The following is a presentation of TFNN the Tiger Technician Hour with your host Basil Chapman call now toll free at 1-877-927-6648. Good morning everyone Basil Chapman on this Friday the 4th of August we're looking at the Dow had a big move up to the to earlier on it started off a little negative and then zoop went all the way to 35,414 now it's up 54 at 35,269 the selling price I believe the tide has turned on the short term not the medium the weekly chart that's the one in the middle not the month three just the short term we are now seeing lower highs and low lows that's could be totally wrong but that's the way I'm looking at it and now I can I actually had this in yesterday but then I had a shut down suddenly so I lost it I just wanted to put there be shorter right at the top on August the first and I don't know if it's going to be right and just all I did is my technical indicators with the on-balance volume look right there that exact moment the ictus right there this little blue line made a turn right at that level the stochastic was fantastic but it was starting to slow down so you look at very closely at the MACD you'll see that the MACD was starting to dip while the rare the slow moving average was moving up but it was narrowing but my contention is that unless we see the gray line in the Dow this is my chart I mean showing for three weeks or more for more until we see that gray line which is the price of the Dow go sharply lower to drag the green nine period exponential moving average below the 14 so it goes from green to pink and we've already got the left side internal high right side internal internal high and residual high and then the left side internal high right side internal residual high and yes slightly higher high internal high and then a residual high was a little high just like an earthquake sometimes the aftershock can be a lot more than the earthquake itself now what we're looking at is does this start to move low I'll just do it quickly here to show you the S&P at this point it's given back some of the gains it's still acting quite well it's at 4503 up 1.93 but look at this the nine is so close to turning down look at the QQQ the nine is so close to turning down the Q's are down 28 cents at 3.73 look at the IWM it's not close yet it's like the Dow it's holding very well the prices down it's at up at down 75 cents at 1.9380 look at the SMH's the semiconductors price is sharply lower the nine is taking all this time and it's still even though the estimations are down 98 cents from 153.7 at 153.18 it hasn't turned down and it made an all-time high just the other day so we're watching this really closely look at the HGX indexes the HGX this is the housing the prices pull back and yet that nine is starting to turn down the black 14p moving average was flat now it's just a little bit less than flat is tipping down a little it hasn't turned down this is a process it's a process that I've learned by studying and working and trading the E-minis over and over and over and over and over again look at this unless you have a powerful turnaround look at the green nine-period moving area so this is the pattern that I call the Eiffel Tower happens very often in the futures when you get some kind of a news event and then by 10 o'clock it's reversed so this went from the 45 12-13 area whoosh up to the top at 45 50.75 and now it's given back a lot but it hasn't completely collapsed it's holding now this is going to be absolutely imperative to watch does the market find whatever the news was to have that sharp reversal is there still enough intraday residual strength well at 10 20 in 10 minutes time starts the next it could actually start now because it's just been contracted a little bit saws this next session of a lot of fund managers saying all right we've had the fund for the first 40 minutes 45 minutes now let's see exactly what's going to happen well that's where we are right now so we've seen in the one minute E-mini chart look how long it took let me just do this right here so the it made a cup formation with the peak G so there's your internal high yes your residual high and then that reserve your high was at 948 it took until 1 2 3 4 5 sessions only on the 6 sessions in a turn pink and now on the way up to see if it turns green it's already 1 2 3 4 so that's the way you I've learned to use the aperture the distance between the green and the pink moving average or the green and the black that's in the black and the green or the black and the pink moving averages to say are we looking at a more serious decline the wider it is the deeper it falls now he has another thing look at this you see that blue line I put that blue line in this is a horizontal line much earlier I wonder if it's still there let me see yeah that's right from much earlier this goes all the way back this is a line at 45 30 actually I can't find it it goes back weeks where I say there's a midpoint in a long rectangle formation this midline 45 30 we're going to see it visited umpteen times over the next few weeks because that's what these horizontal lines can do so low and behold we're in above it below it then all the way up to the 45 50 level whoosh down to the 40 45 19 and now at 45 28 it's getting real close to that 45 30 level so I like to look at all these things as little icons like you're driving along there's a stop sign there's a yield sign there's a there's a bicycle pathway there's a bus pathway there's someone waving you along there's an interway here in Boston when they do all the roads I've been all the all the places around the country you've got this you can never plan to go anywhere in a certain at a certain time that usually do it in ten minutes because there's there's a there's a truck doing something in the road they busy repairing the road I love repairs of the road I just don't like being in them so that's you know this is what we're looking at you know you love to be short but you don't like to see it go against you you like to be long you don't like to see it go against you so within that context let me get back to our story and I said I do a whole bunch of things so I just I'd spent I did Tommy juniors show just now the market kickoff he does a fantastic show he does all the fundamentals that I never spoke about at all he does them beautifully I'm sorry I just didn't do this at my area of expertise now is up 69 and 35 thousand 288 still holding beautifully it's above the 40 period moving average between the pink nine and the and the black 14 period moving average gonna be watching this very closely so a couple of questions came in earlier on and I'm going to do them right now wait have I finished everything I went oh I didn't do high grade copper high grade copper is my great copper is pulling back at a nice peak peak D in the chapter wave methodology from peak D up you're gonna be real careful well peak D had a big pullback dollar just pulled back from a peak D or he's pulling back from a leg D today got to watch this EUSD JPY having a bit of a balance that's the Europe he sorry this is the yen P D pulling back I'll be back in a moment thousand seventy seven that's a piece of five thousand if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30-day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of TFNN dot com TFNN educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key 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of TFNN dot com toll-free at 1-877-927-6648 internationally at<PHONE_NUMBER> Hi folks just uh I had I see in the dead I'm sorry Giby Gibald I didn't realize that it was um that it was just an intraday trade so you had AA OI which is applied up to I can't even say I'll just totronic I think it is um yeah you got out perfectly it made a PG it's in the rectangle formation it's actually holding very well but you got a chunk of that and that's really good and then I don't know what you were doing with Tupperware this is on the one minute chart I'm doing that since you're doing an intraday trade oh it had a big spike up peak A and that's gone B and that's made the arch formation within the rectangle you've got to be careful of this pattern go sideways cannot break out above it and takes out the low so that's that arch formation is filling some of the gap oh you're already out of that okay um so good let me do a couple of things here I did some with the in Tommy's show earlier on so what I wanted to say is this let me just go back here yes two three yes you two three yeah so now there's a bit of a balance going on in the even there's still residual strength and that's the fact if you can identify in the context of right here in the context of a pattern if you can identify where its own particular strengths and weaknesses are that's that's really important so when I go back here and I'm looking at the uh let's just go back to the Dow looking at the Dow I'm saying that this particular index the 9 over the 14 if it doesn't immediately take a dive it's a process if your other indicators are suggesting that there's some kind of a top you've got to use this as some kind of a you know it's I was with Tom O'Brien on the water out in Newport and I was watching you and he was he was steering but he was also watching the tide he was watching the wind he was watching there were all these different and the current of course you've got to look at all these different things and here we are it's exactly the same thing yeah my my eye says that there's some kind of top information forming and all these other things are saying all right be careful of this there's a buoy over there you got to move to the left you move to the right and until I get to a certain point I can't be sure that I'm clear I the traffic is still busy right here so that's what we're looking at and the reason why I want you to at least anticipate some kind of top forming was because if you look at this now look amazon this is a spectacular move it made up a top on a purely technical basis a peak aftop way back around about the 16th or so of july it's pulled back finished sharply from the 136s down to the 126s and then all of a sudden and it makes the dreaded H pattern what's the dreaded H pattern if I can just find it is behind you there it is the dreaded H is when you go like this you come down sharply and then you arch over at a peak a or b and then you take out the left side look it did it once there's your dreaded H took it out amazon did it again right there about the 18th pops up for one leg a fails takes it out goes to another a doesn't take out the left side of the 125s it holds it and then today comes out an earnings report and it's it's just out it's gone past all that resistance in the weekly chart that's a very different thing yes leg d all the technicals are positive unbalanced ones very overboard as it is in the daily but look what's on the left side you've got a high right I didn't do this I thought I did that you've got a high on the left side the week of the 19th of august at 146 57 let me just tap that in while we're talking 146.57 and now what have you got you've got you take your left side high this would be the obvious peak right here to say hey can I do a left side right side price time match from that well it's it looks like it would have been wait let's just say we're over here it looks like that would be conservative this would be more aggressive to the exact low right here the beginning of January of 2023 so let's see what happens here so you go click you just double the double it up yeah you copy it change color because it's green on the right move it to the right and see what happens and it says two weeks ago it should have got to 145 57 then you take your left side trough of importance you do a chaplain wave in inside wedge target target resistance line and this misses all of the all that stuff here so when you're over here you say you know that's a little it looks to me like it needs to touch some of the line so this is where it changes from a mathematical formula to an experience format where you've done it so many times and that just says probably it needs to go from this little tiny candle right here to the right side and that gives you a better sense some of it is active while you before you're even getting to that level and other other is on the way you got to make changes off road isn't your objective to use every tool possible to help you you can't say oh that's cheating I already see the price is moving up no nonsense you say where can it go to well you're using all the techniques you can and that says by next week that's the week of the 18th two weeks time it could get to 145 57 that's if everything works out fine here with the green dashed inside wedge target repellent line so we'll see what happens all right but at the same time you're saying where's the support well the support is now the high that was made at peak f on the 14th of july of 136 65 well five five points lower that let me put there 136.65 so that's how I like to do is um and you remember we had I can't remember now it was it George from Boston who called right here he said I where should I buy amazon I think I'm starting position 84 and I said what your risk is you got very little risk this is a great time to enter it and I didn't do it for subscribers it was dumb because you know amazon's a fantastic company it's not going away and look where it went from 85 and now said 141.54 fabulous entry congratulations okay with that said what we're looking at here is buying does keep coming coming in and I think I'm not ignoring that I think that's really important the other aspect that I'm looking at here that is also quite important as far as I'm concerned is that I've got my notes here I want to look at that one look at that one yes so um square oh I don't know why they call us square uh square used to be uh now it's called block I don't know why they change it from square to block that just doesn't make sense block understand block technology had a little bit of a disappointment today it went to a peak G stash C five sessions ago in the 80s and yeah it is at 64 it's down 12 it's down nine nine dollars at 64 17 down 12 percent well um this is a stock that was trading at a 289.23 back in August of 2021 let's say this is August 2023 I'd say in two years it's had a bit of a ride 51 it went down to the 51 area and it's really struggled in this rectangle formation so yeah be careful so I can't remember if the question was what should I oh I think where would you buy it wait you've got to wait wait wait I'd like to see how it tests the 62 to 60 area. Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master Steve won the prestigious timer of the year award in 2018 and barely missed that mark again in 2019 finishing it number two for the year an amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge every day in his mastering probability newsletter Steve's award-winning newsletter mastering probability is delivered every trading day with updates throughout the afternoon sign up for Steve's market newsletter mastering probability and you'll receive access to seven of Steve's educational webinars absolutely free at TFNN all our newsletters come with a 30-day money back guarantee so you have absolutely nothing to worry about visit TFNN.com and try mastering probability 30 days risk-free today TFNN educating investors TFNN has just launched their new trading room the 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TFNN.com then hit watch Tiger TV yeah I agree more dimensions in a block than a square there you are I got used to a square and now it's blocked okay we're looking at the apple sharp move down there's the dreaded H pattern that we talked about and I was warning about this yesterday that this is the pattern we've got to look for it already gone under the left side low yesterday but I said we don't know if it's going to hold or whether it's going to break down because you could have a one-to-one to the downside we've just got that with apple down at 185 down six and it's a peak E with a doji candle three weeks ago and big red candle yes your channel line you don't even need it because you got your 14 period moving out but look the line is still way above the 14 it's going to take time for apple to go negative we'll see if it does that over a period of two three weeks now a couple of things I want to look at here is advanced micro devices I was asked about AMD this just looks it just looks sideways to me now it might be from the chart pattern that I'm looking at from the high that was made back in June up in the 133 34 area it looks to me like advanced micro devices semiconductors is missing out on whatever is going on right now it's just not in the ballpark it's been out of the ballpark because it plummeted from that air action say plummeted I know it's a pretty sharp drop it dropped to the 106 area and it's now at 150 I just think it's digesting these gains it's taking its time it did go for one day pink the nine-period moving average today it bounced it's up to 278 and 115.90 where would you uh where would you buy if you wanted to build a longer term position if you're building a longer term position the only thing I could say is your first step would be to nibble right here at 116.03 I think that if it takes out 105 it's going to go quite a bit lower but the fact that it's been five weeks in a sideways congestion move says don't overestimate the downside and don't underestimate the upside it means it's in the range and until it breaks that range you don't have to really do anything so that's my recommendation nibble here at 100 but when I say nibble I mean just get your foot in the door so that every day you're seeing the action how it's acting how it's acting like the SMHs are now only a quarter point but they're really sort of struggling as an overall sector index I should mention that we are short the SMHs but we got a fairly tight stop and most importantly what we're looking at here is the advanced micro devices look at NVIDIA NVIDIA has consolidated but that consolidation up there is a way prettier looking one than advanced micro devices it's almost at all-time highs even as you speak for 49 all-time high was around about 480 you know that's not too bad look at maybe Intel yeah Intel is also consolidating but it's in the upper range so in terms of Intel advanced micro devices just chart-wise in the shorter to intermediate term I say Intel actually looks a little bit better as a chart so I'm just saying I'd be a little careful and I only do a little nibble and maybe we'll just have to reassess it let's say the next seven points up or seven points down is going to be quite important for advanced micro devices MU I haven't updated this for a little while yeah that's that's acting quite nicely actually ABC just made a pd right there now it's digesting the gains yeah so what I'm just saying is if that was the question and next question was the dollar do I think this is just a balance it's going to in the weekly chart yeah I'm treating this as a balance even though in the long term we're so long from 2018 along the dollar watch it you have huge gains we're taking a little bit so far the upside but I am holding it for a different position a different reason all together so the dollar index I call it an icon like a Harley Davidson icon internationally the dollar is where most countries go to if they're looking for a currency of repute so that's I'm looking at it very differently and the American economy is the same sort of thing so that's it so a couple of questions came in another one so in the meantime if the dollar takes out on a closing basis 100 it's at a 101.96 you say oh 100 it's nothing for the dollar it takes a while to actually move it doesn't move that sharply it looks like it's sharp in price wise it's nothing if it closes under 100 in the next week and off then I think that's a problem and then you're going to see the euro and I think you'll see gold move up I just think the dollar at this particular point is a currency of relief for many for many big big investors in countries so that's the dollar the next question was where's a good entry point for Boeing Boeing went to a peak E it's pulling back it broke out of this huge cup and handle formation usually cup and handle means it comes right back so 419 is trading at 232 right now up a dollar and three cents you know what a good entry for Boeing I'm going to do something a little different I'm going to say I believe that Boeing in the whole cyclical area is starting to see if you look at jets I have to look at jets because that's the US airline index basically to look at jets what do you get you're at a peak E you're pulling back you're at a peak D in the weekly you're pulling back you're at a leg B in the monthly I think that there's a chance that there's a bit of a slowdown especially when you're looking at crude oil holding quite nicely like this maybe they hedged I don't know but I'm just going to say Boeing is a supplier to these airlines right it also has other areas of interest government work etc but I'm going to suggest now a person asked me I know you don't use options I would have said I'd be looking out at September or maybe even October and I'd buy a monthly October call it closes around about 20th of October and I'd buy not quite in the money just a little out the money maybe it's at 232 right now I'd say I'd buy 235 because I know exactly what I can lose but the high that was made just the other day of 244 something that would be at least a shorter term target but you're looking where to get in and I know that you like longer term positions so you see this gap underneath 221 77 on the 26 and the low the day before the high was 214.82 from that low to the the high the previous day so I think it'll fill some of that over the next three weeks that's the way I'm looking at it right now even more importantly what I've been looking at is okay so 221 oh this is this is a tough one because it's acting so well right now even with this little pullback and the weekly chart I like it um I might have to do the same as I just said to the question on um on whatever it was we were looking at before oh it was micro devices that because I'm looking out and I think it looks very positive going out towards September October I'm going to suggest that you take a starter just a real this is not a nibble this is like a starter position here 232 be prepared that 10 points down which is five percent or about four percent is a possibility now I need just a little bit of time I'm going to take this moment in the break because I actually it's a question that came to me a couple of times over the last couple of weeks and I really haven't dealt with it but I'm going to do that whole time I'll be right back gold report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market the US futures market and the Shanghai gold exchange the gold report 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 new subscribers get a 30-day money back guarantee so you have nothing to risk subscribe to Tom O'Brien's gold report newsletter now at TFNN.com are you ready to take your trading to the next level introducing Tom O'Brien's award-winning newsletter market insights your key to successful active trading Tom O'Brien renowned for his expertise in the financial markets has designed market insights to be your daily guide to profitable trades Tom publishes his daily market insights newsletter every market day before the market open along with updates when warranted stay ahead of the game with Tom's real-time analysis and trade recommendations delivered straight to your inbox whether you're a season trader or just starting out market insights provides the edge you need to navigate the markets with confidence ready to join the ranks of successful traders head over to TFNN.com and subscribe to market insights today don't miss out on this opportunity to supercharge your trading results market insights comes with a 30-day money back guarantee for all new subscribers so you have nothing to risk don't miss out on this opportunity to revolutionize your trading game head over to TFNN.com right now to join the thousands of traders who have already experienced the power of Tom O'Brien's award-winning newsletter market insights firsthand TFNN educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade LABU or LABD directions daily S&P biotech three times bull and bear ETFs visit directioninvestments.com slash biotech an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at 866-4767-523 the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor foresight fund services LLC this program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ so I'm just writing down a bunch of things that we need to look at you so let me just go to the so the question about going so the way I'm looking at going right now this very steep move up and a sharp move down but only halfway into just from the gap up of the candle it's just saying to me it's acting extremely well um I know that you the questioner is a long term wants to be a buy and holder but he's prepared to be flexible so I'm going to do this I would like you to hold off another two days let's go into Tuesday because even if it bounces a little bit it's a 233 the high today's 233.7 even if it bounces towards the 235 level I'm pretty sure from the transformation that it'll come back a little bit and the nine is over the 14 but in this case it's still accelerating to the upside so I'm going to say give it another couple of days if you want just to set your foot in the door then in this particular case a little bit more than a nibble in other words you actually start a little bit of a position here at 233 and the reason I say that because Boeing has shown so much strength with this building of this base here with a beautiful bowl formation that even if it pulls back you've got your support it's going to have to be really bad news just tank it so if you are prepared to put in a 10 point stop you could start your position here I personally would wait a little bit longer but I know that in your case you don't usually wait once you get it you've done your analysis you hop in I think that's not a bad idea so in your case maybe you can start at 232 right now under 233 I personally would wait for the 227 areas five points it's not a big deal when you're talking about a 233 stock and your target is at least as high that was made back in 2021 of the 260-270 area so in that particular instance I'd say okay you can start your positions right now but just this is a start-up a real a small start-up position it's not a nibble and it's not a real start-up position it's a small start-up position all right I hope that answers your question as the next question came in let me write it down yeah so look I spoke about this in greater detail before but I'll just cover it one more time look the TNX made a leg D sharp pullback from that from that leg D is this going to be just was this just a horrible scare and all of a sudden now you've got your big pullback in the yields that's what we're going to be watching and I'll go back to the HDX index which is holding quite nicely look it's not a bad move up 7.16 and 570.72 taking its time but the the rollover says to me there's a chance that there should be a digestive phase in in these homeboulders how it unfolds is going to be important so that was the TNX sharp move down it is in leg D so we haven't got a peak D you have to make a lower high than 42.06 to make a peak D but by Wednesday of next Wednesday to Thursday if we take out 42.15 in other words we get into the 42s and we're actually trading there that says watch out that 43.33 highs it becomes the target but in the shorter term if there's a pullback from 40.90 right now under 40.28 that's the 9 period moving average wow that's a very sharp pullback and that says ah now it's going to take a little bit of work for the yields to get back up there so yes I think this is the moment to be looking at are we about to see the scare from the sharp drop the speed of the sharp drop immediately rated because it kind of goes sideways and that's the question I can't answer that question I can just say that's something we're looking at next question was um I did that I did that I did that oh Dunkin Donuts oh Dunkin Donuts DK I always think Dunkin Donuts but it's not as DK and G this is the Draft King sports betting at a big spike up good good results today leg F in the weekly leg C in the monthly and and I'm calling it a G for now and then I'll make any changes after this but very good action up to 22 at 32.22 it once hit 74 38 it once hit 9.77 in March of 22 this is a fabulous three fold more than three fold rally I just think now it's going to have a bit of a digestive phase excellent I love this we haven't I kept wanting to get in never got in and it just kept looking it barely has a consolidation walks the 9 period moving average which in the weekly is at 28 80 and here it is at 32 30 so I like I like it very much I just think it's it's gonna it's due for a bit of a breather that's all another question oh EEM EEM oh I did this and then that's exactly what I did yesterday then I lost all the data um and I don't know how many over the years how many times do you think I've notated EEM is there in my files somewhere I just don't know where E not E A weekly is A B C underneath it you got to count each peak because this is your starting point right here so no matter what you can't eat successively higher peak so this becomes an A that becomes a B that becomes a C that becomes a D and that becomes an E so underneath the previous high of C you've already got a peak E so you got to be a little careful here gosh I had this notated I'll do this technical Friday so I'll do this from the very beginning I always go to the left side to what is very much obviously the lowest low bar peak A peak B peak C D E double top up down arrow up arrow here right here this is easy to do because um I'm doing it in historically there's a very successful H pattern right there dreaded H holes and then it breaks it holds and then it breaks but it closes above but it does it as the MACD expands and the stochastic expands on balance one gives you a bi-signal so that was a good starting point and it goes peak A B C if I remember correctly and does it go to the D A B C and there's your D pulls back so it's another bi-mark this is the emerging market ETF right here yes I think it's digesting gains did that make a D yep there's your A how many Ds do we have A B C D unbelievable all right that went to an E went to a D and then two bars A went to an E that one went to a D and this one went to a D it's digesting gains the 200 period moving out to 32.82 is where it could come back to if it if it if it closes any day under 30 no what did I say 30 I mean 40 this um 50 period moving under 40.20 it's at 40.74 right now if it closes under 40 it's probably going to test the 39.82 and then get stuck there as it has done many times before um I can't put it down arrow in because it's closing well it's closed twice now under the black 14 period moving average but it hasn't turned negative yet so it could still do that all right so that's the E M there's the daily chart I finished the weekly chart a little bit there there okay core question came in here we've got we have rich in Oregon Rich how are you fine Basil thanks for taking my call on this absolutely you'd like to look at CVI I wanted to know what your Chapman wave was indicating to you okay I'll be back in a moment we're on with rich in Oregon we're looking at CVI CVI CVI energy and we're right back down here's a piece of 90 TFNN has just launched their new trading room the Tiger's Den 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's Den available to all Tigers and Tigris's for just one dollar for the year there's no cash or added costs when you join our community of traders in the Tigers Den 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 Tigris's 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turns finding the peaks and valleys and stock prices get the opening call newsletter by Basil Chapman in your inbox every day first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up TFNN.com educating investors everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24 7 newsletter at TFNN.com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis after all he's got 45 years experience as a day trader Larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from Larry on market movement 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 then hit watch Tiger TV that's TFNN.com then hit watch Tiger TV hi folks we're on with Rich and I'm going to be doing a CVI energy so Rich what are you doing? by currently on it I'm I'm wondering whether this debate should be sold or held for the next four months just let me do this before we run out of time I'm going to do some work on it over the weekend because I've done all the notation as it stands right now I love the action of this stock I would like you to hold it but whether or not you take a little bit of as part of money management that's another thing so I don't think you need to do anything right now even if it's within 30 or 50 cents of the price on Monday I'll have a look at it on Monday it has made a peak e-top in the daily chart it's holding very nicely for three bars but the target I have is the left side high and I should do that with the next couple of weeks which is at 41.26 the week of the 18th of November so with that said let me do a little work on it I don't think you need to do anything right now unless just because you asked me the question I would say take a little bit off as part of money management instead of spectacular mood it is ready for a little bit of a breather but so far this is good so I'm just going to say let me do I'll come back to it on Monday but I want don't you do anything just yet okay Basil okay I appreciate it congratulations this is a this is really a buy and hold it probably gives a nice dividend so I you know I don't want to mess with something that you've been in so long let me do a little bit more work on it okay okay I'll tune in on Monday great I'm expecting to I'll make a big note of it and you just remind me just in case I forget but I'll be doing work on it so folks as we're out to wrap up yes it does have to be a little bit with this is not very bearish action at all as I say I think it's a process that's going on and if you're looking at the Dow right now that nine-year moving average look it's gone above it so this is this is taking its time to unfold there is bad news it's ignored some of the bad news we'll see what happens if after 1.30 it is only up 80 points it says maybe Monday pulls back


Hi Jonathan, my name is Ashley and I work in the Internet Department here at Oxford Toyota. It has come to my attention that you are interested in a new Sequoia. I want to head and send you over what we currently have in stock on our lot. When you get a moment, please give me a call. My number is 502-247166 or you can also email me back. Thanks, bye.


Mated females require more food than unmated ones because their bodies need to produce offspring. This increased demand for food is regulated by two types of neurons, one type that receives inhibitory signals from another type of neuron. When the male deposits ex pheromones into the female's body during mating, these inhibitory signals are blocked, allowing the first type of neuron to be activated and increase the amount of food consumed. This article was authored by Megan Latterny, Gabriella R. Stern and Kristen Scott.


Good morning! I bet if I asked each of you what 5G means to you that I would get almost as many different answers as there are people in this room. And many of you would think of 5G as something that's way off in the future. But from an infrastructure perspective, 5G is actually happening right now and if anything, I believe, we need to go even faster. I don't have the opportunity to ask each one of you what you think about 5G, so we conducted a not-so-scientific survey of the average person on the street and asked them what they thought about 5G, what 5G means to them, and this is what they said. I'm Sarah Sweeney and we're here in New York's Grand Central Station asking real people what they know about 5G and some of the innovations it will bring. Let's go! Can I talk to you for a second about 5G? Sure. Cool, tell me about it. I have no idea what it is. Can you tell me what 5G stands for? 5 grand. What's 5? So 5G as in... The good thing about 5G is it puts a lot into a small package. 5G, it's, um, I know that like, it has to do with Wi-Fi, right? Is that the 5G that they do for the phone or the network or something like that? There he is. I say 5G, you say... Internet. There's no idea what it is. No, the next thing past 4G. Do you know what the G stands for? I don't. Generation. Yes, you are the first guy today. Good job. Thank you. If you have 4G, that's the fourth generation. So 5G is... The fifth generation. The next generation. It's generation, it's the fifth generation. Oh my God. Technology. Oh my God, that's why we're in the fourth generation. It is the new fifth generation wireless communications technology that has new spectrum approved by the FCC of 28, 37 and 39 gigahertz bands. Yeah. You heard me ask somebody else and you looked it up on Wikipedia, didn't you? Yeah. Have you ever heard about Intel? Let me spit about it. It's 5G technology and here's what's legit about it. I believe it's fast, correct? Reliable? If it would become real. If it would become real, I would be really happy. 5G. Internet. You got it. Guys, let's wrap it. We got this one. So 5G equals 5 grand. That's my personal favorite because I think that's the way my mother would have answered that question. So when we look out into the future and we're talking about 5G because we see a future that is all about data. In fact, of course, a lot of that data will be generated by humans where we believe that in the next five years over 70% of the human population will have or use a smartphone and over 90% of everyone over the age of six would have some kind of mobile device. But beyond people, the next data revolution in the future is really about the things. In fact, by 2020 we believe that over half of all the data that is generated on the network will come from machines. And to put that into context, if you look at a user today, you and I, we generate on average about one and a half gigabytes of data per day. But that pales into comparison in terms of what a connected car will generate. A connected vehicle will generate 2,500 times as much data up to four terabytes a day. A connected plane, five terabytes a day, and a smart factory up to one petabyte of data per day. And one petabyte for any of you keeping track is a thousand terabytes or one quadrillion bytes. To handle all of that data, we need a fundamental different approach in terms of how networks are architected and deployed. And we believe 5G is an answer to that problem. Looking backwards now, we see that over time there have been innovations that have been captured as general purpose processing technologies. These are innovations and inventions like the printing press and the steam engine and the telegraph and the internet. All of these are in an elite class of socioeconomic mainstream technologies known as general purpose processing technologies because they have been pervasively deployed across many, many industries and they have become catalysts for transformative changes that raise up the level of human productivity and improve all of our lives. In fact, we believe that 5G has the capacity to become one of these general purpose processing technologies. If we look at 5G and all of the different use cases that are going to be enabled by the increased capacity and coverage and distributed intelligence across the entire spectrum of the infrastructure, we know some of these today, some of these are yet to be invented, but they can be categorized into three different areas. The first is massive machine type communications and these are indicative of the types of technologies and capabilities that are enabling the internet of things. So, sensor data in the smart appliances in your home or smart lighting and smart infrastructure in a smart city. Of course, all the infrastructure in a smart factory. They don't require large amounts of bandwidth and they are not sensitive to latency, but there's many, many millions of these sensors that need to be aggregated and where you can collect data and they turn that into valuable insights and information. A second use case is enhanced mobile broadband. In fact, many of the trials that we're participating in today are under this category of capability. The 5G tech forum with Verizon is focused on not just the immersive experiences you're trying to enable in the home, but that last mile, that last few hundred yards or few hundred meters of connectivity. That's what the innovations in the new wireless technology will enable for enhanced mobile broadband. And the third category is ultra reliable, low latency types of use cases. And one of the best examples of this particular use case is the connected car where you need a very fast response time when you're doing functions like collision avoidance or overtaking a vehicle or lane changing. We know with today's 4G network that round trip response time typically takes about 15 milliseconds between the connected car and the network. But in order to deliver on the collision avoidance promise that we have with connected cars, you really need to take that down to 3 milliseconds. And with 5G, that response time is actually shortened down to just one millisecond with 99.99% reliability. So if we look at then what is fundamentally different about the network infrastructure that's needed to support these very broad and varying use cases, we know that we need a different approach to the network architecture. We need a network infrastructure that is much more intelligent, not just in the core, but in the edge and in the access of the network with distributed intelligent programmable and scalable capabilities through that spectrum of infrastructure. We also know that when we introduce programmable computing in parts of the network that never existed before, you're able then to harness a lot of the data that you collect and turn that into valuable information that you can then monetize and where you can create new services that are available both upstream to the content providers and also downstream to the consumers of that data, whether they're people or their things. And of course, open source and open standards really represent a critical capability of accelerating that distributed intelligent network architecture because open source and open standards lowers the barriers to entry, accelerates the pace of innovation. It allows us to have many more new use cases and capabilities and overall more choice and lower cost in the market. So let me step through a few of the use cases that are being enabled today by this intelligent infrastructure and that will be enhanced by 5G. And we'll start with drones in the access network and I love drones. Drones are fun, but they're also quite useful. Today, they're used for photography and surveying. They're used for inspections and they're even used to create an on-the-fly cellular transmission capability. So imagine a natural disaster where your infrastructure is wiped out. You can actually recreate that infrastructure, that wireless access capability through a drone network. In fact, this is being trialed today by AT&T in an example or in a technology called cell on wings or cow. So there is a flying cow in this environment. But if you look beyond some of the things that we're doing in the future in terms of wireless tower inspections and just this recreation of a cellular infrastructure, we can look at some of the examples that are happening in the enterprise. We've been working with Airbus. And Airbus provides a number of aircraft inspections clearly for their aircraft throughout the year. And typically, this is the job of two people hoisted on cherry pickers that inspect that airplane end-to-end and that process takes about two hours. With a drone, that process only takes 15 minutes. But you have added capabilities with a drone because you can begin to collect data on those inspections and build a database of flaws and faults and diagnosis of problems with airplanes and be able to test what you see with the 360 cameras on the drone with the database that is stored back in the cloud. And that combination of local value creation, local data collection, that whole inference capability that is provided by the drone locally. And then the scoring capability that happens in the cloud is an example of where artificial intelligence and machine learning is being used to increase and improve a capability that today takes humans to do. In fact, one of the other ways that this helps the industry is that Airbus has found this to be such a great improvement in efficiency and data collection that they're also now providing this as a service to other airline companies or aircraft companies. And so they see an opportunity to turn valuable data into services and monetization opportunities. When we look at 5G intelligence in the edge of the network, we look at retail as another example. Retailers today have a lot of challenges of course competing with or complimenting the online retail experience. But one of the biggest problems they have is in something called inventory distortion. And this is the ability to accurately assess what their inventory position is and to avoid stockouts or overstocks or something they call shrinkage, which is really just a nice word for theft. So when you look at this inventory distortion problem, it represents over $1 trillion of negative impact in terms of retailers globally. And in the U.S. alone, that shrinkage or that theft problem represents about $42 billion of negative impact because you can't trace or track what is actually happening with your inventory. We know that with 5G technology and with sensor data and RFID and NFC communications that you can improve that accuracy of your inventory up to virtually 100%. And with every 3% improvement in your knowledge and assessment of your inventory or your true inventory position, you actually increase revenue by 1%. Today, the best that you can get in most retailers is somewhere between 65 and 70% accuracy. But again, with 5G technology, we see that increasing to almost 100% of the accurate information around an inventory position. And then you extend that beyond just the inventory to the actual experience that you're trying to enable with the user coming into the store. Immersive experiences where you can try on different outfits and see how they look on you virtually in a mirror. You can also just track the behavior of the consumer, suggest complementary items to the things that they've selected, and collect data to try to ensure that you have the right products that satisfy your users in that store at any point in time. Moving to the core of the network and greater intelligence there, Event is a great example of a use case that we're enabling through technology and that 5G enhances. So today at events and concerts, we know that the distribution of the data and the load on the network is very spiky. And if you look at something like the Super Bowl, the high peak traffic for content actually isn't for touchdowns. It is during the halftime show when you see people taking selfies and photos and videos and uploading the Beyonce halftime show, the Lady Gaga halftime show. What that represents to the network provider is of course a great load on their network. And one of the ways of overcoming that is by bringing more intelligence to the edge of the network from the core and extending that capability and building a cloud ran capability that now allows you to cash content locally and to be able to satisfy the user's experience without the backhaul costs and latency that you would normally incur. With 5G, that capacity and coverage increases anywhere from 100 to 5000 times and it does so in a way that is much more cost effective. Again, bringing that intelligence from the core to the edge to the access network and having a consistent architecture by which you deliver these new experiences to all of the users exactly at the same time. Finally, you can't talk about next generation networks and network requirements without talking about video. Video is that workload that every single network operator has to contend with. It represents over 80% of all the data traffic at peak times, over 75% of video traffic and over 60% of the traffic that's generated by the Internet of Things. And increasingly that video experience is becoming more immersive through experiences like augmented reality and virtual reality or even merge reality, the idea that you would place a physical object in a virtual world or a virtual object in your physical world. This requires a lot of low latency processing and large amounts of bandwidth. And you see 3D experiences with VR glasses or experiences that are enabled by Facebook 360 or Google Street View. All of these requiring much more immersive, much higher bandwidth and much lower latency to deliver to the end user experience. So Intel's view is that 5G truly is an end to end opportunity. Where you have distributed intelligent programmable networking from the device through the access to the core and up into the cloud. And it's a circular cycle of goodness in terms of the content creation, the ingestion into the network, the processing in the cloud, and then back out to deliver that experience to the users. And in that stadium example, we know that for example in the Olympics that we're looking at for 2018 and 2020, some of the opportunities exist to actually create a virtual ticket to an event and have a courtside view to the actual race or competition or match when you are half a world away. All of that requires innovations that 5G is enabling. So when you look at all of those varying use cases and all of the different capabilities that we need to deliver from a network infrastructure, we know that we need an infrastructure that is highly composable. That can actually create on the fly in real time an experience that is tailored to that end user or that end use case without over provisioning of the network resources or under provisioning and then impacting the quality of experience. And those will vary greatly in just the examples I gave from high bandwidth to low latency, low energy that you need, low bandwidth for the inner things, and then the ultra high bandwidth examples of video, immersive video, and of course connected cars. All of that capability with a logical slice being served up by the network that is highly tailored and highly tuned to that particular use case. And of course, what we need here is not just the resource orchestration, but actually the services orchestration to manage all of that capability. And here to share a little bit more of their insights on the network of the future and how 5G meets some of those requirements is Chris Rice, Senior Vice President of AT&T Labs. Please welcome Chris. Hi, Chris. Thanks for coming. So I've talked a lot about 5G and IOT. So and I wanted to ask, well, how does AT&T see 5G and next generation networks impacting your capabilities and what you're offering to your customers? So think of it as we're creating a VIP network. VIP. VIP. Virtual, intelligent, and programmable. Not exclusive to VIPs. Not exclusive to VIPs, but virtual, intelligent, and programmable. And so for us, you know, we have at the core now tens of millions of mobile subscribers on a virtual evolved packet core. That's already happening now. At the edge, we're seeing these low latency use cases that you talked about driving, you know, more compute and more intelligence at the edge, which again you just discussed. And in both at the edge and in the core, you know, what's really key is open interfaces because those open interfaces allow us to get data, allow us to do analytics, and it drives an unprecedented amount of automation into our network going forward. So open interfaces. Yes. Open source. Made some big announcements recently. Right. Open app. Tell us a little bit more about what you think Onap will deliver not just to ATT, but really to the industry at large. And I promised you I'd be brief on this.  It's a combination, a harmonization of what we were doing in open source e-comp and open O. Today, the service providers that are members of Onap account for about 38% of the worldwide mobile sub. So about 1.8 billion. There's more on the way. In fact, we have 27 members now, and we had five new members just this week. Let's see. Wind River, Sienna, Reliance Geo, Microsoft, and we even had the ONF. Pretty broad. Open networking forum joined, right? Yeah. I mean, so that's a very diverse group. Very diverse group. Right. And I think the open networking forum is really interesting in the sense that, and we talked about this on your panel the other day of kind of driving a directed innovation. And so I think that harmonization that we wanted to do is paying off because, you know, just like IOS and Android became de facto operating systems for the mobile phone, we'd like to see Onap become the de facto network operating system for SDN automation. And so we think that's a really good harbinger of that. And an invitation to everyone to participate in that. An invitation to join, yes. So let me ask you finally, then, when you look at that re-architecture of the network, what role does data analytics play in terms of either ways to lower costs or perhaps to become a vehicle of monetization for new services? Yeah. So I think if you think about analytics, you've got to go two steps back because analytics really requires data and data requires open interfaces. And so I've said that a lot, but I'm going to say it again for emphasis. The really the key for us in analytics and data is open interfaces. And that's open interfaces at the edge and at the core. And really, to be honest with you, what we're trying to do is get more and more capability to be able to collect, analyze, and act on data. And once you can do that, you can learn from it. That's where the machine learning comes in. And once you can learn from it, that drives literally a whole new level of automation, something we call hyper automation. So it totally changes the way we run and manage our networks. And so is 5G and the foundations of 5G happening now at AT&T? And is that really part of the journey that we're on in terms of the network transformation that you're driving? Yeah. I like the way you described it. When people buy that first phone and it's a 5G phone, they kind of feel like that's the first day. But there was a lot of work going on. Just like when the baby arrives, there was a lot of work right before that. So we're excited about that. And yeah, we're well on our way. And we certainly thank you and others for the help in making that happen. The 5G baby. I have to think about that. There you go. Take care. Thank you very much. So from a management and orchestration perspective, clearly we have a lot of work to do, but we are well underway with ONAP and with other open source networking projects. In fact, two that I wanted to call out here today is DPDK and OPNFV. So DPDK, the data plane development kit, is a set of optimized libraries and device drivers that Intel invented back in 2010. And this is to provide high performance packet processing functions on general purpose CPUs. So functions like Q and buffer management and quality of service, flow classification, all of these functions that you can run on your general purpose CPU that's probably running already in your server platform of the application and the control plane functions. Intel invented it in 2010. It was actually one of the key enabling technologies that was included in the original Etsy NFE white paper in 2012. We open sourced it through dpdk.org in 2013. And over the years have added multi-architecture and multi-vendor support. And earlier this week on Monday, Jim Zemlin announced that dpdk will now be hosted in the Linux foundation as a way to broaden the community of developers that are contributing to this innovation. So we're very excited about dpdk now being hosted by the Linux foundation. Another big announcement that we made just yesterday is with OPNFV or the open platform for NFV. So OPNFV is an open source project that brings together all of the elements that you need to deliver and accelerate the commercialization of NFV solutions in the market. We are on our fourth release. We're two and a half years old, but this was our fourth major release. And we work upstream with the upstream communities like OpenStack and ODL and OVS. And then of course we work within the project to harden a lot of the capabilities to automate functions of NFV onboarding to include capabilities in this latest release for a faster data path through the integration of the FIDO stack and also some key features that we've introduced like service function chaining and support for IPv6. So OPNFV is a catalyst to accelerate the network transformation which of course NFV and SDN are a critical part of. So in summary, 5G is happening now. This idea of an intelligent scalable programmable network from the core to the access to the edge is indeed the hallmark of what work we're driving in network transformation. And in fact when you have that programmable computing capability in all areas of your infrastructure you're able to provide data analytics and turn so much of that data into valuable services that you can monetize with your upstream customers and your downstream customers. Open source and open standards, all of you are a critical element and accelerator to that 5G vision. And on behalf of Intel, I invite all of you to join with us to accelerate the 5G future and deliver on the promise of 5G. Thank you. And I think we have time for a few questions, yes. So if you have a few questions, I think there's mics in the audience. There's one right there. Good morning. Hi, good morning. Cliff Grossner, IHS market. Just one question. I'm wondering if you have any thoughts about hardware accelerators for machine learning and AI and do these find themselves way into this network? Yes, that's an excellent question. Hardware acceleration is a way to perform very, very fast deterministic functions of highly cost-effective in a low-power way. And they can take on any number of forms. Within a CPU or a chipset, a lot of the technology that we provide to the market, we have crypto and compression capabilities for hardware acceleration that we integrate into the standard platform with the common tool chain and all of the capabilities that the ecosystem and the developers have to take advantage of that. But beyond that, we know that ASICs actually provide a lot of excellent functionality and Intel made an investment in an ASIC company that specializes in artificial intelligence, Nirvana, and that we are integrating that now into our tool chain so that you have that same interface, whether it's running natively in the CPU through hardware accelerator blocks there or in an ASIC. And then finally, FPGA is another way that we can provide hardware acceleration. And FPGAs in particular are very valuable in the wireless network infrastructure because so many of the standards and so many of those networking stats, and particularly in the case of 5G, are evolving over time. And so FPGA gives you that programmability. But the key here, and certainly Intel's strategy, is to provide a common programming interface so that the developers themselves don't necessarily have to care how that hardware acceleration is delivered, whether it's in the CPU, in the FPGA, or in the ASIC. It's a common interface and allows them to develop solutions much more quickly. Hello, Sandra, Don Clark. Hello, John. Just a bit of information, really, there is another joint operator, White Paper, on 5G, which was published in February, which outlines what the operators consider to be the priorities for NFV to support 5G. So that includes things like network slicing and cloud-native design. So that's available. And in fact, I'm talking about that tomorrow morning. And then the second thing about Open Standards Collaboration is that we've just finished an Etsy NFV joint session with the 3GPP SA2, which is about trying to align the 3GPP network architecture to consume the NFV stuff that we've been developing over the last four years. Just a bit of information. I know this is mainly an open source software group, so of course I also welcome the open source people participating in that collaboration as well. Well, actually it's a valuable comment, Don, because we see an increasing interdependency between open source and open standards, one helping the other to really go faster. So thank you. Okay, I think we're out of time. Thank you so much. Have a good day.


is currently Senior Vice President of Global Affairs and General Advisor for the company called Pinduo Duink. This company was founded in 2015 and is the largest agricultural platform in China. 788 million users, a tremendous amount in our view, and they pay for those services. In 2020, there were total sales for $256 billion, of which 42 billion correspond to marketing of agricultural products. Pinduo Du connects more than 12 million farmers with the 788 million users in the system. Through the platform, Andrei will talk to us about now. In ending, aside from this activity, Andrei also helps support the training of human capital through the Duoduo University. The farmer partners of Duoduo work with local governments and foster the development and work actively with a farmer cooperative. So with this, we offer the floor to Andrei for his presentation. Go ahead, Andrei, please. Thank you. Thank you for having me here. I'm sorry I'll be presenting in English today, but I'm sure you're in excellent hands of our interpreter Cynthia here. Good morning, everyone. My name is Andrei Zhu. I'm the Senior Vice President of Global Affairs at Pinduo Duo. My presentation today is about our company Pinduo Duo and how we empower farmers through technology. Even though what I'm sharing here today is in the context of the agriculture sector in China, I think most of the issues that we face here and there are pretty universal. So I hope that our experience in this part of the world can be of some value to this audience. Let me start by giving an overview of who we are. We're founded in 2015, Pinduo Duo is the largest agriculture platform in China now. In 2020, we served close to 800 million active buyers, which makes us the largest online retail platform in China by active buyer. More than one in two Chinese are using Pinduo Duo for their shopping needs now. Our gross merchandise value or GMV in 2020 was over 256 billion US dollars. About 16% of it or roughly 42 billion US dollars comes from the sales of agricultural products. We're the portal that connects over 12 million Chinese farmers to the digital economy. Our goal is to become the world's largest agriculture and the grocery platform. Many people asked us, what's the secret to our success? I think the key is that we created this mobile only platform when the entire Chinese society was switching from desktop internet to mobile internet. We developed our business model and designed our user interface with one goal only in mind, which is making shopping more natural, engaging, convenient and fun to our users on our smartphones. The first thing we did was to change this task-oriented search model to an interactive and discovery-oriented recommendation feed model. You know, under the old search model, users have to know what they wanna buy. They type in the keywords to search and then compare prices and features and then choose a product and make the purchase and done. But shopping on Pinduo Duo is more like going to a mall or a weekend market. Now, users can browse in different categories and explore products and users are likely to have an interest in. Our app is more like a personal shopper that recommends products to you based on shopping record, browsing history, merchant rating, product relevance, et cetera. You know, we're also developing this innovative shopping format called PIN, which means shop together in Chinese. With just four simple clicks, a user can finish an entire process of browsing, selecting, sharing and purchasing with the friend. This may sound very simple, but it revolutionized the entire online shopping experience for the users. Online shopping now is just like shopping and brick-and-mortar stores which can be fun social interactive. Now, one benefit of users buying together is that it helps to aggregate demand for merchants. Now, with the economies of scale, greater planning efficiency merchants can charge lower prices and consumers can get better deals. Another benefits that allows us to have a better understanding of users, not just an isolated target with a wallet, but really as a social being in his network of family and friends. Now, with that, we can continuously optimize our recommendations to improve user experience. Now, our focus on meeting user needs has really helped us to drive this virtual cycle which has accelerated our growth. Now, starting from the left, if you look at a slide, as we aggregate user demand, the higher sales volume allows merchants to lower costs and pass on more savings to our user. And this happens on more products and our users continue to have good experience, then they help to spread the word and grow our user base. Then moving on to the right, those users interact more frequently on our platform with merchants and each other. And we, as a platform, we get a better understanding of what users want and that we can further refine our recommendations and improve user experience. Now, in a long-term, that accumulated trust really keeps our users engaging with us and then attracts more users. Now, why agriculture? And we're really happy that more people are taking notice of what Pinduoduo is doing in agriculture, but this is really not something new. Our story has always been intertwined with agriculture. In fact, we started off in 2015 by selling fruits and vegetables online before we actually expanded into an all-category marketplace. We've always seen great potential in agriculture for a tech company like us because the overall market for agricultural products in China alone is over $1.2 trillion in 2019. And yet the online penetration is only about 7%. Now, compared to 25% for the overall retail sector and for sectors like apparel and electronic products, it goes up to about 40%. So that's on the commercial side. And then with our current scale, we cannot just focus on business opportunities and corporate profit. We must think about the future and sustainability of our communities. And then we think by digitizing agriculture and then making the supply chain more efficient, we can actually bring cheaper and fresher produce to consumers. We can help farmers make more money. We can reduce carbon footprint of our distribution network and logistics infrastructure. So food security, food safety, and climate change, these are some of the most fundamental issues we're facing. Now let's look at some of the challenges that the agriculture sector in China is facing. The decades of rural urban migration has led to a shrinking agriculture workforce that still has to meet the food needs of a growing population. Now to improve productivity and yields, this has led to the overuse of chemicals on arable lands that temporarily maximizes production quantity but compromises production quality. At the same time, consumers are demanding healthier and cleaner foods. Now we need to invest in technology to make the food system more secure for the generations to come. So how do we help address these challenges? At Pinduoduo, we take a systems approach by investing across the agricultural value chain. You know, we're the first platform to build an agriculture focused infrastructure in China which empowers farmers to grow better crops and sell them at better prices while helping consumers get fresher and better value products. I want to highlight our seven initiatives which span the downstream, midstream, and upstream segments of the agricultural value chain. Now starting from the downstream distribution, streamlining and optimizing the national distribution chain is really our bread and butter as an e-commerce platform. Now let me illustrate this with a real example of a garlic farmer in Henan province. Under the, if you look at the top of the slide, under the traditional distribution model, this garlic grower gains access to the market by selling to a local wholesaler. The wholesaler, not the farmer actually determines the price which is two RMB per kilogram. The wholesaler then sells the garlic through as many as four layers of distributors before the garlic finally reaches the retail outlet which then charges 16 RMB to the consumers. If you notice that's eight times markup in terms of the price. Now the garlic grower can sell the same garlic directly to consumers through the online stores on our platform. She sets her own price at four RMB per kilo based on market data and comparable products on a platform. Now after deducting the incremental labor cost, packaging and delivery cost, she could still get 2.6 RMB per kilogram. That's significant 75% saving for the consumers and 30% increase in income for the garlic grower. With fewer intermediaries, the garlic also gets to the consumer much faster and fresher. It's really a win-win situation for both the farmers and the consumers. Now the second initiative I wanna highlight is called dodo grocery. This is a next day self pickup service where users place orders on our app before 11 PM on day one from a curated list of locally sourced groceries. And then they pick up their purchases after four PM the next day at a collection points conveniently located close to them. Now we launched this service in August last year in response to the surging consumer demand for online groceries during the COVID-19 lockdowns. With dodo grocery, what we're essentially is doing three things. The first one is we're developing local infrastructures within our national platform that connects local farmers to local customers. Now farmers can advertise their leafy vegetables and delicate fruits online to a targeted group of local consumers. Now second, we shortened the fulfillment time from several days to within 24 hours. The merchandise spends very little time in warehouses and trucks and travels very shorter distance. Now the consumers have a new channel to buy fresh local produce. The third one we cut down on cost significantly. But because this is a self pickup model instead of a home delivery model, we cut the last last mile delivery cost entirely which usually takes up around 30% of the entire delivery costs. Now dodo grocery, this service is hugely popular among users and farmers in China. We started in two cities in August last year. Now it's offered in 300 cities across China and almost covering every province here. Now moving to the misdream transportation, we are building a cold chain logistics network to support our dodo grocery service. We're working with our partners to develop a network of warehouses, sorting facilities, routing planning systems to really improve our capability to deliver a wider range of perishables that require refrigeration. With a more efficient cold chain logistics network, we're hoping that we can help farmers to expand the coverage area where they can sell fresh produce, particularly during the summertime. Now, our model has always been to empower farmers with technology, but not sidelining or replacing farmers by technology. So training farmers to take full advantage of digital economy is really at the center of our strategy. We created dodo university to develop human capital in the agricultural sector. So now close to half a million farmers have attended our online courses. We also partnered with China Agricultural University to offer more than 1400 hours of offline courses. We're really proud that we have trained over 100,000 new farmers. These are young people from rural areas and they went to big cities to work, but they're open to the idea of returning home to settle down. Now we coach them to be e-commerce savvy and help them set up online stores and sell local agricultural products from their hometowns. These new farmers not only earn a good living themselves, they also vitalize, and they also vitalize their local economy by selling more local products. And what's really important is they're creating good paying jobs within their rural communities. We're encouraged by the results so far. So we're committed to training another 100,000 new farmers in the next five years. Now, one of the ways we enable farmers to connect directly with consumers is through live streaming. I want to share this video clip with you to give you a better feel of it. Let's see if it works. 由喜欢主播的,可以关注下主播 我们的一号年纪是我们的盐良甜瓜 中国最大的盐良甜瓜之地 看我们的瓜 每个瓜都在茁壮的成长 都是一腾一个瓜. As you can see, a lot of the other platforms in China use celebrities to promote products in live streaming studios. Now, we take a very different approach. We actually give the camera to farmers so they can show their fields, crops to the viewers. It may not have the same kind of professional makeup or lighting, but we found it actually had this layer of authenticity that celebrity live streaming cannot match. Now, moving upstream now to production. In April, 2019, we launched this door to a farm program. This is a tripartite partnership between Pinduoduo, local governments, and Agronomic Research Institute. This is a partnership that empower farmers to grow sustainably. The picture on the left shows one of our Duoduo farms in Yunnan province. We provided 2.3 million RMB initial funding to help the local farmers to set up the co-op. Then the agronomic experts from the Yunnan Academy of Agricultural Sciences helped to select this citrus variety that was suitable for the high altitude climate. The citrus variety actually bears fruits between January and May. Usually this is the off-peak season for citrus harvests. This improves their marketability and plug a gap in citrus availability in the market. So we also introduced this Israeli drip irrigation system so that the farmers can manage a large plot of land with less labor. As a result, the orange tree grown under this pilot used 15% less fertilizer, 30% less labor, and expected to have better yield and higher profit. Now these are real results with farmers literally enjoying the fruit of their labor from working with us. Now another project we did last year in upstream production site was our inaugural smart agricultural competition. We partnered with China Agricultural University and FAO for this event. We put four AI teams and four human grower teams against each other to see who's better at growing strawberries. Now after 14 weeks, the AI team actually produced almost twice more strawberries than I wait. You have five minutes. Sure, sure. Then the human grower teams. Now one of the AI teams has since commercialized the technology to partner traditional farmers to improve the yield. What's really important about this competition is that we demonstrated to the farmers that technologies are accessible and affordable and can really improve their production and livelihood. Now finally, I wanna end by talking about how we helped the farmers in coping with the pandemic. Now when the COVID-19 first struck, the offline distribution was paralyzed. The farmers couldn't ship their products out of their farms. There was also this fear of food supply shortage in the cities. We quickly put together dedicated to help the farmers channel where effective farmers could showcase and promote their products. We partnered over 67,000 farmers. We host over 100 live streaming sessions. Now through our platform, farmers showcased over 280,000 agricultural products and sold close to 800,000 tons. Now during this time of crisis, we see this as our responsibility and I'm really proud to be part of the platform that can respond quickly and use technology to help the farmers community. Now to conclude, we're the largest agricultural platform in China and we're serious about making agriculture the center, is the centerpiece of our growth strategy. And then to achieve that, we don't believe in sidelining farmers by technology, but rather empowering farmers with technology. So we wanna share that message with people around the world and we welcome the opportunity to work with like-minded partners to make digital agriculture our reality. Thank you very much.