 The following is a presentation of TFNN. The TFNN Bull Bear Training Hour. Every training day, live at 10 a.m. Eastern. Call now. Toll free at 877-927-6648 or internationally at 727-873-7618. The TFNN Bull Bear Training Hour. Now, Tommy and Tommy O'Brien. Good morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN Headquarters in St. Petersburg, Florida. Tom's going to join us after the first break. We got a market pretty calm out there, negative territory to start things off. Dow Jones negative by just 11 points, trading at 27,079, S&Ps right now, negative by one point, trading at 3,038. Just yesterday, S&P closing at record territory. This is like the norm that we have the markets closing at record territory for the last how many years, but we'll see what happens. Record territory just yesterday. NASDAQ negative 36 points, trading at 8,289. We got some Google earnings last night after the bell alphabet, we'll get into those in a moment. Russell 2000 flat at 15,71. We have the VIX this morning, trading at 13,37. And we'll get right into a big week, of course. We have a Fed meeting starting today, a Fed decision tomorrow, 2 p.m. Eastern time, a cut all but assured it would be a shock to the market if we don't get a quarter basis point cut. But the real question is, what is going to be the discussion from the chairman going forward about the economy, about the possibility of future rate cuts? We'll find out tomorrow at 2 p.m. Eastern time. We also get jobs data, Friday, non-farm payrolls. That'll be interesting as we come into November, pretty remarkable, coming into November. Halloween, October 31st, Thursday. Everybody ready? We'll start things off. Let's jump over to the charts. Here are the indices. We'll start it off with the Dow. A little bit of pop at the market open. We were down there at about 60 points lower than the current market at 26,980. Currently sitting 27,034. NASDAQ 100, not quite the same. We're actually at lower territory lows of the session, 8,079 right now in the NASDAQ 100. S&Ps, 3,037, made it to a pre-market low of about 3,029. We were just up there after the opening bell of 3,039. The intraday high yesterday for the futures, 3,042. We'll look for that price point throughout today. Crude oil market. Talk about a pullback. You back things up to yesterday morning, quite a market in terms of what 24 hours can do. We were up there just about to touch $57. We're now trading at $55. You actually made it to a low this morning of $54.66 in the price of December crude. Gold contract with volatility as well. Quite an acceleration at about 6.30 in the morning. You trade from 14.95 down to about 14.88. Gold now trading at 14.90. And the Euro catching a bit of a pop with a little bit of dollar weakness. The Euro trading at 111 on the dot. There's a stories out there. We'll get the most current of them. Consumer confidence for October coming in at 125.9 versus 128. That number coming out at 10 a.m. Eastern time just as we came on the air. I referenced the Google number. Google last night coming out with their earnings $10.12 per share in terms of earnings missing the $12.42 so profit below what the market was looking for. Otherwise the earning report pretty much in line. Some pretty interesting graphs down here when you get into it. In terms of revenue, $40.5 billion quite a number for 90 days as Alphabet just chugs along versus $40.32 billion they were looking for. Traffic acquisition costs pretty much in line $7.49 billion versus $7.48. Paid clicks on Google properties from Q3 of 2018 to Q3 of 2019, 18% not bad growth. Costs though we see this as a continuing trend. The cost per click they're getting down 2%. You look at the traffic acquisition costs they're paying more money for that traffic. That is a trend line pointing up. You look at advertising revenue continues to climb for the quarter 33.9 billion. You just go back to Q1 of 17. I mean they're floating right at around 20 billion right? Quite a growth and annual growth 17.1% for the quarter pretty remarkable. Other news out there and why not? We'll pull up Google before we get away from it. Google this morning Alphabet right now down 2% a little bit of an acceleration off the opening bell but we spiked to 12.35 last night right on that number. You then had the earnings call at about 5 p.m. Eastern time got to love the thinkorswim charts. Of course they are a sponsor but it's great you see the earnings. You see the call. You can really see sometimes on these charts when the call really redefines the earnings and then it opened right at around 12.80 you closed yesterday at about 12.70. So pretty remarkable that we're now trading down $28 but a little bit of a pop from where we could have been last night. Other news out there GM coming out with their earnings as well before we get into the numbers checking out GM stock the market liking that up almost 5% GM trading at $38 and 47 cents course GM had been dealing with a strike from September and there we go so GM costing about $3.8 billion. So I believe they had been looking for about $2 billion in lost vehicle production. That was the analyst estimate coming into that number after accounting for about 900 million in interest in taxes. The strike shaved off about 2.9 billion in profit from the automakers 2019 earnings or $2 a share the company said Tuesday in releasing its third quarter earnings before markets opened. That includes 700 million in after after tax cost or 52 cents a share for the third quarter the cost of the strike which was higher than they expected prompted GM to lower its earnings guidance for the year but the market liking what they had to say liking that there is an actual price tag on that and that there's no more uncertainty. So you have Wall Street analyst estimated the strike was going to cost about 2 billion in lost vehicle production and estimates range from about 50 million to 100 million in losses per day. So that may be moving past. Another big story we've been chatting about beyond meat. How about this stock down about 20% today we'll pull this up. So of course the plant based burgers going public within the last year. The interesting thing about today is this is the expiration of their insider lockup. So about 75% of the shares are now available to sell and that expires today to pull this up and it's not often that it's all one day that this will collapse as in the market knows when this day is coming folks you're down 20% you see the sell off on the earnings conference call does nothing to assuage the fears just kind of a slow steady decline and we're down 20% today from where we closed. But man oh man you check out this daily chart. My goodness you were at about 45 bucks. You traded up to 239 dollars. That is just in July almost August 1st and since then I mean we're down almost 65% from that number trading at 83 dollars and 80 cents. This company could be around but the market was pricing in evaluation Tom and I went over it many times on the program that was just astronomical in the market kind of pairing some of those gains 83 dollars and 83 cents for the price of beyond meat. Other stories out there Pfizer coming out with their earnings beating profits beating profit estimates and raising their earnings forecast. So one of their products I brand sales rising 25% to 1.28 billion in the quarter ahead of the average estimate of 1.21 raising their earnings forecast to see how Pfizer is trading ahead of that today pull it up P F E Pfizer up about 3.8% I got this on the daily chart though quite a slide from $44 down to about $34 just in August and from there catching a bit of a pop putting this on a closer time range you see the earnings coming out this morning at about 7 a.m. and quite a pop the high being 3888 just off that price level now at 3864 stay tuned folks I'll be coming back at 10 I'll be coming back right after this break with Tom markets right now right around flat we'll be right back. 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and a half golds down six seventy uh 1489 silver off 14 cents 1773 notes and bonds that's going to be the big deal tomorrow man oh boy yeah i mean rate cut coming at us yeah what are they going to say about the future rate cuts man and then what are you going to do that's right yeah king dollar king dollar is down 44 ticks 97 719 the year is at 111 uh the yen is out here at 108 93 and the pound is at 128 we take a look at some of these uh higher volume equities i was looking grub hub got absolutely smoked it's cut in half man oh boy um look at that so it's down 23 dollars trading 3465 can we jump into the news because i'm always interested and you know instantly the funny thing is i was just going to go to another story i see up there talking about amazon what they're going to focus in going after that microsoft concert yeah this is going to be probably an amazon story as well man grub hub i don't want to compete with uber eats look at this man so grub hub shares plummeted to the lowest level more than two years after the food and delivery company gave a fourth quarter outlook well below expectations yeah as intensifying competition and promiscuous customers weighed on growth trends promiscuous what does that mean that means they're going to other people man oh oh that's too funny that's funny how they use that i know well it's quote unquote you know uh analysts were extremely bearish on the results with at least three firms lowering the ratings and others slashing their price targets average target currently stands at about 76 dollars down from 87 that's a far cry from i think we're just treating that right now though yeah um yep that look at let's look at this thing that's my god it's amazing it's actually held up that long i guess i agree you know you got dorgadash out there you got grub hub um you're on facebook right now yeah grub hub nope grub hub yeah grub it up there it is okay so you know 23 dollars why this is i mean this is one of those deals where amazon doesn't even need to make money in the uber eats spectrum that's really worrisome when you start getting into companies that do right they can't they can't uh you know subsidize when you're saying amazon uh excuse me uber right okay right exactly right that's i get you know i keep going back and forth i do i meant to say over the whole time thank you um but uber doesn't need to make money on uber eats yeah you know they're still allowed to basically get numbers right yeah get you know versus a company like grub hub man you're not going to get venture capital money for the two billion's of dollars just to compete with uber eats so this is at high of 145 dollars in september of 2018 so a year ago down to 35 that's pretty intense it is intense and then beyond me b y n d oh boy man what did everybody just realized today one more time you got um endy uh the insider lock up man i'd be selling if i was in this company and they were giving me the the valuation uh the monster yeah i mean just what no no what did you just put down a 15 year yeah what we got nine months of action here what are we doing let me there we go yeah that's the old chart man that's it is and uh so 87 bucks right now the high 239 71 almost a 60 65 percent haircut the insider lock up expires today i heard about 75 percent of the shares are available for sale as a result to that and just to get into because their numbers were all right there's no surprise in their numbers yeah they had real growth right yeah so right now it's a 5.2 billion dollar company yeah all right so you multiply 80 let's say it's at 80 bucks you multiply it by three there's your 240 all right that's what it was at so you were looking at almost a 15 billion dollar company when it was at that peak right and we've done the comparison many times man you want to see their you want to see their competitor tsn tyson okay now they're going to be competing with impossible too they're going to be sure but now what's interesting is that tyson straightened at 82 bucks very similar tyson only a 30 billion dollar company all right yeah so they were only only double the size of beyond meat and we'll go back to beyond because we've done it before but you got to keep this in mind right it almost seemed you know hindsight's always 2020 right and the market you know you can't wait for you can be right but can you be right for that long right as in it made sense that you could have shorted you almost could have made a play on the two of them right you could have bought tyson you could have shorted beyond because they seem like they had to get back into some type of correct calibration 2019 tyson's going to take in 42 billion dollars okay beef chicken prepared foods pork the whole deal they're taking some big money to the bottom line and when you pull up beyond meat I mean what are they going to be at they're going to be at you know 80 million dollars what are they going to be at I think it's around 80 million yeah yeah 273 they were at 80 last time just staggering difference to only be worth twice when it's just not a random there tyson was a investor and beyond this isn't an astronomical comparison you know they were actually investor they sold their shares before they went public probably just because they said we're going to get into our own business we don't need to be supporting them in any way right get out of that business we're going to make it also knew that was a good price well they got up for the IPO though no no I still though and when IPO 45 is still at 85 they missed uh no they missed even the 240 I'm with you but my take would be that yeah they're selling saying that that is was a good price they're in their business you know I just don't think they wanted to support them in any way right they didn't want to be an active buyer of their shares in any capacity because why would you you know why would you want to be an active buyer at all right um but man oh man quite a run so google yeah you know they came out with numbers last night bottom line is that uh they're spending a lot of money but that's this is like a blip I mean it didn't do anything it was down 23 bucks yeah and I pulled it up it was a I think it was 12 18 was the low initially on the spikes still not anything too dramatic well about that the expected move was $60 there we go I got it $60 because I think it was 12 12 69 or 12 79 it was at the close so so let's pull up I believe it was we'll pull up that think or swim platform and I know you were just on that TD Ameritrade network not bad uh 12 35 okay I thought it was 12 18 but you did uh that's about 65 because you closed it about 12 90 okay right so you're looking at exactly uh 65 bucks off the high of the low it is let's pull up Apple and see what the expected movies before I I'll pull it up right I just wanted to show I went over it real briefly but they got some cool charts in here just in this article talking about like you were talking about so they're the headline numbers right they miss on earnings because they're spending money revenue they actually beat I mean just huge man 90 days 40.5 billion yeah it's always remarkable when they beat it looks like negligible that's 180 million dollars they beat by in 90 days and acquisition costs though yeah talk about a trend man they were at you know four to 4.5 to 5 billion maybe just two years two and a half years ago they're now flirting with 8 billion and they have since a year ago and does acquisition cost mean getting clients like us I believe it does total acquisition costs you know what they're spending to get that to get those clients and once they get them spend them look at the advertising revenue man 33.9 billion in q3 versus just 28.9 a year ago mammoth no they I'm pretty sure they were a big company a year ago and somehow they grew at what do they add there almost 5 billion dollars 2.89 billion would have been 10 percent you're going to like 18 percent on a yearly basis on revenue and they're competing with Facebook they're competing with Amazon coming up on their rear and there's the advertising revenue I mentioned it at the top they were at almost 20 22 25 you decide where that is along it just mammoth growth man big big time yeah what we're going to look at what you want to pull up the expected move for apple apple good we'll do it right when we get back tomorrow stay right there come right back hi folks tom o'brien here if you'd like to get my daily newsletter market insights then now is a great time to sign up for a 30 day free trial every morning by 9 30 I send out my morning letter to subscribers with market commentary on a variety of markets currencies and commodities to keep investors up to date on the day's trading action included in market insights specific buy and sell recommendations for stocks ETFs and even options which stops and price targets included for every trade in my newsletter if you'd like to try my newsletter risk free for 30 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of timing the trade charts allows you to scan thousands of stocks for Fibonacci formation setups including Gartly's ABC's butterflies and much more the art of timing the trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're going to 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 uh that was up 26 now six down 29 SAPs are up three and so Apple's coming out with the numbers tomorrow okay 246 right now i think it actually at all time high today okay um pretty remarkable i heard some apple up like 60 percent year to date man and that might not even include the pop that it had from that christmas eve low where they markets all got a pop from christmas eve to new years but year to date just an amazing year for apple i think the low will pull it up afterwards like 143 146 sometimes it is um 972 the market pricing in one day expected move gotta love the think or swim platform so that's about four percent or so ten bucks about four percent on that earnings number so the market pricing in about a four percent pop either way and uh let's let's jump back to pull up those apple numbers to see what they're going to become i'm not with because you want to talk about some big time numbers man and what's going to get intriguing is that the uh you know the amount of news covers they got on this 11 i'm just going to be looking for bigger numbers than i think that they say they're going to do because at the beginning they're saying okay the 11 was going to be big but all the news is like oh this has been real yeah that's exceed expectations right all right so they better they're better 63 billion 63 billion that's right top line bottom line 284 you got it and uh remarkable that next quarter there there'll be bad holiday season 86 billion dollars pretty remarkable and um they're still growing outside of charter they are and so they're sitting right now when i mean it's amazing we were just talking about trillion dollar company right they're already at 1.1 yeah they're just crushing it man and to put it on a longer time frame chart because i think you're right 249.75 right around on the open and pretty remarkable though look at this selloff going on here right i mean pay attention we got earnings tomorrow we're almost three dollars right now off nothing right just a little bit of maybe um the market saying hey we're pricing in a little bit too much exuberance right now and so back things up so no so apple actually made the low on january third pretty remarkable that they were actually one of the few hundred bucks 142 on the dot man europe 107 dollars 105 now 107 from there and um the pullback though yet to yet to withstand a 215 to 177 that's nothing to shake your head and that's 40 bucks that's almost a 20 pullback but man oh man it made it back in no time and we're now up a solid 20 percent from that price level man there's no doubt the high flyers are definitely hard to buy on the pullbacks yeah because the pullbacks are just vicious on them and i just look at amazon when they come up with the numbers oh man right i know you know i mean the amazon came back on his 100 dollars right that one you know look at that that's a blip it's like it didn't even happen in that bar and we went from 1780 down to 1700 and i don't even think that includes because that's a daily let's put this on a 15 minute we're gonna see 1618 so you understand it the daily didn't even look at that it's all forgotten bezos back to the top spot man pretty remarkable well what's not forgotten is the uh microsoft the contract with the pentagon 10 billion dollars is easy not easy to forget man right so uh this article will talk about the headline so amazon seen focusing on trump in pentagon contract challenge that shouldn't be a surprise to anybody paying attention uh the interesting stuff in here we went over right is the timeline of things we're in the timeline right now folks the government accountability office rules give amazon 10 days from the date of the contract award so maybe that was yesterday maybe that was sunday maybe it was friday right it was sometime because i think they said somewhere in here that their lawyers definitely weren't watching the world series over the weekend so maybe it was friday 10 days is all they have from the data contract or five days from their official debriefing from the pentagon to file a protest and pause the procurement the debriefings designed to give amazon feedback on its bid aws and the defense department didn't return messages seeking comment of course so such a challenge which is all but expected would trigger a review that the gao must complete within a hundred days and prevent the contract from taking effect in the meantime though the pentagon has the power to override and hold um override the hold and proceed anyway so two years after first outlining the project their size of the pentagon is he going to move quickly i would expect so and and had near two which is is that whether amazon won a loss they were prepared to go to court anyway that because this was him he's been in court for so long so even if even if amazon won they were prepared to go to court because microsoft is going to probably take them to court sure yeah yeah this is uh this is you know it's funny the i was listening to the uh i don't know what the largest contract amazon has prior to this ten billion but with microsoft this is five times as largest contract this large contract right now is two billion dollars okay you know so and and it you know it is uh a badge of honor i mean if you have if you have the defense to pop and they get into this it's not supposed to be political you know that's that's the thing that they're probably going to argue and uh i would argue that it definitely was political with president trump and his uh affinity or lack thereof for amazon and uh the argument here i mean they get the president basically screaming to to high heaven um of his need to to kind of screw amazon right so it'll be interesting to see how that plays out but president matters man commander-in-chief we'll see if that matters in the courts he can do it that's right i would say so so we'll see what happens we'll see how that baby shakes out yeah i don't know about it the uh the xlf so the banks we get the fed reserve tomorrow folks two o'clock a statement 230 news conference and you know you can the xlf i mean this this wants to basically try to hit this high they they kicked off earning season in high order man and it's it's it's close we'll see how they can get 3032 okay and it goes back quite a way now it's intriguing about this xlf of course is that the the holding and then when you when you look at the holdings you can see there's a couple equities that are just basically holding the whole thing up and the biggest one is jp morgan you know uh meaning the uh waiting structure you got uh berkshire is 12.7 jp is 12.3 bank of america wells fogo because when you go back down the like the this list list you're going to see the lower weightings are the laggards anyway so watch this you get if we look at jp morgan first jp morgan's excuse me in a major breakout i mean yes this is at all-time highs they're the juggernaut but it launched away too i mean it's it's getting away from the top of the breakout which is 119 oh yeah i mean look at that thing definitely now berkshire hathaway um is is close i think it's about 10 bucks off its high so that's not the end of the world uh 220 it's a 212 and that's been consolidating up to yeah 224 you know so that's strong bank america is the next one so between them i think at 12 24 you're 30 percent of the xlf and we take the look at this and you're going to see the same thing right close to the side now watch this we go to goldman which is only 2 percent and you know goldman has been a monster legged you know on a six month it looks great well but guess what you put it on a three year it's like okay your highest 275 and you're 218 yeah and you're coming right into icer you know so that with that uh november of 2018 that thing and one week it went from 222 to 198 yeah yeah so we'll see where the interest rate structure is going to go because that's what the you know what i was going to say we'll see where the interest rate structure goes as where the bank says banks seem to make money no matter what happens i mean i know that there's more money if the spread is bigger but they just have been printing money for a long period of time man well when most fargo uh just creating accounts let's say that helps them you know but well as far as been a little bit of a wall they got both only because they got caught there's not only because they got caught so we're at 1.84 right yeah for the 10 year you know that's a big number man i mean look at france france is still negative no for sure yeah germany's negative yeah stay right there folks tom and i come right back if you're in the cd market and looking for a secure investment the tiger first mortgage program may work for you the security for these first mortgages are building lots in the tax opportunity zone in st petersburg florida the tax act of 2018 set up tax-free zones across the country where you can build and hold for 10 years and pay no tax on the profits which makes these lots valuable the investment is anywhere from 30 000 to 75 000 the interest paid is 7% yearly paid on a monthly 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investing an investment in the funds 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 four-side fund services LLC don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv for the latest market information there's a 45 nasix down 17 s and p's are up five and a half and uh let's take a look we got this is a monster number we're just looking at the amount of earnings that is still coming out in the next couple days yeah so if you combine now this includes today's numbers as well all right but if you just look at today's which is october 29th you go into tomorrow's october 30th you're looking at was it 70 companies between just yesterday and today so there's a number 84 companies between yesterday and today so what out of 172 that are remaining and again that's uh including the ones that came out today right um just tons of numbers man and they only go to november 5th which i believe october excuse me november 5th being friday november 1st i'll get there november 1st being friday the fifth a week from today um so who do we have after clothes out here so we got a couple good ones after we pull them up we'll get back to the 10 29 gen i believe so here we go amd yeah am gen yeah ea yeah we're going down now this is only s and p 500 companies is going to win tomorrow that's right this kicks off the morning yeah adp payrolls keep going down i know we're going to get yum brands yum brands there we go what else we got facebook after the bell tomorrow g e i can't wait to see g is before the open tomorrow morning okay cool um facebook after the market of course we said we get uh apple after the market lack there's apple in there yeah and uh starbucks as well after market that's always kind of a cool one to see how much coffee they're selling there's going to be a big day tomorrow folks because what happens is that you know of course we get all the earnings we have the fed and then we have the uh refunding that the treasury will come out and they're pushing out 85 billion in bonds on three year five year and 10 year uh notes okay you know so i suspect you know we'll see how much the fed's going to pour into the market tonight but i expect we're going to see a good number tonight you know because they don't want the repo rate measure the repo rate going to 10 the day that the fed comes out no i imagine chairman powell would not like to have to answer that at the press conference at 230 right yeah this is yes there's no doubt so let's go take a look at these bonds so what we had out here yesterday folks is this is that both the 10 and the 30 went lower with price but the volume died on the vine and it did not reject lower price though so when you don't reject lower price it's like okay that you know that swing point is still a magnet the swing point we'll be talking about now is the september 13th swing point yeah so tomorrow you know it looks like it's setting up that that thing's going to get tested man you know that's the 30 year we're looking at yeah that's the 30 and so watch what happened that 30 years 460,000 contracts at that low yesterday you know we only did 238,000 and today it looks like we'll do about the same now one off yeah see i wish we got underneath it we didn't get underneath the low of yesterday we missed it by one tick we got underneath that we could have said it was a rejection of price thus far but it isn't we go to the 10 you're going to see the 10 and this is really unusual that the 10 i don't believe it did even a million contracts yesterday and that is very unusual yeah i'd say this is the calm before the storm yes yeah and so in the 10 the way that set up yeah it did 1.1 million yesterday it's going into the 2.4 yeah we hit 129.01 today oh that's good that's a test of the low at least but guess what it's got to get out of here to get a rejection and guess what yeah get ready for tomorrow yeah there's no doubt it's all going to be decided when the chairman tells the market what he's thinking about what what words is he going to take out or add to that statement right i'm telling you man in this particular case you get the s&p at all time highs you're going down a quarter percent i mean how can he turn around and say okay we're going to get down again because things are bad yeah yeah i mean um you know the only the only thing that you could throw in there right is in to create kind of what he's talking about is that the s&p the price of the s&p is not always indicative of the economy by itself yeah is one thing to keep in mind you know you have record share buybacks not quite indicative of economic growth right you have the jobs number on friday we're now looking at 85 000 is a number that they're expecting that is a lowering trend of jobs being added um i think gdp number they were talking about 1.6 percent and well so long to 3.5 4 percent you know dreams that that some type of tax cut is just going to spur growth like china consumer numbers this month this just came out that's right yes consumer and specifically fell through a four month low now it's so intriguing about this folks is that as as tommy has said you know you're going through that the mantra for forever has been the market always knows the market the forward-looking indicator so you know sure in general sure yeah i i we'll see where this baby goes there's no doubt about it i mean you got a record tax cut for corporations that boosted their bottom line that boosted their share that didn't necessarily it had a quite a little pop for a year to the gdp at the tune of trillions to our debt but right seems like that's all gone and the debt still exists yeah there's no doubt we're just approaching they're saying it's a trillion that's actually just under a trillion by a few hundred million or something you know at this particular point meaning for annual a trillion deficit this year yeah okay yeah so you know what you what you have there is that yeah you know four or five years ago everyone was screaming and yelling about the deficit but then would end up happening of course is that you know they decided that no it's good to spend money oh here it is they're setting up for it right now i love it minutiae says he's open it's a loosing bank rules to ease repo stress yeah um so now this is what happens here folks okay so he's speaking in an interview listen i'm not a lizabeth warren deal i think she goes too far but she's right and lizabeth warren was saying that hey they're going to use this to open up those rules because this this this rule is a dangerous rule actually if they open it up because what it is is like when when leeman went out of business overnight they went out of business overnight financial crisis error regulations yeah you know keep that in mind they went out of business overnight keep that in mind and so it's not that long ago we're barely 10 years removed from that what they're going to say they're going to be able to open it up again they'll be able to lend the money and then they can't get it back and that's exactly what happened with the leeman deal what ended up happening is that the banks worried about getting the money back i lend the money to you you're a big player but guess what you were a big player until one of your clients went down and all of a sudden your money's over there you can't get it back so i think this is a setup because tomorrow just what we're talking about they this is a big deal on the same day that it's the funding is always at the end of the month folks that's how this works um so you got you know the regulations and this is where man it's only 10 years all right this isn't something that happened like 80 years ago i know 40 years ago 20 years ago it happened 10 years ago right and the market's been straight up since then you have to be aware that there's going to be downturns these regulations are in place for downturns not when you go straight up for 10 years that's the exact situation that these supposed to be in for when you reach that downturn so after 2008 obliged financial institutions to hold more cash and cash like assets it's a buffer against times of stress systematically important banks jp morgan the largest in the u.s face year-end reviews to determine how much more common equity they must carry diamond is said this firm had the cash and willingness to calm repo markets when they went haywire in september but regulations held it back yeah i would be very wary of uh the banks they have a very biased self-interest in that discussion it's huge yeah so yeah folks come in i come right back i'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trait that we tigers and tigers share if you're looking to become 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banner on the front page of tfnn.com welcome back folks down 56 naziq down 19 so peas up seven and a half and you got minutian out here this is a great quote folks okay you got to keep everything in context yeah we pulled it up right so what's he say it's a reasonable question have we gone too far in the other direction and requiring the banks to maintain this excess liquidity for intraday operations are we being too tough on these banks so where do you see this and this is where i say well you know what you know listen regulations you know we're pro business everybody likes to use this socialist label all right but regulations folks are there for a reason the xlf from 2009 has gone from four dollars up to 29 what the treasury secretary is arguing is are we being too tough on the banks that we need to loosen it up and risk another financial collapse in the process right i argue no okay yeah that's yeah almost at all time i keep you keep things in context all right we've gone up for 10 straight years you pull up the spy all right i mean just craziness here from 67 to 303 and and now we're gonna loosen everything up and let them push the limits okay there is going to be a downturn eventually and that's why you have these regulations in place to prevent the collapse of the financial institutions that we depend on and this is going to be so intriguing what the statement's going to be because it seems that i mean no one wants to let the economy go everyone wants to go forward so the question is how does it go forward because we're so addicted to to shot and that's why the fed's supposed to be impartial right because politicians are always going to be whether it's democrat or republican you know trying to push the limits to to appease the voters to appease their base no matter what and that's why you're supposed to have bankers in there they're saying hold on we can't just open the spick it's 24 seven because we need to bear things back occasionally we'll find out tomorrow two o'clock stay right there folks thank you so i'm coming up next then i'm mad miss the battles of chap and steve rhodesday wait we'll be back this afternoon thanks bell thanks man yeah i'll get them folks