 The following is a presentation of TFNN, the Morning Market Kickoff with your host, Tommy O'Brien. Good Friday morning everybody, I'm Tommy O'Brien, company live from TFNN, 8.30 a.m. Friday morning, 60 minutes ago until that opening bell, we got markets in negative territory to kick things off, S&Ps right now, negative by 17 points, trading at 31.23, looking at a Nasdaq futures, minus 41 points, 10,686, man, that Nasdaq has sent some strength recently, the Dow negative 171, 25,400 on the dot right now, we'll start things off with the S&Ps, we'll take a look at yesterday's action, you see quite a tough morning for the S&Ps, we trade down about 2% from 31.70 down to a low of 31.05, you're talking about 65 S&P points, it's actually more than 2% that we trade lower, but guess what folks, we charge from 31.05 up to 31.49, 31.54, you're talking about almost 50 points, we make it up, a little bit of volatility to end the day, overnight, we approach the lower levels we had, we make it down to a low of about 31.11, we're back up to 31.35, and there's some volatility as well, 31.26 right now, looking at those S&Ps, NQs, minus just 26 points, the market catching a little bit of a bid right now, jumping back to those S&Ps, these are five minute bars, look at that little acceleration on those S&Ps, we'll see what happens, NQs, minus 29 points, the high yesterday, 10,774, highs across the board, you look at Amazon, Microsoft, Apple, Tesla, Netflix, NVIDIA, we'll pull up a couple of those later in the program, Dow 10,696, again, looking at yesterday's action, the high at 10,774, this is a Nasdaq, NQs, tech stocks, now over to the Dow, little bit of a different story, check that out, we're right at the lower end of the range of where we were yesterday, as opposed to the NQs, we're right in the middle of the range almost, you could call it S&Ps for some context, towards the lower range as well, those Nasdaqs just strength across the board, Russell right now minus 10 points near the lower end as well, actually traded below yesterday's low overnight at 13,73, crude down 55 cents at 39,08, made it to 38,54 overnight, you get the gold contract up $12 at 18,16, gold yesterday, dipping below 1,800 for a moment to 17,99, almost made it back down to that level at about 2 a.m. Eastern time, currently trading higher at 18,15, the price of gold, silver up 15 cents at 19,12 right now, made it to 1944 yesterday, and notes and bonds pretty muted action going into Friday trading, we got the 10-year up 4 ticks, 139,25, we get the 30-year up, is that 29 ticks, yeah 29 ticks, 189,01 in terms of what we're sitting at a yield, how about 0.579% on that 10-year folks, that's right, 0.579, they yield on that 10-year, it just doesn't stop for some context here, 139,21, we were talking about it yesterday on the program, check out this long-term chart right, we are climbing above these levels folks, I would say that a nice linear regression line here, maybe you're sitting at 139,10 on the upper end, I mean what are these highs here, the high 139,22 from April 21st, we're a tick away from there, 139,16 on May 8th, we're 5 ticks above there, 139,21 on May 15th, we're exactly at that level, and that's the last time we were at this level in terms of higher prices, lower yield 0.578%, the high that we had, when things were really getting out of hand, 140,24, you're only talking about one point above where we're trading at right now in the 10-year, for some context on the 30-year, I mean look at this climb, since June 5th, we've climbed from 170, more than 10 full points folks at 181 in that 30-year, remarkable action, what else we have going on, PPI index just coming out, we get Friday numbers, 830 pulling over that number, so producer price index falling 0.2% in June, looking for excuse me a 0.4% increase, that number just coming out at 830, we'll see how it hits the market, we saw a little bit of a pop in the S&Ps right away, and we're still sitting at about 3125 in that index, as I mentioned the NASDAQ, I mean look at this daily chart folks, remarkable right, we go from 9700 pre-COVID, 6628, we're currently trading at 10,698, just from June 29th folks, we're up about 1,000 points in the NQs, remarkable action, and where does that come from? Let's jump around to some of them, so Amazon almost hitting 3200 yesterday, we're going to open a hair lower this morning at about 3173, made it to 3195 overnight, Microsoft shares, come on, cooperate MS, FT, made it to a high of 21640 yesterday, backing off a bit 213.27 on Microsoft shares, Netflix shares, new highs folks, 515, we're above 500 yesterday, we were above 500 for the first time this week, currently trading at about 515, NVIDIA shares have just been a rocket ship to the upside, going to open higher again yet today at 422 on NVIDIA shares, Apple shares, I think that 393 tick is erroneous, we were up about 385 yesterday, we're going to open a hair lower 382, let's check out some of the social media, Facebook, in light of all the companies pulling their advertising, not bad when you can trade to all time highs on Facebook, just on Tuesday, that is, yes, Tuesday, yes, the 7th, to 247, we're going to open this morning at about 243 on Facebook shares, and how about we can't go a day without checking in on our man, Elon Musk, Tesla, reaching a high a few days ago of 1429, talk about an acceleration, this morning opening pretty flat at about 1396, 54 Tesla, some of my favorites jumping around this morning, Disney, be interesting, see what happens in terms of their opening plans in Florida, as COVID-19 and the numbers here, we set death total records yesterday folks, 120, the seven day average was 42, we'll see how that plays out, it's going to be a fluid situation, everything is dynamic in this situation, that's the one thing I would say to keep in mind, it is very fluid, things get worse, hopefully things get better, you're going to see this market reacting, you're going to see some of the stocks especially hit hard, react in a big way, you had Disney with some volatility on Wednesday, talking about their opening plans, reached a high of 117.85 on Thursday, pulling back a bit at 115.61, talked about Uber, look at that volatility on Uber from 34 to under 32.50 yesterday, tough day on Uber shares, currently sitting about 32.88, you had Walmart earlier this week, talking about Walmart Plus, they're going to be charging $98 for a subscription, basically going to be competing with Amazon Prime, market love that idea, from 118 to 129, and we're sitting pretty steadily at 128 right now, some context on Walmart, strong, strong action, I mean, you are now flirting with this gap that we had back in April, you're flirting with this volatility we had from May 19th on their earnings, we initially popped higher and the market pulled back pretty dramatically on that, and the all-time high 133.38 on Walmart shares, checking in on the VIX on Friday morning, currently resting with the VIX of where are we at bid offer, where are we at? There we go, 30.05 right now on the VIX, hit a high of 31.48 yesterday, volatility, this market, we moved, again, we moved down from 31.70 to 31.05 yesterday, in the S&Ps, in the matter of a couple hours, you're talking about a 2% move, okay, in a heartbeat, folks, if you're getting those types of moves, the VIX better be above 30, and look at this action, look at this, what's going on? The VIX, excuse me, the S&Ps, we're getting an acceleration, folks, 31.37, the NQs are negative by just one point, it's a Friday action, why not? Let's get some green across the board, stay tuned, folks, we'll be back in three minutes, see what else we have on top for Friday trading. 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We're above where we were at 7 a.m. We were above where we were at 4 a.m. And you're backing it up to about midnight. 3134 right now in the S&P's quite an acceleration just from 8 10 this morning. As I said, folks, things are dynamic. They're moving faster than maybe ever before as the landscape of things really changes in terms of the economy, the potential for opening back up. So you have Disney, they're open to Disney tomorrow in Orlando. And that's, you know, as you have a death toll spiking to record territory yesterday, 120 deaths in the state of Florida. Just since 8 10 in the morning, I'm preparing for the program markets in negative territory. Guess what, folks, we traded from 3118 to above 3142 trading at 3136 right now in those S&P's terms of what else we have happened in the market. I mean, check out this volatility. You almost can't overstate what's happened in here. Right? 1.2, 2.8, 2.3, almost a full percent, 1.8, 1.5, 7 tenths and 1.4 huge moves in either direction almost on a daily basis going on. So you got United and their union out there reaching a tentative agreement for early retirements and voluntary furloughs. The tentative deal comes a day after United said 36,000 employees could be furloughed this fall if they're on and off buyout and early retirement volunteers. Tough deals going on in the airline industry. We talk about it regularly. I have friends who are in that industry, folks, and it's not a good time to be in that industry as airline travel just dries up completely. Some context here got very, very euphoric on those airlines up to almost $50 on June 5th. We're backing off from an open today at 29. Even on that news, we're down here in this lower range. I mean, it bounced around from 20 to 30 for that low period from March 17th. I mean, realistically all the way through June 4th, maybe it's going to navigate back down there. You still have travel off 80 to almost 90 percent remarkable action. So Ireland, they're going to be at the top of the international, no, no, where are they? Let's see. Yeah, the Eurozone's top job. So the Irish, I'll get there. The Irish finance minister, Good Old Island, represent that O'Brien blood, elected to the Eurozone's top position in a defeat for Germany and France. So interesting action here getting into this. Pascal Donahue will be the new president of the Eurogroup, which is made up of the 19 finance ministers in the Euro area in charge of negotiating aspects of the fiscal policy of the bloc. Now, especially important with what's going on right now. So the decision announced Thursday, a blow to France and Germany, who had publicly stated their support for Spanish candidate, Nadia Calvino, the most indebted nations in the region. So the nations with a ton of debt, Greece, Italy, Portugal, also expressed their preference for the Spanish minister. Pressure for the fiscal adjustment will likely resume once the recovery takes hold, creating the risk that more vulnerable southern economies could be forced into fresh tightening at a time when their economies are still reeling from the downturn. That's an analyst at the research firm Eurasia Group. So what it's talking about here is that back in March, the Eurogroup agreed to put these rules on hold so countries would have the flexibility to spend and support their economies. I mean, you see the trillions we've pumped into the US economy, right? So you have these huge indebted nations, Greece, Italy, Portugal in the EU. They're supposed to have limitations to kind of reel that in, those limitations relaxed. The Irish Finance Minister described himself as a bridge builder who looked to bring together fiscally conservative nations like the Netherlands and Australia. And those have looser approaches to public finances. That is quite a quote there, looser approaches to public finance. Yeah, that means they're spending more than they're making folks. Interesting action though, that's an important one in terms of Germany not getting their way over there and the indebted nations as the Finance Minister Island looks to bring those countries in line with what they're spending. In terms of COVID out there, we know the numbers are stark, folks. Just be safe out there, please. Wear a mask, social distance, very frustrating in Florida when people who can wear a mask, I see them outside all the time. These numbers don't come out of nowhere, folks. The behavior sometimes very frustrating, all right? You can wear a mask, we can keep places open. And we can really keep them open if people wear a mask in social distance. So please, the stories that keep coming out about what we don't know about this, airborne transmission, restaurants, gyms, other closed spaces can't be ruled out. It seems like being in confined closed spaces without the ability to social distance, this virus has the ability to spread very rapidly. And we're just learning about it more and more and more. The WHO previously acknowledged that the virus may become airborne in certain environments such as medical procedures and general aerosols when you're actually aerosoling something, right? Whether it's a treatment on a ventilator, an aerosol treatment for somebody on a ventilator. But guess what? You don't really need that, folks. If you're in a closed confined space, you're breathing harshly, those virus droplets spreading in the air, they might not sit in the air for hours, but they're spreading in the air. You don't have to be right next to somebody, so be aware of that. New York, how about this tropical storm, Faye, picking up speed and strengthening as it moves closer to the mid-Atlantic states in New England? Tropical storm, Faye, there's your track and action. As if the last thing we need right now is a tropical storm, but Faye's expected to bring two to four inches of rain, the possibility of flash flooding in parts of the mid-Atlantic in southern New England. The Hurricane Center said it's 5 a.m. advisory. Keep your eyes on that if you're in New England. Make sure you're prepared for it. You might get a little rain. Nothing too dramatic in terms of how it can be down here, but some of those areas, when you get into flooding, that's a tough one no matter what. All right, jumping to Tesla, how about Tesla? They're coming out with their earnings July 22nd. If they show a profit, they will be poised to quote unquote electrify the S&P 500. So you got to show four quarters of profits, which is one of the hurdles to be included in the S&P 500. Tesla looking to make this quarter their fourth quarter of profitability. One of the major reasons you've seen this stock accelerate in a huge way in terms of growth and profitability. You back this up, right? July 6th, you back it up. We were flirting with around $240. Look at that range. I mean, just sputtering across as it looked like they might not make it, but all that changed. It seemed in October when you had the stock from $250. And guess what? In a heartbeat, you were at $340. And this thing just takes off like a rocket ship. Tesla's at about $1401. So look for their numbers and look for the ability to come into that. I mean, it's with a market cap of about $250 billion, Tesla would be among the most valuable companies ever added, larger than 95% of the indexes, existing components. They're a big company, folks, and they, but you got to have four quarters of profitability to be included. So nonetheless, they're looking to do that later this month. Remarkable. We're going to be right into earnings action pretty soon, which is crazy in itself. In terms of some tariffs, some trade concerns, some action with China, the US sanctioned China officials over human rights abuses in Xinjiang. I believe that's how you pronounce it, maybe. And so this article dated last night at almost midnight, the next article, China vows to retaliate against US sanctions over Xinjiang. The back and forth definitely fight back China. Will they said? Chinese said it will retaliate after US officials and institutions following Washington's imposition of sanctions on three local officials of the ruling Communist Party over human rights abuses in the Northwest region of Xinjiang. There's a lot of stories going on out there, folks, but guess what? The market, shaking it off. We get the S&Ps right now, negative by just four, NQ's negative by seven. Stay tuned, folks. We'll be right back. Back in the day, I joined Hotel California in 2006. And like many of you was drawn in by as well as whatever you think about you bring about whatever you focus on grows. 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Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com, then hit Watch Tiger TV. That's TFNN.com, then hit Watch Tiger TV for the latest market information. Welcome back, folks. We got S&Ps negative by six, NQs negative by 11. Just kind of hanging out at this level. That's a 15-minute bar. Putting it on the minute bar, you can really see that acceleration that took place about 837 in the span of four minutes, folks. We traded from 3126 up to 3143. You're talking about a half a percent in the index in four minutes. Kind of hanging out at those levels, putting it back on a five-minute. Other action going on out there. Stark numbers, folks, 63,200 new coronavirus cases in a single day. And when you compare this to stories like this, folks, that Hong Kong is suspending all schools due to a spike, okay? That spike, talking about 34 cases, folks. 42, excuse me. City reported 42 new cases Thursday of which 34 are locally transmitted. Hong Kong's Education Bureau on Friday announced a suspension of all schools on Monday. Quite a stark difference to the conversation that's going on in this country right now about schools. We can function, folks, but we just can't let this thing spread like wildfire to the tune of 100, 200,000 cases a day. Scary stuff going on, especially in one of these states like Florida. And it's not just going to stay in states like Florida, folks, if we're spreading at this type of a level to 63,000 cases on a daily basis. Okay, how this changes the world completely? How about Barbados seizing the opportunity? They're going to plan to let people stay and work remotely for a year. I can enjoy that view for a year working remotely. Maybe we'll get a TFNN condo suite over the lush to get a nice little backdrop of that beautiful ocean. So lawmakers are looking at introducing a 12-month Barbados welcome stamp, noting that restrictions due to the coronavirus pandemic had made short-term travel more difficult. You don't need to work in Europe or the US or Latin America. If you can come here and work for a couple months at a time, go back and come back. So they're trying to get people who are working remotely. They're going to try and bring them into Barbados. Barbados, 98 confirmed cases, period. Seven deaths from the virus. End of the story. Remarkable numbers when you compare it to what's going on in the US. All right, folks, should be an interesting Friday in the markets. Look at this volatility. We got the S&P's negative by six, NQ's negative by 10, Dow negative by 60. Stay tuned. We got our man Larry Pezzimento coming up live next with trade what you see. Stay tuned, folks. We'll be right back.