 The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Call now toll free at 1-877-927-6648 or internationally at 727-873-7618. Now Larry Pezzavento. Okay, looking good Billy Ray feeling good Lewis I posted the chart of the footsie. It's a holiday over there making holiday in the UK, but they're still trading futures much like we do here. So nothing's really changed. Same thing in I believe Germany's also has a holiday today because I didn't get anything from my my sources over there. I wanted to bring a couple things to your attention historically because we can learn from these things. Let's just bring this chart up here. This goes back to 2005 when we had Katrina. You'll see there in that August period we had this this monster move up. You notice you can see there in early August it gapped up quite a bit. Folks had got up to 16. You know we're trading at 4 and change right now. You can see what happened in the next hurricane that it had again preparing for it in the early August period of 2008. Another huge run up. Well we've had the same situation now this is the fifth largest hurricane ever to hit inland in the United States. I mean that's a huge thing and they were talking about you know how bullish things were and for the for the natural gas and everything. And the call this last night was for about you know 20 to $25 higher and of course the market didn't quite do that. Now one of the things that we did in our newsletter this week is we focused hold on just one second. I've got to do one thing at a time here otherwise I'll get it mixed up. I wanted to bring up this natural gas because if you look at this natural gas contract you'll see this is the daily that we were looking at for the most popular one. The high that it made last night folks on the open was at 464. The 1.618 number was 46280. It stayed there for about two or three seconds and immediately broke it's down almost $4,000 from the high and that's in the midst of the worst hurt one of the one of the five worst hurricanes we've ever had. I think it's ranks just behind. And if you remember if you just looked at those weekly charts you know Katrina was it was 16 $16 and from there went all the way down to $3. So this is an example of the market not acting very good to bullish news. Now the reason why I'm bringing your that to your attention for was for the fact that we were looking at this thing. From a very, very important point last night on and I focused on crude all I didn't do the natural gas but look at the natural gas contract. This is the one. This is the spot contract they were talking about you'll see that it gapped up from around the 41 level it only gapped up about $8 the number was 50. 450 it got to 450 to 20 and is now dropped well over $3,000 and in this is the midst of those bullish news you could possibly get for natural gas. There's a perfect example folks. If you find something that is really, really, really bullish and it's not going up because of bullish news boy boy be very careful now with the stock market that's different doesn't make any difference whether it's bearish or bullish stocks will go up forever. No question about it. We'll see how high it forever is one of these days but probably not in our lifetime. All right now I wanted to take just a moment here to talk about a couple of stocks that we talked about on Friday. One was Apple I wanted to bring to your attention because the market was set up for a really big move today in Apple. If you'll notice here the last retracements we had between the 19th and 20th they were 618 and 78% level. You can see the explosive move right out of the box this morning. Following the opening price it just exploded. We went into new high grounds easily up above the 152 level. So that was one of the reasons why the market had such a really bullish bias coming into today and it has continued. Now we've we've have some big big patterns out here and I'll cover those in just a moment. But before I get to that I wanted to do Tesla because I've had several people ask me about Tesla because of what we talked about on Friday. The key level folks is if Tesla can get above 730 last I saw was 725 or something like that then we've got a chance for it to go a whole lot greater. I'm going to get back to Katrina for just a minute because that was a very very important time in our lives here in Tucson, Arizona in August of when that occurred in August of 1985 1995. Let's try it again meatball 2005. It was August of 2005 starting in the fall we started to getting people that were being relocated. There were 1,250 people from New Orleans that were relocated here had nothing on their backs at all. The gospel rescue mission had taken over the convention center in Tucson that seats about 30,000 people. And that's what they were using as a point of entry for the people came in to get them situated. And so the first thing I did was go down to the gospel mission and say what do you guys need. And he said boy said the one thing we need more than anything else are toothbrushes and toothpaste. We says we really don't we're not prepared for this. And I said give me a couple hours I'll get together what I can. I drove out to the Walmart near the house here and I went in and I told the guys that I want to buy these toothbrushes and toothpaste for the people and for the thing here. And he said that's really nice. He said he said why don't you he said why don't you wait a minute and he said I'll call the home office in Arkansas and I'll see if we can we can help you out. He came comes back about 20 minutes later and he said look he said I'll have 4000 toothbrushes and 4000 toothpaste shipped to you drop shipped you'll have them by tomorrow. And I said wow I said well how much am I going to owe you so no he said well we're going to pay for it. Oh my goodness I said that's good so why don't why don't we buy some right now. And then I'll take so I bought everything that he had it came to about figures around $2,100 about all the I bought all the what do you call it the toothpaste and toothbrushes that he had and I took him down. And that was good but the interesting part about this Marshall you'll enjoy this. At that time two girls were running the little chat room we had at Ensign Leslie Jufus and Shelly Simon they were you know my students and they were doing trading and stuff and having a lot of fun and everything. So I went into the trading room and there and I said let's let's try to get together and you know help some of these some of these people I'm thinking maybe we're going to raise you know three or $4,000 well we had some really generous people in that room. One of the gentlemen it was in the car business and we needed a van for one family and he called the guy here in Tucson and to find to get a van for him and they gave him a brand new nine passenger Chevy van for his big family had like six kids and stuff like that it was like $18,000 that he that he donated for that but the total thing was I think it was about $38,000 that the people in the room donated to the. You know to the to the group fortunately they they sent the money to me and I was I was able to take it to the racetrack on that Saturday and came back with 19,000 so we still had 19,000 to work with that that's a joke folks. Anyway that's what happened and it was fun. The biggest one we ever had was in New Zealand when Christ Church had that big earthquake. Larry Williams put a group together and we raised just in our group we raised $67,000. So, hey let's get right back to work here we'll be right back folks 10 for. We've been helping traders identify trends and capitalize on momentum in the markets since 1984. TFN invites you to test Basil's proprietary Chapman wave trading methodology with a monthly subscription to the opening call newsletter for only $149. Your subscription to the opening call comes with a 30 day money back guarantee as well as daily market updates on key indexes stocks and commodities. Ride the wave sign up for the opening call risk free today. 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You have to practice sure but you also need excellent instruction from experts at tfnn. You'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either. Tfnn airs live financial content streamed live on tfnn.com and tfnn's YouTube channel with Tiger TV. Live every market day from 8 30 a.m. to 4 p.m. Eastern for free. Each host is an experienced trader and gives their take on the market by taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at tfnn.com or on tfnn's YouTube channel and become the investor you were born to be tfnn. Educating investors. Call now toll free at 1-877-927-6648 internationally at 727-873-7618. Okay folks and Mr. Z asked me to walk through this crude oil trade that we were looking at last night. I make a videos every day of what trades were setting up for the twenty four seven people. And of course Sunday I send out four videos usually for the stocks the four indices the foreign exchange gold and silver and then the crude oil complex. And you'll notice the crude oil complex and this was we sent this out before the storm was going on but the market hadn't opened yet. And one of the things that we pointed out was the fact that we were right at a sixty one percent retracement if the market were to open a little bit higher. And of course it was called a dollar to two dollars higher and it didn't didn't make that it went right to the sixty one percent retracement which was right at that sixty nine forty sixty nine thirty nine was a number of the high was sixty nine fifty four. But what happened after that is what was interesting because you know one of the things you do when you're doing short term timing is you watch for patterns that you like to see in this next one was the was the crude oil. You'll notice that we went we dropped from sixty nine sixty we dropped a little over twelve hundred dollars. Then we rallied in a B.C.D. format right to the three eight two up there at sixty eight eighty nine folks I hope you can see that line coming down. That's that three eight two retracement that we watch for in strong trending markets. And then what you want to do is to see if these markets are really acting like they should be acting. All you do is follow through and see what happens. And you'll notice here that we dropped almost exactly two thousand dollars to the high with a perfect A.B.C.D. pattern to the downside at a one point six one eight expansion at sixty seven sixty nine. I know I bring these numbers up a lot. Some people don't believe in them. That doesn't make any difference to me because I know they work. They just don't work all the time. And then you can see we've had this big rally now we've rallied up to the seventy eight percent level of that move already. So when you're when you remember if you're trading a four minute chart you're trading a four minute chart you're not trading a day daily or a weekly. So that's the key thing to look at. OK now let's move on here and talk about the gold market because bring this up the same thing happened in the gold market. We set out the same type of pattern here. Hold on one second we'll get this out here. I said the same video for the silver and gold and platinum and copper and everything. But you'll notice here two things. So if you'll notice on the bottom the the where the bottom low is there at sixteen seventy three fifty whatever that low was. And then you see the sixty one percent retracement there coming in at eighteen hundred and twenty six dollars and eighty cents. The high last night on the opening was eighteen hundred twenty six fifty and from there we've dropped about three thirteen hundred dollars. So that was a nice little ABCD farming at that point. And here again you had the market opening higher and then immediately going lower. Whenever you see a market that opens on the high and completely reverses that just means as usually were stops up in there. And I'm not sure you know where they come from or not. I all I know is that when you see that stuff we saw it in the natural gas last night we saw it in the crude oil and we saw it in the gold market. So that's just hitting those numbers. That's all we're looking at. And they don't work all the time but they work more than they than they usually do. So that's the kind of trades that we're looking for when we're doing the live trading sessions that we do a couple times a year. Because those are the real easy ones. The layups where you don't have a whole lot of things you know standing in your way. And that's pretty much it. Someone just told me that the Tesla just hit that 730 level. So if it closes above that 730 level in Tesla that would be a that that to me would be a valid breakout. And the next level you'd be watching would be around eight and a quarter to be a hundred dollar move possibly. So whether the markets are going to stop here doesn't make any difference. Let me show you some work from John Jameson who does the newsletter for me. This is a real interesting chart. This is the E-mini S&P folks and shows you the number of ABCD patterns that are happening. This is all covered in the newsletter this week. And you'll notice here that there's a possibility and we could get another 80 handles higher up to 46 10 in the S&P. Now you'll notice there's a whole bunch of there. Look at that one two three four major patterns up there. And you know this market doesn't appear that it wants to turn down. So maybe that's where it's going. I don't know. But boy I'll tell you what when you see those four little puppies up there. Those are not those are not little baby Chihuahuas. Those are guard dogs folks. Those are pit bulls. So whenever it tops up in here and I don't know if it will in my lifetime or not. But when it does look out because that's going to make 2008 look like a bear market or bull market. So let's just keep our guards up and keep watching these things because some day in here there might be a two day correction. In stocks. We've had a question from someone about copper. I wanted to bring it up because we were following copper last week and we had this big ABCD down move down into the 19th of August. If you did the work yourself you'll see the ABCD leg went right down just below four dollars a pound. I think we got to three ninety six. And of course from there we rallied all the way up today. We we got away up to forty two. We rallied about forty five cents a pound in copper. Now remember the old high in copper is far far back there. So that doesn't mean that this thing is working in. Hold on. Someone's asking the question five percent drop. Mr. Z saying that a five percent drop would feel like a horror film to some of these guys. Well believe me folks just from my experience you know I've been doing this in a long time and you know I doesn't bother to me. In fact I'm not involved in the stock indices at all other than you know watching what they're doing right here. I mean last week folks you know we had a spectacular spectacular week. We were we were long crude oil. We were short. We were long crude oil long silver long the Euro and long corn. I mean that was a monster week for us and had nothing to do with the stock market because those were the commodities that we were following. And they were all following just about as perfectly as you can be. These these grains are not acting very well folks. I mean they really aren't. They they should be they should be you know shooting to the moon here with the weather and all this other stuff. And they're not. And that that is a bad sign because they're you know there's good news and bad action. And that makes it a you know make it a harder thing to to do. So just remind yourself just read that book. Reminisances of a stock operating. I've got it right here in the book. I can pick up on any page here and he'll be talking about stuff like that. And you know this always one of the things I'm open and now he's talking about James King who was a wheat trader. And they were talking about the different types of opinions that they had on the market. Livermore happened to be very very bearish. King happened to be very very bullish. Neither one of them knew which direction it was going to go. So he had to wait. And in this paragraph is what he talks about. He's got seventy two thousand shares of a stock and the news comes out that is very very bullish. So man this is going to be great. What happens the stock opens lower and that's the highest price that stock has ever seen never goes back to that level. It eventually goes into the tank. So it's not about how much money you make folks. It's about how much money you don't lose. So keep your trades close to your vest to keep your losses small and your friends larger. And that's about what you really need to be doing. We're going to take a little break here. We're going to have Jim Bartolioni on this week sometime hopefully on Thursday. He's going to be chatting with us. He's one of my four top gun pilots that I had. We'll be right back. Fun trading the markets but having trouble finding like minded individuals to discuss your trading and investment ideas with. Become an apex predator in the trading markets and join the Tigers then trading room only at tfnn.com. 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And Mr. G just pointed out that the news is not that great on the grains. I happen to rely on Rich Anderson. Rich's was a little more bullish than what the grains were talking about, but they're responding lower, so we'll wait and see what's going on with these things. But the charts are what really matter. That's the way I look at it in 10-4. I wanted to do a couple of things here. We needed to talk about the cattle because we had a really nice cell pattern set up in the cattle, and we weren't filled. We just missed it. We tried to sell it up there and missed it by about 60 cents. It's broken quite hard, and we're down again today. So all we're doing now is we're waiting to see what our relationship is going to be here with the cattle as far as a two or three-day retracement where we could possibly get short. Remember, the reason why this cattle is so important, folks, is because the long-term picture in the cattle market is we've made a 61% retracement in cattle up there at that 133 level in October cattle. That represents a 61% retracement from the high that goes back about five years ago. That's a really important number, and then when you add it to the ABCD that we just have, that tells us that you want to get ready to be short the cattle. I know we didn't get filled. Some people say, why do you try to sell? Hey, folks, I just look at the numbers. Sometimes I get filled, sometimes I don't. It doesn't bother me. I just move on to the next one, and that's really what I'm doing is I'm looking at these things. Basically, it's this simple, folks. I hate to bring this up a million times, but it's this simple. This is right again from my good friend Mandelbrot. If you just look right here, you'll see here, just look at that ABCD. That's all you have to look at. That's the starting of the fractal, and they start with small swings, the end in big swings, and it's the same thing. If you look at that fractal, and this is what John Jameson brought to our attention here, take a look at this. This is nothing more than that exact same fractal, ABCD. You can see it in yellow. You can see it in green, and you can see it in red, and you can see it in blue. There's four of them there. If it's going to go higher, it's going to go higher. I look at the shorter term ones, and I thought that was the one that was going to be very, very interesting. My game plan today coming in here was looking at places where we might be able to find a place where we could enter without risking very much. One of the ones that I was watching very, very closely here was the crude oil, excuse me, the Nasdaq. Let me get this up here, and I'll just bring this to your attention. You'll see here that we have, oh, I don't have the last part of it, shucks. Anyway, the ABCD measured 15,429, but the 1.618 expansion of this measured to 14,483, I believe. Yeah, 14,483, which was the 1.618 expansion. Well, it got all the way up, I believe, to 1493, and now it's a little bit lower than that. But that's all I was doing was watching that number, because these things, if you see it in crude oil, you see it in gold, and you see it in natural gas, you're probably going to see it in the Nasdaq and some other things, because these are all running on numbers, and that's the main thing that we're going to be working at. So what we're going to do is I just got a little flash report here from Jim Bartolioni, and we're going to have him on next week. He's quite busy, and he's running a big trading business now, plus he still does work for NASA. No, excuse me, the NSA, but anyway, that's another story. So we'll have him on next week. We will have, for sure, Tim Bost is going to be here on Friday. Shane Smollion will be here on Wednesday, and hopefully we're going to have John Person here on Friday. John's a private trader out of Florida, known him a long time, and he's got some really good charts and stuff. So those are a few things that we're paying very, very close attention to. Now, let's get on to a couple other stocks that just never seem to want to go down. Amazon, we've had a pretty good rally here. You'll see we've got a price objective here that we've been watching Amazon. We went all the way down, you know, broke down. We're going to have a lot of resistance, I believe, in Amazon right at the 3400 level. I don't know if it might even be there already, but can someone tell me where Amazon is this morning? Because the 382 on Amazon comes in right at 3400, and if it doesn't get any higher than that, ah, it's already gotten above it. So there you go, 3422. So it's already exceeded that 382. So that's a bullish format. Of course, 22 bucks out of 3400 is not very much. When you do something like 3400, folks, you've got to risk around 2%, and 2% of that would be $62. So you would have to use a $62 stop, which isn't very much when you stop when you think about the stock is trading at 3400. But I believe the exact, let's see, let's get this up here to just a double check and see what it is. Yeah, it's 3400 was the exact 382, so we did, but with the emotionless in the market, that's not very much. But you know, either here, I'm not trading that. I'm just looking at the stuff I trade is like weather garden country stuff. You don't have to have a PhD in mathematics or anything. You just do ABCD, do a couple little calculations, and you're going to be okay. You know, trading is simple, folks, but it's not easy. And the reason why it's not easy, there's so many other factors that are out there that get you to change your mind. First of all, in the weather today, the weather has affected crude oil, it's affected natural gas. And other things that all I'm doing is if we have a report like this, all I'm doing is say, okay, this is what we had. And you look at this, and it says, okay, here we are at $4.50 in the cubic feet of natural gas. And we've got the fifth largest inland hurricane we've ever seen in the United States. It's second only to Katrina. And the stuff is trading for four times less than it was back in 2005 and 16. I know there were a lot of other factors in there, but you know, you're looking at a market that is totally different than it was way back in there. So if it didn't respond good, then you're looking at something a whole lot different. If you have any questions, folks, 877-927-6648. And Mr. Z is asking a question. Assume the gold is under ... Yeah, I have to respect that. Z is asking about that price in the gold at 1826. Yes, I have to assume that's as a major high up in here, because it's exactly 61% retracement off the high at 78%. There you go. Mr. Bill is saying there was danger to production last time, not this time. See, Bill knows more about natural gas than most people, so that's a big plus that he has. I don't have that as something to look at. All I'm looking at is Gling. He's asking, short bounces or buying dips. I do both, Mr. Z, and I'm a short-term trader. I look at 30-minute charts, 4-hour charts, hourly charts. All I know is 1826 was a perfect 61% retracement. Okay, let's just take it from a theoretical point of view. We know the harmonic number in gold is $32, okay? So you take 1826, that's $32. 1795 should be good support in the gold. That's what I'm looking at. 1795, 877, 97, 60. Are you in the market for buying or selling real estate in the Bay Area, including the surrounding St. Petersburg, Tampa, and Clearwater markets? Tiger Real Estate LLC is a firm that has extensive experience in the Tampa Bay Area. Whether you're looking to sell your current property for maximum value, or you're in the market for a second home or investment property, Tiger Realty has the experience across all areas of real estate in the Tampa Bay Area to help buyers and sellers make the most informed decisions across all price levels. From the price you should be paying per square foot in certain up and coming areas, to the type of cash flow investment properties are capable of creating, Tiger Real Estate can help you make the best decision when it comes to all areas of the market. Before you make one of the biggest decisions of your financial future, call Tiger Real Estate LLC today at 727-329-8322 or email us at tiger at tfnn.com. That's 727-329-8322. Call us today. The technology around us is changing every day. With so much happening, it can seem impossible to keep up with all the information. 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China A shares in either direction. Visit directioninvestments.com today. An investor should consider the investment objectives, risks, charges, and expenses of the direction shares carefully before investing. Perspectus and Summary Perspectus contain this and other information about direction shares. To obtain a Perspectus or Summary Perspectus, please contact Direction Shares at 866-476-7523. The Perspectus or Summary Perspectus should be read carefully before investing. 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, Four Side Fund Services, LLC. www.SW èrge.com . Watch Tiger TV. Okay folks, you're back. I'm going to try to answer Mr. Z's question because if he's got a question everybody does. I posted the chart of the gold, you can see that's a very simple chart. It just shows the high up there at 18-2650, that's the whole starting point. Look, that's the main thing. to do if I'm assuming that that's the high I would like to have some proof that maybe that is the high so all I'm doing here is looking at this 15 minute chart I'm going to bring it forward to let you see it so we see the high up here at 1862 1826 50 the market breaks down I'm looking for a 382 retry retracement at 820 okay you see that it goes to 820 90 okay then it doesn't take that high out at all we come down we rally up a little bit the same amount we rallied $5 in that move and $5 in that move so that leads us to just one possible conclusion and that is this is what we're looking at here in gold over the next few hours after a few hours you know that's uh you know who knows but there it is you can see the high up there 1826 50 we come down to the 382 retracement the market breaks down goes back to the 382 retracement again and then that sets up an abcd pattern down here at 1809 and that is down $17 from the uh 18 yeah $17 that's one half the harmonic number we're heading towards uh 1809 today folks that's only three dollars away shucks it'll probably be there before I finish my sentence but anyway that's it so we'll see if that's good if that's one if that that's what I'm doing when I'm watching markets during the day folks I'm not watching them all the time I'm setting up something like that so if I want to be a buyer of gold I put my little beeper in there and when it gets down below 818 1218 11 I want to start watching it because that's going to be a nice abcd pattern certainly controllable risk something that's trading at 180 uh some thousand dollars a contract so that's very very acceptable from from a trading standpoint now if that was a daily chart wouldn't make any difference but that's uh that's what we're watching as we look at some of these things let me catch up here to what the markets are doing folks because uh this is we're all we're always in a bunch of important things happening each time we view these markets but uh the main thing that I'm keeping a very very close eye on is these cattle because I think that's got a chance to be a very very low risk position if we do get that little bit of a rally but we need that rally in order to get the low risk situation that's what we're trying to that's what we're trying to look at one other question someone's asking let me get this up here and take a look at it that is about the Russell you'll notice here the Russell took off like you know there was going to be no buying left or no selling left in Russell you'll see it took out the highs of 618 I think the Russell is still down on the day at least it was a little while ago that's still acting you know quite bearish but that doesn't mean anything remember we had Jeff Hughes uh from Alpha Insights on Friday and my goodness he had so many things to say that the market's in such a you know topping pattern that you have to be extremely careful I agree with all of those things but it hasn't turned down as of yet and uh when you first when you first turns down folks I can promise you this with 100 percent well I shouldn't say 100 percent let's say ivory soap ivory soap 99.9 the shorts are so scared to death that after the market breaks just like it's done before for 70 pips or 70 handles 50 handles it comes back roaring because his shorts are scared to death and you know John John has been John Jameson has been spot on maybe we are looking at 46 10 46 100 in the the S&P it doesn't make any difference what the news is folks Afghanistan Kazakhstan Basistan whatever it is this market keeps going higher there's more buyers and sellers now the open interest has not been you know performing well we had these big up moves this past week and we didn't get big increases in open interest so there's a lot of short covering going on up in here and but for every short covering there's new but new uh banana stand that's very good one bill anyway you don't know all I'm trying is you don't get extra credit folks for picking a high you really don't all you're trying to do is to find a pattern that you can risk it with a small degree of uh confidence that's what I'm looking at here in the uh in the uh in the gold market you know that that basically explains what it is now should we go below that 18 uh excuse me 1809 level then we're going to be looking at a $34 break from the high one full harmonic number that's going to take you all the way down around 1792 whatever that number yeah it's around 1792 so that's that's what I'm looking at I'm trying to keep the risks uh as small as I possibly can and you know move it on from that level right here someone's asking a review of the guests tomorrow I hope we have John Person on Tuesday the tentative Shane for sure on Wednesday and Tim Boss for sure on Friday Thursdays open I'm trying to get in touch with Ben Bernanke but he gets $100,000 for speaking engagement so I can't get him for 30 seconds well even 10 seconds so that'll be an open date for us too so we'll keep a we'll be watching who else is going to be in here right now okay another question has popped up and I'll get the answer for you or give you my opinion hold on one second and that is the Dow Jones transportation watch this one folks this is going to be a real key this week I I have not driven I have not drawn the have not drawn the the ABCD 382 retracement that comes in up around the 265 level uh in this but with the market so strong we're probably going to get above that but that will be a little garterly pattern in the Dow Jones transportation that is forming either today or tomorrow so our our remembering is that we have here's one very important one to watch folks and the reason why I'm looking at the short side of the gold here at this level is because if you look at silver here this is the daily silver chart folks and you know we were looking for this market to get up to about 2460 in the in the and remember silver did not do that much I mean when we had that big run up in gold last night well it was only about $8 higher but that silver didn't do much so silver at 2460 is going to be really interesting and the reason for that is folks that's an a that's an ABCD on the daily at a 382 that's uh that's ideal I mean you get a 382 retracement in a bear market uh that that means a lot so keep an eye on silver at that 2460 level you know we uh we were long that we're now out of it and now we're just uh waiting to see uh you know what the next pattern's going to unfold here so I hope that all helps a little bit we're going to have a break here coming up and then we'll finish up the show I've got one other question that I can quickly answer and that is about the euro we still think the euro's got more to go to the upside uh we've already we I covered this uh last week with the dollar index but the dollar index is still very similar to the silver chart on a long-term basis and uh it's another one that uh is certainly on a watch list because if the dollar index ever gets above 94 folks the euro is going to be heading into the trash can and we hear news all the time coming out of europe that they're in a global debt crisis well what do you think we got here borrowing money left and right to pay for things we can't afford that's called a global debt crisis and that's what we're into we how it'll react over long term I don't know but we will find out someday in the future that's for sure okay I think we've got a break coming up here and when we get back if you want to sneak it try to get a call in 877-927-6648 sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at tfnn you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv live every market day 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nutrition we need to be healthy and thrive we take it every morning primal edge just $89 exclusively at tfnn.com hi folks this is steve rhodes stay tuned for another great hour of the trader's edge heard here at tfnn.com okay folks just for kicks and giggles i want to end the show here with the us dollar index this is the reverse of the euro this goes up the euro goes down if you notice here that the us dollar index has a very very important number up there at 94 25 that is uh this is a weekly chart it started back in december so we're three quarters of the way through it and you notice that that 94 34 is looming big now if this market happens to get to that level and turns around that is going to be very very bearish to the us dollar this is very similar to the chart that i just posted on the silver the fact that the silver has such tremendous resistance at 24 60 that doesn't mean you know that means for sure that mean maybe it goes to 25 but at 24 60 that's where you want to be able to in the silvers where you want to be looking at just like with this dollar index you're looking at 94 and a quarter well what we've done here the last few weeks is just back and fill a little bit sure that was a nice trade you know buying the euro there down at that 117 level it rallied uh you know 100 100 points which is pretty good for a short term trade but longer term this is really important what we're watching here and if you wanted to you know defy human nature and went back to look at the low in january and to see that it rallied for how many months and then come down into the low in may and how many months it's rallyed to now you might get an idea that wow maybe there is some symmetry in some of these markets so i think it's important to we remember these things one of the things that you'll talk about i just remember here that we talked about last week and what told us that this dollar index was going to have some problems up here is the fact that uh we had that three drive to a top pattern up there at 93 80 just perfect a b c d we're now a hundred handles lower just like we're a hundred handles higher in the euro we've still got a little more to go down to the downside another 50 pips down in this another 50 pips higher in the euro and then you're going to have a completed pattern you have something to hang your hand on so that's in the future it ain't going to be today live every day in an attitude of gratitude and thank god bless