold project. We are talking a world-class gold project in a tier one mining district. This is a large-scale, low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction. Vista Gold just completed the Mount Todd Feasibility Study which resulted in a seven million ounce gold reserve in a 16-year mine life. All of this combined with the approvals of all major operational as well as environmental permits. This distinguishes Mount Todd as an attractive, devious partner, ready-development stage gold project. Vista Gold trades on the New York Stock Exchange under the symbol VGZ. 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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. 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've got markets open and you're looking at an S&P. It opens down 55 points, NASDAQ 100. You're off more than 200 right now, basically open at session lows as we tick a little bit lower on the open. NASDAQ off 208, that's 1.55% that's NASDAQ 100 and the Dow off 1.2% right now. Jumping over to some of the articles before we jump back into the earnings. This one's an interesting one. I was reading this this morning. Bond traders, bond investors. Pay attention, folks, because they're managing so much money and they sometimes have a pulse on the market. PIMCO and Capital Group, they're saying the era of low inflation is gone for good. Maybe this was what was shaping my opinion a little bit as well as I was talking about that people see inflation back to 2% within this year or next year. When realistically I see the horizon would be lucky as ever to have it come back next year, right, within two years. And I say next year, within one year, within two years or longer than two years. Within 12 months, very, very difficult. Some of the world's biggest bond investors say the market is wrong to expect central banks to score a long-term win in the war against inflation. If we start seeing the data, it's great, but really pay attention to the data because it's absolutely remarkable, the optimism built in this market when we have inflation out of control like we've never seen before. Your last CPI print was 8.5%, the one before that was 9.1. Yes, that's a drop of 0.6%. The last one was 8.5 though. We're not out of the woods, man, are you kidding me? The retreat in inflation from its peak isn't likely to mark a return to the price stability of recent past because of stark shifts in the world economy according to a broad group of investors and strategists at firms including PIMCO, a capital group and union investment during the period of expanding globalization, cheap commodities and low labor costs help keep inflation at bay. Now that's starting to reverse, oil and gas are elevated, nations sever ties with Russia, businesses are weighing political tensions while rebuilding frayed supply chains, tight labor markets, giving workers the power to push for higher pay. Worker pay in the U.S. not keeping up with 8.5 or 9%, but it is at a level that we haven't seen in a long time, right? I mean, real wages not rising. Real wages are decreasing because you're not keeping up with inflation, but nominal wages are increasing at a level we haven't seen in a long time. That's gonna weigh on costs, that's part of the reason, right? All those job openings. Now those are disappearing a bit, but still at almost historic level job openings, that's contributing in a way. And the things we just talked about has money managers who oversee trillions bracing for inflation to hold well above the roughly 2% level targeted by major central banks. And they talk about, they've been buying inflation protected bonds, boosting exposure to commodities, expanding cash holdings, instead of plowing it directly into bonds. The last 20 years of the great moderation, that's fully behind us. Yeah, that's Tiffany Wilding, North American economist at PIMCO, 1.8 trillion under management, okay? Anticipates a period of high volatile inflation as the world adjusts to changes that will lead to higher input costs in general and should result in multi-year price level adjustments. There's a lot of analysis that I would tend to agree with overall folks. And here's the thing, right? We're just making probability assessments and anyone's probability can be wrong, but you have to price him the probability that we are in a time that we haven't seen a long time. That first chart that I just pulled back, right? Where are we? This chart, you better pay attention to the fact that CPIs at levels we haven't seen since 1980. Everyone's saying, hey, don't worry, we've peaked, folks, look at this little carrot top on the top there, okay? Yes, that could be a peak. You know what else it could be? It could be this little peak here before we jumped up another 3.5%, okay? And even if we just come back to five, getting back down to this level, what they talk about over the last like 20 years or so, very difficult, everything going on on a global scale. Man, the US Federal Reserve does not control every input in this market that is contributing to inflation right now. So we're gonna see what Chairman Powell has to say Friday at 10 in the morning Eastern time and this market getting ahead of that to kick off the week in a big way. We're down 1.2% in the Dow, you're off 1.4% in the S&Ps and you're off 2., excuse me, 1.75%. We drop real quick right out of the gate on the open and we're continuing to drop. All right, let's check out some of the other companies as we come into earnings. As I mentioned, Dick's Sporting Goods, they are out with their numbers Tuesday. So they opened down about 2.4%. We take a look at this thing on a daily quite a bounce from their last earnings. I was actually at a Dick's Sporting Goods yesterday buying some t-ball equipment. Glove, checking out some gloves, I need a glove too. Gloves, not that cheap to put it lightly. Some of those gloves, adult gloves, 300 bucks for a top of the line glove. Kids' glove, $40, $35 to $40 for a decent kids' glove. Not out of whack, but I was in there yesterday with a glove, we got a t-ball, got a helmet as well. I think it was in the Deedis helmet, 25 bucks for a little t-ball action. So Dick's, they are out with their numbers. I think we're talking about tomorrow, correct? Tomorrow, and they got about a 10% move priced in. So quite a pop recently, man. You're up, what is that? 75%, 66%, 60% from where you were coming into the last earnings, putting a little bit longer term timeframe. Yeah, I mean, you're pushing levels that you started off the year at on Dick's as we come into their numbers. We also get Macy's out with their numbers tomorrow. Macy's, talk about a pullback, man, basically give it all back from the run it had last July, 15 up to 38, back recently as low as $15.85. We put this thing on a daily, and you jump over to the analyze tab, talking about a 12, 13% move from Macy's as they're out after the bell tomorrow. What else do we got this week? We got some more retailers. We got Nordstrom's, JWN, out with their numbers Wednesday. You're talking about a $3.15 move for a $23 stock, longer term timeframe, a lot of these equities back to near lows of the last year, if not lower than that. We also get Urban Outfitters out with their numbers. That's decent pullback and we get Toll for housing. Toll's out with their numbers, I believe on Wednesday. Let's check it out. Yes, they are. You're talking about about a 5% move priced into their earnings. Going towards Wednesday, what do we got? We got Box out with their numbers. NVIDIA will be a big one on Wednesday. Let's jump to NVIDIA, man. Talk about a pullback. This was quite a short, man. This market was frothy, man, but NVIDIA. There were a lot of good analysts talking about NVIDIA, man. Some, if anybody has them and the tiger's in, what were they throwing out there for NVIDIA? So they were talking about, at this rate, it would take a hundred years of earnings to make NVIDIA's money back or something. The multiples were very, very accelerated as it climbed from under 200 to 346 near the end of last year. You're down about 2.6% right now for NVIDIA. You jump over to the Analyze tab and they got about a $10 move priced into their earnings as they'll be after the bell on Wednesday, I believe. What else we got? We got Snowflake. You get Victoria's Secret as well. Let's see. Jump into Thursday, some of the numbers that we have talking about keeping with retail. We get Dollar General, Dollar Tree and Gap, but the big one on Thursday is gonna be Peloton, this thing. Ooh, we talk about a headache, man. Down to 8.22, sitting at 11.52, they're out with their numbers and what type of a move are they dealing with? There's a move for you, man, an $11.50 stock and you got a $2.30 move priced into their numbers. Thursday, yeah, we also get some others. This is a big week earnings as well. We get Alta after the bell, so I think Peloton is before the bell on Thursday. We jump over to Alta shares. Yeah, they're on Thursday as well. You're talking about a $30 move? Talk about holding up well, man, right? Almost no pullback at all. Chopping around between $350 and $400, maybe you basically started the year off near this price level. You've just been consolidating for the better part of about a year on Alta, off 1.7%. Stay tuned folks, we'll be right back after the break. 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. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at tfnn.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. 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An investment in the funds is subject to risk, including the possible loss of principal. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, foresight fund services, LLC. This program is brought to you by Vista Gold. Traded on the NYSE American and TSX under the symbol VGZ. Back folks, we get the S&Ps right now down 60 points. NASDAQ 100 of 226, you get the Dow off 420. That's one and a quarter percent. We jumped to the commodities. How about crude, man? Crude, drop in 3.9%, you're off $3.50, you just dropped, set $4. You just dropped $4 from where we were at seven in the morning, let alone where we were at about 8.45. I came on to the air folks, you know, setting up the program, you know, I'm reading articles all morning, I'm setting up what I'm gonna talk about for the final hour really, getting my head straight in terms of what I wanna talk about, what I'm looking at, what's coming up for the week ahead. Crude was sitting at about 90 bucks, that's what I had in my head. It's got an 86 handle and we can still get 17 minutes to go in the program, man. You jump over and see how some of the other commodities are moving. Natural gas gets a little bit of a pullback as well, but nothing in terms of where we were. You came into the overnight session at about 9.20, we're still trading at about 9.70 on natural gas. We jump over to the gold contract right now, down about 14 bucks. Let's check out some of the forex action, see how we're starting off the week right now. Jump over to the Euro US dollar right now and we got moves, there you go folks. How about a 99 handle for you on the Euro US dollar? Look at that trend, man. All right, quite a defined channel line. This goes back to where we were in February. Lower lows, lower highs and to line that up, right? Whoops, back that out, square that up and tighten that up a little bit. I mean, if you're talking about just trading to the lower portion of this trend line, you're talking about now, you're talking about what, 96 maybe? Maybe 96 to 95 depending on how much time it takes to get to that level. Huge moves across the board in a big way. In the Euro US dollar and we are now, I was gonna say below, 99.5 is the low we had. It's amazing folks, that's five weeks ago, remember? So it's the type of consolidation sometimes you get. You wanna trade below parity, right? You need a little bit of consolidation to break through that area. Well, what would we do? We hit parity, you rise up to a level of about 103 and just like that, we're back at parity. If you're taking a trip to Europe folks, risk reward wise, yes, there is, if I was betting one way or the other, right? I'm betting on probably a stronger dollar and a weaker Euro. But risk reward wise, over the period of years to come, it's pretty cool locking it in a parity and it's probably something that risk reward wise is a decent play. And yes, they're gonna have some energy issues, man. And you're seeing that play out in natural gas right now, I think. Maybe getting ahead of things. Now you get the entire dollar index right now at 108.39, that is quite a move as well. Take a look at where we've been. Yeah, you're talking about recent highs, man. 108.39, right back to where we were, pretty similar in the Euro in the beginning of July. Let's jump around some of the other currencies. We talk about the pound dollar as well. Again, right back at those levels, about 118. They're trading pretty close, but they do have a little bit of a divergent action in terms of the pound versus the Euro. And the Euro in terms of the Euro is incorporating many of those areas that may have even more trouble than the pound has even. When you think about Germany, France, energy issues overall. US dollar Swiss, back to about 96. We're at about 94. We were at parity a couple of times earlier this year. US dollar Swiss, Swiss, excuse me, and we jump over to the US dollar yen. It's part of the reason you're gonna see some tough action in gold today. We got the dollar yen climbing to about 137, above 137 now. Recent highs, now it's interesting, right? This is where you do see the divergence, okay? Euro dollar is right back to basically the lows that we had on July 13th or 14th. The yen, still almost two full points away from the highs we had at that time. 139, 38, all of them, though you see, continuing. I mean, you take a look at just the dollar index, the move, okay? The Bloomberg dollar index, you're talking about right back to where you were at June 14th. You were up there at 108.54. We're at 108.40. And this thing's a one-way trip, man. I mean, look at it. Year-to-date from 96 to 108. You back it up before that. It's a one-way trip from 92 a year ago to 108. Let's see what the five-year looks like. Just huge moves, man. Yeah, we were sitting at 90. What is that, 2021? Yes, that's gonna be 2021. May of 2021, 90 to 108. It's a one-way trip, man. And like I would say, I would not bet on a weaker dollar right now. Folks with everything playing out. Because I imagine the Fed's still gonna need to hike. And that's gonna contribute to everything pretty dramatically. All right, let's jump around to some of the fang stocks as we get the market. It's kind of just hanging out where we kick things off. We'll kick it off with Amazon. I was listening to Bloomberg earlier this morning. They were talking about tech stocks, right? Apple has held up so well, man. Pulling back today at 1.5%, but look at the run this thing just had from 129 to 175. You almost got it all back, man. I mean, if you were in Apple, right, and you just had your entire nest egg in Apple, you almost don't even have a pullback, man. You're back at prices last week that you were trading at the third or fourth of the year on Apple at 174. Remember, the $3 trillion mark is about 182 in change. Apple though down about 1.5% today. Even versus the Nasdaq 100 though, you could say you're overperforming as the Nasdaq 100 is off 1.7. We jump over to Microsoft shares down 2.3%, Google shares down 1.7%, Netflix down 4.8, that's a tough one. Metashare's down 2.4%. Let's see how those growth stocks arc. Not bad, look at that. What is contributing there? Well, Zoom is flat on today. That's an interesting one. How's Roku doing? Roku's down 2.3%, how's Tesla doing? Down 2.7%, what else does she got? She must've got something rocking for Arc to be almost flat down about 9 tenths right now. Yeah, and this market looks pretty dicey, folks. No real strength at all coming out of that open. We got a little chop. That's the Nasdaq 100, but you're off 1.7%. We're only almost single digit points off of the lows that we made in the last half hour. All right, jumping to a little housing. Now, shelter is one third of CPI, folks. So if you wanna pay attention to something, keep your eye on the shelter costs, right? Cause one third of CPI, that's a big factor going on. I've been talking about the CPI numbers. They're back to almost 1980 levels. Meanwhile, we have the Fed with their target rate at 2.4% versus it being 12%, 15%, something back then. A big part of CPI, one third of it is shelter. A big part of shelter is rent, of course, right? A mortgage is as well when you have higher interest rates coming at you. But this talks about new apartments at a 50-year high may ease pressure on US rents. 420,000 rental units expected this year. Extra supply could help alleviate record rents in some cities, right? You look at the numbers you're talking about here, right? I mean, that's big number strokes. That's the three-year average for new apartments expected to surpass 400,000 driven by demand, particularly in southern cities, Dallas, Miami, right? This is what I'm gonna say. It's gonna be regional here. Where are they? Because hopefully they're in areas like Dallas, Miami, probably Tampa, right? Tampa's got a huge buildout going on. Jeff Vinnick and Bill Gates in Tampa, probably most of it almost basically done. But in terms of the buildouts that they have in those cities, half of the top 20 metropolitan areas ranked by construction are set to reach five-year highs in apartment deliveries this year. New York is in black, Miami is in red. Look at the numbers, right? Austin's in blue here, Seattle is in yellow, and Phoenix is in green year-by-year. You see the numbers. 2022, coming in with big numbers. Almost 100,000 apartments are expected to be built in the top five markets alone, which will be big. New York, 28,000, man. Where are they building all these New York apartments, I wonder? Nonetheless, shelter. That's gonna be a big one. Stay tuned, folks. We've got one more segment. We'll be right back to finish up the show. TFNN has just launched their new trading room, the Tiger's Inn, hosted at Discord. TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours. And now they are expanding their reach with the Tiger's Den, available to all Tigers and Tigresses for just $1 for the year. There's no cash or added costs when you join our community of traders. In the Tiger's Den, you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas, interact with other Tigers and Tigresses as they share trading ideas, news analysis and discuss the market action all trading day, even at night and on the weekends. The Tiger's Den at Discord is accessible on mobile or tablets as well. So it's always at your reach. To sign up today and become a part of this educational community of traders, just visit the front page of TFNN.com. 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. For daily market overviews that give you direction on the key indices, selective stocks and commodities, subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman and your inbox every day. 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. TFNN.com, educating investors. Everything in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. When you subscribe, you'll get a weekly report from Veteran Day Trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis. After all, he's got 45 years experience as a day trader. 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. 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 right now, negative 63 points. You're basically sitting within a few points. We just made session those folks in the last five minutes, catching a little bit of a balance, but watch out for this market. NASDAQ 100 off 228, you jump back to that crude market. You talk about some volatility, man, crude with an 86 handle right now. You get the gold contract off $16 at 1746. We have dollar strength today and also jump into notes and bonds. Pretty much team action, the 10-year sitting basically right at 3%. Pretty interesting how we commit to that round number with Chairman Powell speaking Friday on a Jackson Hole at about 10 a.m. Eastern time. So right when my program will end on Friday, the chairman will be picking things up, but right as our man, Basil Chapman, picks things up as he will today at 10 a.m. following our program. Let's jump around to some of those fang stocks again as we wrap it up. Apple off about 1.5% right now. You jump over to Microsoft off 2.1. And the point I was making, not sure I eventually got there is the fang stocks, the tech stocks in particular, how they're behaving and how there can be such a divergence right now. Whether you talk about a company like Apple, right? And Microsoft or so, versus maybe a company like Amazon and a company like Tesla, even a company like Google and Meta and how they're performing and where their revenue streams are. Look at the pullback in Meta just recently. You got to run to 183, we're off $20. You're off, what is that? 11 or 12%, just from where you were, seven or eight trading days ago in Meta. And it's amazing, it's been chopping around this long, man, 164 at Meta. And you're just basically in this consolidation. You've been in since May 2nd when you traded below 170 at that point. And we're sitting at 163 right now from Meta shares. All right, folks, thanks so much for starting your trading day off with me. Stay tuned, we're gonna man Basil Chapman. He's coming up next. Don't forget our man Steve Rhodes and Larry Pezzavento. They swapped spots a couple of weeks ago. So Basil at 10, our man Steve Rhodes live at 11, fast market at 12. Larry Pezzavento live at one o'clock. Dave White live at two. And Tom O'Brien, my dad, back to wrap up in the anchor leg from three to four p.m. And I imagine it's gonna be an interesting one, folks. We finish up with the VIX, that's a weekly. You take a look at the daily. That's the first fake spike we've seen in a while in that VIX all the way back to almost market lows. We're in the VIX at 35, we're trading at 2315. Have a great Monday, everybody.