 The following is a presentation of TFNN. The morning market kickoff with your host, Tommy O'Brien. Good Monday morning, everybody. I'm Tommy O'Brien, company live from TFNN. Just after nine a.m. Eastern time, we got about 24 minutes to go until the start of trading and you get the S&Ps right now. A little bit off the lows we have this morning, but still negative by about 410th percent. You're off by 15 points at 36.94. Now, man, we got some action almost all over the place right now in the overnight session. You talk about action and currencies, folks. We'll jump over to the pound in a moment. NASDAQ 100, you're negative by about 16 points. You were as low as we'll get the print about 11,250 last night. So you're up about 100 points from where you were there, but you see volatility in both directions. You get the Dow right now, 29,556. Lows on Friday, about 250 points lower at 29,315. Russell, 1676 right now. Bitcoin actually positive above 19,000. Crude trades to 7721. Quite the sell-off last week for crude. We finished in the 70s this morning. You're basically flat in crude. Gold contract negative by just a bit. Now, we're gonna pull up some of the action we had overnight, folks. Remember the time on that stamp there, 845. Crazy action, whether you talk about the dollar index, the pound, the euro. We'll pull it up, 845. Gold spikes to 1633. We've had a little bit of a recoil in some of those price action accelerations. We're up to 1651. You're off by about $3 in gold, and we jumped to notes and bonds, and you're continuing the trend, and we're off the lows, though. Now, look at the action we had Friday. Friday, you make it to 1125 in the tenure. This is, we just traded down to 1126. Okay, now we bounced a bit, and you're talking about, what is that, 6,8? Like 14 ticks, we've bounced. You're still negative by 12 ticks. You were negative by almost a full point on the tenure, challenging the lows of Friday. We have bounced a bit. We'll see where the day goes or the week goes as we kick things off, and how about a VIX to 3288? Now, we put the VIX on a daily. You know, I had been talking about it, easier said than done, in terms of just speaking about it hindsight 2020, but it's something you wanna keep your radar on, folks. You know, all this carnage going on, basically since you had the acceleration of August 18th when you had the VIX chopping around with a 19 handle. The markets have been selling off. There's your huge day for the CPI. On September 13th, you spiked to 28. You just compare it to the spikes we've had this calendar year, right? 28 was not a peak fear there. We're getting to a possible area, at least on this chart, that is comparable on a VIX when you're talking about 35, 36, 37, or 38. And what did we push this morning? 3288. So almost up to some of those prior peak levels on the VIX. All right, now let's get into the action overnight, man. We'll start it off with the dollar index, all right? Really, we'll start it off with the pound. Pound US dollar. Now there's a spike for you. Now I think that, yeah. I don't know how low that really goes. I think 103 is the real number. 95, I guess is a print on the Thinkorswim platform. Maybe somehow something fired off. But you had real trading taking place. Let's just zoom in on this spike. I remember I said 8.45, 9 o'clock last night, right? Yeah, you got below 103 to 102, somewhere like that. From 107, folks, mammoth moves. And then we've recoiled to get back to that level. Now you pull up the dollar index at the same time. All right, dollar index spiked to 114.52. We've given up more than a full point from that time. You were still above 114 at about 130 a.m. this morning and you were above 113.80. As of just about an hour and a half ago, as you trade down to 113.07, just wild action across the board in the currencies in a big way. Let's jump to the dollar yen, since we're jumping around on the currencies. Yen, there's the spike that correlates to some of the other spikes. Now this is one minute. Let's put it back to a five minute. A little bit more clarity in terms of what we're dealing with. There's Sunday night. The yen, I mean so much for the intervention, right? Let's go back. There's your intervention. The yen, 145.89 down to 140. We're almost pushing 145 again, folks. We're at 144 to start the trading week. Pretty sure that's not what they were hoping for when they intervened in Japan, trying to limit the upside of the dollar yen, but it just doesn't stop over there in a big way. All right, let's just jump to some of the headlines and we're gonna kick it off with some currencies. Now I'm gonna go to the Bloomberg front page for a second, okay? Because it's interesting that every single article in the top four is talking about currencies, folks. You're talking about dollar, surge, tense ends in crisis is Morgan Stanley, okay? The UK Tories looked to Bank of England to step in to halt the panic over the pound. Tech stocks facing on the 10% drop are more strong dollar hits profits, okay? It is everywhere going on in terms of what currencies are doing to this market right now. You figure those out, you figure those out, and guess what? We're very heavily tied to what's going on with rates right now. Now you have the Bank of England is probably going to have to intervene because the market is so worried about inflation with new tax cuts. Could you get a surprise cut? Could you get a surprise cut of a full point or something? Anything's on the table, folks, when you get this type of action. If we had this type of action and our dollar was crumbling at a time when we inflation raging, you better believe the central bank might be stepping in, okay? Putting this on a daily basis, right? 103 was the real move. Now I had been talking about potentially the pound bouncing around to the bottom of this channel line. It's right until it's wrong, man. You broke out of that channel line, right? And what'd you do? You chopped around a bit, you came back, and you could make the case of almost tested after going under. You know, if you were going long, man, you want to make sure you get back within that channel line when you're playing that game. The cool part about having channel lines is at least you know when you're right and you're wrong, okay? And boy, this is scary territory because like I said, I think that tail's a little bit exacerbated, but I think 103 or 102 and change. Maybe somebody has it in the dent in terms of where that pound really traded down to pound US dollar because you put it on a minute basis and you zoom in. And you're talking about this thing made a real acceleration down to it looks like at least between 102 and 103. And that's a minute bar. So even if it did make it below 102, it was only down there for a matter of seconds before it was back up to that price level. But yeah, you better believe that those central banks may have would be thinking about it because shave that off. You're talking about 102 right here. You were just trading at 140 folks less than a year ago. And now you're at parity and you're falling apart, which is the real key to it. You jump over to the US dollar, you're a US dollar. I mean, crazy action here as well, right? All you're doing is trading to the bottom of this channel and that would bring you down to about 94. It seemed outlandish when we were chopping around at parity less than a week ago and we just might get there in a few days, man. It is wild action, these currencies across the board in a big way. And we got the S&Ps down 12 points to kick things off, man, we're talking about a low of 36, 39. We made it to 36, 60 last week. Already we've got a low of about 36, 71. Seems inevitable that we maybe challenge that level and see how we trade into that level because new lows is gonna be the headlines across the board if we make them. But as I speak, the Nasdaq 100 climbing a bit. Pretty remarkable how these are trading so comparable right now, right? There had been divergences, whether it was the Nasdaq 100 accelerating higher in the bull market pulling back first. They were the leader on the way down with growth stocks getting hit. But right now, man, it's everything in terms of they give it all back, right to the lows, man. You're talking about almost percentage wise, a total giveback and the S&Ps are right at that level as well. The Dow actually made a new low already last Friday, 29, 313. Stay tuned, folks, we'll be right back. Vista Gold owns and operates the largest undeveloped gold project in Australia, the Mount Todd Gold Project. Vista Gold just completed their feasibility study resulting in a 7 million ounce gold reserve. 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Welcome back folks, we have the S&Ps right now, negative by 11, NASDAQ 100, back in the red by about four points right now and let's jump around to some of the articles that I got pulled up to talk about this morning and we'll kick it off with Amazon. So this one's an interesting one to just wrap your head around in terms of strategy and what this means in the longer term and how they're gonna be able to jam these days in so close to each other. Amazon plans second prime day in appeal to deal hungry shoppers. It's gonna run October 11th and 12th. It's gonna be the second prime day, right? And then you're gonna have all the Thanksgiving sales that come with the holidays. Part of the reason they're doing this is that they think that they are bracing for a quote, unquote lackluster holiday that will require deep discounts to move a glut of inventory. And yeah, I would say that this is indicative of some potential problems, man, if they are pushing these sales because I tell you folks, I bought a couple of things on the last prime day and if you know that your Black Friday sales are coming up, your Cyber Monday sales are coming up and you just made the option to not buy something for the last prime day. And listen, I'm a big Amazon bull, I have some Amazon in my retirement account, okay? But this is not indicative of a strong position because I think they could potentially see that they're gonna have some problems in the holiday quarter and they're gonna try and pad those numbers potentially with a second sale date. And you reach a point of diminishing returns, right? If Amazon could do this every week, they would, the point is they can't because there'll be some diminishing returns. I think holding them this close together is gonna have some diminishing returns. I mean, we still have one of the items that I bought from the last prime day and listen, we got three kids in the house, all right? We're cleaning up one room, we're getting that one together and I have a TV that I bought and the last one, the TV's not up yet, but I have to get rid of two older TVs, right? So I got the TV in preparation for it, the TV's not even up yet, it's gonna get up, man. I'm gonna get it up even after having this conversation. But think about that, right? I'm not gonna go searching out. I still have items that I'm literally just getting acquainted with that I bought during the last prime day and they were decent items. If you're in the market for any Amazon product folks, those prime days are a heck of a deal, whether it's some of the fire tablets for the kids, some of the fire TVs that they have themselves, the smart TVs, they do have some great deals if you're in the market, but try and make sure you need it. This one we do need, probably didn't need it that soon. I guess I could have waited for the second prime day, but you see how that can trigger itself. Not very strong, indicative in terms of, I think they're reaching there as they're gonna have some diminishing returns. And to wrap your head around this even more, right? What happens when they have the first prime day next year? Is there less of an incentive for people to purchase? This does have diminishing returns, okay? Because imagine I felt the, I had FOMO, I had fear of missing out folks. We needed a flat screen TV for the kids' playroom. We were doing it over. And so I said, you know what? I can't hang it up right now, the room's not ready, but I'll be hanging it up in the next two to four weeks probably, so I'm gonna purchase that right now because prime day doesn't come along. I don't wanna wait all the way to Black Friday. I'm gonna have less of a fear of missing out if Amazon's gonna be rifling off prime days left and right. So that's why I think when you really think about things, not indicative of strength right now for Amazon as they are trying to probably push through the glut of inventory they have because they've stocked up. That was part of the reason why they had a pullback in the last year. And yeah, they've had quite a pullback recently, man. Amazon a little bit higher this morning when I checked on a pre-market. Yeah, you're up by about 20 to 25 cents with the market that's basically flat to slightly lower. There's your 15 minute action on Amazon, but boy on a daily basis, man. You're talking about a pullback from 146 to 113 and Amazon right now pulling up the fundamentals for this company. What do they got? 1.1 billion, no, no, excuse me, 10 billion shares. Yeah, yes, 10 billion shares. Their market cap is inching towards going under $1 trillion, okay? Which is remarkable in its own right. You got a low back here of 101. I remember they have 10 billion shares so you would have to get in the 90 somewhere to get below that level. But like I just say, you just gave up $33. So you just gave up $330 billion in market cap. The wipeout in real equity wealth folks is pretty dramatic in terms of how that alone should be having some type of an impact of people with the ability to feel comfortable making purchases maybe. Maybe that's not the money that they were going to be using, but maybe if they know they had that money in a stock portfolio or a retirement portfolio, it goes along with the market. Now, I jumped from there because Apple, man, Apple is holding up so well right now. And hopefully they continue to because I mean, I just pulled it up, right? Amazon almost back to the lows here at 113 versus 100. But the NASDAQ 100 basically back at the lows that we had from the middle of June, right? Well, Apple, okay, isn't even back to the 6.8. Apple would have to trade $20 lower from where it's trading at right now. Apple would have to trade what? 13.3% lower from where it's at right now just to be trading with the NASDAQ 100. So keep your eye on Apple as well, man, because they've been holding up so well. But if they ever falter, you could see these indices really get hit in a big way as well. In terms of much more than they have, Apple's been holding up this market, man. You got the biggest company in the world outperforming everything, which means it really is adding to what's going on. All right, let's talk a little bit of subways because this one's indicative of how hard it's gonna be to get back to whatever you wanna call normal, man. New York City subway ridership bounces back. So we had a record number since the pandemic of 3.76 million on Tuesday. That was subway ridership in New York City. This stuff's interesting, just trying to keep your pulse on the changing dynamics of our daily lives. And I think there is a sense of all of us to think that, well, we're kind of back to normal with a little bit of a different shift of people able to work from home, for sure, which is staying forever and probably just shifting that way more and more as technology catches up. But I think being outside of New York, right? You would think, I hear Manhattan prices are through the roof, right? Rent prices are through the roof. City, real estate, people are back to work. It's not even close to where we were, though, folks. And that's not saying that things aren't open back up, okay, there are still companies that are gonna be pushing their employees to get back. And this is the next headline. They tie together well. Wall Street banks lead return to office with a labor day pushes, what they're talking about. Now, that was September 6th, okay? So just pointing to, they're trying to do this right now. Okay, this is like taking place right now, trying to get people back saying, hey, we made it through the summer. It's September of 2022. If anything is gonna change, it's gotta be right now in terms of kids are going back to school, they're gonna try and get the parents back. If you don't do it now, that change is never gonna come. As in if things don't start going back to the office right now, then that changes with us forever. Now, if that changes with us forever, they had 3.76 million on Tuesday. But do you know how many we were pushing? New York City was pushing before the pandemic, 5.5 million on an average weekday ridership, okay? An average day was 5.5 million and we just reached 3.76 million. So what is that down almost? 35% down and we are two and a half years after the pandemic began. That is a monumental difference of people working in one of the busiest cities in the world, man, New York City. Some stations in Lower Manhattan are seeing a 20 to 25% increase in ridership since May though, things are ticking up. That's why we got a record right now. But boy, like I say, I mean, there's not gonna be a lot of changes outside of this month going on. Kids just went back to work, right? You're seeing businesses push for it. And maybe this is somewhere near the peak. Maybe we reach 4 million, maybe we reach a hair over that. I'm sure we have some big numbers in terms of big days that may surge higher than that. But it's a big difference, man, and that's gonna affect things going forward forever, probably. Stay tuned, folks. We're gonna be coming back for the market open. We'll be back in three minutes. Of booming inflation, we are purchasing powers eroded. There's no better place to protect your harder and money than in gold. Vista Gold's flagship asset is the Mount Todd Gold Project in the Northern Territory of Australia. This is Australia's largest undeveloped gold project. 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At TFNN, you'll get advice and guidance from the authority in technical market analysis, and it's not just dry, tedious text either. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern. For free, each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be. TFNN, 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. We've got markets open and the market accelerates lower as we come into the opening bell. We're negative by 18 points in the futures right now, trading at 36.90 NASDAQ 100, negative by about 20. The Dow off about 148, and as I mentioned, the Dow, the only index actually making a new low on Friday, 29,315. Russell negative by five. Crude sitting at about $79 right now. We get the gold contract, basically right where I started off the show, down about $3. Let's check in on some of the currencies right now, driving so much of the action. Dollar index, $113.38. Now, you put this thing on a daily mend. You could say you're breaking out, which is pretty remarkable. Let's add this drawing. I mean, the simple line is all we're doing. And where's the best fit there? I mean, you could make the case. Maybe, whoops, maybe a little linear aggression. I mean, where does that line sit? It's pretty close though, in terms of matching up all of those highs from where we've broken out, basically the first of the year, right? We start the year at 96, the dollar index pushing 114. We are in the upper boundary right now in terms of where we've been. We jump over to the pound, which is all the press this morning. Pound US dollar, talk about trouble, man. 108.40, we go back to a five minute. Yeah, and you almost made it back to 110. You go Euro US dollar. I mean, folks, if you are thinking of taking a trip to Europe in the next even year or two, probably makes sense to lock in some. You could scale in, right? We're traders, we're investors. You can scale in, you don't have to take. You know, if you're gonna go over there, and you're gonna spend X amount of money, and you wanna spend it in this conversion rate, you can just price yourself in. Maybe you buy some now and you buy some in three months because yeah, could this make it to 90 cents? You bet. Could it get back to parity? Could it bounce a bit? I mean, you talk about bounces just from where we were this year. The moves are just becoming so mammoth that even a three, eight, two right now get you back to about 103 from 96, which is quite a rise on a percentage basis for currencies. Okay, jumping back to some of the articles I was talking about. Now, finishing up the conversation on real estate, one more article. It's like, it's real estate, it's yields, it's currencies. And I was watching Bloomberg earlier this morning, they're saying no one's even talking about the Italian elections because there's so much going on in any other world, folks. The geopolitical deal going on with whether it's Italy, China, Russia right now, not getting as much press because of what's going on with spiking yields, the housing market, mortgage rates. Mortgage rates, I was in the Tiger's Den this weekend chatting with a couple of tigers. Let's pull it up right now. What are mortgage rates? What's Google gonna land me? Yeah, this is what it pulled up Friday, I think. Now, this is as of September 23rd. Okay, so they're locked in as of this weekend. I don't know where these have come from, folks. This is just literally Googling mortgage rates. You can do it yourself, but what happens is they have four ads on the top here and then they show you the nice little display that Google's pulling right now. Where is this coming from? We can figure it out if we wanted to, but nonetheless, you see the rates, okay? 7.554 for a 30 year fixed mortgage, okay? That is bonkers, folks. And I was having a discussion. We had a hurricane coming towards Florida. The cone is pretty wide at this point. Seems like it's gonna hit the state in some degree. It was heading right for Tampa. Now it's shifted a little bit west. It's still got a couple of days, man. And these things can swing as we know. We got a big mess for insurance prices in Florida going on right now, folks. If you've watched my dad's show with Bessler that they do on Friday afternoons ever, great program. I just got my insurance bill. And I got to dig into it more. But my insurance bill for the year, I'm pretty sure I got to pull it up, is like $7,300. You're talking about 600 bucks a month for insurance. Now, my dad has talked about that what you want to do is, and I'm gonna test this one out, man. I'll let you know how it goes. You want to see if you can get a citizen's quote, at least, okay? They are supposed to be the lender of last resort in Florida. Insurance agents, as I'm going for what my dad and Bessler had said, but there's probably some type of deal where they're not making the commission on citizens since it's supposed to be a lender of last resort or insurer of last resort, right? So they're not getting the same type of commission as you would if you're selling a private insurance policy. Therefore, your insurance agent really is disincentivized from offering you that citizen's plan, which is supposed to be the insurer of last resort, but they are now having, I guess, some of the best rates out there for insurance. But it's a huge problem and it's gonna be made even worse by the fact that we have another hurricane coming down because these insurers are pretty much on the edge of pulling out. And if they have a bunch of wipeouts, again, even if it's in the panhandle, wherever it is, pretty remarkable towards the end of September, but I tell you folks, the waters, I was at the beach yesterday, they're still pretty warm and that's all those storms really need to churn up in the Gulf. So, you know, DeSantis, man, he is a divisive figure to some, okay, I will say, but it's unfortunate. And I think many people agree in Florida and you talk about Biden gas folks, okay? And I'm not saying that DeSantis is gonna lose Florida, but boy, these insurance numbers folks, as people get this bill, it is bonkers what is going on with these prices. And it's a shame that they haven't done anything about it in the legislation because it's, I mean, think about it folks, you pay off your bill, okay, you pay off your mortgage and just taxes and insurance would be over 1,000 bucks, 1,100 bucks a month, you'd have to pay with a house that's paid off mortgage, that's 12 grand a year after taxes if you own your home outright. Insurance is not supposed to be that, maybe taxes run that high in some areas, okay? But insurance, seven, eight grand a year for insurance and they could get it under control folks, they actually cause the problem. If you dig into it, okay, it has to do with a lot of, roofing is a huge problem and the ability to sign over your rights to roofers that then chase down insurance companies and then come back to the houses themselves. It is a system set up to fail to incentivize fraud by many people in the industry in terms of housing, okay? And that's why our rates are out of control right now. So it is something that the legislature almost created and culture wars are all the deal right now folks, but for those of you living in Florida, I feel like the governor is spending his time on things that are not important to the citizens of our state, Florida and anybody that gets an insurance bill anytime soon, take a look at that bill and realize that they're doing nothing right now because you're gonna hear a lot about that, especially if you ever run for national office because this problem needs to be solved. People, you talk about inflation, man, it's a number that's just gross in many ways. Okay, jumping back to the real estate conversation, which is how we got that little meander there, New York City's empty offices. Now I just talked about the subway, right? 3.75 million is what we just hit and they're pushing 5.5 million pre-pandemic. Where'd I go? The chart I wanted to show here is office vacancies in major cities. New York, folks, that is a straight spike up to 15%. And I imagine it's going higher and the interesting part about this is they talk about blocks of decades old office towers sit partially empty and the part that's toughest about this is they're too outdated to attract tenants seeking the latest amenities and too new to be demolished or converted for another purpose. So what are they doing? They're sitting there empty right now. New York, 15%, they started at almost 8%, man. Look at Tokyo, zero, they're up to two or three. We'll talk a little bit more about that. We'll check out some of the other action we got going on. We'll talk a little bit about Morgan Stanley talking about earnings, a headwind for that dollar currencies. Again, stay tuned, folks, we'll be right back. 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Hi folks, we have the markets catching a little bit of a bid right now. Dow, the weakest one out there. You see, making a new low on Friday, dipping down near that level again this morning. Dow actually negative by 150 right now. Nasdaq 100 in the positive, 11,439 S&Ps, negative by just four points, S&Ps. You had been down, I think, as much as like 30, 35 points at one point. Let's see where we're trading at. What was our overnight low? You're talking about a low above 36.72. So yeah, we're about 30 points above where we were trading at at the lowest. Bitcoin up above 400 bucks right now. We jumped to come out of these crude, catches a little bit of a bid with the market from a low this morning of 77.21. We're up to 79.75, inching our way to $80 in crude possibly go contract negative by three bucks. We got to keep our eye on the currencies, man. Dollar index right now, 113.32. And we jumped to that pound, pound US dollar climbing back to 108.80. So pound got below 104. So you got to the area about 103.80 or something like that. Take that tail off of things if you're using the thick or strong platform, not sure where it came from. Some of the other action in terms of the pound, you had yields surging, okay, with the expectation that they're probably gonna be hiking to combat inflation, especially accelerated from some of the tax cuts going on over there. And look at these yields. You talk about parabolic, man. When you come into, this is the year 2022. Yeah, and since things have really been accelerating you're seeing it just popping in a huge way even this morning. And what else do I have up here? Yes, this is what I wanted to talk about as well. Easing commodity prices, right? In terms of where you are. Check out some of these commodity prices in terms of where you are and how that could possibly have an impact in terms of the inflation going on, right? You look at natural gas, we'll pull up that chart in a moment, but gasoline down 11%, crude off 10%, aluminum off 8.5%, cattle's off 3.5%. On the flip side of that, you got nickel, wheat, that's silver, right? Interesting, silver versus gold, a little bit of a dichotomy going on there. With wheat higher due to concerns surrounding the future of the Black Sea grain export corridor. Geopolitical tensions going on over there in a big way, folks. Okay, let's see what else I had pulled up here. Yeah, I mean, this is the headline to keep your eye on. I keep talking about the pound, but it'd be interesting to see how this happens, folks, because if you're gonna have to see the other central banks really start ratcheting things up, the dollars ahead of the party right now, the yields are in the US, but that could change. And maybe this is the first kind of reckoning where you're gonna see that announcement have to take place in terms of maybe a surprise hike, et cetera, the pound tanking, massive tax cuts and talk of emergency hikes going on in the UK. Yeah, an erosion of confidence as the UK as a sovereign issuer leading to a textbook currency crisis. That's the head of European FX strategy at Citi. Veselaeus, genakis, I think I might have got that one. But yeah, that's gonna reverberate, folks, and this is not done playing out yet in terms of what is gonna happen in the pound and how that's gonna impact things. But I would expect their central bank is gonna bring it because they have to. And you're seeing a panic that is pretty catastrophic right now. So if they have inflation under control and the legislature is pushing tax cuts that are even gonna accelerate that, the central bank is probably gonna react and you're gonna see that play out. And we'll see what happens, folks. I would keep your eye on that channel line. And if you're looking to buy or sell, it'd be interesting to see if you can get back in that channel line or test it and send things even lower from there. Because you look at the dollar yen and you can try and step in front of a train man, but this market's almost gotten it all back to Japan trying to intervene. And there are forces at play that are larger than some of what these other central banks can compete with in terms of what is going on in the US and the hiking cycle that we have going on right now. And realistically, Chairman Powell has the ammunition he needs to hike and continue to hike to get inflation under control with the way that the economy is going right now. That's kind of as simple as that. One other aspect, there's a Times article out today, I'm not gonna jump to the whole article, but when you talk about manufacturing, right? Manufacturing jobs, I was reading this article in the Times, if you have a subscription, check it out, talking about factory jobs are booming like it's the 70s, okay? The important tidbit that I took out of there is how Carl sums it up in his suite, 67,000 more factory jobs today than coming into the pandemic. Yeah, 67,000 more. And check out the article if you have a subscription folks, and it's not even as much about immigration or subbing jobs overseas or anything like that. It's about our shift of consumers and the products we were going after away from services and how that played out. But man, we got a strong economy. When you talk about factory jobs or above where we came into the pandemic, we got unemployment at 3.6%. We're still adding 234,500,000 jobs every single month. That gives the Fed the room they need to tame inflation folks, and we're within a stone's throw of the recent lows. But boy, you talk about where we are. We're talking about a 10-year yield now, pushing 3.76%. Remember the conversation about the 10-year maybe settling at a 3% number, right? Let me put this on. Remember a 3% number was maybe a nice round number. It might need to get used to. Wait a minute, at first it was at 2.5, then it was at 3. There was a 3.5, now you're at 3.76. Next conversation is four, right? Has to be in terms of that number. Now you talk about that, we jump over to the yields up and down the line, and you are talking about the two-year pushing 4.25%, man. You're talking about the three-month yield, 3.21. You're talking about a one-month yield in treasuries, folks, of 2.65%. Now you see the rises going on in the three-month, six-month, and we've recalled a bit, okay? These are real interest rates, man. If you have any cash at all that is just sitting around in your account, okay, and I know it's not sitting around, maybe it's there for a rainy day for whatever is, but you're now talking about, you can find real money market checking accounts, bank accounts, and it's not with the big banks, folks. Maybe it's with the ally comes to mind or something like that, but there are big numbers. And why is that? Because even for a treasury, you can go to for just 30 days and you're getting 2.65%, okay? So big numbers across the board, man, with our interest rates, for sure. As this market climbs back, we get the Dow, now negative by under 100 points. Let's see what else I had pulled up here. Yeah, I mean, it's intriguing how you can talk about housing forever, man. I was reading this article over the weekend. Unless rents rise, housing is set up for an epic crash. Now, here's what's interesting, right? Is I did that mortgage rate calculation, okay? Here, we'll just pull it up. Mortgage calculator, okay? At 7.5% folks, okay? Let's say you buy a $620,000 house and you got to put $120,000 down and so you have a $500,000 loan and you're paying $3,500 a month, okay? That's just your mortgage payment. You got to include taxes and insurance. And I just told you, insurance going up through the roof. So that means that to pay for your mortgage and to pay for taxes and insurance, you probably got to make up $4,500 right now a month for a $620,000 property. I don't think that's quite where rents are. So one way's got to give. We'll talk a little bit more about that when we get back. TFNN has just launched their new trading room, 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 and now they are expanding their reach with the Tiger's Den, available to all tigers and tigers for just $1 for the year. 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We are up one point in the futures to 37.10. Critical area, you could say, in terms of right where we closed out Friday's action, also where we were overnight to about 37.10. As I say, critical area. I mean, we've talked about it many times. So on this show and many of the shows here on TFNN, right? You can trade this market two ways and maybe you're just setting up a zone. And if that's your zone, in terms of lower portion approaching 36.70, the upper portion 37.10, you're talking about 1% in each direction, folks, in this market going on. Tying back to the conversation about yields and mortgage payments. So $620,000 is a pricey home, okay? But there are so many homes right now that are $600,000 in the Tampa Bay market, let alone St. Petersburg and Tampa St. Pete Clearwater, okay? And when you talk about an investor, just wrap your head around that one, folks, okay? You're putting down 20% for a $620,000 property and you gotta make a monthly payment of about 4,500 back just to cover your monthly expenses. That doesn't give you any cap yield on the money that you just put down for a down payment. So that means that if you wanted to make any money as an investment on that property, you would need to be collecting greater than that number, right? Somehow not paying the 7.5% maybe because that's the X factor there that has pushed that payment so high. But boy, you add on insurance and you add on taxes in Florida right now. It's a tough one. Now, jumping to real estate, the last one, John Paulson, he was out there, made his fame by shorting. Some of the real estate collapsed in 2008, saying this time it's different and one statistic I wanted to pull from this that we can end the program with that I found interesting. He talked a lot about who was buying what, right? In terms of in subprime, they were averaging credit scores of 580 to 620 with no down payment. The average right now is 760 with very different qualifications. Also banks, okay? The other factor is the banks. And he points out that the average capital in the major banks was about 3% at that time, which is bonkers if you know how that works because that means that you got $3 in equity for every 97 you loan out. Your assets go down three. You lose it all. Right now they're at about 11 or 12. The most important thing. So a little bit better financial system. Stay tuned, folks. We got live programming. We got Basel coming up. I'll be right back.