Benoit for giving me the floor and it was very good indeed to see this morning the queues at the entrance to the building. I think when we started more than what is it one and a half year ago with the working group that time I think we were a bit concerned whether this problem, which is a big problem that relates to benchmarks and benchmark transition, whether it was getting the attention that it should receive and I think having all of you here around this morning is a reflection of the interest in the topic and the importance of working on benchmark transition. In February 2018 I gave the concluding remarks at the first meeting of the working group on the euro risk free rates here also in Frankfurt and since then important milestones have been achieved by this working group in the form of recommendations to the public. While the alternative reference rates committee was first convened by the Fed in 2014 and the working group on sterling risk-free reference rates was established by the Bank of England in 2015 the working group on the euro risk free rates first met in early 2018 as just mentioned. I can recall that at the time there was a common feeling among the working group members and observers of lagging behind the other jurisdictions. Thanks to the joint efforts by the private and the public sectors that feeling is now in the past. In the last 18 months the working group has put in motion a process of reform of interest rates in the euro zone that has gained momentum and has produced recommendation after recommendation and has attracted the attention of market participants both here in the EU and abroad. In my subsequent remarks as you will understand from a regulatory authority I would focus more on the regulatory and supervisory issues related to benchmarks. As you are aware we have given technical advice to the European Commission on the benchmark regulation. We have issued technical standards on the benchmark regulation and we're also participating in the colleges of Euribor, Ionia and Libor. Therefore it's only natural that with SMA's regulatory perspective our main aim is now the adoption of EU supervised entities or fallbacks in new and existing contracts. This is necessary to ensure that the relevant provisions of the benchmark regulation are complied with by benchmark users. The goal of these provisions is to increase contractual robustness and hence the financial stability in the EU financial system. We know that benchmarks play a central role in financial markets and that they're also an important building block of contracts including retail contracts like mortgages. Fostering a wide adoption of reliable and effective fallbacks across different asset classes would surely promote stable and orderly financial markets and can deal with worst case scenarios in relation to benchmarks. This in turn would enhance both the protection of investors in benchmarks and their clients making sure that their interests are safeguarded in all scenarios. However we also know that the implementation of those fallbacks have been slow to date. The working group has already started work on what is arguably the most important fallback rate in the EU, the one for Uraibor. The successful development of functional fallbacks for Uraibor is crucial for the working group in order to consider its mission fulfilled. As mentioned already by Benoit, the work on fallbacks for Uraibor should be the core topic for the working group and the months ahead. The authorization of Uraibor in July 2019 by the FMSA is certainly a key step forward confirming that the new hybrid methodology is robust, resilient and transparent and I believe that the new hybrid methodology measures the same underlying interest of the previous methodology of Uraibor just in a better BMR benchmark regulation compliant way. Indeed the authorization of Uraibor allows EU supervised entities to continue using Uraibor for the foreseeable future. The public sector is aware that identifying effective fallbacks for Uraibor and including them in contracts is a challenging task, also because of the extensive economic, legal and operational implications. However, we also believe that the working group has proven itself to be ready for this challenge considering the track record of its key achievements. First steps on the path to a sound Uraibor fallbacks have already been taken, notably the working group recommendation on a specific forward looking term structure methodology based on ESTR. Later this morning, members of the working group will discuss in detail all the main issues surrounding the identification and adoption of ESTR based term structures that could serve Uraibor fallbacks and I'm sure you will find the debate very useful. And this brings me also to the second challenge where Esma considers the rule of the working group to be decisive. Thanks to the excellent work done by the ECB as of next week, and it was already of course mentioned by Bendois, as of next week, the Eurozone will have a new and reliable interest rate that is based exclusively on transactions ESTR. While the ECB will provide market participants with a new rate that meets the highest standards in terms of transparency and governance, it will then be up to market forces to translate ESTR into a success story. I believe that the working group can play a key role in the broad adoption of ESTR. The role of ESTR goes clearly beyond being the base rate for fallbacks to Uraibor and Aeonia. In a few days, the transition from Aeonia to ESTR will start on the base of the recommendations by the working group. The rivetus markets will play a very relevant role in upgrading the role of ESTR, and in this context, the involvement of infrastructures like CCPs is a high priority. The liquidity of ESTR markets is a crucial factor for the calculation of forward-looking term structures, together with sufficient sources of relevant data, allowing the actual computation of term structures. Trading venues such as multilateral trading facilities must also be part of this exceptional transition to ESTR. The issue of establishing a liquid ESTR market and the transition of Aeonia to ESTR will be covered in detail today by the working experts, by the working group experts, and they will help you in understanding all the pieces of this puzzle. Let me then, before I leave the floor and hand over to the other Stephen, make a few final remarks on two remarks on the regulatory environment. These regulatory changes will change the benchmark regulation and will have an impact on benchmarks in the EU. First, there is the regulatory change relating to climate benchmarks, which will allow having reliable climate benchmarks. The key element for us here, I think, is the extension of the transition period with two years, which will allow that both for third-country benchmarks and for critical benchmarks, the transition period will be extended to the end of December 2021. And I think that will be very much welcomed here by the participants in the audience. The second one that I would like to mention is the ASA's review package, which includes an enhanced role for ESMA on benchmarks. Indeed, by the end of 2021, the supervision of third-country administrators recognized in the EU and the supervision of critical benchmarks will be ESMA's responsibility. And so public authorities themselves will also be subject to a transition as a supervisor, as the supervision of URIBOR will pass on from the FSMA to ESMA. At ESMA, we're looking forward to building on the FSMA's pioneering work, excellent work done by the FSMA in this area, and we're working internally to make sure that this transition is a smooth, timely and effective one. So to conclude, many thanks again to all the panelists, members of the working group and the public authorities involved, both in the work leading up to this event and the event here today. And also, finally, thanks to ING and especially Staven for the leadership and direction provided to the work in this area. Thank you very much for your attention.


My name is Akinin Zioki. I work for the Centre for Land, Economy and Rights of Women, a regional organization advocating on women's land rights in eastern Africa. The presentation in our work in this book is that we gave a case in which women's movement in Kenya has worked very hard to ensure that women's land rights are addressed in the land reform, in the constitution and the policies that are in Kenya. Strategies were developed between the national organizations, women's organizations from the national level to the grassroots level with organizations like GRUTS to be able to address women's land rights in the constitution. And presently the constitution of Kenya, the new constitution and the land policy addresses women's land rights very well. And this is an achievement of bringing the voices of women from grassroots to the national level to be able to address women's land rights issues. More needs to be done, but at the moment the success story is that women's land rights issues have been addressed in the legislation and in the land reform agenda in Kenya.


Today's settlement of seven hundred eighty seven million five hundred thousand dollars represents vindication and accountability. Lies have consequences. Yesterday Dominion and Fox News agreed to settle their one point six billion dollar defamation lawsuit for seven hundred eighty seven point five million dollars. And I've got to say that I feel really disappointed by the outcome here. I don't want to say that all of this has amounted to nothing but it really feels as if there could have been more accountability for Fox News because what they're forced to pay isn't sufficient I think to deter future bad behavior of them and my ultimate goal and this was wishful thinking that I didn't expect to materialize would be that this lawsuit would bankrupt them. But I mean my realistic goal however was more humiliation if Fox News and Dominion went to trial but they did not. Now for those of you who haven't really been following the case here's some very basic details courtesy of the Washington Post. At issue in the case were false claims that Fox aired about Dominion related to former president Donald Trump's false accusations about the 2020 election being stolen. Dominion had to prove not only that the claims weren't true which it did but that Fox's actions met the legal standard of actual malice meaning that it knew better or that it showed a reckless disregard for the truth. And they arguably did prove that. You have actual text messages and exchanges between on-air hosts like Tucker Carlson, Laura Ingram and that certainly was a humiliating element of this entire kerfuffle but it still feels as if Dominion should not have settled and by settling they gave Fox News a dub and my feelings here were summarized perfectly by David Dole on Twitter who said they could have had more money while bringing down Fox News along with it. Yeah exactly so all they had to do was wait a little bit longer go to trial force Fox News to defend themselves and they probably would have won even the judge said that it was crystal clear that Fox News aired incorrect information so all they had to do was prove malice in their lawsuit and that would that would have been it you could have had them you had them in the crosshairs Dominion and you let go so the overall impact on Fox News is going to be minimal and again I think that this is a huge relief for Fox News I think that Rupert Murdoch and the executives there are breathing a lot easier now because Dominion agreed to settle and it feels like a capitulation and ultimately I think this is a win for Fox News and Robert Reich echoed that same sentiment in an op-ed for common dreams where he argues the Fox Corporation has an estimated value of around 17 billion dollars the settlement amounts to a cost of doing business for Fox exactly the settlement also means that Fox's major figures including Rupert Murdoch the chairman of Fox Corporation and Fox hosts Tucker Carlson Sean Hannity Laura Ingram and Maria Bartiramo won't have to testify Dominion may have protected his trademark but it hasn't protected American democracy nothing about the lawsuit or its settlement has been aired on Fox News Fox viewers continue to be in the dark about all of it Trump's big lie fox's amplification of the big lie the lawsuit and the emails and pretrial testimony showing that Fox News and its hosts knew it was all a big lie yeah so all of that goes out the window now because Dominion chose to make this business decision and settle it's not just that I wanted this to cost Fox News money it needed to cost them legitimacy and to the extent that it has at this point I think that the people who have seen the text messages that Tucker Carlson sent during the 2020 election those are people who are already predisposed to not like Fox News but this needed to be big big enough so that way Fox News viewers who are brain watched by this corporation won't be able to miss it but because of this Fox News can kind of do what they wanted to do and sweep this under the rug and continue to lie because now the cost is less than a billion dollars not going to be enough to bankrupt them it's certainly painful for them I'm sure and the humiliation that they have suffered currently certainly isn't great for them but it isn't merely enough like this is not a proportionate level of accountability considering how terrible their lies were it led to an insurrection arguably they were part of that they were culpable for the January 6th insurrection Trump was the most culpable in my opinion but Fox News stoked the flames put us on the brink of a civil war and tensions are still very high and all they had to do was uh settle they don't have to go to trial defend themselves publicly nothing so that it just feels so frustrating to me because Dominion you had a chance and you fucking fumbled but there is still hope because as Huffpost explains Fox is still facing a separate but related defamation suit from Smartmatic USA Corp the voting machine company has sued for 2.7 billion over similar claims to those of Dominion in other words there still is a chance but am I a lot less optimistic now given the way that the Dominion lawsuit played out yes and also it's still hard to not think about what could have been if Fox News lost and had to pay 1.6 billion on top of that 2.7 billion we're talking about billions of dollars which could possibly bankrupt the company it's unlikely but still the fact that there was a possibility there was important and I think that these sensationalist headlines about how this would definitely bring down Fox News that was a bit of a stretch it was always a stretch but with that being said I think that it's important that we have at least a minimal level of accountability in this culture when a massive institution spread lies that are hurtful to democracy and we just didn't get that here now for those hoping that Rupert Murdoch would be forced to shutter Fox News and hosts like Tucker Carlson would be humiliated permanently and delegitimized one thing that I need people to understand is even if the best case scenario were to come to fruition with regard to both of these lawsuits right Dominion one Smartmatic one understand that even if Fox News went away like that we live in a system where profits are the main priority and Fox News proved that spreading right-wing propaganda is very very lucrative so even if Fox News went the way of the dodo there would be a new news outlet that would emerge to be as equally popular as Fox News I am absolutely confident about that so regardless if Fox News exists or not we will have to deal with the problem of right-wing media in this country in perpetuity unless we have actual reform unless we strengthen democracy and teach people media literacy but even if Fox News were to go away we still have corporate media in general which is a problem so the media problem it doesn't just go away with Fox News certainly Fox News is like the biggest culprit when it comes to misinformation but we still don't have objective non-corporate sources in this country that are large right we have independent media we have alternative news sources but certainly the biggest most sweeping institutions in this country are the ones where most Americans get their news from I mean sure more people get their news from the internet but they're not just automatically going to YouTube or to democracy now they're watching CNN and Fox News online so just changing the method of consumption doesn't necessarily change the news that they're getting so ultimately we have a bigger battle at our hands and that is trying to decommodify news and make sure that people are getting non-corporate non-biased objective information and Fox News is a huge part of the problem but it goes deeper than Fox News and as a society we have to figure out how to deal with that if we even can at this point which is doubtful in my opinion


The following is a presentation of TFNN. The morning market's kickoff with your host, Tommy O'Brien. Good Thursday morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN just after 9 a.m. Eastern time. And boy, we got some strong GDP data, 3.3% for the fourth quarter of 2023. You're talking about growth on a yearly basis. When you look at the entire year, 2023, 2.5% growth for the GDP. Not what many expected to put it lightly if you go back 12 months ago. Nonetheless, this economy marches on. And pretty decent data. When you look at the inflation data as well, we'll get to it in a moment. We take a look at markets this morning. We accelerate higher on that strong number from the GDP. Up about 17 points on the S&P right now, trading at 49.15. You're up about a third of a percent. NASDAQ 100, we're up by 82 points right now. That's about half a percent of the positive, 17,704. You get the Dow right now, up 77 points, 38,055. See a little volatility on both directions as we get some earnings, we get some different economic news. You had the ECB with their press conference, right, as I was coming on the air as well. So we get some action in currencies, of course, yields. Russell, up by 25 points, 1.3% in the positive. You jump over to Bitcoin, hovering right at about 40,000. You were down to 38,540 on Tuesday. We've been chopping around between about 39 and 40,000 this week. Crude continuing to rise, up $1.12 at 76.21 right now. You jump over to gold, up about $4 at 2020. You see a little bit of a spike in 8.30 on that news. Not really, there was just one little tail. Might have been a couple of trades there, but nonetheless, gold jumps around. We're at 2,020 right now and you jump to notes and bonds. And what do we got? We got higher price and we got lower yield coming at you, man. We got the yield, excuse me, yes, higher price and lower yield. We are back to 4.14 right now. Quite a drop off yesterday though, right? What's going on yesterday, man? We got some movement, you got lower price and higher yield. You had the market pulling back. We just got action all over this market. You jump over to the dollar index, dollar right now, up about 12 pennies, 103.35. You jump over to the VIX when the market just keeps going up 12.41 yesterday before we got a little bit of a sell off to 13. We're sitting at 13.12 right now on the VIX, slightly elevated volatility premium. When you look at how this market is reacting, we will see how we do on the open, but let's take a look at that GDP data. And there's your headline, man. US GDP grew 3.3% last quarter, capping an unexpectedly strong year. The economy for all of 2023, as I mentioned, expanded 2.5%. When you look at personal spending, that number 2.8% driving a lot of the action. When you're looking for inflation, personal consumption expenditure, 2%, same as it was a quarter ago. These are the important numbers right here, man. GDP, 3.3%, the number they were looking for was two. Let me even blow it up, because these are the numbers, folks. Personal consumption, 2.8%. They knew it was gonna be a hot number that was gonna drive GDP. We talked about it a little bit yesterday in terms of personal consumption, the GDP number. That estimate was for 2.5, it comes in at 2.8. Personal consumption, expenditure, price index, excluding food and energy at 2%. That's a nice magic number, man. That's the magic number that the Fed is looking for, right? 2%. Estimate, 2%, that's where it was last quarter as well. Pretty remarkable as we march forward here. Initial jobless claims rose 25,000 last week to 214,000, continuing claims also slightly increasing. And yeah, strong numbers across the board, man. All right, where do we go to next? We gotta go to Tesla, right? We gotta get to Tesla, man, early in the program. Tesla shares, looks like we're continuing to slide. Boy, so we had some tantalizing. If you were up early this morning, Dan Ives from WebBush, he was on Bloomberg. Boy, he had some strong words, man. And he has some great takes. He's been all over Apple for a while, okay? And yeah, this is the, when did this come out? Okay, 6.38 this morning, yeah. And I think it was kind of what he was talking about on Bloomberg. Here's the quote, man. Here's the quote, okay? This is just one analyst, folks, okay? But encapsulate, and he is still bullish on EV, okay? He's still bullish on EV. He's still got a price target of 315 down from about 350 on Tesla for some context here. It's currently trading at 189. So this is the take from somebody who's looking at Tesla at 189 and says it could trade to 315. He says it could be a trillion dollar company still in the next two to three years or something like that. But his point was, short term here, we are at a train wreck, okay?  Instead, we got a high level view with another train wreck conference call for the street price target to 315, okay? And what he was talking about here is light on details. And it was probably just, and I didn't catch the conference call, folks, but it was probably a very typical call in Musk fashion, right, in terms of grandiose. They're talking about producing a low-cost vehicle sometime in the future. One of the things they said, they caught a lot of headlines. Let's see if I can find it because he was talking about, here it is. That's gonna be the headline. Chinese EVM makers were pretty much demolished most competitors without trade barriers. Well, that's an interesting thing to say as the CEO of an electric vehicle maker that's doing business in China and across the world. And those trade barriers aren't in place just yet, right? Yeah, and he may be right, but that doesn't mean that's gonna be a good thing for his share price, man. Yeah, so I was reading a little bit about this last night. You know, you got BYD out there, they're the biggest EV maker in the world now, and they're coming for Tesla, and we talked about in the beginning of the program, that what are they doing? I mean, BYD, they got up and down the line now. They're gonna be producing a $150,000 vehicle that looks like a Lamborghini. They're gonna be producing everything to compete with Tesla. And boy, you're opening at 190 right now and 190 on this chart, where do we stop? I mean, as a technical trader, 190 on this chart, what's in the way of this thing getting down to 100? That's kind of the worrisome fact here for a short-term trading duration when you look at what's going on. You see the slide continuing this morning, you're down $17 right now. What's that pushing? 8% pullback on this equity at 190. And yes, they have some issues going forward, folks, and they're still dealing with some pretty lofty multiples. And yeah, I'd be a little skeptical because remember how quickly things can get out of whack on some of these equities as they have some problems to put it lightly, man. Gonna be an interesting open for Tesla shares. All right, back to a short-term chart. What else we got going on? We jumped to Southwest.  What I found interesting about Southwest though is you jump over to Boeing shares. So Boeing's gonna open down another six bucks. This one's not done yet, folks. Down to 201.78 last night, you're bouncing a bit. Now, boy, we got a lot to talk about, man. I gotta find all these articles quickly because I got too many of them pulled up right now. There it is. Southwest Airlines takes Boeing Max 7 out of the 2024 plans because of certification delays. Now, the Boeing 737 MAX is the smallest model, as they put it here, in the 737 MAX family that has not yet been certified by the FAA, okay? But Southwest, the latest airline to rethink its fleet of planes because of certification delays. Now, we heard from United earlier in the week, right? Always got some issues, man. We heard United talking about the straw that broke the camel's back, man, because guess what? They get the biggest fleet of those 737 MAXs that are grounded and they're running into some issues. It's gonna be an interesting Thursday, folks. Stay tuned. We're coming back, talking to our man, Kevin Hinks from the Schwab Network. Don't go away, folks, we'll be right back. 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. 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Steve's award-winning newsletter, Mastering Probability, is delivered every trading day with updates throughout the afternoon. Sign up for Steve's Market Newsletter, Mastering Probability and you'll receive access to seven of Steve's educational webinars absolutely free. At TFNN, all our newsletters come with a 30-day money-back guarantee, so you have absolutely nothing to worry about. Visit TFNN.com and try Mastering Probability 30 days risk-free today. TFNN, educating investors. Folks, we got the S&Ps up by 19 points right now. You get the NASDAQ 100 up almost 100. We got green across the board with some strong GDP data this morning to talk about some of the market action folks. Let's talk to our man, Kevin Hinks, from the Schwab Network. Every trading day, folks, 12 noon Eastern time, fast market from the Schwab Network right here on Tiger TV. Don't forget to check it out. We're an earning season and let's jump right into it. Kevin, what do you think of the GDP numbers this morning? Man, strong numbers as this market marches on. Yeah, you know, I'll tell you, when you look at the numbers, they're strong. They're less than a quarter ago, right? 4.9% versus 3.3%. Personal consumption expenders, 3.1% versus 2.8%. So the overall numbers are coming down, but there's some cautionary numbers inside these numbers, Tommy, and that is, this is this GDP number, this U.S. economy right now is all about the labor market and the U.S. consumer spending money, Tommy. Here's the numbers that I'm talking about. Personal income, this quarter, increased from 220, from 196 billion to 224 billion, quarter three, quarter four. So personal income higher, disposable personal income higher from 143 billion to 211 billion, right? Income higher, disposable income higher. Personal savings lower from 851 billion to 818 billion. Personal savings rate as percent of personal income from 4.2% down to 4%. So income, personal income higher, disposable income higher, savings lower and savings rate lower, Tommy. This is a economy right now being fueled by the U.S. consumer spending money. That's why I love talking to you, man, breaking down some of those numbers below that top line number that we always get. And it's just relentless action to the upside in this market. We're nearing 5,000 in the futures, Kevin. We got the VIX flirting with maybe 13, little bit of a sell-off to the end of the day. Where is your mind in this market right now, I guess? You know, the million dollar question. We got some lofty levels. We can get into Tesla in a moment if you want. But boy, we got some big numbers here and there's some pretty big expectations when you're dealing with an S&P approaching 5,000 right now. A lot of optimism kind of, you know, priced into this market at these levels where we see green across the board. Does this give you with the numbers you're laying out even right there? Does it give you any pause maybe or how you kind of approach in this market as we go forward six days from the next Fed meeting? The valuations, my first thought is how long can this last, Tommy? The valuations are high. The economic data is high. The dollar was down, now it's higher. I'm not sure how. Bonds are higher and yields are lower this morning based on this data. So, yeah, I think there's a couple red flags out there in the market, but we'll get personal consumption expenditure number tomorrow, year-over-year PCE and core PCE, those numbers. If all this is going on and inflation's coming down, that's a pretty good narrative. However, Tommy, and here's what your viewers should understand. Soft landing, the idea of a soft landing is a great idea, great term. The only problem is it's never happened, right? And the problem with an economy that's softening and coming down is how do you get it to come to 2% and stop? Right, there's the problem. Because normally it just keeps going. And years ago, not that long ago, we were desperately trying to get GDP or inflation from 1.5%, 1.6% to 2%. So, on a tightrope on this one, Tommy. Yeah, it's a great mental exercise that you're putting us through, and that's what I try and work my head around because it seems like everything's going so great, like you say, man, but we got some ways to go and we know that last mile.  How does that trajectory stop on that number? We're gonna find out, man. And then it is interesting, you know, I'm hearing this morning, it's like, boy, things are so hot. What's gonna happen as we go forward, three, six, nine, or 12 months, we're gonna be dealing with some pretty awesome comps on the GDP basis when you're talking about 4.9, 3.3, just big numbers on a yearly, and we'll see if the economy can maintain it as we go forward, man. What do you think about Tesla? Tough deal for Tesla last night. You're down a little bit this morning. Elon facing a little bit of heat. What are your feelings on Tesla with a little negative action this morning? I didn't listen. I saw the earnings come out. I did not listen to the conference call, but it sounds like Elon Musk did not get a great from his conference call. Right, I didn't either, yeah. I think that's why the stock is under pressure. He didn't, it wasn't very enthusiastic. I don't know, we'll have to watch what Tesla does. I think Tesla's changing models in general, Tesla. So they're the clear leader in EVs, but then the question is how important are EVs going forward? So Tesla's at a key level here in its history, that's for sure. It's gonna be interesting to see if the China, the US talking about Elon and probably rightfully so, man, saying, listen, China's coming for everybody unless we have some type of whatever it is, trading curbs or whatever it is. That conversation, he's starting it last night and we'll see if that persists. With that, Kevin, we march forward, man. We got more numbers coming out after the bell tonight. You mentioned some economic data out tomorrow as well. Do you guys have any equities you're talking about on a fast market coming up today at 12, Kevin? We're gonna get a look at the U.S. over, like, Folio's, U.S., and there was the U.S. You're gonna cover Intel and we're gonna cover Western Digital today. A good look at chips and semiconductors and then, of course, the U.S. consumer, Tommy. Nice and Intel, man. These chip stocks, of course, quite a rally off of the lows, man, of last year, 25 bucks up to about 50. Kevin, I appreciate the time on a busy morning, man, full of economic data and earnings. We don't talk to you tomorrow, so I can't wait to talk to you on Tuesday, man. Always so much happens between that Thursday but I appreciate the time and we'll be watching at 12 o'clock today, Kevin. Have a great weekend and we'll talk to you tomorrow, man. Thanks for having me on. Have a great weekend, Tommy. Have a great weekend. Folks, check it out. You heard it, they're talking three great stocks, American Express, Intel, and Western Digital coming up at 12 noon. I always mention it, folks. I've learned so much from Kevin, the team over the years at Schwab Network, the program they put together, the hypothetical trades that they walk you through and this is the time to check out the program, folks, because you get equities moving every single day. You get economic news with the ECB talking as I came on the air, right? We didn't even touch on them. There's so much going on in this market right now. And yeah, we'll see what happens with Tesla on the open as Kevin has mentioned many times, right? We really find out what happens when the opening bell hits. When we find out where supply and demand, Econ 101, folks, okay? Where does that supply curve and that demand curve meet? Where is the price gonna end up? And we find out on the open what a tough go around. And yeah, as Kevin said, right? Sounds like, and I'm in the same camp, man. I did not listen to that earnings call, but it sounds like he did not do a great job on that earnings call of telling the story at least that he wanted to tell as you have that earnings call beginning at about 200 and you're at about 189 right now. Keep in mind, you know, those words I use, Dan Ives, Wedbush, he's still a bull. He still believes in EVs. He still puts a 350 in price target on this thing. So even if you're bearish folks, okay? Keep those bear claws nice and sharp because I think in the longer run, this equity is still gonna have a lot of fans, especially if you get a pullback, but in the short term right now, they got some issues going forward to put it lightly. You got Tesla down about 17 bucks to kick things off. We got Boeing shares. They're gonna be down as well about six bucks to kick things off. We got a lot of action, man. We got Comcast out there, basically flat after they numbers. We're gonna jump around. You get Southwest trading higher up to about 32 bucks. We got the S&P's up by 19. Stay tuned folks. We'll be coming back right after the break for the opening bell. Don't go away. TFNN has just launched their new trading room, the Tiger's Den, hosted at Discord. TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours. And now they are expanding their reach with the Tiger's Den, available to all Tigers and Tigresses for just $1 for the year. There's no cash or added costs when you join our community of traders. 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Head over to TFNN.com right now to join the thousands of traders who have already experienced the power of Tom O'Brien's award-winning newsletter, Market Insights firsthand. TFNN, educating investors. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit Watch Tiger TV. That's TFNN.com and hit Watch Tiger TV. Welcome back, folks. We got markets open. You're looking at an S&P up by about 17 points right now. We get a little bit of a sell on the open. We get the Nasdaq 100 up by 86, the Dow up by 69 points, and the Russell charging higher up by 1.4% right now. Bitcoin back above 40,000, but barely. Crude continuing to rise. Crude, 76, 54, man. And we are getting above that 75 price point. Check it out, right? We're at higher levels than we have seen since, looks like the week of December 1st. No, that is December 1st, the day of, almost two full months. You have the high out there from December 26th, 76, 18. We're above that high now. We're chopping around and you're talking about the higher level, 77.50, maybe 80 dollars as we climb above that 75 dollar price point in Crude.  Talking to our man, Teddy Kakes at yesterday. We were talking about that as well. Kevin laid it out, right? Pretty interesting that what do you have? Higher price, lower yield. We get a little bit of a reversal there. Watch yields today, okay? Because yields are gonna be an important one. What does it do on this type of data in terms of yields? We're talking about a yield right now about 4.15%, 4.15%. Okay, let's put it on a 15 minutes so you can see where we've been this week. We're just back to where we were a week ago. Okay, that's right where we were about a week ago with a little bit of volatility in between. Sitting at 4.15% right now. You jump over to the dollar index. Climbing a little bit of higher, 103.42%. I got to listen to just the beginning of Christine Lagarde's speech at the ECB before I came on the air. She probably started talking at like 8.45 AM this morning about 15 minutes before my program. And yeah, they got some dire predictions for the European economy to put it lightly. Okay, I was listening quick, getting ready for the program. We just got so much data out this morning, right? RGDP data out at 8.30. We're at the ECB speaking 15 minutes later. We have earnings hitting the belts as well. But boy, her words when you in contrast to the GDP numbers that we just got hearing, Christine Lagarde speak about Europe, their economy, their prognosis. They are in some tough shape, man. And we know it, but I'm gonna be interesting to see how the dollar goes from here with the strength that we have in this economy right now to put it lightly. Okay, and talking about some of those GDP numbers, real quick, so this out from the journal this morning. What recession? Growth ended up accelerating in 2023. So we're just talking about the GDP numbers again for a quick moment here. Take a look at some of where we are in this chart though, man. Pretty big numbers, right? GDP changed from the previous quarter. 3.3% was the number we just had. That's on the heels of the 4.9% number we had last quarter, first two quarters of the year, come in at 2.2 and 2.1. Now, do you remember the conversation of two? Do you remember? I can't believe that's almost two years ago, okay? And it's about a year and a half to be fair, but when we got two quarters of declining GDP numbers, the whole conversation about recession. That's the definition of a recession. It went both ways. Look at what we've done since then. 2.7, 2.6, 2.2, 4.9, and 3.3. Gangbusters on the heels of those two negative numbers in the beginning of 2022. Now, going forward though, okay? You're gonna be dealing with these comps. It's something to remember. The comps are important, okay? And we gotta grow from here. 0.94 is the forecast for this quarter. 0.55, then 0.89, and 1.65. Kevin laid out a great case, man. I ask him some difficult questions sometimes because I just like to get the thought process, right? Of going along in these numbers. And it's a great way that he summed it up, I think, in just talking about, you know, we're on our way back to 2%. But who says it stops there? That's the tough part about that, okay? If you believe we're on our way back down to 2%, because I was thinking about this, just his words, which is a very reasonable thought, right? What I'm trying to work myself through right now is what makes you think that you can be on your way back down to 2% and somehow you're gonna stop at 2%, right? That's the interesting part. So keep that in mind as we go forward here. When I saw these numbers here, it made me think of that as well. Now, check out this chart. How about consumer income and consumer spending? Kevin talked about it as well, right? Ooh, look at these numbers, man. There's your COVID accelerations, okay? Spending dives, income goes up. Just magnificent in terms of where we were coming into those numbers. I mean, these numbers, man, okay? I mean, this is so time is amazing, folks, as we all know, okay? And I just, I always go back to a period where we can relate in our minds and it has nothing to do with politics, but when Trump was elected in November of 2016, which is crazy that's eight years ago already, right? Crazy, but it is. The market was doing phenomenally well. I always bring this up in terms of the context of where we are, where we've been, okay? You back it up on the S&Ps just for some context. To November of 2016 and this market was at about 2,200. We're at almost 5,000 right now, okay? But it's remarkable to think that from that time, and everybody was doing very well at that time. Remember, okay? If you didn't like Trump, you said he's getting all the credit because he was handed an economy that was doing so well on the heels of that rebound from the 2008 crisis. Nonetheless, look at these numbers, man. Personal income at that time was 16 trillion. We're now at 23 trillion. Amazing, you've almost gone up 50% in personal income over that time and spending has kept, has kept toe as it's been a much bigger percentage because look at this. Spending 12.8 to almost 19. Pretty close, but a slightly larger percentage. Just staggering numbers, man. And yeah, if that keeps persisting, it is gonna play out, but this article hints to some of what Kevin was talking about here. Talking about their signs. The whole economy won't be able to continue at such a rapid clip. You're talking about forecasts, right? We just went over the GDP forecast somewhere right there. You're talking about higher credit card spending. Kevin talked about the savings in there. Keep that in mind as we go forward because they are important factors, of course, going forward. All right, a couple of interesting articles I found out here that I just wanted to touch on from the journal. This one's interesting. We're always talking about real estate. I'm always thinking about Florida real estate as well. And we're gonna talk about insurers after the next break, all right? We're gonna talk a little bit insurance after the next break, folks, but this one's talking about building. And I think you're gonna see more of these play out, man, because I was reading this, I was saying, where are these? These look pretty attractive, man. St. John's, Florida. They got Florida. They got Texas in there, a couple of nice areas where you're close to the ocean, but maybe 17 miles away, right?  But what do they got? This is the new deal. And boy, it looks like an attractive deal, man.  Now where's this one here? Let's see. I'll find it. They're all in Florida and in Texas right now, yeah. Most of them in Florida and in Texas, developers pouring money into enormous lagoon pools. I mean, check out some of these visuals, folks.  If you got kids, you got kids on there.  I mean, look at some of these visuals, right? I think this is gonna become more of a mainstay. Listen, being in central Florida, folks, I've talked about the developments. We had a 1,700 house development getting built next west, man. There used to be beautiful cow fields, 1,700 houses. This is gonna be happening everywhere in Florida and Texas, and I think that's gonna be the new deal. We're gonna talk a little bit of insurance. We'll talk travelers. We'll talk some of those insurance companies as they're making highs. We're at that. TFNN has just launched their new trading room, the Tiger's Den, hosted at Discord. TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours, and now they are expanding their reach with the Tiger's Den, available to all Tigers and Tigresses for just $1 for the year. There's no catch 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 Tigresses as they share trading ideas, news analysis, and discuss the market action all trading day, even at night and on the weekends. The Tiger's Den at Discord is accessible on mobile or tablets as well, so it's always at your reach. To sign up today and become a part of this educational community of traders, just visit the front page of 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. 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So I mentioned we're gonna talk a little bit of insurance companies. Are you aware with the longer term? And we got, I'm very fortunate, TFNN very fortunate in terms of our listener base. A lot of our listeners, right? You guys out there, the viewers, you're in tune with the market. You're watching it every day, whether you're trading, whether you're investing, whatever it is, you're aware what's going on, but I don't think a lot of people would be aware with the insurance crisis that is going on in my state, Florida, in many states, okay? And across the country of what these charts look like for these companies. Are you seeing this chart folks? This is travelers. How's this look for this equity? Are they doing okay? You think they're okay? Cause the country isn't okay when it comes to insurance right now. These companies are regulated for a reason and it's probably a good time to take a look at all them. Okay, cause look at these charts and look at the pain that people are facing when it comes to insurance. Okay, this is travelers and this comes from the Wall Street Journal. They're getting me fired up this morning. They got a good article talking about the insurance companies and how they're raking in profits as customers pay soaring premiums. Now, premiums can go up folks and they should go up when we're dealing with higher costs from climate change, storms, inflation, et cetera, okay? But if they're going up in tow and step in tow, you know, in lock with the costs, then the share price shouldn't be soaring. What we have happening is if you have the insurance companies, okay? Getting rid of everybody that actually needs insurance, only accepting money from people that aren't gonna need insurance to the degree that they're paying to cover it and so they're raking in the profits. Now that's travelers and I'm putting it lightly of course, okay? You jump over to progressive, PGR is their symbol, pretty similar chart, okay? This thing has been a one-way rocket ship since 2016 at a time when we've been dealing with some real problems in insurance, okay? Now, if you're unfamiliar folks, I got back money from my insurance company and I'm trying to remember, I'm pretty sure it was from progressive during the pandemic, okay? For my auto insurance. I have progressive auto insurance. I've had it for a very long time and I got money back during the pandemic because as part of their regulations, I think it was them, it might have been my health insurance, okay? Who's the Blue Cross Blue Shield? But I got money back because the regulation said it might have been the health insurance that they can't keep something like, X percentage that they made so much money that they actually had to give it back legally, okay? That's what was happening during the pandemic. Now, let's bring over the article to tee you up to what got me excited this morning about these insurance companies and listen, living in Florida folks, okay? This is one of the biggest risks to our housing market to everything going on right now in terms of rising insurance. A huge problem in Florida. Insurance raking profits as customers pay storing premiums, I said, I gotta check out that one. We didn't even get to all state yet, right? Travelers, all state, progressive, reach records after big rate increases here and regulators better stay on top of this folks, okay? Because this is how it goes. I remember my dad talking about this 10, 15 years ago, man that insurance companies actually love it when they get hammered because what's it let them do? It lets them raise the prices, they reap the profits, they kick out everybody they don't wanna cover and then what happens, they make all the money, okay? Yes, that is what's happening. You have progressive, first time ever over a hundred billion market cap. All state, which reports results next month, new highs this week up more than 50% off their lows last summer, okay? They're coming back to profitability, that's what they're talking about here. After suffering some of the worst years in their history insurers say they're now see a path to profitability for home and auto. Big rate increases are driving up revenue, inflationary pressures that pushed up repair and replacement costs seem to be easing, losses from extreme weather. They remain a wild card, but the short-term outlook seems to be favorable, okay? Potential for light at the end of the tunnel. I mean, these are the words, yet look at the stock prices, okay? Pay attention to the stock prices when you're figuring out everything else. Now, insurers kick their higher, kick their rates higher. Let me start that again. Insurers kick their rate hikes into high gear in 2023, which has been thrilling to investors, not for the consumers, but for everyone who has to buy coverage, it's been very difficult, all right? That's what they talk about here. North Carolina, home insurers ask for a 42% increase in premiums, including near doubling the rates for flood-prone coastal counties. Well, that's a whole other conversation in terms of whether we should be insuring flood-prone coastal counties where you just keep getting decimated and we keep rebuilding. You're gonna talk about home insurance up to 6,800 from 3,400, okay? This isn't a national problem, man, at a grand scale. Yeah, nationally, rates are set to keep climbing. Travelers, we just looked at them, right? Insurers' premiums are likely to increase in the low double digits, percentages for home insurance renewals this year and in the mid-teens for drivers renewing policies through June. And yeah, what happens, right? What do they talk about here? Consumer advocates say the industry's rate requests can be a one-way street and it should be more than just consumer advocates. Folks, it should say this should be, okay, and this is me adding my take, but that's, say, it's my program, man. I'm, of course, I'm gonna add my take, all right? It should say reasonable individuals, not consumer advocates, reasonable individuals say the industry's rate requests can be a one-way street. Policyholders are punished when insurers incur losses but get little relief when they swing back to profitability. And I'm gonna have to look at that. The more I think about it, I think it was the health insurance that I actually got a kick back there. And maybe that's a part of Obamacare that they can't keep. Something like, anyway. During the pandemic, for instance, auto insurers raked in outsized profits as people stay at home and got fewer car crashes. Only one of the top insurers car-raised by more than 10% in the two years through 2021. Since then, 10 companies have won regulatory approval to boost auto insurance rates by more than 20%. In 16 states, two-year increases top 30%, including 45.5% in Texas, 39% in Ohio. Our politicians should be doing something about this, folks. Okay, this is not political. It shouldn't be. There's no reason why you should have these equities soaring to higher prices across the board. Yeah, and my dad's saying, no way it was the car insurance. He's right as I talk it through it. It was my health insurance. So I pay for private health insurance through Blue Clash Spruce Shield. And I got a kick back from my health insurance during that, did not get it for auto insurance. I think he's right there. And that's what they're talking about, of course, in these, I mean, there's no pullback here, right? The acceleration is just a one-way trip. So for what it's worth, folks, pay attention because this one's not stopping anytime soon and we're just at the beginning of the ramp up. Last month, all state won approval for auto insurance rates to increase 30% in California, 17% in New Jersey, 15% in New York. The company had threatened to stop renewing policies in those states after suffering losses. Okay, I get it, right? But check out the charts. Remember the charts when you hear these conversations about how hard things are in the insurance companies? Remember the charts as people in the markets, right? If you're talking to people outside of the stock market, remind them of what some of these charts look like. I don't think many people know what a lot of these charts look like for these equities as we are suffering an insurance crisis in this country, man, as we go forward. All right, we'll come back, we'll talk some equities. We'll take a look at some of the equities coming out with their numbers after the bell tonight. We're gonna look at Intel when we get back, folks. We got the S&Ps up by 18 right now, and as we come into that break, we got Intel shares up by a percent 49, 61. One more segment, we'll be right back, folks. Don't go away. 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 US futures market, and the Shanghai Gold Exchange. The Gold Report. Tom O'Brien publishes his weekly gold report every Monday morning for subscribers, consisting of coverage of the XAU, HUI, GDX, the Dollar, Bonds, the South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. The Gold Report. New subscribers get a 30-day money-back guarantee so you have nothing to risk. Subscribe to Tom O'Brien's Gold Report newsletter now at TFNN.com. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball. 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Having the latest market advice can help you turn this chaos into a key for creating winning trades. At TFNN, we understand that it can be hard to find reliable market news. That's why each of our market experts offers their very own market newsletter. A must-have tool for every trader out there striving to find an edge in today's markets, TFNN newsletters cover every aspect of the markets so you can analyze the market before you trade. Try any of our great newsletters risk-free with our 30-day money-back guarantee. Just visit the Newsletters tab on the front page of TFNN.com. TFNN, educating investors. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit Watch Tiger TV. We've got the S&Ps up by about 19 right now. We've got the NASDAQ up by 58. I was trying to look at that again. I think it was my health insurance that I got that refund from. Maybe I got a couple refunds, but I think this is it, because I remember the 80% deal. The 80-20 rule requires insurance companies to rebate any excess premiums charged if they spend less than 80% of the premiums on medical care and efforts to improve the quality of care, or at least 85% of the premiums in the large group market. So that was what I was thinking about at least one of them. I may get a couple. So what you had is you didn't even have insurance companies accepting premiums, right? And they're not even spending 80% of that money on the coverage for the premiums they're taking in. And as a part of the regulation, they had to give that money back. And so that was happening everywhere during the pandemic. And now, of course, they're just reaping all the benefits. Pay attention to those charts, man. Remember those charts of those companies when you hear how many problems they're having right now. You jump to Intel. We take a longer-term look at Intel. They're out with their numbers after the bell tonight. You jump over the Intel, up about 2.3% with the market higher. You jump over to the Analyze tab. The market looking for about a $3.43 move in either direction. We jump over to the Option Profile. So if you're looking for action through tomorrow, about a $3.60 move either direction, and that's going to put options at about a $0.85 on the bullish or the bearish side. If you want to make a directional play, about at the money is $49.50. So if you're looking at calls, you're looking at a $0.80. You're looking for puts. You're looking at about a $0.80 there on Intel coming up with their numbers after the bell. And as we finish it up, let's jump around to some of the magnificent seven. Apple shares, they're flat so far, slightly in the green. Microsoft, up half a percent. Boy, Microsoft, man, they are strong. Nvidia shares, up 1.1 percent. $620, man, it never ends. AMD, look at that. Makes a new high of $184 on the open. We check in on Tesla. Yeah, no real bid. They got a slight pop on the open, but down 9 percent. Short term, be careful of Tesla shares. And we jump over to Boeing. Yeah, watch out for Boeing, man. Boeing, back near that 200 number. All right, folks, stay tuned. We got a man, Basil Chapman. He's coming up next with the Tiger Technicians Hour. Great day of programming coming up, folks. I look forward to talking to you tomorrow morning. We're going to get that personal consumption expenditure. 8.30 a.m. tomorrow. I'll be on the air at nine. Don't go away, folks. We got Basil Chapman. He's coming up next. Have a great Thursday, everybody. We'll see you tomorrow.