 The following is a presentation of TFNN. The morning markets kickoff with your host, Tommy O'Brien. Good morning everybody, I'm Tommy O'Brien, comedy live from TFNN just after 9 a.m. Eastern time. Well, you can't overstate the day we had yesterday and it seems like an appetizer to almost the main event with Jackson Hole, Chairman Powell coming up exactly one hour from right now, 10.05 a.m. Eastern time. We get the precursor, you get our man, Basil Chapman. He'll be live during the 10 o'clock hour. Maybe we'll get some fireworks again. Boy, there were some fireworks yesterday, man. Who had the market trading where it did? NVIDIA giving back all of the gains last night on just a bang-out quarter. You talk about optimism priced in everywhere in this market. That's a lesson for all of us, man. The market is supply and demand, folks. And sometimes all the optimism was built in. People who had their trades, people were bullish. You saw them selling off on the run they had on Tuesday in terms of ahead of those numbers after the bell on Wednesday. You were pushing 480 from just 420 on Friday. You had sellers that day. You accelerated higher. If you didn't get out on Tuesday morning and you decided you were going to hold through the earnings numbers, then you probably got out on Thursday morning. And if you didn't get out on Thursday morning, sadly enough, you're actually basically in a losing trade from where you came into the numbers on Wednesday afternoon and where you came into Monday afternoon. Pretty remarkable the give back on the type of numbers they had. I think we've all heard them at this point, right? I mean, how about the revision? 12.5 billion up to 16 billion. We covered it yesterday, but absolutely remarkable in the context of the give up. Now, going back to where we were just yesterday, all right? When I got off the air at 10 o'clock, we were still trading at 483 in the video shares. Think we were down about 28 points in the S&P, something like that at about 1030 in the morning to that again. So the pain had not begun just yet, man. As the market's accelerated lower, we're lower yet again. You're getting the video shares off about a buck 50. You have the S&Ps in positive territory sitting right at about 4,400. How about 100 points sell off yesterday? 100 points sell off in the S&Ps. NASDAQ 100, 600 points from 15,418. We made it below 14,800 last night. We're positive this morning by 27 points up by about two tenths percent. You're going to see growth stocks in focus, man. That to say the least. Now this channel that I had on my chart, I thought we were going to leave it in the wayside and maybe we haven't. You get a little test of that channel. Maybe that's your test, okay? S&Ps, you see where we came back into, right? This is from the recent highs of about 4621. You back it up. That's the beginning of August, 4621 in the S&Ps. You break out up to 480 or so as we talked about. You come back, we've tested that line. We'll see where we go from there. Not the strongest of channels as in we're only going back 25 days. You see, we've had breakouts. We've had breakouts on both sides. So it's not the perfect channel there, but keep your eye on it, man, because we have had lower lows and lower highs. And boy, that could have been an exhaustive top there. And it would be ironic that exhaustive top in terms of coming in on the best numbers you could hope for from the company that's been leading us in the video shares. We jump over to some of the other tech companies. Microsoft, how about a $15 give back, right? Just remarkable numbers, man. You jump over to Google shares from 135 to 130. Amazon gave it up from 138 to 132. I mean, we all saw it, but man, it was mammoth. How about the other chip stocks too, right? AMD goes from 112 to 99 handle overnight. Intel shares from about 34 to 3263. NVIDIA trading right now, basically flat where we came into Monday's close. And as I mentioned, we came into Wednesday's close as well. So basically what would have happened if they didn't? What would have happened if NVIDIA didn't forecast a 16 billion from 12.5? I'm not sure, but it probably would have been a bad deal considering it was a bad deal even when they went to $16 billion. All right, we jump around. You got crude with the 79 handle. We were as low as $77 yesterday. You trade just above 80 bucks in the last few minutes. We're trading at 79.81. Goal contract, we're chopping around right now at 1,943. We'll talk about gold a little bit this hour. If you haven't checked out the Gold Report, folks, my dad's got a Gold Report webinar. Subscriber webinar, free for subscribers to the Gold Report. He's had some great calls recently. He's looking for some action in gold. He's excited to do a webinar. I think it's his first webinar we talked about it, since September of 2019 for the Gold Report. He's done other webinars during that time in terms of his timing of the trade methodology, but a Gold webinar, you're talking about four years, and so get in there, check it out. That's coming up this Wednesday, August 30th. And then we're all leaving for Labor Day weekend. No, I can't be here on Thursday and Friday, but Labor Day weekend coming after that. So Wednesday, August 30th, Gold Report webinar. We'll talk about that later. It's right on the front page of TF&N folks. Check it out right now. My dad's got new updates that are put out on Monday, so great time to sign up over the weekend. You get that new update, and he had a new buy on Monday that you can still get into, and there's some other equities that are right around their purchase price in that report as well. We jump to notes and bonds. The focus ahead of Chairman Powell, the 10-year right now, negative by two ticks. It was remarkable. Look at the moves we had yesterday, right? As you drive up to 109.28, you finish the session at about 109.17, as in the end of the trading day. And we've chopped around there for a bit. We're talking about a yield right now, 4.24%. The yield on the 10-year, 4.24%. The yield on the 10-year as we come into Jackson Hole, and I saw them. I was watching Bloomberg this morning, man, and I'm very fortunate to live in Florida, folks. We got it made with temperatures during the winter. During the summer, it's a little lofty. It's a little lofty everywhere though, right? It's a little hot everywhere during the summer. We got blue skies 364 days a year, I get. We get some rain as well, but we're very fortunate. But this time of year, I was watching Jackson Hole. I was a little jealous, man. I looked up the weather on Jackson Hole after I saw the crew on Bloomberg out there dressed like it was November or something like that, man. Wearing jackets, and they had three layers and pants on. Man, I can't wear three layers in Florida ever, let alone in a late August morning. Nonetheless, Jackson Hole, Chairman Powell coming up. Now, you got Lagarde speaking as well, but all the focus is gonna be on Chairman Powell. 10.05 a.m. Eastern time. He's getting primed. He's getting ready. We jump over to the dollar index. How about 104.30, right? Quite a spike. You got higher yields. You got a stronger dollar. Now we've backed off a bit. We're still sitting basically at the highs we had recently. Bigger picture here. I mean, we're pushing the higher levels we've had recently, right? You're basically back to where you were in December. Think about that. That the dollar is back to where you were in December. And we've been shopping around. You take a look at the 10-year. Meanwhile, all the way back in December, we were at the higher price, lower yield, right? So you had a much lower yield at that time, but nonetheless, that is where we find ourselves and we get a glimpse into what the chairman may be thinking in less than one hour from right now. And I think it's spectacular that it follows yesterday's events, man, because you talk about a turnaround Thursday. I haven't seen something like that in a while, man. Absolutely remarkable that NVIDIA actually rolled over. As I say that, right? Yeah, so technically yesterday, NVIDIA closed up 47 pennies or one-tenth of a percent. Pretty remarkable. They actually did hold on to the positive close, but boy, you talk about it. All right, folks, back to the S&Ps. We'll be coming back. We got a lot to talk about. We'll talk some interest rates, man. We'll talk some yields. We'll talk our star, okay? We're gonna go over and break down some of what the Fed's gonna be talking about when we get back. We'll talk about, you're gonna hear it a lot, right? The neutral interest rate, our star. What does that even mean? Where is it been? We're gonna go over some of that action. We'll give you a little bit of a teaser ahead of the 10.05 AM main event this morning. Yeah, we got a lot of economic data next week, and then we come into end of summer, beginning of fall. Stay tuned, folks. We had a lot to talk about. We'll be right back. We'll talk some interest rates. We'll talk neutral rate. We'll talk our star. We'll be right back. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them, using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30-day money-back guarantee so you have nothing to risk. For all the details and to start your subscription today, visit the front page of TFNN.com. TFNN, educating investors. 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TFNN has launched the Tiger's Den. Hosted at Discord, TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours, the Tiger's Den. Available to all tigers and tygruses for just $1 for the year. There's no catch or added costs when you join our community of traders. Sign up today and become a part of this educational community of traders. Just visit the front page of TFNN.com. Folks, we got the markets in positive territory. We are about 45 minutes out from Jackson Hole, Chairman Powell's speech, and we got markets in positive territory. You get the dollar index right now sitting just above 104, I believe. Let's see if we're holding on to that level. We sure are. 104.04 is the price on the dollar index. We get a higher dollar. You have yields slightly higher today, sitting almost at about four and a quarter percent, and we jump to a little discussion of the main event of this morning. Powell speaks on Friday as does Lagarde. So I think Lagarde's up first, right? Maybe somebody can help me out in the dinner. Is she talking right now? She may be. What I did find interesting in here, okay, is this article from Bloomberg, and this goes back, but it's a nice explanation here. From July 18th, but they're updating it last night for a little bit of main event, Chairman Powell, this morning. And it was interesting, because you hear this a lot, and I'm somewhat familiar, but even walking through it myself this morning, it's something I just wanted to share with you, because there were a couple of things that stuck out at me. So we all know, right, that central banks manage economies by sending interest rates at levels that encourage or discourage things like purchases, okay, which drive the economy, either too hot or too slow. They revolve around a number that's right in the middle in terms of how do you know if the rate is too high or too low, and that is the neutral interest rate, which they call our star. Now here's the thing, nobody really knows what the real neutral interest rate is, okay, we all have good guesses. Well, we don't all have good guesses, but you can make a good guess, but it's not like you can solve that number like a scientific principle and be sure that you're accurate. So that's why everybody can have an opinion, okay. What is the neutral interest rate? Our star, as they call it in economics, okay. It's the level as former Fed Vice-Chair Lyle Brannard, what she's now the chief economist for the Biden administration, I believe. It's the level that keeps output growing around its potential rate in an environment of full employment and stable inflation, okay, why is an important number? In the long run, central banks want their policy to be consistent with what they think neutral rate is, okay. So in the long run, they're trying to basically peg their interest rate at neutral, when things get too hot, you go above neutral to calm it down, right. When things get too slow, you bring the interest rate below neutral to encourage economic action. It doesn't know for sure. That's how they put it. How could you know for sure, right? But it estimates things in terms of it doesn't know what the neutral rate is. Central banks tend to think that long run trends in productivity and demographics dictate where it is. Now here's what's really cool about this, right. Cause man, time flies, you're talking about 13 years ago, excuse me, 11 years ago, do my math. In 2012, when Fed officials first began publishing their estimates of the neutral rate on a quarterly basis, the median FOMC participant pegged it at four and a quarter percent. Did you know that? I had forgotten that, okay. That would mean that the FOMC rate to keep things steady would have to be at four and a quarter percent. Keep this stuff in mind, man. When everybody talks about maybe a repricing of yields, right, maybe this is what is happening right now. Okay, we were at four and a quarter percent 11 years ago. That's not going back to some crazy time in the 80s when we had 18% mortgages. Okay, folks, that's going back to 2012, when Fed officials began publishing their estimates in the neutral rate at four and a quarter. Well, that would mean if it's at four and a quarter, and listen, they're not saying it's four and a quarter now, okay, but don't think four and a quarter is some crazy number when we were just there in 2012. Over the ensuing years, that estimate was continually marked down in June, it was 2.5%. So there's where you get the two, where there's where you get the 2.5. Even if Fed officials think 2.5 is the neutral rate okay, they're not going to bet the farm on it. What are you going to do? You're going to give yourself some room for error, okay? Because you have to be cautious and your risk, as Chairman had put it many times, is probably on the inflation side. It really is. The spirited debate, right? A 2.5% federal funds rate can be considered neutral or too low has everybody up in arms on both sides. Now, the Fed funds rate is at five and a quarter to 5.5 right now, the highest level in 22 years. The terminal rate, okay? When they published their quarterly projections in June, the median estimate had the funds peaking at 5.6% in 2023. This is their June publication, okay? Before returning to 4.6% next year, 3.4 by late 2025. By contrast, the terminal rate during the bout of high inflation that started in 1970s was 20%. And that's why I say the 4.25%, right? It's not from that crazy era. The 4.25% is from 2012. Maybe numbers are a little bit higher than we're thinking they are. And it's pretty remarkable that we had the numbers of a terminal rate at 20%. But boy, we had inflation raging like we didn't even see right now. So nonetheless, that's what you're going to hear, okay? That's a little bit of the history of it. The neutral rate is what they're referring to when they talk about our star. That's the number that they want in a longer-term basis to peg the number at, to keep the economy as consistent and calm with growth, full employment, as they put it, what do they put it here? At full capacity and full employment is the way they want it. So we're 40 minutes away, or there's going to be a lot of talk of the neutral rate as we go forward. All right, what else we got up here? Yeah, so you have Lagarde speaking. Let's see. Yeah, that's just talking about the schedule. We'll see where we go from there. Now, this one's just interesting, man. Pretty remarkable. I talked about it yesterday, Purgosin, right? So he gets shot out of the sky. Let's see, I got a couple articles here. Not too surprising this headline. Early intelligence suggests Purgosin was assassinated, preliminary findings indicate it was not surface-to-air missile that took down the leader's plane, though, okay? Because that was the first indications, right? Wasn't there that it was a missile defense or something like that? Was not shot down by a surface-to-air missile. A bomb could have exploded on the aircraft and that some other form of sabotage could have caused it. Just absolutely remarkable. The guy flies out of Moscow, man, on a plane with his name on the manifest list. Don't ever let ego get you, man. We all got egos and you see it happen all the time, right? The egos on some of the people that went down in that sub recently, man. Thinking that you're bigger than life and that's just not the case sometimes. He was just in Africa. This story from the journal out this morning, while I read it last night, I was reading it this morning. He was just in Africa. Yeah, he was just there last Friday. His private jet touched down on the capital of the Central African Republic. He was salvaging one of his first clients. He's got 5,000 men there deployed across the continent and he was basically there to say, hey, what happened in June? It's not gonna stop. Won't stop him from bringing new fighters and investments to his business partners in Central Africa. So he thought he was just gonna march on and keep going, man. That is just a fascinating story in how in 60 days you march on Moscow and all of a sudden you're flying out in a 10 person plane in Moscow thinking the poop is not gonna notice. Not the case, folks, not the case. All right, we jump back to stocks. We got some of the equities moving this morning. We'll jump around. Some of the equities with their numbers. We got Marvel technology jumping around. They were lower. Let's see if they're holding on to those losses as we come into the opening bell right now. Yeah, they trade lower yesterday, man, on the decimation. And then they add to those losses off about three bucks, man. They earned 33 cents a share on 1.34 billion in revenue market. It was looking for a little bit more on the top and the bottom line they were looking for. Oh no, they were looking for 32 cents. They beat, they beat by a penny and they beat by a little bit on the revenue as well. All right, folks, we're coming back for the open. We've still got lots to talk about. It's Jackson Hole Friday. Stay tuned. We'll be right back. With rising inflation, rocketing interest rates of all to dollar and uncertain market, there's an asset that all traders flock back to gold. However, these are regular times also mean a regular gold market which presents its own unique challenges. This brings up the question, what moves the gold market? This is a question I'll be answering in my next live webinar. On August 30th, from 4 p.m. to 5 p.m., I'll be hosting a live free webinar for all those who's subscribed to my newsletter, The Gold Report. The Gold Report has been in publication for over two decades and I've seen just about every market gold has been traded in. This experience lends me great insight when trading gold and other mining equities and now that insight can be ours. On August 30th, I will deep dive into gold, bonds, and the dollar. Where they are now, how they affect each other and what to look for when looking to set up a trade. Additionally, I will provide a comprehensive breakdown of the XAU, HUI, and GDX as well as cover individual gold equities and answer questions live on the air. Subscribe to The Gold Report today so you don't miss this rare moment gold. TFNN, educating investors. 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Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, TFNN. Educating investors. 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. Welcome back, folks. We have markets open. You got the S&P catches, a little bit of a lift coming into the opening bell. We're pushing pre-market session highs. We're up by about 17 points right now, trading at 4403. You got the NASDAQ 100 up by about 43 points. That's about 310th percent. You got the Dow up about half a percent, 34,311 and the Russell right now up about half a percent as well. We jump around. Boeing shares up about 810th percent. An interesting chart on the front page of Bloomberg.com today. I found, of course, they're talking Jackson Hole. It is interesting when you look at the key Fed rate versus where we are in inflation. Check out that chart in terms of where we've been, where we are. We were at 0% Fed rates for a while. You have the PCE in black at the top here. See if I can make it a little bigger. And then you have the core PCE in, you call that dark blue, I guess, versus an indigo blue, which is the Fed funds rate. And it is interesting to see that inflection point, right? You get the Fed funds rate, still sitting at 5.5% approximately. And you have both the PCE and the core PCE rolling over, core less so than the main headline number because of crude prices. But how long are they gonna have to hold that to get it back to 2%? And remember folks, where they want is they want the core number really back to 2, 2.5% or at least they wanna be sure that they're going back to 2%. I'm not sure how you become sure that you can make it back there in no time. All right, yeah, let's talk a little insurance, man. Because in Florida, I've been talking about it. I gave, you know, if you're in Florida folks and you're having any problems with insurance, if you're purchasing a home, no matter what you're doing, okay? Make sure that you pursue citizens, which is usually the lender of last resort. Make sure you pursue it because most times it can be dramatic savings. I think my insurance for basically a single family home, it's a duplex, but that doesn't change what's going on with my insurance. So I'm like, you know, do you say, ah, that's a duplex, it's an investment property? No, I live there. So it is a duplex basically insured as a single family resident. $7,300 was the price tag on that property for insurance this year. I went with citizens and got it down to 1,200, I think, 7,300 to 1,200. There are some differences there. They're pretty negligible when you look at the cost though for a yearly basis folks. Pretty negligible to say the least. So yeah, they're gonna hit people, man. You should have seen what that did to my payment on my mortgage. Yeah, you add an extra $6,000, $7,000 to your year. That's gonna jack up your mortgage folks, not surprising. Yeah, so check it out. Here's the numbers, right? And they're Cape Coral, okay? Now they're talking about Cape Coral, Florida, devastated by Hurricane Ian last year, and their numbers aren't even as high as I was talking about, okay? The average annual home insurance premium for Floridians has tripled in five years from 1988 in 2019 to $6,000. Staggering what that can do to most people's payments folks, okay? You're talking about a $4,000 increase. What is that? That's $300 or $400 just in insurance for most people. That's $4,000 a year straight out over the top that's taken for that cost. The cost of flood insurance, mandatory for some is rising faster. Listen, flood insurance, that's a whole different conversation though. The average annual flood insurance premium for a waterfront zip code has increased from 1,700 to 4,700. Well, guess what? I could probably make the case that 4,700 is a steal to get flood insurance if you're on the coast right now with what's going on with some of the hurricane forecasts and the water temperatures going on, man, these are home builders say rising insurance costs are affecting sales. Nationally, no effect at about 91%, but guess what? You get to Florida? Yeah, basically about one out of three builders say insurance costs are affecting sales. And it's gotta, when you're looking at that level. Now there's some qualifications for getting a citizen's policy in terms of you have to have a code from a private insurance that has to be X percentage amount more than the citizens, right? It's meant to be a last insurer, but pretty much where rates are right now folks, everybody's gonna fit into that if you're having any problems with a six or $7,000 insurance policy. So check it out. Cause what's a bummer here is that sometimes people get lazy and we all do and I'm not saying in a bad way but because if you do nothing, it just rolls into your mortgage most of the time, right? So what'll happen is your insurance company, if they don't bail out of Florida, what happens is they'll send your renewal notice, they say, okay, here's your new rate, then your mortgage company will do an escrow analysis eventually and they'll say, man, you're way under where you need to be, we're gonna recalibrate your payment. If you do nothing, your payment's gonna go up to this amount of money. So what happens is that by doing nothing, your payment is taken out. And so that's the real problem here, that there's not even an action, right? If you had to go every single year and pay $7,000 up print in an insurance office by writing it out of your bank account, people might be more prone to say, hold on a second, is there another service before I write this check for $7,000 today that you could offer me that's comparable? As opposed to all you're doing is you're getting letters in the mail that say your insurance went up, we're gonna adjust your payment if you do nothing. Don't worry, you'll be all set. You already have automatic renewals taken out. I mean, automatic payments taken out. So that's why things can creep a little bit easier on a lot of people. Yeah, and that's gonna be a big deal, folks, and they gotta get it under control. And there's a number of things that impact that, but it's more than just storms, okay? And that's the thing to grasp from this as well, because we got a big problem with fraud. We got a big problem with roofing fraud in particular. And that's something that hopefully our politicians can get control of because, yeah. Now this one's interesting, right? The risk of disasters have not been fully priced into property markets. So saying, you probably gotta have it. I mean, you're getting flood insurance for 4,700 bucks living on the coast, man. It's probably a bargain when you think about it. Partly because, I mean, think about that for a second, right? $47,000 for insurance for a year. You do that over 10 years, that's 47 grand. You do it over 15 years. What are you talking about? 70 grand. You do it over 20 years. You're talking about $80, $90,000, right? Even call it $100,000 to ensure a waterfront property in Florida for 20 years. Listen, I'm a gambler and I like those odds, man, right? I would be the buyer. I would not be the insurance company. If you said to me, hey, somebody on the coast says, hey, I'll give you 100 grand right now. You insure my property on the coast for the next 20 years. All of us would say, you're crazy, man. Keep your money. I'm not taking you 100 grand because there's no way that thing's not gonna pay out over the next 20 years. That's an easy way for you to understand, folks, when you're looking at something, right? Try and run things a million times and see if you end up in the profit. Okay, when I used to play poker, and this is the way you wanna think of things, all right? Look at a situation and say to yourself, if I run this scenario a million times, what's the decision that I wanna make where I'm confident I'm gonna come out profitable in the long term? Buy some flood insurance for 47 bucks, 100 bucks, folks, if you're on the coast. If flood risk were taken into account, U.S. residential properties would be worth at least $121 billion less. Now these are nonprofits, First Street Foundation. We've talked about them before, man. Look them up, look up your address, folks. They'll give you an idea of what the flood risk is actually over the next 10, 20, 30 years, okay? In Florida alone, they argue. This is them. Properties and flood zones overvalued by more than 50 billion. Be careful out there, folks. Make sure you're covered. Stay tuned, folks. We're coming back. We got the S&Ps up by 20. We are 25 minutes away from Chairman Powell today. Don't go away. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at tfnn.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. 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Distributor, four-side fund services, LLC. This program is brought to you by Vista Gold, traded on the NYSE American and TSX under the symbol VGZ. Come back, folks. We've got markets in positive territory. We jump around to some of the thanks, dogs. You got Apple shares. Up by a solid 9-tenths percent right now. We're up by $1.50 on the open, $1.7798 right now. You jump over to Microsoft shares. They catch a bid as well, up about 9-tenths percent. We jump over to Google. Down 4-tenths percent right now, you jump over to Nvidia shares. Catching a bid up by about half a percent. You're $2 higher, 473 for Nvidia. You jump over to Tesla. Tesla catching a bid up to 234. You're up one and a quarter percent right now. And we're talking about right now that we are about 20 minutes away, folks. We're talking about yields at 4.25%. We jump over to that 10-year. And we're pushing basically, pre-market session lows and price. We're just off of the lows that we had on Monday. You have that low on Tuesday. And we are now technically above 4.25% coming into Chairman Powell's speech. Excuse me, as I'm just reading headlines coming across at 10.05 a.m. this morning. All right, let's jump to Nvidia. Interesting one from the journal here. Talking about Nvidia, rocket ship, power stocks through a slowing economy. Some investors say AI-themed shares have room to climb. This is gonna be the big discussion going forward for the next three months. Excuse me, so this article out there from the journal this morning. And I think the answer is no. I mean, it has powered the market higher, folks. I mean, Kevin did a great job yesterday saying where were we when they came out with their numbers in May, right? When we talked to our man, Kevin Hinks, of Fast Market, check out their program. Every day, folks from the Schwab Network right here on Tiger TV at 12 noon Eastern time. And Kevin made a great point with saying, hey, you know, check out where these markets were when they came out with their earnings. I think it was right around here. May 24th, something like that. Let's pull up on the video. Yes, May 24th to 25th, so they come out with them. You back it up to the ES during that time, right? You were at 4,100, so you traded up 500 points in the S&P. We've given back some since then. You jump over to the NASDAQ 100 since that May 24th date. And you're talking about trading up 2300, almost a 16, 17% acceleration on those numbers from May 24th. I think we saw the writing on the wall yesterday that, boy, it can influence everything, but it can't save the markets, folks. There is so much optimism when you talk about PEs, when you talk about multiples on revenue, et cetera, that, yes, it is going to be an accelerant for some time. I mean, look at the margins they're making, right? This is what boosts stock markets, man. When you've got companies taking in $16 billion over 90 days and they're taking 72% to the bottom line. That's the type of margins that they're dealing with, but you're also talking about a company right now valued at $1.2 trillion, and you have the NASDAQ after this pullback even, okay? Still up almost 30% so far this year. So I'd be careful as this narrative takes hold, man, because you're going to hear this talked about a lot. That's NVIDIA's acceleration. That's the NASDAQ comp, which is still up 30%, and it looks like nothing compared to what NVIDIA has done, but pay attention to what happened yesterday, man. We'll leave it at that. All right, what else we got going on? We'll talk about some of the equities that are moving this morning. We talked about Marvel with their numbers. Oh, I'm aced. Excuse me. Got a little sneeze. Marvel, on their numbers down about 6.7%. Some of the other companies with their numbers, we jump over to Workday. They give it all back and then get it. They're up by 2.7%, a little bit of volatility on the open for Workday. Their numbers, a buck 43 in earnings, they were looking for a buck 26, 1.79 billion versus 1.77, and they're looking for some growth in subscription revenue growth to slow in the third quarter, but they liked what they came out with, basically flat, up 2.7, shouldn't say basically flat, up by $6 for Workday. We jump over to Alta with their numbers, Alta Beauty. Now take a longer term look at this chart, right? It was a one-way trip from the COVID lows up to 5.50 in the middle of this year. You really drop out of bed on their last numbers, right? From 4.92 down, now put this back to a daily. I mean, check it out. You close the gap on July 13th, and then just like that, we're right back at the lows on their next earnings event. So they are down 1.5%. They were positive on these numbers. Okay, so you give it up on the open here, and they had beats on the top and the bottom line, stronger than expected, same-store sales growth, raised their full-year forecast, $6.02 a share versus $5.85 earnings, 2.53 billion versus 2.51, and the market says, what have you done for me lately? A lot of optimism built in, man. Gap, one of the GPS. Yeah, they're out with their numbers. Mixed quarterly results is how CNBC had it there. You can check it out. Sales dropped 8% to 3.55 versus 3.86 a year ago. You get into the numbers. Adjusted earnings, 34 cents versus nine expected. Something's going on there though. 3.55 versus 3.57, and I say that because, well, maybe not, you're up by 3.3%. So they do beat 34 versus nine. Net income, 117 million compared with a loss of 49 a year earlier. Choppy consumers, how they put it? Yeah, retail, right? You talk about it, man. All right, some of the other equities that we have moving this morning, let's see, AMC, they're almost done with their, oh man, that is such a disaster. Look at this gap. Look at this, these are five-minute bars, folks. No matter what day, look at this chart, man. My goodness. Oh, a lot of people losing a lot of money, man, going from 50 down to 15 in the span of two weeks. Wow, absolutely remarkable, man. They got an anticipated stock conversion. They're gonna convert its preferred equity units to common stock at the open. Boy, let's back this thing up. That is the low, you're below everything, my goodness. You're back to below where we came into the craziness at, absolutely remarkable. Well, how long did it take? It took two years and three months to give it all back and then some from the run-up, absolutely remarkable. All right, we jump over to Netflix shares. They were a little bit higher. Yeah, they're up by 2% right now. They get an upgrade at loop capital to a buy from a hold and stocks add an attractive price point after a recent pullback. Well, that's an easy one to talk about. Nonetheless, you're up by about 2% right now on Netflix shares. We jump over to the dollar index. 104.08, a little bit of a bid there. We check in on yields as we are now 15 minutes away from the main event. Don't think, keep going, man. We're sitting at 109.13 and we're talking about a 10-year right now. Gotta be above four and a quarter still. Yeah, sitting right at about four and a quarter percent on that 10-year. And I wonder what's gonna happen here. Do we get his speech ahead of time? We may, right? We may get his speech ahead of time. He's gonna be talking at 10.05. Yeah, thank you. Yeah, I was just thinking that. All right, lots going on. Just checking in on headlines, man. We keep our eye on that gold contract. As I mentioned, folks, my dad's in there in the Tiger's Den. He's ready. He's primed. He's ready for his program already talking about it. He's ready for Chairman Paul's remarks like we all are. But head on over to the front page, folks. We'll talk about when we get back. My dad putting on the Gold Report subscriber webinar coming up this Wednesday. Check it out, sign up for the Gold Report. We'll be right back to finish up the show, folks. Don't go away. With rising inflation, rocketing interest rates of all to dollar and uncertain market, there's an asset that all traders flock back to gold. However, these are regular times also mean a regular gold market, which presents its own unique challenges. This brings up the question, what moves the gold market? This is a question I'll be answering in my next live webinar. On August 30th from 4 p.m. to 5 p.m., I'll be hosting a live free webinar for all those who subscribe to my newsletter, the Gold Report. The Gold Report has been in publication for over two decades, and I've seen just about every market gold has been traded in. This experience lends me great insight when trading gold and other mining equities, and now that insight can be ours. On August 30th, I will deep dive into gold, bonds, and the dollar, where they are now, how they affect each other, and what to look for when looking to set up a trade. Additionally, I will provide a comprehensive breakdown of the XAU, HUI, and GDX, as well as cover individual gold equities and answer questions live on the air. Subscribe to the Gold Report today so you don't miss this rare moment of gold. TFNN, educating investors. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman in your inbox every day. 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. TFNN.com Educating investors. Everything in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. 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. 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. Welcome back, folks. We got the markets right now with the S&P up by 18, as deck up by 83, Dow up by 112. We're 10 minutes out from Chairman Powell speaking at Jackson Hole. And as I mentioned, folks, head on over to the front page of TFNN, check out my dad's gold report. If you haven't checked it out yet, even if you have, check it out again, man. Gold, we got some volatility in the dollar. We got some volatility in yields. You got some volatility in gold. Now may be a great time. My dad's doing a webinar 60 minutes this Wednesday. What moves the gold market? A deep dive into the markets with Tom O'Brien going over gold, bonds, the dollar. Where are they now? What to look for as gold and bonds move higher and the dollar moves lower? A comprehensive breakdown of the XAU, the HUI and the GDX, how they're trading and what to look for as we move higher and coverage of some individual gold equities and questions answered live. Check out the gold report, folks. You get that for 30 days when you sign up. And I encourage you, if you're thinking about staying on, okay, you hit the subscribe button. You can sign up for a month, for a buck 19. You can sign up for six months and save $133 or 22% at $559. You can sign up for a year and save 32% for $985. All of them come with a 30-day money-back guarantee so you have nothing to risk. You sign up for a month. You're not happy. Maybe it's a letter you're not gonna use for whatever reason. You cancel, you get a money-back guarantee. You pay nothing. You get the letter for 30 days. You get a 60-minute webinar with my dad. That will be archived, folks, as well. So you can check that out over whenever you'd like. If you're a subscriber to the Gold Report, those archived webinars are always available anytime you'd like on your member's page. All right, folks, stay tuned. We got an interesting day, man. We got our man, Basil Chapman. He is coming up next with the Tiger Technicians Hour. And it's gonna be a good one, folks, because we got the chairman. We got the main event. He's nine minutes away. We got markets in positive territory. We got the 10-year yield right now sitting at 4.25% and we got the dollar index above 104. Folks, thanks so much for starting your Friday off with me. Stay tuned. We got our man, Basil Chapman. He's coming up next. We got our man, Steve Rhodes. We got Fast Market from the Schwab Network. Our man, Kevin Hinks at 12 noon Eastern time. Larry at one. And Tom O'Brien, my dad, wraps it up live from 3.04. Check out the Gold Report, the front page of TFNN, folks. Have a great weekend. Have a safe weekend. We'll see you on Monday. Stay tuned for Basil, folks. He's coming up now. Have a great one.