 Welcome folks Tommy O'Brien filling in for my dad Tommy's out today and we'll see where this market goes as we got a little bit of a rebound going on right now S&P is still negative by five points but we're about 27 almost 30 points off the lows we made earlier this morning those lows just when I was getting off the air things were looking a little bit shaky in the markets as you were down near about 30 points right now S&P is just down single digits you're right basically where we opened on Sunday night we have a rollover on the futures going on so even though you see a spike from the Friday close to the Sunday night futures open that's a rollover not indicative of the markets actually trading higher so we're basically where we open where we closed on Friday action S&P is off by five NASDAQ 100 we're off by 64 points that's about a third of a percent the red Dow in positive territory up about 40 points one tenth percent in the positive treating it 39,232 in the Russell negative by 14 right now and yeah Bitcoin's having quite a day quite a month quite a year well you call it everything man we're within $120 of all time highs you just made about three hours ago 73,375 you got to take a look at this thing on a daily it is a rocket ship man from October at 26,776 almost a triple bagger we're up three times that price point 73,350 right now in Bitcoin excuse me pretty remarkable acceleration it is not stopping man and I mean you back it up not to digress too much on Bitcoin but how about the run man in terms of futures getting approved right you get a pullback from 50,000 to 40,000 potentially a case of buy the rumor sell the news in terms of those spot Bitcoin ETFs getting approved no that was the buy 40,000 to 73,000 we'll see where it stops but it's not stopping yet man volatility to say the least you got Ethereum out there as well don't cover Ethereum but how about how about it look at the run this thing is having pretty close percentage wise you're up over 4,000 for the first time in Ethereum I know you were up as high as 4900 and Ethereum okay interesting you got to back it up Ethereum with a much higher high when Bitcoin was peaking out as well nonetheless at about 4,100 pretty remarkable all right back to regular markets we'll call crude jumping around as well up above $78 crude up 13 pennies at 7814 gold contract up above $4 at 2189 how about some of those gold equities rocking man people getting into that gold contract if you haven't tried out my dad's gold report folks he's got a new issue out today check it out at TFNN.com we'll jump through some of those gold equities later in the hour you jump over to the 10 year right now a little bit of negative price action the 10 year yield sitting just at about 4.1% 4.1 we're negative by 3 ticks right now excuse me 111 20 there's your action on the 10 year we're bouncing a bit off of the lows we made we jump over to the dollar index this afternoon dollar just chopping around 102 86 let's check in on the yen got to keep our eye on the yen man quite the acceleration from 150 and change down to 146 93 chopping around where you were on Friday as well expectations that the central bank of Japan bank of Japan they may be cutting for the first excuse me hiking hiking right got to recalibrate the brain as they go forward for the first time since 2007 I think you look at this thing on a longer-term basis a nice triple top up there at about 150 quite a move last week we'll see what this week has to do with the dollar yen action and where do we jump to for there well we jump back to yield and what do we have we have the CPI in focus tomorrow morning 8 30 a.m. CPI in focus the numbers they're looking for there okay you're looking for 0.4% on the headline 0.3% on the core that's month over month so 0.4 on a headline 0.3 on the core and then on the year they're looking for 3.1% on the year and 3.7 on the core so even if you go to core right let's just go to core for a second tomorrow 8 30 core consumer price indexes come out for the month of February the core you take out food and energy now crude has been chopping around a little bit higher but nonetheless you take out food and energy the numbers they're looking for our core again 0.3% on the month I got him right here on my phone and 3.7% on the year and the interesting part about that right now the Fed prefers the PCE okay but nonetheless they get this number that's the last economic number they're going to get the biggest one ahead of the March 20th meeting now we get PPI later we get retail sales we get consumer sentiment okay but CPI tomorrow morning is the biggest one for sure and then we have a Fed meeting nine days from right now on March 20th 0.3% on a monthly basis and 3.7% year over year 0.3 times 12 is 3.6 so if you annualize the expected month over month number right now of 0.3% you're pretty close to the year over year number on the core basis of 3.7 crude is going to make things a little bit more complex on the headline that's the reason why they take out crude and crude and food because their impact on those items they have less of an impact with their rates in terms of what happens to the price of crude what happens to the price of food they can be more volatile because of other circumstances but nonetheless it's still a pretty lofty number when you think about it the kicker though of course is that the Fed right now is sitting at 5.25 to 5.5% which is a pretty lofty level and at some point they're probably going to make the case that yes they have room to go yes they have work to be done but that they don't have to be as high as they are right now to be as restrictive as they need to be yeah now you know you look at chairman Powell this one was out here yesterday from Bloomberg they need just a bit more evidence was the quote out there we're not far from it that's pretty strong words from the chairman in terms of leading the market here he knows what the market is pricing in he knows the expectations the probabilities March is out the window he knows that nobody expects them to begin cutting in March but they do expect it in June and they may even expect it in May and so when he tells you we're not far off from it he knows the market thinks it's coming from June if the market if the data continues to come in line we'll see where we go now you look at their policy rates right the one thing you go back to the 80s right look at these peaks the peaks do not usually last that long now they did last that long in 2008 okay but they do not last that long 2005 2008 whatever the years are right they do not last that long these peaks usually the Fed especially when they go on a hiking cycle to this degree right at some point they start easing doesn't mean they drop off a cliff I mean you see what the late 80s early 90s what did it take five years they were on a cutting cycle there five full years but they started from almost 10 right nonetheless we get a little bit more information on March 20th in the chairman we get the CPI out 8 30 a.m. tomorrow and we'll see where we go from there man you jump over to NVIDIA NVIDIA shares right now 860 take a look at the 515 minute you're pushing the lows of the session right now and quite the drop off I mean 2.5 billion shares from NVIDIA folks you're talking about more than 250 billion dollars in market cap loss just from where this thing was trading on Friday pretty remarkable all right stay tuned folks we're coming back we'll be talking on mad Steve Rhodes we'll talk a little bit of market action we'll be back in three minutes don't go away