 The following is a presentation of TFNN, the morning market kickoff with your host Tommy O'Brien. Good morning everybody I'm Tommy O'Brien coming to you live from TFNN 8 30 a.m. Tuesday morning 60 minutes to go until that opening bell and we got markets in positive territory right now pulling back a bit from the highs we had but you're looking at the S&P futures right now trading at 3151 that's technically up three points the NQ's up 16 at 10,616 the Dow up 78 26,046 checking in on bonds we're looking at a yield of 0.62% right now as you have the 10 year up about three ticks at 139 10 the 30 year up 16 ticks at 1805 we've got oil negative 53 cents at 39 57 that gold contract negative $10 at 1804 had been down though if you look at it about 6 a.m. This morning of 1791 so we're solid $15 above that price level in the price of gold jumping around we're gonna jump in to write some of the bank stocks with earnings this morning JP Morgan out with their numbers record trading revenue driving stronger than expected quarterly profit that's the headline we'll get into it in a moment you have the shares trade to a high of 102 35 we just came on the air and they started their conference call at 8.30 a.m. Eastern time we'll see how JP Morgan reacts to that jumping over to the headlines they have and there it is jumping after a record trading revenue earnings $1.38 a share they were looking for $1.04 $1.04 how about the revenue 33 billion they were looking for 30 billion they beat by 10% or $3 billion in the span of 90 days trading revenue served surged 79% to a record of almost 10 billion as bond and equities trading exceeded expectations bond traders posted revenue check that out folks just bond trading all right JP Morgan the entire company had 33 billion just bond trading had revenue of 7.3 billion 120% increase from a year earlier crushing the 5.84 billion estimate by almost a billion and a half quite a 90 days to be in that bond trading office at JP Morgan wherever they reside maybe at home equities traded put equities traders 2.4 billion market was looking for 2.07 so as we come on the air as well 8.30 a.m. lots of good data coming out we just got consumer price index rising 0.6% in June the number they were looking for was 0.5% so that number pretty much in line what else we have delta out with their numbers we also have Wells Fargo and we have city we're going to jump over to those in a moment as well but we got delta out with their numbers pretty unchanged you see the volatility from about 26 to 2750 on the numbers and to see what they said folks doesn't get much darker than this how about losing 5.7 billion dollars in 90 days their biggest loss in more than a decade driven of course by coronavirus demand remains less than 30% of last year's levels I'm actually surprised if you told me that 3 out of 10 people that traveled last year are traveling this year right now would you believe that I'm in Florida a little bit biased of what's going on here with our numbers but that even seems optimistic as demand remains less than 30% of last year's levels so they're going to hold a conference call 10am eastern time with analysts net loss of 5.7 billion in 90 days the biggest since 2008 revenue falling 88% to 1.7 billion pretty much in line slightly above the estimate estimates okay an adjusted per share basis 443 they lost above the 407 the market was looking for they reduced its cash burn to 27 million by the end of June from roughly 100 million a day at the end of March so they came into the current coronavirus pandemic they're burning about 100 million which means they'll burn in a billion dollars every 10 days I mean what's crazy is that if they just stayed in 100 million right you lose 100 million for 90 days and you lose 9 billion dollars well they lost 5.7 they were pretty close to you know it's a staggering number for sure but over the course of the entire quarter to lose 5.7 billion I mean you're losing somewhere in the neighborhood of 60 million yeah 60 million 65 million dollars a day for the entire quarter Delta though excuse me all priced in as no real action on that number for Delta all right some of the other banks Wells Fargo not faring as well as the mighty JP Morgan you see their collapse this morning we're up to 2604 yesterday you sell off at the open we get their numbers this morning at about 745 a.m. you trade from 2570 about to below 24 we're currently trading at 2437 and I believe I have their numbers up here let's jump into stocks making moves where are we come on Wells Fargo thought I had the article up here maybe not I'll have to pull them up but obviously from their chart I was reading it earlier there's just so much going on folks pulling everything up in line is quite a feat the first two they cover of course Delta and JP Morgan that we covered and let's just jump through for a bit so you got Google they are an advanced talks to invest four billion dollars in geo platforms a digital arm of India based conglomerate reliance holding so you got Facebook KK already in there Google gonna diversify and invest in some digital arms in India Ford how about the Bronco coming out when I was in high school oh can't believe I already date myself how did I get that old but graduate 1998 man that Bronco one of my buddies had a solid Bronco love that thing Ford really been struggling lately whoops close that out you go from ten dollars already in trouble you could say as COVID hits this market down to four we're currently trading at about six and a little bit of pop on that news for the new Bronco what else we got yeah some some some some political leadings with China and Huawei and the four and the so forth UK says it's gonna phase out Huawei from 5G networks and a major turn Huawei just continually you gotta be careful of those Chinese folks whether it's Huawei whether it's tick-tock I had tick-tock on my phone at one point you know I was bored as I was flying around tick-tock seeing seeing what the kids are up to these days oh my goodness how old am I and it just came a point I say you know what I don't need this on my phone man this is a Chinese company they're tracking everybody it's a brilliant move from a state perspective of China and just like Huawei same deal I don't know if I would trust them to be building out an entire 5G network capability so they're gonna continue to face problems there so American Airlines they're gonna warn pilots this week about potential furloughs according to an audio message to pilots heard by CNBC it would become the latest carrier just airlines continuing to struggle Tesla so Piper Sandler raised its target on Tesla 23 22 a share setting fasteners and then expected market share gains and an underappreciated opportunity in software pretty pretty stark to say anything going on in Tesla is underappreciated right now quite the sell-off yesterday right I mean we all kind of if you were watching the market you had to be taking a peek at Tesla 1794 how about trading down $300 in today you were up like 16 17% I think you finished down about 3% but guess what folks we're gonna open up about $100 we were just above 1600 be wary of the Tesla and how about the VIX the VIX was telling us yesterday I was getting ready for my rocket equities and options report I mean that's two o'clock in the afternoon yesterday why was the VIX trading up positive when the market was up about a full percent say to me folks we'll go over that when we come back many of our new listeners have heard about the Tigers den the Tigers den is a lively community where professional traders and investors can meet exchange ideas and information in a comfortable moderated atmosphere here all of the TFNN shows plus see all the charts as they happen live and have access to archives of all of those charts you can test drop the Tigers then absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you details on the Tigers then or on the front page of TFNN.com TFNN has launched our brand 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people are still buying insurance so you look at where we were in the market yesterday okay S&Ps we were up 30 almost 40 points there's one 30 in the afternoon these are 15 minute bars I did the 2 o'clock update on Tiger TV and I specifically recall saying on 3218 you know we've pulled back a bit we're off about 8 points from the highs now the updates at the top of the hour folks go 3 minutes okay so I was on the air from 2 o'clock till 203 things started to accelerate but I'm jumping around a gold around a crude I'm looking at Tesla right I'm looking at Amazon and in the span of no time folks this market even by 230 you were down below 3200 and then the run really began at 3 o'clock as you trade from 3200 down to 3140 but again so we trade higher right from 5 in the morning worth 3188 you trade up a solid 38 almost 40 points by 2 o'clock and then look at the VIX though what was going on with the VIX right I mean you look at where we were the close of Friday you start Monday and even when the market's going up so we closed out Friday trading at around 2750 the market was up 20 30 40 points and meanwhile you have the VIX pricing and elevation keep your eye on that couple times that's happened it's really indicated that a sell-off may be imminent I mean just that does not happen often where you have the S&Ps up 30 to 40 points and you have the VIX elevated by more than a dollar to a price level of 2850 folks we're approaching 11,000 in the NASDAQ we're approaching 3218 in the S&Ps now to keep things in mind here S&Ps let me pull up the S&Ps okay we had only seen that price level on this I mean for context quick before I pull it off there's your Fibonacci levels all right we've been bouncing around between that 618 and 786 seems like the market's pretty comfortable when we get above it things get a low frothy and it pulls back now the only time that we've been at the price action we're at yesterday let me pull this off all right and I'm gonna zoom it in so you see we will go from 3400 to 2174 my goodness right well more than we're about a thousand points off the low right now still but what I want you to see is that yesterday's action up to 3225 we'd only been there on three days since February all right so talk about frothy we're there June 8th 9th and 10th and guess what happened on June 11th we traded down about 200 S&P points all right so the market might not be super comfortable with this keep your eye on the VIX today and we got some action bank earnings in a big way coming out and with that in mind I found that well as far ago so they reported 2.4 billion loss in the quarter slashes dividend to 10 cents that's the headline I was looking for bank had a net loss of 2.4 billion 60 so it's six cents a share market was only looking for a loss of 20 cents revenue 17.8 they were looking for 18.4 they cut the dividend to 10 cents and that is why all of that combined well as far ago trading lower to the tune of about a buck 20 almost buck 10 buck 14 well Fargo to the south of 2426 all right what else we got going on Amazon the king of them all recently rolling out grocery carts that let shoppers skip checkout lines bag their groceries and walk out of the store so the launching smart shopping carts at its Woodland Hills California grocery store now of course Amazon owns Whole Foods I see no reason why all of this isn't coming down the line in no time and it's similar to Amazon's cashless go stores dash carts allow shoppers to avoid checkout lines as they exit the stores they're embedded with cameras sensors and smart display that automatically track a shoppers orders a little bit big brother in there right cuz you're gonna be a prime member they're gonna know where you are how you shop I mean imagine there they're gonna have a full map of where you go in the grocery store what items you get first where you go from there I just can't imagine how AI is gonna start breaking down what what do people buy that go to little you know aisle one first versus aisle three and if they're in aisle three what's the best aisle to try and send them to maybe next the future is coming Amazon and they're there and they're in charge a lot of it folks Amazon quite a sell-off yesterday 3344 we're sitting right now at 3119 remarkable action and what else we got going on so rocket equities and options and a jump to the front page new report that I just started yesterday I just want to focus on the report I put out yesterday I'm gonna have an update for subscribers coming out right around the market open this morning so I encourage you check it out on the front page of TFNN I'll go over the promo code in a moment but in terms of bank earnings so we covered JP Morgan city Wells Fargo Delta tomorrow the banks continue with Bank of New York Mellon PNC US Bank Corp we get United Health which will be interesting from a health perspective and then you get Goldman and Alcoa doesn't stop on Thursday Bank of America Schwab Morgan Stanley then we get into some interesting stocks in terms of Domino's Johnson Johnson Abbott labs and how about Netflix coming to us on Thursday and then finance on Friday with Citizens BlackRock Ally and State Street Netflix of course numbers on Thursday last quarter they added 15.8 million subscribers they look to add an additional 7.5 million subscribers I'm gonna have a big write up this morning on Disney put together some analysis on Disney for subscribers out there I encourage you to sign up for rocket equities and options come out with this a weekly report but I'm gonna be putting out updates every day this week most days most weeks I'm gonna be having updates every day of the week with the big report coming out on Mondays it's a long term and short term newsletter and right now this month only so it's July 14th about the next 16 days you can sign up 17 days and get 50% off for the life of your subscription so normally it's $97 a month and right now you can lock in 4850 month folks 50% off to put things in context you're paying under $600 for the year even on a monthly at that which is a huge savings even compared with a yearly price this is gonna be a charter member deal you know my first subscribers coming on with me from the launch best deal possible and I'm gonna allow you to lock in that rate Tom's got some great subscribers to his gold report it's amazing he just put out issue 951 I think 951 one for every week 951 weeks and guess what he still got people who took advantage of a grandfather deal early on and they are paying a phenomenal price for that gold report no matter what you're paying that goldports worth it recently with gold at about 1800 but I encourage you folks check it out you can lock it in 4850 you subscribe just add the promo code rocket ROCKET make sure you add that code there's the 4850 that gets taken off and you'll end up paying 4850 for that and that will be locked in for as long as you remain a subscriber so I got some good action on Disney I'll give you a quick teaser here's Disney all right let's see if it comes out do I have a three-year weekly there we go this is what I'm gonna be talking about folks all of that when they launch Disney plus they launch the subscribers the subscribers Disney out with their earnings on August 4th so check that out on the front page of TFNN I'll be putting that update out for subscribers shortly this morning jumping back to the SMPs putting it on that five minute basis basically flat right now but we are in dangerous territory folks we're right down at this lower end range we got 40 minutes to go until the opening bell and we get the VIX as you'd expect spiking higher 3150 now on that VIX the high at the close yesterday you're talking about 3245 station folks come back after the break go over what else we have on tap for Tuesday trading stay tuned folks I'll be right back in three minutes back in the day I joined the Hotel California in 2006 and like many of you was drawn in by as well as 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then hit watch tiger tv for the latest market information welcome back folks s and p futures flirting with those lows we had yesterday right on that range thirty one forty six as we get about 35 minutes to go until that opening bell other stories out there on my radar this morning johnny walker i personally not a big fan of brown liquor in general and though it's like the madmen deal right guys they think they drink their brown liquor again i can not a big fan of drinking in general folks drinking not not the best habit for for your body but enjoy a cold beverage maybe a vodka soda maybe a beer every so often johnny walker the uk they're gonna be coming out with paper bottles i don't know how people are gonna feel about that in terms of uh even i know that that johnny walker black label those nice big glass bottles but um in the uk awareness of plastic pollution has been raised by tv shows such as blue planet so they're gonna come out a little bit more sustainability in terms of trying to use packaging that is uh more recyclable they're gonna come out with uh one hundred percent plastic free bottles of johnny walker from the next year latest example of major drink manufacturers attempting to move toward more sustainable forms of packaging see how that plays out in terms of coronavirus dark numbers continuing florida we were up at about 12 000 300 cases yesterday uh that number comes out usually right at about 10 45 am we'll be on the air with tom for the bull bear trading out for that but the uk could see up to one hundred 20 000 additional virus deaths this winter some scientists pushing out there the uk still dealing with this of course and you know another headline out there we keep hearing it right immunity how long will immunity last if we do get a vaccine if you do get antibodies um you can't reach herd immunity folks if that immunity is only going to last a few months um which one uk study is finding so dicey stuff in the market uh not quite sure how to figure it out but it's gonna have to figure it out because we got 34 minutes to go until that opening bell and check it out folks as i speak we're trading lower 31 42 we're now below where we were as of three in the morning and let's back it up the lowest that we had yesterday 31 40 we're climbing to that level within a point within a point here we go we got 20 seconds we might be there 31 41 here we go there it is 31 40 stay tuned folks larry pezzavento coming up live with trade what you see check out my newsletter on the front page of tfnn this month save 50 percent thanks folks