 Welcome, folks. This is Tom O'Brien of TFNN. We go five days a week. We go seven and a half hours a day. We go 24 hours a day on the Internet at TFNN.com. Always remember, folks, whatever you think about, you bring about whatever you focus on, grow so big when it's happening. Great day, safe day. Let's make it a great week, folks. Always do your best. Surrender and let go of the past. Whatever life takes away from you, let it go. When you surrender and let go of the past, you'll have yourself to be fully alive in a moment. Letting go of the past means that you can enjoy the dream that is happening right here, right now. Make it a rise. Let's take a look at it out here. We have the Dow Industries up $367. NASDAQ up $95. S&P up $42. Gold contract at $9.00 and $0.60 trading at $17.26 an ounce. You got Silver up $0.04, $0.15, $0.31 an ounce. Light Sweet Crew down $388. $13.00, $0.05, a barrel, notes and bonds. We get the 10-year, down $15 ticks right now. Trading $138.20. The 30-year off a point-and-a-half at $185.00 and $Kingdala down $318.00. Ticks trading $100.06. The Euro is at $108.00. The yen is out here at $107.00 and the British pound is at $124.00 or one the U.S. dollar. Phone number is 877-927-6648. Give us a call, folks. Want to know what's going on in your world. Let's go over to our man, Mr. Dave Mazza, as we do each and every Monday at the top of the hour, folks. Each and every other Monday at the top of the hour. Dave is the Managing Director and Head of Product at Direction.com. And real easy to get to as you're on our website, folks. Just hit that banner and direction spell, D-I-R-E-X-I-O-N. Dave Mazza, what's going on? Dave, happy back, Tom. How are you? Going good, thank you. I guess we're all still locked down here a little. A little more time, right? I think we're going to be a little more time here. Markets are certainly a positive note today, though. Certainly, especially seeing some of the laggers, like small caps, really rallying. There's no doubt. When we take a look at these small caps, too, whether it's the TNA folks or the TZA, I know folks like to trade both of them. And this small cap, man, that has been lagging for so long, Dave. So it is intriguing, you know, because fundamentalists for the last year, year and a half have been saying, hey, this is where you should be going, because of the value trap, right? Not trap, but in general. But it is intriguing, because when these things move, I mean, they really move, right? Yeah, from a fundamental perspective, you're absolutely right. Small caps have been on a favor, not just for the last year, maybe 5, 10. Small caps are supposed to outperform large caps over large periods of time, especially in economic booms, like we had been in. Yes. Now, many people are looking for signs of small cap life really to lead the rally higher as a true sign that maybe the bottom that we saw on March 23rd is going to be in place. What we've seen with TNZ and TNA is many people are just focusing on the S&P 500. So looking at XPXL and XPSS, but now TNA and TZA are seeing a lot more activity again, not just today, but as people are looking to judge whether small caps are going to be able to continue to lead higher from here. Yeah, I know. And we've seen it in our trading room, too. It's intriguing. Hey, can we talk a little bit about, you know, we had the financials last week, and so when we're talking about the FAZ or the FAS, I mean, this is so much different than the last time in 2008, because of course that was the banks that were in trouble, the banks, to get money out to the public now. So a whole different trade. Yeah, exactly, exactly right. So the last crisis was really a financial led crisis. You know, this is a health crisis. It's very different. Right. So many, you know, whether you're looking at Wall Street Strategists or other folks, I think the playbook that historically we've used in crises certainly appears different, right? We just talked about small caps. Financials last week, you know, really, really weak earnings, energy, weak earnings. You have some big energy names coming out this week with Exxon and Chevron. So in our opinion, the bellwether names, as they always matter in earnings, are going to matter even more from here, which is I think one of the reasons why we're starting to see big moves in FAS, FAZ, in the energy space, of course, ERX and ERY to play bull and bear and energy. Those are two names that we've continued to see increased activity in and expect to see that going forward. Now, this is great. Let's talk about this a little, because there's been a huge amount of confusion not with any of your ETF structures, but the USO, meaning this past week and a half, okay? And what I want you to get, folks, because I've been talking about Exxon, Mobile and Chevron quite a bit, because it's pretty amazing that these guys are off the bottom and oil was still negative, right? And so, folks, when we're talking about the ERX, so the bull one or the bear one, the bottom line is that you want to understand that you really do have the energy select that's part of the holdings and then you got some cash in there, right? That's what's inside those holdings, right? Yeah, that's exactly right. So it's important to separate a product like USO, which is futures-based, tracking the actual commodity. So in that case, well, there's been some changes, but effectively, it's West Texas Intermediate. Yes. In the case of ERX and ERY, the focus here is on energy companies, right? So those are your names, like Chevron and Exxon, that would be in that particular basket. Yeah, which is pretty cool, because what we have had is that when you get these turns in the marketplace, it's pretty neat when some of these are coming off lows, like, well, if we can just switch to bonds for a second, because I know I actually have the TBT and we went from one to ten last week, right? Yeah, so that's another space exactly where we've seen massive moves in the treasury bonds, treasury note space. We most recently had some share splits, actually, in that particular, in some of those particular funds. And what's amazing about the bonds, Dave, is that, I mean, they went sideways. They haven't done anything yet, but this is the first time I've embarrassed a bond to like ten years, man. So we'll see what happens. I mean, it's like a close one, man, you know, because it's like, okay, we know we're in trouble. It's going to be intriguing watching this whole thing shake out, no doubt. Well, I think what's interesting, bonds in particular, and I even say in asset class like gold, if you look at the trailing one year returns, they've really front run some of this. So a lot of those gains were baked in, which is one of the reasons why, again, if you look at that playbook, it's not behaving exactly as you might expect it to be. Doesn't mean we're not going to see any changes or retesting of lows from here. But again, this is a different type of crisis. We're going to learn a lot. This is the busiest week of earnings, right? 40% of the S&P 500 reporting this week. Yes. So traders are going to have to, you know, stay tuned to all really the micro news because it's been a macro dominated market. No doubt. Well, listen, we always appreciate the education, Dave. You have a great one. Safe one. Look forward to speaking in two weeks from today. Thank you. Stay well and stay safe. Thanks so much. You also stay right there. Folks, come right back down. This is up 391,000, except 100. S&Ps are up 44. We'll come right back.