 The following is a presentation of TFNN The morning market kickoff with your host Tommy O'Brien Now Tommy O'Brien Happy Friday everybody. I'm Tommy O'Brien coming alive from TFNN Just after 9 a.m. Eastern time on a Friday coming into a long weekend on markets picking things off in positive territory We have some You could call tame inflation numbers this morning core PCE Coming in with a forehandle We'll get into that in a moment the market liking the economic data to kick things off for Friday trading You have the S&Ps right now up by 31 points and most of that gain coming from where we were at about 8 a.m. 8 30 a.m. You see the volatility on the inflationary CPE data this morning We got a couple different data points at 8 30 you trade from 4060 we're up 25 points from there so markets were barely in the green coming into that number were Pretty decently positive and that's after quite a day yesterday to the upside man Nasdaq 100 you're up 1.2 percent right now You just gained about a hundred points plus on that inflationary data the dial up 115 right now 32,715 You got the Russell catching a bid up 13 points. That's three quarters percent in the Russell Bitcoin Not so much the case man be careful of Bitcoin There may be a decoupling going on right now with crypto Bitcoin altcoins the whole crypto sector struggling You got Bitcoin under 30,000 and that's with the markets rebounding with the S&Ps approaching 4100 crude crude ain't stopping man 114.99 this morning you sell off a bit we're back to about that 114 price point that was trading at 113 Volatility everywhere, but crude to the upside 114 a handle gold contract up about $10. There's some volatility for you on the inflation data This morning gold spikes to about 1855. We're back to 1863 your positive $10 on gold You're basically flat from where you were on that gold contract from most of the early morning hours And we jump to notes and bonds right now. You're talking about a 10 year pretty tame action Especially with the market movement so much. We got the 10 year yield 2.73 percent 2.73 percent not that bad on the 10 year considering where we've been You trade all the way down to a price point of 1708 We're a solid three plus points above that price level right now 121 on the 10 year you got a 10 year yield as I said below 2.75 percent right now And we jump over to the VIX as we've been dealing with a very sustained level in the VIX. We're sitting still at 26 86 Still elevated from that spike that we started on April 21st But it's been quite a pullback in the VIX as we've seen the market rebound nicely. We'll see where the day brings us All right, let's jump right into the numbers That's cnbc puts it and uh, I would agree it is the preferred gauge core cpe That's one that the fed is definitely looking at folks 4.9 percent in april forehandle Forehandle seems like nothing man. We're talking about seven eight nine percent inflation Again, this is the core number. Okay the headline number. I think came in at 6.3 percent. Yes, there it is So let's get into the exacts core personal consumption expenditure price index Came in at 5.2 in march You're down to 4.9 percent in april a lot of this data lining up With at least for this data point. Okay now every month is going to be important folks All right when we get non-farm payrolls I mean we're coming back and we have one day left in may folks and then it's june We come back on tuesday may 31st Wednesday june 1st kicks off a new month. We'll get non-farm data. Probably what? Maybe june 10th. We get that two weeks from then that'd be interesting It's my dad's time in the trade webinar Maybe that is when we get non-farm payrolls to the third of the 10th. I imagine Nonetheless, those data points are coming. They're coming quick. We're going to get them next month But for this month this data just looking at this data if you are data dependent This would indicate that potentially march was the peak of inflation That's what people have been talking about. That's been the hopes. We'll see if it plays out Pretty much in line with expectations core number 4.9 percent 0.3 percent on a monthly basis Same as march and in line with estimates On the headline number you were at 6.6 percent a month ago. You're at 6.3 now You were at 5.2 percent on the core a month ago. You're at 4.9 now Um, yeah, so pretty good numbers in terms of yeah, you could always see a bigger drop But I imagine if the market starts figuring out that yes We've at least peaked and we're going to have a rocky slide back to normalcy But if the slide has at least begun that would be encouraging because inflation man It is raging and uh pretty remarkable that you can get a core number at 4.9 for the pce You can get a headline number at what 6.2. What did I just say the headline number is let me get it right 6.3 Yeah, and somehow that is a good data point for inflation because we have just been out of control man So the market takes it it runs with it remarkable that you don't get a lot of move in notes and bonds on that number, right Notes and bonds are baked in folks. All right, barely any movement considering the volatility We've had recently if this really is going to drive different action in the fed Right, maybe this this indicates that the fed with their 50 basis points Getting inflation under control with comps that are a little bit tougher as we come into the later part of this year Not much moving on the tenure right now as maybe the movement has already taken place on the tenure Right that move folks From march 7th of a 129 handle down 12 Points over the period of two months just remarkable Uh that acceleration and we get a little bit of a bounce now on a Fibonacci basis To see the type of bounce we're talking about here You're barely at the 236 I imagine this thing's going to get at least up to about 121 26 folks That's a 3a 2 of the move eventually that would bring yields down even a little bit more Okay, and maybe that's what the impetus is that gives the market a little bit of a boost from here That would also Bring it right back to the trend line that this thing that had been in Check out that was a solid trend line man going from august of 2021 until this thing really broke out of it in march Of 2022 this year So you're talking about seven months that we were already in a trend of lower prices higher yield. Here's your year end Year beginning. Okay, that's when markets really fell out of bed But the yields were already showing you that we were to higher yields lower price higher yield We break out of there. Maybe you get it back up to the 3a 2 That's probably going to bring you back up to that trend line as well at the same time We'll see where we go from there. Let's check around some of the fang stocks See how they're trading this morning on some light inflationary data. We got amazon I mean these moves are just mammoth man. How about amazon add in 225 dollars per share just since tuesday morning amazon this morning You're going to open up about 25. That's about 1 to the upside. We jump over to big dog apple catching a bid Apple up a buck 50. That's a solid 24 dollars in market cap added overnight We jump over to microsoft shares microsoft trading up by a couple bucks to 268 this morning. We jump over to google Catching a bid to 2200 about from 2165 for google shares. We'll jump over to tesla Got to keep our aunt tesla right man. You talk about a pop tesla 617 the low on wednesday really catches an acceleration Yesterday back above 700. We're trading at 725 this morning. We jump over to twitter Catches a bid on wednesday as musk says he's up in the ante for the equity He's putting on the deal the deal seems like it may have life again We're still sitting under 40 dollars for the price of twitter 39 67 barely positive right now with the market pretty positive Uh To say the least of 29 points right now naztac up 131 Dow up about 113 right now and yeah bitcoin's been struggling man at one point in this show folks I'm going to I gotta pull it up. I'll do it during one of the breaks Maybe i'll try and get it done during this break the correlation bitcoin Had been trading like the naztac 100 I don't think that's the case folks because naztac 100 got quite a bounce going and bitcoin got nothing going So you may see a decoupling here um Yeah, because just look at the naztac 100 that recent bounce the last couple of days Nothing going on on bitcoin. Be careful folks. We're under 30 000. Stay tuned. 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We get the nazdaq 100 up more than a percent right now. You're trading up 131 points So you jump over to bitcoin real quick and you know the correlation Not quite as what i was thinking it was um, and there's you know different time frames you can put this in I'm on the thinkorsum platform right now if you are on a Thinkorsum platform folks the way that you add this compare it to anything which is kind of cool Is you just go into studies? Okay, you go into quick study I'm sure there's other areas you can add it in and compare it with now you can add whatever you want But just comparing it to the ndx the nazdaq 100 Uh, you know what maybe if we compare it to the cues It might give a better chart Let me see first i'm going to remove that study real quick I'm going to add the study And a quick study compare it with symbol Put the cues up there Yeah, okay, so as you can see This is just going back what 20 days 20 days. All right Highly correlated not many people realize the extreme correlation on many occasions If you're trading bitcoin you're trading the nazdaq 100 folks. You're trading the cues Here's the difference though you have volatility to the downside you get the purple is the cues the Bar chart behind is the underlying bitcoin that is on the chart. All right, we've seen the cues accelerate to the upside We haven't seen the same thing now. That is just going back 20 days. Let's see how we do when we go back 180 days Things really got out of whack here when you had the nazdaq 100 pulling back with extreme Volatility to the downside bitcoin not so much the case Yeah, and at one point you had Is that right? Yeah, it's going to be so december Bitcoin Was trading at 50,000. Yeah, you back things up to where bitcoin was trading at the highs of 69,000 back in november of 2021 Um, but just keep your eye on that and if i'm trading either of those I would be keeping track of it in a big way because if you see a decoupling folks where this nazdaq 100 is Bitcoin should not be under 30,000 in my opinion um You know with luna going on I would just be very careful and that's even being a believer in many great things to come from the crypto universe But boy, it may be a little bit of a reckoning right now with everything going on All right, let's jump around to what else we have going on. We talked about pce. That's a big one. Of course, uh Let's see. What else do we have up here? Yeah, so talking about the this is kind of what got me thinking about this Bitcoin's bitcoin's crypto dominance is strongest since bull market highs That might not be a good thing for the crypto sector overall folks Bitcoin's 44 share of the market cap of the entire crypto industry is the highest since october It's interesting when you take a look at this chart Remarkable when you look at in january of 2021 Folks, okay. Now you're backing things up before what the whole dogecoin craziness of 2020 right and right I'm sure that contributed to the altcoins Um Going bananas for lack of a better term but could bitcoin represented 70 percent of the entire market cap of the crypto sector within the span of about four to five months, what's the date five months Bitcoin went from being 70 percent of the cryptocurrency sector to being only 40 percent of the sector and you've been chopping around at that level And since luna goes bust Okay, you have the altcoins paying attention But you still only pull back from 60 to 56 percent of the market cap You have a slight uptick in bitcoin on that level But be careful man. You're talking about, you know, whether it's the stable coins whether it's all of that going on um You know 60 billion dollars wiped out luna and a heartbeat And it's a little bit worrisome folks when you have bitcoin Being such a large share of the crypto market because in theory crypto is supposed to have a function I think we can all agree that bitcoin is not a store of value because it's so volatile many cryptocurrencies cryptocurrencies Have a purpose right like ethereum you have smart contracts right bitcoin is none of that All they have is that you can own some bitcoin and they're only going to make 19 or 20 million bitcoin period If that's what the whole market is folks that's not going to play out so be careful of that one in a big way All right, let's jump to electric vehicles. Tesla's trading higher today But fourth they're gonna beat tesla to the punch with the first electric f-150 delivery um A rural michigan resident who also had a cyber truck on order ends up With the lightning number one I wonder what that'd be worth, man. I would try and save that one anytime you get the number one, right? Number one on the Ford motors first electric pickup the f-150 lightning So, uh Yeah, there's a lot of people coming for tesla's lunch folks They sell 900 000 f series trucks in a good year generating more than 40 billion dollars in revenue and uh the cyber truck Debuted in november of 2019 folks. We're coming up on three years Three years. We're coming up that that cyber truck got delivered um And he put down money for the cyber truck. It was only a hundred bucks at the time Remember the model three was a thousand dollars if you wanted to get in line The cyber truck's only a hundred bucks. So they're going to tell how many orders they have in there But it's only a hundred dollars. I imagine many people who put that down might not be purchasing it purchasing it like this gentleman Uh, probably not going to be purchasing it if he's already got his Ford f-150 lightning, uh, taboo, but we'll see man You know Volkswagen they're coming for that lunch pretty quickly. They're going to be pushing out more cars than tesla in the next few years So there's going to be a headwind for tesla in a big way All right, what else we got going on? Of course, we got a lot of fundamental news with the numbers we had this morning Uh wages are in there as well. U. S wage growth looks to be peaking A heartening development for the federal reserve if not for american workers though So after handing out hefty salary increases over the past year Companies are becoming more cautious with their cash over concern further big payouts will eat into profits um, yeah As we're seeing on some of the earnings right not so much of the dollar stores though We'll go over those in a moment the economists are penciling on a moderation in annual earnings growth to 5.2 percent in may From april's 5.5 percent in data out next week those figures are on the highest on record back to 2007 uh Like I said this data point that we just got folks core pce. It's a good number Okay, we are going to get a lot of data points and just because we got one data point do not get complacent in this market We got quite a bounce going on right now. I mean you look where we are All right, let's take off this study that we're dealing with right now And we're going to back things up on a daily basis just on the s and p's Now going back longer term time frame. We've pulled this one up many times Okay, the 382 of the entire covet move goes from 21 74 to 4800 3800 was about the price point We literally come down and hit 3807 Within four or five points of where I have it on this chart now focusing on the shorter term time frame though, okay That doesn't quite get us there. I guess we'll put it back to a daily We got to go back to the high that we had on march 29th of 4600 you trade down to 3800 I mean if you're looking for a bounce of the 382, you're talking about about 41 80 You got about 100 points to the upside. Maybe that's where we go But keep in mind folks you get up to that 41 80 point I would really start being careful in this market Uh, as all that is is a 382 bounce from the previous high And you talk about uh volatility folks it is here to say the least jump to the nasdaq All right. Now both of these completed a b c d formations Uh, if you get the call last night with a great call on my dad's show and yeah I mean you got a to b c d d completions across the board the nasdaq You got a 382. We'll finish this up when we come back for the open folks. Stay tuned. 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We got markets open and you're looking at a market opening s&p's up about 26 points right now That's about two thirds percent in the green. You have a nasdaq positive opening up positive 1.1 percent The dow just 45 points in the positive barely in the green in the russell up about eight points right now bitcoin We're talking about bitcoin man. Watch out. You negative eight tenths percent for bitcoin You were flirting with the 28,000 handle you were flirting with the 27,000 handle yesterday for a brief moment before you got A bid you got a therium under 1800. You're almost a 1600 handle in a therium shares Go contract up about 10 bucks right where you were before that economic numbers this morning And you jump over to the note and bond market as I said pretty tame action Especially considering with the move we had in the indices you got the 10 year 123 you got the 30 year right now at 141 12 both of those barely in the green And you're talking about a yield right now in that 10 year of 2.7 25 percent. We'll call it 2.7 3 Over in europe right now. You have the dax positive by about a percent footsie positive by about a quarter percent cacarole positive by a percent as well and uh overnight in asia Positive as well with the niké up about two thirds percent shanghai up about 210 percent hang sang up 2.8 percent Over in asia. Yes, some of those stocks. How about ali baba yesterday man from 82 to 95? Today you're giving back about 2.2 percent. You had jd rock and higher yesterday From about 50 50 to 53 50 Pretty tame action, but all things consider me take a look at baba, right? We'll put this thing on a daily Just to keep I've had this thing on a wild man Be careful on these stocks folks because every time we've touched the top trend line And we are going back to a trend that ali baba has been in since october of 2020 You're talking about more than a year and a half. This thing has been in a straight downward channel Well-defined I mean look at how many times this thing has touched the top and the bottom even if you take this Aberration out of the equation you touch the top in february of 2021 you touch that area in june of 2021 You touch the bottom line a couple times as we're in october of 2021 top bottom bottom top And we're coming right to the area that we have been in In terms of the high point on this weekly bar would be about you're talking about a trend line Of 97 we're sitting at 92 48 right now put it back on a daily and zoom in on all that action And you can see coming right to that level. Maybe you're talking about 97 So be careful on these equities man. We were just trading at 78 in ali baba 15 days ago and you're up 15 bucks from that price point at 92 bucks right now for ali baba All right, let's see how some of the fang stocks are opening it up Amazon catching a bid you talk about a pullback man amazon up 2.7 percent right now Microsoft up a percent we jump over to apple up 1.6 percent. It's going to be a risk on day folks I would be careful selling this market as we come into a long weekend Things lining up well right now. You got yields pulling back a little bit You have inflationary numbers pretty decent feds going to be data dependent Jerome powell probably going into the long weekend at least with a sigh of relief that the data at least on Their side for the time being Can't argue with the fact that the numbers not as high as they were in march And we're going to be dealing with some lofty comps. So that was probably the high point Now it's all going to be How fast can the fed get the market to move that inflationary number back down as in how fast can the Tools that they're using try and force that inflationary number to come back down without harming the economy as much as they can But are we going to be stuck at some of these numbers right? I mean you're only down to 4.9 percent We still got a long ways to go. Um, but nonetheless I imagine it's going to be a decent day in the markets right now as we come into the long weekend Things looking a little bit rosier than where they were Just last week. I mean check it out folks apple A week ago was trading at 132. We're trading at 146 I can't even do math that fast folks. We're talking about what is that 14 bucks? Yeah 14 bucks That's not the math I do 14 bucks times 16 billion shares 16.5 And you're talking about apple adding a quarter trillion dollars of its market cap in the last week It's mind-blowing to think about folks, uh, but all of these equities were just dramatically lower last week You're talking about amazon as I said last friday 2100. We've added 160 bucks That's not even counting the sell-off you got on tuesday as retail continued to get smacked this week Uh, microsoft shares last friday 246 you train at 268 Microsoft's up 10 from the lows it had last friday They joke about in the den folks You got to love a bear market rally and there's no way that the volatility is over right now Okay, but this is quite a rally. You have all of these equities pulling back pretty substantially on a weekly basis Yes, that's sticking out. But please keep things in mind of where we are This is no reprieve from the greater trend in the market and the greater trend in the market right now is Negative prices. Okay. These are bear market rallies right now And yeah, that s and p rally is quite a rally folks But we're only to where we were a couple weeks ago and that's after selling off from 4600 to 4100 Okay, we're only Not even to the lows that we had in february When you had the s and p's trading from 4800 to 4100 in the span of about six or seven weeks So it's important to keep the context of what's going on in this market in terms of where we've been How far we've fallen and the bounces are going to seem extreme until we potentially get further sell-offs So keep it in mind Yeah, and we got some moves going as that 100s rock and we're up 1.5 percent right now S and p's inching towards 1 percent right now jump it around I saw canopy not sure their numbers, but they're not good Canopy just doesn't stop folks down 12.2 percent. You talk about a nightmare scenario from 56 bucks About a year and a quarter ago. You're sitting at 487 Uh, I haven't even read the story on them just pulled up the chart looks like they missed numbers Fiscal year and fourth quarter revenue decline Yeah, fourth quarter loss narrows revenue declines It's just a never-ending story on this equity folks. There's your drop off on their numbers You're sitting at 487. You're back to the lows we had on tuesday on canopy The one thing I'll say is if you want exposure to the industry Constellation might be a play Because I wouldn't be buying canopy. I mean, who knows maybe they go bankrupt at that price point I mean, what are we talking about right now for canopy? Let's see. You're talking about canopy A company Yeah, they're not even going to have the fundamentals on the thinkorswim platform. Sometimes if the equity is just not Traded enough they don't have it for every single equity out there. It's not an s&p company, of course But yeah, they're in trouble and that is a one-way shot to negative prices Unfortunately for that industry the market. However, it's a one-way shot to positive prices so far this morning with S&Ps inching towards 40 points in the positive right now at 4095 and the nasdaq 100 now up 200 points Boy, you back things up just to where we were yesterday folks You were trading Zoom in on the action with an 11,000 handle 24 hours ago and just like that we're up 600 points Yeah, 600 points in the nasdaq 100 from where we opened yesterday Let alone the recent lows that we had going back a week ago 11,491 How about a thousand points in the nasdaq 100 just like that? Remarkable. All right, let's take a look at the crew contract man We're coming up to 114 you take a look at crude on a daily basis Right up to that 236 now. What's interesting here is this is an area That's been a little bit of resistance for crude 115 seems to be the recent high outside of that 130 price point We've had coming into the long weekend people probably going to be doing some driving Regardless of the prices 114 right now The one thing I will say man is if you're in the market for an suv I imagine That this is going to hit that market folks and I may be in the market for an suv In the near future and I imagine How long is that going to take though for people really to get tired of these gas prices and saying I did not buy an suv To be getting 15 miles a gallon at five bucks a gallon didn't do it. I don't know why not folks Okay, it's happened before Wasn't like ages ago So we'll see but gas prices again pretty hefty stay tuned folks. We'll be right back Are you in the market for buying or selling real estate in the bay area? Including the surrounding st. 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I got a chart of big lots up here Big lots with big losses to the downside today down 14 percent. The pain continues in retail, man We'll pull up another one a couple others. We got gap trading lower in a big way big lots So they missed on forecast For quarterly earnings and revenue larger than expected slump and comp store sales and issued a cautious full year guidance inflationary pressures reduced discretionary spending Like a super trifecta of things you don't want to hear going into earnings down 26 percent and keep excuse me down 16 dollars to 20 Down 16 percent to 26 dollars. That's big lots And keep in mind though that this thing has already been punished dramatically over the retail pullback We were just trading at 38 dollars. Okay, you came into their earnings at What 30 dollars you were just trading at 38 a month ago barely Already punished and now punished even for hibits sports one of the biggest sports Uh retailers out there Oh, they were this is such an interesting market. I was gonna say they were negative But the market picking up uh from where it's a positive territory Falling short of analyst profit and sales estimates said the customers had less discretionary income than the year earlier quarter When stimulus payments helped boost spending nonetheless. They're catching a bit this morning So I was looking up canopy one of the things the canopy did say down 14 percent is that Oh, so they reported a wider wider than expected quarterly loss with revenue that also fell short of analyst assessments. Okay The company said it expects to be profitable on an adjusted basis. Okay. Now first of all, it's profitable on an adjusted basis So that's not profitable But just profitable on an adjusted basis in fiscal 2024 Folks that's telling a story. Okay, if you're saying that you can forecast two years out right now with what's going on in this economy How about just forecasting out a month out two months out? What's going on, right? How about companies coming out 30 days after they announce and coming out and saying everything that we said Is completely completely deteriorated to the point that we have to reanalyze and restate what we expect is going to be for earnings That's what's happened folks. Okay So they're talking about that they're going to be adjusted profitable within a couple years Be careful in that stock folks and I was a believer for a while In the industry, but you know what I was saying to the tiger stand a moment ago Maybe it's harder to make money selling the plants than we thought And it might be true folks, you know, you can't make a bottle of corona beer Can't make modello you can't make king crawford wine You can't grow wine you can't grow grapes and you can make it right But you get the point you can't grow it in your backyard. You can grow pot In massachusetts, I forget what the exact Legality is I think it's either two or three plants per person. You're allowed to have and grow Which should be the case anywhere. It's legal recreationally folks. Okay Um because the bummer in florida going on right now is it's legal medicinally But all it is is a tax and I've talked about it before you got to go pay a doctor every Nine months. I think it is to get renewed on medicinal cannabis So you got to go pay that doctor 200 bucks or 100 bucks to basically rubber stamp you Okay, uh, and then you have to renew your medical marijuana license or something like that. Um So it's basically allowing people who have the financial wherewithal to Become legal weed users Not fair at all to people who can't afford it that then get locked up by the police and put in a box Uh at the taxpayers cost For pot So if it becomes recreationally legal The only reason that you don't allow people to grow plants is just because you want to line the pockets of somebody Okay, so in massachusetts, you can grow plants I think it's two or three plants if you have two adults in the house though It becomes either four or six plants. I think it's three plants per person So if you have two adults in the house, you can have six plants, okay I mean, I don't know how in the long run People are going to make money in massachusetts if you can just grow plants now. Don't get me wrong There's plenty of business getting done in massachusetts. Okay, but in the long run I imagine it's a lot more difficult maybe to make money in this industry Then maybe we thought Because competition is stiff. There's still an extreme amount of Legislation set to go and yeah, canopy's down 14 percent man And you're just back down to the lows of tuesday and as I said be careful You go pk in that thing in a heartbeat. All right, let's jump to some other companies some bigger companies with their earnings How about costco? It never stops folks. They make uh, is that no it's not an all-time high, right? Yeah Uh, but you're back to 468 from 612 you're positive on their earnings So costco comes out with their numbers they beat on the top and bottom line for the most recent quarter But the warehouses retailers profit margins shrink by nearly one percentage point due to increased costs for labor and freight labor and freight So costco says increasing prices for certain food items to offset those increases Uh, you were a little lower pre-market. They're catching a bid with the market today Now that's probably not indicative of their earnings. They probably just basically met expectations The market right now is up gangbusters. You got the s and p's up about a quarter one and a quarter percent You got costco up a percent with the market right now Uh, I mentioned gap Yeah, be careful Not quite the macy's story. Look at that clawback though Gap down 6.3 percent. You were down double digits. You were down to 886, man You were definitely down double digits. Would you close out yesterday? You closed it yesterday about 11 You were down to nine. You were down almost 18 percent at one point. Yeah And uh, they slashed their full year earnings forecast Wider than expected quarterly loss and hit by cost for shipping and deeper levels of discounting Somehow they catch a bid On the open Alta beauty They're catching a bid up 11.2 percent, man They beat the street forecast latest quarterly report upbeat outlook helped by strong demand for beauty products Well, I would imagine so since that's what they sell, uh, altar up 11.3 percent You take a look at this thing, man. You talk about some accelerations That is a daily And i'm not sure what's going on with altar, man, but you just went from 330 to 421 You almost got back all the losses you had Since april remarkable. All right american eagle will continue on the retail sector Uh, they were lower by big numbers. They've caught a bid on the open too But boy, you want to talk about some problems folks You think that chart has any strength to it Do I even need to put a channel line on that to see where this thing is going? There's your 15 minute you catch quite a bit after selling off last night uh now quarterly profit and revenue fell short of estimates The quarter was a challenging one so the ceo would demand well below the company's expectations. That is not what you want to hear folks Okay companies can fix problems that have to do with costs. You cannot fix when demand goes away You know, yes, it's a manager's job. It's an executive's job to spur demand for your products Okay, but you cannot fix that like you can when you have a cost issue right you didn't see um The extreme nature of demand Being ripped apart most of the time it had to do with margins on a lot of these retailers and profits Right now demand was a problem with certain sectors of discretionary spending when you talk about target You talk about wal-mart. Um, but american eagle man, I wouldn't be touching that one That's a one-way trip to negative prices. Let's see how macy's is trading today Following their strong earnings up about 1.4 percent right now s and p's catching quite a bit You're up 50 points right now As I said folks the number to put on your chart about 41 80 that would be the 382 on this bounce right now That would also bring you right back to the lows that we had Of march that's going to be an area of a headwind for this market. Maybe that's where we're heading today Stay tuned folks. 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We got markets basically sitting at session highs right now. You're looking at an s&p positive by 56 points That's 1.4 percent in the green nasdaq 100. You're approaching 2 percent right now 1.9 percent in the positive Dow catches a bit on the open you're up 7 tenths percent right now and the russell trading up 25 points as well Just gonna say a few words folks. I want to talk about it all show, you know But the school shooting this week so sad my heart's go out to all those families Having a son that's now one years old. We have kids in the house of a five year old Who was in school pre-k the day this is happening? We have a 15 year old as well who's in high school I said that day folks and I don't know the answer But we got to all ask ourselves. What are we doing and we got to do something? Okay, because it's happening over and over and over and we have to do something And unfortunately somehow this becomes political and it becomes about guns and it becomes about the second amendment And I understand how important that is to people for responsible gun owners. Okay folks But we got to do something all right and a lot of people forget That when I went to high school folks when I was in college There was a federal assault weapons man. Now. I'm not even sure that this would pass the supreme court We have right now. I'm not sure that's the solution, but we have an 18 year old going out by an ar 15s, okay? and At least in 1994 our politicians were trying to do something man. Okay, this followed a horrible 1989 shooting I think which kind of spurred on some of this and You know the the common defense is they're going to take your guns The federal assault weapon ban took nobody's guns folks all they did was tried to make it illegal going forward Okay, so there's a lot of rhetoric everyone digs their heels in but ask your politicians What are we doing because they're going to talk about locked doors? Well, guess what? Sandy Hook had locked doors and the guy just shot his way through it. Okay, the story's coming out very sad Took an hour for cops to get in there guy shows up with an ar 15 rifle who's 18 and buys it Well, gotta do something folks and a lot of people use that, you know Impulse thing to say you're going to take the guns. You can't do that, right? Well, they did it in 1994 I don't remember going to high school and going to college Um in a world that the second amendment didn't exist it existed in that society folks We were all living in that society So be vigilant. Don't be afraid to speak out and let's do something folks for the kids of america All right, folks. Thanks for starting your day with me. Have a great friday. Have a great long weekend. Basil's up next. Thanks folks