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 Mike in Southern California. Hey, Mike, what's going on? Hey, Tom, nice to talk to you again. And I have to start out and first tell you, I love this trading room. This thing is great. This app, it works great. And getting all the information, you're like instantly there, no delay, nothing. I know, I appreciate you growling proud with us. Your channel is in my pocket all day long. It's wonderful. Thank you, man. Thank you. Now, Tom O'Brien. Welcome, folks. This is Tom O'Brien at TFNN. We have five days a week. We go 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. Hope everyone's having a great day, safe day. Let's make it a great night, folks. Don't make assumptions. Learn to ask questions. This is a great guide. It is always better to ask questions than to make an assumption. Have the courage to ask questions and to you as clear as you can be. Once you hear the answer to that question, you won't have to make the assumption because you will know the truth. Knock it wise. Let's take a look at it out here. We have the Dow Industries right now trading down 74. Nasdaq's up 41. S&P's down one and a half. Gold contract up $34 trading at 18.10. 40 an ounce. We have Silver up 29 cents. $20, 18 cents. Platinum's up 39, 8, 9, 28. Light Sweet Crew, just the opposite way, man. Pretty wild. And particularly when you get the dollar going down, this is, that's deviant, man. Oil's down 227, 88, 39. Notes and bonds. This is just as deviant. Notes and bonds continue to go to higher price. You get the 10-year up 21, 6, 124. 30-year up 29 at 143, 24, and King Dollar. King Dollar right now is trading, all right, man, there you go. Down 777, 6 at 105, 729. The euro's at 102. The yen's at 132 and the British pound is trading at 121 to one US dollar. iPhone numbers 877, 9276648. Give us a call, folks. One that's going on in your world. In the world of the S&Ps, let's take a look at them. What do you have? Well, when I just did that update, bottom line, folks, is that when the dollar's down this much, I mean, we've had a, basically a pretty good week here. That being said, man, this dollar down this much, this market shouldn't have had a problem, you know, this spy blowing through this 417. We made it to 415.09, you know? So, you know, we'll see what happens with the jobs number tomorrow morning, but what we have right now is that you got a sideways market that's trying to get over the June 1st level, that's in the spy, okay? If we go take a look at the cues, now the cues are a different story, man. The cues, they're taking a break. That being said, though, what's happening with the cues, they're already launched, man. The cues are looking to go to 330, and right now you're at 324. We made it to 324.52 today. We will have a slight contraction of volume, but the volume still should be pretty good. We should run in about 40, 45 million shares. Gold, gold contract caught the bit out here. We take a look at gold, bottom line, you're at 1,810. You've done 142,000 contracts, not bad, not great. It's taken out a B point, but the B point we had 174,000, I think. Let me put this up. Was either 172,000 or 174, let's see, 174,000 contracts. We're at 142. So what happens there, the bottom line, you don't have a ABC up, but I suspect that this thing is heading now. We're at 1810, bottom line, it's gonna head for the swing point of 1900. That's how this is set up right now, so pretty cool. Notes and bonds, now look at this, man, this is something else, okay. So we go to the 10-year note first, and the 10-year note right now is back over the B point. We rejected lower price yesterday, so what we did yesterday is this. Yesterday you got down to the price point of 119.10. You did 1.8 million contracts going into 1.99. Bottom line, the number to keep your eye on is that the 126, we're back over it again. That's saying 124 is coming at us, man, which is just so deviant, it's unbelievable. At the bottom line, that's how it's set up. And we are at 2.67 inside of the 10-year. Now, let's go into this dollar, because the dollar, this bottom line out here today is that it's giving it up on price. The benchmark on the dollar is this 1067.92, that's the higher range. We'll see how it handles, it looks to me like it's gonna go right back down to this 105. And the kicker, this is the kicker here, let's do this. This dollar has actually broken the whole trend, and okay, and then it saved itself, that's what it did, but let me do this again, let me do this a different way, not a different way, I'll show you, because one trend is broken, the second one, bottom line, the trend that's broken goes from the 101 area, that's pretty clear. Is that 101? Yeah, it's 101, 101.296, okay, that one's broken. The harder one is that you can actually bring it all the way down, and you're gonna see, we actually, well, we never broke it, it came right to it. That one there, it starts back at 95. So that's really intriguing, man, because if we get another wide price spread down day in the dollar, bottom line, that's how that would be set up, that you would bust that out. That's the bottom line. Let's go take a look at some of the higher volume equities out here, and so you get advanced microups, six and a half dollars, six dollars, coin bases up eight dollars, you get black stone, or black rock, black rock, they're gonna start doing some business on that platform with them, so that's pretty wild. You get NVIDIA rep 350, um, Occidental's off 250. Oh, let's go over that oil market, man, CL. Let me see this thing. So active oil contract, okay, so we take a look at this. You get 308,000 contracts, you break in the swing, and you get volume on the break, man. This is an ABC down. This is gonna get interesting, man. Let's watch this shake out, man, okay, so you almost got 111 to 88.  Yeah, this thing is game, man. This game is down, yeah, that's gonna take some heat off the, you know, the fuel. There's no doubt about that, man.  What's so intriguing here is that you get a double bang, and what I mean by that is this, is that when you have the dollar coming down, oil should be going up. Stay right there, folks, we'll come right back with our man, Mr. Basil Chapman. We have the Dow Industrial's right now down 40, and Aztec's up 58, S&P's are up three. We'll come right back. Pluming inflation, we have purchasing powers eroded. There's no better place to protect your harder and money than in gold. Vista Gold's flagship asset is the Mount Todd Gold Project in all the territory of Australia. This is Australia's largest undeveloped gold project. We are talking a world-class gold project in a tier one mining district. This is a large-scale, low-cost project with significant existing infrastructure in a politically safe and friendly mining jurisdiction. Vista Gold just completed the Mount 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. This distinguishes Mount Todd as an attractive, devious pot, ready-development stage gold project. Vista Gold trades on the New York Stock Exchange under the symbol VGZ. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years. A frequent contributor to TD Ameritrade Network and CNBC, Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. Tom's Daily Market Newsletter, Market Insights, is published every morning when the market's open to give you the competitive informational edge you need to succeed. These newsletters are packed full of Tom's advanced technical analysis and are geared to deliver comprehensive strategies for a successful portfolio. Get Tom O'Brien's newsletter, Market Insights today and try all of our products and newsletters 30 days risk-free with our money-back guarantee at TFNN.com. TFNN, educating investors. Everything in the universe is governed by the Fibonacci sequence. This mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market. To stay on top of stock patterns you can take advantage of, sign up for the Fibonacci 24-7 newsletter at TFNN.com. When you subscribe, you'll get a weekly report from Veteran Day Trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis. After all, he's got 45 years experience as a day trader. Larry will also provide daily charts, videos and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. First-time subscribers also get a 30-day money-back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. Subscribe to the Fibonacci 24-7 newsletter today, TFNN.com, educating investors. Toll free at 1-877-927-6648 internationally at<PHONE_NUMBER>. Welcome back, folks, to DOW. DOW Industrial is down 33, Nasdaq is up 63, S&Ps are up three and a half. Let's get over to our man, Mr. Basil Chapman, as we do each and every Thursday at 20 past the hour. Don't forget, folks, Basil has an outstanding show here every trading day, 10 to 11 Eastern Standard Time. Also has a great newsletter, the opening call. Now the bottom line, man, Mr. Basil Chapman, he is gonna be doing a live webinar and you can get into this webinar very easy. It's gonna be a week from yesterday, August 10th, from 9 a.m. to 2 p.m. As you come over to our website at TFNN, you're gonna see it right under the featured content. You just hit that live webinar. The webinar, folks, is $295. What you get for that, of course, is you're gonna get some great education of five hours flat out with Basil. If you can't make it personally, from 9 o'clock till 2 in the afternoon, it's archived. That's only the beginning, though, because you get his whole newsletter, the whole month. Plus, he has approximately 11 other archives on this, so you're gonna understand how to ride that wave each and every day. So check it out on the front page of TFNN right under featured content. Basil Chapman, what's going on? What's going on is that this market is bumping into resistance and we're gonna see how it deals with it. And the webinar actually is really nicely timed in the sense that I think by midweek, next week, we're going to get a really good sense of whether the market needs another breather, meaning a five to seven day hiatus where it just kind of digests all these gains or whether it's able to break out. But you know, in the Chapman Wave methodology, I'll just show this right now because this is exactly what we'll be doing. Okay. So that's where I try to identify the lowest low bar that can start off and move to the upside. The various techniques that we use for that. And then we just merely count each successively higher peak. It can go all the way from A to B, C, D, E, F, and even G. But it's really the objective in the Chapman Wave. And this is what we practice all the time. I've been doing it in all of my shows. I've been doing it on the one minute chart but this pertains to monthly charts, weekly charts. It doesn't really matter. The principle is the same that when you have accelerated to the fourth highest peak, peak D, other things can happen. Well, what did we see right here? We've been along the Dow since the low of the 17th of June. We've been buying the diamonds. And right now the Dow has made that fourth highest peak, peak D, and I talk about just a few candles, some of them on my own invention called the One's the Roman Candle, Chapman Wave Roman Candle, the others as well. But the Doji candle at a D or at a bottom like it was right here in this truck on the 17th of June, for me are really important signs to say that maybe the buying or the selling is dissipated and now you get a reversal of trend or it means there's a continuation pattern. So what's happened is right here on this daily chart, that's a daily on the left, weekly in the middle, monthly on the right, we've stopped at that Doji and this is the third session since then. And look, it hasn't been able to break above. There's a particular moving average, I talk about a lot when it comes into focus. I never needed it when it's not there, but that's the 200 period moving average that whole area of 13,100 on the Dow. That's gonna be very important to break. So I talk about how you can include, you can have the naked chart. Let me just see if I can get that right now. There's a naked chart. And then I talk about adding various things. I'll show this right here you can see on the left. There's this as one chart and it's got very little on it. I've added something just as demonstrations and then I've added the MACD and then I've added the stochastic and then the nine period and 14 period moving averages and I go right through to this last one. And once you can see that from the bare chart and we'll be looking at patterns of repeat just basically three patterns straight up, straight down or the arch or the cup formation, you can start building your thesis for your trading based on just those patterns. So most importantly in the work that we've done for my subscribers we have a couple of positions that have got 30 and 40% gain since the low. We've taken a little bit of a loss in some but mostly the gains are really outweigh the gains and it's just using these particular techniques and I'll show subscribers to opening call and of course attendees will get a month free of my opening call but they'll also get the webinar. So what I've done and this has taken me a little time over this week I've tried to refine it so that I've now got the rules of the Chapman wave I've just codified it to just a couple of pages just a heading and then a description so that you don't have to go through this whole listening of stuff because I've tried to refine it to the point where it's visually easy to see it's very descriptive and we'll just go straight into the patterns and I'll just show you this is the daily pattern. I was discussing this earlier on I showed this cup formation right here there's the one minute E-mini PD doji candle on the top pulls back comes around again starts another move and I drawn this what is this is the one at one one o'clock this is after my show but the pattern's been the same equal number of bars on the left to the number of bars on the right that gets to resistance it's the same on the downside the upside and especially when you're in a rectangle formation you can it lasts a lot longer than your patients I'll be teaching about how if you can identify a rectangle formation it's a very it's good to step back from that because all that's gonna happen is it goes to the top of the range and then it pulls back and then it goes to the top of the range is it about one day that I'm looking at right now or two day? This right now it's a one minute charge that's all I got it's a one minute from today okay cool I got it yesterday it's an E-mini one minute charge yeah it's very this is current right now it went to PD now it's pulling back look I'd already drawn in the pattern of the matching time frames and what's so fascinating look I'm gonna jump to this you can't really tell the difference between a one minute and a daily the charts they go up and they go down they do exactly the same things because it's just a fractal of human nature so I've tried to make it as well defined as possible we'll start off with a blank chart we'll start adding all the notation and we'll go and the whole idea is to how do I answer where do I answer where would I answer the position where would I start taking off for instance we've got three times long positions some of the ETFs these are these are trading vehicles so even though we've got almost the bottom I'm still taking a little bit off because when they start going sideways they will shrink very quickly so you've got to know how and what you're trading I did as someone asked me this morning would I look at the apple chart well I looked at the apple chart and I did a one minute chart and it did there was no I don't know if I've still got it I'll show it right now yes there it is here's the apple chart it was during my show and I said it's making a beautiful there it is a beautiful cup formation this is a one minute chart goes to a peak E starts pulling back and then it goes in the same number of bars it goes to the resistance at the 200 period exponential moving average and you can see that 200 period moving average was resistance all the way until about one o'clock then it pulled back and then what did it do it made another big arch formation and so you could do it with any position that you want it's the same principle and I was so pleased that she asked about the apple charts I said yes the one minute chart it's the same it has the same pattern so it's an education and you can use the videos the you can the archive is there so if you can you miss the day you can go over it even when you're there you'll be able to later on just go over it as many times as you want yeah and folks it's a great education and when Basil shows you his magic nine period you know line let me tell you something man you're gonna love it come over to our website at TFN it's right under featured content you hit that subscribe button bottom line you're gonna be in this workshop next week Basil have a great one safe one we look forward to show tomorrow thank you very much thank you stay right there folks if you want to take advantage of this sector now is the time to subscribe to my gold report the gold report is a comprehensive look at the metals 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 every Monday morning I publish the gold 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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 Gartly's, ABC's, 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, Dow. Dow investors right now down 40 get the NASDAQ up 56, S&P's up one and a half so let's get in this gold market we get a lot of questions that you think this thing's ever gonna get off the low so let's go look at a few of the equities first okay so when you do something like this folks right if you know the sector what you should normally do is go to the weakest stocks first in the sector the reason being if the weakest stocks are starting to get some juice the bottom line is that your probability is gonna be higher that you're gonna be correct in your assessment of where it wants to go so the first place we're gonna go is Newmont right Newmont, Barrack we know both of them have been weak in an extraordinary way bottom line with Newmont not much slowly up a buck okay that's not cool you know for what's happening out here we go to Barrack we take a look at Barrack a little bit better Barrack's a little bit better okay now let's go to Enico Eagle okay now we're just those are the two largest weightings the reason I went there first is that they've been the weakest stocks and on top of that they're the two largest weightings inside of the XAU, the HUI as well as the GDX okay Enico Eagle not a lot there either even though you're up about 40 okay bottom line not there okay so then next okay if you're in this sector then next you should go to the streamers the streamers would be Royal Gold, Franco Nevada those are the two biggest streamers out here you take a look at Royal Gold now this is I'm not quite sure why Royal Gold went all the way down to 68 today I mean 68, 98 but it did it rejected lower price okay so that's not great it's not bad but it's not great that's how that comes out okay so now let's go to FNV we take a look at FNV and we say we look at FNV and say okay what's FNV doing bottom line that's starting to go top side okay so now let's go over to the GDX why the GDX okay so we know that you have the XAU I mean we have Newmont and Barrack a week so if the XAU I mean if the GDX had something going for it you know it would be pretty good well it's up a buck same deal though it's like okay man you're coming into 28 million you've done 18 you know not a lot of encouragement I can tell you that that's where that's coming to now let's go to Anglo Ashanti we take a look at Anglo you know bottom line Anglo straight now to the 14 and a half dollars that's not bad 2.5 million but yet you know we came down to 4.3 so I would say to answer your question when you look at that many equities those equities have not caught a real bid yet that's that's the reality you know now let's go look at some of the silvers okay because you know silver silver's always highly volatile uh... silver different ball game now check it out okay so you got Pan American silver and that's going to be an ABC up I think let's see 2072 yeah it's going to be it's going to be an ABC up so this is going to be cool that's why I see how this shakes out 20 it's going to be close 20 yeah 18 is 2 bucks that's 2165 let's go take a look at a few more of these silvers so what it's saying here that the way this is shaking out here that's that's what this is saying that uh... the bottom line is that well look at heckler the heckler must come up with the numbers let me see what happens with heckler okay so a heckler heckler's down oh no i get the wrong one thank god god with that I had to pack it up uh... okay also yeah okay man said okay so now this is really cool okay so close what you have here now is this okay hecklers and ABC up man I mean in a big way so we have 457 not quite a buck it's going to get you to five bucks you're four seventy nine uh... let's go the xk so silver leading is okay man that's the bottom line that's what it comes down to so the xk is going to be the same thing too it's going to be another ABC up yeah this is good man we might get an ABC market 372 that's a big one man oh this is a good one that's four and a quarter where's the swing 418 so the NT okay you're going to love this one is divergence right meaning that you know what we did what we just did there so then this is cool man so the exercise that we just did there is that first we went to the golds right and they didn't look that great you know alright but not really that great particularly because we've been basing for so long okay they just happened to get out of the way that being said with the silvers the silvers are moving that is a great indication that bottom line we may continue to get an acceleration and i suspect what we have out here right now where you know when i did the update and uh... started the program this is unusual man uh... i can understand it mean and i'm i'm back to the s&p i can understand it because we've had such an acceleration op that the market has to take a break is concerning is that when you get the dollar down where is she yeah we down eight hundred ticks it's almost a penny a thousand takes is a penny that's how it works on the dollar right um... that this market you know she's got more breathing room so what we'll see we'll see if it's just going to wait for those numbers tomorrow whether the most come out you don't see if it can break top side or is it going to continue to have you know a problem here not that's your problem okay because what does happen is that if we go sideways for a period of time without pulling back that is also very well but what you know the longest day at a top of a trend the higher the probability is that you're going to break that on the way up off your trend on the way down going sideways that's the higher probability there that bottom line is that you're going to go south you know so uh... you know there's there's really uh... it's going to get interesting the whole thing's going to get interesting that that the bond market is the biggest deal out here right now that is phenomenal meaning you know yeah you get the fed fund rate well yeah let me do this so this will be cool let me do this so if i go yeah you want to let's say they can do this quick wb world bonds if you want to see how this inversion works right spreads to do a curve missus yeah here we go here's the curve of this is the school so check this out so here's the curve the top when you're looking at here right so you get the two-year this is pretty sick the two-year is at three point zero two percent the ten is a two point six and the thirties two point nine so yeah that's that's the inversion that's inversion that people are talking about that the end and the way that uh... inversion goes is that you know the bottom line is that you when you get markets that invert whether it's you know year year and a half later a year has a little too long year later uh... bottom line you can come with a recession because that that's what this is saying right here they will sell you a ten year cheaper than a two-year and what would mean by that is that the bottom line is that they think that as we move forward okay that the bottom line is that things are slowing down and so there's not as many people that are going to be going to get money and it's not as much production so the bottom line is that they've got to bring the rage down about a push paper out it's all about pushing paper out folks that's the way you always gotta think about it you know and there's not like one person that pushes paper out it's all of us trade every single day that's how this works Dow Industries right now down 59 you get the NASDAQ up 47 S&P's a flat we'll come right back Vista Gold owns and operates the largest undeveloped gold project in Australia the Mount Todd Gold project Vista Gold just completed their feasibility study resulting in a seven million ounce gold reserve Vista Gold has all major permits approved and has retained CIBC capital market assistance in evaluating alternatives and in completing an accredited transaction Vista Gold trades on the NYSE American and TSX under the ticker symbol VGC Vista Gold executing a strategy to create shareholder value this coming Wednesday August 10th Basil Chapman will be hosting an all-day live webinar from 9 a.m. till 2 p.m. Eastern time will he'll be presenting the technical tools based on the Chapman wave methodology a full in-depth course on his entire trading system over the five hours of live education Basil will discuss studying and practicing entry and exit points assessing where to add or subtract from positions utilizing simple technical tools for holding positions longer taking bear charts and adding notations tools and patterns as well as identifying three core formations that repeat in every time frame and much more when you sign up you get a chart booklet email to immediately to start studying and you gain access to his daily newsletter the opening call a one hundred forty nine dollar value the cost to attend is only two hundred ninety five dollars and the full five hours will be archived don't miss this live special event Wednesday August 10th with Basil Chapman for all the details and to get started today visit the front page of TFNN dot com right now biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade L.A.B.U. or L.A.B.D. Directions daily S&P biotech three times bull and bear ETFs visit direction investments dot com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at eight six six four seven six seven five two three the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four side fund services LLC TFNN has launched the Tiger's Den hosted at Discord TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours the Tiger's Den available to all Tigers and Tigris is for just $1 for the year there's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of TFNN.com. This program is brought to you by Vista Gold traded on the NYSE American and TSX under the symbol VGZ.  So let's look inside these indices and see what is moving them around. We'll go to the Dow industrials first take a look at it because the bottom line you get a sideways market out here. So inside the Dow industrials point wise out here today you have visa put in 33 positive points 3 m 27 American stress 12 taken away from it United Health 37 Walmart 30 Chevron 23 inside of the NDX 100 the strength versus the weakness inside the NDX. Makata Libre 16% up that's a big number man particularly on a thousand dollar stock. It's trading out a thousand 33 right now up $143 AMD advanced micro that's up five and a half percent you got match calm up 4% Moderna is up four and Moderna was up yesterday to so pretty intense taken away from it. What the heck is this Oh Fortnite Fortnite's down 16% man that's a hit 16% loosens down 10 you got Palo Alto that seems that's having a hard time it's not five and a half percent and you get eBay down 5% also let me just look at eBay for a second here man did that just it did it gave up everything. Yeah this is interesting now see this gave up everything but this is still not a bad setup man come out with the numbers yesterday took the swing out 2.8 million versus 2.8 same deal. That's not that's not a bad setup. Yeah that's that's real bottom line when you take a look at it. Amazon let's go take a look at Amazon for the few of the targets out here. Amazon right now you are trading. There we go. Okay so Amazon gap tie Oh remember I was talking about this. Oh my. Hey so check this out. So before Amazon came out with the numbers right that morning I was talking about if you get the gap on the other side. Amazon folks OK. Yeah. Amazon's a buy man that you don't get to see this. This is when you have gaps on both sides that's this is an island bottom and it's huge. It's that's from April 29th going all the way over to the 7th. This is a very positive sign man. That's the bottom line that you know I I've seen these OK but I haven't seen something like this for a long period of time so it's a heads up man. It's a heads up. There's no doubt. You had more. This is going to be interesting. Let's see what Morgan Stanley has to say. What happened is that Morgan Stanley is a Morgan Stanley or JP Morgan. Let's say one of them. There's JP Morgan OK so JP Morgan is saying markets appear to have moved on from the furious debate on what is the right definition of a recession. The US economic downturn looks increasingly less likely in the eyes of the stock market according to a measure of recession probabilities created by JP Morgan and Chase. Bottom line in fact with the exception of base metals pricing of major markets suggests even odds are less of one beginning after the US economy shrunk for the second straight quarter together. Equity credit market rates have assigned a 40 percent probability to a US recession down from 50. Well that's that this is that's better. 40 percent is better than 50. It seems that there's enough jobs out here that you have to work through these jobs first man that's what it seems to me you have to work through the jobs in order to basically get into a recession. Now what there is going to happen there's no doubt about that the folks that haven't been working you know if they decide to go get a job yeah they'll probably be gone by then and you know we'll see what happens with that. That may never change man. I mean you know I'm not quite sure that how those folks are going to basically live. They're going to probably live off everyone else you know but the reality is is that right now you know there's still more jobs than there are people and what it does take for a real recession is just the opposite. That's that's the reality because as soon as that happens you know what we have seen now that being said what we have definitely have seen is that you know you get 200 laid off here 300 laid off here 500 laid off here they're not in the thousands which is a good one. One of them this week wasn't a thousand I guess there's one but most of them are 200 300 now needless to say if you have part of that 200 300 it's a freaking disaster for you but that's for sure because this is a bad time to go try to get something else especially for the firms that are laying those folks off. You know maybe we get a consolidate for a while maybe you got to go sideways for a while. It seems to me that the good news is that if the market is right it still helped meaning when I say the market's right if the bond market is right OK because the bond market basically is turning around you know driving these rates down if the bond market is right it's still really good because what has happened is that what it's doing is bringing the rates down. So the amount of debt that is out there the interest structure on that debt is less. And you know that makes a difference man. That's that's the real bottom line. Let's go take a look at this S&P because what you have here you down seven and a half right now and what very well could happen. You know the first get go down this morning folks that has some volume down there and that's what it probably wants to do. See this one right here. There it is. That's on the S&P. It's four one three six and that's a high volume low. That's laying them. So we'll see whether it can make it down into that level at the close but a very well might. What we haven't got. Let me see this year. So you get eight minutes into this bar and all these bars are pretty consistent you know out here today. You know.  It looks like that the S&Ps haven't moved but because you've moved inside a range it really doesn't matter whether you're a bull or bear today. You know if you're a bully you could take it on the way up as long as you you know get fast fingers. You didn't even have that fast of fingers today. If you're a bear the bottom line sell out the top so these was pretty cool too. So we'll see how this is going to shake out tomorrow. Now if we go look and just put this spy. Yeah it's just going to lay right there man. That's what's going on. Just lay in there. It's laying there waiting for tomorrow morning to see how this baby is going to shake out. If we go into the cues you take a look at the cues here. The cues. Yeah the cues are already launched man. The cues to me want this 330 and right now you're at 323. You know and what has happened is that 317. Yeah inside of the the cues what has actually happened is that you actually got to the higher level. That's how this is shaking out. You actually have got to the higher level which is a which is a big deal. That's that's the bottom line because you're at a higher level. That's saying hey man I want to go. Let's go take a look at Microsoft because Microsoft no doubt is a mover inside of the NBX 100 and that's still that's still going higher Amazon's going higher. Let's go take a look at one of the dogs Netflix. Netflix has been doing a hammer and there's no doubt about that and yeah Netflix is still moving sideways. Stay right there folks to 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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There we go. Bye. Bye. Awesome. Welcome back folks. OK. So let's take a look at this. You got the Dow down 75 Nasdaq's up 42 S&P's down four and a half. You're going to have a sideways move out here. So let's go take a look at the industry volume right now. You have a 587. So this is really going to be shot volume in a big way. So that'll come in about should do 800. Yesterday what we did we did 899. And what we did have yesterday so inside yesterday what we had is that the Nasdaq you can see that when the Nasdaq went higher yesterday see that 5.611. That's a big number man.  We did it with volume. So if we go over and we take a look at right now we take a look at the composite what you're going to see with the composite out here bottom line that was a wide price spread and that that went higher and it had volume behind the move. So that's saying this still wants to go. And I suspect more than likely what we're going to probably have out here tomorrow morning is we're probably going to have a decent number. And the way that I'm looking at this the reason I'm looking at it like this is that what ended up happening is this so picture the dollar OK has not done anything for the market today and the dollar is down 800 ticks. So when you have that divergence which happens a lot by the way OK the bottom you get divergence when that does happen what happens there is that the bottom line is that it'll catch up. And I suspect this dollar will end up catching up. That's that's how this shakes out man. Always remember folks to back and call your hot out the bull can run you over and thank God there's always another trade. Health happens in prosperity. Have a great night. Have a safe night. Come back and visit Tommy tomorrow morning kicks us off nine o'clock in the morning. Great show. Have a great one folks. Have a safe one. We'll get them folks.