The following is a presentation of TFNN. The morning markets kickoff with your host, Tommy O'Brien. Good morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN Wednesday morning, just after 9 a.m. Eastern time. We got about 24 minutes to go until the start of trading, and you have the S&Ps catching a little bit of a bid. Up by five points, we'll call it trading right at 4,400. As we speak, you have the NASDAQ 100, up by seven points, 15,380, Dow up 47, 34,262 in the Russell, up by less than one point in the green, though, at 1740. All the markets pretty calm overnight. We were a bit lower in the S&Ps, as low as about 4,388. I was up early this morning, about 6 a.m. just prior to that number, so S&Ps about 10 points higher. Then when I started looking at the market, about 5.30 a.m. Eastern time this morning. Bitcoin, backing off a bit. We've had some volatility with Bitcoin recently. Backing up on the daily, right? Quite the acceleration on the probability that you might get an ETF on Bitcoin, hovering at around 35,640. Crude. A lot of talk about crude in the Tigers down this morning, rightfully so. Check out the acceleration. We're trading lower yet again. Crude off by 80 pennies, 76,60.  We make a low of 75,86, almost within the last hour. You jump over to the gold contract. Gold trades lower than 1,962 yesterday. We're trading at 1,970. Gold off $2 right now. You jump to notes and bonds. Sitting pretty much a little bit higher, but nonetheless, as of the close of yesterday's session, flat 1,0804. Now, we've been talking about the 10-year.  Maybe we get a little bit of a rollover. Maybe we get a test of that channel line. Time will tell, but a lot of focus on notes and bonds, rightfully so, with the 10-year basically flat right now at 1,0804. And we're also talking about that we have the 10-year yield right now sitting at 4.56. I think we're at 4.62% on the program yesterday. So 10-year yield off about six basis points in the last 24 hours, flat on the session, but well above the channel line at 1,0804 right now. We jump over to the volatility index. I think that's the seventh straight day. Look at that red. 1,471 is where we're trading on the VIX right now. Quite a drop off from the 21 to 22, coming into the end of October. Believe it, is it seven straight days in the S&P? Eight straight days in the NASDAQ? Either way, the markets are on quite a streak and they're picking up on that streak yet again. A lot of Fibonacci numbers on this chart. Let's back it up over here. Yeah, this looks to be the eighth straight bar. Pretty remarkable. You get it all back, but we are coming into an area. A little bit of resistance. That's the area that you topped out in the middle of October with trend lower below 4,100. We're right back to that area, 4,400 right now. And again, this is an area that in August was actually the turnaround spot. So 4,400 is going to be a critical area. You break through this area, what, 4,550? Probably the next area you're heading for, which would be the highs back in September 15th on the S&Ps. All right, we talked about notes and bonds. Let's talk a little bit more your trade. So we've had a little bit of a pullback. You had 10-year yields approaching 5%. We're now at 4.56, almost half a percentage point. On the 10-year, that's going to impact the 30-year mortgage. 25 basis points, 7.61%. Mortgage applications for home purchases rose the most since June. Noticeable pullback, the biggest weekly drop in more than a year. But boy, still well off the numbers that we were at, even 6.5 to 7, right? The bottom of this chart right now is 6.5 to 7. If you ever have this chart where 0 was the bottom of the y-axis, it would look a lot different. And that's how you can really make things look differently on charts sometimes depending on where do you start the x and y-axis, right? In this case, the y-axis has started at 6. Well, the drop doesn't look too substantial, but this has the bottom of the chart sitting at 6.5. I imagine that mortgages got to get below 6.5 for there really to spur something on. Because even a 7% mortgage right now seems a little expensive because we were stuck in a range that 4% was probably the norm for an extended period of time. So 7, 8%, you go back to 5%, man, you'll see a buying spree. 7.61, pretty interesting that even on that type of a pullback, if you're looking for a house and you just got a quote when mortgage rates were approaching 8%, and then you get a quote when mortgage rates are at 7.61, and if you are looking for house folks, shop it around. There's been other articles written, the stats say it. There is a huge spread right now, a larger spread than usual in terms of where yields are and where mortgage rates are. And because of that, you have different pricing in the mortgage industry and some mortgage brokers giving better quotes than others, so shop around that mortgage. But yeah, it's probably going to make a difference if you were thinking about it. Maybe that gets you over the edge for that last payment. Maybe you drop $100 on your monthly payment, something like that depending on the house that you're buying. Second straight weekly decline in mortgage rates is the first since mid-June, modest relief for a struggling housing market is how they put it. So we'll see where we go from there, but guess what? Since then, yields have risen, right? So that's kind of the back story of that. We get a pullback to 4.61%, but if you just zoom in on an hourly, I mean, you're talking about in the last week, we just had the 10-year go from 105.29% to 108.03%, and yeah, it doesn't look like we're pulling back to that channel line just yet, but that would be a full point lower, and we'll see where we go from there. All right, what else we got going on? How about Amazon? So Amazon, getting quite an acceleration yesterday up to 143%. I mean, you talk about some volatility, man. Amazon, from their earnings, excuse me, not even two weeks ago, right? What was that Thursday night? I think they came out with their earnings. So not even two weeks ago, from 118 to 144, 143.37 is the high yesterday to be exact. Now, yesterday, possibly having to do with TV viewership, prime viewership, football viewership in particular, and it is interesting. I find myself watching that Thursday night game. I got prime.  You can pull it up on your phone very easily. And sometimes Thursday night, you know what? Winding down the night, I'll just pull up some football on prime. Why not? They're getting some good viewers. Of course, the NFL is getting some good viewers as well. Potentially this Taylor Swift effect being in there. Can't deny that one. But so Amazon trades higher yesterday, but today they got some more news. Now they're up 60 cents, possibly just with the market. But yeah, Amazon, where are they? There we are. Prime loyalty program with one medical discount.  Used to be $190.98. Used to be $190 a year. It's now $99 a year or $9 a month. They acquired one medical for almost $4 billion just over a year ago, July of 2022. And so they're juicing the prime benefits and they're trying to get you into their healthcare. And that's going to be an interesting one to see how that progresses. Yeah, so they acquired one medical. It also has pill pack, which they acquired in 2018 for $750 million. I was reading this one earlier. Yeah, they operate a network of boutique primary care practices in some parts of the US, primarily around major cities. They can access care from a doctor through the app. And they can also schedule virtual or in-person appointments at brick and mortar locations. Seems like that is where the future is going with medical, man. Even my doctor. I had just normal checkup, yearly checkup. This is going back like six months ago or something like that. And I got a blood draw and then an appointment just to go over the blood results, standard stuff. I ended up being sick that day where something happened that maybe I had to watch Tommy, called it up, said no problem. We'll just do it remote. Do it remote, logged into my computer, chatted with my doctor, could see him. I was just getting the results. The results were fine. Why not do it over and out? Amazon, getting more into that business. Stay tuned, folks. We got a lot to take a look at. We'll take a look at some of the numbers coming out after the bell for their earnings. We'll be back with our man, Kevin Hank. Stay tuned. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30-day money-back guarantee so you have nothing to risk. For all the details and to start your subscription today, visit the front page of TFNN.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. 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There's no catch or added costs when you join our community of traders. Sign up today to become a part of this educational community of traders. Just visit the front page of TFNN.com. Welcome back, folks. We have markets continuing to climb a bit in the pre-market. We get the S&Ps right now. Up by about six points, Nasdaq futures, Nasdaq 100 positive by 11, Dow positive by 52 to talk about some of the action. Let's jump over to our man, Kevin Hinks. Every trading day, folks, 12 noon eastern time from the Schwab network, fast market. With your host, Kevin Hinks, Tom White, the outstanding team. They're usually talking hypothetical trade setups, talking options and defined risk. Kevin Hinks, we got quite a streak and today we pick things up in positive territory yet again. Good morning. Good morning, Tom. Yeah, you know, we said last week when the non-farm payrolls came out and we looked to this week that there wasn't much to get in the way of this market. You know, it has room to run here and sure enough it's running. The bond auctions or the no-launches, I guess, yesterday and today will be important. $40 billion of 10-year notes. We should get that around 1 p.m. eastern time. We should get the results of that. Pretty big number. It'll certainly drive the afternoon trade and then tomorrow $24 billion in 30-year bonds. So it'll be, you know, Jerome Powell speaking this morning, but that's just the opening remarks. That shouldn't be very important at the IMF panel. He's on the panel tomorrow at 2 p.m. eastern. So that will be a little more important on the panel versus just opening remarks. But yeah, you know, Tommy, this market is certainly feeling lower yields, lower crude oil prices. A lot going on here. We talked about crude yesterday. You were talking about whether it was yields, whether it was price of crude. Today I just pulled it up. Light, sweet crude on the Thinkorswim platform down to $75 handle. Kevin, $75.86. I have it at $76.74 right now. I saw the headlines out this morning from mortgage rates down a bit to $7.61. Something like that, I believe percentage point. Seems like that seems pretty relative high. We do get a little bit of a pullback, but keeping in mind as well that we've now had yields pullback from that high. What do you think about that mortgage rate, Kevin? And I'm jumping around to housing a bit, but is there a level that you might think that pulls back to that really changes the conversation? Because people stuck at mortgages made it like 4%, right? And we're talking about a pullback from $8 to $7.6. It seems like that's a new normal, even if we get back to the 6% or 7% range and how that's impacting housing. Well, the real conversation is, what do higher rates do to new homes versus existing homes? That's kind of the divide in the road here. New homes are still doing quite well, even at these higher rates. And now that rates have come down slightly or stabilized here, mortgage gaps were up 2.5% in the composite this week. So purchases were up 3%. Refines up 1.6%. So think about that refinancing still up. Why? Because rates were higher and now they're off those highs, Tommy. So, yeah, I mean, I've always said, it's always been my theory. We are so behind in terms of supply of housing that buyers are gonna still be there. They may be waiting on the sidelines when rates spike higher, but the minute they stabilize or come down lower, that Q4 may just come rushing in, Tommy. So I think that phenomenon is still there for housing. But yeah, you're right. Existing home sales certainly being hurt by people with lower mortgage rates that don't want to sell, Tommy. Yeah, it's gonna be interesting to see how that plays out, whether we get low interest rates coming down the line and you made the point and there was an increase, man. And you look at it, it's probably a scenario where you're looking at buying a home and you don't have a home and you're looking at a payment on an 8% mortgage and then you look at it on a 7.6% mortgage and you say, I just saved myself X dollars per month and it's a substantial amount. With that in mind, Kevin, we got companies coming out with their numbers. We're nearing kind of the end of the marquee, but boy, we still got some big names. What are you guys talking about on Fast Market coming up today at 12, Kevin? Big day today like Folio doing the presentation on the only Dow stock coming out with earnings this week. That's Disney. There we go. That'll be out after the bell today. We'll also do Twilio. That comes out after the bell today as well. And then we'll look at, you know, we'll talk a little oil and we'll look at arm holdings and talk to them. So three good names today, but obviously the highlight being Disney coming out today after the bell. Can you give me a little teaser on Disney, Kevin? I have it up here on the Thinkorswim platform. About a $4.64 move priced in in either direction for the event. Not that much volatility, but we know that they have a lot going on, whether it's streaming, whether it's Iger back there, the Parks, of course. What do you think about Disney? We all know the stock price has struggled, man. I have it at $84.59 well off the highs of $200 a couple of years ago. Give us a little teaser if you can about that Disney conversation. What Bush analyst Dan Ives came out today, he thinks he's calling for Apple to buy ESPN. He thinks they'll spin off ESPN either in a majority investment. Now, I don't know. We have no idea what they're planning behind the scenes, but that was his prediction. So watch for Disney if they make any announcement about spinning off some of the television stations, spinning off ESPN, what they're going to do exactly. But yeah, you're right. This stock is basically on at or near a three-year low. I think the low is around $78. So it's trading 84.5 to start the day. So yeah, really interesting. Let's see how Bob Iger who, you know, let's face it, he's a great CEO for Disney, but he's going through some deep, deep problems at Disney. Yeah, I read one article about Iger. If you go back to actually when he was CEO and then you take it up to this point in time, the S&P actually exceeding the return, even though they've all done relatively well over that period of time. And you made the point pretty remarkable. I have it up here in the Thick Assume platform. The low during the pandemic of that spike low in March of 2020, 7907, you got to 7873. And that was when nobody could fly, nobody could go to any parks, movie theaters were closed. And still it makes it below that low. I saw some of that interview this morning with Dan Ives as well. And it was interesting. You talk about the money for ESPN and the fact that Apple getting into that MLS deal, Live Sports, and there is only one Live Sports entity right now. And it seems like that would be the case that hasn't really made it into streaming yet. Live Sports, right? But we will see. Kevin, I appreciate the time as always. I'm going to be watching Fast Market at 12 today. See what you guys have to say about Disney. I appreciate it. And we'll talk to you tomorrow. Have a great day, Tommy. You too. Folks, check it out. Fast Market every day right here on the Tiger TV from the Schwab Network. Kevin Hanks, Tom White. And it is pretty remarkable when you think about what the world was pricing in in the lows of 2020. And right now with everybody traveling, right? The park's doing excessively well. Streaming's a problem, cost or a problem. But they actually dipped below the pandemic lows and remember the fear that was happening then. And even in that moment of fear, when we didn't know what lockdowns would do, we didn't know what life was going to be like, we didn't know what the economic pullback was going to be like, we didn't know if anybody was going to have any money if they lost their jobs. Disney trades below that price level. And yeah, I think I was just talking about $30 to $40 billion potentially would be the ESPN price tag that they might push out. All speculation, okay? But you look at Disney, that represents more than 25%. I mean, you're talking about almost 30% of the value of the entire company is baked into ESPN alone. And you could even make it the case they buy the whole company, they got so much money. But really what they want is ESPN. You got Iger there that would do the negotiations. And it is interesting that live sports is nowhere in streaming. It's somewhere, okay? But ESPN in particular has made sure that they've kept the prime programming all on their TV channels because they make so much money for it. And I imagine that's about to change in the coming years. And so look for that, yeah? You know, I've gotten questions for Disney before. I have Disney retirement folks. We have nothing to the newsletter. But if you're looking for a long-term position on Disney, you can't go wrong. I think scaling it in back at the pandemic low prices of $78 to $85. You know? And can it trade lower? Damn right it can. Because look at this run that it had in 2011 of $30 up to $120. Nonetheless, stay tuned folks. We're coming back for the open. We'll be right back in three minutes. Currencies, commodities, and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe, which is why it's a great time to try out Teddy Kegstad's Tiger Forex report. 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And as Kevin put it, what gets ahead of this market, right? We have some companies with their numbers tonight, but no substantial change. And that doesn't mean that we have to dramatically trade higher. But boy, the impetus to dramatically trade lower right now is very difficult. When you think about the Fed speak that happened, we have an economy that's still at 150,000 jobs. And what you have to realize is the economy is sustaining growth at a time of restrictive policy, right? Chairman said he is sure in his mind, can't be sure, but in his mind, he's fairly certain that the policy rate that they have right now is fairly restrictive. And even in that case, we're growing. So as inflation comes down, it's going to become more and more restrictive because growth is decreasing and the interest rate they have is still at the same rate. Therefore, the gap is larger. So they have an interest rate set at almost 5.5%. And as we come down to 4% growth, 3.5% growth, 3% growth, it becomes a more restrictive policy rate because you want to match the growth with the policy rate. Ideally. So what's that going to mean is that if we sustain some form of growth, which we are, as we bring down inflation, eventually they are going to have to cut. And man, it's going to be an interesting day in the market when they figure out that Chairman Powell has it on his mind that he's looking to cut at a specific date. And that's where the market is trying to figure things out right now as we come into 2024. With this conversation, you just traded up from 4122 up to 4404 as we make highs right now with the S&P is trading up 9 points, Nasdaq 100 up by 19. Russell, you talk about Russell volatility, man. Look at where the Russell is compared to where it was August 1st. August 1st, you were at 2020. You're trading at 1731. The S&P is only 230 points off that price level. Russell, just huge laggard in a big way. Nonetheless, the S&P is up by 9. All right. What else are we going to jump to? Interesting stories out there. How about some New York City Casino action? It is amazing how the sports owners kind of built around their stadiums or what be and then capitalized on that real estate opportunity as well. And Steve Cohn, the hard rock, they have a bid for $8 billion in a casino complex right near City Field where the Met Stadium is. They're going to call it metropolitan something. I was listening to it this morning. Just interesting, man. $8 billion. So there's three casino licenses that people are businesses that are up for grabs that people can buy for. It's a 50-acre parking lot in Queens next to City Field. So much for the parking lot. That's coming down to we got an $8 billion casino coming in. In Tampa, similar thing in terms of where you are, in terms of the owner, and building out around that entire area. New York is probably nothing like tamp in that same regard, but it would make sense. And boy, that would be a heck of an area in terms of an entertainment complex with an $8 billion complex right next to where the Met's play. So not surprising to see him putting in some money there. The new gaming complex would create 15,000 permanent and construction jobs out there. And we stay on casinos. We go to Las Vegas and Caesars. Las Vegas, Caesars workers reach labor deal easing strike threats. So Caesars, they'll be back open there. Culinary workers union local, said Wednesday it reached a tentative labor pact with Caesars, laying the foundation for similar agreements with two other companies, MGM and WIN. And you actually have MGM, I believe, out with their numbers after the bell today. Jump around. MGM, we jump over to the Analyze tab. Yes, they sure are. There are today. They got about a $2.25 cent move priced in for their numbers, and the stock's been struggling, man. Let's back it up a little bit further. Pandemic lows at $6. And look at that top. Look at that double peak, right? You make a peak in 2021 at $51.17. You get 17 pennies above that price level at the beginning of this year, and then trade off to $35. So MGM out with their numbers after the bell. See how Disney's trading with their numbers after the bell. Disney basically flat. We've talked about right near the pandemic lows for Disney. All right. And let's jump around to a little bit of WeWork. So WeWork is going BK. And yeah, is this the beginning of the commercial real estate bubble kind of imploding? Because you're going to have creditors, okay? You're going to have owners. They are a large tenant, and I think they're breaking something like 75 leases at least. Let's see. They say it? I was reading a couple articles about this this morning listening to it on Bloomberg as well. Okay. So here, aside from the debt, cutting back leases is another critical part of the plan. The company expects to slash its rent payments by $654 million next year. Much of that saving comes from canceling leases in at least 105 locations in the U.S. and Canada and renegotiating rent on 58 other. So yeah, you're talking about 163 leases, and those are going to be large leases that they're going to renegotiate with landlords, with creditors, and pretty remarkable Newman walks away regardless. That was the conversation yesterday, rightfully so. And nonetheless, he walks away with hundreds of millions, if not up to almost close to a billion dollars, they go BK and they were once at 47 billion bucks. So be careful out there. All right, speaking of money, man, this one's interesting in terms of influencers. Logan Paul and KSI's Prime Drinks are set to surpass $1.2 billion in sales. Now they have sponsorship deals, which are pushing this out, so they're probably spending some big money to plow into that type of sales. Wonder how that works out in the long run. But $1.2 billion in sales for an energy drink? Is this a Prime Drinks? I'm not even familiar. Has anybody in the den heard of these Prime Drinks? I mean, I'm probably not the demographic in my 40s for these, but $1.2 billion in annual sales. I mean, you've seen it with Kardashian, with Kim, in terms of pushing out brands, and it's pretty remarkable. But they have arrangements with the UFC, Major League Baseball's L.A. Dodgers, Arsenal, the soccer club. Nonetheless, remarkable what you can do with social media following these days. Okay, let's jump back to the market. We'll take a look at some of the other equities moving this morning. You got Rivian out with their numbers. And check it out, man. They were strong numbers, and they give it all back. That is a tough one. Rivian, let's pull the headline over for Rivian. Hold on. Where are they? I'm up here.  Okay, I'll find Rivian later in the program. We're going to be coming back, talking to our man, Teddy Kegsack, coming up after the next break. But they had strong production gains. Looks like that's not going to cut it, man. Look at that fall-off. And Rivian, of course. I mean, imagine they almost got we work out to the public, right? They almost got it out. If Newman had just been a little bit more constrained, and he did okay, but probably made a few more concessions, right? Giving up a few more board seats or something like that. They might have actually got that out to the public. They didn't. And it's gone BK within two or three years. Rivian, they got it out to the public. Traded up to 180, and even this morning, 1741 for Rivian. Remember that. They were pre-revenue valued at like $100 billion, $200 billion, bonkers. All right, folks, stay tuned. We're coming back with our man, Teddy Kegsack. We'll be talking some currencies. We'll be talking some crude. How about that pullback in crude recently? Dollar index this morning. Up about 15 pennies at 105.69. That crude contract, 76.71. We'll talk about yields. We'll talk some currencies. We'll talk some commodities. Take a look at the yen as well. Stay tuned, folks. We'll be right back with Teddy. The Tiger's Den. Hosted at Discord. TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours. And now they are expanding their reach with the Tiger's Den. Available to all tigers and tigers for just $1 for the year. There's no cash or added costs when you join our community of traders. In the Tiger's Den, you can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas, interact with other tigers and tigers as they share trading ideas, news analysis, and discuss the market action all trading day, even at night and on the weekends. 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Back folks, we've got markets holding on to gain so far with the S&P up by about eight points, trading at 4403. We've got the dollar index right now, DXY, up about 15 pennies at 105.69 to talk about some of that 4X action. Let's jump over to our man, Teddy Kegsat. Folks, you can check out Teddy's Tiger 4X report every Monday with new issues, updates throughout the week when warranted. Head on over to the front page of TFNN right under the newsletter tab. You'll find that he's got a couple of great courses under the services tab as well, talking about webinars that you can access. But let's jump into that dollar index and some currencies. Teddy Kegsat, good morning. Good morning, Tommy. So I always love reading your letter on Monday's man and I was, you lead it off usually with the dollar index. So maybe if we can lead off with the dollar index, we're kind of in a little bit of a chop here off the prior levels, but 105.68. What do you think about the dollar? Maybe we can start there. Sure, sure. We can start with the dollar index. Now, one thing you got to think about is what's gone on with the Fed meeting recently. Okay, so the reaction I think that we're getting from the markets is interesting. However, I don't buy the fact that we're picking a top in yields right now. I think that's what the media is doing and the consensus is doing. And I don't like to try and pick a top or a bottom, especially in something like the stock and like the SMPs or the bond market on such a heavy trend that we're experiencing. And I think the dollar index, you have to realize that we're coming off a lower move high and we made a lower move low, you know, on Friday. You know, so I mean, right now we're in a short-term correction with the dollar index. I still think that we could probably probe support a little bit more. And I have three trade setups that kind of are going with that, which would mean that we'll probably see the dollar index test support over the next few sessions. Now, are we going to go very far? Well, you got to realize the dollar index has been on a terror for the past, like, you know, four or five months.  It's just healthy. So yeah, I'm a little bit bearish to dollar and if you would like to talk about the yen, the euro and the pound, I got some trade setups that would kind of reinforce that view if you'd like to go over those. Let's do it. Where do you want to start? Okay, well, I think I don't know if you can pull up a euro-US dollar chart. Sure. Okay, so if you pull that up on the daily, okay, you'll notice that we made a new high on Monday and we've had relatively just a little bit lower of a trade going into today. I think that today's bottom is very critical and sometime between today's trading right now, going into tomorrow's close, if we can take out the high from Monday, that would be a nice indication that we could probably see the euro-US dollar get a move of probably up into that 108 pushing 109 handle. Okay, now that would put pressure on the dollar index, okay, if this was to occur. Now, this trade is forming. That's saying to buy into this break right now, you need a confirmation of tomorrow. If tomorrow we get, take out the high from Monday, then I think you have a very good indication that you're going to catch a nice rally that will trade into Friday and into next week, okay? Now, if you can pull up a British pound US dollar chart, that's also setting up in a very similar pattern, okay? So if you see how we made that high on Monday with the low that we're coming off of today, if that holds and if we can trade high or up towards that high or take it out, you know, somewhere between today and tomorrow's close, once again, you're going to have that bullish situation which will weigh on the dollar index because these are two heavyweights in the dollar index, okay? So if they both break out to the upside, I could see the pound pushed at 125.94 up to maybe even 127.32. Remember, the pound can give you more bang for your buck on volatility, especially when it starts to spike into an area, or trend, it's starting to trend. So I'm not saying that we're extending a trend, you know, but I think there's a possibility to probe that because the situation is brewing right now, okay? But once again, I wouldn't say to try and buy into it right now, wait for confirmation tomorrow and then jump on the trend then. And here's the kicker that I think will really, really touch this off, okay? And I know you like talking about the yen because of its influence on the gold and other markets. Now, if you look at the US dollar yen chart on a daily basis, they've been rallying off of a nice higher move low. However, if you look at that higher move low and the last low before that, you have kind of a head and shoulders forming. So if you take the low from last week and the low was at, I think the low was on October 30th, okay? And then we have the second low, which was November 3rd, okay? Those two lows there are your neckline. If you draw a neckline from there, if that gets taken out over the next few sessions, which would coincide with the euro US dollar and the pound US dollar going up, the dollar index should take its support. You have a nice little slide there and all three of these currencies could give you a nice move. So the yen you could see probably retraced back to that 148 even. So even 147, 250, something like that, 147, 300 area. So you're looking at some nice trades that you can get on for a few days for sure. Those are great, man. I appreciate you walking us through them. Three great trades. And what kind of room do you give yourself on a trade like that, Teddy, in a currency trade like this? You know, let's just say even the yen we're at 150.83, so you'd be looking for maybe a pullback to the 149 area or 149. What's the low? 149.18 is the low of November 3rd. And if you're making a trade there looking for lower price there, what kind of a stop do you try and give yourself? What do you think about that for people who are not currency? That's a great question. So let's take the US dollar yen trade on that. So my point would be, so the low was a price point. It's 149.18. So if you were to sell it, let's say you had a stop in to get in the market 149.17 or 15 or something like that to give yourself a room to confirm the low. If you take that out, I would use pretty much the swing high which would be probably set today. So that would be probably around 151. So there's a little bit of a gap there. It's not like a cheap trade. However, if you're looking at what you're looking to make on it, you're looking to make every bit of two to one ratio. And potentially, if the dollar index gets hammered, let's say that I'm right on these trade setups on just a currency basis. But what if the yield curve actually starts to fall apart and they start to pull back strong that reinforces that trade? Well then, and we even have lower oil prices, that could give the yen, you could get it down to 145.09 and that could happen within a period of three to five trading sessions. So then you're looking at three to four times your risk-reward ratio right there, which I think is a tremendous type of opportunity for this situation because it's reinforced by other currencies. I always say that the best indicators of the markets are other indicators. I have a lot of friends, why don't you use this or look at this and look at that. I'm like, is there all lagging for the most part and price discovery is not the same as indicators, what they give you when it comes to gauging over, bought, oversold and what have you. But one thing that's pretty pure at any given moment is what's going on with another market. And if you use other markets as the indicators, that's when you get your strongest reinforcement for trades. I love it, man. I appreciate three trades. Everybody likes concise info, no floating around it. You got price action, you got a stop, and you got to love clarity in terms of where your price level is when you have your stop, where you think you're going to get in for momentum, and you have a trading plan, and sometimes it works, sometimes it doesn't, but at least you have clarity as opposed to getting in a trade where you're not quite sure what the level is, so that's what I like about how you set those up. And folks, we archive every segment we do, every interview we do, so you had so much great information, Teddy. If anybody wants to check it out, write on our YouTube channel to search and check that out. And don't forget about the Tiger Forex Report, folks. You just heard that was a great segment, Teddy. Thanks for putting that together. Thanks, Tommy. I appreciate it. We'll talk to you next week. Sounds good. Take care. Folks, check it out. The Tiger Forex Report right under the newsletter tab. Three great trades, and I like that clarity. We'll be back to finish up the program, folks. Stay tuned. The Gold Report. As a precious metal, gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market, the U.S. futures market, and the Shanghai Gold Exchange. The Gold Report. Tom O'Brien publishes his weekly Gold Report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, The Dollar, Bonds, The South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. The Gold Report. New subscribers get a 30-day money back guarantee so you have nothing to risk. Subscribe to Tom O'Brien's Gold Report newsletter now at TFNN.com You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. After all, it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts. You might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks, and commodities, subscribe to the Opening Call newsletter at TFNN.com The Opening Call newsletter is written by Basil Chapman, creator of the trading methodology known as The Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices.  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. 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TFNN.com Educating Investors Watch Tiger TV Back folks, we've got the S&Ps up by 10 points. That's almost a quarter percent right now, turning it 4406. We're coming into a natural area right now, 4400, a nice round number. That's the area that we topped out on October. That's the area that you bottomed out at from August 17th to basically August 25th and you back it up even a little bit further and you can see the chart that we had around 4400 when you go back to June of this year as well. That's a daily chart we're looking at right now. So 4400, a critical area in terms of our first brief pullback, an area of June you accelerated higher from. That's your pullback in August. That's the area that you chopped around at in October, most importantly probably. The probabilities of streaks are very difficult and we're coming into the 7th or 8th straight day. We got quite a shift here from the chairman. Follow that up from a somewhat Goldilocks jobs scenario for the month of October. So don't think that the market might not be getting ahead of itself when it just gained almost 300 points. I mean you're talking about what's 4406 minus 4122. That's 284 S&P points which is about almost a 7% pop from the lows. Yeah, pretty remarkable. 7% pop from October 27th. So there is some optimism priced in here. Remember Disney earnings after the bell. Let's see how they're trading up about 30% to check in on Amazon after their strong day yesterday. You check in on the big dogs. Apple. Man, this stock is so strong. Apple up by 810th percent right now. You jump over to Microsoft speaking of strong. Up by 610th percent Microsoft is going to make all-time highs, man. Watch out. How about Google? Up by about 210ths, NVIDIA, the poster boy for AI up 1.4% right now and we jump over to Tesla. Why not Tesla off about 310th percent S&P's trading up by 12 points basically session highs right now 44.07 the highs back in October will end the program 44.30 so only about 23 points away from that actual spike high. Folks, thanks so much for starting your trading day right here at TFNN. Stay tuned. Basil Chapman he's coming up next right now. Live with the Tiger Technicians Hour. I look forward to talking to you tomorrow. Have a great day. Basil's up next folks. Have a great one.


So guys, I am back with another Halo Infinite video and today I've bring you the location of all 5 weapon coltings you can find within the campaign but then use within that multiplayer side of the game to show off your collectables. How's it going guys, my name is DPJ and if you did enjoy the video leaving a like really helps out and if you'd like to see more, be sure to subscribe. Also guys, I am running yet another weekly game giveaway. To enter this giveaway, simple, drop a like on the video, make sure you are subbed, leave a comment down below. That's very important and the more of my Halo videos you support me on, the more of a chance you have of winning because I pick a winner from the comment section of my Halo video. So good luck with that. Also guys, if you have an air vehicle, it will make things a lot easier for yourself because travelling from one place to another in an air vehicle just makes things a lot easier. Now if you ain't a level 2600 in that valla, you can't spawn in a wasp at the 5 stations but there is a place on the map you can come to, to grab an air vehicle, just be careful when you are here. So on the map right here as you can see me at, you will have to scale up to this with your grapple hook but once you are up here guys, take out the surrounding enemies and 9 times out of 10 there's either a couple of benches up here or a wasp, it is that simple. So I hope that helps you out. So on screen now you'll see the locations to 5 weapon skins, the war master weapon skins, the war master prize weapon skins or weapon coatings however you want to describe them. But yes I'll leave you to watch the video guys and if you enjoy leaving a like really helps me out. If you guys want to see more Halo be sure to subscribe and hopefully people I will see you on that next one. How's it going guys? My name is DPJ and if you do enjoy the video leaving a like really helps out and if you like what you see and want to see more be sure to subscribe. Also guys I'm running yet another weekly game giveaway. To enter this giveaway simple drop a like on the video make sure you are subbed leave a comment down below that's very important and the more of my halo videos you support me on the more of a chance you have a winning because I pick a winner from the comment section of my halo videos so good luck with that. Also guys if you have an air vehicle it will make things a lot easier for yourself because travelling from one place to another in an air vehicle just makes things a lot easier. Now if you're in a level 2600 in that villa you can't spawn in a wasp at the fob stations but there is a place on the map you can come to to grab an air vehicle just be careful when you are here. So on the map right here as you can see me at you will have to scale up to this with your grapple hook but once you are up here guys take out the surrounding enemies and nine times out of ten is either a couple of benches up here or a wasp it is that simple so I hope that helps you out. So on screen now you'll see the locations to five weapon skins the war master weapon skins the war master prize weapon skins all weapon coatings however you want to describe them but yes I'll leave you to watch a video guys and if you enjoy it leaving a like really helps me out if you guys want to see more halo be sure to subscribe and hopefully people I will see you on that next one


The clear and present danger of disinformation is our conversation here this afternoon. It follows a session just now about disrupting distrust, and of course, those are connected. So I hope that's where we can start. I'm Brian Stelter, formerly of CNN, now a fellow at Harvard University. Let me briefly introduce our panelists. And since we're being live-streamed, a reminder that the hashtag is WEF23, we can try to put some real information out into the world to make up for all the crazy. I mean, first with me, Vera Joravon, the VP for Values and Transparency for the European Commission. Next to her, Congressman Seth Moulton from the U.S. State of Massachusetts, the Sixth District, Democratic Congressman, Moulton, welcome. Jeannie Bergo next to him, the president and CEO of Inter News. Jeannie, welcome. Thank you. And A.G. Solzberger, the chairman and publisher of the New York Times, welcome. I think we should start with you, A.G., talk from the newsroom and the news publishing perspective, and then we'll work our way toward some of the political parts of the conversation. How does this discussion of disinformation relate to everything else happening here today in Davos? Well, first, thanks for having me as part of this conversation. As you can imagine, this is something I really care deeply about. So I think if you look at this question of disinformation, I think it maps basically to every other major challenge that we are grappling with this society, and particularly the most existential among them. So disinformation in the broader set of misinformation, conspiracy, propaganda, clickbait, you know, the broader mix of bad information that's corrupting the information ecosystem. Disinformation attacks is trust. And once you see trust decline, what you then see is societies start to fracture. And so you see people fracture along tribal lines, and that immediately undermines pluralism. And the undermining of pluralism is probably the most dangerous thing that can happen to a democracy. So I really, I think if you're spending this week thinking about the health of democracies and democratic erosion, I think it's really important to work your way back up to where this starts. And in terms of fake news and then disinformation, it was popularized six years ago at this point. Where are we today versus then? What do you mean, where are we today versus then? So this was a hot, popular topic. There was an awakening about it. The social networks fell pressure. But now where are we? And the same question for Jeannie. But where are we today? Oh, I see. Yeah. It's a great, and to be clear, actually, terms like fake news and enemies of the people have been popularized cyclically in society and in some of the most repressive and dangerous moments, Nazi Germany, Stalinist Russia. So I think anytime we're hearing language like that applied to a free press or more broadly free expression, I think we should be really worried. Look, I think that there's no doubt that society seems to have at some level accepted how much the information ecosystem has been poisoned. And I think it's going to require real sustained effort from the platforms, from political leaders, from business leaders, and from consumers themselves to reject that. Jeannie, how do you see this, especially thinking about it from different countries that internews helps make sure the news is being produced in? Yeah, I think sort of the traditional view of missing disinformation. We often think of sort of the information warfare and we're looking at the Ukraine crisis where it's been devastating and even looking at the arc of time at the beginning of the Ukraine crisis in 2014, the Russian disinformation was trying to sow confusion in Ukraine and now we see the Russian disinformation machine really sowing a single line inside of Russia for this continuation of the war. But it seemed very much like a great, almost like a great power struggle that was happening. I think the big trend for us that we're seeing and we work with news organizations in a hundred countries around the world trying to support their work because we believe in healthy information environments being so critical to solving the world's problems and the community's problems and the country's problems. So the big change that we've seen is really the insidiousness of the multiple levels and layers in which missing disinformation is being used. I was just in the Philippines in September and like literally every level of government, private business, you know, the civil society, it's just everywhere.  And so the solutions are going to be slightly more complicated. But you'd agree with A.G.'s perspective that at some level it's been accepted, a certain amount of this pollution. I do agree with that. And I think we've always had pollution in the information environment. So but it is really, really bad right now for sure. I also feel like there's at some level. I mean, when we turn to solutions, people are also getting used to navigating it a little bit better again in the Philippines. Here's just, you know, unbelievably complicated information environment. And yet people were able to find the information they needed. They knew where they trusted and they were starting to navigate it interestingly, sort of differently. And so I'm a little bit rose-colored glasses sometimes. I'm accused of that. And in this case, I can see some glimmers of hope. Good. You mentioned solutions, Congressman. Can you give us the solutions? No. I think it's really tough. And honestly, this is an issue that affects my job profoundly. I think it's gotten a lot worse in just the last few years. We have a lot of big problems that we have to solve in America. But you take a problem like immigration, where you need to have Democrats and Republicans come together, conservatives and liberals, to have comprehensive immigration reform, to do things that conservatives want, like securing the border, but do things that liberals want, like making sure we have a pathway to citizenship for the immigrants who come here. And if you can't agree on the basic facts, you can't agree on how many people are crossing the border. You can't agree on whether a wall makes sense or whether we should strengthen border security at the checkpoints. That's a simple fact that dictates where a lot of funding that Congress could spend on this problem actually goes. And if you can't have that honest conversation with your colleagues, it's a real problem. And I noticed in the Congress a marked change after Donald Trump came to power and proved that lying works. He proved to especially a lot of his Republican colleagues that this actually this is pretty good. And all these Republicans who disdain Donald Trump and there are a lot of public examples of people like Lindsey Graham who said the most demeaning thing is about Donald Trump and then jumped on his bandwagon. Part of jumping on his bandwagon was buying into this game that you could just lie and not only could you get away with it, but it might actually help your career. When you're confronted by those lies, what do you do personally or professionally? What do you find are the appropriate responses? You know, you try to have you try to have a conversation. But I remember this this instance.  You don't try to ignore the try not to try not to. But I remember having a conversation with a conservative colleague from Southern part of the United States. And we were debating one of these one of these issues. And I won't go into the details and I don't remember every one of them. But he said something to me that just was late, blatantly untrue. And and I said, well, that's not true. I mean, I read this in the news this morning and he said, well, where did you read it? And I said, well, it was in the New York Times. And so we just scoffed and said, well, that's not that's not true. Let me talk to him. Do you have thoughts about that dynamic both in the U.S. and abroad? It's not necessarily new, but it's not getting better. The fake news distrust of any established brand and especially a brand like yours. I mean, look, I think for I think it's a different challenge domestically and internationally, right? So so domestically, you know, I think the most important thing that that independent media organizations can do is to hold their ground and and hold on to their principles, right? And so for us, that means treating, you know, independence, you know, and following the facts wherever they lead as a North Star, you know, and and when the facts lead somewhere ambiguous, it means conveying that ambiguity or the debate around it fairly and in fully. So, you know, I really do think that that is the the the path. And I think there's a giant segment of America that wants that. Internationally, you know, it is it's a more complicated picture and and it's it's why the anti-press rhetoric of a country that has been synonymous with, you know, you know, upholding and defending a free press is so dangerous. Is that most countries have far less of a tradition of tolerating a free press and free expression. You know this better than anyone.  So so I, you know, I see the bigger challenge on the international stage. International. There, do you see what role do you see for government in this conversation? Your portfolio includes mis and disinformation, as well as digital privacy and security and the the the relationship between consumers and tick tock, for example. So how do you see the world government here? Yeah, I will correct you or not correct you. Sorry, I would. Please, but I session about accuracy. I don't like to hear about consumers. I love consumers. Yeah, they are so close to my heart and stomach, but citizens. It's citizens. It's something else. You feel the difference. That's why we introduced this special regulation for political advertising. Strict rules for selling politicians from selling the shoes or furniture. Yeah, so I started from from from the end, what I wanted to speak about. Of course, I am I'm European legislator and we are working on legislation together with 27 member states with very different history and different instincts in the society. And we have countries which experience censorship like mine. I come from Prague from Czech Republic. We have countries which experienced Russian occupation like my country again. We have countries which which simply have different history and different different traditions and to legislate on how digital space should look like. It's pretty daring exercise because we must come with the rules which will not be abused. And I will come to that if you give me two more minutes. When I come to the United States, I was in Congress many times and I spoke to American think tanks also with the journalist I was in New York Times. The basic question I hear from Americans on how we are going to deal with the disinformation online is will you order removals removing of content from online? It's it's so simplified. And I am I am almost shouting, of course, not because this is not the way how to do that. We try to do in fact, three things to make sure that the disinformers do not find the feeding ground the society which is willing to get brainwashed. And here again, different traditions, different instincts, different sensitivities. So, for instance, the Russian propaganda was so bloody strong in the center and Eastern European countries because there were some sentiments in in the society already before the invasion to Ukraine. So the feeding ground, which means that our society, our people should get more resilient. It should be done through education, through the work of professional media. I had in New York Times, when I was there three years ago, the question, how did you increase your readership? I heard from some of your colleagues because the people became more hungry for the truth. So, but this is a long distance goal. The second, maybe I will I will surprise you, a better strategy communication from us who are the representatives of democratic governments. Aren't we lazy? Aren't we just too self-confident that the people will find the truth somehow? We should be more intensive in delivering just worthy facts and information for the people.  They and they have the right for transversy and reliable information from those who voted for and also do the pre-banking. When you look back at the disinformation campaigns, they are primitive as for the content. It was possible to predict. So why didn't we do more to prepare the people for that? Only the third thing is the regulation. And indeed, Europe started to regulate. First of all, the Digital Services Act says the content which is illegal offline has to be treated as illegal online. So here it comes.  What's the rest? Oh, there is it's enough. No, isn't it? Insignment of violence. It's another category. Disinformation. Well, it's in most of the cases, it's not illegal content. So we should be suddenly say that for online space, disinformation is illegal. And this is exactly what I mentioned at the beginning, that we must come with the rules which will not be abused. So what I heard from the people working for Facebook in the board gaining or getting the complaints and the request for removals, 90 percent of the requests are coming from governments. So the elected politicians mark as disinformation something which is uncomfortable. Yes, so let's be aware of that. So that's why we created pretty difficult, complicated system. The code of practice against disinformation where nobody is the arbiter of the truth. We invited the of course, the platforms, the advertising industry the fact checkers, professional media. It's a very broad exercise where I believe we might find some some good good results also, also in relation to the better resilience of the people because this code of practice is also covering this this part. Sorry I was wrong, but you see how full I am of it. I hope you're just getting started. Your point about, you know, uncomfortable truths being mislabeled as disinformation sticks with me.  This is a complicated term and there's so much between a clear, verifiable fact and a clear, verifiable lie. There's so much in between. And so that's why you're saying the rules have to be set up in a way not to be abused. Congressman, should we learn in the U.S. something from the structures that the Europeans have adopted? Well, look, I think in general the U.S. has a lot to learn in terms of data regulation, internet regulation. I mean, you're way ahead of us in that regard. But we believe very strongly in free speech. I believe very strongly in free speech. And I think there is a healthy concern in the United States that the EU might be going a little too far. So I mean, I think you look at this from both perspectives. Yes, they're ahead of us and they're doing some smart things that I know when I use the internet in Europe and I get all the warnings about cookies and whatnot, that actually makes me feel safer. That makes me feel better. And a lot of American consumers want that level of security on the internet for your own data privacy and whatnot. But we also have a healthy concern that, you know, we're not going to be censored. And that's the world that we live in. I don't think anyone in America, well, I don't think lawmakers in America want to give up on the fundamental principle of free speech. And we're very careful about that. But haven't we seen many Democrats in the last six years pressuring Facebook and Twitter and now TikTok to be stronger in content moderation? Hasn't that been a wave that we've seen crash over for years now? Well, I think this is the question of, you know, I mean, ultimately what we're trying to achieve there is some measure of public safety, right? We're not, I mean, sure, there are some politicians who are going to go out and just get angry at Facebook if they see things that are mean. I'm quite used to reading mean things about me on the internet. It's just, for a while when I started, I used to screenshot them. So I would just sort of get comfortable with the most heinous things people would say. So it was to sort of inoculate myself to the issue. That's a reality for being in public life today. It's very much more in your face than it was 30, 50, 100 years ago, but I think it's always been a reality. The difference is when, you know, I have a constituency that I'm trying to keep healthy and I can't get them to take a COVID vaccine because of misinformation that's propagated on the internet. And that's where this becomes a much tougher, more difficult, but also just a bigger concern. How do you counsel, Jeannie? How do you counsel journalists in this environment? I'll tell you a brief, funny, maybe not funny story. So I leave CNN and there's a crazy website that posts an article saying I was arrested by military police. And then I have a fact checking email and I don't know whether to reply to the fact checker and bother with this, right? Same website a month later says I've been executed at Guantanamo Bay. So the fact checker emails me again and I say, well, do you want to take my pulse? How do I disprove that I wasn't executed? And so to me, that is amusing and ridiculous. To other journalists, it might be really disturbing and it might be worrisome to them. And sometimes I might fall in that category too. What do you tell journalists? How do you counsel them about being in this environment? That doesn't strike me as a funny story. Okay, all right, not a funny story. Hey, I'm alive and well. Which I'm very glad, it actually raises, I mean, if we think about some of the trends in disinformation, one of the most worrisome is gendered disinformation. The fact that those types of stories hit women so much worse, women politicians. And it's just proven across the board that women online get harassed and online harassment becomes offline harassment very, very quickly. And so gendered disinformation is one of those trends that is to me one of the most terrifying out there. So I wanna sort of circle back to the comment about should the platforms be held accountable for part of this? They should be and you're exactly right. It's the accountability is about keeping people safe and gendered disinformation can be very unsafe for a lot of people. And so I think that's where we wanna go with it. I, you know, the platforms when it comes to content moderation do have a responsibility for trying to keep people safer and they can do more. And again, it's worse in the rest of the world. You know, the genocide in Myanmar of the Rohingya was clearly based on very poor platform moderation. And we put civil society organizations like mine put a lot of pressure on the platforms and there is responsiveness. I mean, in Myanmar to get Facebook to hire people that could speak the local language and do a little bit more. I mean, but it just isn't sufficient given the resources and given the incredible impact they have on the information environment. So that's one of the areas. I wanna just say another sort of solution because I find the policy one as an American. I also find it, I struggle with it a little bit but I think there are some really interesting elements to policy work and not just in the information landscape but also on election law and different laws that you can sort of get more clear about and as you said, sort of political candidates should be held up to a different sort of standard. I also think what's really interesting for this group in fact is that there are industry players who have an impact as well. The advertising industry has a huge impact on this and one of the ways we miss disinformation and misinformation sells. A lot of it starts out as market driven. We remember that with the election. That's the ridiculous story about me is just an ad play. It is. It's like great to get this groovy crazy news out there, right? I mean that's not good for the ad industry in the long run and we're finding more openness in conversations in places like this to advertisers and brands who say, you know what, we're done with that and so we're trying to encourage them like, hey, let's go back to the old school. Let's invest in local good content, good information supporting what AG was talking about and making sure that's where your ad dollars go to both help democracy and then hopefully save media in the same time. And just one other quick comment on this which I completely agree with what you're saying and this concept of preserving public safety even under the banner of free speech is actually something that we've accepted for a long time.  One of the most amazing experiences of my life was as a young lieutenant in Iraq. I was, there wasn't a great plan after the invasion. Maybe that's now been accepted. I was assigned to work not with the fire department or the police department like some of my colleagues but with the Iraqi media. And it was my job as a 23 year old to teach them the principles of a free press to get this media that had only laid things for the Ministry of Information and Baghdad to actually learn how to report the news. There was a lot of concern from the Iraqis, many of whom they were working with us because they liked what we were doing and overthrowing Saddam. They look, we don't want this to go badly. So they wanted to have a lot of propaganda. That was very supportive of us. But I said, no, no, and I found myself giving these civics lessons that I hadn't had for 10 or 15 years in explaining principles like this about a free press. And I think sometimes we forget that we have these norms established for traditional media that we've accepted for a long time. And we're just having trouble translating those to the social media world. Translated them, right. A question for AG, but let's open it up to everybody which is about that social media world and this next generation of technology. Generative AI is one of the hot topics here this week. Everyone's heard about chat GPT. AG, have you thought about how that's gonna affect the New York Times and affect the news industry? I'm sure there are like literally 1,000 people at Davos right now that have a smarter take on chat GPT than I do. But I do think that it's squarely, it's gonna make the disinformation problem and the bad information problem worse, right. Again, a lot of this won't be information that's like created with the intent to mislead. But based on everything I've read, I suspect we're gonna see just huge amounts of content. Content, right. That is produced, none of which is particularly verified. The origins of which aren't particularly clear. And that's even before we start getting into like deep fake technology, right. So I think we are getting to a point where tools are gonna make it harder and harder to solve this problem or make the problem worse and worse. And I think that we're gonna have to go back to first principles, which is, if you don't want bad information, you need to crowd it out with good information. And Brian, you know as well as anyone that local journalism in the United States and around the world is in crisis. And I think it is not a coincidence at all, that the flood of these other things, propaganda, conspiracy, clickbait, all came in as the journalism ecosystem that had been a trusted sort of guardian of these high ideals was at its weakest. So I think we both need to address the misinformation crisis, but we also need to rebuild an ecosystem that is weaker than ever. Other thoughts on where we're going with AI? In these conversations? Have I missed the topic on media? What's that? You discussed the media and I... Well, I mean, I share a G-sphere of if most of the content on the internet is written by computers with no regard for what is true, then we're gonna be drowning in a way that we're not even drowning right now. Then we will fully disregard the value of the truth. But I do think there's a real market for... Nobody will believe anything. Sorry. No, no. I just think there is a real market for the truth. There's a real demand out there as the New York Times has said about why you were able to increase subscriptions or as a hunger for the truth. And if you were to tell me as... If I were an investor at Davos and you said you can either own chat GBT and sell that across the world or you can own a platform that will tell the world if something is written by chat GBT or another AI, I think it's easy to imagine that the market, the demand, every teacher in America would immediately wanna buy that AI, whatever it is, that can identify chat GBT. Now, there are a lot of students who would like to buy chat GBT, but I would argue that the market would be even bigger for the machine that can tell, that can identify disinformation than for the machine that makes it easier to write your fourth grade history paper. The verification layer, right? I just wanna dump on that. The crisis with news, which is in the same crisis zone and it is the collapse of the news industry. Newspapers decimated across the United States and not able to expand around the world. I mean, there's a couple of things that you look at and then at the same time, the disinformation is the trust in news is eroding completely the 801 trust barometer shows that every year, how news is way down here when it comes to trusted institutions. So the question is, how do you both rebuild media but also rebuild trusted media? And there's a few things that we were talking about it earlier.  And we're finding a real growth in trust in news when it comes to local news. I mean, the closer to home it is, the harder it is to lie, the closer to home it is, the more directly relevant it is to your life and the more you turn to a local newspaper and say, okay, I need this. And so that again, feels like a building block for building trust when it comes to news organizations around the world. Questions from the audience, we have about 15 minutes and we have microphones around to pick up your question for the live stream as a hand here in the back. If we can bring a microphone up for you and then one up here in the second row. Hi, thank you very much for that. Have we done enough to make the truth as attractive as the lies which work with our confirmation biases that we want to read because those lies happen to reinforce beliefs that we have anyway? Have we as a community made the truth attractive and compelling enough? And so may I? Please. I like these philosophical questions. No, I think that we have sufficient data which show that a lie sells much better than the truth. And if we do not stop that then the algorithms will simply work in the direction of better business and better profit. And that's behind our rules in Europe that we wanted to stop this trend. We after having the data showing that it sells so well and it flies seven times quicker than the gray boring truth, we started to discuss this under the concept of the code of practice against this information. And here we have the biggest representatives of the European advertising industry which confirmed that they will not monetize or help with their money those who spread this information. And in other words that together we might make the business of spreading and producing this information much less successful financially. So that's behind also the concept of the code of practice. One sentence on AI or two sentences. We have long lasting discussion with the platforms how to use the artificial intelligence in detecting illegal and harmful content. And we were never very much fond of seeing that to be broadly used because just count with me. Yes, for child pornography. Yes, it could be for the detection when it comes to images, when it comes to texts which is much more sophisticated. Well, they have to work with the language. So I don't think the AI is still, is already mature enough to be able to disclose but this is just a matter of time for hate speech. Well, we need the people who understand the language and the case law in the country because what qualifies as hate speech as illegal hate speech, which you will have soon also in US. I think that we have a strong reason why we have this in the criminal law. We need the platforms to simply work with the language and to identify such cases. The AI would be too dangerous to do that. Where I see the usage of AI useful for detection is when the AI discovers AI production. Here I speak mainly about the bots and the production of this information, especially from the St. Petersburg troll factory. There was a lot of it. And here I have the answer to those who always shouted that we are censoring and we are not protecting freedom of speech. The protection of freedom of speech belongs to those who are real persons. Here the lawyer speaks. Let's take good old legal traditions. And let's look at whose freedom of speech should be truly protected. It's not the robot. Not the robot. Yeah, so that's the concept. And it's very much behind everything we do that we look at the old good law, which the society is used to and apply it to the online space. Was also striking as the Elon Musk of all people defending the idea of freedom of speech, but not freedom of reach recently with the algorithms that you were gonna add. Well, I just wanted to add one thing, perhaps an unpopular thing to that thoughtful question. Good. About making the truth as compelling as the lies. And I think we need to accept that we may not be able to make the truth as compelling as lies. And for example, I still think it's a more compelling story that you are in Guantanamo. Yes, it is, isn't it? Then that you hosted a panel on disinformation at Davos, right? And I think it was objectively a more compelling story. You should see the comments, Fred. They're having a blast talking about it, yeah. But which story is more valuable? Like the lie is only valuable to the liar, right? In that case, it was valuable because he benefited from advertising, right? A few sense of ads, right? Same with the politician, right?  The truth is valuable to the public. And I think we need to shift from just trying to make the truth just as compelling as possible, which I actually think creates perverse incentives, carries some perverse incentives, and actually just try to make it as useful as possible. Let me say instead of compelling or sexy, how about just as accessible as the lie? Great example this week, again, maybe fun, maybe not a fun example here at WEF. Right-wing Twitters saying that Klaus Schwab decided to back out of the conference and not attend due to health reasons. So I'm scrolling through Twitter reading this while Klaus is on stage. And I'm thinking, it does a photo of him, a live photo count as a debunking of this lie. But you're right, that lie only benefits the liars. It does not help anyone else. But we need the truth, in that case, the truth of what Klaus was doing on stage to be as accessible as the lie. And that's definitely a challenge. If I may, on behalf of politicians, what's really varying trend is that to be caught lying. It's not disqualifying moment anymore. It's the congressman, yeah, right. For the politician. And I think that, here again, maybe the citizens should be more demanding and to look into what they promise in the campaigns.  This is typical for populists. And then those who are lying in the campaign are normally lying when they get the power, yeah? Do we want it? So, yeah. But I thought it was striking congressman that you brought that up right away with regards to 2016 and Trump showing that lying works. Has that only become more true in the last six years? Do you see evidence that it's less true, hopefully, now? Or does Congressman Santos just reaffirm it? Well, I mean, Congressman Santos is a hopefully extreme case. Hopefully. This, I hope you don't know anything about him, but he's elected. No, it had a lot of laughs, so it's, yeah. Probably do. And look, he actually presents a real danger to our congress, not just to our reputation, but to our national security. If the speaker gives him access to committee information. If he sits on the armed services committee and gets classified briefings, that he could turn around and sell to Brazil because Brazil wants to extradite him. I mean, this is a real threat that we now have sitting in congress and he's not being expelled because he voted for McCarthy. I think that there is a bit of learning that's coming from the, at least for right now, sort of downfall of Trump. And there are definitely some people who I think are reassessing the allegiance that they've had to this type of politics. But, you know, my comments earlier made it sound like this is just a problem on the right. I think that there's some good evidence, at least in U.S. politics, that it's more of a problem on the right, but it happens on our side too. It happens on our side too. And I don't think it's gonna go away anytime soon. What do you do as a Democrat to hold your own side accountable then? Well, I mean, one of the solutions here is that leadership matters. And you're right. I mean, I hope that the citizenry holds us more accountable. I'm trying to take this gamble on being a truth telling politician and hoping that that works for me. But I hope, so I hope the citizenry buys into that, right? But it's also up to leaders to just realize that, you know, if you wanna be a good leader and you wanna do the right thing for your country, you're gonna have to adhere to some principles that might not always be in your immediate self-interest. Then the question is whether the truth can still be winning the elections. No, that is a question. That is a question. And you can point to examples where it hasn't worked. Trump, Santos, prominent among them. But then you can also point to examples where we've had real truth tellers who've been able to persevere and win. And political courage is about being willing to do the right thing when it's not politically advantageous. It's almost by definition doing the right thing when it's not, when you go against your own party, because that's harder often to do than go against the opposition. And we need more people who are willing to go down fighting like Liz Cheney, preserving her reputation. And look, there are plenty of things that I disagree with Liz Cheney about, but she's a great example of someone who is willing to lose an election for the sake of telling the truth. I think the Santos, sorry to bring that up again, is also interesting from a news perspective.  And then it's also famous, well, not famous for, but the local news outlet was a little bit extreme, my guess, as I'm understanding. And so it wasn't necessarily picked up as quickly as it could have been. And so I feel like there is a need for local news to cover local politicians. It was gonna cover that race. I mean, besides the political parties, obviously a bit of local news organization catching this type of behavior as it starts is where we want to start, right? I mean, it wouldn't have solved the Trump problem, but it could have solved the Santos problem. But then any of the muscle and the agenda-studying power of the times for us to all know the name. There was a question in the second row. Let's get to more hands here, and then we'll go over here. Yeah, thank you. Good afternoon. My name is Humberto Rumbos. I'm from Venezuela. I'm a global shaper of the global shaper community. And there is a situation of cross-contamination between countries and between region because, for example, in Venezuela, we had in 2022 a lot of misinformation campaigns about the Russian invasion and about what's happening in the region. And there was nothing here. It was in Latin America. And this is happening in Venezuela, Cuba, Nicaragua and many other countries. This is a situation that is also useful in the Middle East and North Africa region. And so what can we do about this since the point of view of a government, of a point of view of an international organization or an international newspaper like The New York Times to address this problem? Because it is not a problem of Europe or the US. It is a problem that is global and it affects the whole world. And maybe it is not illegal, the misinformation, but it's attacking our right to access information. So what can we do together to address this problem? I don't have a good answer for that, but I was just going back to the Philippines again. You can tell where I traveled the most recently. It was so interesting to hear that the Philippines is called Patience Zero by Facebook policy people because it's like the place, the home of where you can experiment with misinformation tactics and that the Russian disinformation, which is global and comes to all sorts of regions trying to muddy the debate. And the Philippines in particular is really interesting because they come in, they test different ideas and then there's a giant diaspora that sort of these disinformation goes into the diaspora and then it comes back around, right? And so it's just a really insidious circle. There's reasons why it's coming in and then there's ways it's coming back around to the world and sort of fueling disinformation around the world, even if it's going into a particularly vulnerable community to such disinformation. So that's no good of a solution, but it is highlighting that the problem affects individual communities, it affects countries and then it affects the global conversation. I think it'll be interesting to see if there is this revival, if we're going through a transition period and there is this revival of local news because of the trust that you get at the local level. And I think it's very much too early to say, but I grew up in a small town, 20,000 people and we had our local paper that always, we got once a week and you always read that local paper every Thursday cover to cover. And about three years ago, it became regionalized and essentially went out of business. This year, there are three competing new newspapers in my hometown and they've all started up just to fill this gap in local news and they're competing for the truth, they're competing for an audience. And you have to subscribe to all three. That's good, let's get one more question. We have two more minutes left. Let's go right here in the fourth row. We can bring the microphone over right over here. Yeah, thank you. Thank you so much. My name's Bani Dughal, I come from New York and I represent the Baha'i International Community to the UN. My question is about the role of education. How do you see that filling the gap? Because clearly we need to teach our children a sense of discernment to be able to recognize what's true and what's not. I mean, we were all born before the post-truth times and so I think we can understand the difference, but young children are being bombarded with fake news and sadly, yes, they're seeing their leaders lying and getting away with it so their sense of what's moral and good is also getting skewed. I remember raising my sons at a time when we had Clinton and then we had Bush and I remember a bumper sticker that made me very uncomfortable with said when Clinton lied, nobody died, but and my sons actually brought that up at a dinner table conversation and I had to defend the truth vis-a-vis whatever was happening politically. But anyway, the question really is about education and what can we do in order to? We just ran a really interesting story on Finland which apparently has the best track record on teaching students and young people how to recognize disinformation. So they're clearly our models at work. I also think it's useful for us not to overthink the problem too much. I mean, ultimately what you're teaching people in those moments, as much as anything, as much as you're teaching them to recognize a lie, I suspect you're teaching them to recognize trustworthy sources, whether that's an institution like The Times or The Post or The Journal, whether that's scientists, whether that's academia, but being discerning about trust and in some ways finding institutional proxies for trust where there are reliable, transparent standards, for example, an institution like mine, when we make mistakes, we acknowledge them in public and we correct them, right? And I think that that's gonna be a big part of this. I also just think that at some point, given the central role of the platforms in disseminating bad information, I think they're gonna have to do an unpopular and brave thing at some point, which is to differentiate and elevate trustworthy sources of information consistently, consistently, and until they do, I think that we just have to assume that those environments are basically poisoned. But doing so, I think we all know, it may suppress engagement, right, which is a North Star metric for a lot of these institutions, and it almost certainly will incur political backlash at a moment when these institutions are facing real regulatory pressure. So that's a hard thing for them to do, but I have a hard time seeing how we solve it, just on the demand side, without addressing some of the supply side. Supply side, last 30 seconds, final thought? It just two sentences, one on Finland. Finland shows that there is the smallest impact of disinformation on the society, and at the same time, they are introducing the most intense educational program. It's a paradox, but in almost all the member states, they are doing a similar thing. Also, the EU is funding, so this is covering young generation, and interestingly, in Finland, in Ireland, in several other member states, they started the programs for the elderly people in the public libraries to teach them how to differentiate, how to use, how to research for the trustworthy sources, and so on. It's, I think that we still have some possibilities to be creative. I just put in one word, final word from me, is just going back to where we first started, that this is all about trust. It's really about trust, and trust is so easy to erode, so easy to lose, and it's really difficult to rebuild, but that's what we need to do, and it's going to be hard, and it's going to be every day, and it's going to be everyone in this room practically. We have to rebuild the trust in information, and be good communicators, and step by step to get there. But it is a topic where we can all actually make a difference individually. Every single person, you know, actually indeed. Thank you to our organizers today, and thank you to our panelists. Thank you.