 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, coming to you live from TFNN. Just after 9 a.m. Eastern time, quite the sell-off yesterday. We've gotten back almost 50 points in the S&Ps from the lows last night. We got some Bank of Japan action to go over this morning, but you got markets and positive territory growing higher after the sell-off yesterday. S&Ps up by 7.10% right now. That's 32 points in the positive, trading right near 4,600. At 4,596, the Nasdaq 100, how about it? Up 1.1%, you talk about a rebound, right? You talk about some moves, man. We just traded up 200 points from the lows last night. 15,744, you're posited by 173 in the Nasdaq 100. You're posited by 174 in the Dow. That's up by half a percent. The Dow yesterday, snapping a winning streak of 13 straight. Yesterday would have been 14, a little bit of a sell-off. Russell, up by 18 right now. At 1,984, we jump over to crude. $80.15 pennies for the price of crude. We got some action in gold as we have a little bit of action in currencies. Gold, 1,991, you're positive by $6 right now. We were just near 2,000, yeah. Check out that spike at about 830. We got some personal consumption expenditure numbers to go over as well. We got some earnings to digest. Lots of action on a Friday in summer trading. Silver right now, basically flat at 24.37. You jumped in notes and bonds. Slate reversal of the trend yesterday. It's quite a run yesterday. When you're talking about, we had lower price, higher yield, you're talking about a 10-year yield. Right now, 3.99, 3.99 on that 10-year, yeah, we'll call it 4% almost, the yield on the 10-year curve right now. Quite the sell-off yesterday, right? You back it up, that's your 10-year, man. Early Thursday, 1,1206. Late Thursday, a 110 handle. Not often do you go from a 112 to a 110 handle. On the 10-year, we did it yesterday as you got some higher rates coming at you today, pairing some of that action. We jump over to the dollar index. There's some action for you on the dollar index, man. Up to a 102 handle, back to a 101.40. We're at 101.72. Excuse me, we gotta talk about the dollar yen, man. Check out some volatility on the dollar yen. So Bank of Japan with some adjustments to their yield curve control, we'll get into this, but seems like they might be willing to go higher than they were expecting. That's what the market is thinking and there is some volatility for you. From 141 to 138, we're back nearing 141 on the dollar yen right now. That's putting some action into currencies, commodities. We got a great treat, too. We usually talk to our man, Teddy Kegstad on Wednesdays, couldn't make that happen this week, so he's coming on Friday and what a day to come on, man. So we'll talk some yen at 40 past the hour, folks, coming up at 40 past 9.40 AM Eastern time. We'll talk to our man, Teddy Kegstad. Great day for that with some huge action in the yen, as well as, of course, we had our Fed on Wednesday, ECB on Thursday, Bank of Japan on Friday, and yeah, we got some volatility, man. We got markets clawing back the losses and let's just check out Fibonacci-wise. You take that high of early yesterday and that was the high when I was on the air, man. As in, that's not some pre-market high that was not real. Just crossing the 50%. You sell off from 46, 34, folks, you're talking about 80 S&P points, 80, yeah. What is it, almost 47, yeah. Is that right? It is, 80 S&P points. I had to check it myself and just like that, we've gotten back more than half of that acceleration, yeah, because we're more than 40 points off the low right now at 45, 97, the 618, we bring it to about 4603 in that market. Boy, we got some strong numbers out there in terms of earnings, in terms of equities with their numbers. And what are we gonna get into first? Let's talk a little bit of PCE, that number out this morning. So you have, this is one of the Fed's preferred inflation gauges, lowest annual rate in nearly two years. So you have the personal consumption expenditure, rose 4.1% from a year ago. The market was looking for 4.2. The annual rate was the lowest since September of 2021 and marked a decrease from the 4.6% print in May. Headline PCE inflation, including food and energy costs also increased 0.2% on the month, rose 3% on an annual basis. So the core numbers at 4.1, headline number is at 3%. The yearly rate was the lowest since March of 2001 and moved down from 3.8% in May. Now, you got some numbers going on there in terms of energy prices, of course, that are hitting that number. This is different than CPI, the way I differentiate the two to keep track of them, okay? Personal consumption expenditure is everything you're personally consuming, even if you are not directly paying for it, versus the consumer price index is the items that you as a consumer are paying out of pocket. The easiest example of where you get a difference in this is that out of pocket expenses that we pay for, a huge portion of that is rent, okay? That's why rent, mortgages are a huge component of CPI. The reason why rent is not as big of a component of personal consumption expenditure is because there are a lot of costs, excuse me, there are a lot of items that you consume that you may not be paying for directly. The easiest one to think of is healthcare, okay? So think about it, a lot of people receive their healthcare from employment, their employment healthcare plan, et cetera. You are not directly paying for that healthcare plan, yet you are consuming that good as a consumer. So healthcare, a much bigger component of personal consumption expenditure because that's something you're consuming, it's an expense, but you're not exactly paying for that price. So anyway, that's the difference that goes into there. We get PCE today. And that is the preferred method, folks, because it doesn't matter whether you're paying for it or I'm paying for it, somebody's paying for it, right? And if healthcare costs are going through the roof, that employer's gonna have to pay for it, they're gonna consider that as they're paying you your wages, et cetera. So it all goes into everything. Nonetheless, we get that number this morning, 4.1% on a core number, headline number coming in it, 3%, and lowest numbers in a while to put it lightly as you march across that inflation threshold. All right, what else we got going on? We got some companies with earnings for sure. We got Procter and Gamble. Let's see, let's jump around to some of the equities with their numbers. Procter and Gamble, it's strong numbers. They're trying to hire from about 152 to 154 this morning, Ford with their numbers last night after the bell, electric vehicles, getting pushed back a little bit. They spike higher, you're slightly lower on their numbers this morning. How about Intel, right? Intel after the bell last night, putting a bid in everything. You're up by about $2.30. Now, what's interesting here is you had about a $0.75 priced in to their numbers. So yeah, this thing has moved more than $2, but you had almost a $2 move priced in. So they get the move to the upside, strong numbers from Intel. You jump over to the other chip makers, and D, trading a bit higher as well. You jump over to Nvidia shares. Nvidia catches a slight bid as well. They're up about $6 for the opening bell. So how about McDonald's on Thursday? I was reading this one, right? Yesterday morning, and so McDonald's comes out with their numbers, strong numbers. They've oscillated a bit. They trade higher, a little bit of a sell for the market, but they finished yesterday in positive territory. And how about McDonald's, man? We'll just tease this one. Gonna be interesting to see how this plays out. They're coming with a spin-off, and the spin-off is gonna be the Cosmix. Yeah, and they've chosen this character to spin it off. They're gonna unveil a limited restaurant concept. Few details out there. You gotta wait till December on their investor day to check that out. Something I was not aware of. They were like a huge investor in Chipotle. We'll talk about that a little bit when you get back. Invested when Chipotle only had about 16 stores in Colorado, divested when they had 500. We'll talk about that. We'll talk a little McDonald's. We got a lot to talk about, folks. Stay tuned, be right back. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. 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I got a chart at Chipotle Mexican Grill up here, and, yeah, it's been quite a run for this equity. You go back, they go public in the beginning of 2006. So, interesting. McDonald's had 90% of Chipotle, man. 90% of Chipotle. They also had a huge position in Boston Market at that time. I was reading about this last night. And so I graduated college in 2002. I was in the market. You can see, a few years after that, I was working at the radio station we had, the Tiger 1590 up in beautiful National New Hampshire. Stocks and jocks. We did stocks throughout the day. Jocks at night. We had the Boston Red Sox, the Boston Celtics in that national market. Man, Nashua is such a beautiful city. That downtown Nashua, very fortunate to be working there for a couple of years. A lot of beautiful people. A man, Bud Wolfs, right? Anchored in beautiful National New Hampshire at that time. Just an awesome place. So I really wasn't involved in the market as much. So I wasn't living it at that time. So I wasn't aware of all this going on. I was talking to my dad about it. And he was because it was a big part, probably McDonald's in the story going on back then when they divested. Now, pretty cool that you have that McDonald's invests in Chipotle in like 1995 or something like that. At a time, maybe it was earlier than that. Maybe somebody has it in the den. I had it up there. They invested in Chipotle though when they had 16 stores all in Colorado. That's what they invested in them. By the time they divested, they had 500 stores in McDonald's had about 90% ownership in Chipotle. So what's interesting is, okay, let me get this one. Here we go. So just looking around at different articles to find some of this because they did talk about some of these differences of opinions I've been hearing, just as in you have McDonald's, you've got Chipotle, and then you've got the spin-off going on. So this conversation is back with McDonald's talking about more restaurants, right? One of the reasons McDonald's wanted more drive-thrus, okay? Now, interesting that that's where the world was going. McDonald's knew it. They also had a bunch going on in terms of, let's see. So 1998, that's when they made that investment. There it is. 14 locations to 500 within seven years. Quite the expansion. McDonald's had a 90% stake in Chipotle's business by 2005. They pushed that out in 2006. There you go in public at about $35. You're still trading at $1,900. Quite the return, right? From $35, you trade back to $36 at the end of 2018. You pull back to $200 and change at the lows of 2017, and from there we take off. Now, you go to McDonald's. We cherry-picked the years 2006 in here, and McDonald's is trading about $35 or so. You kick off 2006 at about $35. Interesting here, okay? One interesting thing to take a look at is where is Chipotle back then? They're at about $39. It's an interesting, I'm sure McDonald's had a lot more shares outstanding, okay? But both those equities split-adjusted, I'm sure maybe they split over those years, especially McDonald's, split-adjusted, trading at actually the same price in 2006. And what happens? McDonald's makes a run to about $300. Meanwhile, Chipotle makes a run to $2,000, okay? Now, you could say, what was McDonald's doing, right? Why would they ever have divested in there? Well, they talked about, they were struggling, okay? McDonald's was struggling at the time, and here's the last wrap-up for this, because context is everything, okay? Because you say, man, what a mistake McDonald's made, right? And yeah, what a mistake McDonald's made in a vacuum, okay? Number one, who's to say that the McDonald's brand is able to manage the Chipotle brand as well as they managed it to grow from $40 to $2,000 over that period of time, right? But look at the run McDonald's had even compared to the S&P, okay? So 2006 McDonald's is trading, and I got no McDonald's shares, man. Okay, this is not like a bull case, but you put it in perspective, all right? And there is value to what they did because they got rid of everything else, they refocused the ship, and you had their equities trade from the beginning of 2006 at about $35. You chopped around here, we'll zoom in on 2006, okay? You see, between the first half of the year, man, you between $34 and $36, okay? And that is when they spun off Chipotle. Now, you've risen to $300. So what is that? An eight-bagger almost over that time? Well, they've almost doubled the performance of the S&P, folks. You take the S&P, you're at $1,200, okay? You're not even up four times that time. Meanwhile, with Donald's up eight times over that time. Chipotle's up 100 times over that time. No, 50 times, something like that. It's important to take it in context though because you've had McDonald's since 2006 when they spun it off, basically double the returns of the S&P. Maybe it's just fast foods, good place to be no matter where you are on that spectrum in terms of fast food like McDonald's or fast food like Chipotle, Chipotle is fast food, man. McDonald's saw the writing though. They said drive-thrus. They saw drive-thrus everywhere, man. And even in 2006, right? They wanted businesses with drive-thrus. Well, guess what? It took 14 years until COVID that we discovered everything needs drive-thrus. These days, you ever search for a Starbucks, folks? Coffee fanatic. Just in the morning, trying to shave off those afternoon coffees. They don't sit too well just with the caffeine, everything. But you ever look for a Starbucks and they don't have a drive-thru? Basically doesn't even exist anymore. And if it does, you say, what the heck is going on? Why would I walk into it? I just want to drive by and grab my coffee. Pretty remarkable they had all these Starbuckses without drive-thrus, right? Nowadays it's like, man, Chipotle, of course, they're building drive-thrus that are only accessible through their online app, et cetera. I just thought it was interesting to go over that kind of historical perspective of owning that share in Chipotle, kind of having a little bit of a battle. And the battle was on anyway. They talked about it in terms of, you know, Chipotle has such a different business model versus McDonald's, right? Chipotle, Fresh Mexican Grill, they wanted them to change the name of that. So there were some battles in terms of the culture there going on, but nonetheless, they spun it off. And yeah, hindsight could be 20-20. But who's to say, folks, that 17 years go by and the McDonald's execs are able to handle that in the same way? And maybe that, what, distraction? By selling off that distraction, they beat the market, doubled the returns over the next 17 years in the S&P. So that's the other side of that conversation. But man, Cosmix, I don't know if we're going to see Cosmix play out. I think they're playing into the futuristic A.I. trend of trying to push that out. They did talk about McDonald's that their grimace really crushed things. And so they're going in the hole and trying to find all those different characters that they might be trying to pull out. And I guess they found one Cosmix from the 80s and 90s. All right. What else do we got going on? Let's see. Boy, this one's an interesting one. Whoa, whoa, whoa. All right, we're going to, well, let's talk a little Procter and Gamble first, OK? Pricing power endures. Consumers still pay more for premium brands, including Tide, propping up sales as volumes slit. That's not indicative of a strong economy. What happens when they can't keep raising rates, right? Sales volume fell 1% overall. That's the kicker here. Raised the prices by 7% across its brands in the June quarter from a year earlier. Yeah. That followed two straight quarters in which the maker raised their prices by 10% year-over-year. So they're dropping it a bit. But as you can see, volumes falling. They're making more money. They're doing it by raising prices. Consumers who have less cash available are buying more frequently and they're buying smaller pack sizes, mainly at dollar channels. Organic sales metric that excludes deals and currency moves rose 8% for the last quarter and 7% for the fiscal year. Organic sales growth of 4% to 5% for the current year. Overall revenue increased 5%. They raised their prices 7%. Their revenue increased 5%, right? Yeah. Slightly above expectations, but nonetheless indicative of the exact economy that we're dealing with right now. You jump back to Procter & Gamble prices. Holding up relatively well. You give back some of those gains. You're up by $1.50 right now. Coming into the opening bell. S&P's up by 30, folks. It's going to be an interesting open. 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That's 7.10% in the positive. Nasdaq 100. You're trading up by a full percent right now. Dow up by half a percent. You got the Russell up by 18. Last part of the conversation for that McDonald's I just find it so interesting, right? In terms of a business perspective. So that article that I was cherry picking there just kind of pulled up from Business Insider. That is written in May of 2015. So we're doing hindsight by eight years. And this article is pretty bearish McDonald's, right? Given them the business. Now it's Business Insider. You're going for some clickbait there. But what it talks about is and here's the sentence now, right? It goes they divested in 2005. A year later McDonald's divested everything. Chipotle has more than 1,800 locations now. This is as of 2015 when they're writing this article while McDonald's is battling declining sales and traffic a damaged public perception and a relationship with franchisees that is hidden all time low at McDonald's annual shareholder meeting this week and attendee grill the CEO and why the company gave up on Chipotle according to Entrepreneur Magazine. Now and this is where the CEO breaks down why they did it. They had Boston Market. They had taken away attention from the core brand, etc. We talked about some of this, okay? What's so interesting here is this article was written in May of 2015 and they're giving McDonald's the business man, okay? And you can see why. Here is May of 2015. You've been stuck for almost four years at about $100 on McDonald's prices at that time. But boy, that was right before the breakout. Look at that run, man. Now McDonald's has tripled in price since then. Now, interesting. You go to Chipotle though, okay? And this is where expectations can be everything, folks. Okay? It's just a great example. Okay? Chipotle has a peak optimism there. That article is written when Chipotle has trained at $700, okay? About well, McDonald's has over-performed Chipotle and Mexican grill since that time. Pretty interesting, right? Chipotle is from $700 to about $1,900. Meanwhile, you got McDonald's tripling in price from about a $100 to $300 price tag and the kicker is here, right? Look at the difference that you had from the run up. That's why McDonald's was struggling, man. This is where, you know, Kevin has a great statement. Kevin Hicks that we talked to, he says, you know, I can be a buyer of anything at a certain price. I can be a seller of anything at a certain price because everything can be over-bought and oversold. Now, paraphrasing what he says, but it's 100 million percent true to its core, folks, and you see it on this graph especially, right? Optimism for Chipotle at all time high. What does it do? Boy, you pull back from $750 to $250 over the next couple of years. Meanwhile, McDonald's during that time, they were at an all-time low. The article said it, right? 2015, you're coming in all-time low. There was no pullback, man. This thing was raised from $100 and it never looks back and we're pushing the upper boundaries. The one thing interesting about McDonald's, man, we are bumping up against that upper boundary line in this channel line that I have on my chart basically from when that article was written. How cool is that, right? Pretty interesting. Okay, let's keep jumping around to what else we have going on. ExxonMobil profit misses estimates as natural gas and refining slip. We jump over to ExxonMobil. We'll go back to the short-term chart, pulling back a bit. We're off about 1.7 percent for ExxonMobil on their numbers. We were at almost 107 yesterday. We're trading at 103.65 today. What else we got going on? We talked about the PCE. We've talked about McDonald's. We're going to talk Bank of Japan coming up with our man, Teddy Kegstad, in about 10 minutes at 40 pass. Not far, quicker than that, man, yeah. Oh, here we go. The $2 billion default. Check this one out, man. I don't have enough time to talk about it, but boy, this is an interesting read. I will post this in the den. It's a Wall Street Journal article. The $2 billion default followed warnings to everybody, but investors. Surprise, surprise, folks, investors. The last ones to get any inkling that anything may be wrong when you got the $2 billion default looming on basically a Ponzi scheme for all essential purposes. And this has to do with a company beneficial. Beneficient, yeah. It brands beneficial and beneficial. And this goes to, man, it's pretty remarkable. So Brad Heppner, okay. He brings together a couple different companies. He's bringing small investors in. And as I even go to go over this, folks, there's too much cool stuff in this article. And I say cool as in, boy, it is remarkable. It is amazing. It is interesting. Use the words you want. How this stuff can be happening in plain sight with the board of directors, people quitting everywhere. And meanwhile, investors have no idea what is going on behind the curtains. Okay. For all appearances, Heppner and his team had a promising strategy. Beneficient would use money from one company, GWG Holdings, okay, and established financial services firm that sold bonds to retail investors. So they would sell bonds to retail investors. It would then use that money to acquire stakes in private equity funds and other high-flying assets, giving rank-and-file investors access to markets typically off limits to them. The first funds had about $50 million. Not that long ago. Man, June of 2019. As far as the board was concerned, they were going to use that money to expand the business. And as the former director said, but guess what? It kicked off what became one of the biggest financial blow-ups to strike retail investors in years. And what's remarkable here is within weeks, not months, within weeks, the chief financial officer discovered millions of dollars of payments for Heppner's nearly 1500 acre East Texas ranch. His personal travel via private jet. You had another gentleman Kais. Okay. Trying to get all these names without going too quickly. Nonetheless, you had many people involved. You had board members involved. Okay. This guy was formerly an audit partner KPMG. He was the CFO of Chuck E. Cheese. Good old Chuck E. Cheese, man. And also found the company that had been using a faulty. Yeah, he also found the company was using faulty accounting method that would misstate revenue. Kais learned that beneficence inner workings didn't in her time. Okay, this is a woman. Excuse me. Square with the best interest of investors according to people who worked with her at the time. Basically, he was using all this money. I'm going to get to one chart here and I'll post this in the den. Check it out though. Okay. The money trail goes from GWG holdings which is where retail investors are. Okay. They invest money into beneficent and then what do they do? They crush that money back out to Heppner's related financial trusts. His private jet firm. His ranch out there. And the reason why it really matters, folks, why I'm bringing it up most especially is because this firm had two billion dollars and by the time they went BK, I think it was 1.3 billion and people ended up losing here. All right. I'll have to find it. There's almost just too much in here to bring up. Yeah, here we go. The bankruptcy court formed two trusts to try and return some of the 1.3 billion dollars owed to GWG bond investors. Yeah. So just be careful with your money. Be careful who you give it to, man. Because here we see the instant that within weeks. Okay. And here's the gentleman right here, Brad Heppner on the left there. Just swindling a billion dollars but trying to do it legally and unfortunately investors pay the toll there to the tune of over a billion dollars. So it's just crazy that it can happen in plain sight but nonetheless. All right. We jumped to housing. Starter homes shouldn't be surprising folks but even harder to afford. But boy, you look at the real-time numbers, man. 64,500 bucks. That's what you have to make to a forward and average entry-level house according to a new report and that entry-level house is $243,000 with mortgage rate near 7%. Stay tuned, folks. We're coming back. We're talking currencies. We're talking commodities. We'll talk some dollar yen with our man, Teddy Kegstad. Don't go away. 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? 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That comes with a 30-day money back guarantee for new subscribers. We got some action this morning. Teddy Kagsack, good morning. Good morning, Tommy. I woke up, I saw the news on Bank of Japan and I said I love it, we got Teddy on today to talk about this. We've been talking about the Bank of Japan. So I really haven't talked about it too in depth yet, Teddy, but maybe if you could give us a quick summation as I pulled this headline up. What the Bank of Japan did today and what's the biggest impact in the markets and the pretty dramatic shift it seems from the headlines I'm reading. Well, the first thing is that Bank of Japan doesn't act very often. So the fact that there's news of any kind, that's where you get a shake up to begin with. So I think it's a nice, it's a definitely nice tone showing that the direction that they've already started a while back is that, remember that prior to this new dynasty, if you will, Bank of Japan, they hadn't done anything or really released any news for really a very, very long time. It was basically, they just existed. And since the spring, since we've had this new turnover and leadership, we've had actual action, we've had an actual voice and a tone that is actually something where they're doing something. So I think that's the biggest takeaway you need to look at from the Bank of Japan is that they're actively doing things now. Now, is it aggressive? No, not by any means. The fact that they're actually doing things, that means something in itself. And I think that's the kind of perspective you have to take. I would equate to what's going on with the Bank of Japan right now, with the tortoise and the hare. Now, we all know that the story, the tortoise wins the race. Well, the BOJ is definitely the tortoise and our Fed, if you would, the hare. So I think that when it comes to the currency valuations and things like that, I wouldn't put too much weight fundamentally on what they're doing because of the fact that it's on such a lag, if you will. Nice. Now, I was reading your Tiger Forex report and I know you always cover the dollar yen among many other pairings, of course. And in there last week, I think, or this Monday, I should say, you were talking about this area that we had in there back on and I got a daily chart of the dollar yen and I'm just looking at that recent low, July 14th, somewhere above 137. And you were saying, beside breaking that, I wouldn't look for a change of trend and you talked about how it would have to be pretty dramatic shift in terms of the hawkishness that that would take. Is that something that you maybe saw here or because we got quite a pop, we almost made it to 138 man this morning and just like that, we're back to 140, what's the major trend that you're looking at right now on this type of action? Correct. Now, if the BOJ would become very aggressive in their hawkish stance, then I would say that that downside breakout area where that swing low was from a couple weeks ago would be in jeopardy. Then I could see us getting back down to 135, 132 area even, which would be a big sell-off for the US dollar yen. But right now, the Fed isn't really the gas pedal. They've decreased what they're doing, but there's every reason to think that the Fed could jump on interest rates still going forward through the rest of this year if numbers started to fall apart. We have a big unemployment number coming out next week. People didn't realize that besides the central bank action over the past few days between our Fed and the Bank of Japan, these rate decisions are one thing, but we had an unemployment claims number out yesterday that's not going in the right direction for what the Fed wants. I think that if the unemployment number comes out very strong, meaning lower unemployment, that's going to be a every reason in the world to think that the Fed is going to remain hawkish and they're going to be at a much aggressive, more aggressive level than the BOJ is. That's why I give you this analogy of the tortoise and the hare. It's very good to have this transparency and see what kind of direction that the yen is going in. I think that what it does do is take out that valuation of seeing the US dollar yen really rally to an extreme. If the BOJ didn't do anything over the past day or so or even coming up in the next couple of weeks, it would really be hard to see the US dollar yen not try and push back towards those highs that we made a couple of months ago. We still have a good chance of getting to those highs, but we're probably going to establish a range. I don't think we're going to spike through them and if we do, you're going to see a very quick head fake if that makes any sense. You know what I'm saying? That fundamental factor, the differential between our interest rate moves and our hawkishness versus their hawkishness, we're still the stronger ones there, but the fact that they are playing now means that it is a big deal. We're not going to be able to accelerate the strength in that trend and remember when the dollar was weak versus many other currencies, it was still strong versus the yen and has been over the past couple of years, let alone the past few months. And I think that's something you have to really take a look at is that now we may not be as strong against the yen as we have been. You know what I'm saying? The trend is still bullish. I'd be very cautious trying to be a big seller on this one. The only thing I would say is or even just the next couple of meetings then you might see us hit those lows pretty hard, but otherwise I think we might be actually establishing a wide range trade. Yeah, pretty interesting man. The volatility and we're back above 140 and boy yeah when I do take that chart back to even beginning of 2021, I got almost 100 on my chart, so still sitting at about 140, pretty remarkable. What do you want to jump to next? Can we talk some euro maybe? I mean pretty interesting week, right? We get the ECB to follow. We got the euro at about 110 right now, a little bit of downward action yesterday. What did you think of the action of the euro yesterday? Well, you know, I have to say all the currencies had some phenomenal volatility the last couple of days and a lot of it I heard you talking about the 10 year earlier this morning and the interest rates have a lot to do with that. You've had a lot of movement in the long and short term interest rates which definitely caused the currencies to move like that. As that volatility increases when they start to hit those extremes, like you mentioned a two-point move in the 10 year, that's an extreme move especially not off of anything that would really cause that shake up. I'm saying and you're also pushing those higher yields. That's where you get this fundamental aspect of the trade starts to come in. We've been trading very technically for the past couple of weeks and the fundamentals I remember a year ago saying how the economic numbers are very, very big. You have to watch especially when the German numbers come out and the EU numbers, they haven't been very good. They're not tracking in a good direction and the thing is they don't have the bullets like we do and I think that we're going to start to really see that inflection so when it comes to like the euro it's stuck. I can't see it getting very strong versus the dollar no matter what they do, no matter how hawkish they get, it's because of the fundamentals. It's tough to compete with the numbers that we're putting out man, whether it's the GDP numbers, some of the earnings numbers, pretty strong earnings season man, these companies keep crushing it to say the least. Teddy, I appreciate you coming on man on quite a day. We look forward to talking to you next Wednesday. Have a great weekend and folks check out the Tiger 4x report. Teddy, I appreciate it man. We'll talk to you next Wednesday, okay? Take care, have a nice weekend Tommy. Have a great weekend. Folks, check out Tiger 4x report. You heard it, currency man, they're moving. We've got one more segment, we'll be right back to finish up the show. Launched their new trading room, the Tiger Zen, hosted at Discord. TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours and now they are expanding their reach with the Tiger Zen, available to all Tigers and Tigers for just $1 for the year. There's no cash or added costs when you join our community of traders. In the Tiger Zen, you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas, interact with other Tigers and Tigers as they share trading ideas, news analysis and discuss the market action all trading day, even at night and on the weekends. 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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 Then hit Watch Tiger TV That's TFNN.com Then hit Watch Tiger TV Folks, we've got markets in positive territory, S&Ps right now, up by 38 points. Great segment with Teddy Man. Dollar again. He puts out some great information, folks. I know not everybody trades forex, but boy, forex and yields, which Teddy covers in his newsletter, just controlling so much of this market right now. Check out the Tiger TV stock webinars if you don't use it, folks. If it's not just up your alley, maybe you're not trading options enough, you cancel it, pay nothing, I guarantee you'll get some good information over that month. You can't go wrong. Now, getting back to that housing article, right? Some of the numbers are just crazy, man. Starter homes disappear from the U.S. housing market. Active listings, $394,000. Now, this number is properties within the fifth to 35th percentile by sales price. That is how they're starting to start their home. When you coincide the rise in values with then the rise in mortgage rates making the payments escalate at an even accelerated rate on top of the rise in the underlying just base price for the home. Excuse me, especially true in Florida. First-time buyers seeking sunshine and low taxes. Financial bar has jumped more than 20% compared to last year. Fort Lauderdale, 28%. Miami, 25%. I'm sure TAMP is right up there, man, because you've got dramatically rising prices and then you throw in mortgage rates on top of it. New active listings are down 23% year over year thanks in part to existing homeowners opting not to sell when sitting on record low mortgage rates. That's not going to change for a while, man. You don't need to, folks, okay? You know, I encourage you if you're a landowner to keep your land if possible, okay? And it's not a joke, man. Land is not getting, they're not making more land. That's it. All the land's been made, at least on this planet. It's been made. So if you can hold that, don't sell it, all right? Rent it out if you need to. Make it an Airbnb if you need to, because yeah, you can't get those mortgage rates back and there's no need to. You can always take out the equity if you need to, right? If mortgage rates come back down, you don't need to sell. Own that property if you want to if you can't. Stay in that property especially if you're in an area that like Florida, maybe you're back unattended. Folks, thanks so much for starting your Friday off with me. Stay tuned. We got our man Basil Chapman. He's in the Tiger's Den. He's getting ready. He's coming up next live. Stay tuned for the Tiger Technicians Tower, folks. Have a great weekend. See you on Monday.