 The following is a presentation of TFNN, the morning market kickoff with your host, Tommy O'Brien. Good morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN Tuesday morning, 8.30 a.m., 60 minutes to go until that opening bell. We got a little bit of negative action in the market today after quite a streak. Pretty much since May 14th, it's been a rocket ship one way to the upside yesterday. All the headlines having to do with the S&P actually turning positive for 2020, a remarkable statement in and of itself, considering the economy has basically been shut down, going on approximately three months right now, but we'll start off with a chart of the S&P. Yesterday's action, you started off early overnight, we were at about 3183, you charge higher towards the end of the day. We finish out the trading day right at about 3,230, right near the session highs. You see the slide overnight at about 2 a.m. Eastern time. We trade from 3,230 down a solid 40, 4,0 S&P points touching 3,190 on the dot. We trading up about 14 points. From there though, you see a little acceleration starting at about 6.30 in the morning. S&P's back above 3,203 for some context on where we've been for the year. There is the dot at line, which is the beginning of 2020, and you can see the action. So December 31st, we close out at 3,236. In terms of January 2nd, you would trade anywhere from 3,234 to 3,261. Now this is talking about the futures, you can see right where we're at. Now the next stop, the only thing we have to achieve in the S&P's, 3,397. To pull up the spies for the cash, we'll put this on your level for the calendar year. We ended out 2019 in the spies at 3,2186. And you see we're trading at 3,2320 right now. That actually, excuse me, was a close yesterday. You're gonna open back below that level at about 3,20. We see the negative market action overnight. That bar has not technically opened yet for the June 9th bar since the trading day has not began. But remarkable acceleration nonetheless, checking in on the other markets. We get the S&P's negative by 27, NASDAQ negative by 36. The Dow negative by 275. You're looking at oil, negative 29 cents, but oil holding up relatively well considering the run-up it's had. We climbed to above $40 Sunday night when the futures open. We're currently sitting just under $38 at $37.89. Gold contract continuing its gains from yesterday, gold up another $16 right now at $17.21. It's $50 on the dot from where we were just Friday. Remarkable volatility in gold. Silver contract up about five pennies, $17.94 right now. And we'll jump back to some of the indices. So the S&P reclaiming the yearly losses in terms of turning positive for the year of 2020. Right at those levels, NASDAQ climbing above $99.07 overnight, NASDAQ 100, putting this on a daily to see where we are. Talk about an acceleration, folks. We were at highs. Back this up again to get the full calendar year in here. And there's the dotted line. So the left side, the end of 2019, you finish out the year December 31st and close it out at 87.72. How about being more than 1,000 points in the positive for 2020 and the NASDAQ 100, let alone being at all-time highs. The all-time high in February, we're looking at a high of 97.63. We climbed yesterday at 99.07, putting that on the queues. And here's your calendar year for the queues. December 31st, we finish it out at 2.12. How about that, folks, right? You buy the queues on December 31st on the close of 2019 at 2.12. You've made almost $30, we're trading up at 2.41.55 yesterday was the close. Right now we're going to open about 2.40. And the Dow Boeing had gotten quite a pop, really accelerating. As I mentioned, May 14th, quite a rocket ship that we had. You go from 20 to 1,700 yesterday, folks. We were in the realm of 27,600, just shy of 5,000 Dow points since May 14th. We're backing off a bit, but to put things in perspective for Boeing, which is putting quite a boost in there, check out the one that Boeing has had since May 14th, going from 1.13 to more than doubling to yesterday, 2.30.50. Boeing is going to open about $6 in the negative today, though, pulling back, pairing some of those gains as well. Some of the stocks I saw in my radar this morning as I was jumping around, Disney looks like they got a little bit of a downgrade somewhere to a price target of 1.25. With the market being down, Disney quite a run up, even from last week. You go from 1.17 to 1.27 to start Friday trading. We closed strong yesterday with the market to about 1.27. We're trading this morning right at around 1.25, excuse me, and even Uber and Lyft. So yesterday, the story was that Uber and Grubhub, that deal may fall apart for whether it's antitrust, whether it's deals in terms of the details of their deals, how many shares of Uber per share of Grubhub, and then what the deal would be if the deal does not go through. You had Uber shares trade from 38 to below 3650 this morning, we're going to open lower yet again from 37 to 3630, Grubhub, is it Grubhub? Yes it is, they really fell apart yesterday and the news that that may not go through from 62 back down to 55, we were as high as 64 in that stock on Friday. Jumping around some other stories out there, cool Bloomberg article just talking about and this has to do with what's going on with the market at all time highs as we have continuing unemployment claims to the level of maybe 20 million. Some cool charts here though, when you compare the S&P 500, it raised its losses for the year yesterday. People keep saying is the quote right that the stock market has no connection to the real economy anymore, a valid argument I'm sure. This isn't true though, and I believe this is Joe Weisenthal, editor of Bloomberg making this case, the connection is that the economy has gotten better stocks have gone up. You can see this clearly looking at the chart, S&P 500 is the white line, okay? We all know the V formation now and you see the axes on the left, we're as high as 3400, we've climbed back up to about 3200. And the red claim is US initial jobless claims with the right side. And as you can see, as this is trailed off, the market rebounded, usually the market forward looking, forward looking, right? And forward looking it is. Now the real interesting part, because we're all aware of this data up here, right? We know what the S&P's done. We know that weekly jobless claims spiked to almost 7 million and it's trailed off. We're now getting whether it's 2 millionish weekly jobless claims coming in. We were at a level of almost 200,000 though, coming in. But look at what happened when you go back to 2009, pretty interesting. The stock market bottomed in early March of that year just a couple weeks apart from the peak in initial jobless claims. You get the S&P in the white, you get jobless claims in the red, very correlated, and you back it up all the way through the run we had from 2008 to before the coronavirus pandemic. Weekly jobless claims just a continuing decline. You could argue that it almost bottomed out in anywhere between 200 and 250,000 weekly jobless claims from 2018 to 2019. But nonetheless, market chugs higher, jobless claims chug lower. And when you see the chart from 2009 and you see the chart from this current environment, it is at least one argument that you could make that the S&P deserves to be positive for 2020, deserves to have a positive percentage and be within about 200 points of the all-time highs. But guess what? There's arguments on the other side folks that say with everything going on, the economy shut down. S&P 500, those 500 stocks, they just really deserve to be in the positive for 2020. Well, we'll see. We're getting a little negative action today to start things off. S&P is negative by 28. Stay tuned folks. We'll be right back. Many of our new listeners have heard about the Tiger's Den. The Tiger's Den is a lively community where professional traders and investors can meet, exchange ideas and information in a comfortable, moderated atmosphere. Hear all of the TFNN shows, plus see all of the charts as they happen live and have access to archives of all of those charts. 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Markets ticking a little bit negative since we last came on the air. You now have the Dow off 310, S&P is negative by more than 30. You see the most recent 15 minute borrow when we came on the air at 830. We started at 3203, we lost about seven S&P points in the last 12 minutes since I started the program. Jumping around to different news stories that I caught this morning. So Apple, Apple plans to announce a move to its own Mac chips at WWDC. So that is June 22 that they hold that conference unveiling the initiative codamed Calamata at the event would give outside developers time to adjust before the Macs roll out in 2021. So they're preparing to announce a shift to its own main processors and Mac computers with late replacing chips from Intel as early as this month at its annual developer conference. Apple shares this morning. Apple talk about an acceleration with the NASDAQ as high as 333 yesterday. I mean, some of these runs folks from under 220 what is the low there 212 to 333 talking about $120 to the upside on a 12 $212 stock eclipsing the highs that we had previously. We're going to open at about 331 Intel shares Intel opening just under 63 we closed yesterday at 63 67 we're as high as 69 29 before COVID as low as 43 63 and we'll check on AMD as well. AMD not quite as pronounced of volatility but still 60 to almost 37 pretty remarkable say not as pronounced but we're back to 52 97 on AMD. See how that plays out Apple gaining a greater control of their supply chain. Interesting article out here talking about US store closures as many as 25,000 US stores may close in 2020, excuse me 2020 mostly in malls. So that coming from a report from retail and tech data firm core site research research saying as many as 25,000 US stores could close permanently this year after the coronavirus epidemic pandemic devastated an industry where many mall based retailers were already struggling. That's the key, right? So the number would shatter the record set in 2019 when you had almost 10,000 stores closed their door, yeah, close their doors for good. So last year almost 10,000 stores already. Now what they get into here is they were already predicting 15,000 stores would close in 2020 and that was in March before the extent of this. American retailers went dark in mid-March in response to COVID-19 even though states are now beginning to ease restrictions. Many shops are still shuttered. I actually went to a Wells Fargo yesterday in St. Petersburg didn't realize they were closed. Wells Fargo doesn't even have all of their branches open yet, right? Life's getting back to normal but when you don't even have your local bank that you're usually going to now I could just go to a Wells Fargo three miles away. Wells Fargo, they got their own problems for sure. We may be going away from them. We still use them in some capacity. I use them personally in some capacity. You get in a bank, it's tough to get out at times but guess what, Wells Fargo, they've had their list of problems and they continue. Nonetheless, one of the branches still closed, a lot of stores still closed. As of June 5th, retailers had planned about 4,000 permanent store closures. So that's talking about including hundreds by JCPenney, Victoria's Secret, Pier 1. That's only as of June 5th. In March before it, as I mentioned, they were looking for 15,000 already and now they're estimating 25,000 stores. And what they do talk about here too is when you start losing, right, if the anchor tenants closed stores in the mall, you're talking about Macy's, talking about the big guys that bring them all in, the big girls, other tenants will likely to follow suit. Makes sense. You lose the stores that are bringing people there. You're going to lose business at all those peripheral stores that need that foot traffic. Nonetheless, a big number. Debt shakeout, poised to make fang, giant retailers even bigger. So an article out there by Rich Miller at Bloomberg and just talking about some interesting graphics in here, where do you get into it? Top dogs getting bigger. The measure of the size of US firms relative to their overall industry, I mean, you see the rapid rise, right? This is talking 2018. It's going to continue, folks, all right? When you get, and this is the financially weak, okay? Guys had the most big bankruptcy filings January to May since the financial crisis. You don't have to be a charatist to see where that trend is rising to, folks. And you go back to the highs, 2009, it looks like we're on a trajectory to that level. You got the big dogs consolidating, I mean, that's where you get the likes of deals coming in. I mean, there was speculation at the time that AMC, as they were really dealing with some problems, movie theaters, right? I mean, this has had quite a rebound with some of the dogs. We're up more than 200% in terms of from 195, we're going to open still above $6. Down at this level, there was speculation that Amazon was going to pick them up, and it might have been a good deal. I bet they even considered it to pick them up, have access to control the entire movie industry, and the run we had, I mean, in February, you were at 760, now how does this make sense? Before COVID, AMC, I mean, February 13th, AMC was at 672, AMC just went back to 684 yesterday. Are you telling me that the movie theater chain AMC is worth more yesterday at the highs than it was on February 13th? I can't make sense of that, I can't. And that's where you really got to start to examine this market because even natural high. Stocks, right? I mean, the airlines have had quite a rebound yesterday. Let me look at this from 17 to more than doubling since May 14th. I bring up May 14th, that's when the run really started in the Dow, in the indices, I think on the S&P. I mean, check out this acceleration to be aware of a pullback may be coming. Now, talk about the run, we're up more than 1000 S&P points from the lows, okay? But when you started from May 14th, we only had three red bars in that whole time. June 9th, all right? That's May 14th, we're only dealing with three red bars. One of them arguably barely a red bar, and we just traded more than about 500 points almost, 450 points approximately, and if you take the high, we were at 3231. I mean, you're approaching, yeah, 470 points that we just traded in the S&P. Even a natural retracement, let's just see because it's going to be a big number, yeah. A 382 retracement takes us down to 3,050, which would be almost a 5% fullback from where we're trading at, so be aware of that. And that just could be natural in terms of the economy doing well, but we just had such a run, we just almost traded up 5,000 Dow points. If you don't think that we can trade back 1,000, you better watch out. Let's see, so I had some other graphs up here. So Texas, in terms of getting into the numbers, talking about the economy, Texas, one of the earliest states to open back up. They record a record number of hospitalized coronavirus patients, record number in that state. 1,935 patients, you look at where they were, thought we had a graphic. So that just eclipsed 1,888, there was the number I was looking for, excuse me, for scrolling so fast. 1,935 in Texas, topping the previous record of 1,888 on May 5th. That's the scary part, folks. We were talking about five weeks ago, as things seem to surge again. The numbers for the US approaching just under 2 million cases and a horrific number of deaths exceeding 110,000. Things are opening up. Look at these states where cases are increasing. Look at some of the recent spikes, Florida recent spike. I mean, this is accelerating North Carolina, Arizona, South Carolina. Now they deal with the last 14 days, they're focusing the New York Times to make this classification. But you get into the states, and this is, listen, we should be out in business. People should be open back up, but you still got to be careful, folks. Florida, I mean, you zoom it down to the last five days of cases. That is quite a spike, and we're dealing with, when you zoom this down, more than 1,000 cases across the board for the last five, six days in Florida, Texas dealing with similar. We'll be right back, folks. Back in the day, I joined the Hotel California in 2006, and like many of you, was drawn in by bam, as well as... Whatever you think about, you bring about whatever you focus on grows. You see, I believe that everything in life happens for us, not to us. And Tom ignited the fire within me to want to learn how to master the markets. 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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 for the latest market information. Come back folks, we got the S&P's negative by 28, the Dow off 301, taking a look at Tiffany's. So Tiffany's out with their numbers trading up a bit. You see the fall off that is dated on where we at June 2nd. So it's a week ago when the news broke that LVMH, they may not be interested, lots of speculation around that entire deal. But right now, we're trading higher on Tiffany earnings and you jump to the headline, Tiffany says same store sales fell at 44%. LVMH deal clearing regulatory hurdles. So Tiffany said same store sales 44%, the company CEO pointed to business that's picking up in China and said it's indicative that a robust recovery is underway, you like to hear that. $16.2 billion merger with LVMH has cleared a few regulatory hurdles. You like to hear that as well. The numbers that they came in with a loss of $0.53 a share revenue was $555 million. Tiffany's swung to a net loss of $64.6 million to get to that $0.53. Earnings of $125 million a year ago. So loss of $64 this year, earnings of $125 a year ago, revenue falling 45%. Tiffany's analysts were expecting Tiffany's to earn $0.03 a share. So Tiffany's nonetheless, and to jump over to LVMH. We have to go over here I guess maybe. All right, either way, I want to get to Stitch Fix as well before we jump to the end of the program. Stitch Fix out with their numbers sales fell 9% as coronavirus delayed orders. See sales growth ahead as backlog clears SFIX is their symbol. That's the online clothing store. So out with their numbers after the bell last night, you were as high as $26.96 originally, you're going to open lower $23.20. And we got to check in on it, the VIX as we chugged to a high on Friday, excuse me, a low high in the markets, right? Interesting action here in that when you were reaching a positive number for the S&Ps yesterday, why was the VIX above almost $25.50 when on Friday, it was $23.54, a little bit of fear back in the market. Negative action in the S&Ps today in the victory in $26.57. Stay tuned folks, we got our man Larry Pezzavento coming up at nine. We got a Fed meeting that starts today as well, an announcement at press conference tomorrow. Stay tuned folks, live programming all day at TFN.