 Welcome folks, here the Dow Industrial has finished down 252 NASDAQ off 128, S&P is down 40. Gold. Gold contract up $18.90, trading at $19.87 an ounce. We have silver, traded up $8.23, $18 an ounce, electricity crude up $2.16, $90.48 a barrel and notes and bonds. Down 12.6, trading $105.16, the 30-year up full point plus 11 ticks at $107.30 and King Dollar. King Dollar traded down $368 today at $106.197, Euro at $1.21, the end trading at $149, British Pound trading at $1.21 to $1 at U.S. Dollar. Now check this out folks, this is pretty wild. You get the regulators, they want to try to tap down the leverage, so listen to this man. Most of you have been around for a long period of time, so inside the Treasury market right now, the Treasury bill market, we are talking about $553 billion, they have a basis trade going on and what the basis trade is, is you know, you are basically trying to profit between the Treasury futures in the underlying cash market, okay? So if I just go through this quickly, you know, you take the 10-year and then you know, it doesn't have to be the 10-year, it can be any of them, that's the future and then you see what the 10-year cash is, okay? Well the bottom line is that funds right now, and this is where a Doc Swan event can come because this is like insane, it's 56 to 1 that hedge funds are using right now, 56 to 1 leverage, $1 gets you $56 which is insanity, okay? If you remember during the pandemic what ended up happening is that the Fed had to come in and buy every single one of them, okay? Because that would have been that it, period. The thing that's amazing is that they can still actually do something like this, even after that fact. So you know, we'll see whether this shakes out in the next few weeks, but you're going to start hearing a lot about this because the fact of the matter is the bond market itself is jittery right now, but if you had a big move, oh man, I mean forget it, you know? And that big move could be either way by the way, okay? That's how that works. Have a great night folks, have a safe night, come back and visit Tommy tomorrow morning, kicks us off 9 a.m.