 The following is a presentation of TFNN. The morning market's kickoff with your host, Tommy O'Brien. Good Wednesday morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN. Just after 9 a.m. Eastern time, Wednesday morning, we got about 24 minutes to go until the start of trading. We got PPI numbers out this morning, producer price index a little bit hot ahead of tomorrow's important consumer price index, CPI. We get Fed minutes today. We get some earnings going on as well. And we'll jump right into it with an S&Ps. Give them back some of the gains. Back to a five-minute chart. You see the sell-off before that hot PPI number. We'll jump over to it in a moment, but you're talking about 0.4%. The headline number, the market was looking for about 0.2%. Core comes in at 0.3%. Market was looking for 0.3%. So the headline number, hotter than expected. Market gives back about 30 points, almost a full percentage point from where you were. At about 8.30, we come right back into where you were at about midnight. When you see this market actually accelerate higher, we're sitting right at 3,600. NASDAQ 100, 10,860. We're positive by 15 points right now. You see the sell-off though on that PPI number. We were up approaching 11,000 as high as almost 10,970. You give up about 100 points in the last half hour trading. Dow sneaks into the red. You see the sell-off, man. You talk about a sell-off in the end of the day yesterday, right? Dow gives up about 400 points in the final hour and a half of trading. Russell right now, negative by one. Crude, negative by 91 cents, trading at 88.46 right now. We get the gold contract, negative by $10 at 16.75. We'll jump over to currencies as well in a moment. Notes and bonds, folks, ahead of CPI numbers tomorrow. We got the 10-year right now. Excuse me, sitting just above 111. You're negative by three ticks. We're talking about a 10-year yield, folks. Nine, excuse me, 3.96%, not nine with a handle yet. 3.96%, you check out that chart, right? Lower prices, higher yield, coming down the line on a consistent basis, man. It seems to be the trend, and the trend has not changed just yet. We're going to get some important data tomorrow for CPI. We got Fed minutes as well today, folks. Interesting stuff, and we'll jump over to that. PPI number I talked about, kind of the precursor. Two, tomorrow's big number. US producer prices climbed more than forecast in September. Final demand climbed 0.4% from August. The first increase in three months, but the market was looking for an increase. They were looking for an increase on the headline number of 0.2%, 8.5% from a year ago. I mean, we know these numbers are coming, but boy, it is man with numbers on a yearly basis, but here is what they're saying. We'll talk to our man, Kevin Hinks, coming up after the first segment in about five, six minutes. We already know 11 of the 12 months of that data point that just came out, right? The only data point we don't know is the month of August. All the other 11 months that make up this 8.5% number, the market already knew. So don't pay as much attention to the headline number on a yearly basis, because the market already knows 11, 12, so that component. The one number they don't know is the monthly, and it comes in at 0.4%. Excluding volatile food and energy, the core, PPI increased 0.3% in September. That was up 7.2% from a year earlier. Now, the market was looking for 0.2% on the headline, comes in hot at 0.4, and looking for 0.3% on the core, that comes in line, okay? Now, where do the numbers come in hot? Here we are. While supply chain disruptions have generally improved, cost rose for energy, foods, and services. Two thirds of the increase in the PPI was traced to services as prices for travel and accommodation, food and retailing, portfolio management, and hospital inpatient care, okay? Two thirds of the increase traced to services on that PPI. So shifts going on across the broad spectrum of the economy. Nonetheless, now we look to basically Fed Minutes today, I think that's a 2PM Eastern time, and then we get CPI data about 24 hours from right now. All right, jumping around to some of those currencies as I talked about, we'll jump over to the dollar index to kick things off. DXY on a daily basis, higher highs, higher lows, folks, you look at the pop we've had from about 110. We got another green bar going on, you got the dollar index up almost 20. Basis points, 26 to 113.41, we're a size 113.59 overnight. We take a look at the euro, 96.95, under 97, you see, just been chopping around it, about 97 all week for the euro. You jump over to the pound US dollar, they have their own problems going over there, man. Pound back to 110.30, you were as low as 109.23, overnight in the pound, we jump over to the dollar yen. Dollar yen, how about it, folks? That's why you're seeing gold continue to strangle pretty remarkable, what's going on in the dollar yen, man. Up almost a full point, approaching 147, right? Tying things back to when just the rhetoric, I think it was, that they were saying that they were thinking about intervening to some degree, sent the yen back to almost 140, and since then you've only had three red bars and you've had the yen now trade to new highs recently, pushing 147, man, the yen. Just continued weakness across the board. That's your daily. Put it back on a three year weekly, folks. I mean, this run really began in March, but you were at almost parity, right? And it's not parity one for one, because it's a hundred to one or something like that over in the end, I shouldn't know. I was over there in like 1996, 95. You know, it's crazy, folks, we'll do it. So I was fortunate, if you haven't heard it before, to study Japanese in middle school and high school for six years, don't remember much, but unfortunately the programs were just beginning, but if you think back to the years, Japan was very successful at the time. That was the year 1991, 92, that they were thought to maybe take over in terms of technology, what was happening there. You back things up on the yen, okay? And I was trying to remember it just recently, man, and I think that what happened was, is that the yen was all the way down to 80, okay? You talk about strength, right? And this is what I was talking about. Look at all this strength in the yen, okay? As they became a technology powerhouse from 358. All right, now I don't know if all these are accurate, US dolly ends. I think they are going back to the 70s. Okay, and then you see quite an acceleration into 1978, and the run really goes from 1985, man. You were at 256, you go all the way down to 80, okay? In the year 1995, 96. Now I think I went to Japan, yeah, summer of 96 maybe, is when I went there. So I did get a little bit of a lift, and I remember learning about currency conversions because I remember my dad telling me, that yeah, they're a little pricey, but guess what? We just had a weakening, and things are gonna be a little bit less expensive for you going over to Japan in terms of how many dollars you needed to translate into yens, as I went over there in the summer of 96, when the end was chopping around at about 110, I believe, as opposed to where it was at 80, but we were not gonna revisit those levels before, but check it out, folks. I mean, you're talking about coming into a level of 1978 potentially back that we have not seen, let alone your approaching levels that we haven't seen since 1990, now in the end, 146. What's the high back here? Yeah, well over the highs we saw in 2002, and what is the high we're talking about back here in August of 1998, right near that high, man. 147.65 on my chart for the yen dollar right now, dollar yen, I should say. And it's not stopping, folks. And there's your 15 minute chart. We're making new highs as I speak with yen weakness. That's gonna continue to weigh on that gold contract as gold, you got gold down about 12 bucks. You can make the case, man, with what's happening with the yen that the gold contract should be far lower than it even is at right now for you gold bulls out there. That's the one I would keep my eye on. All right, and with that, we got the S&Ps giving up almost all those games. We're sitting right at 3,600 on the dot. Stay tuned, folks. We'll be coming back, talking to our man Kevin Hinks from TD Ameritrade Network Fast Market. We'll be back in three minutes. Don't go away. 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Welcome back folks, we get S&P Futures barely in the green, positive by three points right now. Dow just sneaking back into the positive by three points as well, Nasdaq positive by 27, all the markets slightly off the highs we had pre-market coming into a little bit of a hot PPI number. To talk about that, let's jump over to our man, Kevin Hinks. Folks, every trading day at 12 noon Eastern time right here on Tiger TV, fast market from the TD Ameritrade network. Your host, Kevin Hinks, Tom White. They have an outstanding lineup of guests. They bring on the program. They break down the day's market action. They walk you through hypothetical trade setups using options, folks. If you ever want to get into them, if you just want to understand how they trade, how they set up those trades, they do it every single day and all of them talking about defined risk. Kevin Hinks, good morning. Good morning, Tommy or Brian. Yeah, I can sum up today's PPI number in two short sentences, a little bit better, but not good enough, Tommy. These markets need larger moves in terms of inflation data to come down. Now, full disclosure, in terms of the four measurements in inflation that we get during a month, PPI is the distant fourth, as I've said on your show before. So I wouldn't overreact to this. The good news, about a nine-tenths drop in year-over-year core, PPI, that's a good number. None of the numbers were on fire hot, all pretty close to expectations, with exception of the headline month over month. They're looking for up point two, it came in up point four. Everything else, year-over-year PPI was down from last month. The core, like I said, was down nine-tenths from last month and the ex-food and energy trade services was unchanged from last month. So year-over-year numbers didn't get worse, but they're not good enough for any type of a hesitation by the Fed, Tommy. They are still on the job. It is pretty remarkable, Kevin, when you get these numbers, we get these numbers, and we're getting so many of them, whether it's the non-farm payroll, you talk about the number one, number one monthly data point number out there that we just recently got, we get CPI, which is an important one tomorrow. But I see that headline number, year-over-year of 8.5% and it's almost become so normal for lack of a better term right now where we're just seeing, and I think you've even said the term, video game-style numbers, right, 8.5% become normal, but you've also made a great point, and I brought it up early in the program, that we already know 11 of the 12 months coming, right? The only number we really didn't know there was the 0.4% number that's contributing to the 8.5% number. So I guess as we go forward in time, Kevin, those numbers should come down because it's factoring in so much of that inflation in the prior 11 months, but as you say it, every time I see it, I say 8.5%, man, what is this conversation of the Fed? Maybe they're pausing, maybe what it is, they're just crazy numbers, man, and we get another one tomorrow morning. With that in mind, Kevin, the market's pulled back a little bit, kind of getting comfortable, right at around 3,600 on the S&P. What's your take as we come into the CPI number, and you've said before many times the PPI, just like we understand producer prices don't always translate into what's going down the line to consumers, but what are you thinking about as we come into that number tomorrow? Yes, some of the expectations for CPI tomorrow aren't great, Tommy, they're a little higher than we'd like them to be, so I think all things considered as we get through these numbers or work our way through them, these markets are on edge, but I'll leave your viewers with one positive thought and that is the six month market. If we get to a point where, like Charles Evans from the Chicago Fed said, if we get to a point where we're six months away from being significantly through this, then stocks are gonna start getting bought on dips and these markets are gonna firm up because stocks like to look out around three to six months, so that's why even with these numbers, the markets may not be selling off as hard as some bears would like them to, because if six months from now, things are gonna be significantly better than the market's gonna look for buyers here and buyers are gonna look to get in right here, but the question is, are we six months away? That we have no idea. That's a great way to finish it, man, and we might be, you know, I mean, because when they came out on them and we get Fed minutes today, which should provide a little bit of volatility, depending on what's said in there, of course, but when I think about it, Kevin, some of the expectations, right? 75 basis points at the meeting early in November, maybe you get 50 at the next meeting in December and maybe you get 25 is some of the logic out there. That would be another percentage and a half that gets added in terms of hikes from the Fed, but I said to myself when that came out, okay, it's already October, are you telling me that we're basically through all this hiking by December? We're through it with only 25 basis points left? I said, and that's the case, are we really, right? We may be. If that's the case though, Kevin, I said, well, geez, it might be a volatile three months, but if that's the case, then we're almost on the other side of that corner, man, and we'll see how it goes. But we get a lot of data between now and then, be interesting to see how that October, November, December, let alone we get September CPI coming up tomorrow. With that in mind, Kevin, what are you guys talking about on fast market coming up at 12 today? Starting to inch closer to some real earnings and, you know, Tommy, one last thing about PPI. Please. The biggest contributor to PPI was a 6.4% advance in prices for traveler accommodation services. So travel is still strong. What does that lead to? Delta earnings, Delta Airlines earnings tomorrow morning. And so remember, we just got news from American Airlines yesterday. So we'll be watching and trading Delta Airlines tomorrow morning as well as PayPal in the news with some bad missteps and then DocuSign today. So Delta Airlines, PayPal and DocuSign today on fast market. These airlines, especially three-grade stocks, man, the airlines perk my ears up a little bit because boy, quite a conundrum that they're in, right? Travel demand through the roof, folks. Come on down to Florida. I know I'm biased. Florida, Kevin, you know, I was just visiting a friend who had a work conference going on in Orlando. Busy times, of course. But guess what, man, crude going through the roof, costs through the roof, trying to find pilots. You got Delta, man, trading at $28 right now. They were above 50 bucks last year, folks. They were above $45 this year. Pretty interesting. Kevin, we appreciate the time as always, man. We look forward to the program at 12 o'clock today. We'll be watching and we'll talk to you tomorrow morning. Thanks for having me on, Tommy. Have a great day. Always pleasure, folks. Tune in every trading day. You heard about it. They're talking about three-grade stocks. I imagine they'll talk about the PPI a bit, the market action as they always do, and they set up, folks, hypothetical trades, check them out. 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Welcome back folks, we've got markets open, you have an S&P basically opens flat, 3,600 on the dot right now, a nice round number, our man Vassal Chapman coming up next, he loves those round numbers, so we trade from 3,630 prior to the CPI number down to about 3,598 S&Ps just going into the red as we speak right now. And as that 100, you're barely positive by six, that out, now negative by 40 points Russell, negative by two as well. Remember we got Fed Minutes coming up today, I had a CPI number tomorrow, as Kevin put it, CPI, a distant fourth. He says it well folks, he's got experience that many of us don't in this market. Distant fourth, because consumer prices are what matters right now, we're seeing that. I mean, she, Apple for instance, right, doesn't raise the price of their iPhone on the bottom level, right? That is a great example of, you know that their producer prices of what they're paying is going up, but they're choosing to eat that cost on some of those iPhone costs when they push it down to the consumer level. Regardless of what's happening on the producer level, we need to know what's happening on the consumer level, that's the number we get tomorrow, it doesn't always translate to that degree, but nonetheless you got markets selling off like it does, man 35, 94 on the S&Ps, NASDAQ down eight points right now, Dow, we might get a 28,000 handle again folks, we got a pre-market yesterday, we're down to 29,193 right now in the Dow, let's jump around to some of those currencies right now. Dollar index, 113.35 right now in the Dollar, yet man just continuing, we got gold, yeah, pushing 147 right now, you get the crude contract down to buck 15, crude sales off as well, from 90 bucks down to about $88, 88.17 right now, and you have the gold contract down about 10 bucks at 16.75, okay, jumping around to an article that caught my eye on Bloomberg this morning, Jamie Diamond's S&P 500 bear market, brutal far from unimaginable, okay, and what they talk about here is that number one, Diamond says don't be surprised if the S&P 500 loses another one-fifth of its value, and it's always interesting what smart people say folks, okay, you should probably listen to it, doesn't mean it's gonna be accurate or correct, because who really knows the truth of where we're going, okay, and people always have their personal biases, whether it's as a CEO of a company, whether it's just the head of a family, whatever it is, your personal biases come into everything, usually, but some of the statistics in terms of the numbers in here, they are not opinions, they are straight out statistics and numbers, and they're worth knowing in terms of where we are, where bear markets go to occasionally, in terms of the trough, how that relates to earnings, and what is going on in the context of where we are right now, compared to the history of bear markets, okay, so, judged by valuation and its impact on long-term returns, okay, diamonds say in an easy 20%, where the result in a bear market that is in many regards normal, okay, we are still pretty high above where we've been folks in terms of how far the market can pull back, a decline roughly to 2,900 would leave that gauge 39% below its January high, a notable collapse, but one that pales next to both the dot com and the global financial crisis, now, I don't think this is akin to that, it's not yet, if inflation persists, you can't get it under control, the Fed has to hike dramatically to really crush the economy, yes, okay, this could be something like the dot com, the global financial crisis, maybe banks in England start having real problems, right, that translates to banks over here, I was listening to my dad's program, he was talking about that last night doing a great job saying, our banks are okay folks, but you never know who has won on their balance sheet until it all goes out, right, who's wearing the bail in a suit until the tide goes out, nobody really knows, now, the price implied in diamond scenario is roughly the peak from 2018, okay, that's all it is folks, it's the peak from 2018 when the corporate tax cuts took effect from Trump's tax return, okay, but given the force of the bull market that raged before then, it would cut annualized gains over the past decade only to about 7% in line with long term averages, that's just the last decade, right, we have gone up so far, that is part of the issue, look at this bear market even from 1980, you don't even see the pullbacks in 2000 and 2008, you do, okay, but you don't see the pullback that we have now in comparison to them and it really has been a bull market since we were at what, 666 in the S&P, right, remarkable, up to 4,800, okay, now this chart here, S&P 500 in the black, Fed funds rate in the red, you think the hiking is over folks, look at this chart, historically, not even close to where we're gonna be, okay, now, I don't think things will end up like the 80s, hopefully they don't, we're in real trouble if they do, but as you see, the market could easily have more hiking coming in and more of a pullback possible, the dot com and the financial crisis, absolutely above where we are right now, now at 34%, that is the average bear market since World War II, okay, but the drops vary enough that a 40% plunge fits within the bounds of plausibility, 40% plunge folks is completely normal going back to World War II, one reason this drawdown may have legs is that even after losing 15 trillion of the value stocks are far from being obvious bargains, now here's the part to work about, think about, all that matters is earnings, okay, if you're thinking about buying a company folks, okay, it doesn't matter how much you do in revenue, it matters how much money you make, nobody is gonna buy a company that takes in a million dollars in revenue a year and spends it all on costs leaving no profit for the owner, nobody's gonna buy that company, okay, they're gonna buy the company determining how many times, how many years it takes to get their earnings back from what they're gonna spend. At the low last month, the S&P 500 was trading at 18 times earnings, okay, that is a multiple that is above the trough valuation seen in all previous 11 bear cycles, doesn't mean it's gonna happen, but that's a data point I wanna have on my mind as I'm saying, maybe we've seen the max paying situation, the counterpoint would be that at 18 times earnings at the low last month that we're well above, not well above, we're above the troughs though in all previous 11 beers, 11 for 11, we haven't made it down to that, okay, in other words, should equities recover from here, this bear market bottom will have been the most expensive as in it's not a bargain yet folks, if it's a real bottom bear market, okay, if you have cash on the sideline, keep some cash on the sideline would be my opinion right now, maybe you put it in some short-term fixed income CDs, maybe you go for three months or six months, man, three months, I think you're getting like 3.3%, six months, nine months, you're pushing 4% a year, you're pushing above that right now, I think, we had a period of a lot of liquidity, given what bond yields are doing, I don't think you can say a 40% peak to trough is out of the question. Now, would the S&P 500 become a bargain if it does drop that 20% from now, let's say the S&P 500 sitting at 2,900, not out of the realm folks, we just went over why it's not out of the realm, okay, it happens in bear markets all the time, you get a 40% pullback, okay, so let's say we go to 2,900, quite cheap relative to existing estimates for 2023 earnings, okay, 2023 earnings right now are expected to be $238 for the S&P 500, a share, implying a PE ratio of 12.2, those estimates though might get changed if we come into a recession, okay, adjusting forecasts for just a 10% profit, excuse me, a 10% fall in profits, okay, so all you do is you adjust forecasts for a 10% fall in profits, yields and earnings multiple of 14.3, not expensive, but not screaming bargain either, okay, and look at where we are on this chart, this is the S&P 500 PE sits above where it was at at the end of all the 11 previous bear cycles, currently we're sitting at that number, which is what, like 17, they had it up here, I think, right, did they, 18 times earnings, that's what they're putting this number at, 18 times earnings and that's the low, we're probably sitting right there right now, man, unless there's been some earnings revision since then, but look at the previous earnings multiples folks, okay, you're talking about 18, 15, excuse me, 10, 15, 16, we'll finish this up when we get back because it's an important one to keep your eye on, man, earnings or everything, and these multiples are not too dire just yet, stay tuned folks, we'll be right back. 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We have markets popping a bit. S&P's up by eight points. We trade down to a low right on the open. A low of 35, 85, and just like that, folks, you jump almost 25 S&P points. Expect a volatile day. That's what I would say, man. Expect a volatile day as we commit to CPI numbers tomorrow and we have Fed Minutes coming today. That should put a little fire on things as well, depending on what they said in those Fed Minutes. Markets, you put this thing on a daily, folks. Hard to deny it's a critical area right now. Coming into the low, 35, 71. Yesterday's low, 35, 79. Today's low, 35, 85. Just within a stone's throw, man. See how we come into that level and just below where we were trading at 36, 39. The low from June, I've been saying before, folks, if you told us in June that four months from now in October, we'd be getting the numbers that we're still getting in terms of we just got a PPI with a headline inflation number of 8.5% on a year-over-year basis. I'm not sure the market will be trading at that same price level. We'll see where we go. S&Ps up by 10, NASDAQ pitches a little bit of a lift up by 55 points. Crude pulling back a bit right now, but check out Crude. Crude down about buck 50 right now at 87.91. And the one thing I wanna look at real quick is the 30 year, folks, you check out the 30 year and I know we got a call where we're gonna go to in a moment, but checking up this 30 year, folks, you put the 30 year on a weekly. You talk about channel lines, man. Since August 1st, folks, you're talking about two and a half months. The 30 year hasn't seen a green bar yet. We just traded from 145 down to 124 right now. You got the 10 year sitting right at about 111.06. Pretty similar action. You didn't get barely a green bar at one point back there in August. But man, you talk about a trend. We'll see what that number is tomorrow. And before you know it, we're gonna be coming into the Fed meeting November 2nd. Okay, we got a caller. Let's jump to our man, Jose and Lakeland. Jose, good morning. Good morning, good morning. Thank you for that great introduction. God, I could do my best. What are we talking about? How do we get, sorry, go ahead. No, what are we talking about? Please, what are you looking for this morning, man? I was gonna ask, how do we get this Ponzi scheme back on its feet? I'm a problem solver. Here we go. Biden today, Biden signed an executive order for price controls. Tomorrow, the Fed does its pivot. By Friday, this Ponzi scheme is back on its feet and off to the moon. Yeah, I'm not sure any government price controls, number one, you'd wanna be in that. And I'm not sure it would work, which is why you wouldn't wanna be in it, right? But at some point, listen, I don't know if you saw Kevin Hinks yesterday, he made the reference and I chuckled a bit because the conversation has already began. When do they start cutting, right? He said, listen, things go dire, man. There's no buyers in this market. That is when the Fed will step in. It's an interesting game theory perspective and I know it's not a game, man, but it is a game to some degree in terms of they need to make sure the market knows we're gonna hike until we don't need to hike forever again, right? And then everybody will get worried enough that they'll pull back. So it's almost a self-fulfilling prophecy. They don't have to go through with the hikes. They just have to convince everybody they're gonna go through with the hikes. And I don't know if we're there yet, man. We just got 8.5%. Tomorrow's gonna be a big number. And hopefully, hopefully, Jose, we can meander this where there's no desperation where they have to come in and cut that bad because number one, we have to get inflation under control. So when can the Ponzi scheme get back going? Not exactly a Ponzi scheme, but when can the Fed begin propping up this market again with their actions? Things have to get either really bad or we have to see some real data on an inflation basis that is helpful. I understand, yeah. I got you. Hey, quick question on supermarkets. You've shopped at Winn-Dixie, you've shopped at Publix. You know the stock differences. Publix, you don't wanna leave. Winn-Dixie, you wanna run for your life when the door's actually open to get in the store. Do you think the state of Florida doesn't want Publix to have a monopoly and they're holding up Winn-Dixie and preventing a bankruptcy? That's the first time I hear about that one, man. I'm not familiar enough myself. I will tell you, Publix, I agree. They're a good experience, folks. They're pretty expensive for that good experience. If you focus on the bogos, you can save some money, but if you're shopping for every single item in there, man, they are pretty expensive. But I tell you, Jose, Target, Target's pretty expensive. These days, two men from Publix, Walmart, they usually get it done. Not exactly the best shopping experience in my opinion of that degree, but Publix depends what you're gonna do. But I'll tell you, man, I used to use Instacart more often than I do, and everybody I think is feeling that pocketbook when you're going out there, man, because percentages on percentages on percentages, whether you had a fee and then you got every items more and then you got the tip on top of it, on top of a grocery bill that's going up, what, 10, 25% easy right now. So yeah, I imagine that's hitting people. I imagine Publix is aware of it, man, because the prices are becoming undeniable, right? You see those prices and you say, man, maybe I should just shoot over for the essentials at least to Walmart, right? What am I doing buying paper towels at Publix, man? That doesn't make sense. Those types of conversations for sure. Exactly, exactly. Plus the door, and when Dixie closed on my shoulder yesterday, I think we have a lawsuit. Well, you're in Florida, man. They got plenty of lawyers, if that's your deal for sure. Jose, I appreciate the call as always, man. I appreciate you listening. Have a great one, man. Folks, give us a call, 877-927-6648. And like Jose's talking about, like Kevin Hinks is talking about, man, you figure out that Fed pivot, you get three to six months ahead of it, folks. The markets are gonna charge higher. There's no optimism right now at 3,600. And one of the notes I started off the week with is just simply talking about when you're pricing in the volatile moves, okay? Some of the notes, I think it was from J.P. Morgan saying, listen, this could be another negative 5% day. You get a hot CPI print. I think the expectation is for 8.1%, something like that. Maybe somebody in the den can help me out. I think it's 8.1% the market's looking for. And specifically they were saying, you get a number that's like 8.3, 8.5, you better watch out, man, because who steps in as a buyer if you have consumer prices running hot again, right? Where is the buy in this market if you have consumer prices running hot again? I don't know, but it's not right now, folks. But guess what? It will be when the Fed has some ammunition to say, either things are working, we can pause, or the other side of that is, which we don't want, is that things are working, they're not working as fast as we wanted to, but we have to step into some degree because there's been a liquidity crisis or there's been just too much damage done and that maybe they're not having the impact they thought with rate hikes, okay? That will not be as beneficial because that means the market's in big trouble and that means the market's probably down at least another 10 or 20% from where we're at, maybe 20%. Now, I've done this comparison before, okay? The world's not going away, the stock market's not going away, okay? We will be okay, it's not the end of the world for some context here, which is kind of what those numbers were doing when they were talking about, hey, we're still at multiples that are not at the troves of usual bear markets. The reason why, folks, is because we just went from 666, 665, 75, in March of 2009, up to 4,800. Now, that would be cherry picking a low. I'm not gonna cherry pick a low, I'm just gonna show you some context here that when President Trump got elected, the market was trading at 2,200 and people were pretty happy with the stock market when he got elected, right? They were even happier when you passed tax cuts that sent so much cash to the bottom line of companies that just gave it back and basically shared buybacks and dividends, okay? So the stocks shoot up from there, but just imagine, we are still well above. All that would be, okay, as they said, all that is doing is trading back into where you were coming into 2018. There's a pretty good time coming into 2018, folks, when Trump got elected at 2,200 and the market was doing well and you shot up to a price point at 2,800, that's all it would be doing, okay? That's not the end of the world. It'd be quite a shock to some degree, but not the end of the world. Stay tuned, folks, one more segment, we'll be right back, don't go away. TFNN has just 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 tigers for just $1 for the year. There's no catch or added costs when you join our community of traders. 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When you subscribe, you'll get a weekly report from Veteran Day Trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis. After all, he's got 45 years experience as a day trader. Larry will also provide daily charts, videos and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. First time subscribers also get a 30 day money back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com, educating investors. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of tfnn.com. Welcome back folks, we get the S&Ps right now up by six points, NASDAQ up by 36. I meant to mention last segment, usually we talk to our man, Teddy Kegstadz, Wednesday at 40 past the hour. Teddy had some travel, they couldn't get out of today. Not on the program. He will be back next Wednesday at 40 past the hour and folks check out his Tiger Forex report. Currencies right now, currencies yield, controlling so much of the action going on. S&Ps up by five points at 3,605 right now. And jumping around, so yesterday it comes out, right? Biden new rule proposed for the gig economy, Uber crashes from about 28 to 22.94, you're back to 25, 28. Here's what I'll say, and I'm not informed enough is that I don't think that no matter what the Biden Labor Department does, that maybe that would withhold the types of challenges that are probably coming down the line. And I don't know how that can get challenged. I don't know enough about it. Maybe that's why you have Uber reverberating a bit to a little bit of a higher price. But I imagine with this Supreme Court folks going down that line, because it is a very complicated issue, okay? In terms of where you classify those workers because of how intricate it gets, there's one portion that you want to look at how important those workers are to the totality of the business. Of course, Uber couldn't function without their quote unquote contractors that are drivers, right? The other side of that is you're hiring them whenever they want for a specific job, they're able to go from your company to the other company if they want. They do fall within those lines enough. I believe they put it to California. California is even one of them to be considered gig workers. The tough part is everybody's going to gig. So we're gonna have a portion of society that is classified as a gig worker. And I'm not sure that's the best thing for society overall as guess what? That is happening more and more and more and more. As technology takes over, what I will say is I like Uber the most of any of those stocks, man, because Uber, taxis, they're taking over the world. Okay, DoorDash, food delivery, that goes in the likes of the grocery store, man. People pulling back, paying for that premium service for food delivery, but you can't pull back from taxis, folks. You don't have many other options when you wanna take a ride like an Uber. Thanks so much for starting your trading day, folks. Stay tuned, it should be a good one. We got Fed Minutes today, we got CPI tomorrow, Basil's up next, live programming all day, folks. Thanks so much, have a great, have a great Wednesday.