 The following is a presentation of TFNN. The morning market kickoff with your host, Tommy O'Brien. Tommy O'Brien. Good Thursday morning everybody, I'm Tommy O'Brien, coming to you live from TFNN just after 9 a.m. Eastern time. We got about 25 minutes until the start of trading and you got markets and positive territory to kick things off, you get the S&Ps right now. We were just over 4,000 as of about 7.15 a.m. this morning. We're just under that level actually, we were just above that level yet again during the 9 o'clock bar. So within the last few minutes, we're currently just under that level. You're trading up 20 points, half a percent at 39.96, NASDAQ 100. You're in positive territory even as weak guidance you could say for iPhone sales from Apple. Apple slightly in the red, they're going to make the same exact phones that they made last year, the same amount of phones that is. We'll get into that in a moment, but you got Apple down $2.30, which you're talking about, that's like a $38 billion hit market cap wise when you're talking about the movement right now. Even with that type of action, you get all the indices in the green. You get the Dow up 194 points right now, $32,270. You get the Russell up by 13, above 1,800 at 1810. Crude continuing higher, pretty stable week considering the volatility that we've had recently on crude, stable though at about 110, oscillating around that price level. We're up near the highs of the week right now at 111.35. The technical high, you're talking about 111.96. That was early, early Monday morning. Since then, we've been shopping around, but we're right up at that upper portion of where crude has been trading at this week. Gold contract, negative by $2 at 1849, and we jumped to notes and bonds, slight higher price on the session. We're talking about a yield of 2.74%, 2.74%. Well off the highs that we had, you take a look at the 10-year on a daily basis. Quite the pullback from that acceleration to 1708, we're a full three points above that price level. The 10-year now, just chopping around where we were basically six, seven weeks ago on the 10-year. We jump over to the VIX, finishing up the wrap up of the markets. We're trading at 2814. Pretty tame action, but this VIX, just talk about sustained levels of volatility here. You get the spike on April 21st, and since that spike on April 21st, the lowest we've gotten in the VIX is, we'll call it 25, 24.94 technically, but you're talking about more than a month that the VIX sitting at super elevated levels, one way to say it. All right, let's jump around to some of the news we got this morning. We have a few different stories to talk about. We'll kick things off with the jobless claims economic number at 830 this morning. Applications for unemployment dropped to 210,000. I just take this one in stride, as long as it's anywhere near where it's been, low 200. Yes, that number did get down to what, the 160s, 170s, historic lows, but in any other universe, 210,000 is just a normal churn, if not even a healthier than the normal churn of an economy, decreasing by 8,000 to 210 in the weekend in May 21st. The median estimate was looking for about 215, so that number comes pretty close to in line. Continuing claims rising to 1.35 million, the week ended May 14th, so that's a week delayed. Initial claims, historically low level. After a big increase in claims in the prior period, the drop in applications may assuage concerns that a cooling in the labor demand has already set in. I would not read too much to this job number, folks. When you're talking about 5, 10, 15, 20,000 on a weekly basis, I wouldn't read too much into that number at all. All right, we got Broadcom. They're going to buy VMware for $61 billion this deal, so they get to choose $140,250 in cash or shares of Broadcom stop for each VM share according to the statement. 44% premium to the closing price on May 20th. That was before the news had been reported. I think this thing was trading only a couple dollars away from where they're going to get it. VMW is the symbol. Oh, no, they're not. Oh, no. So the price is 142. It's only a couple dollars away from where it's trading at right now, so still some volatility premium in there in terms of, yeah, you get some slight movement, but all this baked in, there's your acceleration, you trade up from 94 to 121, but if the deal gets done, it's getting done at 142 right now. So the market, not pricing in a 100% probability to say the least on VM, where Broadcom going after them, and it talks about that it's got the support of some of the biggest players out there, Michael Dell, one of them. Where are we here? Pretty sure I had it up there. Either way, that deal goes through. We'll see if it goes through considering the volatility we have going on this market right now. Getting over to the Apple story. So Apple, they're still going to sell a lot of iPhones, folks. Now keep in mind that they have not, here's, my phone's ringing a shame on me. Who's calling me? Apple does not disclose its production targets and stop disclosing how many iPhones it sells in 2019, but they still got to go out to production and get those phones actually produced. So the company is asking suppliers, go out to suppliers, I should say, to assemble roughly 220 million iPhones the same as last year. All things considered, that's a lot of iPhones holding steady for quite a year last year in terms of the numbers that they put up. But the market was looking for about 240 million units. That's what the forecast was. So in that light, quite a miss, 20 million iPhones just like that disappearing. Now they had already come out on their last earnings. They get into it talking about $48 billion that they may miss from the supply chain woes going on in China already. And so you're seeing the iPhone sales slip over there and the market slipping with it, even on a positive session right now. We have Apple shares down about a couple bucks to $138. I wouldn't be surprised if this trades lower on the open, folks. You've already pulled back pretty dramatically. Let's take Apple back on a three-year weekly. Yeah, you barely touched that 3A2. We're going to open at $138. That low is $132. And it's dicey when you start shaving $48 billion. Now they're asking suppliers for 220 million phones, 20 million phones at the price they charge is some serious revenue. So we'll see how that plays out, but not a good sign of things to come. And I imagine that that $48 billion was just the beginning of what they were looking at in terms of being hit by production over in China. And now you have this potential slowdowns in the economy, which is a completely different story, right? There's two sides of it. There's the supply chain worries and now you've seen the market shift to growth concerns. So you have the yields actually pulling back. At first it was yields rising, the market freaks out and pulls back because the Fed is hiking and the free punch bowl is going to be taken away. The price of capital is going up, growth stocks, values paired, but the recent volatility we've seen has actually been a growth concern. And that's why you're seeing yields pullback, I mean, and they're both present, which is kind of the worst case scenario when you have inflation raging and growth concerns all at the same time, folks, and they could persist for some period of time. We will see how they play out. Let's jump around to some of the other stocks that we take a look at. We'll start it with Tesla positive by about $10. We have the Elon reaffirming some of the capital for Twitter. So Twitter last night, there's some volatility for you up to $41, you're back to $38. Maybe the deal does have life. We will see how that one plays out. And Tesla trades a little bit lower on that news. Now you're back positive with the market. Let's jump around to Amazon shares. You're trading up by about $25 to $21.62. We jumped to Microsoft shares up barely by a dollar Google this morning, trading up by about five bucks. And we jumped to Macy's. We'll cover their earnings later in the hour as well. Retail, not dead just yet for Macy's. Macy's up a solid 10, 12 percent. Stay tuned, folks. We'll be coming back with our man, Kevin Hinks, on the TD Ameritrade Network fast market, very back. In a time of booming inflation, we are purchasing powers eroded. There's no better place to protect your harder and money than in gold. This the gold's flagship asset is the Monk Todd Gold Project in the northern territory of Australia. 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Every trading day, folks, noon Eastern time, right here at Tiger TV. Fast Market with your host, Kevin Hicks, Tom White. They break down the day's market action. They walk you through hypothetical trade setups, folks. Setting up the trades, trade management, rolling all of it to find risk. Absolutely great program. Check it out at noon every trading day here at Tiger TV. Kevin Hicks, good morning. Good morning, Tommy O'Brien. Yep, day two of our pretty healthy dated dump that we're getting here the second half of the week. GDP came in a little worse than expected, personal consumption a little higher than expected. Here's the statement off of the Bureau of Economic Analysis website. Real decrease in GDP that went from 1.4, remember we were expecting 1.3. It came in negative 1.5. It reflects decreases in private inventory investment exports, federal government spending, and state and local spending, while imports, which are a subtraction in the calculation of GDP increased. PCE, non-residential fixed investment, and residential fixed investment all increased. So spending higher overall GDP with imports increasing and less inventory accumulation is what we're seeing gave us our soft GDP number. Remember this is the second look at first quarter GDP, Tommy. That's a great breakdown, man. There's so many variables that go into that data. The headline number always not indicative of what the underlying is saying. I appreciate you taking the time to break it down, man. I hadn't broke it down myself or even read that news myself yet this morning. Apple out this morning, Kevin, is suppliers. They're asking for about 220 million phones about the same that they made last year. I said to myself right away, well, geez, man, 220 million phones, same as last year. We know that they've had some amazing last couple of years, these tech companies. But the market was thinking maybe 240 million phones. The last time Apple came out with their earnings, they were saying we haven't really seen the hit yet from China. That hit probably gonna be about $4 to $8 billion potentially in the coming quarter. Now you have maybe stagnant iPhone sales. It's almost tough to say, man, when you talk about selling almost a quarter billion iPhones at the prices they charge. But did you see that news this morning? Do you think anything like that, does that give you anything to think about as we go forward for Apple and their possible hit coming up? Now, Tommy, I'm an old skeptical trader. And so I compare news I get to news in the past, right, in my memory. And it seems like every quarter, something with a supply chain or something with some issue from suppliers, one side or the other comes out via Apple. And at the end of the quarter, when the earnings come out, it never materializes. So until they show me that these numbers are weak, I think I just don't believe that these numbers that they're talking about now will show up at the end of the quarter because Apple has managed to overcome these at an extremely proficient rate. So what do I think about Apple? It's looking down, oh, about two bucks. Today's start of the day, it was 180, now it's 140. I think you use this opportunity to accumulate Apple. You know, it was cool, I didn't even realize because there's always so much talk of the Apple numbers, Kevin, that I was just checking out the news on Bloomberg this morning and the end of the article says Apple doesn't disclose its production targets and stopped disclosing how many iPhones it sells in 2019. I said, well, well, there's a lot of talk about how many iPhones they sell if we're not talking about it since 2019. But as you say those numbers, they always pretty much speak for themselves and the last couple of years, they have been strong, man. We got some strong numbers out of Macy's this morning, man, all the retail stocks not dead yet. What's your take on what's happening with Macy's, man? Who to fuck, J.W. Nordstrom and Macy's in two days are with good solid beats in terms of earnings. It appears that the return to brick and mortar is actually happening. And so good for them, good for the overall mall experience and good for these two companies that frankly, I always compare Macy's and Nordstrom together. They were both left for dead. Now these companies, I think Macy's is up 10, 14% pre-market. Looks like it's up about 280 pre-market. That's a pretty big number for them and still doesn't get the stock back to where it was at the beginning of the year. But it's a good start with a little bit of return to brick and mortar is a good thing. It's pretty cool to see the differences. There's winners and losers going on right now, even in kind of the same arena of retail depending on how you spice out that retail in terms of segmented. With that in mind, Kevin, we still got some earnings today. What are you guys talking about on the program coming up at 12 today, Kevin? Yeah, we'll look at three good names with earnings today. Zscaler, the cybersecurity firm, and then like Paul, you'll do a presentation on Costco which has earnings after the bell. And then we'll trade the online HR cloud management company Workday. Nice, and I just pulled up Zscaler up on the Thinkorswim platform. Quite a pullback, man. We are down two levels, basically almost two years ago. You're talking about July of 2020. Costco, quite a story to the upside. And man, you talk about a pullback from 612 to what was the low recently, man? My goodness, 406. You're sitting at 440, great company, but we'll see where they go. And I'll pull up Workday as well. As we wrap it up, man, we got Workday. These pullbacks on the cities equities, man. 164 down from 307 for Workday. Strong companies, but man, these multiples. They got a little bit out of whack. Kevin, we appreciate the time as always. You take with us in the mornings. We appreciate the program at 12. And we don't talk to you on Fridays. So have a great Friday, have a great weekend, man. And we'll be watching at 12 noon Eastern time today. Have a great weekend and a great Memorial Day weekend. Tommy, see you next week. You as well, Kevin. Folks tune in every trading day. They'll be live today at 12. They'll be live on Friday as well. Great program. We still got some earnings to come. You heard the three great stocks they'll be talking about today. They'll break it down at 12 o'clock. Check it out with Kevin Hanks, Tom White, every trading day. Jump it back to the markets. You're looking at an S&P, positive by 13. Now, Apple, it says a lot that we have the market positive when you got Apple, $3 down. Cause that is quite a hit when you talk about market cap. That's a $48 billion wipeout of market cap for a company like Apple. Many companies are worth $48 billion, okay? How many companies are worth more than $50 or $100 billion? Well, Apple just wiped out $50 billion, $40 billion, okay? No, yeah, $48, about $50 billion wiped out a market cap of Apple just from the close yesterday. And even with that, we got the S&Ps up by three. We have the Nasdaq 100 barely sneaking into the red as you do have Apple kind of selling off a little bit as we come into the opening bell right now, right? I mean, look where we were. When I was getting ready for the program, 7, 7, 30, Apple's trading at 1, 39, 77. That was barely off. That was 75 cents off of where the close was yesterday. And it's been a slow trickle to the downside. We're coming into the opening bell at pre-market session lows for Apple. Watch out, we got the Nasdaq 100 right now. That's a five minute chart, 11,917. And we got the Dow holding up pretty well. Dow's up about half a percent right now. Russell leading the way up about two thirds percent right now at 1,808. We jumped to commodities crude. There's a spike for you. Wonder what's going on the market right now. Maybe we'll get some dollar action going on because we got crude. Spiking to 112. Crude just spiked a dollar, man, since I came on the air 25 minutes ago. And we get the gold contract down two bucks at 1850. Stay tuned, folks. We'll be coming back for the open. If you want to take advantage of this sector, now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector, as well as the markets that move gold, which is the currency and bond markets. New subscribers get a 30 day money back guarantee so you have nothing to lose. Every Monday morning I publish the Gold Report with coverage of gold, silver, bonds, the XAU, HUI, GDX, as well as more than 30 different mining equities. 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In the Tiger Zen, you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas, interact with other tigers and tigers as they share trading ideas, news analysis, and discuss the market action all trading day, even at night and on the weekends. The Tiger's Den at Discord is accessible on mobile or tablets as well, so it's always at your reach. To sign up today and become a part of this educational community of traders, just visit the front page of TFNN.com. TFNN is excited about our new software charting program, The Art of Timing the Trade Charts. In collaboration with Tom O'Brien and using his best-selling book, The Art of Timing the Trade, Your Ultimate Trading Mastery System, David White has programmed an outstanding piece of software 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 guardleafs, ABCs, 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. We got stocks open. You're looking at, excuse me, an S&P up 13 points right now at $39.90. We're still at 20 points off the highs. We were at about $7.30 this morning. NASDAQ, we're negative by a quarter percent right now for the NASDAQ 100, negative 28 points. Let's see how Apple opens. Apple opens down about 2.2% right now. You're down $3.10. Some of the other chip stocks, I think we're getting hit as well. Yeah, NVIDIA drops on their numbers. You're down 4.9%. VM, where I mentioned, they're getting purchased by Broadcom. Look at that, no move. It was all priced in, folks. The price they're paying is 142, so the market, pretty skeptical that this gets done. Right, if it doesn't get done, you trade down $25 back to where you were prior to the move when the news came out on May 20th. If it does get done, you trade up $22. So only a slight percentage increase one way or the other, almost a 50-50 right now. 25 point risk to the downside, $22 profit potential to the upside if that deal gets done, almost a 50-50 in the market. VMware trading flat on that news. Jump around to some of the stocks with their numbers. Macy's, 15%, there you go from Macy's. Dollar general, yeah, they had their numbers as well. They're up 15%, Dollar Tree was higher as well, right? Yeah, they had their numbers. I mean, pretty remarkable. Dollar Tree, Dollar General, Macy's. JWN, as Kevin mentioned on Tuesday, beating their trading higher with the retail up 3.5%. You jump over to the other retail stocks, even Walmart getting a lift by about 1.6% this morning target up almost 2% climbing higher. Interesting to see how that all plays out. We jump over to Costco. Kevin mentions they have their numbers after the bell tonight. Costco, quite a pullback recently, all right? You're still well off of the highs we had. April 4th of 6.12, you talk about a drop off, man. You drop right to that 6.18. Yeah, you got well below it by the tune of $17, but all things considered pretty close to the 6.18. You bounce there, we're at 4.52. Costco has their numbers, I believe it's tonight, right? Yes, tonight after the bell, $35 move for a $450 stock priced in for their numbers after the bell tonight for Costco. All right, let's jump around on what else I have pulled up here. I wanted to touch on this one real quick. So this story was out last night, I think? Yes, yes, last night. I was reading it last night. Sequoia Capital Warns Founders after Crucible Moment. So they sent out a memo, no, Zoom. Yes, Zoom call, 250 portfolio companies, okay? And the venture firm reviewed a 50 page presentation titled, Adapting to Endure. And what it talked about was the case for a long and drawn out recession and instructed founders to do the cut exercise. It doesn't mean you have to pull the trigger, but that you're ready to do it in the next 30 days if needed. Now, the one thing I wanna say about this is that the companies that would be hit hardest, they said in here, all right? I'm not sure where it is, they do a lot in here. Are the companies that are pre IPO with no income, okay? They took a shot at headphones that had been targeting private investments and are now tending to wounds in their public portfolios which have been hit hard. You have a lot of layoffs already in there. So the risks are present. Whether they play out, that's not for sure. But Sequoia Capital, they ain't no fools. And they got 250 portfolio companies and they're getting them ready just for the probability. So they're obviously signing a probability to a sustained recessionary play out of the market. And they want those 250 portfolio companies able to get lean and mean in 30 days. It's a little bit of a heads up. Now, what I'll say in this that does not bode well as well is that this is Bloomberg article, okay? So they lay out the case from Sequoia. And then they say at the end, not everyone is so pessimistic about future markets. Anderson Horowitz said that it had raised 4.5 billion for a crypto fund, the industry's largest to date. And you had California based trip action in discussions with investors to raise new money and a nine billion valuation. Folks, those two things mean nothing compared to I think a company like Sequoia laying out that their 250 companies have to be willing to cut jobs within 30 days. I talked about the 4.5 billion dollar crypto fund that Anderson Horowitz was talking about on yesterday's program, okay? They have huge money behind whether it's web three, behind the board APIO club, the eight coins, okay? They're doing a lot of things in the crypto sector just beyond buying crypto, okay? They are creating non-fungible tokens. They're printing their own money essentially. They're selling virtual land. That doesn't speak to the economy. That's gonna be happening no matter what, okay? There's probably opportunities in there no matter what. They're probably making so much money right now on a percentage basis in crypto. It doesn't even matter what happens with this economy because they're not just buying the coins. They're creating coins. They're creating virtual land. The returns on those types of returns probably still attractive even if we enter a recession. Okay, yes, it's gonna matter a lot in terms of the amount of money people are willing to plow into crypto if there's a recession but they're not playing the normal game. So take that in mind when you hear these types of 4.5 dollar crypto fund by Anderson Horowitz and one company raising money at a 9 billion valuation. No, that's pretty just random to put it lightly. All right, what else we got going on? Jumping around to the Fed minutes from yesterday real quickly. The Fed is looking for the Federal Reserve revised the forecast for its preferred inflation gauge the PCE to 4.3% for this year before decelerating to 2.5% next year. Now what they did say is, okay, and this is what I imagine will come unless things get really dire in one way or the other is that they're probably gonna bring it with 50 basis points for a couple of meetings and then maybe they'll pause because they're probably right that it's either gonna have an impact or it's not. You're gonna raise things 50 basis points, 50 basis points, 50 basis points. Are we seeing any impact? Is the market just getting pummeled for no reason? There was a Nobel laureate Stiglitz out there a couple of days ago saying, listen, the Fed has no reason to destroy the economy because the tendencies that are pushing inflation right now are supply chain problems. So the Fed shouldn't just bring these higher interest rates thinking that's gonna solve the problem when in reality, as long as we have the supply chain woes that we're dealing with in China, inflation's gonna be present. When we just have no goods coming out of China and everybody's dealing with supply chain woes, people are gonna be paying more for those products. Yes, you could drive the company into a deep recession but the point is the hikes may not have the impact that they always do when you have the extreme supply chain woes that we are dealing with. So maybe you get a little bit of a pause, right? We got some market destruction, man, that's for sure. And we got it in like no time and you're talking about an S&P that traded to the 3A2 but across the board you have destruction far greater than that. NASDAQ 100, we're at the 50% of the entire pullback, right? You traded down to 11,800. You gave back 5,000 points in the index. You only started at 66,28. That was what the entire index was worth at the COVID lows and we just gave back 5,000 from the highs to put in perspective of how large that pullback actually was. And yes, Sequoia, one of the top VC firms agreed. They're assigning a probability to it and rightfully so, any company right now, folks. Even if the probability is five or 10%, you should be preparing for what you're gonna do if things get bad, especially something like, those 250 companies, they're raising money, they're growing, they're adding people tremendously. They get pullbacks, they're gonna see some cuts, they're gonna have to get lean and mean and we'll see how that plays out. All right, folks, coming up. Two weeks from tomorrow. The front page of TFNN.com, if you head on over. My dad, he's gonna be hosting a timing the trade webinar you can learn all about his trading methodology, folks. Five hours, nine a.m. till two p.m., Friday, June 10th. This course is 295, okay? And you get a free copy of his book, Mail To You. Physical copy, $88 value. His market insights, a $169 value. And we're capping this class at about 40 people. So we'll finish, we'll talk about this when we get back from the break, too. Stay tuned. Are you in the market for buying or selling real estate in the Bay Area, including the surrounding St. Petersburg, Tampa and Clearwater markets? Tiger Real Estate LLC is a firm that has extensive experience in the Tampa Bay Area. Whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property, Tiger Realty has the experience across all areas of real estate in the Tampa Bay Area to help buyers and sellers make the most informed decisions across all price levels. 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An investment in the fund is subject to risk, including the possible loss of principal. The funds are designed to be utilized only by sophisticated investors such as traders and active investors. Distributor, foresight 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. Come back, folks. We got a risk on market right now. You're looking at an S&P. There's a pop for you. We're up 38 points. That's just about 1% trading at 4,015. NASDAQ 100, we're up 87 points. 12,031. The Dow's up more than a percent right now. Up 350 at 32,421 in the Russell. Up 1.4%. Let's jump over to Apple, see how they're trading. Apple shares. They catch a pop on the open. They're down only 1% right now. We jump over to some of the stocks with earnings. Macy's holding the 14% right now. You jump to the dollar stores. Dollar general, up 15.5%. Dollar tree, up 17%. NVIDIA was on the downside. I said was. I knew they'd get a pop with this market. Only down 4.10%. Check out that acceleration, man. Down to 152 and they claw almost at all back to 169. Negative just 4.10%. Jumping back to my dad's webinar going on. An all day webinar, folks. Two weeks from Friday, June 10th, 9 a.m. till 2 p.m. It'll be two sections broken into two sessions, I should say. There'll be a three hour session in the morning from nine till noon. Take a half hour break and then finish it up with 90 minutes an hour and a half from 12.30 till two. He'll be talking about the fundamentals of his trading methodology from his book, The Art of Time in the Trader, Ultimate Trading Mastery System, Quality Volume, ABCs, Fibonacci Confluent Zones, Cause and Effect, Swing Points, the cost of the class is 295. It will be archived if you can't attend all five hours or if you just want to watch it again. And 295, you get Market Insights, which is a buck 69 right away. You get the book that's $88 available on Amazon if you'd like to check that out as well. You up that up. I mean, you're pushing almost 295 in value just between the book and the newsletter. If you're a Market Insights subscriber out there already and you want to go, you do receive your next month free. So you get that 169 value that you're already paying for if you're a member of Market Insights subscription. So check it out two weeks from Friday. This will be taking place in our new Tigers Dead Discord Room server. And we are capping it at around 40 people. We just kind of discovered with through the use of this Discord Room which is absolutely amazing folks what it's allowed us to do the community we're building. Thank you to all of you Tigers and Tigris is in there because it's pretty awesome, man. We got quite a great community and it's rocking all hours folks, you know, maybe not overnight, but there's people chatting aftermarket. There's people chatting a lot of times pre-market. You can always check out the den for a dollar for the year that's available on the front page as well just to get into the Tigers Den Room. But for the purposes of this class keeping it under 50 people just makes the user experience a little bit better for everybody. So that's what we're going to do. You know, I'm not sure if we'll get there. Of course, what time we'll tell but we had some good signups yesterday already. So please don't wait, we may sell out and have to cap it and we are going to stop signups no matter what at least the day before June 9th. So please don't wait and that is just to make sure we take care of everybody as well. Get them in the room, get them comfortable with Discord. We don't have any last second signups. They aren't able to get into the room as quickly as they'd like. We're going to end those signups on Thursday and we may end it a little bit prior to that if we hit those numbers. So check it out on the front page two weeks from tomorrow. June 10th, two weeks from tomorrow. Time is flying, man. All right, staying with crypto. So Anderson Horowitz, they're starting a $4.5 billion fund. This was a great read folks from Bloomberg Business Week. Now this is about a week ago but I finally got around to reading it last night and it is a great article. If you subscribe to Bloomberg or if you can find this article behind the payroll for free, I encourage you to check it out. A math prodigy who's hack upended DeFi won't give back his millions and the legality of it is pretty up in the air whether he even should. You got an 18 year old graduate student exploited a weakness in indexed finance code and opened a legal conundrum. Now there is way too much of this article for me to break down all of it. The bottom line is this gentleman is a genius. He's from Ottawa I think or Canada and you had basically a crypto fund that was starting a company that would basically start a crypto ETF of a variety of different coins that would continue to balance itself to keep that balance with a different ratio of coins exactly where they should be. So if you're a 20% market cap portion of the fund let's say and your market cat goes up in order to maintain a 20% weighting of the fund in theory you would have to sell some of that individual coin or equity to keep the percentages balanced. So what they did is they created an algorithm that did a lot of this stuff automatically and what this gentleman did is he looked at the algorithm and discovered that there were basically holes in the algorithm that allowed it to be exploited. And he basically exploited it by taking a few ether in transaction costs and what he did man. So they already are getting filed in court. He's not even answering the filings of the court. He does have a lawyer that he's working with. Here are some of the steps that he did. You can take out what are called flash loans. I learned a lot reading this thing. You take out a flash loan as long as the sequence of events that you are lit. So he takes out $157 million flash loan, okay. That the funds be returned before the contract is finished executing though, okay. And again, I said I could spend the whole hour going through this. You should check it out if you get the chance. But he distorted the market to distort the value of the coins allowed himself to buy coins at a distorted value and then sell them at an inflated value pocketing about $12 million in this sequence of events. And what they say in here, which is the great part of it, and I think he's right. If you're messing with crypto folks, okay, the people who are buying these coins, they're trying to look at the algorithm and make money themselves. All he did was he looked at it even in a more brilliant way than the founders themselves looked at it, okay. And he's not giving back the tokens. And I wanna try and find this last quote because some of the quotes, they really made sense. The case raises tricky questions about how people should be allowed to interact with the code in the blockchain. The plaintiffs alleged that he had false representation by manipulating the value of the tokens in the pools. But all he did is act in a way that the algorithm then distorted those tokens values in a way that the algorithm was designed to but it was designed with flaws. That's not his fraud. That is him using the rules that were assigned to the algorithm that is in play and beating the game that they created for all intents and purposes. Individuals are responsible for the activities of technologies they control. And if this was the best part, if he engaged in deception, who was being deceived? Okay, it's unclear who he made a misrepresentation to. He set forth lines of code and the code is neither true nor false. It's just code. It's impossible to predict how a judge is gonna rule on this. I mean, sometimes these judges, they just go with the big companies anyway, man. There was a case, and you know what? I'm gonna find this case because this one tweaked me out. Phil Ivy was playing back rat in a casino, folks. He was playing by the rules of the casino and the casino didn't realize, this goes back to poker, but I'm gonna show you how quickly the courts can just turn on consumers in the face of business. But this is different because it's crypto. And I'll finish that up. That'll be a nice teaser because Phil Ivy, maybe the greatest poker player in the world, figured out that casinos were using decks that didn't have the same back of the card, okay? They actually were using card decks that had slight differences in the back of the cards of where they would get caught and how the design would be. And I think it was the game back rat. I'm gonna pull it up. I'm gonna try and find it. And by playing by the rules of the house, okay, and not cheating in any manner, he was able to win millions of dollars playing the game that they designed that they offered. And when they lost, they said not fair, and the court sided with them. They might do it here. But be careful, man, because people lost money in this one as well. Stay tuned, folks. We'll be right back. Sharpening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNN, you'll get advice and guidance from the authority in technical market analysis, and it's not just dry, tedious text either. 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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, and as the saying in the den, rocket ship today. Yeah, I would say so, man. Check out this pop, the S&Ps now up 1.2%. You get the NASDAQ 100, up 160 points, 1.3% in the green right now. We jump over to Apple, barely flat after being down 2.2%. We jump over to Amazon shares, you're up 3% right now. Everything in the positive, in this market. Crude up $2.48, we got gold. Back to flat after being in negative territory. So jumping over this article folks, if you get a chance, do some digging because if you don't think the games are rigged in a casino, man, boy are they ever, and even if you win, they're still rigged against you. So this story had to do with Phil Ivey. He was playing back rat, and he was using something called edge sorting. The bottom line is, I mean, even the post had a big story about this when I was just Googling at this story from 2017. What is edge sorting and why did it cost a poker star $10 million in winnings? And what he was able to do folks is just spot differences on the back of the cards. And in the game of back rat, there's a number of different details to go into it, but it's not like blackjack. You're able to actually assign where cards are. Sometimes the casinos let you do this. The one thing about this, cause I was a big poker player in my heyday, all right? And this is where Ivy was so frustrated. He said, I'm a professional gambler. They offered the game. They designed the game. I just went in and played their game that they offered me and I won. And somehow the court says it's supposed to be by chance and the fact that he gained an edge. I think they called it a sting, executed a sting at one point. They have no idea of how things are supposed to work folks. And when you really get into it, okay, he's gamblers cause I'm around the whole ecosystem and I'm on some chat boards occasionally. All the house did was they free rolled Ivy, okay? Because if you can let him play, he's not guaranteed to win. Even when you have this type of an edge, the cards can still fall in a certain way. So if Ivy got unlucky, he loses. If he plays out the way he wins, they sue him. And the bottom line is the casino was using cards that you could see how differently maybe some of those cards were lined up on the edges they weren't cut identically. And the kicker of this story is is that certain casinos already knew this was going on and had changed their cards. These casinos just hadn't cause they were lazy and they didn't know any better. And they were offering games that allowed the player to beat them. So who knows what's gonna happen in crypto man but be careful folks. Watch out for this market to the upside. Thanks for starting your day with me folks. Stay tuned. We got Basil up next, Larry live at 11. Have a great Thursday everybody.