 The following is a presentation of TFNN. The TFNN Bull Bear Training Hour. Every training day, live at 10 a.m. Eastern. Call now. Toll free at 877-927-6648 or internationally at 727-873-7618. The TFNN Bull Bear Training Hour. Now, Tom Antt, Tommy O'Brien. Welcome, folks. Appreciate your garal and a problem with us out here. We have the down industries down 69, NASDAQ down 17, S&Ps off 8. When you started the news, it was green. Yeah, things move quickly right now. Gold. Gold contract down to buck trade in 1465. We get oil. We get silver down 13 cents. $16.88. An ounce of light sweet crude off a buck. $56.16 a barrel. Notes and bonds. You get the 10-year up five ticks. $128.18. The 30-year up nine at $156.30. King dollar. King dollar up 171 ticks. Trading at 98, 312. The euro is at 110. The yen is at 109.18. And the pound is at 128 to one U.S. dollar. And why don't we get to the news driving all that action right now? That was quite a dirt drive, man. Surprise, surprise, man. So you got President Trump out there with reporters this morning, just in the last few minutes, right after 10 a.m. saying he has not agreed to full tariff rollback with China. And somehow the market finds that surprising, and we're pulling back after the news yesterday that China said that they've kind of come to an agreement that they'll both rollback all their tariffs. Trump said China wants a possible reversal of tariffs imposed in the trade while he won't fully roll them back. Yeah, and that just took 10 quick points off the S&P. Seriously. And that wasn't, you know, I thought it was a tweet when it first came out. But that's evidently on the lawn of the White House right now talking with reporters. I don't know if it's on the lawn. It's somewhere with reporters, right? Yeah. He's on his way golfing, man. It's Friday. That's right, baby. It's a beautiful thing. Disney. Let's go take a look at Disney. This is quite a number, man. Sure is. November 12th, which is Sunday. So I think they're coming out with that streaming service, like, end of this weekend, and market like what they had to say last night. That's for sure. So Disney's up $5.33. I'm not sure what's going on here. Trading $138.31. Yeah. So let's see what they did have to say. Yeah. Let's see what they got going on. Maybe this top one. So biggest intraday gain in seven months. Let's see. Well, the results were greeted warmly by Wall Street. Most analysts are focused on the upcoming launch of the Disney Plus. The service should take the wheel in determining the trajectory of the stock from here, one of them talking about. Let's see. We might be underestimating the size of the first year of launch given launch dates for the service in Western Europe and potential for more bundles like recently announced with Verizon. Yeah. Let's see what they got down. They're going to have everyone's going to be a partner. Yeah. So let's see. Maybe we'll clip back because I saw somewhere they're going to be on. The second one gives you the numbers. Okay, cool. Because they're going to be on Amazon devices, but they beat across the board. It's got to be, I mean, media 6.51 estimate was 6.37. Parks, experience, let's bring it down a little bit. 6.66. Look at that. Beat it by 100 million, 6.56. I mean, staggering when you beat it everywhere. It is. Fourth quarter, media networks operating income 1.78. It's got to be, I mean, media 6.51 estimate was 6.37. Parks, experience, let's bring it down a little bit. 6.66. Look at that. Beat it by 100 million, 6.56. I mean, staggering when you beat it everywhere. 1.78, it was 1.64. That's amazing. And this has nothing to do with the Disney Plus service, just in terms of beating everywhere across the board. No, no. Pretty intense. It sure is. I just want to try and get one more back because I wanted to get the actual talk. Let's see the prospects. Yeah, so here we go. So $7 a month service featuring most of the company's best films and TV shows debuts Tuesday. Okay, Disney had already signed agreements to distribute the product on devices by Apple and Roku. Amazon, which sells the fire, had been a notable holdout as the companies argued over terms, but agreements with those tech giants, along with promotional time with Verizon, mean Disney Plus can get off to a fast start when it launches next week. Disney World's largest entertainment company is counting on the new service, along with Hulu and ESPN Plus, to deliver growth as consumers continue to abandon. It's a pretty cool package when you think Disney's kids, ESPN's sports, who lose some other stuff that fills the gap maybe of some type of show. So on the Disney one, Hulu will be on there also? No, they're going to be able to package all of those together, though. They will have something. Disney Plus is going to be its own $7, but they're going to have, I believe, a bundle with the three, which you might get into as well, which they're not even talking about yet, probably because they say, listen, let's get Disney Plus out of the gate, right? And then, because they already have, I think they said they've got three, three and a half million ESPN Plus subscribers. Let's see if they get down into it. Let's see. So shares rising. The most since April. Disney's sort of April after they first initially outlined the ambitious subscriber numbers for the streaming service by 2024. They got the parks and profits down here, which we said they kind of crushed it out of the park. So let's see what they got. Profit, the company's ESPN network fell due to rising sports programming costs and shrinking cable subscribers. We all know that. Earnings at the ABC Broadcast Network also dropped with fewer TV shows being sold to third parties. Meanwhile, losses to the newly created direct-to-consumer division soared to 740 million. The Disney Plus streaming business is part of that division. So it makes sense. They got some infrastructure to build. Disney Film Studio continued its strong performance with a remarkable 79% leap in profit thanks to its then included new Toy Story 4 Aladdin. The company releases Frozen 2 in the final chapter and the final chapter of Star Wars. Those should deliver some. The final chapter of Star Wars, are people going to be interested in that? They might be. Yeah. I would say so. It feels like we've had the final chapter of Star Wars for about 10 years now. I don't know. You must not be keeping up. I think they always had them in the queue. But this is, I think, the last, but then maybe they'll have the prequels so they'll write some more. And what is the prequel again? Before. Oh. Yeah. You have the sequel afterwards. You have the prequel, which kind of gives you a reference what happened before whatever you've watched previously. Wow. Let's take a look at some of the higher volume equities out here and see, too early to see whether we're going to get any volume in this market out here today. We have GE's down four cents. No big deal. Walt Disney's the big one. That's up five. Another biotech is biting the dust. We'll go back to that. That's down $25. It's trading at $10. Oh boy. Teradata. That's a big hit. Teradata's down seven bucks. That's trading 23. You could go pro up like 10%. I mean, small potatoes when you look at 491, but up 46 cents from $4.30 yesterday. Yeah. You get Zillow up four bucks. That's over 10%, $37. You get Dropbox down 172. And how about Gap, right? The CEO out. They're looking for some tough retail sector to be in. Gap, I heard it today, referenced the khaki king in the 90s. The world's come a long way since then. Yeah. And there it is. I heard it on Bloomberg. No longer the khaki king in the 90s. Gap's been in need of an overhaul for a very long time. And ArtPak won't be the one delivered. Their CEO being fired late Thursday as his turnaround efforts failed to reignite sales growth. Disappointing third quarter performance. Sending the shares plummeting and late trading. The apparel company that includes, so you got Gap. Banana Republic. So I guess they brought back a member of the founding family to lead the company. Well, it figures out a long-term plan. Yeah. Well, guess what? The amount of competition, you know, if I go back to when I was your age, as to the amount of competition in the retail business in general, meaning, you know, like you had khakis, you had jeans, right? Khakis. Yeah. I thought you said khakis for a second. Yeah. Well, the, now, I mean, there are so many... There are. There are just like so many... So check this out, though. Although the retailer made several public missteps in recent years, like making blazers without arm holes big enough for the average woman or so. I mean, that seems like a pretty fundamental flaw. Yeah. Making clothes that don't fit people. Stay right there, folks. Tommy and I are coming right back. If you're not currently using the Taz Profile Scanner when looking at setting up your trading opportunities, then your arsenal is short a mighty weapon. The Taz Profile Scanner is a standalone piece of software that instantly filters over 2,500 global financial markets such as stocks, ETFs, commodity futures, and forex. Heated by Steve Dahl, Taz understands that in today's technological world, the use of top-flight software applications and technical analysis expertise is essential to successful trading in today's market. You also gain access to the webinar that Steve Dahl and Tom O'Brien just hosted, the best way to use the Taz Profile Scanner to profit. 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So the engineers were nearly done redesigning the software of the ground at 737 in June when some pilots hopped in the simulated to test a few things guess what didn't go well. Simulator, computer, glitch caused it to dive aggressively in the way that resembled the problem that had caused the deadly crash off Indonesia and Ethiopia months the crash is multiple unfortunately. So bottom line is that they get some heavy problems here man. And they I would love to go back right now and talk about what the people in charge of Boeing were saying in June as this was going on right because it wasn't hey all hell is breaking loose and in these simulators still you know right yeah so that led to an extensive redesign of the plane's flight computers that is dragged on for months repeatedly pushed back the date of its return to service according to people briefed the company which initially expect expressed confidence it could complete its application to recertify the plane with the FAA within months now says it hopes to do for to do that before the end of the year in reference here the airlines are all pricing in that they're not gonna have the 737 max back in rotation at least next year right Boeing is the only one that somehow is still publicly stating that they hope it's coming back it's November man we're getting articles like this and people are gonna be jumping on commercial airline flights on the 737 max in the next six to seven weeks I don't buy that I don't buy anything they say to be fair excuse me and so changing the architecture of the jets twin flight computers which drive autopilots and critical instruments has proven far more laborious than patching the system directly involved in the 737 max crashes so they had to do even more than they initially thought I mean as I said what was going on initially man that this wasn't discovered it's it's say it's you know I think it's criminal I don't know enough about it they better look into it man because I don't see how it's not criminal when all of this stuff comes out in the future the redesign has also sparked tensions between aviation regulators and the company as recently as this week the FAA and European Aviation Safety Agency I think that's the euros similar FAA right asked for more documentation of the changes to the computers said one of the people potentially delaying the certification further developing and testing software and airlines is an exacting process manufacturers may have to demonstrate with extensive testing that a software failure leading to a crash would be as rare as one and a billion it better be man there are a lot of flights that go on on a daily basis so you know you can't say one a million because guess what there's millions of flights okay so you can't even one you know it's really complicated as I'm sure we can all imagine it totally makes sense why it takes longer compared with the initial redesign of the software system involved in the crashes which is known as its abbreviated MCAS maneuvering characteristics augmentation system the work on the flight computers will likely create an exponential increase in the test required before it's approved and they said before maybe had 10 now it could be as many as a hundred doesn't come for the added time to design that before they even test it and the work on the planes originally focused on MCAS that was basically what they think may have been responsible for those two crashes and it's just remarkable man let alone you had the first crash and Boeing was just kind of covering up what was going on there man let's take a look at that equity yeah let's give you a long road for them man there's no doubt that look at equities hasn't get touched yeah pretty well it is this has a high volume low down at the yeah it'll make its way down here at some point it's remarkable that none of those gains from 2016 or 2017 because there's there's there's two companies man Boeing and Airbus right I think the market keeps pricing in the guess what Boeing ain't going anywhere man yeah now and if they ain't going anywhere then the price tag might maybe right right you know all right yeah let's go take a look at Zillow see what they must have come with numbers here so Zillow is up 445 the low for the age 26 the highest 51 it's closer to this low that's for sure so let's see what they have to say whoops excuse me oh look at this that's so too funny so this is gonna be high gross gross numbers we'll see whether you get any margins in it okay so Zillow reported third quarter revenue that beat estimates Zillow posted 745 million exceeding the average estimate of 718 it got a boost from its arithmetic algorithm algorithm driven algorithm driven spin on home flipping let's see the company bought 2,291 homes in the third quarter sold 1,211 generating a 380 generated 85 million in the home segment yeah it's always gonna be a big number because houses cost money but where's the profit let me see the same period the company reported just a hundred and while 11 million in home revenue of course that's we're just talking gross there the rapid growth has come with mounting losses Zillow reported an adjusted loss in the segment of 68 million before interest tax depreciation and rotation still investors appear willing to focus on the growth oh my god yeah so yeah read that last one right because Zillow's also tweaked the way it sells leads to real estate agents premier agent the company's online marketing business generated 241 million of revenue for the quarter is stabilized after unpopular changes led to an agent revolt the company's testing another marketing strategy called flex yeah and I remember when this is coming up right so they have the algorithms they're buying the home they're looking to flip them they're not gonna buy and hold they're gonna sell them I think it was like 90 days or something like that just get them out yeah they go in very quickly go out very quickly yeah that's look at this this is this is fundamentally as dangerous mine might take on what they what they have there because you can see your gross numbers can go up dramatically if you're buying houses there's no doubt about that but they still only sold half the houses that they bought they still not from 65 huh we'll see what happens yeah you're coming into the down draft out there from the November of 2018 but bottom line is it you know it's so intriguing so sometimes you don't know I would say that well we'll find out how much investors actually do work on that because it let's say if you are selling it was Apple selling their product and you had an expansion of price like that I could see that you know 11 million to what was that 600 million three something for you what a big number that's a big number yeah but in houses that's not do you know what I mean yeah every house likes two or $300,000 right sure 10 houses is $2 million you know yeah now I wonder why there's nothing over here I was just looking at the the profit numbers on what they're doing look at all losses yeah yeah yep but what what has happened and will will happen my take on this folks is that the and you I suspect you're gonna get some of these other companies in it in that same business is there are plenty of people that absolutely will take a good cash off a quick yes okay and their split on this is pretty good meaning they're there what they're charging they're charging the underlying charge is 15% so they're saying to you right okay great I'm gonna come in and give you 300,000 okay but they have an underlying fee of 15% on that okay love to hear the details so they're gonna charge them 45,000 is that we because that's what you just said yeah maybe that sounds like too much I think it may I know you don't know I would love to okay stay right there folks I'm gonna be coming back with Lou from Spokane Washington down 51 that's like a splat S&P's off four and a half we're coming right back hi folks Tom O'Brien here if you like to get my daily newsletter market insights then now is a great time to sign up for a 30-day free trial every morning by 9 30 I send out my morning letter to subscribers with market commentary on a variety of markets currencies and commodities to keep investors up to date on the day's trading action included in market insights are specific buy and sell recommendations for stocks ETFs and even options which stops and price 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that will complement any trader's methodology using this first of its kind program the art of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including Gartley's ABC's Butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're gonna love this new charting software that will even give you a 30 day unconditional money back guarantee don't miss out on this incredible new piece of software get your copy of the art of timing the trade charts today by visiting TFNN.com 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 down down at down 51 now second up one S&P's are down a four and a half let's go to Lou in Spokane, Washington. Morning Lou. How you doing? I mean, I'm pretty good. Good. As we're mentioning both interesting situation and you know, we see it developing here and it's not developing in a good way. I think most would agree with that. Yeah, especially when you get hundreds of lives lost. It's not even, you know what? Then we have another crash. What the hell happens then? Well, hopefully that doesn't get rid of the plane. Hopefully that doesn't happen because that, well, you know, you know, I hear you a desertifying people are gonna make damn sure that doesn't happen if you know if that's for sure. Yeah, the bummer is though, Lewis said it already is a disaster of epic proportions. Why didn't they do it on the first time? You know, and I know you agree. It's like that's where I failed to see how because we already had one crash. They had reports of it. There were already reports coming out that there were emails in there that their main test pilot was having problems. So where was the same amount of, you know, people that were saying, Oh boy, if it ever happens again after we had these internal emails after the first crab before the first crash, right? And I'm just, you know, sounding off a bit, but it's it's pretty intense when it happens twice. So what's the difference between twice and three times? Why happened happened twice because they knew that they knew before the first one. That's was the tough part in my mind on this one. And Elijah problem really has to do with they should have made a new plane versus trying to refit a plane. And that's what they did. There you go, Tom. That's what I was going to put in and throw into the conversation. That's what at some point, they got a backup. See they that the whole premise was we're just going to stick this new monster engine on top of a plane we already got that's flying well, certified isn't crashing. But we're just going to throw this new super big engine on there and everything's going to be fine, right? And then the engine was so heavy that they had to tweak the software to make sure that it would calibrate correctly for much heavier engines. You know, it's it's and you know what we called that in the software industry, Tommy? What is that? You know what we compensate for basic design with software. Right? Well, interesting. No, it's yeah, we're seeing it in action, man. They're struggling continually. It kind of works. It usually works right until it doesn't work. Yeah, and not to the tune of we need literally impeccability safety wise, which they and that's why I say, you know why so they had big problems again in June in the testing facility, right? Well, where they had they had the main tester pilot having problems before that's the biggest worry. It's like they're everywhere. So I don't understand how that wasn't every end. What the good thing here is, you know, there is a bright thing here is the dam simulator is better than the avionics. Well, what they're still doing though, so check this out. They lost press releases as to coming out. They're still fighting Boeing is still fighting of putting the pilots in the simulator first before they put them back on these planes. And that was that was a big deal because evidently across huge amount of money and time, I'm sure, right to simulate this before they get the planes. And then they're still fighting that aspect versus literally just putting them on like tablets for training. Yes, that's versus that which is just astounding. Oh, so they want that. I know that's I'm saying, you know, versus his your Apple tablet. Yeah, just click through the OK's and you'll be a trained pilot on this. It's the basic mistake Boeing made in this whole process, guys, because they always said safety is number one. This time they said safety is number two. Number one is saving the box. Yep. That's a bummer to say it to the least. So we'll see, man, it's it is and we all fly. So it's pretty, you know, and we should have, you know, it falls on us to hold our officials to get the FAA in line to because that's why you have regulations, man. And that was a big, big problem, obviously, that we're just passing the buck in terms of self regulation. Yeah. No, not going to happen, man. That's what did happen. It is. It's a bummer. Exactly what did happen. Yeah. Well, we appreciate the call, man. Okay, Lou. Have a great one, man. Have a safe one. Okay. Well, you know, I appreciate the good work you guys are doing. We appreciate the calls, man. Okay, have a good weekend. So if we go back to Zillow again, folks, okay, we got it looks like Zillow charge was six to nine percent. One article we found said maybe six to nine percent fees. It just said be careful. It was very general. It's from a site that I've never even heard of. So again, okay, we're going to plug that site list with clever.com. I'm a site. I know I just I have no idea who this person is that's writing this blog to be I like to. Okay, you don't like to hear that. He's he's he's not happy, folks. He's not happy. They see it. Why do they see it? You're not happy. Okay. So I don't know who wrote this, though. This is where they could have a bias as well. That's my only point. Everybody's got a bias, man. You were talking about 15% fees on Zillow. This person is talking about six to nine. I don't know what the actuality is. I don't know what this site is who there is. You know, this person could be a real estate seller that does not want again people to go through Zillow so they could be very bad. So oh my goodness, under your breath, they hear you. They hear you. Why not just say it for him if you're going to say it under your breath? You just said 15%. I had a problem with that. This price is six to nine. I don't know if that's real either. So I get it. Okay, everybody's got a bias, man. This person is probably a real estate agent. Nobody that's a real estate agent is going to want homes to be sold through Zillow. So they're going to maybe be a biased statement. See, I think what's going to happen, right? Okay, this should be good. Let's go. Well, no, this is what I think. Okay, what will happen is Zillow's out there doing it, right? Red Finn is trying to figure it out. You'll have a few more of them buying it. Now, right now, they're trying to buy it. I would say that they're trying to buy it at market, under market, wherever that is. And what they are doing is that if they don't move that out, like I mean really quick, like with a month, they go in, you know, try to fix it with a month. That's for sure. They don't move it on another month. They get on a price very quickly. They do. I think what we'll end up seeing is that they'll end up overpaying in markets to a certain point. And the reason for that, like they're getting rewarded today because their gross numbers went up so dramatically. Yes. You know, and, you know, they're still losing money, but the gross number looks good. So if you can get eyeballs to look good, imagine what you can get when you're looking at the aspect. That's valid for sure. You buy what? You buy 2100 houses and your revenue? 385. It's a second quarter, right? It goes from 11 million to 385. And I agree with that completely, no matter what. You know, there's no bias to that. They're growing their revenue and they're losing money. Yeah. The only thing is it's literally the first quarter they're doing it in. No, I'm with you. So to expect that they're going to crush it and profit in the first quarter, the market may be just liking to see that they're approaching half a billion dollars in revenue in the first quarter. And 68 million dollar loss. That's a big number. We'll see how that grows in or decreases in future quarters for sure. They'll be watching it, man. And you got, there's a 7.7 billion dollar market cap. Certainly a big market. It is. It is. So let's go over to bookings. Now bookings. Speaking of online, right? Yeah. You know, they this thing got killed the day before and then jumped dramatically when it comes out with his numbers. I think when TripAdvisor, someone came out. Yeah. So let's get Kevin Hinks on the line, man. We need some defined vish. Stay right there, folks. Tell me about it. If you're in the CD market and looking for a secure investment, the Tiger First mortgage program may work for you. The security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg, Florida. The Tax Act of 2018 set up tax-free zones across the country where you can build and hold for 10 years and pay no tax on the profits, which makes these lots valuable. The investment is anywhere from 30,000 to 75,000. The interest paid is 7% yearly paid on a monthly basis. 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The prospectus or summary prospectus should be read carefully before investing. An investment in the funds is subject to risk including the possible loss of principle. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor foreside fund services LLC. Don't forget you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit watch Tiger TV. That's TFNN.com and hit watch Tiger TV for the latest market information. Folks appreciate that. You're proud of the problem with us out here. Now this is a really intriguing story, folks. Ken Fish has been in the news a lot. He's a big money manager, billions of dollars, right? And basically what this story is about is that he's using ETNs, exchange traded notes, which are basically debt instruments, okay, in order to juice up the portfolios. Now, what's intriguing to me about it is this is that when Fisher goes out, have you ever heard his ads? Yeah. Okay, so he pushes out his ads that you don't ever buy an annuity. And I don't know anything about annuities, whether they're good or bad. So that's that. But he's saying that annuities are bad because the fee structure is too big in all of this. What gets intriguing in this one is that he actually went out did business with the business of Barclays and Credit Suisse, right? They made some ETNs so that he could juice his portfolio up. But this is that this is the disclosure. This is what's pretty cool about what's it. Well, it's not cool for the clients. What's inside it. Now, we understand here at TFN and all you listen is that totally understand even if you haven't traded them because we get so many calls on the leverage products. Meaning, you know, we directions one of our, you know, big appetizers. Okay, so we have doubles, triples. We know the daily investment vehicles. You know, you're taking a risk for money manager. However, what this article is about, if we move down a little bit and he uses, he uses as a leverage, right? But what this article is stating is that when they are talking to their clients, he had them use a different word here. Now, let me find this in here because what ends up happening is that let's see, even though the leverage notes, I'd read this this morning, okay, he uses a different word when when the clients are asking about this, he's using a different he's not calling them leverage products, he's calling them enhanced products. I believe that's what he's going to do. There you go. Oh, is it here? Is it there? Enhanced strategies. Oh, cool. Okay, right. Can you just read it? I can see it. So we got, I mean, there's just the headline, I think that's right. Enhanced strategies. ETNs emerged about 13 years ago to give investors access to markets, such as currencies or commodities, or as a more tax efficient way to invest in certain types of companies. For a money manager like Fisher, there's a different appeal, leverage. Well, much of Fisher's recent cash exodus has come from large pension funds, wealthy individuals and families make up a lion's share of its assets with more than 69 billion invested across the more than 65,000 separate accounts. That means Fisher would find it hard to enhance its returns using borrowing money as a hedge fund might, but the firm can use ETNs since they can be bought and sold from multiple clients as easily as a stock. That's one of the things I think really get interesting is why he'd be using them. Right. So Fisher currently uses the notes, these notes to get what many of the offering documents describe as quote unquote enhanced exposure to large cap growth stocks in the US, global high yield bonds and Europe's 50 largest companies, the data compiled by Bloomberg show, investment counselors, investment counselors, that should be in quotes as well. At Fisher, we're taught to downplay the risks involved with ETNs by calling them enhanced instead of leveraged when discussing them with clients according to former employees who asked not to be identified. Yeah, I bet the firm justified this approach by saying that the ETNs weren't leveraged in the common use of the word since it couldn't lose more than it invested, the people said, well, do they know that they can lose 100% then? No, they don't. Yeah, exactly. That's what I'd say. Exactly. Right. And we're talking double exposure too, by the way, just so you can get this how these ETNs are going. He doesn't have triple. These are doubles, but even so, it's pretty intense. Such diversification mitigates daily volatility compared to less diversified investments. This is Dillard, the Fisher spokesman. Yeah, so ripple effect. At least five banks have issued notes branded with Fisher Investments moniker data compiled by Bloomberg. For customers, the ETNs don't come cheap. The banks charge management fees to structure, issue, and run these products, plus a chunky spread to cover their funding cost. Some of Fisher's ETNs ended up charging at least 0.4%. The average ETF cost 0.48%. Yeah. That's pretty well. Any ETN downsizing by Fisher could ripple through the industry. Fisher accounts for, check it out, 70% about of assets in Goldman Sachs Group's small ETN business and half of the assets in UBS's notes. Yeah, and of course, UBS and Goldman, no comment. Right. Yeah. So it's so, it's so, it's so intriguing to me reading it. It's like, OK, because what tends to happen, we know when we're trading, you know, the doubles and triples, I think when people are, you know, basically invested for a long period of time, right? No, I'll say it right. Look at that ETN market, man. Fisher, the rest of the world. That is quite a piece of the pie when you're talking about that. Yeah. And that's what they set up here, that dominate more than a quarter of the $22 billion market in ETNs. So you got to know what's inside your portfolios. That's what it comes down to. Yeah, one of the tigers want to look at stamps. What the heck happened here? They're back, baby. In a great way. They're back. Yeah. STMP, I believe it's going to be. STMP. Look at this move. Not quite back to their eyes, but now back from the doldrums. That's for sure. Up 14 bucks. Look at that. Why don't we put a little bit longer time frame just for a reference of their utter collapse? No, even a few years will do it. Yeah. There you go. It's still tough. That's why I was like a little you know, done this. Down from $284, you had a low of $33, but you had $302. It's a three-bagger since June. So let's see what they have to say here. Yeah. Let's see. What do you think? Where we go? Yeah. Top one? Might hit it, yeah. Might not. There we go. So let's see. Total revenue $136 million. So down. I want the estimates though, right? Because we know they might be down. Let's see if we jump around. I'm not sure what that BFW. Let's see if we got here. So they jumped 19% after the company recorded third quarter results above expectations and raised its full year profit and revenue outlook. That'll usually do it. They made a deal with UPS, right? That's what they did. Yeah. I don't think yesterday, though. That was already made. Yes, it was exactly right. That was one of their prior announcements, the kind of part of the run that they've had. So we got one LLS here saying stamps still remains a hard stock to get behind, given the uncertainty around the United States Postal Service resell negotiations, which although have been extended to the end of 2019, still leaving an opening to the downside for revenue margins in next year and the year following. The new UPS deal isn't that positive for volumes and customers. You don't like it when there's a but, but likely fall short of U.S. Postal Service economics. That's interesting. I didn't know that there's still negotiations for the United States Postal Service. I did not either. I did not either. Because if they decided, the first get-go is that they decided not to do business with the Postal Service. So maybe that is part of what actually happened last night, because we have here in the earnings conference call, stamps that had existing reseller agreement were extended through the end of 2019 from that's for U.S. Postal Service. Yeah. Because if they can get it all, I'd still be really skeptical. Yeah. You know, I don't, I don't, not that I don't understand the service they provide, right? I do. But can we see, can you go to after? We'll pull it in even after. How much are they worth? Like as in, is there that much of a piece of the pie? $1.6 billion? I don't know, man. You know? Well, it seems like that. It only depends on a couple customers. That's it. That business is getting stream on. Why doesn't Amazon just do that deal and let everybody ship through them? Right? Yeah. Stay right there folks. I'm not coming right back. It's the same thing. I'm certain you are or strive to be one of the best of the best at everything you do in life. It's the most common trade that we tigers and tigers share. If you're looking to become the best of the best when it comes to managing your money, let me teach you to do what most wealth managers tell you can't be done, which is how to time the markets. I'm Steve Rhodes, author of Mastering Probability. And for the last 12 months, Timer Digest has been tracking my newsletter signals, which have earned me the ranking as their number one market timer in the nation for the S&P 500 for the last 12, 6, and 3 months. Timer Digest also ranks me as the number one market timer for gold as well. The fact is markets can be timed. And I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do. Sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of tfn.com and get immediate access to workshops where I take you step by step how to use an extraordinary set of tools as well as provide great market calls to. Sign up today. If you're a trader in the market looking for exposure to gold or gold mining equities, then now is a perfect time to sign up for Tom O'Brien's Gold Report. The summer is over, gold is trading back above $1,500 and the 10-year treasury is hovering at around 1.5%. Tom O'Brien has been writing his weekly gold report from almost 18 years. There's no one that knows more about how the gold market trades and how gold mining equities react. New subscribers get a 30-day money back guarantee so you have nothing to lose. Every Monday morning, Tom publishes his weekly gold report with coverage of gold, silver, bonds, the XAU, HUI, GDX, the dollar, as well as more than 30 different mining equities. As of September 3rd, gold report subscribers have five active open positions with an average unrealized profit of almost 38% for each position. To see for yourself the types of profitable trades that are recommended within the Gold Report, sign up today by visiting tfnn.com. Basil Chapman has just announced a live 90-minute webinar he'll be conducting for subscribers to his daily trading newsletter, The Opening Call, which will be taking place Tuesday, November 19th from 5-6.30 p.m. Eastern Time, titled A Comprehensive Review of the Chapman Wave Techniques and Market Outlook Ahead for 2020. This is a great time to sign up for a 30-day free trial to the Opening Call while gaining access to Basil's live subscriber event taking place later this month. With some stock picks up 15-30% this year alone, Basil will review many of the Chapman Wave techniques that helped in their successful analysis as well as providing the sectors and stocks that he thinks will be of importance heading into 2020. For all the details, check out the Opening Call on the front page of tfnn.com. 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. Folks and folks, as you come over to our website at tfnn.com, you are going to see our man, Mr. Basil Chapman, the Opening Call right under featured content. Basil is going to be a live webinar for his subscribers on Tuesday, November 19th, which is going to be a week from this coming Tuesday. That sure is, man. Five to six eastern standards. 90 minutes. Basil's got a lot to talk about, man. So he'll be in there talking about a comprehensive review of the Chapman Wave techniques and his market outlook ahead for 2020. So Basil's got some requests from his current subscribers talking about the great picks he's had this year, some 15-30% winners, and he's going to be reviewing the techniques that helped in their successful analysis. He's going to be talking about the rhythm of price movement he looks at in all timeframes, the practical application of the moving averages Basil's using as he writes his Opening Call newsletter as he's picking stocks, the arc and cup formations, and that notably Chapman Wave notation. He's also going to be looking at the sectors and the stocks of importance going into 2020. Basil talks a lot about that sector rotation, right? Those notations should be a great webinar a week ahead. You can check out some of the archive webinars that you gain immediate access to as well, and of course you've got 30 days risk-free money-back guarantee on that sign-up. It's amazing if we just look back, I know life keeps going forward, everything's getting better, but if we look back, if that was even 10 years ago, 15 years ago, this is where these workshops used to cost money. So it's pretty cool. It's $1,795. I know. They're still being pushed out right now. And you're getting, you know... I mean a lot of these are 90-minute webinars down here, folks. They're summer 60, I think, but 90, 180, 270, 360. That's six hours there. You've got now and a half there. Seven and a half hours plus a month of the newsletter every single day. And Basil puts out either a Saturday or a Sunday edition. So check it out. Stay right there, folks. We've got the biggest one coming up next. Yeah, go get it, folks.