 The following is a presentation of TFNN. The morning markets kickoff with your host Tommy O'Brien. Good Friday morning everybody. I'm Tommy O'Brien, coming to you live from TFNN just after 9 a.m. Eastern time. It's jobs Friday. We got 216,000, quite a number to the top line. You have some revisions to the prior month, 77,000, I think on the downside. So not as quite as a strong number as that big number for December may indicate, but wages are hot. We got a little bit of market volatility this morning. You spike down to 4702. The first move is always not the move that lasts sometimes. We'll see where we go today. But nonetheless, you get the markets actually higher than where we came into that number. Great numbers for the health of the economy. The worry, of course, is price stability. Okay. If we didn't have inflation, you always want extreme wage growth. You want as many jobs as you can add. I mean, if we didn't have inflation, you would want 15% wage growth, right? Nonetheless, I'm deviating a bit, but the worry here is inflation. The worry is about inflation impacting the Fed's path of interest rate cuts that might be happening March. And it looks like that might not be the case in March. Maybe it's the timing of things, but we're getting a little bit of volatility in both directions. Man, the 10-year just spiked to 111.06. We're back to 111.18 right now. That is putting your 10-year yield right now at, where are we, 4.05. And it was quite a spike when we got down to 111.06, 4.05. Right? Remember how wrong this market has been so many times over the last three years, folks. Okay. We were just trading at a price level of the 10-year at 113.12. You got down this morning to 111.06. In the context of the move that we've had, okay, it's a healthy pullback. You can't deny it, right? A 3.82 gets you to the 110 area. That's kind of an area that acted as an area of support. Also acted as an area of resistance back in, whether it's July, August, September as well. Important to keep things in context, but as we go around the market wrap up, we go back to a five-minute. You see the S&Ps now higher than when we were coming into that number. The Dow, only off by 19 points. You make it down. Dow is almost 100 points off of the spike low at 830. Excuse me. That was the NASDAQ 100. Excuse me. NASDAQ 100 is 100 points off of the low that we had this morning. You get the Dow, 150 points off of the low they had this morning. 37,504 was the spike low. The Russell, look at that Russell, man. The Russell at one point was down, what, almost 2%? Almost 2% of the Russell, man. You want some volatility. Hang out with the Russell for a while. Bitcoin, not quite as much volatility as the market this morning. Down by $300 right now at 44,295. You have crude catching a little bit of a bid. Okay, crude up a buck, 57. It's 73,75 right now. You jump over to the gold contract flat at 2,050. You did see a spike down to 2,030. Now, what is that correlating with? That's correlating with yields and the dollar. You initially had dollar strength up to 103,10. That would have put some weakness in gold. You have a pullback now to actually below where we were. Pretty remarkable the move we're getting right now, man. If we were going to have higher yield, you would have dollar strength, right? So what happened? We had an initial spike where yields were higher. The dollar spiked, the market pulled back, and we've basically given up all of that over the last 40 minutes. Since we got that number at 830 in the morning with US payrolls increasing by 216,000 for the month of December. And yeah, we had net revisions. We did. So November was downwardly revised. And you had October revised lower as well. October was revised lower by 45,000 jobs. And November was revised lower as well. So we got a hot number. And yeah, the market is taking it and running with it. So 2023 job gains, because this was the last month, 2.7 million jobs created in 2023. Almost 3 million jobs created. Unemployment rate 3.7%, man. Man. So we got 4.8 million jobs in 2022. And that was at about 399,000 a month. Yeah, average it out. And we get 225,000 in 2023. Excuse me. We get 2.7 million for an average of 225,000. Here, I'll just pull over the statistics from CNN. When you check it out. I mean, these are the last two years, right? Doesn't quite compare to the beginning of 2022 when we were getting back so many of those COVID jobs lost when we went 364,904,414. We had a number of 568 in July of 2022, January of this year. We had 472, but you see nonetheless higher numbers. But what is important to note here, you see these two prior numbers, October and November, those were downwardly revised. Nothing preventing this number from being a little downwardly revised as well. So, you know, we get revisions. That is for sure. So you got 52,000 in government jobs, 38,000 in healthcare related fields such as ambulatory healthcare services and hospitals, leisure and hospitality, 40,000. Transportation and warehousing saw a loss of 23,000. Yeah. And when you talk about wages, okay, this is going to be probably the biggest conversation that comes out today. Average hourly earnings, 0.4% on the month, 4.1% from a year ago, both higher than the estimates. Not what you want to hear if you're looking at inflation. Right? If you're looking at the economy, it's great. But what are the two Fed mandates? The two Federal Reserve mandates are full employment. We're at 3.7% folks and price stability. Which is the one that they need to focus on right now? Probably price stability. And what do we have? We have earnings at 4.1%, which is a hotter number than you were expecting up from 4% in November back to where we were in October. And for some context here, folks, okay, wages were still going up 4.3% all the way back in March of this year. So not exactly huge strides made on the wages. That's going to be a lag that's potentially going to be a thorn in Chairman Powell's side as they try and get out. Of their Fed hiking cycle and we'll see if March comes and we'll see where the data goes today in terms of the buying, the selling, supply and demand and where we end up. But nonetheless, you get the tenure off about 15 ticks right now. I'm going to jump to the yield curve a bit. We take a look up and down the curve. You got higher numbers up and down the curve. The two year up about five basis points. So we're pointing to higher yields here, right? Barely, but we're still pointing to higher yields. But no real huge moves, right? You're talking about six basis points from the two year upwards. You look at the one year, you're only four basis points up, the six year basically unchanged, one basis point. So it's going to be an interesting Friday in terms of where the market part anticipates this number. It is January 5th right now, folks. We have the first Fed cut. The market is thinking is potentially about two months away, about 10 weeks away is where they're thinking that cut might be on March 20th. And we got one meeting schedule ahead of that. And that is at the end of this year. And that is January 30th, 31st. So last day of the year, Wednesday, January 31st. That's a Federal Reserve meeting. Then you got to go through all of February and half of March, more than that till March 20th. That's when you get the next. It sure is. Yep. March, March 20th is the meeting. January 31st. And on that March 20th meeting, you get the summary of economic projections. Don't get that. Stay tuned, folks. We'll take a look at some of those jobs numbers when we get back. 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Pretty remarkable if this is going to be the data that catches a bid. Yields again at about 4.05% on the 10-year. You take a look at the SMPs, man. We are 25 points off of the spike level of 4702 right on the heels of that jobs number at 8.30 a.m. Eastern time. Nasdaq 100, you're only negative by single digits, man. All the markets are above where you were coming into that number, the Russell, barely. Okay, Russell makes it back to about the 1965 area. You trade down to 1938. You get it all back. We've seen a similar move. It's not just inequities. In yields, we saw the 10-year spike from 112.23 down to 111.23 down to 111.06. We're back to 111.18. It's going to be an interesting Friday in terms of how the market anticipates this data. You got the odds for a cut. Got to recalibrate my brain to talk about cuts versus hikes. The odds for a cut in the March meeting now under 60%. We were at 84% or something like that only a week ago. We're at 60 something percent yesterday. We're at 50 something percent now today. You have to pay attention to yields a bit. Yes, we've recalibrated, but boy, there are some interesting numbers. Wages are a big problem that have persisted on the inflation front and they're a big problem in this report. And the other thing you have is people leaving the workforce. Okay, when you hear 3.7% on employment, what's it mean? It means we are very healthy right now in terms of if you want a job, you can probably go get a job. Now you can transition that conversation to the quality of the jobs that people get nowadays. And I would argue that we're at historic unemployment rates, but many times that job is not the same level of quality that many jobs in many decades of the past used to encompass in terms of what they provided, the wages, the benefits, etc. Nowadays, you might have a job, but you might need to and you still might be going on government assistance to get by. So keep that in mind as you look at the health of the economy and that number. But jumping back, taking a look at the amount of people that stepped out of the job force. Yeah, a drop in labor force participation. Okay, now this is Bloomberg economics and this is just some of their live feed folks as they break down the numbers, some great different summaries or some of their analyst over at Bloomberg. The unemployment rate stated 3.7%. This is Bloomberg economics chief U.S. Economist Anna Wong, but for the wrong reasons. Okay, so pay attention to these parts of it. A drop in the labor force participation. The Fed wants to see labor supply increase, right? What do you want? You want there to be stresses on the economy to the point where companies do not think they have the ability to raise prices and therefore people need to work. Okay, at all kind of it's all part of one cohesive economy, right? They're all related to a certain degree. That would provide wage disinflation. But if people are leaving the workforce, okay, then what's going to happen? It's going to be more difficult to get wage disinflation because you have the unemployment rates sinking for the wrong reasons. Okay, you have the unemployment rates sinking because people are leaving the labor force. Not exactly what you want to see. Yeah, and what was the number? It was if there was. That's I was looking at 845,000 people left the labor force in December, say what? The markets love in the fact that we gained 216,000 jobs, but we had 845,000 leave the labor force in December. In other words, they were no longer working or looking for work. That is why the participation rates lead 0.3 percentage points. The biggest drop since January of 2021. This is a senior editor at Bloomberg and he says I basically don't know why that's happening and we'll see whether economists can come up with an explanation. But remember folks, people have been magnificently wrong for an extended period of time. And this is an important fact of what's going on. It's important fact that's driving unemployment rate and it's important fact that will make it more difficult for those wages to come down. And if everybody's getting 4% wages, you might see those companies raising prices because they might have the ability to. That's the way business works, man. If you can sell a product for X dollars, well, why not sell it for X dollars plus a 4% rise every year if you can? The only reason people don't jack up the price of their products folks is because they think that they won't be able to sell them versus the competition, etc. And that has not been the case recently at all. Right? Yeah, upside in wages. You see a lot of that on this time on the takes on Bloomberg here. 216,000 is the number, the unemployment rate. Hold steady at 3.7%. But remember, that's because of participation. 845,000 people left the workforce in December. 845,000. Now, I, you know, you have holidays in there, right? You have Christmas. You have a lot of volatility and variants that may come into December numbers. We saw revisions of October and November to the downside. Keep that in mind as we march forward. Yeah, they talk about black unemployment. The number of black men who are employed increased 173,000, the biggest jump in more than a year. That's in a month where there was a giant decline in the overall employment figures. Okay, that seems remarkable. There's a lot of volatility here. Hispanic unemployment jumps to 5% from 4.6. Okay. You got low response rates here. I mean, everything here is just, there's a lot for everybody to hold on to in terms of wherever you are in your opinions of this market. There's almost something for everybody. It seems like that's been the case as we go forward over and over as in even in moments where there is good economic data, good friends for inflation, right? Maybe a soft landing. I saw the words Goldilocks scenario in this one. Well, you could say a Goldilocks scenario would have been a huge beat in the jobs, but ease up on that wage data, man. Okay, pay attention to that wage data. It's still a remarkable number at 4%. They got to get it back down to 2%. And what have we seen? We've seen that they are stuck with wage numbers at 4.1. We were at 4% last month. We're at 4.1. We're back to where we were in October. Those numbers were only at something like 4.3 or 4.4% early in this year at some point. So we've struggled to make the gains on wages and that is transferring over to some of the numbers when you talk about the probability of cuts. But guess what? Some of that's getting erased as we speak as the markets only down by 1. 47.28 right now. Let's jump around to some of the equities as we wait for that opening bell. Amazon shares been a tough week for them, among many other of the magnificent 7. Amazon shares slightly in the positive by 30 pennies today. Apple, they've been taking it on the chin, man. Apple down about 50 pennies at 181. They were at 194 a week ago. That's remarkable. Microsoft shares this morning going to be up by a dollar. They catch a little bit of a bid pre-market 369.30 from 367.94 as of yesterday. You jump over to Tesla shares 236.90 Tesla going to open the day down as well. We jump over to NVIDIA shares. Yeah, that was quite a trade on Tuesday to kick off the year for NVIDIA, but they've held up pretty well this week. Some of the other equities have continued their slide. NVIDIA basically back to where you were a Tuesday morning, right? A lot of equities wish they were trading where you were on Tuesday morning right now when you look at especially these fang stocks. Google shares you're going to be basically flat on the open as well. We jump over to the dollar index as we digest some of that economic data actually lower now. We got a 103 handle and boom. Remember the first move is not always the move going to be pretty remarkable if the market interprets this data right with a hot wage number and we finish the day with longer yields. Tapping before folks stay tuned we're coming back for the opening T F N N has just launched their new trading room the Tigers Den hosted at Discord T F N N 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 the reach with the Tigers Den available to all Tigers and Tigresses for just one dollar for the year there's no catch or added costs when you join our community of traders in the Tigers Den you can look over the shoulders of Tom 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 Tigers 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 page of tfnn.com Currencies 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 Keg Stats Tiger Forex report Teddy Keg Stats 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 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 TFNN Educating Investors Are you ready to take your trading to the next level? 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of Tom O'Brien's award-winning newsletter market insights first-hand tfnn educating investors don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch Tiger TV that's tfn.com then hit watch Tiger TV you open the market we got the S&P's up by one point right now Nasdaq 100 we're up by eight points right now pretty remarkable we come into that 830 economic number at forty seven points higher in the S&P I mean man this is always the remarkable part right you'd say boy if you bet on higher wages and let's say you were bearish the market because if higher wages mean inflation is persistent that means the market may have gotten ahead of itself a bit with where interest rate cuts are coming down the line they're probably done hiking okay my opinions and whenever you hear a fed official say anything's on the table that even reaches the the press of course anything is on the table but barring a surprise right barring a pretty dramatic surprise in terms of a radical shift in inflation back to an area of five percent or something like that barring something like that no hikes are not on the table anymore would be my consensus opinion okay now when you go forward though what about cuts while the market probably got a little bit of ahead of itself when talking about how many cuts coming down the line well what does that mean where equities are priced right now is predicated on lower yields okay so if you're predicated on lower yields what happens if the market has to revert to a higher yield going forward because there's not as many cuts that we may have expected when the market got a little bit ahead of itself as the fed pivoted to signal the end of their hiking okay and that's where you could see some of this play out but I with all that said it was a hot wage number we're seeing yields jump around and you actually have the market positive this morning now you could make the case that we are 110 points off of the highs that we were trading at basically a week ago which is remarkable when you put in that context right last Friday December 29th you were at forty eight forty one you just gave up a hundred and ten points you gave up more than two percent on the week so a little bit of negativity priced in at least off those highs and you did give back all the way to December 13th that number in the S&Ps where you began that day forty seven hundred but nonetheless markets pick up higher let's see where we are on yields to begin things you got the 10 year it's continuing to climb in price it's going to be remarkable man if somehow the market takes a hot wage number and runs with it to a period of what to a period of higher price and lower yields and that would indicate higher price in the markets dow off fifteen right now Russell still off by eleven let's check in on some of those fang stocks Amazon catches a small bit off the low of one forty three thirty nine we're at one forty four seventy up by ten pennies apple sees a positive day after a tough week you're up forty three pennies that's a quarter percent at one eighty two thirty one Microsoft shares right now is a bit for you up by one point one percent meta shares are flat this morning at three forty six all right what else we got pulled up here yeah interesting one out here from the journal this morning talking about Netflix video games Netflix considers ways to make money from video games in a possible pivot they're looking for more revenue man for the longest time they never would have touched ads remember we hastings talking about ads in the early days they're playing with subscriptions right because people love engine people don't like ads well that all changed video games are an area that I think Netflix would love to get into that's putting it lightly that's stating the obvious you just saw Microsoft right with their purchase was a sixty nine billion that they paid it is very difficult to create a gaming company because hits can be so hard to come by when you're producing movies not even not as much not as difficult okay and that's why there's the potential there that maybe they go after somebody I've thought about this before you know if they really want to be a player in video games they're probably going to have to make a purchase okay and that's that's the bottom line if you want to be a real player now they can do things in a different course you know maybe they don't try and compete with the biggest makers out there they try and add some type of revenue on a lower tier gaming system or something like that but this article even talks about that they encourage open debate and such discussions don't mean the company will decide to monetize games so they're not quite sure yet but I think they want to monetize games folks they're not getting into it unless they wanted to monetize it right they've bought a handful of small gaming studios over the past few years started to create more games focused on its own shows and movies okay yeah some of their love shows they try and play it into it popular games like Grand Theft Auto San Andreas which drove 11% of Netflix's game downloads yeah they spent about a billion dollars on buying gaming studios and building the business the company spends about 17 billion a year on shows and movies so obviously I'd be very skeptical of this one unless they make a purchase though that's where I have as a investor yeah Netflix games were downloaded 81.2 million times globally last year three-fold increase seven million downloads it had in 2022 both of these numbers you could argue are irrelevant though right yeah a total of a fraction of the hundreds of millions of downloads for games such as Roblox Activision which Microsoft just purchased and you know Candy Crush all that stuff right for what it's worth we jump over to Netflix shares now the other side of that is right there is potential and you look at a company like Roblox now at one point when this thing peaked out at 141 and the world was a little bit euphoric more so than it probably should have been this was the most expensive gaming company in the world and Activision Blizzard yeah was it 97 at that point okay Activision Blizzard traced down to 55 news about Microsoft probably comes out when you get that gap from a chop around forever until that deal gets done and now you're trading at 94 basically back to where you were near the highs that's Activision okay look where you were in 2021 June even earlier in the year right this is that one there yeah so their highs were made early 2021 you almost made that same high though in June of 2021 you jump over to Roblox they made that high in November they were up at a price in 95 maybe 103 you spiked to 141 41 the point being you see where Activision is nowhere near where these higher levels were when some of these growth companies got way ahead of itself the one thing I will say folks um we got six year old who is in the house he loves playing Roblox man he got me playing Roblox with them and it was actually pretty cool um I could see the attraction to some of those games and yeah it's quite a pullback but you're still talking about quite a company man Roblox and $26.5 billion is the market cap for a company like Roblox Netflix spend $17 billion a year on content for the movies not out in the dish to talk about an acquisition S&P's up right back launched their new trading room the Tiger's Den 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 Tiger's for just $1.00 for the year there's no catch 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 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got to pay man it's worth it to get that deal done just give me one second here folks I get back in here might have to jump my camera off for a second folks in terms of just my my chart to my producer but yeah we're going to talk a little bit of sports so you have up hold on one second for me apologies folks just get my screen going okay we're back so you have the s&p's up by eight points right now we jump over to Disney shares Disney been a tough run for them man we're trading at 90 93 for Disney right now you're up by 410 percent pretty much just in line with the market but interesting when you look at this rights deal now there's only one N-C-A-A okay and I think in the business ESPN it's going to be a remarkable going into those types of negotiation where the N-C-A-A-A knows that ESPN can't lose out on this deal right the price of these knowing that there's no way that ESPN can say well you've you know the price really isn't worth it so we're not going to air any sports anymore they have to air sports that's all they do so they have to be the ones they're paying it they can probably make the most off of those contracts is what's built into that assumption to a certain degree but boy they got a lot of competition so they get it done through 2032 you're talking about yeah basically an eight-year deal triple the value of the current deal so they're talking about a value 115 million bucks a year now Netflix spend 17 billion dollars on content a year seems like that's not that bad when you put it in that context when it gets you a tremendous amount of these championships now what I will say is how many of the women's and men's championships okay this deal starts September 1st it runs through 2032 40 NCAA championships and a lot of these are awesome man I love great competition right you pull up a good sport at the end of the season no matter what sport it is you're talking about gymnastics softball baseball volleyball badminton whatever it is if you're at the highest level I mean just it's the best reality show out there that's why people love sports man the emotions that are built in you look at something like the super bowl right you look at something like one of the playoff games that was going on this week right how about that game right if you're watching that game tremendous finish to the Michigan Alabama game goes into overtime Michigan scores Alabama has the ball they're going down they got a fourth down they got to get in and the game ads and that's it and those players had worked basically the entire year right from when the entire year ended the previous year they went 365 days with one goal to be the champion and you know watching that play out live with those types of emotions so they got 40 championships but I wonder how much some of these actually drive viewership ad revenue etc when you are talking about something like you know even the WNBA struggles right let alone women's basketball I know the final four and women's does some big names for sure yeah but of course the NCA president good old Charlie Baker from Massachusetts having one multi-platform home to showcase our championships provides additional growth potential along with greater experience for the viewer and our student athletes and that's where ESPN has their advantage in the negotiation right they say listen what are you going to do man you're going to sell some championships to prime you're going to sell some to max some to Netflix no you want to keep them on the sports leader ESPN and we'll see how ESPN uses them as well so 57% of the value the deal is tied to women's college basketball specifically that's remarkable when you put it in that context the dramatic increase in the value of the NCA media rights will allow to explore revenue distribution units for the women's basketball tournament that's where the revenues coming from man you know everyone wants the equal pay deal folks and I think if you look at it in the context of the revenue created that creates a much easier scenario for those types of debates conversations et cetera but nonetheless you're talking about almost a billion dollar deal and ESPN unchanged on that number Disney I should say but not the market man check it out we are running higher stocks are trading apple shares up by a tenth percent Microsoft six tenths percent in the positive Google Europe by four tenths percent and the video up 1.3 percent right now meta shares up by a full percent as well we jump over to yields basically unchanged on that number which is remarkable I mean we are up a bit in terms of yields right we're pushing about four 4.0 5% let's see where we are right now 4.04 we'll call it the yield on the tenure we got above 4.08 we almost got to 4.10 4.1 I should say percent on the tenure we look at the dollar index it moved accordingly with the yields we saw the dollar index spike to 103 that's continued to weaken remarkably enough I mean if you just looked at this data it would say that the market is not blinking when it comes to a March cut that we have hotter wages than we're expecting the other story out there the Red Sea it's continuing right what do we have we have crude trading to a little bit higher price this morning let's pull up crude we're trading up a buck 50 to 73 69 we were almost pushing $74 we were just recently at a 69 handle let's put that back on a 15 yeah on Wednesday 69 was talking our man Teddy Kegs stat on Wednesday talking to Kevin Hinks on Thursday we had a great call from our man Mike in Somerville yesterday not sure you're going to get quite a bit on this even with these types of headlines persisting at $73 now you have the shipping giant Merisk they're going to divert vessels away from the Red Sea for the foreseeable future that's the Danish shipping giant they said today that it's going to extend its diversion for the foreseeable future that means as we keep saying avoiding the quickest path between Europe and Asia through Egypt Suez Canal and taking the longer Cape of good hope route around South Africa and you got several firms out there several European firms Ikea next Electrolux have warned of delays on some products due to supply chain disruption does that sound familiar supply chain disruption folks yeah you're talking about you know you want some Ikea you want some Electrolux you want some appliances nonetheless they're going to be on these ships man they're going to be on these ships and it is not stopping right now and how do you stop that right I mean this is small groups of rebels you know this is a very difficult thing to overcome when you look at the disruption that so few can cause on a shipping canal like that that is so tiny I mean look at that Suez Canal right the Red Sea the Suez Canal pretty remarkable how the oceans you know you always learn about history the oceans controlled everything right shipping routes ports etc not a lot has changed the shipping routes are still very important they're still controlled by a very select few areas that many ships have to go to and the percentage of goods that go through this route is astounding yeah alright folks one more segment we got markets in positive territory on job Friday stay tuned we'll look at some other equities moving today we'll be right back 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 Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the X A U H U I G D X the dollar bonds the South African Rand as well as 25 different mining equities with specific buy sell recommendations the get a 30 day money back guarantee so you have nothing to risk subscribe to Tom O'Brien's gold report newsletter now at T F N N .com you might think that if you want to be 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where you were trading at last week you're talking about a 2% pullback so yes we have a little bit of weakness in the number this morning in terms of weakness as in hot-wage numbers that could potentially put a little bit of weakness in the narrative that you get the cuts coming down the line that the market's pricing in but nonetheless we go forward we got a Fed meeting june January 31st right the last Wednesday a Wednesday January 31st that's the next Fed meeting the one after that is March 20th the odds of a cut were 80 something percent a week ago they were 60 something percent yesterday they got down to 50 something percent but that number we might be back up as this market has reverberated to say the least excuse me and you jump back to that 10 year again quite a little pullback already alright you look at today's day you did spike to a low of 111 1106 we're back to 111 but still well off the 1309 number we're sitting above 4% yield on the 10 year right now with the S&P's up by nine points pretty remarkable man we jump over to Tesla they're recalling 1.6 million cars in China over problems with autopilot and locks I don't believe it the autopilot full self driving I wonder how those conversations go with weak recalling recalling cars in China right 1.6 million million vehicles state regulators announced on Friday they can be fixed through a free over-the-air software updates so drivers do not have to take their vehicles anywhere though is the deal that's how recall works these days right pretty remarkable how that's the case Tesla positive with the market today up by about eight points and we finish it up with the dollar index you gotta listen to yields in the dollar man because if yields were spiking higher the dollar and this market is not buying it they're trying to push the theme of lower yields coming at you and we will find out yeah as you've got a fed meeting at the end of this month don't expect anything at the end of this month but boy where are we gonna go in the market potentially getting ahead of the fed and it's not stopping even with some hot wage data from this wanted folks stay tuned Basil Chapman's up next Steve Rhodes Larry Pezzavento Tom O'Brian my dad