 The following is a presentation of TFNN. The morning markets kickoff with your host, Tommy O'Brien. Good Monday morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN. Just after 9 a.m. Eastern time, as we kick off the trading week, we kick off September. It's Tuesday morning. That was a little bit of recalibration. Coming off the long weekend there. Happy Tuesday morning. Hope everyone had a great Labor Day weekend. As we kick into the action this morning, we got the S&Ps down about four points. We check out the action on a 10-minute basis. Earlier this morning, down to about 4,500. We just got quite a little acceleration up to 4,520. NASDAQ 100, we're negative by 44 points right now, trading at 15,471. We're trading up 19 points in the Dow at 34,902. And the Russell, negative by 10. You jump over to Crude. How about it, right? Crude, accelerating higher, man. Nine o'clock. Not sure what just got said. Somebody have something in the dead man? We just jumped to buck 50. What was that? Tuesday at nine o'clock in the morning in terms of Crude catching quite a lift there. We have some action going on. You got the gold contract moving this morning. 1958 right now. We jump over to the dollar index when you got commodities moving. Yeah, so what's going on right now? We got action across the board even in the last few minutes. Dollar was up at almost 105. We pull back a little bit right now to 104.60. You jump over to yields. The story last week and how about the retracement? How about it? And it's continuing today. Down about 12 ticks on Friday. You spike on the jobs number to 111.12. We're now a point and six ticks below that number. Pretty remarkable in terms of where we are. With yields considering the conversation, going into the jobs number on Friday, the spike to 111.12. And just like that, we're at 110.07 on the 10 year off by 12 ticks. You jump over to the 30 year. We're off a full 26 ticks. I mean, look at the give back, man. Just remarkable. The 30 year just traded off two and a half points from where we were Thursday and Friday. Two and a half points. And so what that's meaning is, we're getting a lower price and a higher yield on a longer term basis, right? I was having this conversation with my dad on Friday, just walking through how exactly yields are moving, what exactly that is meaning for the market, especially when you look at it, the two year versus the 10 year versus the 30 year, really getting yields moving higher on the longer end of the curve. Not a lot of action happening from the one year to the two year. It seems like the market's figured out that we're basically in the ballpark of where we're gonna be in rates from the next 12 to 18 months, right? So getting a lot of volatility over the next for a two year right now, not exactly what's been happening, but where you get a lot of yield inversion, right? Is that you have the two year very high and you have the 10 year very low, indicating that we are in a higher interest rate policy right now, which could lead to economic pain in the future as growth comes down from the Fed's tight policy. There you get inversion, right? Well, some of that is un-inverting as you have yields rising, but rising on a longer term basis and not necessarily on a shorter term basis. And that's what you need to get that yield curve un-inverted. Lot going on in that yield curve though. And boy, we are early in the endings when you talk about a Fed meeting coming up in two weeks from right now, all but assured that they're probably gonna pause and then we go to November from there and we see where we go. It's gonna be an interesting one to say the least, but this morning, back to the 10 year, right? 10 year down almost 13 ticks. You had quite the pullback on Friday as we talked about the 30 year, just huge pullback. I mean, and in, you know, it's anyone's guess what exactly this is saying, why are yields going up on a longer term basis? The Fed gonna have to stay tighter for longer to get hold of inflation or does it look like that the Fed might not have to be as tight for as long to limit this economy, therefore eliminating the risks of potential recession going forward, allowing for yields and growth to be higher going forward. It's all possible. We get to find out as the market marches forward and the next 12 to 18 months are gonna be interesting. This is not over just yet, folks, to put it lightly as we still have a forehandle. Remember that CPI, PCE going up on a yearly basis, going up on a year-over-year basis for the month of what, August 1st, July, right? Going up 4.3 versus 4.2. And you gotta keep in mind, okay? Crude, put it on the radar, folks, because check it out, we've been talking about it. These are prices that we haven't seen since November. Okay, haven't seen them. We're breaking above the highs that we've been in since November. That is gonna put a hurt on the headline inflation number, right? What's been happening? Headline inflation has been paring. Core inflation has been persistent, okay? We're gonna start running into some year-over-year comps on energy that are gonna be pretty lofty when you start getting into months. I mean, you get into the month of December, November, you were in the middle of the month, okay? So that's not gonna be a tough comp. But December energy comps, you started at 80 bucks, you made it to 70, okay? You finished at 80. All of these comps, let alone if you ever make it into March of next year, when you start dealing with comps on an energy basis of $67, and meanwhile we're running right now at $87 on crude. So those headline numbers are gonna be creeping up and it's gonna make the Fed's job even more difficult when it comes to time. Because what if we're pushing headline inflation, right? That's now in the fours and cores at three. Are you telling me with headline inflation at a four or something because of crude and energy that we're gonna go into a cutting cycle? It's gonna complicate things as goes forward. We've been helped out tremendously by energy prices, but this thing is on a one-way trip, man. And check it out. This could be a nice A to B, C to D, the 8.67 bucks, the B.85 bucks. What are you talking about, 1750, 1750 from 7750 brings us to $95 would be the projection. And guess what? That's basically just back up near the highs that we were at last November. Let's back this up a little bit further for energy prices. I mean, geez, you know, 93.74, that's what we're looking at that high. You break above there and you're at some lofty prices of 120 bucks before you know it. But next projections, 93, 95 bucks, right? Maybe you go back to test the highs in November, 93 and change, 93.64 was the high in October as well. And that would complete the A to B, C to D that we have going on right now on a shorter term basis. And yeah, I mean, look at the volume now. We had volume at these highs of 447,338 and we just came in at 389. So the real high there was 338. It did have quite a high volume bar before there at 447. But we got some decent bars that we just blew through that level at right now. And yeah, these are daily bars. And today we already have 200,000. So we'll see where we go, but keep your eye on crude, man, 86.91, the price of crude. Now, I'm going away for a little bit of a vacation starting tomorrow. And the reason why I tell you right now is because we're talking about crude, we always talk forex, our man, Teddy Kegstad. And we'll have live shows every day at nine o'clock, folks. Every day at nine o'clock, we're gonna have a live program while I'm away. Thanks to our man, Teddy Kegstad. He is filling in tomorrow. Teddy's also filling in on Monday, September 11th. Just worked out that he could guess host on that day for me while I'm away. Teddy also around 9-11 in New York on that day. So I'm sure he'll be talking about that a little bit. That'll be a great treat to have him filling in. Other than that, we got our man, Jacob Schoop. He's filling in Thursday, Friday, and a couple of days next week as well until I'm back in about a week. But I mentioned it because Teddy's filling in tomorrow, folks, he is gonna be doing the program for me. And he always talks a little bit of crude. I'll be interested to see what he has to say. I'm gonna be listening. I'm gonna be flying. I'm fortunate going on a little bit of vacation with Tommy. We're gonna be flying to Spain, flying to the island of Maerica for a wedding. Looking forward to that, getting away for a week. But fortunate to have some great guests, so Teddy will kick it off with you tomorrow. We'll be coming back with our man, Kevin Hanks, because it's Tuesday, folks. We'll be right back. 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Folks, we have the S&P Futures right now, negative by about nine points. We have markets slightly in the red as we kick off the trading week on Tuesday to talk about some of the action. Let's jump over to our man, Kevin Hinks from the Schwab Network Fast Market right here on Tiger TV. Folks, every day, 12 noon Eastern time. Kevin Hinks, Tom White, the team at the Schwab Network. They got an outstanding lineup of guests. They walk you through hypothetical trade setups, folks. Usually we're talking three trades an hour. Options are involved and defined risk is involved in every single one of them. I've learned so much myself over the years. Please check it out. Kevin Hinks, good morning. Good morning, Tommy and Ryan. Yeah, start of the new week. Start of the fall trading season and starting the week was a little bit of softness in some of the indices. Nothing to get too excited about, but there that should catch the attention of some investors, we don't have a big week for economic data. We have a big earnings. Our system is out there a lot. Think of NVIDIA and if this China fund, a $40 billion, $300 billion yuan, Chinese one, that couldn't bring competition. That's why I think you've got it. And we keep beating the drum. It's the US dollars higher. It's 10 year yields higher. And now it's crude off spiking higher on some news out of OPEC plus and production. So crude was down to start the day, now sharply higher, Tommy. Yeah, that's spiking crude. As I was kicking off the program, Kevin at nine o'clock, and I appreciate the insight as always. I said something's happened at nine o'clock, folks. I didn't peg it, but there it is, folks. Up almost $2 from where you were just less than 20 minutes ago. We didn't talk since Friday, man, quite the move in the markets on Friday. I wanted to ask you, you referenced yields, of course, which tie into the dollar well. What did you think about what was happening, Kevin, in terms of the yields with the higher yield, especially in the 10 year on the 30 year, on a longer term basis, man, off the back of that number on Friday, we really got a strong move on yields, especially after the knee jerk move. I got the 10 year right now up in the thinkorswim platform. But what do you think the market is saying? I'm trying to wrap my head around it. I was having a conversation with my dad over the weekend. Have you tried to walk your head? How do you think about that conversation when, boy, we had quite a move on yields to higher yields on the 10 year, and especially on a longer term basis on Friday's move. What were you thinking about some of that action? Yeah, I thought, you know, with all the information that we got on Friday and last week, frankly, with, you know, it's the sticky inflation data that I think that we saw from, you know, some of the inflation data that we got, all things considered from expectations, Tommy, the inflation data that we got on Friday was lower than expected. They were looking for 4.4%. It came in, you know, 4.3%. The month over month was supposed to be 0.3. It came in 0.2. But, you know, average hourly earnings, Tommy, year over year, it's still a four handle. And some of the PCE data, it's still a four handle. And crude oil rallying, it may not be the core inflation data that it's affecting, but it's gonna affect that shiny headline number that we look at so closely. So I think, you know, could you see a reigniting of inflation? Now, think about this, Tommy. You've got crude oil going higher. You've got all these labor negotiations going on, which now you've got, next up to bat, is the auto workers and the unions there. So they're preparing for a strike or higher. Now you've got some flight attendants in the airlines planning for a possible strike. You've got labor negotiations that are all gonna lead to higher wages. You've got higher crude oil. So sticky inflation might be what's in the pipeline. And so that doesn't mean that yields are gonna spike significantly higher, but Tommy, they came down from three, six, two to below four, one for a while. Now we're covering that slightly from there. So I don't know how scary this is, but it certainly doesn't mean yields should go significantly lower, Tommy. Yeah, it was a remarkable watch in the market in terms of the knee jerk reaction off the number on Friday, and then of course the pullback and even the market pullback that we saw as well. You beat me to the follow up question, man, which is why I love talking to you so much about crude. We're now breaking above levels that we haven't seen Kevin since last November. And that number is probably gonna start creeping back up. Is that number, and this is where I'm trying to wrap this around my own brain in terms of how that's gonna work because I know that maybe the chairman, and I don't know anything in terms of what he's gonna do, but I think the chairman, right, isn't gonna have the crude price dictate everything going on. But it seems like recently we've had the headline number maybe being a three or something, and then you get a core that's a little bit hotter because we've been helped so much by crude. What do you think the chairman might have to say at some of these press conferences as we come into November, we're gonna start getting some yearly comps where energy is actually gonna be on the bad side of putting a headline number that might be a little hot. The core will be a little lower. How do you think they might approach, whether it's stopping cutting, excuse me, stopping hiking, listen to me, or potentially even going to a cut as we have that headline number maybe going back up to a four or even a five if we're talking about, I mean, you get into December, January, February, or March and we're gonna be dealing with $67 crude that it's gonna be comping against on a yearly basis. Do you think that's gonna come into that policy and how much do you think, it's a big question, but what do you think as we go forward to some of those comps on energy? Well, I think higher energy prices, the spending power out of the US consumer's hand, right? If you've got $100 and you go from trading spending $30 a week on gas to $45 a week, that cuts down some of the discretionary spending you have for other products. So could it hurt? Absolutely it could. How much damage does it do? What does that do for core inflation? Tough to figure out, right? Drone Powell, I think has got rates where he wants them. I think Drone Powell would be fine if the data keeps working lower. And it's not a straight line, never is, but if he sees good signs of weakening inflation across the board, he's gonna hold. He's not gonna move in September, I don't think. And even though we get a CPI number, September 13th, after that, we get the decision. So yeah, I think the goodness is for the US economy, Drone Powell's got rates now where he wants them, which is restrictive. I think his plan is to let this restrictive level work on inflation and not go higher. That doesn't mean he won't though, Tommy. The data will tell us. It's a pretty remarkable time to be in the market and I appreciate you sharing your thoughts and insights. They're big quit picture questions and nobody's got all the answers but it's just so remarkable now that we've been dealing with these lofty prices, man, everybody knows that inflation exists when you got whether it's grocery prices, travel, you pick it, right? But nobody's talking about that we've had crude, basically, you know, so low now we're gonna add just like you say, man, everybody notices. I filled up my gas tank the other day, Kevin, it was $70 for the first time in a while and I said, whoa, where did that come from, right? So yeah, I agree. With that in mind, man, you mentioned it, we're coming in, not a lot of economic numbers but do you guys have equities you're talking about to kick off the September trading today on fast market, Kevin? Yeah, Z Scaler is the first name. Okay, after the bell, like fully it was gonna do a presentation on Lowe's and the recap housing, home improvement and then we'll look at Airbnb. A lot of news about travel coming off of the Labor Day weekend. So we got three good names today, Z for Lowe's and Airbnb, Tommy. Three great stocks, I pulled them up on that thinkorswim platform. Kevin, I appreciate you kicking off the week with us, man. You have a great one. We'll be watching 12 o'clock today. We'll talk to you tomorrow, man. Have a great day, Tommy. You too, check it out, folks, fast market from the Schwab Network, 12 noon Eastern time. We'll be right back for the open. Bill 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. Tom O'Brien publishes his weekly Gold Report every Monday morning for subscribers, consisting of coverage of the XAU, HUI, GDX, the Dollar, Bonds, the South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. The Gold Report. 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From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be, 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 markets open. You're looking at an S&P down about two points right now. We catch a little bit of a lift on the markets right now jumping back to 45-20 area where we were coming into about nine o'clock in the morning. NASDAQ 100, barely in the red by 27 points right now. You got the Dow sneaking into positive territory up by five, the Russell leading the way in negative territory off by half a percent right now. We jump back to commodities with crude. Yeah, you look at it, man. 87-23 is where we're treating that right now. And I referenced it, right? Kevin referenced it before I even asked him the question, keep your eye on crude because what's so interesting, I mean, he laid it out as he was talking about, of course it's gonna matter when you're taking that amount of discretionary income out of people's pockets that's going to the same amount of, whether it's gasoline going into your car, right? Energy going into your house, whatever it is. And at the same time, we have the student loan payments kicking in. And listen, that's not gonna be the end of the world, okay, student loan payments kicking back in isn't gonna end capitalism, right? But it matters. That's the point. How much does it matter? That's anybody's guess. All those payments come and do that weren't due for the last three years, it matters. Crude price is pushing $90. It matters on a year over year basis. We come into March, okay? Right? We come into March and you better watch out if we get some lofty prices because you're gonna see year over year energy comps that are through the roof on the CPI, okay? And whether they're gonna impact Chairman Powell or not, what's so interesting there is that may actually, and this is, you know, I'm just walking you through as I'm doing each step that could actually help bring inflation down because what's gonna happen? That's an energy spike that the Fed basically can't control. So what's it gonna do? It's gonna tighten everyone's wallet, okay? Those spiking energy prices are gonna tighten your wallet and it's gonna bring down inflation in the other areas of the economy that are still persistent potentially, okay? This is where it's like, how many levels deep do you go to find out which level is gonna matter when push comes to shove? That's the difficult part in there. As in, you might get a lofty inflation number, but if you got people dealing with student loan payments, you got them dealing with 90 to $100 crude, I mean, 95 bucks. We walked it through at the beginning of the show, man. No reason why you can't come back and test where we were in November last year, okay? Which is about 93, 74 on crude prices. So keep your eye on those crude prices, man, because we were just at 67 bucks about two months ago. Tough to imagine. There was a weekly charge. You're talking about 10, 11 weeks. You go from 67 to 87, just like that, man. Doesn't seem to be slowing down any time soon as well. Yeah, let's jump over to the dollar index as we talk about it as well. Dollar index, 104.60 right now. All right, and let's go over some of the action before we get to NVIDIA because yeah, we have, nope, not that one. Here we go. We got some Fed speak out there. Christopher Waller says the central bank can proceed carefully with rate hikes. Does not rule out further increases depending on data. I mean, who would, right? I mean, who would? Yeah, you can get some statements out there, but considering where we are on the data, you can't rule out anything. No matter, that's the real deal out there. Kevin always ends it so well saying, we'll see where the data goes, right? Because that is what's gonna drive where the action goes. Proceed carefully with hikes, as he says. There's nothing that's saying we need to do anything imminent anytime soon. We can just sit there and wait for the data. And I would agree, man. I would agree with what Kevin said as well. They're in a restrictive policy, okay? Now, crude prices in there, the worker strikes that we have going on, the new contracts that we have going on with those worker strikes, wages are still catching up, folks. People still feel like their wages need to catch up with the inflation we've seen and they probably do. Because if you combine, I can't believe that you're talking about, I was doing it yesterday. I'm running towards the end of my, I've had my car for almost five years. And so it's almost paid off and I can't believe it's five years, folks. It was April of 2019. Yeah, it seemed like it was just before COVID hit and COVID seems like it just hit and that's gonna be five years ago. So there's not five years of inflation because it wasn't ripping in April of 2019. Things really started to accelerate, what? 2020, 2021, 2022, we're three years in potentially. You're talking about 20 to 25%, folks. People's costs, you start talking about rent, okay? You throw in rent in there. You throw in, I mean, you throw in the ability to buy a house, which if you're paying somebody to work for you, they should have the ability in some capacity at some point in their employment to buy a house, right? All of that stuff, wages need to catch up. So there's gonna be some pressure, but the market reading this today, saying that there is nothing imminent that they need to do, they can proceed carefully is what they're talking about there and nonetheless that one comes up. All right, talking a little bit bigger picture here, right? Interesting read from Bloomberg out here talking about NVIDIA, okay? This one, yeah, out this morning and it's talking about the potential bubble case, okay? Now, you should know that this is a possibility if you just pull their chart up, okay? That's potentially parabolic. That's a weekly going back five years. You really wanna be freaked out though, you put it on this chart, okay? Now, that's quite a chart, man, but that is a lot of optimism. Now, I heard an analyst or talking head somewhere, I think on Bloomberg last week talking about Cisco, they were comparing it slightly to Cisco in the run up of the dot com bubble, okay? The thinking was, right, Cisco makes everything that the internet's gonna need, they're gonna take over the world. Well, guess what, folks? Cisco is still a great company. You pull up Cisco right now, you're a company that's valued at $234 billion. Still not where it was, still not where it was back in the year 2020, 23 years ago, okay, still not back where it was. It's a great company. You've had a lot of growth over the years, never quite lived up to the multiples that were priced in when things got a little bit bonkers, okay? Now, you take a look at NVIDIA, excuse me, Cisco, that just out of curiosity, okay? Because they're talking about multiples. Well, you can see how this thing accelerates like kaboom, right? You go from $1 billion in 1994. These are revenue numbers, okay? This is historic revenue data for Cisco. It's just giving you a quick glimpse on how you can still grow dramatically from where you are. And then what happens though, is that you don't live up to the multiples because they're almost impossible to live up to. Okay, so we can jump to the Bloomberg story, but I just wanna talk about this because the multiples are getting lofty. They're getting pretty lofty, all right? And NVIDIA is living up to them so far, but boy, you talk about pricing in like everything, right? So you check out where Cisco was as they ran up to this acceleration, right? Where's the run start? Well, in 1995, they're trading at about a couple bucks. By the time you make it to 1998, they're at $12 or $15, and their peak is in early 2000, okay, with the dot-com bubble. Now, you go to their revenue numbers, right? You got quite the acceleration here, and you can see the run-up, right? They go from $6 billion in 1997. They were at $2 billion in 95. They go to $12 billion. They double in revenue from 1997 to 1999. They almost double in revenue again from 1999 to 2001. They go from $12 to $23 billion, and then guess what? They go down, they go down. They go stagnant, they go stagnant, but then they continue to grow, all right? Then you had years, they go 28. They go to 34. They go to 39. They pause for a bit. They go to 43, 46, 48. They pause for a bit again. That was quite a pause, right? And now they're back to 57, okay? So there was some stagnant growth there from where? They're at $46 billion in 2012, and they're only at $49 billion in 2021. Well, guess what, folks? That's a nine-year period, okay, that began 12 years after the bubble, okay? I'm just putting things in to the NVIDIA timeframe of where they are in 10 or 20 years. You have so much growth price, then, folks, okay? And look what Cisco did. It pulls back hard, and yeah, it's been a decent stock. You had a nice run up here up until, I mean, look it, even on those stagnating years, you've gone from 2011 at $15 to 57, okay? And you never got back to where you were. So be careful, is all I'll say, because that is some lofty optimism built into a company that is now valued at $1.2 trillion. We're on break, we'll be right back, folks. 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. 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, and get the opening call newsletter by Basil Chapman and 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. 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This program is brought to you by Vista Gold, traded on the NYSE American and TSX under the symbol VGZ. Folks was running into the break there. I didn't realize that guy was too excited over Nivedia and Cisco shares, but just to finish up that thought, so you see the valuation at $1.2 trillion folks, optimism prices at all time highs. I mean, we got a PE ratio here that's running at 111 right now, okay? Yeah, the five-year average is running at 67 almost. Pretty remarkable when you look at those numbers, man, at $1.2 trillion. So be careful, but I thought it was interesting looking at the company like Cisco and realizing, okay, a company like Cisco to make the last point that I wanted to make here, okay? Is that you buy into a company like Cisco in 1998, 1999 when the company's pulling in revenue of $12 billion and you lose money by holding that equity up until 2023 when they're taking in $57 billion. Did you get that one? Okay, you buy that equity when they're taking in $12 billion in revenue and you lose money in 23 years, 25 years when they're taking in $57 billion in revenue. Not a lot of people I think would realize that that's how things could play out, but you better with those multiples that we're talking about because don't say it can't happen. This thing just traded from 350 down to 105 and the world has changed since then, okay? But be careful to put it lightly. All right, let's talk a little bit of Hollywood. One of brother's discovery. They're trimming their estimates, but guess what? The market, they're okay with that. They're up by 2% right now. One of brother's discovery, expect an earnings hit of 500 million. Maybe the market was a little bit more worried than what they were talking about. I got two different articles. There's the one of brothers there. Cuts profit outlook as Hollywood strike drags on could affect financials through year end. Well, they don't know when it's gonna affect them because the strike is still going on. They are now looking for full year adjusted earnings before interest taxes, depreciation and amortization, 10.5 to 11 billion down 500 million on both. That's earnings, that's not revenue. That's straight out profit, okay? At the same time, the company also raised its free cash flow outlook for the year to at least 5 billion driven in part by the star in performance of Barbie. So there's the estimate getting them up 2%, I guess. Now what's interesting here is I've been seeing that a lot of these production houses, right? You're gonna see numbers where their costs are gonna go down because they're not spending any money to make anything, okay? So be careful in that you are going to see them bring more money to the bottom line for some of those costs not being incurred, but those are just gonna get all pushed forward. So those things are going to offset once they get those productions back running. So we'll see. All right, we jump over to the story on crude. So this is what was hitting right at nine o'clock. This one just as of 915 to at least pull up the article. The headline I should say Saudi Arabia to extend the voluntary cut of a million barrels a day until the end of the year. So that's the number that hits at nine o'clock on the dot. They first applied the million barrels a day reduction in July has since extended it on a monthly basis. That adds 1.66 million barrels a day of other voluntary crude output declines. It adds two, excuse me, barrels a day. Yeah, so the crude market gonna be a wildcard to put it lightly. Cause remember, remember when they announced this originally? Yeah, when did they say it was June? Cause I remember this. Yeah, July. Okay, let's pull up the daily. All right, I'm thinking of the March announcement, whatever they did, whether they spiked and gave it up almost instantly. Well, guess what? We're way above those prices, man. I think that's when they first came out with a policy that was gonna give them a lift. You back it up to July. Yeah, that's where the acceleration really began. The end of June into July. So things mattering here as you got crude. Up a buck 75 this morning, we check back to yields this morning. You get the 10 year, pretty much chopping around where we began the program at 110 and change right now. You jump over, we're talking about a yield right now. Of 4.23%, pretty remarkable, man. Let's look at the yield curve for a second. Pull this over. So we got the yield curve. Yeah, look at the, look at, this is the same exact thing that was happening on Friday, right? Now you got higher yields across the board, but on a two-year basis, you're talking about two basis points. You're talking about three, right? You go up to the 10, you're talking about five basis points. You go up to the 30, you're talking about almost seven basis points. Still quite the inversion as you got the two year at 4.9 and the 10 year at 4.22. All right, look how far away they still are. The two year at 4.9, even the five year is at 4.3 rounding off 4.34. And the 10 years at 4.23. Well, what will happen here? Okay, as these longer-term numbers continue to rise, the yield curve is uninverting. Then it'd be interesting to see how that plays out, where we go from there. So we'll see. But that's persisting and that's basically the trend that was happening on Friday. Friday, it was just even magnified even to a greater degree. All right, jumping around to what else we had pulled up here. Let's see, ah, let's talk a little bit of soccer. Why not? How about these numbers? Now, Messi, if you're a sports fan, first of all, if you're a sports fan, did you see the Colorado Buffalo's playing college football with Dion Sanders and his children this weekend? My goodness, that was quite a game. Caught most of the highlights afterwards. College football totally dramatically changed in terms of everything. But so is soccer, man. How about the numbers? 110,000 signups to the MLS season pass on Apple TV and the MLS subscriptions they're talking about here. Both of them. He gets pieces of both of it as part of the deal. Apple TV, monthly US signups. You talk about an uptick, man, okay? Monthly US signups. They're pushing 833,000. Now, they saw 110,000 new US signups the day he had his first match. 110 up from 6,000 the prior day. That was bigger than the day it became available and the day of the opening of the season. Of course it was, man. There's nothing like it. Apple, which has the exclusive rights to show MLS games and distribute the pass, enjoyed a bump in subscriptions to its 699 Apple TV streaming service as well. I wonder how much he's gonna end up making. I hope he makes billions. Why not? I mean, he might bring a whole new soccer revolution to the country, folks. And it's pretty remarkable watching him play because the men that he is playing against are phenomenal athletes in their own right, okay? It's like, if you play sports, folks, I've been around phenomenal athletes in high school and they're phenomenal in their own right, right? And then you get the few select from high school that go on to be phenomenal athletes in college. Then you get the few select that go on to be, even have a chance at becoming a pro. Then you get the ones that actually make it as a pro and then you get the guy who comes in and all those guys that are pros and he runs circle form. All right, now listen, the European soccer league, the play is not the same. That is the pros basically, being in Europe versus the MLS, right? It's remarkable what Messi's doing though. And that's as somebody that is a complete novice soccer fan. And look at the numbers. Apple signed a deal with MLS where it's 2.5 billion last year that gave them the exclusive rights. What a deal, at a time they did it. The 10-year deal wondered whether the partnership would help attract it. Well, guess what? They got it done, man. They sell the MLS pass for $12.99. Look at the numbers, okay? Look at it, look at the numbers. The second game, $65,000. You're talking about 175,000 subscriptions, basically overnight for two games. And it's not gonna stop. I don't have this, I might pay for it. Who knows some big numbers to put it lightly in soccer. Soccer is a great sport for kids, man. You run around, you kick a ball, you learn some athleticism, why not? Pretty remarkable numbers, man. And let's pull up the big dog, Apple. You got markets selling off a bit this morning. Apple shares off about six tenths right now. Market off about three tenths right now. S&Ps trading at 45.06, one more segment. Still going away, folks. We'll be right back. The Gold Report. As a precious metal, gold is still king. 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When you subscribe, you'll get a weekly report from veteran day trader Larry Pesavento 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 you need to act on at any time. 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. Subscribe to the Fibonacci 24-7 newsletter today. TFNN.com, 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 get the market spilling back a bit. You get the S&Ps down about 15 points right now, so let's jump around, right? We have the dollar index right now. You're back to 104.72. You drove down to 104.55 right now, but the dollar index up 50 pennies right now from where we were of the close of action yesterday, let alone Friday. Remember, Friday, we're 103.40. We're pushing 105 right now in the dollar index. So you have dollar strength in this market. We have yields higher. You got the 10-year dropping, okay, as we were coming into that break. That's why I'm doing a little bit of a wrap up here. What were we just at, man? I just said it and we're already, we're at 4.25. We're just at 4.22. 4.25 is the number, man, just like that. So we have higher yields. You got a stronger dollar and you got a weaker market. This is like the Fed playbook all over again. A little bit of a repricing is what's going on here right now as we're getting, as Kevin mentioned. I mean, maybe crude is gonna be a persistent factor here that's gonna weigh on the market, right? Maybe that's gonna lift inflation even further, causing yields to remain high and causing potentially the market to be weakened. As you have higher energy prices, S&P off 15, NASDAQ off 42. Dow off about 81 right now. We jump over to the gold contract. Down about $13 at 1953 right now. Go with some volatility. And we jumped to the VIX this morning. Volatility index right now trading at 14.25. 14.29, I should say all things considered, still very low volatility in that market with a 14 handle on the VIX. Let's jump around to some of the thank stocks as we wrap up the session this morning. Apple shares down about three quarters percent. We jump over to Microsoft. Up about 210th percent this morning. Amazon down 1.3 percent for Amazon shares. We jump over to Tesla shares. How about those price differences in terms of dropping prices last week? Let's talk about that. They're getting a lift this morning. Tesla up by 2.3 percent. We jump over to NVIDIA. We talked about them basically flat this morning for NVIDIA. I mean, folks, if you own NVIDIA shares, right? Maybe you sell some calls above the market. Worst case scenario, you gotta sell it above where the market. You absorb some of the premium priced into a pretty volatile equities. So this is things you can do. I would just look at it, man, when you're pushing 500 on that equity. Folks, thanks so much for starting your Tuesday off. I hope you had a great Labor Day weekend. Stay tuned. We got a man, Basil Chap. He's coming up next, folks. Have a great Tuesday. Have a safe Tuesday. And yeah, I'm gonna be gone for a week. We got live programming every day at nine o'clock. Teddy Kegstad kicks things off tomorrow. Have a great one, folks.