The following is a presentation of TFNN. The morning market kickoff with your host, Tommy O'Brien. Good morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN Thursday morning, just after 9 a.m. Eastern time. We got 24 minutes to go until the opening bell. We got some PPI prices this morning. We got some jobless claims this morning, markets a little bit in positive territory. S&P's up by 15 points right now. You see the volatility at 8.30. These are five-minute bars. Zoom in on the action. You spike to 41.38. You spike to about 41.19. We're pushing the upper boundary of that price action. 41.34. You're positive by about 4.10 percent in the S&P's. Remember, we get retail sales tomorrow. We get bank earnings kicking things off tomorrow. Quite a CPI number in terms of the action in the market yesterday. It's going to be interesting to see where we go today after quite the sell-off yesterday throughout the entire day almost. We got some POPs, man, but negative action after quite the POP and quite the decent CPI numbers. We got some decent PPI numbers to follow this morning. We got jobless claims, but maybe that's the rotation, folks. Maybe this is the rotation in terms of seeing where the numbers are going to start waning on inflation. The market is going to say, okay, that's great, but you saw it yesterday, man, where it said that's great. But what if this is the turn and the turn comes quickly sometimes, man, there might be a lag? Boy, but when it takes over, it can take over quickly and we'll get into some of those PPI numbers in particular later in the program because some soft numbers to put it lightly. We have the Dow right now, up 79 points. That's a two-tenth percent positive in the Dow. You get the Nasdaq almost six-tenths percent. We get the Russell six-tenths percent in the positive as well. How about Bitcoin catching a bid again, $30,545. You have Ethereum. Look at that high. I saw something out there on Ethereum. You got a split going on or something like that. I had a headline up here earlier. What do we got going on? I'll find the headline. But Ethereum trading higher. Some split, maybe somebody has it in the den. There is some fundamental news on that. 2021, quite a run for Ethereum, up almost 6% right now. Crude, hanging right near $83, $82.98, goal contract. Check it out. We got a weak dollar this morning, man, 2056. That goal contract, you talk about a pop of $32. We just hit 2060. I'll jump to the dollar in a moment. Notes and bonds, the 10-year, up about 8 ticks, almost to the spike high we got yesterday. What did we do yesterday? We gave it all up. It would be interesting if we gave it all up today in terms of the 10-year. How about the 30-year yesterday? The 30-year yesterday hit $133.15 and traded down two full points. Two full points from that spike to $131.15. What are we doing? We're inching towards $133, yet again on the 30, a remarkable action on notes and bonds. We jump over to the VIX. All things considered, not that bad, 1855 in the VIX. We had some real sell-offs in the S&P yesterday, and you saw some volatility on the VIX, but nothing too concrete. As we went from about 1860 to 1940, we're back to about 1860 this morning on the volatility index. We jump over to that dollar index because, boy, currencies. We got some action in currencies, man, $10103 on the dollar index. That's a full point. Even more so from where you were yesterday, let alone you're talking about almost three full points from where you were on Monday. You talk about action, man. Check out the daily, right? The lows back in February, 182. We're pushing those lows right now in the dollar index, and when you look at some of the biggest components, yeah, the euro. New recent highs, man, $110, remember we were talking about 95, $110, quite a rise. Everything getting more expensive in Europe if you're trading dollars for your euros over there. Let's back it up even a little further. Yeah, you're all the way back to where we were over a year ago in the euro. Absolutely remarkable. The run we're getting in currencies is we got dollar weakness across the board. We got markets in positive territory, and let's jump into some of the economic data this morning. Jobless claims, $239,000 led by a jump in California. Continuing claims actually down. I don't know if that's how things are supposed to go. Initial unemployment claims rising $11,000 to $239,000. I was looking for about $235,000, so pretty close to in line. Continuing claims, now those are one week delayed, falling to $1.81 million for the week ended April 1st. Maybe there's a little bit of lag, maybe one week, maybe the difference on an adjusted basis. Claims jumped by more than $27,234,577. California accounted for more than a third of the increase, yeah, and it can be choppy. The four week moving average for $240,000. It's nothing too concrete in terms of in a healthy economy. You churn in something like $200,000 just in terms of the churn of people changing jobs as part of a healthy economy. We're just above that number. We had been below $200,000 for a while, and we'll see where we go from there. But nonetheless, we got $240,000, and we got some PPI numbers we're going to get into later in the program, because those are some decent numbers as well. But what we are dealing with, folks, is quite the sell-off yesterday, okay, and you had some decent CPI numbers to put it lightly. I'm just going to put this in context here. Now I talked about the VIX, right? The VIX never got above $18,000 or $19,000. We had two different sell-offs, folks, to the tune of like almost 40 or 50 points yesterday, intraday. The first one, pre-market, okay, but you came into the opening bell, still at $41.60, and you trade down almost $41.20. You went right back up to $41.53, and what did you do? You trade down another 40 points, A to B, C to D, basically intraday in the S&Ps after a pretty decent CPI number.  Well, if it was all about inflation and the Fed, that market would have loved that spike and would have stayed up there. But at some point, okay, the Fed cooling the economy is going to matter when we're talking about earnings, when we're talking about profits, when we're talking about margins. And we still have some pretty lofty numbers. When you talk about the numbers that we're dealing with in inflation, core number was up last month, core number was up 5.6% in March versus 5.5 in February. We've become so used to 8%, 9%, 6%, 7%, 5%. Now we're seeing headline numbers that are on the way down, we're seeing month over month numbers that would indicate that maybe we're out of the woodwork, and then you see a core number going up from February to March from 5.5 to 5.6. To get to 2, there's going to be a lot of work to be done. That work might start coming, folks, though, in a big way. In terms of the economy getting squashed, okay, in terms of the impact being felt. Now I talked about this one on Monday, I think. One about the money supply, right? This is M2 money supply, and I'll pull up M2 versus M3 definition, money supply. Why not, I'll pull it up as we speak. Let me get it right. But folks, money supply matters, okay? And you can't tell me that this spike had nothing to do with the generational inflation that we haven't felt in my lifetime, okay? But you can't tell me that on the flip side it's not going to matter as well. There's just no possible way that's going to be the scenario in my opinion, okay? Now you tie that into what's going on, right? So M2 is the Federal Reserve's estimate of total money supply, including all of the cash people have on hand, plus all the money deposited in checking accounts, saving accounts, and other short-term saving vehicles such as CDs, where time and account balances and time deposits above $100,000 are omitted from M2. So it's short-term cash cycling around in the economy. We're going to talk to our man, Kevin Hanks. We'll have a little bit more discussion about this after we talk to our man, Kevin. We're coming back, folks. We'll talk a little bit of fast market from Kevin Hanks. 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. When you subscribe, you'll get a weekly report from Veteran Day Trader Larry Pesavento on stocks you need to pay attention to, and you can trust Larry's analysis. After all, he's got 45 years' experience as a day trader. Larry will also provide daily charts, videos, and data on the key markets that he's tracking. Expect notifications from Larry on market movement you need to act on at any time. 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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. TFNN has launched the Tiger's Den, hosted at Discord. TFNN has been educating traders for more than 20 years, with live programming hosted by a variety of professional traders during market hours. The Tiger's Den, available to all Tigers and Tigresses for just $1 for the year. There's no catch or added costs when you join our community of traders. Sign up today and become a part of this educational community of traders. Let's visit the front page of TFNN.com. Folks, we have markets in positive territory. S&P is up about 11 points. Let's jump over to our man, Kevin Hanks. Every trading day, folks, 12 noon Eastern Time, the TD Ameritrade Network fast market right here on Tiger TV. Your host, Kevin Hanks, Tom White, the team at TD Ameritrade Network, folks, they got great guests. They walk you through hypothetical trade setups, and I know I say it. We talked to Kevin Tuesday, Wednesday, Thursday. If you ever want to learn about options, folks, check out the program. There's no better way than going through trade setups that they go through, talking about trade management, rolling, whatever it be. Kevin Hanks, when I talked to you yesterday morning, man, we had markets in rosy territory by the end of the day. We gave up about 1 percent today. We got some more PPI numbers. What do you think of the action, man? Corey, Tommy, yeah, unfortunately, today's numbers, even though the market is higher right now, today's numbers show a lot of the same underlying data that yesterday's numbers showing. What do I mean by that? Well, the month-over-month numbers, the year-over-year, are pretty impressive in terms of PPI month-over-month, down a half percent, year-over-year, from 4.6 to 2.7 percent. That's a big move in year-over-year PPI. Excluded Energy, down a 10th, year-over-year, Excluded Energy, 4.4 to 3.4, Excluded Energy and trade services, up a tenth of a percent from 4.4 to 3.6. Now, here's the problem, Tommy. If you look at final demand goods down 1 percent, that is, again, like yesterday, dominated by energy. Final demand energy down 6.4 percent. If you look final demand less food and energy, up 0.3. Final demand foods, up 0.6. So if you think about that, therein lies the problem, Tommy. There's numbers. These big reductions in the producer price index are dominated by energy that possibly since this number came out, crude oil has moved from $70 to now $83, Tommy. So there could be some storm clouds on the horizon in terms of the fight against inflation. And, folks, you heard storm clouds yesterday, and you saw what could happen in the market, and it is pretty, that year-over-year number, right, Kevin? And the market, yeah, we get a little bit of a lift, but there used to be a time when, man, you get year-over-year numbers maybe like that if they indicated a real transition because that's the one that I said, my goodness, how does that even happen, right? Well, you just explained it, man. We got some real influences in there. Energy is a big one. It's been a one-way trip for like a year almost to down prices, lower prices, and now we got some rising prices. Right. We'll see how we go from there, man. With that, Kevin, we've been talking about it. We got some companies with their numbers, but the banks kick it off tomorrow. We got some retail sales coming out tomorrow as well, and then, boom, we go right into the season. What are you guys talking about on Fast Market coming up at 12 today, man? Like Folio will do a little different take. They don't cover the financials very much, so they're going to cover Shopify in their section, a really good competitor to things like Amazon and eBay and these online shoppers. But then, in the first and third segments, we're going to talk, Jay P. Morgan. We're going to talk Citigroup, and we'll go through their expectations for earnings tomorrow morning. So yeah, we finally made it, Tommy. The chasm between earnings season is finally over, and we have some earnings to look at. Jay P. Morgan and Citigroup, like Folio talking about Shopify. And folks, Shopify, so TFNN, we use Shopify as our platform, great platform. Very user-friendly. It allows us to do a lot. I got the chart up here, Kevin, going back five years in the Thinkorswim platform, from $11 to $176 back to $45. What do you think of Shopify taking a look at this chart, man? Like many growth stocks, really taking it on the chin. But as you said, a decent company, and I tell you folks, it's not going away as in we use it. It's an outstanding platform. I know many people do. But boy, quite a pullback with some of those equities, Kevin. And you're off of a low of, boy, I got to pull it up right here, $23. Remarkable. Right. It got below $30 at one point. 23. I got another Thinkorswim. Go ahead, please. This is a company that, unfortunately, fell into that category that got punished, which is growth. Right? They're a young company. They're growing like a weed, but until what got rewarded in these markets is profitable companies and companies showing cash flow, and Shopify didn't necessarily have that at the time. Now, that doesn't mean this company doesn't have a promising future. That's still uncertain. Boy, they are growing at an incredible pace, and the overall reaction from customers is extremely positive. Yeah, and you're hearing it from a customer, man. You know, in the same way. So it's pretty cool. We use it.  It is remarkable, Kevin, how so many of these companies, back to almost prior to the pandemic, when you look to be perfectly positioned, online growth, Zoom comes to mind as well, among many others, not to single them out, but quite the run. And like Folio, you'll have to ask them, Kevin. They might not study it, but I would love to know the consumer sentiments around some of those big banks with everything looming out there. I say it in jest, but it is pretty interesting. We come into bank earnings tomorrow, man. We look forward to the program, Kevin. I appreciate the time on a busy morning, as always. And we don't talk to you till Tuesday, so it's going to be exciting where we'll be on Tuesday, man. Have a great one. Have a great weekend, Kevin. We'll be watching at 12, man. You too, Tommy. Thanks so much. Folks, tune in every trading day, 12 o'clock. We are coming into earning season right now. It's the best time to check out the program. And I always say, too, if you don't want to actively trade options, there's a tremendous amount of information that you can learn from understanding how they trade and applying that information to whatever it is, equities, okay, and just the market beyond, because understanding risk reward, premiums, delta, theta, all of those, and how they're priced into an option, which leads to basically how the market is pricing expected moves for the underlying equities. It's a tremendous amount of information. And that's why I love talking to Kevin three times a week, man. We are privileged to have his time, I tell you, folks, because that's a half hour right there at a time when, let me tell you, doing this program 15 minutes before the market opened as a trader, and I know Kevin is still a trader, okay. Yeah, it's valuable time, and he gives it to us every day, and I know they're a sponsor, folks, but I tell my friends, I tell my family, check out the program. You can learn a tremendous amount. Kevin, the experience he's has, Tom over there, they got some great guests out there. Randy Frederick, who is at Schwab, he used to do a program at TFNN, right? Just amazing minds over there, so they got a lot of good information, and we're coming into earning season. It doesn't get much better than that, and yeah, quite the chart for Shopify, man. Some of these equities, when I think about them, we all got a lesson of using our heads and not getting lost in the clouds a bit, as in they were growing at a pace that was unsustainable during a once-in-a-lifetime, hopefully, event, okay. And the fact that, do you remember the discussions taking place saying, geez, is all of this growth pulled forward, and now it's going to be a soft period? Of course it was. Hindsight 2020, okay. But I think now that we have the hindsight, okay, you could have made a reasonable argument, as many did, that it was going to be very difficult for any of these companies, Amazon and the likes, okay. Go through it. Whatever it is. You can almost pick any growth stock and say, especially geared online, that they just weren't going to be able to sustain that type of growth. Now, I mentioned Zoom. They're just kind of the poster boy of it, because they went up from, what, $570 to $600, and you actually got down to $63 again. Now, here's what's remarkable. They actually went back to prior to the pandemic. So they mismanaged things so spectacularly, the likes of Peloton. Peloton's probably the ultimate poster boy of it, right? That they actually did themselves greater harm. And that's how quickly you can blow that opportunity, which is remarkable.  This is why stops are important. It's why defined risk trading options is an attractive quality quantity to have on your side in the trade. And yeah, we're going to be back for the open. Stay tuned, folks. We'll be back in three minutes. Building wealth trading in the stock market seems impossible to most people. They think it's too volatile and risky. Most people aren't going to take the time to educate themselves on how to do it right. But you're not most people, are you?  Because you'll be a pro. All TFNN subscriptions, books, software, and courses are available at tfnn.com. And I'm even going to tell you how to get them for less. Use TFNN's Tiger Dollars and you'll get up to a 20% bonus on your purchase. And once you apply them to your account, Tiger Dollars are automatically used for all future or recurring charges. Tiger Dollars also never expire, are fully transferable, and are a great way to add savings to your newsletters or services. Become the investor you were born to be at TFNN.com. TFNN Educating Investors. TFNN has just launched their new trading room, the Tiger Zen. 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For more information, just click the Think or Swim banner on the front page of TFNN.com. Welcome back, folks. We've got markets open. You open up 10 points in the S&P, NASDAQ 100, up by about 70. You get the Dow up by 38. You get the Russell up by about six. Let's see how the banks are doing just ahead of their numbers tomorrow. We're dropping right now. There's so many influences in this market right now in terms of where we're going. Let's jump in and see how the dollar, because what's going on? You have currency action. You have yield action. Yeah. You got the dollar continuing to weaken right now. You're under 101. A lot of that being driven by the euro. You're spiking up the highs that we haven't seen in the better part of a year in the euro above 110.50 right now in the euro. And that, of course, tied to the action in the yields, but we've had a little bit of a reprieve actually in the last few minutes in terms of up to 116.02, the 10-year now back to 115.30. And if we check that out, that's talking about a yield of about 3.39%, 3.39% the yield on the 10-year. All right. So we were talking a little bit of money supply, right? Now this is M2, year over year. So what you have is, this is econ, okay? You got, or finance, what is it, econ, right? I think it's econ. What would M, when did we learn? Maybe some of that's got to go. I think it's econ, right? M1 is basic money, okay? So M1 is coins and currency and circulation, checkable deposits and traveler's checks, money and banking. Yeah, I was learning about this in high school though, I think. So I think that was, we didn't have money and banking one-on-one this college. I think we learned it in econ to start things off. Finance was somewhere in there. Maybe I'm getting lost. M1, coins and currency and circulation, checkable deposits, traveler's checks, straight out cash, M1, okay? Then you go to M2. Let's see, let me get this right. Okay, perfect. Now this even slide over so you can check out as M2, which is the chart that we're looking at, okay? It's the Federal Reserve's estimate of total money supply, including M1, okay, which is the cash people have on hand, plus money and checking accounts, saving accounts, other short-term vehicles such as CDs, that's where you get away from M1, okay, retirement account balances and CDs or time deposits above 100,000 are omitted. So the way you can read that, right, is it's a measure of the money supply that includes cash checking deposits, other types of deposits that are readily convertible to cash, such as CDs. Now the reason why they have that 100,000 in there, right, is because this is really cash circulating. It's not supposed to be big money that's not going to be a player in the economy for cash circulating and when you get above that, it's probably not going to be cash, a CD or investments that you are converting to have the cash being cycled in the economy, okay? Now then you have M3 and M3 includes all the above as M1, M2 includes M1, right, M3 includes M1 and M2, they all expand as you get higher in the M123, M3 would include all of the prior plus large institutional cash deposits. So that's not what's in M2, okay, now gold is not counted in any of them, gold is no longer used as a common currency, it's interesting in light of the action we're getting in gold right now, right? So taking a look at this chart folks, we'll look at it M2, okay, and again when we're talking about M2, we're talking about cash deposits, CDs under a hundred grand, it's a very reasonable description of the money circulating around in the economy. I'd love for anybody to give me a call to discuss this man because I think it's a big number, some of the reactions have been varying,<PHONE_NUMBER> and please folks, you may call on anything, my dad had a great call, I wish I remember the caller yesterday on his program after he talked to Tim Ord and the caller was asking, he was looking at different ETFs, one of those ETFs was basically a market wide ETF for small and mid cap stocks, I forget what it was, but it was every stock outside of the S&P 500 or even if you look at stocks like the Russell, right, and then the argument was, look at that, we got it, we got Bob and Largo, let's jump into it, Bob good morning man, we got him, come on, no, he must have hung up that quick, maybe he'll call back. This one might get some callers folks because look for outliers in the market, okay, look for outliers in the market when you see that type of action, okay, the caller was Bob and Largo yesterday, thank you, okay, sorry, I jumped up quick, thank you Al, and so the question they were asking was, the fund he was looking at was down 33% from the highs, S&Ps were only down 14% from the highs, say well, if the market accelerates back to the highs, shouldn't I be in maybe the ETF that has more room up to the upside, it's a great question, I literally thought this is a great question man, I'm sure a ton of people think like this and yes, it can be a great way to think, but it's totally dependent on what's going to drive the market, right, and what I'll say is that nothing is guaranteed to that essence, I mean we saw how the NASDAQ 100, how long did the NASDAQ 100 or NASDAQ take to get back all of its losses from, let's pull it up, what's going to be the best way, the Q's, are the Q's going to get me all the way back, no probably not right, what's going to be the best way, yeah, the Q's almost get me back, so the Q's from 2000 took you to 2015 to get to the highs, okay, the spy, yeah pretty much the same, pretty interesting, right, I was going to say it took a lot longer, I mean look at the spies man, spies, 150 in 2000, you actually got back there in 2013, so a little sooner, I would be careful with that if Bob happens to be listening anyway, I'd be careful with that one, my dad was talking about it, he just doesn't like the Russell's in particular, yeah I mean listen, Apple is turning into the GE, you know, in terms of the hole they have on everything and I would be very wary and look at Apple, look at Apple, up 1.5% today, I mean look at this for a second right, Apple today alone has added $40 billion in market cap and the market can barely catch a bit right now, I mean look where we are compared to do you remember on Monday that we had Apple losing 40% of computer sales far worse than even the industry and we're just back down a couple bucks from where we were on Friday, meanwhile we've had a market sell off to some degree in both directions, remarkable action, I would be very careful about not investing in the biggest most profitable best companies in the world, that's probably the best way to put it, I mean even at some of these prices folks retirement wise, as dabbling a little bit of Amazon this week, dabbling in a little bit of Disney this week, longer term, okay the big companies that have strong successful backtracks, they're where I would want to be in the longer term, now the other side of that is there's nothing wrong with diversification man, we learned that in the pandemic most of all right, nothing wrong with diversification because you could think you're in the best spot in the world and unfortunately you can just get hit by an unforeseen event coming at you, all right but pay attention to that money supply folks please give me a call if you want to talk about it, let me know your opinion because we're going to start to feel it and you may start seeing it creeping in the numbers and if it doesn't make creep quickly, but it's not creeping just yet man, we got inflation and we got continuing jobless claims dropping okay, no matter what we got, so retail sales tomorrow, bank earnings kick it off, it's going to be an interesting one, S&P's holding up relatively well right now, we got a little bit of a sell off there right, put it back for one minute, be sure it did, a little bit of a sell off at 9.35, we get back 41.30 in the S&P's, that's our man Basel Chapman does, look at that NASDAQ 100 though, yeah growth stocks, we got lower yields, we got a weaker dollar, we got the NASDAQ 100 up by almost 1%, stay tuned folks, be right back, 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 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they're liking they're liking whatever they're seeing man maybe it's the producer prices coming down um whatever it is they're liking let's see how tesla's trading this morning tesla's up about nine tenths percent netflix catching a bit up 3.8 percent my goodness do we have growth stocks we're going to zoom up 1.8 let's see how arc's doing arc up 2.1 percent right now uh the 10 year 1.1605 now these are one minute charts just to illustrate the moves that we're going right now let's put it back to a 15 minute to see some of the run and let's see how the dollar index is trading it's not stopping right now that dollar index man 164 186 excuse me yeah it's calibrated yeah two full points from where you were on monday man that is a move in the dollar index my goodness i'm sure we're going to see gold rocking so even as the dollar's traded a little bit lower we have gold uh parent some of the gains as in we're still up 32 bucks but you're about three to four dollars off of the highs in the gold contract see how the dollar ends trading there you go 130 211 and folks man teddy keg's that we talked to him yesterday we had a great interview you can check it out right on our youtube channel everything we do every interview that we conduct okay it's segmented out put in its own clip on our youtube channel just search tfnn you go to the videos go right down the line on the videos there and teddy has a webinar coming up in six days it's a great time if you haven't tried out his tiger forex report folks please try it out you head on over to the newsletters on the front page tfnn tiger forex report okay it's 97 dollars for the month it comes with a 30 day money back guarantee so you basically got 29 days risk-free you subscribe to the letter you get it for a month you gain access to the 60 minute webinar coming up in six days wednesday april 19th that will be archived you check out the webinar you get the newsletter for a month it's not something in that you're into whatever reason cancel it you get the money back refund and you're able to get knowledge throughout the month no matter what because you will gain knowledge uh and something from this webinar man with everything going on in these markets folks now is an especially important time to understand how currencies are moving things how they're related to yields and how they all tie together um because you're seeing a play out today the market reaction is going to matter when you have this type of movement in the dollar and in yields because boy i mean i can't stay look at the end right 133 25 would drop in out of bed just like that and that drop starts at about eight o'clock in the morning this morning so we'll see as a man basal chapman says the day is young and it's a little bit of a sputter out of the gate that's what i would say man these were some great numbers you don't we're not i mean could you ask for a better head head excuse me headline year over year number i don't think you could i don't think you could ask for a better headline year over year number folks then what we saw in terms of would it go from 4.9 to 2.5 something bonkers like that let's get the headline number to be exact so that you can talk about it 4.9 to 2.7 from february to march okay but it's worth noting the cruise at $83 crude came into the month at $73 from where we are right now and we are above any price action we saw in crude basically since last november man we're above the 82 50 point of resistance on the crude contract next stop on this chart is 92 50 man about $10 higher in crude and that's probably where you're going let's back it up a little bit more yeah 92 50 right in this area that you were chopping around that's the highs of october that's the highs in november and that would make sense that's where you go from there we built some calls on the floor man it's going to be remarkable if we push 110 or 120 man it's getting a little premature for that type of talk at 82 87 and we'll see where we go from there to say the least all right what else do we got pulled up let's see um oh yeah we're talking banks let's talk this one man we got earnings tomorrow this one out from the journal yeah this morning yeah this morning 5 30 in the morning deposit crisis sets up a tough first quarter for all but the biggest banks now the biggest banks might have some issues too okay uh they talk about the collapses what i love looking at right now is the deposits of these banks okay because banks are going to be facing pressure especially on a regional basis for a continued period of time what they talk about in here is that the banks for the big banks okay had their earnings estimates paired but the mid-sized banks it's much more extreme even okay analyst at Morgan Stanley cut their per share earnings estimates for 13 of the largest us banks by a median of 4 percent this year and 15 percent for next year okay for mid-sized banks that was for the big banks for mid-sized banks the outlook is far worse they're looking for 17 percent this year is what they cut their earnings estimates and 27 percent next year they have to get deposits folks they're paying decent cd rates i've been talking about it you can get between four to five percent right now on a decent cd you ladder it out for two years you ladder it out for five years whatever you're comfortable on a time frame basis guaranteed risk-free rate of return four to five percent the banks have to pay it because they need deposits they need the money on their balance sheet it's going to continue like that for some time and there's going to be competition repeatedly for it which is why they're probably going to stay a bit elevated when you look at the deposit change from a week earlier again i'm always like why don't you just like instead of shades two drastically different colors instead of just shades in terms of where we are get off there can we get off there let's not let me get off let me refresh this uh we go come on what happened there we go so the deposits you look at where you were on march first prior to everything imploding you had actually deposits going up but then what happens you get march 8th march 15th they take almost 200 billion dollars from the small banks the big banks get 100 billion but what happened the next week the next week the big banks lost 100 billion while the small banks continued to lose about 50 billion got some of that back next week um yeah all the u.s banks below so about 312 billion in deposits left the banking system between march 1st and march 29th 312 billion dollars i talked about some of the biggest numbers to the biggest banks out there yesterday the 25 u.s banks gained 18 billion over the course of the month all the u.s banks below that level lost 212 billion and it would make sense i was saying at the time who has money in a regional bank right now especially if you're anywhere near 250 000 just go park it at a big boy and know that you're not going to get punished um the banking index they're going to face some pressure man you know you pick a strong bank that's going to navigate this thing yes you got you know some some serious upside that you might be able to make it through because they've all been punished to the downside okay but unless you have a real fundamental understanding of what you're getting into there there's some risk for a prolonged period of stress on those banks facing deposit woes all right folks one more segment stay tuned we'll be right back tfnn has just launched their new trading room the tiger zen 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 tiger's for just one dollar 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 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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 get the opening call newsletter by basil Chapman in your inbox every day 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 tfnn.com educating investors everything in the universe is governed by the Fibonacci sequence this mathematical principle is responsible for everything from the most aesthetically pleasing artwork to patterns in the stock market to stay on top of stock patterns you can take advantage of sign up for the Fibonacci 24-7 newsletter at tfnn.com when you subscribe you'll get a weekly report from veteran day trader Larry Pezzavento on stocks you need to pay attention to and you can trust Larry's analysis after all he's got 45 years experience as a day trader Larry will also provide daily charts videos and data on the key markets that he's tracking expect notifications from Larry on market movement you need to act on at any time first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up subscribe to the Fibonacci 24-7 newsletter today tfnn.com educating investors this segment is brought to you by Think or Swim for more information just click the Think or Swim banner on the front page of tfnn.com welcome back folks we got the S&P's up about nine points right now NASDAQ holding on to those gains up 111 with growth stocks straight and higher we'll get the dial right now negative by 22 just take a look at the 10-year you know keep your eye on this one man because there is going to be pressure in terms of the markets have competition man yields four to five percent is real money man that people are making for every hundred thousand bucks you're getting five grand a year over a period of five years you're talking about 25 percent not even compounded put it to 20 percent if you're talking about four right but you don't even have to I think if you ladder up a five-year ladder right now where you're going one two three four five you're you're at like 4.5 percent something like that I'll talk about on my show it's going to be a competition for equities man in a big way and this market it's not a lot of strength man on those numbers huge pop yesterday little pop today we give it up we'll see where we go from there now we're going to finish it up man boy keep the people of Fort Lauderdale and Boca in the east coast in your thoughts folks because they got some rain man Fort Lauderdale airports closed right now I believe to the middle of the day at least it was this morning I don't think I've even seen something like that man two feet of rain yesterday in Fort Lauderdale more than that 26 inches of rain in Fort Lauderdale is what they got they call it a thousand-year storm I hear like those a lot this is a picture let me get this exactly that's a picture of EMS trying to drop people off at Broward General Hospital right completely flooded I mean you just have images that are just absolutely astounding man I mean look at this one the the streets you're talking about 26 inches of rain dropping in a day man so keep those people in your thoughts man because that's going to be a tough one so maybe our man Steve Rose will have some stories for you about how he's doing hopefully he's doing well in terms of just absolutely a remarkable amount of rain over there closing down the airports and 26 inches of rain I said man we got some rain over here but nothing like that man and it's raining again over there right now so there are some woes for for a period of time to say the least folks thanks for starting your trading day off with me we got SMPs basically right where we were when we kicked off the program but guess what remember we were yesterday at this time yeah we got some action man all ahead of retail sales tomorrow and the real beginning of earning season with the banks tomorrow morning we get City Wells Fargo tomorrow as well and uh yeah stay tuned for our man Basil Chapman folks


Everybody for Sierra pen 2023 slight draft picks football hobby 6 box number 5. All right, let's go ahead and get started Thanks for everybody. Good. Look at the Google machine ready. I got my All right, also get Google ready done you type faster than me She's got a guess Brice young base silver rookie is Josh Downs with the Colts Tri-color Tim T boats gonna go to Denver for longest tenure to 199 Stetson Bennett rookie on the hyper and an Xavier Hutchinson rookie auto. Oh, he's Cowboys. No Texans. Oh, yeah. Yeah, Texas Xavier Hutchinson rookie auto Better than Google Donnie give me directions to the nearest the nearest restaurant that sells Hummus Tideye is a Dalton Schultz Schultz C to 25 Where's he now he's not a cowboy, right not the Cowboys Why do I not know this? I feel like he's a Texan too. He actually might be let me say Texas for everybody. Yeah, Texans Texans Dalton Schultz Donnie McNabb right there to 149. Oh boy. Thank you. It's commander. So I'm just getting you as equals And a jade on Hazelwood rookie auto Jaden Jaden or Jadon Hazelwood? Well, it should he's an eagle. This is really yep. Oh boy. Wow, Donnie Donnie looks like Mack from a distance Why is there would say that dude illegal? How was she that to the other day? He was like Yeah, dude, he was all doing that in the back. I was like, what are you doing, man? Yeah? I was so confused. Oh Eli you got tricolor ladanian Tomlinson that goes to the Chargers to 199 Devonte Adams on the hyper And Israel abanaconda, I believe he's a jet right Ricky Silverado Jets, I will say tentatively Yeah, he a jet he a jet tie-dye is a Derek Henry noise Titans 25 This is why I don't google you know before before like last year the top voter was supposed to google all Well, I'm glad This isn't last year because I'd be struggling. Yeah, I guess we're just built different back in the day Yeah, I guess I guess we're just built different Had had to had to break I guess Silverhines Ward tricolor rookie stats in Bennett 4d rams It's 199 red AJ Brown We're gonna see you go. I don't know There you go Eagles and rookie auto silver israel abanaconda for the Jets Inocular pat down Assess the situation It's always Donnie in philadelphia And that is pretty good Kyle knows we're built different. Yeah, I guess he was here around that time Silver Payton rookie purple Jordan Addison to 75 nice current NFL team color match vikings red Stroud to 149 Texans and a Cedric Tillman rookie auto Cedric Tillman Cedric Tillman. There's a numbers of Richardson Cedric Tillman Cedric Tillman Donnie's gonna look it up. I'll get the next bag Browns There we go. We can go back and forth. It'll be good I'll you see at least you know how to type No, I can type it's just silver jettas typing correctly Charbonnet for the seahawks to 199 Jalen Carter for the birds purple to 75 And a shrey Tucker rookie auto tray Tucker Definitely real really to the chris Oh, yeah, or or Justin Raiders Yeah, either one chris or just because it's because they're obviously related For John Tucker.  Oh, I heard of it. No You know my list of movies is like 15. Yeah, Donnie has seen the shining He's also seen Mack and me and then no, that's it I want to see one of those two. You see the shining. Yeah, nice Silver Jerry Rice red McCaffrey going to the Niners current team to 149 Berry Sanders To 149 and four of five Is a green rookie auto a Felix under D. K. Uzoma Who is a chief? There you go chiefs on the green. We got a gold here as well and it is Devonte Adams Raiders very cool. Nice focus on this one One of ten Raiders Devonte Adams Yogi says, what's up, Donnie? Oh, what's up, Yogi? I can reach out. Thank you, Boris. I want to just let you know Appreciate it Looking out silver trepid Lawrence tie-dye is a Jonathan Taylor for the Colts 17 and 25 tri-color Peyton Manning goes to the Colts longest tenure It's 199. This is a chase brown rookie Silverado Is he is he I I don't want to be like on the nose. Did he see a Cleveland Brown? He's a bangle close close That was that was louder than normal. That was I didn't watch Star Wars films I actually watched the first Star Wars uh On saturday, yeah No, I'm like the original I'll still watch fan of menace. I just find a lot of I'll like watch and I'll like I'll like tune into like oh pod races All right, then I'm like, oh dual fates. Hell. Yeah, but like all around all around that.  You want to mean? Tyler there Rg3. That's cool the 35 Is his longest tenure in Washington Ravens for a bit. That's what I'm saying. What is his longest tenure back? It is He was with Baltimore just as long but he played more games with Washington. Yeah, so we're gonna go Washington still That's what I was like. I know he was with the Ravens for quite a while But it does go Washington by games chris carter the 199 and a trinton simpson auto Mm-hmm t simp Trenton simpson is a raven donny's rights I just remember Garrett wilson. He talks about him because of how he signs his Signs and simp. Yeah So funny about that You only watch when jar jar banks is on screen That explains that that explains a lot about you Steve actually that that explains it all That is a big chunk of the movie How rude silver patent tricolor montana goes niners obviously to 199 hyper richardson Colts And a devon ashain rookie auto for the dolphins jigba sparks lamar deck presscott purple You go dallas to 75 another red stroud. There you go taxons. This one's 141 of 149 And a dwayne Mcbride rookie auto reminds me of a danie Mcbride Kenny powers Vikings on the dwayne Mcbride Get yo spots.  They're gonna be very little time for personals if you do have one tonight I'm gonna try to get like one or two done, but we got to be done before midnight Spectrum our internet provider Has scheduled maintenance. It's sometime between 12 and 6, but it's for like two hours. So for uh, this area, I guess Silver elie hyperdac White mccafrey to 35 for the niners malik cunningham patriots auto here. There we go I wrote for malik cunningham Rice young silver rookie inserts Yeah, yeah You can develop you can develop be a good third quarterback for right now. We'll project Or a wide receiver whatever happened Get them on the field down and cook silver let dalvin cook Hyper rookie kshaan bute for the patriots Chase purple nice lsu color matches 75 bangles And the auto is ronnie bell Ronnie bell think he's related to baby bell Uh, I don't know who it is. I don't know baby bell cheese Niners on the ronnie bell Guys donny doesn't know baby bell. I don't know what we're talking about anymore Cheese I think I confused donnie so much every night. I don't know anything That's not true donnie You know a lot of things about star wars red dalton schultz texans 249 dan marino tricolor dolpins to 199 A wow a bobby wagner tie-dye auto that is really cool 13 of 25. Where is Is he back with seattle? No, he's not is he I don't like so where he at though rams. No, he is he is a seahawk again. Is he right? Is an americam alive over seattle seahawks. Yeah, right? I just want to make sure that i'm not reading like an old thing. Yeah, he's back with the seahawks Maybe he's gonna play one more. Yeah, one-year deal seven million. Yep seahawks tie-dye auto bobby wagner very cool Yeah, I just wanted to make sure because You know one year gone and then I just got to be a hundred percent sure like if you If I had money to bet I'd obviously be like, yeah, he's a seahawk, but For if if someone's card is his has that stake we got to be a hundred percent sure Oh, okay, kyle. I know what we're talking about. I just I know they're called that baby bell I know they're called that I put donnie's brain in the blender Not literally that'd be that'd be a man. I don't want to clean that mess up tricolor davante adams It won't be a big mess one Jesus donnie titia hawkinson on the hyper And 250 points random to everybody at the end here. What about donnie bell? You got ronnie bell. What about donnie bell? We could get a donnie bell. You just ring it every time you come in real loud Gronk hyper got red, uh, chris godwin buccaneers to 149 Alex austin rookie auto alex austin Not like that donnie come on now bill's alex austin I didn't mean to like that I didn't say that's how I took it. I was just saying like Yeah, I don't get any trivia answers correct out here So the trivia star wars Maybe it won't be though. It's rich silver delight manning purple duck again for the cowboys 75 a lamar jackson tricolor for the ravens to 199 And a giant turkey auto of jalen hyatt Nice jalen hyatt some nice receiver autos in this Nothing else. That was huge. But that uh, that uh, the bobby wagon was pretty cool We will random off points to everybody here I can get the teams there they are Yeah, we're just gonna ask them about baseball. I'm no idea It will be about baseball. I know it 250 ran into everybody right now writing me no, you know seven times four and three Whoever's up top gets it one two three four five six and seven seahawks Nice break for the seahawks quick auto recap you got a jalen hyatt alex austin ronnie bell Malik cunningham ze flowers dewayne mcbride devon ashane Trenton simpson chase brown a Trates hucker cedric tilman israel abanaconda a couple of times there jennon hazelwood And xavier hutchinson bobby wagner tie-dye and a green felix Anudike uzoma, all right, that'll do it another one coming up next


I like to teach students to share their observations by having items out at an observation station. In the station are items they can use for discovery on their own. Today I'm going to tell you about my water station. So I have different things out. I have my beaker of water, I have a little holder with little vials that they can use, and I have an eyedropper so they can squeeze it. You can feel the air and they can use it to grab some water and what they'll do is they'll grab water and they'll probably put it inside this. And they might count one, two, three, how many times does it take to fill this up? And that's one activity they'll do. Or I have tweezers for pinching. Good fine motor skills. They'll grab something with their tweezers and put it in the water. And this is when you have a good opportunity to guide their discussion with their friends. This is one time you can say does this sink or does it float? And they'll get to learn about what sink is, what floating is, and then they will get to try it with something else. And if it's hard to use the tweezers they don't have to. They can just drop it in. That one sank. So the beans sink and it gives them a chance to be really excited and share it with their friends and let others try. And you can use all sorts of things like paper even. Paper, they'll put it in and they might stick it on there and they might be certain it's going to sink. But because it's still dry, it's floating. But as you watch, it might start to sink. I like to have things that they can do on their own because children learn so well through playing. And then I like to have things that I can teach them new vocabulary. Like sink, float, and filling up and dropping those things.


Good morning and welcome to CSIS. Thanks very much for coming out, and I hope you all had a good three-day weekend. We're very fortunate today to have Congressman Mac Thornberry, who led the House cybersecurity effort that has just recently put out its report. I was telling the Congressman before we came in that the betting was against him when he started this, and we're all, I think, really impressed with what he and his fellow members have been able to do. Congressman Thornberry, at least from the CSIS perspective, is one of the true experts on the Hill when it comes to national security with his assignments to both armed services and intelligence committee, and he's perfectly placed in some ways to think about cybersecurity. So the report will hopefully lead to some good legislation. I'm sure the Congressman will tell us about that. We're grateful for all your efforts over the years on national security. You've been one of the real leaders, and we're grateful that you came today to speak. Thank you. Well, I do appreciate the opportunity and the invitation to be here that Jim extended, partly because I believe CSIS is tremendously respected across the political spectrum. And so that enables CSIS to continue to play a key role in actually getting things done. But in addition to that, in this area in particular of cybersecurity, a lot of what we did in the task force drew on work that Jim and colleagues have done here at CSIS over some years. Going back at least to the 2008 report that CSIS did and then followed up by one earlier this year, you will find a lot of similarities. So one could even say we copied the chance to be here. I'm not going to spend a lot of time talking about the problem or the urgency of dealing with the problem because I suspect everybody here is well aware of that. I will just say that the number one issue in the country, certainly on Capitol Hill, is jobs.  And that is happening with businesses large and small and of all variations. So what we're talking about today is related to the number one issue facing the country. But of course it's broader than that because as you know, not only are people reaching in to steal information, it is possible to reach in and destroy information. And if we follow the Stuxnet reporting, it is possible to reach in and manipulate data in a way that has physical consequences in the real world, which is disturbing for a lot of people when you think about the ramifications of that. So the way I summarize it is Speaker Boehner had had enough intelligence and administrations, both the previous one and this one, have done some things. But it has been very difficult for Congress to act. Partly because it's a complex issue, partly because it has so many cross-jurisdictional aspects to it, both in the legislative and executive branches of government. So what we've had largely in recent years has been gridlock when it comes to Congress taking action to be taken. So Speaker Boehner's decision was to create a task force and he picked the nine committees of the House that had the most jurisdiction, and it could have been more because it doesn't take too much of a stretch to add in some that were not chosen, but he chose the nine committees with the primary jurisdiction and asked each of those chairmen to pick a representative to be on the task force. And in addition, he chose three at-large members, who were also members of the most relevant committees, and so the task force consisted of 12 of us who were put together by the Speaker and the Majority Leader. And our charge was to try to develop a framework from which the committees could write specific legislation. And I would say that probably the hardest part was how detailed to get because you couldn't be so vague as to not really say anything, but we didn't have the resources or the charge or the inclination to write detailed legislation. As a matter of fact, we say in the report that the committees of jurisdiction are in the best place to write the details of the regulation and to get those details right, which is particularly important in this case. So our charge was not to write the bills. It also was not to be so general as to not say anything, but it was to kind of find that sweet spot in between that would provide recommendations that help provide a framework from which the committees of jurisdiction could do their work. And the decision was made to make it a majority only. There was some concern about that at the beginning, but the Speaker's view was we needed to get our own act together, the majority party in the House, understanding that when the legislation is written, it will be done by the committees with full participation of all members. And certainly cybersecurity is not one of those issues that has been partisan in the past and there's no reason for it to be in the future. But the idea was we needed to kind of develop this framework to see how the pieces fit together ourselves and then allow the committees to go forth under that framework. So that was kind of the charge we were given. Not to solve all the problems in cyber. Not to try to develop all the long range recommendations that are really needed in this area. It was what can the Congress pass this Congress that will make a real difference now in cybersecurity? So it will be possible to make a criticism that you didn't answer this question or you didn't resolve this issue or so forth. We know all of that's true in many respects, but what we were trying to do was to say what can we pass now in this Congress? Some issues are going to be controversial and difficult to pass. Didn't mean we stayed away from all the controversy, but again, the charge is what can we pass this Congress as the way it's formulated now that will make a significant difference in cybersecurity in the short run? And so that's what we set about to do. Each of the members of the task force came not only from their committee but with some real experience and background. Each of us, I know, spent a fair amount of time individually talking with experts, people who could help us to understand what was happening, what needed to happen. As a group, we just met with a handful of people that we could bounce ideas off of. I will say that one of the most helpful things for us was to sit around the table and just talk and see the different perspectives because you would have one committee that had a very different perspective than one would expect. And you really got a better sense for why it has been so difficult to legislate in this area by having that exchange of views. So last week, we submitted our recommendations to the Speaker Majority Leader on time, on budget, which wasn't much, and then we released also last week our recommendations to the public. In essence, what we say is that we believe Congress should enact a menu of incentives to encourage cybersecurity to be a higher priority by private industry around the country. We listed some possible incentives that the committees could look at, not trying to be exclusive, and understanding that one size is not going to fit all for every size business and every kind of industry. But we believe that some encouragement is better than mandates by and large, although we do recognize that there are some industries that are already pretty heavily regulated. Their power plants would be one example. And we encourage their regulators to make sure that cybersecurity is a high priority in dealing with the range of issues that they deal with with those industries. But generally, we believe that there should be this menu of incentives to help elevate this issue in the consciousness of CEOs and businesses all around the country. Secondly, we suggest that there should be a new entity created to facilitate information sharing. Now, information sharing is something that's been talked about ever since I've been watching cybersecurity, which goes back to at least 2003. And yet, and there was some discussion about whether you really needed to create something new or whether the existing organizations, ISACs and so forth, were sufficient. But the conclusion as a group we came to was that we should have a new entity that would facilitate information sharing where competitors in the same industry could bring their information about the threats that they are facing, where people in different industries could bring and share information about those topics, and where the government could bring in its information because a lot of people believe that some of the best capability our nation has to defend against cyber threats is on the sidelines for everything except the dot mill spectrum. And so the idea is if we can create a new entity where not only businesses can share information with each other, but businesses and government can share, that that will facilitate better situational awareness, but also it will assist the internet service providers in having the information they need to take action on their own networks to help deal with malicious attacks. To do that, you're going to have to change some laws. And our view was that you can best get those narrow exceptions or changes to the laws that are necessary if you have a single entity where that information filters into, rather than more general changes that would cover all ISACs. We also have the view that you're more likely to get government to share information with a single entity, rather than government share information with the financial services ISAC and the this ISAC and the that ISAC and different kinds of organizations. So our hope, again, thinking about what is the most likely to get passed, what can we accomplish is that the single entity to facilitate information sharing would be a major step in the right direction. Third, we recommend that a host of laws be modernized, updated and going back, of course, to the CSIS report, to the cyber review that was conducted in 2009 in the Obama administration. Something like 50-something laws have been identified that need to be seriously looked at to be that are out of date because they were written before the internet and technology had evolved to the point where it is today. Some of those are more pressing than others. Some of them will be more controversial than others. But we list some in the report and then we have an appendix with about 20-something more of laws that we suggest the committees need to look at and update. Again, some of those updates are going to be absolutely essential to allow information sharing, which I think nearly everybody agrees, excuse me, has to happen to take action on cyber security. First in the area of authorities, we mentioned a couple of areas where we think some additional clarification is needed. But then we list a lot of questions. And I don't think our country has come to the point where we can answer a lot of those questions yet, such as what's the role of the military to defend the private sector in cyberspace? What does deterrence mean in cyberspace? And a variety of issues that kind of think about the cyber domain as a new domain of warfare, if you will, with all the attribution problems and so forth that come with that. There's a whole range of issues that we could not answer, and I don't know that anybody can answer. And so we suggest that a lot of further action needs to be done by the Congress to explore those answers. And this takes me back to another CSIS report several years ago. It was called Beyond Goldwater Nichols, and one of the points was made that Congress has got to be involved in as much as possible a public discussion of some of the big challenges facing our country. Because if not, you have the Bush administration for this, the Clinton administration position for that, the Obama administration position for that. You don't have a national position on some of these big complicated issues. And unless until you get Congress asking the big questions and having a variety of witnesses and discussions and that whole messy legislative process out in the open, we're going to be less likely to have a national answer, a national position on some of these big national security issues. It was a point that was made in a somewhat different context, but it really was brought home to me as we grappled with some of these issues involving privacy and what role the military is going to play in protecting domestic networks or domestic businesses and so forth. I think that a lot of the responsibility falls to Congress to help work through those issues. Now the report also has a number of other recommendations on issues, some of which are longer term. Everybody agrees we got to do more about education and training and so forth that we identify. The importance of working internationally is obvious in a domain that has no borders. So there are a number of other things that were listed there where we have suggestions or at least issues that Congress needs to continue to pursue. Frankly, I've been pretty pleased with the reaction from Democrats, Republicans, interested groups, experts have had to our report. As long as people keep in mind it's not supposed to be the end all be all, it's supposed to be what can we do now that will matter, understanding that cyber security is going to continue to be a challenge for our country and for other nations. As long as we all shall live we will have to continue to work on this issue. But if we could do at least this much then our view is that it would be a good start. So the next steps are that the committees now have this framework from which to operate. I think in the next few days you will see a number of additional bills being introduced because people have been drafting on legislation but wanted to wait until the task force recommendations came out before they introduced their bills or pursued them. And so I think you'll have more legislation coming out. Speaker's office is going to be coordinating among committees but believes that the normal legislative process with amendments and again all the messiness that is attendant to that is the best way to proceed. How is it going to go from there? I don't know. As you all know the Senate majority leader has been working to assemble a bill for some years, more of a centralized sort of approach. If the House is able to pass different pieces of legislation, the Senate is working to put this single bill together, how are the two going to match together? I can't answer that. Obviously the leadership is going to have to sort through legislative vehicles once you get to that point but again I think that the strong preference in the House is to work through the regular committee process, try to get the details right and then hope that working with the Senate and the White House of course that we can actually do something and not continue the sort of legislative gridlock that has come with this issue for far too long. So I'm hopeful. I am very grateful not only to the members of our task force but to the staffs on the personal offices and the committee offices but also a number of people who have contributed to our thinking and provided expertise which has made our job much easier including the institution where we all are now. The challenge now is to take all of this good work and actually do something with it. Don't let it just sit on a shelf and that's going to be our goal. Thank you. Thank you very much Congressman and thanks for coming. We have time for a few questions so if you would want, I think we have a microphone so it will be roaming around, if you can hold your hand up please identify yourself and then ask your question. So we have one right up here in the front, right off the bat. Thanks, that saves me from having to. Thank you Congressman, it's Paul Scully-Powell for the American Registry of Internet Numbers, commonly known as Aaron. I think it's a very good move in the right direction, however I'd just like to point out what I think is one of the big Achilles heels for the legislation and that is it's becoming harder and harder now for people to relate the internet addresses as you know when you go online you get an internet address. It's becoming harder and harder to relate that to the person using that address. And the reason for that is that for many years, as you probably know, the internet has been self-regulated by industry and we do have registries but there's no legislation to enforce that they be kept up to date and so more and more they're not being kept up to date. What this means is for the folks who have to deal with crime on the internet is even though they can trace to a certain internet number they cannot align that to a person and therefore they can't prosecute. So I think one of the key issues for Congress, it's fine to have all these framework but at the end of the day, you know, as they say, the crooks go where the money is and so I think we need some folks to sort of focus on that issue of ensuring that we do have a direct link between what an IP address is and who's using it. Well, I appreciate the suggestion. Certainly one of the things we specifically talk about is updating criminal laws so that they can more easily be used to address real criminal behavior that has occurred on the internet. But as you know, part of the challenge that we all face is, as you mentioned, the internet has largely been unregulated, self-regulated and that is part of the attraction that it has but also part of the resilience that it has. And so I think those are the sorts of issues that certainly ought to be discussed on an international basis, how you can tighten down and prevent and make it easier to trace back to criminal behavior. But it's going to be a challenge to tighten down in a specific kind of regulation in the way you talk about. We had one in the front. Hi guys, this is Ron Marks from George Washington University's Homeland Institute. Quick question for you from a business standpoint. There's been some concern in the community chamber of commerce and others over whether or not we're heading towards some kind of Sarbanes oxley in the sense of you're going to have a minimum standard that if these corporations don't meet it, we'll have a federal standard, excuse me, that these corporations need to meet and you know all the business in terms of the financial obligations, et cetera. I wonder if you could comment on that just a little bit. Some sort of amendment to Sarbanes oxley was one of the suggestions that was made to us. In other words, the question is what can be done to elevate cyber security in the eyes of the CEOs and the people running these corporations? And if you've got to make a filing with the SEC or you've got to have some other sort of thing that really does affect your bottom line or your public perception, then that's the kind of thing that does elevate the issue. Now, we didn't say, yeah, we did not recommend, yes, there should be an amendment to Sarbanes oxley that puts in this word. But it is among the incentives, if you will, carrots and sticks that we think needs to be considered. Now, you can get pretty quickly when you're talking about Sarbanes oxley from an incentive to a mandate. And our view is that except for the highly regulated limited circumstances that we mentioned that things work better when you've got government and business working in the same direction with the same sort of incentives and encouragement to achieve a common goal. And it's also our view that it is really hard to regulate in this area because it changes so fast. So what can government ever mandate that would be applicable a week from now? That's part of the challenge. But we do believe that there ought to be a whole menu of incentives looked at, but they ought to be incentives. Emily Rutherford Defense Daily, you said in the next few days that some bills will be introduced. And I'm wondering if you can share anything about how they would be broken down by the recommendations in the report or by sort of the obvious jurisdiction of the committees and what might be expect from the House Armed Services Committee. And let me clarify, I'm not planning on introducing a specific bill, but I do know of members of the Task Force and others that have been working to draft legislation that are consistent with some of the recommendations that we have. I don't know of anybody that's trying to do it all, but some of it. And I think you're right. To deal with, to implement some of these recommendations, you're going to have a bill referred to more than one committee. And sequentially, probably, but that's the reason I think that you're going to see the Speaker's Office very involved in trying to coordinate with committees as far as the steps ahead.  They didn't want to be, you know, a month down the road and somebody put up a red flag and say, oh, we're not for that. So some of the negotiation was rather painstaking. But where we are is at least consistent with this framework, every one of the nine committees has signed off and agreed to it. You still could have trouble with the details, I understand. But I think it's kind of on that basis that things will move ahead. Speaker's Office will help coordinate timing and so forth. But I'm, you know, I'm reasonably optimistic that something along this line can really happen. Hello? Congressman, thank you for your remarks about the complexity of this problem on the legislative side. I'd like to ask a sense of the Congress question because you were obviously sitting across all of the committees in the task force. We're facing some pretty steep budgetary cuts in intelligence, in defense, in homeland security. Is there any possibility that due to the urgency of the cybersecurity problem, the Congress would consider a fencing of initiatives here? A couple of things. One is it's good to have an appropriator on your task force because anytime somebody comes up with an idea, he'll raise his hand and say, how are you going to pay for that? And there's lots of ideas, you know, that cost money. So that was an element in our discussion. One thing that we strongly recommend is increase education and awareness starting with members of Congress. So in this task force, we were able to have some classified briefings. Most members of Congress have not and it would be important, I think, as people make decisions about how to spend money and what the issue is facing the country are to have a fuller sense of what we face every day in cyberspace. Having said that, it's also true that there are trends that go through national security and lots of labels get stuck on stuff just to try to attract more money. So I don't know that you would see a fence on anything that is labeled cybersecurity because as I've watched the budgets of the services and other organizations in recent years, lots of things get put with that label. So part of our job is to look beyond the label and see, but I am hopeful to get to the bottom line is that whatever, and you know, I'm not for cutting a lot more money out of defense, but I do hope that we can make sure that we put enough priority on getting this right. And partly for this reason, I've been struck several senior military officers just ask them out of the blue, what's the thing that worries you the most, national security, you know? And several of them have identified cyber, not necessarily because it is the most dangerous, but because they believe that the state of the threat is so far advanced from where our policies in thinking is that the gap between the two is so great. So it is, I think, a serious national security issue that we have a lot of catching up to do. Part of that money, a lot of it, as I mentioned, is intellectual policy making. Why is this side of the room so quiet? Good morning and thank you Congressman. Terry Morgan, the question comes from the end of your report when you talk about the FAR and the DFAR being used to leverage the direction of technology, yet in the previous paragraph, which is supply chain management, you're talking about the international supply chain and working internationally. And just would like to hear your thoughts because you can almost see a contradiction of capability versus technology. Are we gonna force the FAR and the DFAR into driving the direction of technology? And I think there's a lot of concern about how that plays out. Yeah, and I've heard some of those concerns, but just to step back for a second, federal government buys a lot of stuff. The federal government ought to use its buying power to elevate the level of cybersecurity, you know, across the country. Now, that does not necessarily mean that if the federal government sets a standard, Microsoft will respond like that with everything that it produces to that standard. I don't mean we're that big, but still there's some buying power there that ought to be used. And my personal view is, by the way, that anybody who gets a federal grant ought to have some sort of minimum level of cybersecurity. We gotta look for a whole variety of ways to elevate the awareness, but also the reality of security around the country. A variety of people have told us that you could get rid of a majority, I will say, of the malware out there with just basic hygiene stuff. So part of what we grapple with is, okay, what can we do to improve the basic hygiene and thereby reduce the clutter that some of the more sophisticated actors hide in? So, using the federal government's buying power to elevate security is one of the things that we believe needs to be included. But I fully acknowledge supply chain is a big, complicated, difficult issue where we will be cutting off our nose to spot our face if we make it where our companies cannot compete internationally. And so there's a lot of work to be done in the whole supply chain area. Again, we couldn't come up with all the answers on how to thread that needle, but we did identify it as a significant concern. Joe Mazafro, I'm curious about the single sharing entity, and I'm thinking, as you said that about in the URPA law in 2004 with the establishment of the ODNI and all that, that we had a PM for information sharing in the government. And are you essentially, is the task force's view that that's a failed effort and something new needs to be done? The idea of sharing, as you said, is certainly not new, and the only place it seems to have worked in the post-911 era is at a place like NCTC, which is all governments. I'm curious what's, I get the idea that it's a framework and it's in the details, but. Yeah, that's true, but I'll say that, remember what we're talking about is not only sharing information with among, well, with government but with private sector and bringing it all together, and our view was that you needed a new place to do that. And partly you needed a new place to do that that was away from government, but because of the privacy concerns of government looking at your stuff coming across. So having an entity that is not a government entity where now government may have to pay part of the bill or there may be some funding deal, but something that is separated from government and yet secure enough so that government would feel a confident to bring its information there as well as the legal protections that are needed for business to bring its information there. We felt that was the best way to go. Now, there are different models for this and as you know the, for example, the White House would have much more centralization in the Department of Homeland Security, much more kind of reviewing of an industry or businesses cybersecurity plans saying whether that passed muster or not. We have concerns about that and think that again, what can we pass in this Congress given all of the concerns associated with this issue? We have a better shot of having a new entity separated from government with the legal protections necessary to make that information sharing possible. I know up here in the middle. Narno de Borger of CSIS. The prosecution of two wars, namely Iraq and Afghanistan was almost entirely dependent on cyberspace. And I was wondering from what you've learned whether a potential enemy could really disrupt what we're doing today through cyberspace. Sure. I can't quote you the exact figures. You've probably seen them. The virtually all of our military communication runs on the same, in the same pipes, if you will, as the commercial internet traffic. And our military is, as you point out, is very dependent upon cyberspace. And then you have people even bringing up issues of if our electric grid is vulnerable, what could not somebody shut off power going into a military facility of some sort? And so the vulnerabilities also extend to our critical infrastructure upon which our military is also dependent. There are clearly very sophisticated, very dangerous threats that are out there. I will not say that if our recommendations are completely implemented, that all of those threats are solved, they're not. But at the same time, we have to take some steps in the right direction. And if we can do, as I mentioned, reduce the clutter with all of the kind of more easily handled stuff, have the sort of information sharing, including about some of the more sophisticated threats that are coming about, and thereby get some of this government capability engaged in defending the broader country, I think that's a step in the right direction. But as I mentioned, we still have tough issues to deal with in the future, including the role of our military in defending something other than the dot mill sort of space. And we haven't really gotten those answers yet. Hi, Mr. Thornberry, it's Jennifer Martinez from Politico. Going back to the information sharing clearinghouse, I guess, how would, since government may pay part of the bill for this clearinghouse, and sure, industry will likely be paying for the other portion of it, I guess, how would you encourage industry to buy into this organization when it's kind of uncertain, it may work, it may not, may fizzle out a couple years down the line if they think it's not working for them. So yeah, how would you address that? Number one is we would change the laws to allow this sort of information sharing to take place. And one thing that came very clear is that existing liability laws, privacy laws, maybe even antitrust laws, make the sort of information sharing that we think is essential impossible now. So we change the laws, it's showing we're serious about it. And so I think that's step one. Secondly, if you talk to the internet service providers, they are already doing a fair amount to try to limit the malicious traffic on their networks. And many of them, by the way, don't feel like they're getting enough credit for what they're already doing. But they are limited by the information that they have and by probably some potential liability concerns. So it, you know, me, consumer, at home, I am attracted to the idea that if I go to internet service provider A, and they can reduce the malware that is coming to my computer, that's a value to me. And that is a value to the internet service providers. It is something more they can offer their customers. And particularly if you're talking in the business context, if you're company A and you can, and one internet provider offers this sort of more active defense and another internet provider does not offer it, I'm probably gonna go with the one that helps defend me better. Because particularly as I understand more and more the threat to my intellectual property being stolen or some malicious activity on my network. So I think my point is it's a value for the internet service providers to offer this sort of service. But they're gonna have to have better information in order to do it. Hi, Greg Nojain from Center for Democracy and Technology. I think that a lot of people in the privacy community are gonna welcome the report when they contrast it to the White House approach. It doesn't have a lot of information flowing into a central government hub. There's nothing about giving the government shut down authority over some communications. But they will ask one question. And that is how do you protect privacy in this new information sharing entity when the government isn't at the driver's seat? How do you go about ensuring that the rules that are adopted are protected of privacy and that they're enforced? One of the suggestions we have is that there should be a privacy board privacy associated with it looking after that particular concern. So step one is this is not the government directly. This is separated from the government. Number two, you got these privacy overseers that are there watching what information is shared, what use is made of it, whether it is sanitized or aggregated in some way, before it goes to the next step. So hopefully you can build some trust because if an internet service provider wants to participate there, there are reputations on the line. And so again, part of their self-interest, the self-interest of the market will be that this information is not abused or used improperly. But I think we would be very interested in working with the privacy community to see how to set up those safeguards in the way that people feel reasonably comfortable so that the entity can still operate but that you still have those safeguards that are watching how it operates regularly. Not just at the beginning, but regularly monitoring it. Ellen. Ellen Nakashima from The Washington Post. The Pentagon has the information sharing pilot going on now with the defense industrial base, you're well aware of it, and they are saying that anecdotally it's quite successful and defense firms are reporting good results. How do you all view that model? Do you see it as having potential to be expanded to other non-defense sectors? And how do you view that vis-a-vis the clearinghouse model that you just spoke about? I think that they are very similar. As a matter of fact, one could look at what we suggest as a way to expand the defense industrial-based pilot program to cover critical infrastructure and others. Because what happens in the Dib pilot is that the companies voluntarily agree to participate, share this information and can act on the information but also the internet service providers can act on information to help protect these companies. But it just applies to those limited number of defense companies and they've got to go through 47 hoops to give permission for all of this information to be shared in that way. And one of the things that came to the task force is that the expandability of that concept is gonna be limited unless these laws that I mentioned are modified in some way. So the idea that you have an entity that is not the Department of Defense, but separate from the government, where that sort of information sharing can occur and where action can be taken on the information that is shared is kind of the thrust of what we're talking about. And I think that is perfectly consistent with the Dib pilot in kind of the next stage, hopefully. Finally, from that side. Hi, Amanda Paleski from Inside the Pentagon. What you talk about having this bigger clearinghouse, sort of along those lines, what role would the Pentagon play in that clearinghouse? Government, including the Pentagon, would share information that it sees inside this information sharing entity. But it would be limited so that hopefully information that is now classified could be shared and acted upon. Again, part of our thinking was you're gonna be more likely to get government to share information if it's to one discrete entity with entities that it has maybe worked with before rather than expecting government to share with all the different ISACs or all the other different information sharing entities that have developed or could develop. Some people are saying, well, new information entities will spring up. Well, it's possible. But again, our view is the more likely scenario to get something past is to have it more limited, more focused with legal protections separated from the government. And then not only can you have government bringing the information there, but the private entities as well. And it may well be that properly sanitized you could have aggregated data that would be useful to both government and to Symantec and McAfee and others who are out there trying to make us all safer. We've got time for one more question if we've got one. No, if that's not the case, let me say I go to a lot of these cybersecurity events and at this point, it's a real pleasure for me to have somebody who not only knows the subject but has some new things to say about it. So it's just, it's been such a pleasure listening today. Thank you very much for coming.


Recorded books presents The Spoilers by Matt Braun. Narrated by me, George Quiddell. Author's note. The Spoilers is for the most part a true story. In 1882 San Francisco was the wildest, the wickedest, and certainly the most dangerous city in the West. The cow towns and mining camps, by comparison, were tame stuff. Direct to the Barbary Coast and Chinatown, now to mention a waterfront steeped in infamy, the city by the bay was a cosmopolitan hellhole. In that day and time it was considered the roughest and by far the most depraved metropolis on the North American continent. Yet during this same era San Francisco was the premier city of the Old West. A financial center, a place of sophistication and culture, it is already a mythical wonder famed for its natural beauty and idyllic setting. Beneath the surface, however, there was an unholy marriage between underworld vice-lords and corrupt politicians.  Their downfall, when it came, happened very much as described in the story that follows. The characters who peopled the spoilers are real, their names are unchanged, and the diabolic manner in which they pillaged San Francisco required no invention. Some license has been taken with events and dates, but the spoilers themselves are, if anything, less formidable than they were in real life. Luke Starbuck represents a breed apart. A detective and manhunter, he relied on wits and guts and, when necessary, a fast gun. His assignment in the spoilers borders more on fact than fiction. CHAPTER I A brisk October wind swept across the bay. The ferry plowed toward San Francisco, buffeted by the choppy waters. Directly ahead lay the waterfront, a sprawling collection of wharves and warehouses below the hill-studded city. Luke Starbuck stood alone at the railing on the bow. The other passengers crossing on the morning ferry from Oakland were huddled inside the warmth of the main dead cabin. Faced to the wind, Starbuck appeared heedless of the damp chill and the spray that peppered him as waves slapped against the hull. His eyes were fixed on the harbor and the city beyond. He thought it the damnedest sight he'd ever seen. Telegraph Hill, towering prominently above the waterfront, was cloaked in fog. Under the curving shore of the bay, the terrain formed a bold amphitheater with inland hills surrounding the center of the city. The bay itself, perhaps the finest landlocked harbor in the world, was crowded with ships. At anchor were vessels of all nations, mast upon mast, their flags fluttering in the breeze. Westward, hidden by the fog-bound peninsula, was the Golden Gate. The rich channel and into the harbor sailed the ships of the China trade. The cargo holds were filled with copra and raw silk, coconut oil and sugar, and myriad import from the exotic orient. The trade had transformed San Francisco into one of the richest ports on earth. To Starbuck, who was not easily impressed, it was grander than anything he'd imagined. A former cowhand and rancher, he had grown to manhood in the Texas fan handle. Circumstance had thrust him into the role of range detective, and several years were spent in the employee of Cattleman's associations across the West. As his reputation grew, he'd been hired by diverse organizations like banks and mining companies. He was known to have killed at least twenty men, and among outlaws he was considered the deadliest of all man-hunters. Yet his skill as a detective by far exceeded his renown with a gun. His services were in constant demand, and though he was something of a lone wolf, his credentials were on a level with those of the Pinkerton Agency. He was celebrated as a man who never quit, that rare blend of bulldog and bloodhound. He got results. For all his experience, however, Starbuck was not widely traveled. His work had been confined primarily to the Rocky Mountains and the Southern Plains. To him, Denver was a metropolis, and anybody of water wider than the Rio Grande was beyond his kin. The site of the bay, with tall-masted clippers and ocean-going steamers, was therefore a marvel to command attention. San Francisco, wondrously situated in a ring of hills, and several times the size of Denver, was like a storybook come to life. A profusion. Sample complete. Ready to continue?