QuickBooks Online 2024. Balance sheet report overview. Get ready and some trail mix because we're hiking on QuickBooks Online, our audit trail to success. First a word from our sponsor. Actually we're sponsoring ourselves on this one because apparently the merchandisers they don't want to be seen with us.  Like this CPA thinking cap for example. CPA thinking CAP you see what we did with like with the letters and this CPA thinking cap is not just for CPAs either. Anyone can and should have at least one possibly multiple CPA thinking caps. Why? Because based on our scientific survey of five people all of whom directly profit from the sale of these CPA thinking caps wearing this CPA thinking cap without a doubt according to the survey increases accounting productivity tenfold yeah at least yeah apparently the hat actually channels like accounting energy from the quantum field ether directly into your head allowing you to navigate spreadsheets faster. It's kind of like how in like the matrix when Neo learns kung fu or at least that's what the scientific survey saying so get one because the scientific survey participants could really use some extra cash. If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com. Here we are online in our browser searching for QuickBooks Online test drive looking for the result that has Intuit.com and the URL into it being the owner of QuickBooks selecting the United States version of the software and verifying that we're not a robot. We're going to be opening up the reports like we do every time the major two financial statement reports on the reports left hand side and then we'll be right clicking on the balance sheet in the favorite reports open link in new tab right click on the profit and loss report open link in new tab let's go up to that tab up top that we just opened in the middle closing up the hamburger this is our balance sheet we'll do a range change up top bringing it back to two thousand twenty three oh one oh one two three tab twelve thirty one two three tab run it to refresh it tab it to the right closing up the hamburger scrolling up and changing that range oh one oh one two three tab twelve thirty one two three and tab run it to refresh it so we're going to go back to the balance sheet that's going to be our point of focus this time noting the major two financial statements once again balance sheet and the income statement which QuickBooks generally calls the profit and loss statement so we'll do some kind of accounting standpoint here to think about these two reports and why they are so important and then we'll also think about it in terms of QuickBooks in that we'll see how QuickBooks is used to make financial statements to generate uh these reports so the general idea of the bookkeeping process what we're doing as the bookkeeper two main goals one is that we're trying to create the financial statements from the data inputs balance sheet income statement and related reports and number two we're trying to facilitate the transactions so we can communicate well with the people we're involved with which includes the customers vendors and employees so we want to make the transactions as smooth as possible but we're creating the balance sheet and the income statement for internal use possibly for tax preparation possibly by the end of the year that we're going to need at least the income statement for and maybe for external users like the bank that might need financial information if we want like a loan or something like that so the balance sheet then of these two reports is going to be the report that shows where we stand as of a point in time and the income statement then is going to be the report that gives us detail about how we are doing or what our performance was over a time frame so the first thing we want to realize is that on the balance sheet if we just have a normal balance sheet we only really need one date so this is as of December 31st 2023 you can see we still put a range in here you might be asking why do I put a range in QuickBooks why doesn't it just ask me for one date well one reason for that is that the drill down function when I drill down into a particular account such as the checking account then we get a report that is in a range feature this being the transaction report that gives us that whole years worth of data within it so by putting a range into the balance sheet it won't change the actual balance sheet but it will give us some detail when we go into the transaction detail reports so that we don't have to then change the range once we're in here which is nice let's go back to the balance sheet in other words if I was to change this if I if I look at these numbers 20015281 and so on if I change this to like the beginning date as of 06323 and run it we get the same numbers 20015281 if I change it even to 1231 123123 there's no distance between these two dates we get the same numbers here it's just that when I drill down on the data then I have to then adjust the range because now now there's nothing in this report which is a range report as opposed to a point in time report so let's go back and we'll say starting over from 010123 and running this again so every transaction that we put in play from this plus button will have an impact on at least two accounts one of them is going to be a balance sheet or could be two balance sheet accounts but two accounts on the balance sheet and income statement every journal entry that we make that will be the double entry accounting system now the balance sheet if I close up all the triangles we can see that we have assets liabilities and equity they equal each other that's the accounting equation assets equal liabilities plus equity and now you can think about that like a couple different ways so we might say what is the balance sheet that's what the company has and who they owe the stuff to so in other words whatever the company has are the assets we don't report the assets just as cash well they don't just have cash they have any other types of assets equipment inventory and whatnot but we have to value it in terms of dollars dollars are our measuring tool and then the other side the liabilities and equity is who has claim to the assets so the assets would be the value of the company in essence if there were no liabilities and equity right that's that's the stuff that we have reported in dollar terms and then the liabilities and equity is kind of the other half of the coin it represents who has claim to the stuff so that doesn't mean that we can really just give out 23,436 to the liabilities and the equity people because we don't actually have that money right what we have is a bunch of stuff usually property planting equipment inventory that we're valuing at 23,436 so but the idea would be if I actually sold all of that stuff and I was able to receive the dollar amount that it's on the books for then I would have the 23,436 and I can pay it out to who I owe it to which would be third party liabilities and the equity in accordance with whoever I owe it that would happen on a liquidation when you close a company right you'd have to sell everything to get the money and then pay off your liabilities and then the equity liabilities represent third party people such as the bank or possibly accounts payable that you owe money to so and then the equity represents the owner equity is often confusing for people because there's different like business types or entities that could name equity different things so for example if you're sole proprietorship the equity is just the owner's equity that's the easiest scenario because that means that all of the equity is yours right so you can also think of it as assets minus liabilities equals the equity which would be like the book value of the company that if you were only had one owner sole proprietor would be yours but if you're a partnership then you have partners equity you can still think about the equity as though all of the equity is the owner's claims to the assets but in a partnership of course multiple partners have to then break up that ownership and say how much of that equity is per partner and that actually becomes fairly complex in a partnership possibly even more complex than a corporation whether it be a C corporation or an S corporation will have then the equity is going to be stock holders equity and the reason that's actually a little bit easier oftentimes than a partnership is because the idea of stockholders is that we're going to have all that lump sum in equity meaning owners claim to the assets and and then instead of us putting capital accounts for each partner each owner of the business we're just going to issue shares and the shares will be equal units and whatnot and so therefore when we track it the bookkeeping I can just put everything into the retained earnings account or the equity account in essence and then who has claimed to that will be dependent upon the shares which will all be equal units basically of ownership in the entity so but that's the general idea so if I open this back up just to drill this down a little bit further if we say now we see the assets and here's the liabilities equity so a lot of finance people will see this equation as 23 436.29 assets minus the liabilities 31097.33 there's actually a negative equity which isn't good of 7661 that being that means the owners actually owe the company money basically right so usually hopefully you want to have a positive equity typically but in any case that that then equity would be like the book value of the business right that would be the the value of the business owned to the shareholders as accountants we typically see the equation as assets equal liabilities plus equity rather than assets minus liabilities equals equity because from an accounting standpoint you've got you've this is basically your double ledger your double entry accounting meaning you've got your assets on one side of the coin and then who has claims to the assets third party people liabilities or the owners equity all right let's go through each of these line items then so I'm going to try to close everything up here on the asset side and we'll just go through what is in the assets so we've got total assets the asset account is a standard financial reporting term so when you have external financial reportings of the balance sheet you'll of course will have the first section of the balance sheet being assets current assets also a financial accounting term so we so those are going to be assets that are going to be more liquid assets meaning they'll more likely to be converted to cash or used up in a short period of time and then if I open that up and I've closed these triangles now we have the bank accounts accounts receivable and other current assets these three are tying out to account types and are kind of more tied into instead of external financial reporting best practices type things they're tied into what QuickBooks needs to report the accounts as because each of these different account types have different needs to see that let's go to the first tab and then I'm going to go down to the transactions tab and then I'm going to close the hand boogie and go on over to the chart of accounts so in the chart of accounts we can see the account types that are going to be set up here so we have bank accounts accounts receivable other current assets we saw this when we looked at the general ledger these accounts are going to have specific needs within QuickBooks so when I set up a new account if I went to the setting up of a new account and new up top then I would choose the type of account that we're going to be setting up up top so the question we might ask from a general reporting standpoint is why don't I call of all all of these stuff should just be called current assets right from just an external reporting standpoint but from QuickBooks standpoint it's saying hey look this one has to be something other than just generic current asset because I want to make the bank accounts be able to connect to the financial institutions therefore they they need their other their own category instead of just instead of just a current asset account so that's why everything that has its own category is going to end up with a drop down when you get into the financial statements so now you've got the bank accounts if you're looking at normal balance sheet reporting you probably wouldn't call it bank accounts right you would call it you would call it just cash and cash equivalence but here in QuickBooks they want to call it the bank accounts because those are the ones that connect to the financial statement which is useful for internal bookkeeping purposes right and then so then you've got the total bank accounts here on the sub account and then accounts receivable has the same thing why don't we just call it like we would for normal external reporting purposes a current asset account well it is a current asset but it has its own category its own GL account type that's more detailed than current assets because QuickBooks wants to make sure that the accounts receivable has special uh things tied to it which include the ability to track to a sub ledger and accounts receivable will be restricted from reporting anything to that account that doesn't have a customer related to it so that you can track it out to a sub ledger so as we look at these you can also think about the other reports that will be involved with it with the checking accounts we'll have the statement of cash flows which will ultimately tie out to the cash accounts and then we also have uh the you know deposit uh registers and check registers that will tie out to the checking account and so on with accounts receivable we're going to have the added reports that we saw over here let's right click and duplicate another one and say that uh if I go into the reports on the left hand side the accounts receivable will be the major account that have sub reports on who owes you money of that category of reports are usually going to be tying into the accounts receivable because we need a sub ledger by customer and then we've got the uh other current and by the way if I go into the checking account here just to look at each of these the checking account is going to have mo more types of transactions than any other account so that's because the checking account is the lifeblood of the company uh it's the it's the it's the oil that that is going through all of the machine of the accounting and therefore it's going to have more transaction types and more transactions within it typically than any other account if you go into an accounts receivable account then you're only going to be seeing increases with invoices and decreases with the payments on the invoices it should be very strict in terms of the forms that you're going to see within it and you're only going to have accounts receivable on the books if you're using an accrual based accounting system meaning you're billing people with invoices instead of using sales receipts or deposit forms to record your revenue and then in other current assets we've got the everything else that is a current asset in this case inventory now you might think that inventory should have a special account for itself because it also has a sub ledger similar to the accounts receivable but even if you're tracking inventory perpetually within the quickbooks system quickbooks isn't forcing you to record an item every time you record something to the inventory whereas with accounts receivable they are restricting you from recording whenever you record something to a accounts receivable to have a customer so i think that's why quickbooks doesn't need an added or special kind of account category for inventory it's going to act just like an other current asset account even though it's going to have a sub ledger if you're tracking inventory on a perpetual inventory method the sub ledger tying into the inventory asset account in dollar amount that's what it's in here also tracking the units of inventory and then we've got the undeposited funds this is that account that we use as an intermediary account so that we can then put the money in here and then deposit it into the checking account why do we do that because we might have payments from credit card companies or payments that we have received from cash and then we need to group those payments that we have received together and then we want to deposit them into the checking account in the same format the same grouping as will be on the bank feeds so that when we do the bank reconciliations we have we can easily match out our deposit side to what's on the bank side of things so we that's the use of the undeposited funds sometimes you might not need undeposited funds if you have a simple system then you might be able to deposit directly into the checking account but if you're getting paid with credit cards and or you're having multiple cash transactions at a cash register it's likely that you're going to want to use undeposited funds so that you can group your deposits in the same way that as they'll appear on the bank account now also realize you might be saying well undeposited funds then is like a cash account it represents cash that we have or have claimed to at least with a credit card or with the cash actual physical cash that hasn't yet been deposited into the bank so from normal accounting standpoint you would think it would be up here under the category that wouldn't normally be called bank accounts but rather cash and cash equivalents that's where it should be right but again quick books from a from an internal software standpoint i believe the reason would be is that the undeposited funds doesn't act like a checking account because they don't want you to tie the undeposited funds to the to like a to like a bank feeds it has a different use for it and therefore they put it down here into other current assets a little bit confusing but it should clear out to zero and when it clears out to zero it will then be moved up here also note that if you look at your statement of cash flows and you're trying to tie out the statement of cash flows to your assets you gotta if there's something in undeposited funds it's going to be included in that bank account total so just be aware of that so then if we go down to by the way the inventory as we saw goes up when we purchase inventory and then it's going to and then it's going to go down purchase with a check or bill and it's going to go down when we sell inventory either with an invoice or a sales receipt and then the undeposited funds if I go into it what's going to happen with the journal entry related to it it's going to be going up when we when we receive a payment on an invoice or enter a sales receipt and then it's going to be going down when we make the deposit and the deposit group them together and deposit it into the checking account typically then we have the fixed assets so now we're on the fixed assets now fixed assets is often a point of confusing for a lot of people because a lot of times people in small businesses particularly might say hey look I just want to be on a cash-based system I just want to record my outflows when they happen when they clear the bank but if you're in the United States you're at least going to have to do tax you're going to have to do taxes and you're going to have to deal with large purchases which are going to have to have an accrual component to it meaning you're going to have to put it on the books as an asset the tax code will force you to do it even if you don't want to do it yourself and the general idea would be if you purchase something large and the example the extreme example would be like a building if you paid a hundred thousand dollars for a building even if it was cash if you if you put it on the books as an expense what's going to happen is when you compare one period to the next like I bought a hundred thousand dollar building in January and in February I didn't then you can have this huge loss in January when you compare to February and it'll look like you had a horrible January because you got this big loss but that's not really what happened because you purchased a building that's actually going to benefit you for 30 years so that comparison problem is why the accrual method differs oftentimes from the cash method so that example being so extreme that even if you're on a cash based system you're going to have to put like a building and large purchases on the books as an asset doing an accrual thing to them and then expensing them in the form of depreciation this is also a different kind of field as well because you don't always purchase equipment it's not something that happens all the time therefore there's no form up top here specifically designed for the purchase of equipment you could use an expense form if you paid cash for it for example but you might have financed the equipment in which case there's no form for it generally because we don't purchase equipment on a fixed basis we don't it's not something we do in our normal cycle it's something we do very less often periodically and so that's another thing that kind of throws people off sometimes and if you're using bank feeds to decrease your checking account and records your expenses if you have a large purchase then that might be something that you have to put on the books as an asset and you can have questions in terms of for example if i'm buying stuff from the same place an office warehouse store or something like that most of the time they will be expenses but if i buy some large piece of equipment from that same office warehouse store and i'm using bank feeds then i have to know that okay wait a second that large piece of equipment i'm going to have to put on the books as an asset and not expensive so we'll talk about that more in future presentations and then if we add those all up of course this is the total current assets and then the current assets the fixed assets the cash gets us to the total assets of the 23 4 36 29 liabilities and equities let's first take a look at the liabilities so i'm going to close up the equity and okay so the the liabilities has an has the liabilities term is a normal external reporting term uh that that is general right and then you've got the current liabilities also a normal balance sheet reporting category representing those liabilities liabilities what you owe to third parties these current ones being those that are going to be due within a year so you've got the current liabilities then you've got this other sub account thing here which once again it's a little bit strange because these categories tie out to the different types of accounts that have been set up and you might say well why do i have accounts payable with this drop down it should just be called a current liability well the same reason they did it for the accounts receivable when we set up the chart of accounts down here they have its own account type why do they have its own account type because accounts payable needs a special purpose of being able to track the liability by vendor the sub ledger once again quickbooks will force you to add a vendor every time you post something to accounts payable therefore it has its own category and everything that has its own category has its own little triangle drop down here so if i go into accounts payable this is also an accrual type of account and therefore it's only going to go up if you're entering bills when you make your expense payments as opposed to using an expense form or check form and it's going to go down when you pay down the bill with a bill payment type of check form decreasing the checking account decreasing the accounts payable so there's going to be that one and then let's close up the rest of these for now then we have the credit card so the credit card is going to have its own special account again why don't we just call it an other current liability that's what it normally would be in external reporting purposes because it has its own special need because the credit card could be connected to a bank feed like with the checking account so the credit card you can think of is acting just like the checking account you could connect it to the bank feed when you purchase things with the credit card however instead of decreasing the checking account it will be increasing the liability so if i go into this one you can see that it's going to be going up in the liability direction with the expense forms and so on and then we'll pay it off with some kind of payment form payment from the checking account form so it might be a credit card payment form so then i'm going to open that back up again and then all of the other current liabilities liabilities that are going to be due within a year are into the category of other current liabilities because they don't have any special needs that are tied to them no special sub ledgers that are tied to them so here we have the these are these two happen to be the the sales tax now you might think that sales tax has a special thing tied to it and it kind of does because you use the sales tax widget you know to help you to record the sales tax but that i think the thing that requires that the special category up top is when quick books like restricts you from posting something to it so i don't think you're restricted to make a journal entry to the sales tax account or anything so therefore it's still an other current liability sales tax of course as we have seen will go up when we make sales invoices and sales receipts are the forms we make sales with and then go down when we have a sales tax payment going back then we have the loans now loans this is the long term liability if you have a loan then it could be either short term or a long term loan meaning if it's due within a year it would be short term if it's due longer than a year it would be long term oftentimes you have both a short term and long term portion to the loan because you might have a loan that's going to be you know paid off in 10 years similar to like a mortgage type loan and in that case you're going to be paying it monthly if it's an installment loan and therefore the amount of the loan principle that's due within a year would be short term and the amount that is due after that year would be long term so that gets a little bit messy a little bit confusing that's kind of a something that if you're small business you definitely you kind of you might not need to do that unless you're doing external reporting purposes although it's good information for internal reporting because if you're doing it just for taxes you really just need the income statement right you need the profit and loss to do the taxes but if you're going to if you have to have the reporting for external uses then you might have to do it on an accrual based method and therefore what you should do periodically is is adjust the long term short term and long term portion of the loan in accordance with the amortization table and so we'll talk about how to do that as we go through our practice problem and then we've got the equity which once again is often the most confusing section noting that equity simply just means it's going to be the assets minus the liabilities right assets minus the liabilities is going to be the equity section or this is what we have this is what is claimed by third parties that we've made a commitment to that they have a claim to and then this is what should be ours which in this case is negative so that's not good but if I open this up then we have opening balance equity within it now opening balance equity is actually an account that is a setup kind of account helps you to enter the beginning balances in the system as we will see when we start a new company file in a future course or section it's not something you actually really want to balance in because it looks kind of unprofessional this is a plug account this is an account that QuickBooks just dumps money in when you're doing the setup process so it's not really exactly a proper naming of something so really what you want to do is take it out of opening balance equity when you first set up the company file and put it somewhere else and then never use opening balance equity again right but and then the retained earnings also a little bit strange of an account because many users of QuickBooks are going to be sole proprietorships and partnerships possibly not corporations although they could be corporations and S corporations as well if you're a sole proprietor then you're not going to call it retained earnings right you're going to you might just call it owner's equity or the owner's capital account if you're a partnership you're going to have multiple capital accounts per partner so this retained earnings account represents the the the money that is going to flow through within QuickBooks so we can't really delete the retained earnings account you can only rename it because this account is a special account that has special uses to it in that the net income from the income statement is going to roll into it so if you're a sole proprietorship you might want to find the retained earnings account just rename it to you know an owner's equity account or something like that if if you prefer that that name because retained earnings indicates that it's going to be a corporation and then in a corporation you've got the retained the retained earnings so and then you've got the net income this is also a little bit wonky because normally in external reporting we don't put net income oftentimes on the balance sheet because it's going to be on the income statement this isn't actually its own like account it's basically QuickBooks trying to tie in the income statement to the balance sheet it actually causes some problems sometimes when you're trying to allocate the net income to the to the different partners so for example if I go over to the income statement here's the profit and loss the bottom line of it is 1,676.46 if I go to the balance sheet we could see there's the 1,676.46 so it just pulled in that amount now again why is it a little bit weird well what if I like if I changed the date range up top and I said this was just one month 11 0123 then it doesn't change it doesn't change this number and if I changed the income statement over here you would think if I just wanted one month 11 0123 then my net income for that one month would only be would only be 1,121.87 so you would think that maybe it would it would roll in or do the closing process to retained earnings for the other months and give you one month it doesn't because it just does it on a year by year basis so that's one thing that's a little bit a little bit weird so you just have to remember that that this net income is just going to always be on a yearly rollover closing basis that's how QuickBooks does it right and then if I go to the next year so let's say I go up one day let's say I go from uh uh 12 31 uh let's go from 01 01 01 2 4 to 01 01 2 4 and run that now it has moved it has moved the net income that was here into here so now it's in retained earnings so what does retained earnings mean then it's the earnings that have accumulated from the business so you've got earnings which might hopefully increase your cash as well your assets right your income has been made over expenses and instead of paying that money out to the owner you have retained them so it's earnings not over one year that's what the income statement is the income statement shows you the income over a time period the retained earnings shows you all of the income over the entire life of the business which has not yet been distributed out to the owner now how do you distribute the retained earnings out to the owner well in a sole proprietorship we would call that draws so you'd have a draws account which would be decreasing the equity as you draw the money out for a partnership you would have a draws account for each uh partner you'd have a capital account and a draws account for each partner and for a corporation we call them dividends dividends are like draws in that we're taking the money that has been accumulated and we're distributing it out to the owners the problem with a corporation however is that like you might own stock in apple as a shareholder of that publicly traded company but you can't go over there and say give me a dividend as one owner of the company because the stocks have to all be the same so when you say there's a when you say there's a dividend for a corporation you have to agree on the dividend and then all the shares of the corporation have to be attributed the same amount of the dividend not true for a partnership because that'll be in agreement in accordance with the partnership agreement so you could have different partners taking out different money of the business in a partnership which is confusing from that's why the partnership is actually more difficult so in some ways in a lot of ways for the bookkeeping side of things now the other problem here is if I go in if I go from<PHONE_NUMBER>23 and I look down here notice that this net income is not an account I can't do a journal entry to that net income so if I was a partnership then I might have like three partners here that all have different capital accounts and when I want to report my information I would like to take this net income and distribute it according to the partnership agreement to the revenue sharing agreement between the three partners but again I can't really get rid of this account here so that's why also that this net income can be a little bit messy in that in that regard most online softwares do the same thing so if you're a partnership you're just gonna have to work around you're just gonna have to basically work around that right that net income you can't like remove the net you can't like journal entry the net income that's in the balance sheet out to the partners so that's just something to be aware of but that's the major form for the balance sheet for external reporting purposes note that it's pretty nice it's a pretty nice balance sheet but you might also if you wanted to adjust it you can have the summary balance sheet which will basically give you let me just show that real quick if I go into the summary balance sheet I think it's balance sheet balance sheet summary then this balance sheet let's go from 010123 tab 123123 has all of the all of the account see I now I have current assets and then all the bank accounts are within here which is kind of similar to cash and cash equivalence and accounts receivable has one account so this one actually might be better in some ways for external reporting purposes or at least as the starting document for external reporting because you don't have these subcategories for the bank accounts which might which might not be necessary for like external reporting needs you don't usually use the summary balance sheet for internal reporting needs however because I can't expand on these accounts and I would like to because oftentimes I would like to go into the checking account detail here to see what has happened within it so that's the general overview we'll go into some more reporting because we could then start from this balance sheet and make a whole lot of different reports from it such as comparative reports we can use a vertical analysis like percentages within it as well and we'll start to see how we can do that with the tools up top and the principles that we apply to adjust reports will be similar on the balance sheet and other reports as well although there will be a difference between reports that are as of a point in time balance sheet one date and those that are time frame oriented like the income statement


The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Call now toll free at 1-877-927-6648 or internationally at<PHONE_NUMBER>. Now, Larry Pezzavento. All right, looking good, Billy Ray feeling good, Lewis. We're going to start out the week like we usually do, taking a look at the DAX and then also the FTSE, which is the UK market. As you can see, we've had a pretty strong rally here if you're looking at these. Now, this brings us to an interesting point, folks. When some folks trade, they trade off different time frame charts. In other words, if you're trading off of a 15-minute chart or an hourly chart or a 30-minute chart, whatever you're looking at, use that as your guideline. Don't go jumping back and forth to a weekly or a monthly or something like that. Stick with what you're using it for the pattern because this is what's really controlling that particular time frame. And remember, the definition of trend is if you have higher bottoms and you have higher tops, you're in an uptrend. If you have lower tops and lower bottoms, you're in a downtrend. And that's what you have to do is you have to ask yourself what type of trend that you're in and then trade off that chart and then match up the patterns where you want to be an entry fee on this. Because if we take a look just at a little bit longer time frame, let's do the DAX first just to show you the difference in the types of patterns that you're looking. The first one you saw was it was very, very bullish. It had been going up quite a bit. Let's take a look at the DAX this morning here, going back to January. Where are you? You're exactly at a 61% retracement. You've been there two days in a row. You have two ABCD patterns there. You can see the three drive pattern and the colorful triangles that are marked there from the instant software. So that's telling you, gee, this might be a really interesting spot here to sell the DAX and the footsie. Take a look at the footsie since we're doing that and then we'll look at a few others because we're seeing a lot of things like this. Here's the footsie. You can see it's doing exactly the same thing that the DAX is doing. It's also in a sell mode and that's what you're looking at. All right, that's what we're watching today. Now, since we're talking about time frames and stuff, there is a pattern here in the market that is very, very interesting that we looked at on the long-term weekly basis. We'll get up there and let you take a look at it. Here's the pattern for the NASDAQ on the weekly. As you can see, we're completing what we think is a one, two, three, four, five expanding triangle. Gartley put that down as a T6, expanding triangle T6. Wells Wilder turned that pattern into what he called the reverse point wave and what you're looking for is it closed down. Now, if you'll notice here, since the bottom was made in December, you'll see only one red bar on the way up. There was only one weekly close, where it closed lower than the previous week. That was up 18 out of 19. Folks, I don't think that's ever been done before in the NASDAQ. Actually, the actual, if you're looking at the market from a trend point of view, you're up 18 weeks in a row. In other words, you had a higher high than you did the previous week, either higher, higher, closed, higher, 18 weeks in a row. That is an incredible outlier event. The only markets that I can remember from history that did something like that were gold and silver and also sugar.  And when they did, that was the ultimate top, so I don't know. But anyway, this is a reverse point wave. You have all the characteristics that you need. You have the expansion between 1, 3, and 5. You have a very nice timing signal between the 0.1, 0.3, and 0.5. And of course, 0.4 extends down to below 0.2, and then it goes up and makes a new high. So that's what we're watching here in this NASDAQ today and some of the others that looked a little bit interesting. Remember, this is golden week, which means that the Japanese market is going to be closed from the 27th of April through May the 6th, and that'll be the longest period that that market has been closed since World War II. And all that might mean is that there might be some illiquidity problems over there because it'll probably be the bank in Japan that's doing it. Remember, they are very notorious for doing bank robberies. In other words, pushing things out of extremes and then reversing stuff. So pay attention here. And I would certainly recommend you using stops during this time. But if you know how to handle your risk, then use a money stop or a desktop. And some people are capable of using desktops. And a desktop means that it hasn't been put into the market yet.  You know, get me out of the position, but you've got to know what that level is because everything that we do is based on the amount of money that we're risk, not how much money we're going to lose. And that's the whole key, you know, to understanding what you're, what you're really watching.  That's basically it. The other thing, since we're talking about stops, but your stop's too close.  I don't know how you can do that. That's $150 on a contract. That's, you know, looking to be pretty close to $150,000. That is, that's insane. That'd be like trying to trade gold for a dollar stop. And I don't think anyone can do that either, but that's my, that's my two cents worth. I had an interesting meeting with my good friend, Byron Tucker, on Friday. Talking about the old days. And one of the things he remembered was, he worked for Leo Malaman at the Merc. He was one of the fellows that was involved. Well, Leo started, you know, the foreign currencies and all the other stuff, the S&P and T-bills and all gold and all that. But one day he was putting orders in for Leo and there was a big report due. And Leo was trying to buy some treasury bills and Byron said, you know, there's a report due, you know, here we're going to, you might want to wait till after the report. And he said, it doesn't make any difference. He said, the market's going up. And so the report was very, very bearish and he had bought it and it turned around on a dime and went straight up. Byron said he never forgot that experience because Leo had a real strong opinion on the market and the, you know, the market paid, paid off his opinion in nice profits. But those are just some of the things that you hear from the old days where some of these guys were just having an intuitive feel of, you know, what was going to happen next. And that's not an unusual thing, you know, to have happened. We're going to take a little break here and when we're getting back, we're going to talk about the gold market and we're also going to talk about the bond market. Now, if you would like to call in, it's<PHONE_NUMBER>. And then we think, I haven't heard the music yet, what happened? Did I do something wrong? I guess I have a couple more minutes here. I must have did a timing thing wrong, folks. I hope we're still on the air. And, wow, what's happened? 10-4. Mr. Z is asking what Leo traded before the financial stuff. He traded cattle hogs and bellies. Yeah, that's basically it. That's what he did. We're going strong too at 97-877-927-6648. The TAS Profile Scanner is the most revolutionary piece of trading software that you will ever try. Wouldn't you like to approach the markets with confidence? As you begin your trading day, it's likely that you'll be faced with lots of decisions. In order to make the best decision, the first thing you'll need is a strategy that will help you minimize your risks. Whether we're in a bull or a bear market, the good strategy is to have the tools needed to help you scan and analyze the markets before you trade. The TAS Profile Scanner instantly scans and filters over 2,500 global financial markets, such as stocks, ETFs, commodity futures, and forex. Headed by Steve Dahl, president of TAS Market Profile, the TAS Profile Scanner understands that in today's technological world, the use of top-flight software applications, related trading algorithms, and technical analysis expertise is essential to successful trading in today's market. Whether you're looking at the trade matrix, the ETF heat grid, the market breadth, the landscape charts, or the many other features of the TAS Profile Scanner, this is a piece of software that will revolutionize how you look at the markets and set up your trades. The team at TAS has even put together a 12-part video series to walk you through every aspect of the TAS Profile Scanner which you can find directly on the TAS Order page at TFNN.com. Sign up now for only $97 a month with a risk-free 30-day trial so you have nothing to lose and everything to gain. See for yourself how you can harness the full power of the TAS Profile Scanner by visiting the front page of TFNN.com today and you'll find the TAS Profile Scanner under the Services section. Remember, with a 30-day money-back guarantee, you have nothing to lose. Don't let another day pass you by without trying out this amazing piece of software that will revolutionize how you look at the market and how you place trades. Sign up today. You can test drive the Tiger's Den absolutely free for 30 days and greatly enrich your knowledge of these markets and how to make your money work for you. Details on the Tiger's Den are on the front page of TFNN.com. TFNN has launched our brand new website. You can still visit us at the same TFNN.com URL, but when you do, you'll see a new and improved homepage with a much simpler navigation, whether you're watching Tiger TV live in high definition or just accessing your newsletter subscriptions. We even have new pricing in six months and yearly options. Check out the new TFNN.com now and experience all the upgrades. TFNN.com, educating investors. Okay, folks, I've been asked to take a look at the gold market here and, as you can see, that head and shoulders pattern that we've been watching is in force as long as we can stay above the 1267 level in the June gold. It looks like it has the potential to go higher. We're down a little today, but we've had a nice three-day run between Wednesday, Thursday and Friday, so I think that's important to remember that that's something that's going on. Now, I did want to share with you. We had two things, I think, but let me do the market one first. I just wanted to show you here, so give me one second to take a look at this. I wanted to show you the head and shoulders pattern that one of our friends from the UK sent to us. I'll get this up so we can take a look at it here one second. I want to blow it up pretty big, but this is a really nice one. Now, this is a 60-minute chart, of course, but it is the Dow Jones industrial average, and the thing that's important here, you remember now that the NASDAQ is making an expansion. In other words, it's completed a new high up there. It's made a three-drive pattern in the NASDAQ, and the Dow Jones, we're making a head and shoulders pattern. That's showing some type of diversion, so I think that's important. Oh, we've got a request to take a look at the silver, and I'm certainly going to do that. We'll bring this up to let you folks take a look at it. Here's the silver. We're down slightly today. As long as silver can stay above that $14.70 per ounce, I think it's got a chance for a pretty good rally in here, but remember there is a possibility that we have that outstanding target of $14.40 per ounce. That's the 78% level. I don't know if it's going to get there or not because it stopped exactly at the 61% retracement last Tuesday. There was a very strong rally that we had out of there showing you that that number was very good. In addition to that, if you look at it closely, you can see that that was also an ABCD pattern. You can see that by the colorful turquoise-colored triangles that are in there, so that's what we're watching. We're holding that relatively well. Now, if you're going to talk about the gold and the silver, you really should take a look at the platinum because this is the one that looks the most interesting here from a bullish standpoint. Here's the platinum chart. You'll see that we're trading up around a little below $900 an ounce. But folks, my friend Jim Fleining and over at GAN Educators in Santa Monica, California, I think is the premier GAN guy that I know if you like, Gannon, and I don't know much about it. But the thing is, he's extremely...  He's very bullish. I think if you're going to be looking at this, you'll notice that there's an ABCD pattern on platinum that comes in at the $8.79 level. Now, maybe we'll go down one more time to test these because usually they don't run away without looking back. And if they do look back, the platinum at $8.79 would be really interesting because if, and this is a big if, if we closed below that $8.70 level, that would really negate this bullishness. It really would because the market had a chance to really go to the upside and it would have reversed. But that hasn't happened. I'm just trying to play the devil's advocate because you have to think about the patterns that don't work as well as the ones that patterns that do work. Now, we had a really interesting fund guest this past week out here in Tucson, Arizona. And I have to share this with you because it's really interesting, the thing that he did here with these charts. Hold on, I just want to show you. Hold on, just give me one second. This is the page out of... Okay, hold on one second here. There we go. This is a page out of John Hill's book that he did back in 1966. He was reprinted in 1977. But he did so much work in this book. If you'll look to the left of this, folks, on the far left, look at the little yellow, pink and turquoise tabs. I mean, about every third page was tabbed as something important, which I feel that book is pretty good. Anyway, I was so impressed that he did that much work and he's going to be extremely successful as a trader because he's certainly risk averse, but he's understanding the structure of the market much better now. And that's the whole thing that you're trying to look at because you're never going to know what's going to happen next. So what you have to try to do is to focus on the patterns that are there at the time, and those are the ones that you want to be watching very, very closely. And I think that's something that we really need to always pay attention to. No question about that. That's extremely important. Okay, we covered the head and shoulders pattern in the Dow Jones. I wanted to make sure we covered that. And I'll just make sure I get this one here. Oh, here's something someone asked me about in an email question over the weekend. That is to look at the Euro on a long-term chart, going back to, see, in 1985, it was the Deutsche Mark. That's really what that was. The Euro didn't come into being until I think about 99 or 2000, somewhere in that ballpark. I have to go back and look at it, but you'll notice the low in 2000 there. That's when my grandson was born, and that's when we started buying some gold for him for his college education, and it turned out to be okay. Look at this monthly chart on the Euro, folks. There's a really strong bottom there at that 104 and change that we hit, then we rallied up to the 382 retracement, and that stopped right on the money at 125. We're now trading at 111.50, and that is broken down below that 61% retracement. It's very oversold, so we could get a rally in here, but this is a long-term, very bearish market with a price level it looks like. It's going to go down to 90 again, which, you know, it was 90 back in 2000, and you can see it makes these trips sometimes. Hey, look, folks, I'm just showing you this chart. You can't make a trade-off of a monthly chart. At least I can't because the amount of money that you have to risk to see if you're right is a little bit out of the ordinary. Let's put it that way. So I hope that helps. Anyway, it's, you know, I hardly ever look at monthly charts. About as far back as I go is over the weekend, I always look at the weeklies, but monthlys I don't look at them. That's why someone asked about it, and it's nice to look at the picture of it, but frankly, it's just a little tough right now to look at a monthly chart and probably look at it. So, yes, we still have some bullishness in the market, folks, but believe me, this pattern that we're seeing, the divergence we're seeing between the NASDAQ, the Dow Jones, and the S&P 500, and also the E-Mini, the Russell, it's very important. No one's paying attention to it, it seems like, but it does seem like it is an important concept, you know, to pay somewhat of a, you know, close attention to. So that's what we're paying attention to this morning is to see if these markets are going to be blasting on to the upside or not. But remember, we're looking at some really negative patterns in the DAX, we're looking at negative patterns in the FTSE, and also we're looking at negative patterns in the Hang Sing, which I think is very important. Let's bring it up and take a look at it.<PHONE_NUMBER> We're both the key markets that he is watching during the day. This will be up to the date active trading information that will help you in your daily trading. In Larry's first week alone, he sent out 25 charts, six videos, and a full report to his subscribers in just one week. If you're a technical trader that uses patterns and retracements to trade, then Larry's service Fibonacci 24-7 is something that you must try. Right now, new subscribers can get a full 30-day money back guarantee. With nothing to risk, sign up now to Larry Pezzavento's Fibonacci 24-7 by visiting the front page of TFNN.com under Trading Newsletters. The path of least resistance is David White's daily trading newsletter, and if you're looking for active trading ideas, then now's a perfect time for a 30-day free trial to this powerful daily trading advisory service. David uses his years of trading experience to offer his subscribers his trading ideas each morning in his path of least resistance newsletter. Using a combination of equity trades along with options, David keeps his subscribers up-to-date with all pertinent market information with intraday afternoon updates when warranted. Don't miss out on this great chance to get a 30-day free trial to David's daily newsletter, the path of least resistance, with no obligation to pay anything. David has been delivering solid recommendations for his subscribers recently, and if you'd like to see the type of newsletter he delivers every morning, then visit the front page of TFNN, and you'll find the path of least resistance under Trading Newsletters. For all the details, and to start your 30-day free trial today, log on to TFNN.com now. TFNN is excited about our new software charting program, the Art of Timing the Trade Chart. In collaboration with Tom O'Brien and using his best-selling book, The Art of Timing the Trade, your ultimate trading mastery system, David White has programmed an outstanding piece of software that will complement any trader's methodology. Using this first-of-its-kind program, The Art of Timing the Trade Chart allows you to scan thousands of stocks for Fibonacci formation setups, including guardleafs, ABCs, butterflies, and much more. The Art of Timing the Trade Chart is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. And right now, we're offering licenses available at only $79 a month. We are so confident that you're going to love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of The Art of Timing the Trade Chart today by visiting tfnn.com. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of tfnn.com. Okay, folks. Someone's asked a question about the Golden Week that is happening in Japan. All I know is it's a holiday between the 27th of April and the 6th of May. What that usually means is there's not a lot of traders out there, but the Bank of Japan is always out there, folks. And remember, they do play games, so pay very, very close attention to it. We'll take a minute here to take a quick look at some of these currencies that we're watching. But before we do that, there's a very interesting pattern here that we're seeing here, since we're looking at something on a longer-term basis. I want to bring up the weekly CRB index to let you folks take a look at it because this is something that looks very, very interesting. And that is, you can see that up channel where you have higher tops and higher bottoms. That's basically telling you you're in the direction of the short-term trend. You can see the weekly chart is certainly heading to the downside, isn't it? But we do have that pattern known as a 135. That's a pattern from Roy Longstreet and his son Bill, and we're down there right now. This week is where we should be bottoming in the grains and some of the other things. I think the coffee is probably already turned. I think sugar is already turned. Cocoa certainly is already turned, so maybe some of these are going to come home and see if we have a little bit of a bounce, if nothing else, but that is a possibility. Now, if we go crashing down again this week in these grains, that would tell us that most probably that we are going to go lower. And this could be related to what's happening in the U.S. dollar because if that U.S. dollar starts trading above 98, that means the euro is in the sewer, and then the dollar being strong means that our products that we're selling are selling at a premium, so we're going to be punished because of what we're looking at. Terry is asking us to take a look at the corn, and we'll be happy to do that. We'll bring it up here to take a look at Christmas corn. That's the one that we'll be watching this week, and we'll bring this up so you can take a look at it. But as you see here in this pattern that we're watching for corn, we've taken out contract lows. We did that last week, and then we made that butterfly pattern. You can see down at the 372 level. We're trading a tiny bit above that right now, but as I mentioned, and this is why this is so much important, if we start going below these lows that we made on Thursday or Friday, that is not going to be a very, very positive thing for the green markets. I think they're going to hold, but we'll have to wait and see. The corn chart did not post. Let's see why it didn't. Let's try it now. Let's see if that worked. I don't know why. Folks, I am having a monumental computer problem. I worked on it all. I just can't tell you how many hours that I worked on this darn thing, and it's just really drawing me crazy. I'm not able to send videos out. Whenever I put the input into the video, I can see the video going, but you can only hear my voice very slightly. Hold on, folks. We've got something popping up. Oh, we've got new lows here in the July bean. See, there's another one there that looks like it's actually... I don't know if it's... Hold on just a second. I've got to turn this off. Otherwise, it's going to drive me crazy, and if it drives me crazy, it'll drive you crazy, so we'll see here. Yes, we did go down. Now, we're making a new bottom here in the... The beans have dropped, actually, about a nickel since last night, but they're forming a nice redrive pattern in July right on the opening, so that's the kind of thing that you'd really like to see, whether that's going to mean anything or not. We're going to pay pretty close attention to, so this is what we got, the stock market screaming again, which is not unusual, so let's just do one thing at a time here, and then we'll get back to it, but we really need these beans to hold this week, and that's the whole key to what we're watching here as we're looking at these things here this morning. Okay, now, the next question that we were talking about was the currencies. Now, I believe the Euro has made some type of a very, very small bottom, and I've reiterated that word small by a lot, because if you look at it here in the Euro, we've made a little three-drive pattern when we went below that 1160 area, and it hasn't gone anywhere, folks. We've only been able to rally about 70 or 80 pips. You know, that's really nothing. In order for this bottom to actually show that it has any legs at all, we've got to get above the 112-30 level of the Euro. That's quite a ways from where we are right now, so if that would happen, that would say, yes, there's a possibility that that could be a bottom, but I, you know, here again, it's just too early. You just really can't take, you can't say that, you know, see that? And Maria has just posted that the E-mini S&P will be at 3050 by the end of the week, so we can book that one. Thank you, Maria, for the heads up. This is the dollar index. This is a, this is basically the reverse pattern of the Euro, and as we look at this, you'll see that the, you know, area of 98 is going to be very, very important because there will be a 1.27 expansion there. We've certainly shattered that double top pattern, folks. We've certainly done that. And the key to this, if you'll look at that 382 retracement we made two weeks ago at 9650. Folks, it took 10 days for the market to make a 382 retracement in the dollar index, and whatever you see that, that is extremely bullish, and that's one of the reasons why we were bearish on the Euro and bullish on the US dollar because of that particular pattern. It had nothing to do with fundamentals, of course, but that's all it was. It was looking at that pattern that looks really, really cool, so whether that's going to continue on after we wait and see. Okay, the next one we want to take a Gander at, if you'll give me a second here, it's going to take me. I've got to do a few things here. Oh, dear. One minute here. Let's get this thing moving. Oh, hold on a second. I'm having all kinds of computer problems. You know, the British Pound. We want to watch this because this one's acting relatively nicely. It hasn't gone anywhere yet. And we'll take a look at that to see. You see, we're down to that 129 level in the pound held up relatively well. The low was 12860. And if we get below that, that would say that that strong support has dissipated and we're most probably going to go a little bit lower. So we'll watch that one very, very closely also. Okay. You have the British Pound should have popped up, I think, didn't it? I hope it did. Yep, it did. Okay. All right. So we're up to date on that one. Now, well, I guess, you know, one of the things that we got really very soon, just a few about a week or so ago was the Australian dollar because it was had that beautiful head and shoulders pattern. Let's get this up here so we can take a look at it. We had a beautiful head and shoulders pattern that finished back on March 4th. Then you'll see the ABCD pattern went up to 72 and then she right after that ABCD pattern just slightly above the 61 percent retracement. In other words, the difference between the 707, which is the reciprocal of the square root of 2, was about 14 pips, which is nothing when you're trading, you know, the currencies. That's like $140. And now it's broken, you know, almost well, it's broken $2,000 and it looks like it's heading down to that 69 level again in the Australian dollar because this head and shoulders pattern has now been, it's been violated. You never should have taken out that right shoulder low. This is not going to happen and that sets up that ABCD pattern that is down there at that 69 level. Very very clear, you know, that that's what it wants to do. Now, whether it's going to do it or not, we don't know, but nobody else knows either. That's the big advantage.<PHONE_NUMBER> If you're in the CD market and looking for a secure investment, the Tiger First mortgage program may work for you. The security for these first mortgages are building lots in the tax opportunity zone in St. Petersburg, Florida. The tax act of 2018 set up tax free zones across the country where you can build and hold for 10 years and pay no tax on the profits, which makes these lots valuable. The investment is anywhere from 30,000 to 75,000. The interest paid is 7% yearly paid on a monthly basis. According to bankrate.com, the best rate CD in the country as of February 20th is 3.1%. A $50,000 investment at a normal four-year CD rate of 3.1% would give you income of 1,550 per year or 6,200 over the four-year period. That same $50,000 investment in the Tiger First mortgage program would give you 3,500 per year or 14,000 over the four years. What should you prefer? 6,200 or 14,000 of interest on your investment. If you would like more information about the Tiger First mortgage program, you can call me at<PHONE_NUMBER>. That's<PHONE_NUMBER>. It's amazing to think that Tom O'Brien started his weekly Gold Report 17 years ago with the first issue published April 7th, 2002, when Gold was trading at under $300 per ounce. Gold peaked at more than $1,900 in 2011 and after spending many years consolidating at lower prices, Gold may be poised for its next big run. Tom O'Brien publishes his weekly Gold Report every Monday morning for subscribers, consisting of coverage of the XAU, HUI, GDX, The Dollar, Bonds, South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. As of April 1st of this year, the Gold Report currently has 8 active positions with an average unrealized profit of almost 8% for each open trade. New subscribers get a 30-day money-back guarantee so you have nothing to risk. For more information and to start your Gold Report subscription today, visit the front page of TFNN.com.  Sign up today. Will the S&P 500 continue to climb for bold trades on U.S. large-cap stocks in either direction trade SPXL, SPUU or SPXS? Directions daily S&P 500, bull and bear Leveraged ETFs Direction Leveraged ETFs An investor should carefully consider a fund's investment objective, risks, charges and expenses before investing. A fund's prospectus and summary prospectus contain this and other information about direction shares. To obtain a fund's prospectus and summary prospectus call<PHONE_NUMBER> or visit Direction Investments.com A fund's prospectus and summary prospectus should be read carefully before investing. A fund's 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 for side fund services LLC. The bull bear binary option hour next on TFNN. Okay folks, I've been asked to take a look at the coffee chart. This is something that we are looking at at this level here at 9400. The important thing is if you look down at the bottom there where you see the 1.27 expansion coming in there at $87 we've rallied a lot folks we've rallied 10 cents a pound in coffee very, very quickly and then we backed off to try to fill that gap. This has a potential to be an extremely bullish pattern folks. I'm not giving a buy order in coffee like that but the pattern is certainly very, very interesting because of that 1.27 expansion and the way that it came out of there. You'll notice the move that we had in September to October we rallied 36 cents a pound in coffee that's about a $12,000 it's about about a $14,000 move in a matter of a month and then it went right back down it went from 86 down to almost 86 it dropped 40 cents a pound so this is really good for Starbucks because their number one flagship is coffee of course and they could buy it at a cheaper price so that's something that you pay attention but this has got a really potentially bullish pattern in the coffee. As my old grandma used to say when she used to feed me my oatmeal when I was 4 years old if you have the urge to trade coffee all lay down on the couch until the urge goes away that's really doesn't is not apropos anymore folks because with electronic trading it is extremely fair now so that's the main thing is you've got to decide when you want to buy and when you want to sell. If we take a look at the sugar I wanted to bring this to your attention because it's all part of that CRB index and if you'll see that we're watching here you'll notice that there should be really strong support in around 12 cents a pound in sugar and it's been this really long trading range since October 9 months now that we've been in this trading range so if we come out on the downside or the upside it's probably got a long way to go. Those are the key things to pay attention to us. Someone asked a question about when you decide to do things on trading I'll try to answer this the best I can but if you're going to risk something you should never risk more than about 2% of the value of your account now if you've got a really small account and you're learning to trade don't worry about that because you're probably going to blow the account up once or twice before you figure out what the heck you're doing right because the work that Mark Douglas did with the 10,000 or so commodity accounts that he looked at at Merrill Lynch was it was really very very informative people with small accounts have virtually no chance of winning but those that stick with it in other words they try it and again and try it and again and try it and again and then they finally get it right that takes some time that's to go into the school of hard knocks what you're trying to do is to learn without giving up too much and that's the real key I've had a lot of people that I've talked to about learning to trade and if you're anywhere near breaking even folks if you're anywhere near breaking even and what you want to look at is to take a look at these the fact that you are going to make it because all you have to do if you're breaking even you're only one little turn of the screw from getting everything right so pay attention to that it's a real interesting one to really watch very very closely anyway that's what we're paying attention to here this morning we'll see if that's going to meet anything we've probably made a pretty significant top up in here we've been talking about that area of $65 a barrel and it has certainly done that and we'll see if it is going to be going to be looking at these levels that we're watching here today let's bring up the crude oil so we can at least get an idea of where we are because we're trading down around that $62.80 right now that's down $4 a barrel this is the biggest break that we've had since the December lows if you'll notice that December low was a double bottom and I mean right on a double bottom and if you looked at it in a longer term timeframe you'll realize that $42 was right at a 78% level of low we made down at $32 a barrel several years ago so this is a really interesting chart there should be a lot of support in the crude oil somewhere between $62 a barrel and $60 a barrel but below that then you're looking at the prices going in to the high 50s without any trouble at all is what we're watching here in the crude oil here this morning so that's what we're looking at so we want to keep moving on to see what's going on here and everyone is telling me that we're making new highs in the stock market which we're very close which is what we should be doing but be careful up in here folks we got that beautiful pattern in the Nasdaq and I don't know if it's going to work or not but it's certainly the kind you like to see if you're a pattern recognition swing trader and that's what we're paying attention to text about the grains I mentioned this in the newsletter we're coming down here we've broken down through some major support in these grains I know the corn hit the level right where it should have took a little bit of trouble on the long side there but the stops at break even we just haven't seen you know any really significant spot here where we can actually say well maybe we'll take a gander at it right here but this is the week to be buying the grains folks I really believe that that 135 pattern on that CRB index is not to be not to be not respected so pay attention now we've got our programming note on the third of May I believe we're going to have Norm Winsky who calls it to the minute he'll be our guest I'm hoping to have Tim Bost and also Bill Meridian on this week to see what they're looking at so let's keep an eye on some of these things because it's I think we got a chance to have some really big turns coming here in the market and that's one of the main things that we're paying relatively close attention to we got gold trading at the 1280 level we had a high of a 1291 we're back off 11 bucks that should be some pretty good support here in the gold market pretty much what we're setting at right here but whether it'll hold there or not we'll have to wait and see those are the ones that are on the watch list for this morning the Euro we're trading at 11 52 folks this hasn't even bounced at all it just looks like it wants to go a whole lot lower that means that dollar index is going to go up and that's one of the reasons why the grains are under so much pressure is because the dollar being that strong makes our stuff cost more that's you know that's what happens you know if you can buy something cheaper across the street you walk across the street and buy it and that's pretty much what's going on in the grain market so that's neither here nor there but pay attention to it the gold is okay folks as long as we stay above that 1267 level that's really what it's all about if we can stay above 1267 we've got a slight chance of the market getting ready to rally so that's what we're looking at for the cheap seats here in Tucson Arizona with the beautiful we've got a beautiful full moon coming up here again which would be kind of cool and excuse me the new moon is coming in on the this Friday so we'll pay the norm tell us about that one for sure alrighty now one other question someone's asking is about the amount of money that they risk on any trade folks you have to decide how much you're going to risk that's what your job is you've got to take the responsibility for that no one can tell you how much you're going to win or lose no one knows the answer to that so that's it<PHONE_NUMBER> I'm certain you are or strive to be one of the best of the best at everything you do in life it's the most common trade that we tigers and tigers share if you're looking to become the best of the best when it comes to managing your money let me teach you to do what most wealth managers tell you can't be done which is how to time the markets I'm Steve Rhodes author of Mastering Probability and for the last 12 months timer digest has been tracking my newsletter signals which have earned me the ranking as their number one market timer and the nation for the S&P 500 for the last 12, 6 and 3 months timer digest also ranks me as the number one market timer for gold as well the fact is markets can be timed and I'll teach you the exact set of tools that I use that has transformed me into one of the best at what I do sign up for Mastering Probability today by clicking on the newsletter tab on the homepage of tfn.com and get immediate access to workshops where I take you step by step how to use an extraordinary tools as well as provide great market calls to sign up today if you haven't checked out the newsletters page of tfn.com what are you waiting for all of the tfn newsletters are informative up to date affordable and must have for every trader looking to gain a competitive informational edge in today's markets tfn newsletters cover every aspect of the markets to offer you the very latest in market news plus new subscribers get to test drive our newsletters risk free for 30 days from all aspects of the markets including stocks, bonds, metals, commodities and tech there's a newsletter to fit your needs exclusively from tfn stay informed each day you trade and get the competitive edge that will help you stay ahead of the game visit our newsletters page by going to tfn.com and click the newsletters button near the top of the page tfn.com educating investors since 1984 Bazel Chapman has been using the Chapman wave methodology to advise traders of his expert market opinion while originally hand drawing charts from the late 1970s into the 1980s Bazel noticed that prices under most circumstances virtually always had a certain number of legs to the upside before declining sharply later Bazel found the computer software included the standard market technical indicators enhanced the degree of accuracy in calling price turns as well as market trend calls thus was born the Chapman wave sequence using the Chapman wave methodology along with other indicators Bazel Chapman advises his subscribers of his expert market opinion each market day with his opening call newsletter right now you can get a 2 week free trial to the opening call Bazel's daily trading newsletter by visiting the front page of tfn.com this segment is brought to you by thinkorswim for more information just click the thinkorswim banner on the front page of tfn.com okay folks we're going to have to take a look at the live cattle market and what we're going to be looking at here is August cattle as you can see we topped back in late March and we're going to be looking at August cattle as you can see we topped back in late March the market broke down to 115 a pound we rallied up to exactly the 78% level you can see it there rallied up exactly 13 trading days to trade at 120 that high was 120 05 the 78% level was at 1995 so it was within 10 cents of the exact high in the cattle and of course it went from 120 and on Friday we hit 112 and I believe we'll be going lower here but it does appear that we made some type of a pretty significant top here in the cattle because we've gone from 121 down to 112 we've dropped $9 a pound which is a big amount in the cattle market but we should be coming into some support here at this 111 area because it's the long-term 61% retracement is just a little bit below where we're trading right now but the way we came down folks from last part of the week Wednesday, Thursday and Friday there was a whole lot of selling coming in and it was also affected the hog market with even the bullishness that we're seeing from the Asian flu for the hogs it still we've gone from 99 down to drop $10 a pound so it's quite a bit for sure remember to live every day in an attitude of gratitude and may God bless the lift should be trading at around 53 this week folks 5250 for lift that's what we're watching remember we had that ABCD down there I'll talk about that tomorrow of course but the lift at 5250 I will post the lift after the show is I'm going to be off the air here in a minute but I will post the lift so your folks can take a look at that make your own decision let me see where it's trading and I'll post it in here we're almost done with the show here and I don't want to go over time