 The following is a presentation of TFNN. The morning market kickoff with your host, Tommy O'Brien. Good Wednesday morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN just after 9 a.m. Eastern time. We got about 24 minutes to go until the start of trading. I got a five-minute chart of the S&Ps up here, and you can see the action overnight. We roll over just below where we were at about 1 p.m. Eastern time yesterday. That low yesterday in the market, you're talking about 5,067. You get down to about 5,065. Between about 430 and 530 Eastern time, with just off those highs a bit, still negative by about 16 points, or a third of percent in the S&Ps. NASDAQ 100, we're negative by about 90 points. That's about a half a percent decline, 17,932. All the markets taking a little bit of a breather this morning. The Dow, off by 115 points, 38,900 on the dot and the Russell. Yesterday, up to 2,062. We're back about 15 points, or 7 tenths percent in the red right now for the Russell. Trading right now at 2,045. Excuse me. How about Bitcoin, man? It's not stopping. Right? 61,225. You talk about it, man. Folks were up 10,000 bucks from where we were Monday morning. You're up almost 20 percent from where Bitcoin was at Monday. You put things on a daily for Bitcoin. You talk about it, man. Potentially an A to B, C to D here, and you are pushing levels where you're almost crushing past where that A to B, C to D would be completed, and pretty remarkable. That's what the market's done. We've been talking about these A to B, C to Ds in the market. I'll give you a quick example. On the S&P, you back things up on a weekly, okay? But this is a different A to B, C to D. This one that I'm looking at in Bitcoin, your A point was around the October low. Let's do this for a second here. We'll jump over here, and we'll put it back on the daily. This is somewhat your A to B, C to D in the market potentially, okay? 4,100 or so, up to about 4,800. You're talking about 675 points almost for an A to B, C to D. That would bring you, man, up to 5,300 and change or something in the S&P. You jump back to Bitcoin, and you see the run starting at about 26,000 to 27,000. You make your B point up here at about 47,500. So what are you talking about? That's 20,000, the run, and we just got to it, which is pretty remarkable in terms of your pullback and where is that pullback on the Fibonacci. Right to about the 3A2 from those highs. Now on a longer-term basis, all-time high is hanging out there. You've got to put it on a monthly to get both of them at this point. You've got a high of 65,520 from April of 2021. Remember, that's exactly when Coinbase went public, okay? And then you just got above that high, 69,355 before the market fell apart, and we are right back to those levels and look at the month that we have had in February, folks. It dwarfs anything else on this chart, okay? Look at this bar. It's the biggest green bar on a monthly basis in the history of Bitcoin futures trading, and that goes back to the year 2017, okay? This bar is practically all green. You opened at 42.9, you're going to close at almost the tick high is where we sit right now, up $3,700, man, bumping up against this area in terms of all-time highs at 61.3. Pretty remarkable. Spot Bitcoin ETFs go public, and we get the biggest monthly gain that we've seen yet in terms of Bitcoin. All right, back to a short-term timeframe, five-minute charts. We jump down to crude. It's continuing to rise. We're pushing almost $80, $79.21 is the price right now. You were just trading at $78. You take a look at that on a daily basis. You're talking about highs of $79.29, made back at the end of January, so we just made a high of $79.34. Just above that high, we'll see how we react today. We got a few days left of the week, tomorrow, leap day, final trading day of the year, excuse me, the month. February 29th, March 1st kicks things off on Friday, and yeah, we're just above that high, and we're pushing $80. We're going to talk to our man, Teddy Cakes, dad, at 40 past the hour. We always talk some Forex. We talk some yields. We talk some currencies, of course, Forex. We talk some crude as well. We'll talk to Teddy at 40 past. We talk to our man, Kevin Hinks, after the first break, coming up at about 9.15 this morning. All right, we jumped in notes and bonds. Back to a short-term chart, just chopping around of yesterday's action, kind of currently where we sit. You're talking about right now a 10-year that is positive by Forex 110.05, and you're talking about a 10-year yield sitting pretty much right at about 4.3%, the yield on the 10-year, 4.3% on the 10-year. We jump over to the dollar index, DXY, little volatility, right? Up to 104.24, we're sitting at 104.04 right now. You take a look at the dollar on a daily, just chopping around at this 50% retracement line right now. You jump over to the gold contract, and yeah, you're going to get some volatility when you have some currency action like we're getting in the dollar, gold trading at 2,044. We were at 2,034 this morning, and yeah, that's in correlation to the dollar back and off a bit, but it is interesting in terms of just look where we were at about noon Eastern time yesterday, right? Dollar's trading at 103.75, so we've strengthened a bit, and you go back to the gold contract, and we're basically right back to where you were around that time. Nonetheless, little volatility, gold chopping around at about 2,044 this morning, off of the lows of 2,035, but on a daily basis, you take a look at gold, we're just in a little bit of a range that we've been in for some time. Between about 2,000 and 2,100, you're right in the middle of that range right now, trading at 2,044. We jump over to the VIX, the volatility index, rising a bit with a negative market, about all things considered, still under 14, VIX sitting at 1,374 this morning, and where do we kick things off? So we've got about 24 hours until we get PCE, the Fed's preferred inflation gauge out tomorrow, 8.30 a.m. Eastern time, that's going to be an important one to put it lightly, and yeah, we go from there. Next Fed meeting, March 20th, you're talking about three weeks from today, the next Fed meeting, March 20th, put it on your calendar, it's my birthday as well. As this market drifts a little bit lower this morning off by 18 points, we check around to some of the stocks in the Magnificent 7, Apple yesterday getting some headlines, they're not producing electric vehicles anymore. They end that endeavor, billions of dollars, 10 years, 2,000 people in that special project that they were working on, and there'll be some layoffs, everyone's getting transferred, that's not getting laid off, and they're getting transferred to generative AI, yeah, that's where they push forward, man. No more going into electric vehicles when it seems like electric vehicles, no one's even buying them anymore. Just look at the chart of Rivian for an example of that one, folks, because that's what the electric vehicle market looks like right now with Rivian making all-time lows on their numbers, wasn't this week? No, it was last week, and look at that, you're making all-time low, I guess, on the Monday print. Just off of those lows though of 11 bucks, be careful on Rivian, man. They're selling the same amount of cars this year as they're going to sell last year, which is like 50,000 cars. That's a tough one, where they are in their growth cycle to be doing that. You jump over to Tesla shares this morning, Tesla. They're going to be up about 40 pennies at 215. We jump over to Microsoft shares this morning pre-market Microsoft, slightly in the red with a NASDAQ 100. Down by about 100 points, you've got Microsoft down about 75 pennies. You jump over to Meta shares, Meta down about $4 to $483.46. We jumped to Netflix shares this morning, backing off a bit. You jump over to Disney. Disney shares backing off a bit as well. All right, folks, stay tuned. We'll be coming back, talking to our man Kevin Hinks from Schwab Network Fast Market. We'll talk some markets, of course. Stay tuned, folks. We'll be back in three minutes. Don't go away. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them, using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30-day money-back guarantee so you have nothing to risk. For all the details and to start your subscription today, visit the front page of TFNN.com. TFNN, educating investors. Everything in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. When you subscribe, you'll get a weekly report from Veteran Day Trader Larry Pezzavento on stocks you need to pay attention to, and you can trust Larry's analysis. After all, he's got 45 years' experience as a day trader. Larry will also provide daily charts, videos, and data on the key markets that he's tracking. Expect notifications from Larry on Market Movement that you need to act on at any time. 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Every trading day, 12 noon Eastern time, right here from the Schwab Network fast market with your hosts, Kevin Hinks and Tom White. Check out the program, folks. We got action, and let's just jump into it. Kevin Hinks, this market, hanging a little tough, but we got a little bit of red on the board this morning. Good morning. Hi, Brian. Yeah, some of the data, a little interesting. GDP data showed the headline numbers of actual river quarter going from 3.3 to 3.2, personal consumption expenditures going from 2.3. Those aren't earth-shattering numbers, but if you dig into the data here on GDP, there's a couple of alarming things. That's why Bond's rallyed, and maybe the market was down before that, but it stayed down. Current personal income, down 5.4, these are all revisions to last month, 219.5 billion down 5.4 billion. Disposable personal income, down 9.2 billion to 202.5. You see the trend here, personal savings, down 22.4 billion to 809.2 billion, and the personal savings, all of them, income, disposable income. We lost you a little bit, Kevin. You there? We'll see if we can get them. That was some great information. That's too bad we lost the end of that. You there, Kevin? The American consumer, man. We'll see if we can get them back. I love how he digs into those numbers below the headline number that we get there. Maybe we'll see if my producer can get them back on the line for those GDP numbers, and what are they talking about, right? They're talking about what? Consumers got less income, less disposable income to go with it, and how does that hit the market? Well, the Fed probably needs some of that, which is one way to look at how that goes, but we got a little bit of volatility on that 830 number. You dip below 110.5. We'll see if we can get them back on. That's too bad. I mean, Kevin Hinks, we appreciate the time he gives us each morning when he jumps on the air. And don't forget about Fast Market, I'm sure, especially ahead of the PCE coming up tomorrow morning, which is the all-important number. You heard it referenced in that second revision of GDP. Comes in at 3.2% for GDP, and yeah, some tough numbers for the American consumer in there to put it lightly, man. As you get the NASDAQ slightly in the red, S&Ps off by 16, Dow off by 134, and the Russell right now off by 13. Okay, we jump around to what else we got going on in this market. How about TJ Max, man? This company has just been on an absolute tear to put it lightly, man. TJX, okay, so there, looks like the bar is pretty high as even on some decent numbers, you trade higher, but they've given that back just since they came out with their numbers. Top certain ex-estimates, but issues like guidance ahead of uncertain growth path. Well, you know, all things considered to folks, okay? How about this for a growth path, going from 60 to 100? This thing's been on a one-way trip, man. In terms of off of the lows of May, and you gotta go back even further than that, because yeah, you had a lot of volatility in there, okay? There's your COVID volatility. There's your rate scare volatility, but take those two out of the equation for one second, and man, you got a pretty consistent 45 degree line to the upside. You start that acceleration basically at the end of 2017 on TJ Max, man, and you were just accelerating higher. Everybody had some volatility in COVID. Is that the taper tantrum maybe at the end of 2018? Is that what that was? Let's put it on there. Right, yeah, when you got that first, yeah. I mean, the only weakness on TJ Max's chart is when the market freaked out for macroeconomic reasons, right? COVID, taper tantrum, the Fed hikes to combat generational inflation. You take those volatility spikes to the downside out of the chart, and you were just straight lift off to the upside, man. You jump over to the analyze tab. I'm curious what kind of size of a company we're talking about at this point. 114 billion dollars. There you go, yeah. So they, yeah, I wanted to get Miramax, HomeGoods, TJ Max, and Marshall Chains. I love Marshalls, man. I do. Get some good discount stuff at Marshalls. Nonetheless, TJ Max, they're basically flat with a bid ask right around where they closed yesterday on some pretty strong numbers, little bit of light guidance, but seems like the market's okay with it, even with the bar pretty sky high for TJ Max. All right, what else do we got to talk about? Yeah, this one's an interesting one here. No real huge reaction this morning. You got Disney and Reliance to merge media business in India. 8.5 billion dollar joint venture. Now it's always interesting. Disney's been talking about their hot star for a while, right, which has always been in India. They don't make a lot of money, the margins on that, the average revenue per user, way below what it is in something like the US, but nonetheless, you got Disney and Reliance, they're gonna merge. Announcing this morning, they're gonna be combining their respective Star India and Viacom 18 units, newly created Star India, 8.5 billion dollars is what that's gonna be valued at. And yeah, Ambani, he's gonna control and put 1.4 billion into the growth strategy. 16.38% is gonna be Reliance. That's Ambani out there. 46.8% is gonna be the Ambani's Viacom and 36.8. So they take a minority stake, but almost 37% in that. No reaction whatsoever really on Disney shares this morning, which is interesting. Backing off with the market to 109 from 109.70, just yesterday, we'll see where we go from there. How about natural gas, right? We gotta talk a little bit about natural gas, man, just taking a look. Forgive me, come on, it's evading me, where are we? Well, it's NG, right? There we go. So natural gas, there's your three year weekly, man. Never think that things can't go lower or higher than you think they can, folks, right? I mean, talk about back things up on a monthly basis. All-time lows of a buck 44. You just spiked to $10 during the year 2022. You drop off a cliff and it looks like that maybe, that's a monthly basis, on a daily basis, even on a weekly, so yeah, the weekly basis, you know, a lot of support maybe in that $2 area, boy, you just blew through that at 152, but we're up a bit, up five pennies. And yeah, if you're trading this, man, make sure you're using capital that you can probably risk to lose all of it when you're dealing with this type of volatility and commodities especially, folks, commodities especially. Now, we gotta talk a little bit of Bitcoin, all right? And we're gonna talk a little bit of Bitcoin when we get back after the break as well. We got about 45 seconds left in this segment. We jump over to Bitcoin. And what's so interesting here is, you know, I got a call last week, I think it was doing my dad's program. And we were talking about Biddo, okay? And we'll talk about some of these ETFs, folks, because boy, they are on the rise, but it is interesting in terms of whether it's Grayscale, Biddo, what's Fidelis, FBTC. We'll take a look at some of these when we get back. Bitcoin on the rise spot, Bitcoin ETFs, Bitcoin up $3,200. We're coming back for the open, folks. Stay tuned. Are you ready to take charge of your financial future? TFNN is your gateway to the world of trading and investing. Whether you're starting out or scaling up, TFNN empowers traders and investors of all skill levels with top-notch investing systems, strategies, and techniques. It's time to protect and grow your money with insight you can trust. 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Head over to TFNN.com right now to join the thousands of traders who have already experienced the power of Tom O'Brien's award-winning newsletter Market Insights firsthand. TFNN, educating investors. 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. Welcome back, folks. We've got the markets open. You're looking at S&P, negative by 15 points, trading at 5,075. You see the rollover, right? Lois made as I referenced, about 5 a.m. Eastern time this morning. You jump to the load about 8 a.m., 5,069, we'll call it, and you're just off by about 16 pennies, excuse me, 16 points. All things considered, folks, putting things back on a daily basis, we're just chopping around near all-time highs here, right? All-time highs made at 5,123. You get that huge acceleration six days ago, last Thursday, where you plow higher to 5,107. We continue that high the next day. That was on the acceleration of the NVIDIA earnings. Continue higher the next day, we're just chopping around. So yeah, no huge sell-off here. But if you heard my interview with Tim Orte even yesterday, right? I mean, he's looking for even the spy. Maybe you're closing below 500, something like that, just for a little bit of health, a little bit of pullback, a little bit of a reasonable pullback. Maybe you give buyers another reason to buy. Just from a common sense perspective, if something is parabolic, right, that's not usually a healthy run. And we're not parabolic right now, it just brings to the common sense nature of why you wanna see a little bit of health in this market when it comes to potentially a little bit of a pullback because the run has been extraordinary. And if you want to continue, you probably need a little bit of ease or at least consolidation to some degree as we approach these levels. I mean, you're talking about the spy, folks, was it 4.14, excuse me, 4.09 on October 27th, and you traded up to 5.10, we're sitting at 5.05, pretty remarkable. All right, we talked about Bitcoin. Now, quite the run for Bitcoin, up $3,290 today, you're pushing $61,000. Now, here's what's so interesting about this whole industry sector. You got Bitto, you got Grayscale out there, okay? These two ETFs are still charging extraordinary fees, especially compared with the spot Bitcoin ETF, okay? And what's even more remarkable, okay, is that the rollover contango risk that you subject yourself to by trading something like this, Bitto, okay? Now, this is the fact sheet for Bitto. It's from the ProShares website. I just clicked on it. This is as of December 31st, 2023, okay? Maybe they updated them on a quarterly basis. The fee is 0.95%. I'm pretty sure it's pretty close to that. I'll look it up again, but if somebody in the den has them, so I'm pretty sure they're still right at that number. And what I wanted to look at as well is where they place their holdings, okay? Their holdings are basically split 50-50 for the next two months out in futures. It's just another risk that you subject yourself to, okay? It doesn't mean that it's gonna go bad. We've seen how contango and rollover risk in ETFs can go bad. Be aware that you're subjecting yourself to that when everybody knows that you gotta roll those futures. Think about it, right? You got futures in the next two months. So right now that's probably gonna be March and April futures that a fund like this would have based on futures, not based on spot. Now, what just got approved is the spot, okay? And you got Grayscale, which was the huge leader. They transform their trust to an ETF. $7.4 billion is what has been taken out of that fund in the first 30 trading days. Now, why has that happened? This article from a couple of days ago, okay? Their fees are extraordinary. They had 2%, they dropped them to 1.5%, okay? A few different factors explain. GBTC, the largest most active traded, 1.5 management fee, most expensive, okay? Many of the top tiers right now at about 0.2%. So you could trade an ETF with a 0.2% fee versus an ETF with a 1.5% fee, but here's the kicker, okay? And look at the outflows that you have. And you can see that people immediately pull money out if you were gonna do it because the fees itself, why subject yourself to the fees if you don't have to, okay? Seems like everybody who is gonna sell has probably sold is what's going on right now for GBTC. Some of the other headlines out there is some of the slowest outflows, I believe it was, is the headlines out there. Let's see if I can find it. Nonetheless, you get over to some of the fees that we're talking about, okay? Take a look at this article right now. You got Van Eck. I'm gonna blow this up so you can see it. Bitcoin trust, that's the one that's total, 0.2%. They were at 0.25%. This one just from February 26th as well, all right? You have the Isher's Bitcoin Trust, IBIT. They have 6.5 billion in assets. They had an initial rate of 0.12% for the first 5 billion, okay? Before increasing to 0.25%. So they're at 0.25%. Point being, grayscale Bitcoin trusts, which is now GBTC, the ETF I believe, right? I'll have to, is that how it went? I have to make sure I get that and pull that up. Because basically their business plan is making sure that people don't sell because if you sell, you have to incur the taxes and the capital appreciation on it. So as a result, they lock you in, they keep the 1.5% fee. So don't get distracted by that. It's gonna be an anomaly in the industry. Everybody's gonna be going with the spot ETFs and it's given quite a boost to Bitcoin. And we're probably on our way to challenge those all-time highs, man. It would make sense, right? There's definitely the meme factor in Bitcoin of all. And when you're this close to all-time highs, man, with everything going on, you just traded from 40,000 to 60,000. You're within about 9,000 now of the all-time highs. We're probably gonna touch it, 70,000 on its way from Bitcoin. Pretty remarkable acceleration. All right, we get the markets trading a little bit lower right now. You get the S&Ps down 15, how about the Dow accelerating? We just hit 38,800, NASDAQ down about 80 points right now. You jump around to some of the equities, Apple shares down about two-tenths. Microsoft basically flat this morning, you jump over to Meta shares up about six-tenths. We keep our eye in Tesla, they're up 9-tenths percent. Boeing shares down about 4-tenths percent right now. All right, we check out what else we have going on in this market. Let's check in on some of the equities that are coming out in terms of how they were reacting on the open. We had TJ Maxx market digesting their numbers. And yeah, basically flat up by 2-tenths percent for TJ Maxx, we check back on crude as it continues higher. How about it? We're gonna get $80, man. This'll be good. We got about a minute and a half until the next break. We're coming back. We're gonna be talking to our Man Teddy cakes dad as we got crude pushing higher highs, man. Higher highs, higher lows. That's been the trend since the low of February 12th or at 79-26, which is literally within pennies that high that was made on January 29th in the crude market. We jump over to gold. Gold backing off a bit, 2042. We keep our eye on yields on the heels of that in GDP data. Got a little bit of lower price in higher yield right now with the 10 years sitting basically at 4.3% as I pull it up. Yeah, about 4.3% the yield on the 10 year right now. As we got a little bit of higher price, excuse me, lower price in this market as we await the important economic data, biggest one probably of the week tomorrow morning at 8.30. We'll see how today goes ahead of that data. All right, folks, S&Ps in the red, markets in the red. Stay tuned. We'll be coming back, talking to our Man Teddy cakes dad. We'll talk a little bit of Forex. We'll talk a little bit of crude, gold, yen. Stay tuned, folks. We'll be back in three minutes. Are you ready to take charge of your financial future? TFNN is your gateway to the world of trading and investing. Whether you're starting out or scaling up, TFNN empowers traders and investors of all skill levels with top-notch investing systems, strategies, and techniques. It's time to protect and grow your money with insight you can trust. Join us live Monday through Friday during market hours for exclusive content that moves with the markets. At TFNN, we bring the trading floor to you. Our seasoned hosts are here to answer your calls and questions live on the air. Check out the Tiger's Den for just $1 and follow us on YouTube and become part of our vibrant community. And remember, at TFNN, we're so confident in the value we provide that we offer a 30-day money-back guarantee on all new premium newsletter subscriptions and services. You have absolutely nothing to risk, so why wait? Tune in live to Tiger TV and transform your trading journey because when you know better, you invest better. Join us and experience the difference today. TFNN Educating Investors. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the Opening Call Newsletter at TFNN.com. 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He's got new issues every Monday, folks. He's got issues throughout the week when warranted. It comes with a 30-day money-back guarantee. It comes with a archive webinar that you have out there as well. And if you're into candlesticks or you wanna learn more about options as well, check out a couple of the great webinars he has under the Services tab, talking about capitalizing on time with calendar stock option spreads and Japanese candlestick pattern, stock and option strategies. He's written a book on candlesticks and we're gonna talk some forex though today. Teddy Kegs at, good morning. Morning, Tommy. So we got a little bit of a chop in this market right now. We got the dollar at 104, market's kinda chopping around just under the highs we're red today, but man, it's been quite a positive market. Crude a little bit higher. That's one thing that's moving. Where do you wanna kick things off this morning, Teddy? Well, if you wanna talk about any action, I think we have to talk about crude because as a whole, the FX markets are going kinda flat line and that's because rates are a flat line. I mean, if you look at the short and the long term ends of the curve, nothing's really going anywhere. And if rates are a functional value of currency pricing and since rates are going nowhere, currencies are, except for currencies like potentially the US dollar-yen relationship because of the crude relationship. That's where I think we have a little story if you wanna go on that one. You know, that's, and I didn't even plan on it, but I remember the first time you started talking about this, even when I was doing the program with my dad and you were talking to us, right? And you were walking us through kind of the fundamental nature of whether you're a producer, a user, consumer, crude and how that impacts and the great example that you give of kind of the dollar to the yen. If you could just walk listeners through that, Teddy, when you just make that reference is I know not everybody kind of understands why what happens with crude is gonna impact whether it's the dollar and the yen and why so. Could you walk them through that? Cause that's a great one, man. I remember the first time you educated us on that. Absolutely. Okay, so it's not that it's always a relationship but there are times when it becomes one. Right now is the case. You have a look at Japan. They do not produce oil. They're a big industrial complex though. They use a lot of oil, okay? So they have a demand for it. Oil is priced in dollars predominantly still across the globe. We are one of the biggest suppliers to Japan of oil. So that fundamental relationship becomes integrated in the pricing of dollar and yen relationship, okay? So just how interest rates are a function of any currency depending on the central bank, oil becomes a factor when it comes to the US dollar-yen relationship. So the fact that not only are they importing, it's not just their demand but the pricing impacts that currency relationship. So as oil breaks out to the upside, that happens to make the dollar more expensive which makes the oil also more expensive, okay? So it's a double-edged sword there where it can accelerate a trend or it can decelerate a trend. In this case, with it doesn't matter, right now you have no fundamental dollar strength or weakness because interest rates are kind of going flat line. So that relationship is right just going nowhere. But now you have the demand function for dollars and oil that changes everything. So for the US dollar crude relationship, excuse me, the US dollar-yen relationship that makes it very bullish. And like especially right now we're at that 150 critical threshold level for the Bank of Japan. That's where this becomes very, very important because if crude was say $6 lower and rallying up towards 150 because of the price in oil appreciating, it wouldn't be such a big deal. But because we're above the 150 mark right now, that's a big deal because the central bank or the Bank of Japan does not want the US dollar-yen relationship to be above there, okay? So now are we gonna see any type of intervention by the Bank of Japan? I don't know, let's see. But I think that especially right now with oil where it's at, we're breaking out to the upside. Like I had the 70 to $75 range was holding for a good time. Now I think we're gonna raise that range to about basically $80 to $84, you know? And if we get above $84, well, then we have a really big deal because then you could see the US dollar-yen if there's no BOJ intervention trading up at 153 to 154. And I'm not talking about like two months from now, I'm talking about like, you know, let's say crude rally is six, seven bucks over the next week and a half. Well, then you'll see the US dollar-yen probably trading at 154, you know, within that time frame, you know? And that's without any interest rate move. If yields actually go up at the same time, like if you start to see that it's a 10 year and especially the short term, start to hit the hammer, the lows, meaning yields go up simultaneously, well then for sure I can't see how you would not see the US dollar-yen trading at least 153 to 154, maybe even spiking up at 155. And that's a currency trade that I think is a very viable trade on the table right now because these markets are in play because everything else is going sideways, you know? I always say that the biggest indicators for the markets are the markets themselves, you know? I mean, if you want to use, you know, whatever mathematical formula, God bless, you know, hope it works for you. But if you want real time, you know, indicators, look at the markets and there's a correlation between many of them. And that's the trade right there is the crude dollar-yen trade. It's in play right now. It hasn't been in play for a while, but now with oil spiking to the upside and looking to where it really could hold a trend to the upside. And I'm not saying that we're going to go up to a hundred bucks, $110 anytime soon, but let's be real, higher highs and higher lows is what? It's indicative of a bullish trend, right? For sure. And listen, that was an awesome wrap up, man. For those that, you know, there's so much good information if you didn't understand it completely because I had to hear it a couple of times myself folks over the years. We archive everything we do. Every interview I have with Teddy, it'll be right on the TFN YouTube page, search it out because it is so cool, man. And I think a lot of us have gotten a real education in terms of how we've just had such big rallies and pullbacks in yields. And we've seen what that's done to the dollar and how those relationships move, but it's pretty cool the way you just explained it. And it was such a great job, man. So thank you. Thank you. In how, in the same way, that just like we're going after yield with our currencies, right? You're using dollars to buy yield in America as it rises or whatever, you're using dollars to buy crude, which we're producing. And if you're in Japan, you're not producing, man. You're consuming it. So you have to take those yen, put them into dollars and buy our crude. And that's, and it exacerbates things, which is so cool. Yeah, and as I started off, I saw that we were just chopping around, man. Pretty interesting that crude might be the story of $80 and how that impacts things. Anything else you're watching ahead of the inflation data tomorrow? I know, boy, you've been calling it pretty well in terms of the Fed, where they are, where they may end up in terms of not cutting at least or potentially hikes, but you're looking for any of these surprises? How do you trade something like that or do you? Absolutely. I think that you really have to watch out for the ISM number on Friday, that I think that's important. So it's kind of be, it's tough when we're in sideways markets like this, especially for the currencies because they trend typically most of the time. Writing the forex report right now is not an easy job when you're saying like, sorry guys, there's no trade on the table right now. Like, you know, and as a trader, like the hardest job really is, is not knowing when to trade, it's knowing when not to trade, you know? And you can't force it, you know? And that is something right now. It's just, you know, there's no opportunity will come. You just gotta be patient, you know? Teddy man, that was so awesome. I appreciate you walking myself and the listeners through that explanation. I know a lot of people I'm sure really learned a lot and we appreciate the interview, the update as always and look forward to talking to you next week, man. Sounds good. Take care, Tommy. Thanks so much. Folks, check out that Tiger Forex report. You heard those relationships, man. It's awesome. Check it out. 30-day money. The Gold Report. As a precious metal, gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market, the US futures market, and the Shanghai Gold Exchange. The Gold Report. 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The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices. Get the opening call newsletter by Basil Chapman in your inbox every day. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. TFNN.com, educating investors. The reality is that navigating financial markets can be risky. Markets can be chaotic and difficult to understand. Having the latest market advice can help you turn this chaos into a key for creating winning trades. At TFNN, we understand that it can be hard to find reliable market news. That's why each of our market experts offers their very own market newsletter. A must-have tool for every trader out there striving to find an edge in today's markets, TFNN newsletters cover every aspect of the markets so you can analyze the market before you trade. Try any of our great newsletters risk-free with our 30-day money-back guarantee. Just visit the Newsletters tab on the front page of TFNN.com. TFNN, educating investors. 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. So we have the S&Ps off about 20 points now. As you continue to drop a little bit lower and we're now right where we were on the open, 5,070, there's a minute bar just to illustrate kind of the volatility. You spike up to 5,077 in the middle of that first half-hour trading. We're back to the lows right where you were at about 8 a.m. and 7.15 as well. Back to a 15-minute chart. NASDAQ off 135, Dow off about 200 right now, 38,821. Amazon down about a tenth of a percent. We check in on Apple. Down about eight tenths percent, there you go. That'll drive everything lower, man. Apple shares, they give back all of the appreciation they got by dumping their carquests yesterday as you're back to basically where that thing opened yesterday. Apple off a buck 43 so far. Yeah, so there's winners and losers out there as in Metta, positive by two tenths percent right now. Google shares, they give it up though, off by 1.6 percent right now. This market looks a little bit skittish, man. You know, and you can't blame a market for being a little bit skittish with the runs that we just had, folks. Two consecutive 1,000 point rallies in the last 16 months or so. Keep that in mind as you look for potential consolidation. Wouldn't be out of the question, especially ahead of some important inflation data tomorrow. And speaking of important inflation data, this one's an interesting one. I'm gonna post this one in the den. Bloomberg, Bloomberg's the best man. You know, Wall Street Journal, New York Times Business, enjoy a lot of different news, but I do enjoy Bloomberg the most, I think. And they're talking about the big bond steepener is flopping as the Fed delays rate cuts. Swap traders now see the first cut coming in June. The yield curve remains inverted. Long rates are lower than shorter and that was not supposed to be the case as things have recalibrated, you could say on the Fed. Yeah, such calls have backfired. Short-term yields went even further above long-term ones as a resilient economy and sticky inflation. Pretty remarkable. And you take a look at that chart and that is the inversion of the two year versus the 10 year. And yeah, still pretty inverted on that basis. We'll see where we go from there. Pretty remarkable. We get one of those economic data points tomorrow. And boy, hopefully we don't get a hot number, man. Chairman Powell, I say he's gonna be sipping that coffee, man. We got a hot CPI, right? We need months of data for the Fed to be confident. And we get an important data point tomorrow. And remember, those numbers they're looking for are pretty hot tomorrow, 0.4% on the headline and the core for PCE. Folks, thanks so much for kicking off your trading day right here. Stay tuned. Basil Chapman's coming up next with the Tiger Technicians Hour. Have a great Wednesday, everybody. We'll see you tomorrow.