Alright. Hi, can you please introduce yourself? Yeah, my name is Salarice. I'm a third year undergrad at New Mexico Highlands University. I'm a junior in the biology department. Okay, so we have some questions for you today. And the first is, how is your experience with STEM at? My experience with STEM at. If I could describe it, I'd say it is like a logistic curve. It's one of those curves that just takes off and just explodes. And you have like, it just keeps going up and up and, you know, it doesn't level out. I had a lot of fun to start off really fun with that training and the first week. And then when I actually went to the place of my internship, I had even more fun, you know. So I just kept going up and up and escalating. Awesome. So why did you choose to apply for STEM at the very beginning? I like science, of course. I like research. And this was an opportunity for me to do research and actually something that wasn't related to my field. Something new, something that I hadn't worked before. I'd worked with bacteria before, but never algae, never this renewable resources stuff. And as a scientist, I like the fact that we're moving towards a world where renewable resources are becoming big. The fact that we can sit there and perform research in order to help people, in order to help the world become more eco-friendly is just fantastic to me. So I thought that was a really good fit for this. All right. So would you recommend other people applying for this program? I would most definitely recommend that other people apply for this program. This program was incredible. It was loads of fun. I got a lot more experience than I thought I would. I got more training than I thought I would. I benefited a lot from it. I grew, I made connections, professional and friendly alike. I met a lot of students that I would never have otherwise. And I think that it's an opportunity that you don't get often, and I would definitely recommend anybody to apply for it. All right. Anything else you want to add? Oh, it was just a lot of fun. I hope that if ever again I could apply for it, I wouldn't. Okay. Thanks, Saul. Wait, wait, wait. Tell us about your project you worked on. Oh, so the project I worked on was encapsulating living cells. So that was the use of the encapsulation process to take cells and immobilize them. And that way they continue to produce but without dividing. And it was a UNM with Dr. David Hansen. He was my PI and Dr. Elaine Ista, who was also my PI. I'm not sure if I should talk about the fact that I got to do more research than that. Yeah.  I originally started doing the encapsulation process, but later did I find out that it was just a method. It was just a small part of what I would be doing. I would be doing so much more. And that was just one thing that I'd be using continuously. I thought that was going to be my whole research experience when actually it was just a tool, a tool for me to do more research than I ever thought I would. I ended up working with fuel cells and creating biological, self-sustainable fuel cells where we can get energy from in the form of electrons and electricity. So I think that the program, that particular one I work with is something that fit me very well and something that I enjoyed a lot. Tell us about where you lived during your internship. I lived during my internship at the UNM campus in the dorms there. I shared the room with another student that was also in an internship, a separate program, and two students that went there. It was a lot of fun meeting new people. It's always interesting to see the different kinds of people that you meet and you'll actually be able to talk to and live with. Thank you.


Good evening, ladies and gentlemen, and welcome to this amazing session at Entrepreneur Awards 2020. In order to confront the rapidly evolving world around us, you need to have a system in place to adopt the changes. And that's what we are going to do in this session, how business and markets are changing. I have been in an esteemed panel, which are also part of our jury at Entrepreneur Awards. So welcome, Gaurav, Samet, Kathaar, Chama. Good to see you all here. Thank you for joining us today virtually. So we have 30 minutes with us. So let's get started. So since all of you are part of the jury, firstly, I would like to know from all of you, what was that one striking factor which all of you were looking for in the winners while you were assessing the nominations? We can start with you, Samet. I think the common theme across probably to me was innovative ideas. You know, as more and more we see. So my theme for this session perhaps is adapt and innovate. Adapt is mostly stemming from the current or where crisis we are in. So fundamentally, I think adapt and innovate is something that each company needs to kind of invite in today's environment. The common theme to your question is clearly innovation. And ideas are clearly, I would say a majority of them would have ideas which are completely new and extremely something which can be time tested and can make a big impact. So that's something that I think is really common among the ideas, among the entrepreneurs and the deals that you shared. Sure. So you're also an investor and share the same vibe that Samet. So what have been your thoughts? So my thoughts were actually about survivability. I think what Covid has taught all of us right about now is that good times will come to an end and they usually come to an end in a very abrupt fashion. And your ability to actually survive all these crises is something that's a true test of an entrepreneur. One of the things I actually loved about this particular panel and the jury part in particular was the fact that the bootstrap startups actually had the highest number of nominations that we've actually seen. So while the rest of the world actually sort of fetishizes now raising capital multiple times over, the bootstrap entrepreneurs, the person who can actually create it up, create a large business, firm scratch and actually raise it up without getting external rounds of funding. These are the two heroes of the entire startup ecosystem. And these are the people who should also be celebrated when it comes to that as well. And along with this, the fact that traction is something that's proving itself to be great, proving itself to be a comparative mode as of now. Because ideas are great, everyone has ideas, but the ability to translate those ideas into execution and to maintain the speed of the execution is actually what's going to determine the success of a company or not. So that was actually one of the lens I used when I was actually going and reviewing all these companies and actually coming up with the final scores. And like both the panelists said, I think an interesting set of ideas that came out. To me, I think clearly most of these ideas were relevant and of course, that's what I was looking for relevance in some sense. I think there were two other things that I was looking for, just wearing the hat I do of an NBFC that works with many, many new financial institutional models. One was shelf life to say, is this idea really relevant today? But is this really going to be relevant six months, one year, five years, 10 years down the line? Because I think to me shelf life is very, very important. You can have very quick, nice, good ideas that you get off the ground, but the kind of effort it takes to really get a new business off the ground is only worth it if there is shelf life. That's one. The other thing, of course, I was looking for is scalability to say, the model makes sense. Now it's got shelf life, but how big can this grow? So I think those are the two things that I was looking for. And there were quite a few interesting ideas that really fell in these buckets. So indeed, very interesting. As a lot of startups are hearing us today in the evening. So what would you advise them? How can business adapt to a rapidly changing world? I'm sure there must be a lot of industry companies which he was guiding right now. So what are your piece of advice? So the way I see is that, sort of that the broadly what we are seeing is that they're a mixed bag of trends, right? I mean, there's hyper acceleration of certain hypotheses. There's deceleration in certain sectors, then new sectors which are emerging, and there are perhaps sunset of few of them. So one has to now try and focus and pick and choose which are the sectors which are going to be the future sectors in the medium and long term. A few trends that broadly you see is I have about four or five themes in mind, which I'll probably rattle out very quickly. One is some are known and probably some are not as known. So first probably is edtech. So we see a lot of things happening in edtech. I feel very fascinating things. One of the stuff that I saw was VR technology being used by tier two, tier three students to see how a chemistry lab works. That's quite fascinating to me. So I thought that bringing knowledge to cities or students since it is beyond tier one is becoming much more relevant. On the other end, we also see large companies getting a lot of traffic, 95% of which is free and not paid. How do you monetize them? So these are some of the problems that companies are facing. And perhaps there could be, of course, they are on problem solution mode and some of them could be charging, token of, let's say, one rupee per session and stuff like that. So something that they'll have to have to figure out. Overall, digital adaption has gone up significantly, but where is affordable cyber security for, let's say, small to medium companies or even households? Households also need cyber security today, which probably wasn't required or even thought about six months ago. Globalization is a theme that I have in mind. Countries are trying to indigenize themselves. There are people who care about the environment. Where are the 100% biodegradable packaging material, for example. And there is another theme in my mind, which is wellness and immunity. But the question is, consumers don't know what to consume and what form to consume. A lot of education is required in a lot of awareness building is required in this sector. So I think it's important to focus on opportunities in the sector that you are in. And there are a lot of that coming to you. What advice would you have for a set of startups in your portfolio and the startups that are coming to us right now? So I think the first and foremost is the fact that what this entire body that everyone is going through now is actually a learning experience for everyone. It's important for everyone to make sure that the hygiene factors in terms of maintaining enough cash in the bank will last out operations for a period of at least six or nine months. And the basic fundamentals of a business that a lot of people have actually forgotten about are everyone's re-learning as of now. They actually continue these particular practices as they go forward. That becomes number one. Number two, when it comes to start of the moment you raise around the funding, that initial exuberance of actually raising that money and starting to spend that money on a larger office, on hiring, on hiring a larger number of people, doing a larger amount of PR, etc. They need to be more muted when it comes to this. They need to be more circumspect about how they actually spend the money as they go forward. Because if anything at all, even the offices are not going to be opening up anytime soon. And they need to actually let go of some of these whatever, what I actually like to call white elephants on your balance sheets or on your profit and loss account. This is something that all entrepreneurs need to actually look at as they carry on business. And the third part about this is the human cost of actually running a business is something that most entrepreneurs aren't aware about until actually becomes a little too late. You've actually seen a spate of very large startups as well who raise billions of dollars of funding, letting go of employees, letting go of employees just because business was disruptive for a period of 30 to 45 days. Now, the question they should have asked themselves is was it important for them to even hire those particular employees in the first place itself? Because moving out, sorry, letting go, letting go of people actually has a dramatic impact on their psyche and their mental health as well. So we need to be more cognizant and sensitive about the hiring and the firing process that all the companies and all entrepreneurs are actually doing it. I think this particular, these are the sort of sobering lessons that people can actually carry forward and go through. Another important thing is if you are, if your entire business model is contingent on one means of engagement and the means of engagement actually goes away. So what we've seen when, it's what we've actually seen as of now was a lockdown and everything that's happened.  So when something actually goes wrong, you're not scrambling in the draft trying to figure out what we need to do next. You already have a plan in place, can use a particular plan as I'm executing from there on this. Sure. Shama, coming to you as an entrepreneur, how you adapted to the changing times? That's right. You know, so I mean, I operate in the financial services space, that has been collected quite severely as you can imagine. But however, I do feel that you would really see what is the impact on business and markets only after the storm recedes. And that's going to take a little bit of time. So we are not going to see exactly what the consequence of, you know, the current situation is going to be at least for a couple of quarters is my sense. And once that happens, in some sense, we will see who the survivors are. And this is truly going to test the whole thesis of survival of the fittest. So I'm looking forward to the next couple of quarters to see what happens. But clearly, there are a few learnings and particularly when one looks at entrepreneurship, I think some of these learnings are very, very valuable. I think some things will change, some things will never change and some things should never change. And I think there are lessons in terms of what should change and whether lessons in terms of what shouldn't change a COVID or no COVID. And let me just kind of talk to some of those thoughts. I think it's very clear. And, you know, of course, it was very clear to us all along that the world was going the digital way. I was hoping that we would have learned the lessons around demonetization in terms of how important it was really to get the whole digital play, particularly in the financial space right long ago. We didn't get bits and pieces right, but I don't think we got the end-to-end, you know, kind of supply chain as it were in the financial sector correct then. I think right now technology is no longer about efficiency, technology is about survival. And companies that don't really sort of bring technology to the forefront of their business are going to have challenges in terms of survival. And it's very clear, you know, I mean, I'm looking at some of the discussions that happened within my company, you know, I mean, it's just totally amazing how the technology officer today is part of our business discussions. And that's how important technology is going to become. It's not about technology as a supporter or an enabler, but technology as a core of business. I think that's one thing. I think the other important thing and this, what I, as I said, I think that should not change even as we build new businesses, even as we, you know, kind of try the entrepreneur route and strive to quickly succeed or quickly fail. Is the underlying assumption that if I'm spending time, money, efforts, capital, I ought to be building a business for the long run. And if I'm building a business for the long run, if I'm building a business that's really going to significantly scale and give sort of returns over the long run, then the fundamentals of the business are really key. And we are seeing that even in the current environment, I think the flight to quality, the pursuit of high quality institutions, which means institutions that are well governed, which are transparent, which follow all the sort of, you know, I'd say core fundamental pillars of good governance are the institutions, young, old, middle-aged. I don't think this is ever going to go out of flavor. And I think it's even more clearer to me in the last few quarters that, you know, building high-quality institutions is an important thought process for entrepreneurs. And somehow, when one goes on the entrepreneurship path, what happens is that we spend the initial years trying to figure out what the business is and then say, okay, fine, once I'm stable, then I will start thinking of institution, I'll start thinking of good governance. But to me, it's very clear, good governance is the fundamental, it starts with day one or even before if one way. And to my mind, that has been very, very clear in this last couple of months. The last point, I have a lot of things to say, but I'm going to stop here and, you know, so that we have enough time for all the other panelists to contribute as well, is just simply the need for being versatile, the need for really, really having resilience built into your business model. You know, it's never been more evident before. I think whatever kind of businesses we build, they cannot be hard-coded. You know, the fundamentals need to be hard-coded, but around the fundamentals, we should be able to move the bits and pieces and make things work, even in an environment that dramatically changes while the business builds up. So let me take a pause there. So that's coming back to you again. I was moderating another session where we had Mr. Raman Roy, who was saying that as an entrepreneur, he's top-advised for all the investor companies to conserve cash even these times. So with both of you and Shamathu as an entrepreneur, would you guys agree to it? I mean, is it the top-most priority, which as an investor, you would be telling to your investing company and as an entrepreneur, you would be so confident. The moment Govind also hit all the companies, the first thing we did is we actually started phoning a number of them. We started analyzing the finances together, okay, what can you quickly liquidate and how quickly can you actually start accumulating cash on your balance. One of the things we also realized and this is something I think most investors, most investors who are investors and start-ups actually see a number of start-ups are extreme when it comes to sales, but they're really horrible when it comes to collections. I'm sure Shamathu will have some great insights into that since the entire business model is actually built upon the collections part more than anything else as well. But normally what happens in these particular sales is a large amount of money actually sitting as debtors of money that's not been collected or a large amount of some, there are three primary I would call pools of cash that are sort of actually untouched by the entrepreneur of most start-ups. Number one are all the sales that they haven't been able to convert and receive the cash for. These are all the receivables that are actually due to them. Number two is actually due from the government. It's basically either income tax refund, your GSE refund, etc. A number of them have actually misapplied the rates or they haven't followed the best practices that other businesses actually do. Due to which close to about 10% of their gross proceeds are actually stuck with the government and actually needs to come back to them over the period of time. In a certain situation like this, that amount of money actually either makes or breaks the enterprise when it comes to. And number three is usually the security deposits, rental deposits and other money that's actually captured with their vendors and with anyone else as well. The moment COVID actually hit, we actually start down with all our entrepreneurs because we've been tracking tracking their financials and everything for a long period of time. We actually started working with them to help liquidate some of these particular pools of capital there. So they actually start sitting and convert all that to cash. So as much as conservation of cash is important, the thing is even the conversion of any of your assets to cash actually becomes a very essential component of your business as it goes about. Because I think what it's or what since demontization, what everyone's actually realized is the moment any of these shocks actually happen, the moment you're sitting on a large amount of cash and talk about cash in the bank or cash in the hand, demontization, I think taught us all that that's a horrible, that's a horrible thing to have. The moment you're actually sitting with cash in the bank, then you would be able to weather almost any single crisis that actually comes up. Because when everything, because when everything actually hits, when everything actually hits the roof, like that point of time when you're actually just grasping and everything, the entire world's collapsing around you, that cash actually becomes the most effective buffer for you to actually continue operations and for you to actually survive the particular period of especially on these endemic shocks. But the entire system is actually in a state of shock and nothing's actually happening. It took the government and the RBI have done some bold measures in terms of trying to get liquidity the entire system. It's debatable about how effective that's been witnessing the effects of that play out over time as well. But this essentially converting whatever assets you have to cash as quickly as possible and making sure that learning and making sure that whatever you have to realize in cash, you realize in cash at the earliest. This in turn will actually help your business to scale up to a much, much longer period. Yeah, so you know completely agree with the thought that cash needs to be conserved. So what's really happened in the last six, eight funds is that a large number of companies in the startup space didn't have a sufficient cash runway. Which can give them security of sustainability, keeping their initiatives on. And that has really hit them very badly. So you know companies had runway of three months and no companies had runway of you know probably two months and so on and so forth. So then they had to sacrifice on their revenue initiatives and new initiatives for growth. But what has happened is that it's opened up minds of entrepreneurs to looking you know thinking laterally and saying that look how can we really still survive manage this situation and period amount of its strong. And that's the beauty of entrepreneurship. I mean I would say COVID has been one of the problems that the entrepreneurial team has faced. Perhaps they face this kind of situations maybe with less intensity, day in and day out. Generally there is crisis, especially in the early stage startup of one kind of the other or the other. So PK, people have raised money in these situations also of course there are less willing investors if it's the first time institutional raise and stuff like that. But people with you know investors on the cap table have been able to raise money because they know each other well. So I think it's opened up multiple ways of thinking and alternate ways of surviving for the entrepreneurs. Of course I do think that maintaining reserves of cash is extremely important. And particularly in the financial industry, I mean most NBFCs and financial institutions operate on leverage. And leverage of course in some sense has a direct impact on your harrowing. So the more levered you are the more you're sweating your equity and the better your harrowing will tend to work to look. And hence it is very very attractive at some stages to really sort of push on that leverage pattern and operate at the best or the most efficient leverage. But to my mind is seeing that there are institutions and particularly younger institutions, you know younger organizations who have managed to go through this current situation fairly well. And I think we can stand out for them. One is that they were conserving liquidity. They were not aggressively leveraged. Part of it could also be because the financial industry has been going through a bad time. There has been a liquidity crisis. So even if they did want to lever perhaps they wouldn't have been able to. So that was the situation. But you know maybe it's been a boon and disguise for the industry. So I think and institutions that were not very very highly levered were in a better position because you know the moratorium was implemented. There was no choice in terms of providing moratorium to your borrowers. But it was not always very clear that your lenders would provide you that moratorium. So it was not a mirrored moratorium in that sense. So liquidity was very important. Maintaining cash reserves was very important. And I think the next important thing was really making sure that you're operating at the optimum optics. And I can't underestimate the importance of optics not during the times of crisis but during the times of normal operations of business. I think optics is something that one looks at when in steady state. And I think in today's world no organization can really effort periods of time when they don't really worry about optics. Opics is the stuff that you need to worry about every day. And it's really sort of top of mind as far as you're concerned as an entrepreneur in particular because you may not always have those deep pools of capital to tap into at all points of time. You control your optics and you're in a much better position to ride situations like this where you don't have to do crazy things like letting go of thousands of employees just because you can't survive for the next three months or so. So I think these are two really, really important factors that are showing up well for companies that are really managing to try this current situation rather positively or rather, I would say, strong. So Siddharth, this question you can answer, I know that you can also question. This question is from Manikant Singh. He's asking, during this cop period, we all have a perception that only necessary products will be consumed by the consumers. And all the other requirements will be postponed for some months. So what do you think about the same and how the business and the luxury segment should market? No, not true. So I think, see, essentially, like at the very inception of COVID, I think everyone has gone and stopped to open their doors and their supplies and festivals and everything during that. But the thing is that especially spend also had taken an initial hit, but the moment things started getting better and people started getting accustomed to the entire COVID situation, then the spend started actually increasing over time. One of the parts should also be looked at. Some of the consuming pattern of most of the consumers have actually dramatically changed as opposed to making a very large percentage upfront. A number of people are now getting more comfortable about the fact of actually taking EMI or other sort of financial products in order to subsidize their spends.  It's actually conserved as much cash as possible. So it might take a small amount of cash for the longer period of time. So anyone who's actually working in the consumer good space or working with anything that's considered as part of your tax collection expense, it's going to be important for you to actually align and actually create some sort of financial products so that your customers can actually still utilize your products while actually paying a large upfront fee at the very starting point. I think this has been one of the greatest changes we've actually seen. And we've also noticed this, even when it comes to the consumer goods, like even when it comes to something like a car, when it comes to an e-bike, when it comes to anything else like this, for example, it comes to a TV, etc. People's preference now is to actually look, either go for bargain herb, and for bargains, actually hunt for financing options as part of that entire piece as well. So I think most of the people who are actually looking at this who are in the particular sector, these are going to be important points to keep in mind as we navigate this current crisis. Sure. Sunam, would you like to add to it? Yeah. So I think the way I am looking at these, this is to look at the sectors which will come back earlier than the sectors which will come back later. So sector, for example, Apparals, Color Cosmetics, and stuff like that, they seem to be coming in later in the chain. Sectors which are more like wellness, health, and hygiene are certainly up front. So I think everyone has to look at it from a more holistic point of view. Things which were working six, eight months earlier may not be working today. So one has to spot those trends and opportunities before kind of deciding that, look, I want to go this way. Plus there have been changes in terms of the approach of companies, for example, companies who are completely D2C now are willing to work with marketplaces because a huge kind of trust is kind of, we see a lot of demand coming on the marketplaces also. And hence there will be a combination of channels. So only channel is something that people need to look at because there are revenue streams in each of these channels. Of course, how do you pace ourselves is a different matter. But I think it depends on how the demand patterns are going to come back. And that's something that we are watching very carefully. Okay, sure. So with this, we'll just take one last question and Shama, we can have your perspective quickly on this. The question is from Amrita, she's asking how are NBFC businesses transforming in times of COVID? Just a quick interesting perspective to the comments by the two panelists. Prior to COVID happening, consumer finance and lending to consumer purchases was always considered a highly risky business. And I just want to share some numbers that seem to be coming out of the collections. If you look at the collections today, a lot of moratorium has been provided to all kinds of loans across the sector. So whether this is housing loan, microfinance, small business loans, vehicle finance and so on and so forth. Consumer finance has also been provided moratorium. But the best collections that are coming from the field as we see today are coming from consumer finance borrowers. So people who borrowed to buy a television refrigerator, whatever else, other ones who are really showing very, very high collections are making the repayments very well. So I think this will show as good track record going forward, whichever way, whichever field sort of takes up in terms of the first, in terms of recovery. I think from a financing perspective, I think consumer finance has come turned out to be quite the hero, I must say.


Hello and let's talk about the government's claims on COVID-19. Over the past two days, Union Health Minister Harsh Vardhan spoke in parliament on the government's handling of the pandemic. The minister's speech was a crisis manager's dream, full of details of task forces and special groups and three-tier systems and all those kind of keywords. The crux of the speech was the claim that due to the lockdown, the government had prevented approximately 14 to 29 lakh cases and 37 to 78,000 deaths. Now, this is in line with the government's narrative over the past many months, which roughly corresponds to how it could have been much worse. But does this argument really make sense, especially when we are adding between 80,000 to 90,000 cases every day and over 1,000 deaths? We talked to newsflakes Praveer Purkayastha on this issue. Thank you for joining us, Praveer. So, as we've seen, Harsh Vardhan has spoken in the last two days in both houses of parliament and he's repeated the government's claim that things could have been much worse. We are right now doing not too bad compared to the others and he's given concrete numbers also this time of the number of deaths that were avoided and the number of cases that were avoided because of the severity of the lockdown. In addition to, of course, giving a lot of information on what was done, groups of ministers and all that kind of thing. So, but to begin with, to take these numbers, both the supposed number of cases that did not happen and the supposed number of deaths that did not happen. How would you see this claim? Well, let's first talk about, as you said, avoided deaths and avoided infections. The point is, and everybody in the world agrees on this, that a lockdown, if it doesn't crush the epidemic, what it does, it plattens the curve a bit. Infection rates slows down for the period of the lockdown and therefore it postpones the infections and deaths for later because you're not going to be able to keep the lockdown forever. That's a very unlikely scenario. So, if you do a lockdown and we did a sixth down really supposedly rigorous lockdown, one of the most draconian lockdowns in the world, then we should have been able to actually not flatten the curve and bring it down. Instead of that, if you see, yes, initially the numbers were rising, we're only 600 at that point. When you say numbers were rising rapidly, yeah, they were rising by 100, 200 per day. Now we are rising by 80,000, 90,000 and you're going to quickly cross 100,000 per day. Let's understand these numbers. If these numbers hold true, we are now number two in the world in terms of total cases. We are number one for almost last 30 days for new cases. We have overtaken the US quite some time back. We have taken Brazil, all other countries quite some time back. Apart from the US and India and Brazil to some extent, all other countries daily case load is not new cases and not more than 10,000. All of them are below that. If you look at this, we are in no way in control of the epidemic and we are expected in October admittedly by even leading government figures who are looking after COVID-19 have accepted October will be number one in the world. So when you say avoiding, what at least truthfully you should have said is post home. That's that's the at least the least he could have done, but he says avoid it. Now if you are figures are rising continuously, where is the question of avoiding infections? Second point is when he says avoided deaths and is given again figures. Let's be very clear. These figures have been produced earlier by I think the health person representing health in Dr. Vinod Paul in the Niti IO. These are supposedly figures produced by Ministry of Statistics at what is that called program programs. These are supposed to be figures produced by bodily exercises, not connected by Niti IO, but supposedly done by the Ministry of Statistics and program implementation. By the way, as you know, this has been in the thick of criticism regarding various figures they have produced GDP and so on. We won't get into the credentials of this committee. The question is, we have no details how they have come out to this magic numbers of avoiding. So avoidance of deaths and infections are produced by some. Let's put it this way.  We have lies, damn lies, statistics and models today. So what exercises produce this we have no clue. If we take at the only thing we could have said, we have geared up our health system to take care of crisis. And therefore, we now have more capacity. The point is, yes, we have more capacity but look at the states which are now getting into distress. Like for instance, we are like for this UP. It has spread to small towns. It is spreading to villages. And when you have these kind of spreads, those districts do not have the capability to provide ventilation ventilator support. The ICU numbers are very limited. And as we had a famous line in one of the news agency reports that bugle put there was last doctor standing. So you don't have, I think only six districts in behind have the capacity to take care of intensive care unit patients. So you know the state of health in the country. It is not significantly improved because to set up a good hospital system takes time. So you may able to be able to augment the facilities in existing metros, but it doesn't really get doesn't go down. So this ability to handle deaths is again question of what is the infrastructure you have built, which there are a lot of claims have been made. I won't go into that. But the most important part of the claims of which comes to the second part of it, that how many deaths are actually taking place. And again, we have a whole bunch of issues here. One is that India's registry of deaths in a whole, the whole number of states is very poor. 17% of the deaths are registered if we are lucky. So already have a 30% leakage, but in states like you can be hard. The figures are maybe lower during COVID-19 epidemic registration, but more importantly, who are being registered as what is being registered as a cause of death. If you have a co morbidity, and now they are being labeled as non COVID deaths. So if you have been blood pressure, like, you know, in almost 80% or 60% of the people above 60 would have it. Then immediately they will say he died because of blood pressure, not because of COVID-19. So these kind of slate of hand are being used. In fact, what if we take the game behind, which came into news recently, the figures of people in terms of cause of death, if you see from the crematorium and the burial grounds is much larger than the figures that the government is giving or the federal government is giving. So there's a huge discrepancy there. And this is to be as important as other parts. The point is, India has a much younger population. Now if you just simply correct the numbers of people who out of what is called the case fatality ratio out of cases, how many people died. We have done a demographic comparison to do that, something which is 2.5% in Italy say would correspond to less than 1% here. There are claims that we have 1.45 case fatality ratio, etc. Doesn't really say anything more than that. We have a younger demography. And perhaps we are not writing down the real cause of death. We're under under reporting the cause of death, and we don't even register the cause of death in most cases. So given all of this, we should really be careful about claiming victory. And the last point I want to make, which is that you know, when you say our numbers per 100,000 are much lower than other countries, we are below the better than the world average. Well, you're doubling your rate every 30, 32 days. In one month, your number per 100,000 is going to be double what they are. It would really start putting you among the major countries in the highest bracket. So this is not by any chance a great, shall we say, statistics to crow about. It is something to worry about because a simple issue in October, we are going to overtake the United States. In October, we are going to be the number one in the world. And in October, we'll have double the number of in total cases, total cases, not new cases, total cases, and we'll also have double the number of perhaps deaths. So these are not good statistics. What is important about minister statement was a complete absence to address the surge in COVID-19 cases, and that we have no control over the epidemic, or any picture of what he proposes to do, given the fact that the pandemic now is entered a phase where India is clearly the epicenter of the global epidemic. Even if we look at Brazil and the United States, the two other countries, which we seem to be keeping company apart from our politics, is that both these countries, you will see some flattening of the curve. The both Brazilians, the both Brazil and the United States are really now about 60, 60 odd days, 50 to 60 odd days as a doubling rate. This is not a modeling exercise. Simply looking at your fingers and when they have doubled, how many days they have taken to double from current phase. If you take look at this project backwards to see your doubling rate, they're 50 to 60 days, we are 30 to 32 days. So that is the real cause for the worry that we have quote unquote beaten everybody, the speed which we are still increasing. And we have the most recorded lockdown, which did not in fact flatten the curve. It's still continued to rise, and the government seems to be completely clueless what it is supposed to do now, and now seems to be focusing on everything under the sun, except what is the COVID-19 issue. And that's real cause for concern right now. Thank you so much for talking to us. In our second segment, we continue to look at the Delhi riots probe. Over the past two days, we have brought to you the views of CPI and Journal Secretary Sitaram Yaturi and journalist Bhasah Singh, who has spoken about the political motivations behind his investigation. Today we see what a retired policeman has to say. Julio F. Ribeiro, former director general of police and bureaucrat, recently wrote to the Delhi Police Commissioner, Essence Srivastava, seeking a fair probe into the riots of February and expressing concern over true patriots being entangled in criminal cases to quote. He also wondered why BJP leaders such as Kapil Mishra, Andhra Thakur and Parvesh Verma have not been brought before the court of law. Following this, several retired IPS officers also took a similar stand. We bring you a segment of a conversation between Ribeiro and journalist Paranjay Guha Thakurtha on some of the issues around the investigation. You know, after you wrote the letter, a number of other senior officers of the central services, including senior officers of the Indian police force, the police services have endorsed your views and added to that. Let's look at some of the facts. There were Hindu Muslim riots, there were communal riots in northeastern Delhi and between the 23rd of February and the 26th of February, at least 53 people died. There was one police officer, but out of the remaining 52, 40 were Muslims. Now we saw a lot of property, especially property belonging to Muslims were destroyed. Subsequently, the police have lodged over 751st information reports. Over 100 charges sheets have been filed and over 1400 people were arrested or detained. But significantly, Mr Kapil Mishra, who made a very, very provocative speech standing next to a senior police officer. He was a deputy commissioner of police. His name was Weth Prakash Surya, Anurag Thakur, who happens to be a minister of state in the finance ministry. Parvesh Verma, another important BJP leader, they made very, very provocative, eight filled inflammatory speeches. But the police have chosen to completely ignore their provocative speeches. What does this say, sir? So when you talk about political interference in the police force and we know that the Delhi police comes directly under the ministry of home affairs, under the union home minister Mr Amit Shah, what does this mean? I've written about it. That was part of my letter, which is so blatant that these gentlemen could speak. I've heard it on television myself. These gentlemen talking in the most provocative manner. And I think that if they had any sense of fairness or justice, the Delhi police should have first taken up these gentlemen and said, look, and if the political masters had said that, look, you can't do this and do that. They said they will have to show the proof that is on the television. How are you going to explain that? And then you have to take action when people like this actually provoke the riots. They're bleeding up to the riots. It are these statements that have caused the people to get heated up. So I really am surprised that they were let off in this manner. You know, in the letter that was written by a number of senior retired officers who endorsed your letter, they pointed out how a special commissioner of police, they haven't named him, but I'm naming him Praveer Ranjan. He, in an official letter, had said there were Hindus who were resentful of investigation, who were resentful of the way the investigation into the riots went on. Now tell me, should a police officer put down these kinds of statements on the record? And the Delhi police justifies it and said, there's nothing wrong with what he said. You look very clever language, but should a police officer be making such statements? I think he was carried away probably by the fact that he had to be on the right side of the people that judge who are masters of his own destiny. I think that is what must have provoked him to do that because it is rather funny that an officer should show his true feathers. Anyway, so, but you know, the evidence that is going to be put up in court, you said some charges have already been laid out in the courts. So what is the evidence against these people? That has to be seen because once the trial starts, the evidence will all come out. Whether the same enthusiasm has been shown when prosecuting one group of people has been shown while prosecuting the others, that we would like to see. And what is the evidence against those who are going to charge for conspiracy? I mean, that is another point that also people are very eager to see because if they have evidence as they say they have, then they should show it. They should not prolong the inquiries anymore. Why was Umar Khalid, for example, not arrested much earlier? Because if you think he have got evidence against him, please prosecute him and show us what evidence you have. But to arrest people just before the three month time, you know, there is a timeline fixed for laying the charge sheet. And if you just before that, if you arrest people, then you get another three months. That's another unfortunate part of the whole thing. So this is the loophole that they exploit in order to keep people in custody without trial. That is another thing that I find being commonly used by the police, which is absolutely unfair. Let me, sir, on this issue of the law, I'm going to ask you some more questions. But do you think in today's day and age, we still need a log and sedition, which was enacted during the colonial era? Do we still need a law which many people consider draconian, which gives the police huge powers and is to be misused like the UAPA, the Unlawful Activities Prevention Act. Do you think it's about time these laws were removed from our statute books? As far as sedition law is concerned, I think the general consensus is that it should go because it is being more often than not misused. And the balance of convenience is to totally abolish this law. And you can always have other sections of law if you think that people are provoking others to really go against the state, because most of these people have not gone against the state or they have not shown signs that they wanted to be riot or something. The people who actually provoke, those only should be charged with sedition, but nothing of that sort is done. And then, you know, it is selectively used. These laws are selectively used. And I think it is time they go. Sir, if you look at the people who have been arrested, young people, young students, Devangana Kalita, Natasha Narwal, both students of Jawaharlal Nehru University, part of the Pinchratol movement, Gul Fishta Fatima of Jamia Miliya Aslamiya, when you look at, you mentioned Umar Khaled, when you look at the people who have been picked up and put behind bars, Safura Zargar, she was pregnant when she was put behind bars. And they are the ones against whom the police are proceeding. And not only that, they haven't been charged, but they have been questioned, they have been named in the various documents that are doing the rounds. People like Harsh Mandar, Professor Apurva Nand, filmmakers Rahul Roy, Sabha Devan, they've been questioned, economics professor Jayati Ghosh. And not only that, you have the lawyers Mahut Pracha who has been representing some of the people who have been affected. And then you have political leaders like Sitaram Yachuri, like Yogendra Yadav. I mean, is there a method in the manner in which individuals, young students have been selected and put behind bars? And now escalating into academics to political leaders because of their opposition to the present regime and their opposition to laws like the CAA, the Citizenship Amendment Act. You know, in this I see a very clear political hand because I don't think, I mean with my experience of 36 years, of course I'm 30 years behind now and perhaps things that are happening today are much worse than in my time, but political leaders would have a hand in trying to decide who should be prosecuted and who should not be in such circumstances. So I'm quite sure that the police would not normally have arrested political leaders and all without consulting their political masters. This is almost certain. That's all we have time for today. We'll be back tomorrow with more news from the country and the world. Until then, keep watching NewsClick.


is a presentation of TFNN. The Tom O'Brien Show is produced every business day. Tom takes your phone calls toll-free at 1-877-927-6648 internationally at<PHONE_NUMBER>. Let's go to Eddie and Booker Tom. Hey, Eddie, what's going on? Hey, Tom, how are you, man? I'm doing great, man, yourself? Good, good. It is a treasure to have TFNN every hour during the trading day to be there to help you to guide you.  Well, listen, we appreciate you growling and prowling us out here, because we wouldn't be out here, folks, if we didn't have all you guys, gals, tigers and tigers as clients. And the market teaches you every single day, man. Now, Tom O'Brien. Welcome, folks. This is Tom O'Brien of TFNN. We have five days a week. We have seven hours a day. We go 24 hours a day on the internet at tfnn.com. Always remember, folks, whatever you think about, you bring about whatever you focus on, grows up, everyone's having a great day, safe day. It's a TGIF, folks. It's making a great one. Be impeccable with your words. Seek to know the truth. When you hear an opinion and believe it, you make an agreement. It becomes part of your belief system. Only the only thing that can break this agreement is to make a new one based on truth. Only the truth has the power to set you free. Now, likewise, let's take a look at it out here. We have the Dow Industries trading down $6.15, Nasdaq off $3.96, S&Ps off $103, gold contract down $17.90, traded $1702 an ounce, with silver down $0.54, $20.11 an ounce, LightSuite crude up $4.63, $0.93, $0.08 a barrel, notes and bonds, a 10-year note, down $16 ticks, traded at a price point of $111.14, the 30-year, down $28 at $125.13 in KingDollar. KingDollar's up $546, traded at $112.800, the euro's at $97, the yen's at $145, and the British pound is at $110 to one U.S. dollar. iPhone number's<PHONE_NUMBER>. Give us a call, folks. I know it's going on in your world, and the world of the S&Ps. Let's take a look at them. What do you have? Well, you had the jobs number come out this morning. Well, first off, if we go, we know, looking at the whole week out here, the bottom line is that you did get a sign of strength coming off the lows, you know, on Monday, on Tuesday right now, okay? Decent date, okay? We did 103 million shares. Now you can see what's happening here, folks, okay? So when I'm going to specifically see what's happening here, we are backing down now wide price spread, but the volume is contracting dramatically. So that's telling me on the spy here, right? So on the spy right now, we're at 362. Now I doubt, oh no, this would be cool. Okay, so check this out, man. So you get a Friday afternoon, you know, who wants to buy coming into a Friday afternoon on a down day, right? Okay, so what I'm setting up here, folks, first for you, bulls out here, I'm setting up a bullish scenario. And this is what it would be. So the high of the low period, meaning that the low that was established last week, that low is 357. Well, the high of that was 365.91. Now, it's three points away from that in the spy. We'll see. If you got a rally coming into the close and you close somewhere near that, that'd be saying that guess what, that's it, man. You don't get that, you're going right after it, man. And you know, we'll see how this baby shakes out. That's in your spy. We take a look at the NBX100. So the NBX100 is trickier, for sure. The NBX100, we're into the bar way too far. The top of that bar there is 275 here, 269. The bottom of the bar is 267. You've done 50 million shares and you're going up to 78. So there is a contraction of volume there also. Let me go back to the spy again, because I want to see how this is set up. Because the spy might be set up the same way on the weekly. On the weeklies, it looks like they're setting up larger ABC structures down. Yeah, the weeklies are too. Yeah, they are. See, if this is an ABC down, it's going to be a monster, man. That's going to be a monster. Because if we go to the spy, they look at, what, 411? Yeah, that's 55. That's 320. Yeah, 320 brings you over here. What's that? That's October of 2020. This is, this close, I can tell you, is going to be important. There hasn't been a bounce all day. Not even close either. We'll see whether one comes in. What has been happening in a bad market is that the gold equities have basically held up. Let me show you first the contract, okay? So the contract, we take a look at the contract and what you have with the contract is you're backing down with 148,000 contracts. You got to 1698, it's at 1703 right now. And you can see that you're going into 215,000 contracts and 205. So that says it wants higher price. We go take a look at the bond market. And what we have inside the bond market is that this is going right after its lows. Now let's watch this, because this is going to be cool. How are we going to piece this? Yeah, see, this is cool too, man. So look at this. So the bond market, you're coming into how we came off the bottom. Now look at, that's a contraction also. That's 1.1 million contracts going into 2.9. Okay, now we go to Kingdala. So what gets intriguing here now when you start putting together the aspect of where the bonds are and where gold's going, we know we have this high out here. Now that being said, it's actually, that my head wrapped around the aspect of that, if this dollar was going to the highs again, right? Now that's, the highs are open, that's for sure. Okay, because the low of the high is 1.12, 5.61. Well, we're 1.12, 8.13. That might do it. And where I'm going with this whole deal, folks, is this, is that it looks to me that, number one, you're pulling back into the lows with light volume. Then what you're also doing is that the bond market is pulling into its lows with a huge contraction. And gold is not getting killed here. I mean, look at, I mean, we own this equity, but this is really intriguing. I ain't going to shunt you, right? I mean, you get a bad day in the market and this thing is only down 25 cents, man. This thing is going to want to do an ABC structure up. So, and let's go, well, let's go to the dog. See, the dog of the whole gold market and the largest weighting structure is Newmont. But even Newmont, look at Newmont. 5.5 million shares and you're going into 12.9. So, when I started putting all of that together, that's telling me that what's going to happen here is that the low that is established, you know, the last low that we have that it's trying to test right now, that telling me that that low is probably going to hold, might spike it, but it's also telling me that it's not like you're going to take another leg down before you get another bounce. That's kind of how it goes. My take, the larger take, now that's the take right now. And I'd say that, you know, right now the next couple of weeks, okay? My larger take is that, you know, the SPX is at, you know, 3,600 and 3,100 is game. That's kind of, and where I'm getting the 3,100 folks, that's the high of the low of COVID. That's where I think we're going. Stay right there folks, come right back. With booming inflation, where you're purchasing powers eroded, there's no better place to protect your hard earned money than in gold. This is the gold flagship asset, is the Monk Todd Gold Project in the Northern Territory of Australia. This is Australia's largest undeveloped gold project. We are talking a world class gold project in a tail one mining district. This is a large scale, low cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction. This the gold just completed the Monk Todd feasibility study which resulted in a 7 million ounce gold reserve in a 16 year mine life. All of this combined with the approvals of all major operational, as well as environmental permits. 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Free at 1-877-927-6648 internationally at<PHONE_NUMBER>. Welcome back folks to Dow. Dow Industrial's down 695, Nasdaq's up 418, S&P's up 110 and just look at this and you talk about one day wonders man. This is crazy. So you had Biden come out yesterday saying that the bottom line, the feds are gonna look into the aspect of rescheduling marijuana. Bottom line, he had a blanket pot for people that were a simple possession and all these pot stocks man. So yesterday, if you take a look at Canopy, it goes from 292 to 383, it opens today at 370. It goes to 373 and gives it up in spades man. It's like whoa, that was definitely a one day wonder. It was pretty intense actually, looking at it. Let's go inside the Dow Industrial's and take a look at the strength versus the weakness out here today. Point wise, they're all red. Every Dow stock is red. Bringing it down the most out here is UnitedHealth that's putting 110 negative points, Microsoft 83, Home Depot 48, Salesforce 37. The least negative impact inside the Dow today is Merck. Merck still almost a point Coca-Cola. Bottom line is that they're all red. We go inside the NDX100, we look at the NDX100. You got Dexcom, I think it's Dexcom, right? Yeah, Dexcom is up by 6.9%. Other than that, AMD, that's down 13%. Marvell is off 11%.  I believe it was AMD.  They came out, yeah, they missed it by a billion. They were, this is in 90 days, mind you, okay? So you are talking about some heavy, I think it was 6.7 and they committed 5.7. Hell, here you got a monster ABC down. Look at this, okay? Yeah, this thing is not done.  Okay, so on a weekly, what is this one? That's 54, 61, so it's just on a daily. I got, okay, so what is that right there? That's 50, are you going to 54? Yeah, NVDA, let me, let's take a look at NVIDIA. See where NVIDIA is set up right now. So NVIDIA is coming down into its low. You get volume of 52 versus 53, so that also does have volume on the way down. That's how this thing is shaking out right now. So this is going to get kind of intriguing. Let's go to Jose and Lakeland. Jose, what's going on brother? Hey, Tom, boy, you've been in the zone all week. You're like, give me the ball, Larry Bird, fiddle, dittle, dattle, and doodle. You're all over the place with mortgage rates, where the building materials are going. It's beautiful. Thank you, appreciate it, man. Yes, yes. Tom, when you do your opening monologue and you say, yesterday's gone, tomorrow's not here, what are you doing right now? You're talking about the B theory of time, which is the tensed theory. The A theory is tense-less. Just a little theology there. I like it. Yeah, the tensed theory of time. I love that saying, and I think it's so true. I mean, you know. Yeah, some people think the past, present, and future is merely a figment of one's imagination. Oh, I like that too. That, you know what? I can get lost in time. I got, you know what? I got lost in, the other night I got lost in infinity. I did. Oh, listen. When you say the word infinity, Alexander Proust just wrote a book, Pot Theology, Pot Physicist. And he talks about infinity. There's two kinds of infinity. There is actual infinity that are used in sets that, you know, calculus and whatnot. And then there's, there is potential infinity, actual and potential. And when you get into potential infinity, you find out it doesn't exist. If you, if you take a book and open the cover and the first page is an inch thick, we'll take half of that.  Now flip the book over and open the back cover slowly. What do you see? Nothing. Infinity does not exist. It doesn't exist in reality or in nature. But mathematics, watch.  If you put a marble in a jar and you said, Jose, how many marbles do I have? I would say to you, Tom, you have a potential, you have a potential unlimited number. You'll never reach infinity. You'll have a potential unlimited number. Yes, no, I understand that. No, that's what's so cool about it. That's why you'll never reach infinity. No, no, I get that. I get that. I get that, believe me, I know. Too funny, man. Tom, just a side note, one of your tigers up there, I think he's in Canada, Gloucester, somewhere up there. He's always talking about the great lobster, the fresh scallops. That's Frank. That's Frank from Gloucester. Yeah. Yes, yes, yes, that's it. We have to have him send us down some. You know, Gortons makes a great fish stick right in your supermarket freezer. Okay. Pollock is very underrated. No, listen, man, the only fish, you know, as a kid, folks, I couldn't stand fish. I'd love it now, it's almost all I eat. But I remember the fish sticks then maybe weren't as good, but you can give me a fish stick and I'd eat it as long as I had like a pound of Tata sauce with it. That's right. You need the Tata sauce to get through it. Seriously, seriously. Tom, my CDNF, yeah, I kind of went long here, probably a mistake with the NASDAQ breaking down. Okay, so let's take a look. You got Cadence Design, the Lowe's 132, the Heist 194. Now, what Cadence does, folks, you can see that the chips are breaking down. Cadence does the designs in them. Yeah, you gotta be careful, man, because what's happening, 159, 13, yeah. Well, let me see this weekly. I'm looking at 134. Yeah, listen, man, you gotta be careful because, see, this could be a big ABC down, man. Yeah, yeah, yeah. I think today we're suckering people in. Yeah, I mean, because you got, you're breaking, you got eight million shares.  Yeah, you can- Yes, yes, yes, I'll cover Monday when it bounces, hopefully a good deal, man. Okay, man, have a great one, man, have a safe one.<PHONE_NUMBER>, the, yeah, this thing keeps marching down now. It's gonna get interesting here. Let's go put up the Dow Industrial's and take a look at this. So the Dow, no, it's not breaking it down. The Dow, when it happened is that the Dow had got a lot lower than the, and the X are the composite. So the low that was reached last week in the Dow was at 287-16, and let's see this. So that's the third. What I wanna see here, we're gonna, we're gonna see what the volume is now versus going into the third. So the third yet, 1.1, and right now you're at 566. Yeah, that's, we'll see. I mean, unless there's a monster, then there can't be much the volume at the, you know, at the close here, that's for sure, folks.  That's how it's shaking out, but this price doesn't wanna hold. Stay right there, folks, come right back. If you wanna take advantage of this sector, now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector as well as the markets that move gold, which is the currency and bond markets. New subscribers get a 30-day money-back guarantee so you have nothing to lose. 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From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at tfnn.com or on tfnn's YouTube channel and become the investor you were born to be. tfnn, educating investors. tfnn is excited about our new software charting program, The Art of Timing the Trade Charts. 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 Charts allows you to scan thousands of stocks for Fibonacci formation setups, including Gartleys, ABCs, Butterflies, and much more. The Art of Timing the Trade Charts 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 gonna 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 Charts 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. Welcome back, folks. The Dow industry is down 740. You get the magic off our 442 S&Ps are down 117. So if we go take a look at, it's all about the Fed funds rate. It's all about how far this dollar wants to go, folks, okay? So right now, we're at 3 to 3.25. We take a look at the meetings out here where you're gonna see the next meeting is going to be on November 2nd. And I suspect, you know, it looks to me, like all the Fed governors, they're all out here yapping that they wanna get this up to basically five, okay, so we're two points away from five. You know, and we have two meetings left, right? Yeah, there's two meetings left. So let's say that you get a 75 out of 75, then you're gonna be at a 4.5, right? Yeah, you'd be a 4.5 to 4.75. And maybe you get one more, they do a 50-50. The bottom line is that they are gonna be doing some numbers, man, that's the bottom line. If we go take a look at, you know, we had the payrolls come out today. If you look at paychecks, the bottom line is that this thing's in an ABC structure down. I start looking at a few of these, I actually, I picked this out as a shot today on TD Ameritrade, but the bottom line is that, you know, it's breaking the lows, it's breaking the, well, this one here, now paychecks are a great company, folks. We've had them forever. I think I've had them for like 20 years. They're a little expensive, but you never have to worry about paying the tax, paying insurance, all this stuff. They do it all, so it's, to me, it's well worth it, okay? The bottom line is that, that being said, what you can see here is that you are breaking down a major consolidation that started October of last year.  It's very close, though. I mean, we're at 109.13, you know, and it's really, you'd want it to get to 108 or something, do you know what I mean? 109.87 is really the number. But, when you get a, when you have a break of a major consolidation, folks, what you want is you want something big. What we did do, you can see this last week, though, you're coming into the swing point, you're coming into that swing point with 12 million. So, I suspect you're gonna get that broken down. And then, inside of the real estate business, equity residential, when was this one? I went shot this one, too. So, this is equity residential, and this is a horror show. Now, this one here, bottom line, it's been on one-way route on the way down, also. This one here, I suspect, what you're gonna see, you know, we're off highs of the highs, which is 94. You basically are breaking down the first thing. It couldn't even hold the 67. So, that's like setting up like, put this on a monthly, and on the monthly, you can see you're out, you're already into the 67. So, that's saying, hey, that low can be 46, which is pretty intense, man, you know? If you saw today, San Francisco, right? Now, remember, in San Francisco, everything was always awesome in San Francisco, right? I mean, I've been said on the air, I think they're drinking different water out there because of the fact that you had all the tech companies, everyone's gone while making money handle a fist. Bottom line, the office market in San Francisco, right now, folks, is 25% vacant, 25. That is such a monster number, it's unbelievable. You know, we'll see whether it takes 25 years for that market to come back. But you know what? You have the aspect that it's too expensive, too crowded, too many homeless. You're not naming it, man.  They're basically, people wanna work at home, and they're realizing that you can live at a lot of different places, and you can save a huge amount of money and not just have it in many households. So I think San Fran is, well, San Fran is in big trouble. The real question is, is that how will they make their way out of it?  They're gonna start having trouble, it looks to me like in New York also. That's what's kind of, this is inflation, what will end up happening with this inflation, folks, for all of us. We're all gonna kind of look, you know, like the pandemic, okay, so we all changed what we're doing to a certain degree. Inflation is also gonna basically start changing the way that we live almost every day. It just is. Because, okay, so, did I tell a story last night? No, I think I just bought them. Today, to me, this gold market today is really acting great. Now, what it seems like, I went shopping, not last night, the night before, at Nostrums. And all these jeans, man, are so expensive, it's insane. And then, I start looking at the context, right? It seems to me like we're out of whack on the structure of what some things are worth, what our perception of what they're worth, and our perception of, you know, I'm talking about gold in general. So, I was looking, I'm shopping, right? I'm saying to myself, and you've heard this story before when I was trading gold at 282, okay? Now it's 1700, right? So, the question is, is that, do you really, you know, let's say we're getting, you know, I don't know, 10, 15 pairs, 20 pairs of jeans, right? So, 20 pairs of jeans is, let's say, an ounce of gold. Like really, that doesn't even make any sense to me. Because the fact is that, in order to get one ounce of gold, right, you have to get 10 tons of dirt for one ounce of gold, 10 tons of gold. And that's a great gold company. So, I think what we're all gonna start seeing is like, okay, man, this is ripping us off, this isn't. This is ripping us off, this isn't. And what will end up happening is that the, the mindset is the one thing that the Fed cannot control, but that is the thing that does bring prices down. You gotta remember something. This is what inflation is, for years. Do you remember, I mean, if we go back 10 years, do you remember how many people would call and say that the dollar is gonna be the end of the world because we're printing so much money? Particularly, you know, I understand this so much because of the aspect of being in the gold market. Okay, so that was always the mantra.  What it actually is, this is where inflation catches, folks, and this is what has happened. It catches when the velocity of money changes hands very quickly. So what we had, we saw that like the ultimate in the pandemic. We saw that in the ultimate of the real estate business because what you had, you had people that had so much money. And, you know, a lot of this money, I know where a lot of it come from because I was selling real estate into this. And a lot of it came from people that had small businesses, you know, and this was a, you know, definitely, you were definitely a lot better off than you had a small business because you could get so much more money than being an individual. And what was that end up happening is that they get, you know, thousands and thousands of dollars and the velocity was unbelievable. They wanted to get rid of it. So that velocity went through the economy like an amazing way. Well, that velocity, my take, that's already stopped. Now the real question is, how much is still left in the bank accounts, right? And how much are we all gonna pull back? The faster that everything pulls back, my take, the velocity is gone.  We start spending less, guess what? ASAP, you're gonna see, you know, prices stabilize, prices come down very quickly. Dow Industries right now, ups, no, ups, down 720. Nasdaq got 445, S&P's up 116. They're right there folks, come right back. 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Dow industry is down 640 and has XF-423. S&Ps are off 107. Let's get over and take a look at Exxon Mobile. So is it Exxon? I might hold one second. Sorry, I think I might have the wrong one here. Whoops. Yeah, I'll do this again, okay. So Exxon, the way Exxon is, right? This has been a good run and now you gotta be careful right here. That's what's going on. So Exxon today, yeah. Okay, so here, check it out, man. If you guys are in the oil patch in general, this has been a good run. This is a failure on Exxon. You get almost up to the high. The high out there was 105.57. That had 31 million shares. You've only done 20, but you're gonna have a failure. Not on that high. You're gonna have a failure on the high that was established at 101.55. That did 23 million. You're at 20 million. If it closes under the 101.55, that's a failure. So you gotta pull back. Let's see, one second. I think it's a COP. Okay, I'll pull that one up too. So a COP, that's conical. So that's a 81 cents. The lowest 64, the highest 121. This hit 121.362, 36 today. Yep. So what's this high here? That high is 121.37. Look at this, man. This is crazy, oh my God. I love it when this happens. So look at this. The high that was going after is 121.3792, and we hit 121.362, and then you gave it up and you gave it up with light volume. So let's say it's gonna pull backs coming, man. That's how this is shaking out. That's what you do have here inside of the oil market, folks, right? Is that that is a 100% move-or-move, meaning you were trading out there four months ago at 121. You go all the way down to 79, you make it all the way back to 121, you know? So let me bring up the actual oil contract, because that had some juice on it today. Let's see, let's see, oh. Okay, so that's up four bucks, 380,000 contracts. They've got some contract volume. We didn't have anything yesterday. Yeah, well, no, we did have, why isn't that? I see, okay, one second. 235,000 yesterday, you got 380 today. Yeah, that's in the, you know, now you get 96.82 is actual game. That's how that's set up, because your swing point is at 96.82. That's how this thing is shaking out. So I suspect that's gonna probably go after it. Let's go take a look at the, let's see, let's take a look at some of the silver stocks, because it's definitely something that's sticking out like a sore thumb out here today, folks. You gotta remember something, okay? In the market, the market itself is down from 2.5% to 3.25, right? And you can see, gold's down good, right? So what ends up happening is that when you look at something that's not, you know, getting smoked, like if we look at Endeavor Silver, down 31 cents, bottom line is that you went up with 5.27 million and you're back with 2.5. That's what you wanna see, man. That's how this shakes out. If we get into, let's go take a look at Enneco Ego, same setup, man. Enneco Ego, you know, we went up here with 3.7 million or 2.5. Let's go with Barrick and see what Barrick's looking like. If we take a look at Barrick, same setup. You know, Barrick, bottom line went higher with 37 million, 35 million, and you're pulling back with 18.   You're pulling back with way too much, way too light of volume. Yeah. The more I keep looking at this market, this, this, it's gonna get, yeah, where it can't catch your bid, but when you're coming down and, you know, so, Pritzis, you've come down, you've got a bounce going. You pull back into the bounce, you have a contraction of volume like we've had.  That's how it's set up. And the way that IWM looking at the market, that being said, is that this, that's all that would be. I think we have a long way to go. I'm not looking for, you know, basically a bull market out here. The reason that I think we have a long way to go is that when I look at something like Nike, when I look at, I've been pulling up a lot of equities even on the air. I'm gonna start writing them down when people are closing when they're calling in because if Nike, so Nike's trading $87. The high of the COVID low is 91. It's like, that doesn't even make any sense. Well, it makes sense because it is, okay? But the bottom line is that when you have something like that, you know, if Nike can get down to those levels, every stock can get down to those levels. That's my take on the bigger structure that we're dealing with out here. The thing that is gonna be intriguing is that when you're dealing with inflation, these equities at some point are also gonna be inflated because it's only a number. That now we know they were inflated beyond belief from folks buying and running the market up.  What I'm giving you this for that. You're giving me this for that. It's an exchange. So you can see that, you know, whether the folks in Europe, the folks in Japan, their exchange is getting a lot less if they come to the United States. If we go to their countries, we are getting a lot more for the exchange that we have. That's what it comes down to. And the more that you can really start understanding that, then you can really start wrapping your head around the aspect of why doesn't some of these actually go lower? Well, it wouldn't go lower because the aspect, because the dollar is so high. You know, that's what it comes down to because, well, the easy way of doing this is watch what the, a couple of these high flyers trade in Europe versus what they trade in the United States because you'll see how many more euros do you need to buy the same exact stock? That's what it comes down to. So the next mantra that's gonna be out here, and I heard the first guy today on, was actually on TD Ameritrade, pushing that, you know, you should be out here, you know, using your dollars to buy stocks overseas. Now, I'm not in that camp, but I understand where he's going with it because the bottom line is that our dollars were so much more money. That's what it comes down to, you know, so. And the way that this market is traded right here, I mean, yeah, we're not getting a bounce, man. I mean, there's 10 minutes left in the marketplace. You had a low out here today of 632 and we're at 652. You know, you'll probably get some kind of a little spike into the close because the shots want to go home and be flat, so. But that's what that's gonna be. That's the folks that wouldn't like it to be buying here, buying because they're already shot, the position, are inside the option market and they're gonna be closing it and that has to get the option market to make it delta neutral so they have to come in and buy it. Stay right there folks, come right back. The technology around us is changing every day. With so much happening, it can seem impossible to keep up with all the information. 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Dow Industrial is down to 632 and has it got 425 S&Ps up, 107. Now let's get over to the spy. We'll take a look at these volumes as they come in. Right now, we at the spy trading 82 million. The top of the, yeah, you're into the bot, man. You're going after the lows, man. Because the top of this bot was 366, you're at 362. Yeah, it's going to be after these lows. So that's, that high volume lows laying out there still 357 is game. And the X100, that was already digging into it. We'll see what kind of volume we got out here. That's accelerating with volume, too. You're not going to get, well, you might get 78. We're at 60 right now. That's already into the bot, though. The low of that bot is 367.10 and right now you're at 368.77. And then what you're going to, you know, next week we're going to be talking about is that real question's going to be, is this just an ABC down to weekly? Because it's setting up that way. You can see last week we went down with 380 million shares, which you didn't hit, because you didn't hit the high, you actually went up this week with 297. So you see their correlation. That's 100 million less going up, then it gives it up, then it goes after the B point again, and CLA to alligator, and that's telling me that we're going to be dealing with that dollar and that dollar wants to get up into this 121. I mean, the 114, yeah, 114.778. And what will happen there is that if it does take out that, you know, structure, then you're going to probably have a small ABC structure up to approximately the 117 and the 121's laying out there. So the 121 just might be game, man. I mean, this is going to be, you know, the trading, the volatility, it's all going to continue, folks. That's the bottom line in spades, too. Always remember, folks, the back and claw your hideout, the bull can run you over, and thank God there's always another trade. Health happens in prosperity. Have a great night, folks. Have a great weekend, a safe weekend. Come back and visit Tommy on Monday morning, kicks us off nine in the morning. Great show, folks. Yeah, look at him, folks.