The following is a presentation of TFNN the morning markets kickoff with your host Tommy O'Brien Good Thursday morning everybody. I'm Tommy O'Brien company alive from TFNN just after 9 a.m. Eastern time We got about 24 minutes to go until the start of trading and you have markets in negative territory to kick things off right now S&P's just under 4300 were negative by 14 points trading at 4283 right now You're off by about a third of percent Nasdaq 100 you're off by three tenths percent quite a charge higher in the markets yesterday Nasdaq 100 you're talking about 350 points from the low pre-market to where we end of the session We're just off those levels are 41 points about a quarter percent the Nasdaq 100 on the red the Dow often even hundred points That's about three tenths percent in the negative at 33,000 226 in the Russell off by seven this morning crude Talk about a pullback man from $95 to $82 in the span of less than a week basically one week on the dot 95 to 82 we're just above that level is still off $1.21 and crude right now gold contract Continuing to decline as well as gold off about $6 this morning. We jumped in notes and bonds a little bit over reversal of the trend Yesterday we're holding on to those levels right now. You got the tenure up two ticks right now You're talking about a ten-year yield 4.74% 4.74 We were above 4.8. We have 4.84 4.83 something like that yesterday on the tenure right now 4.74 basically flat on the tenure right now. We jump over to the dollar index Dollar index pulls back as we get a little bit of a slight reprieving yields dollar index just below 107 10671 right now in that dollar index we jump around to some of the other currencies as well dollar yen right quite the pullback on Tuesday shopping around right near that 149 area and Boy, that has been quite a trend the pullback from about a year ago 152 we almost make it to that price level. We trade all the way back down to below 130 and just like that We're testing those highs yet again Maybe that's the rollover though this week with potentially a little bit of central bank action over in Japan We're above 150 and just like that. We're below 149, but that playing into the dollar index as well We jump over to the euro And the euro sitting at about 105 20. All right, we jump to The appetizer of economic news ahead of tomorrow's non-farm payroll number jobless claims this morning nowhere near as important as The non-farm payroll numbers that come tomorrow at 830, but nonetheless 207,000 was the unemployment for excuse me applications for unemployment US initial jobless claims 207,000 last week the market was looking for 210 So pretty much in line a slight uptick from where we were the prior week you take a look at this chart initial jobless claims What were we at? Maybe 200 201 202 something like that were 207. I mean you're talking about marginal marginal differences Continuing claims basically sitting where they were last week at almost 1.7 million for continuing claims on the jobless front That number out this morning, but guess what the market's gonna be waiting. It's gonna be waiting for Non-farm payrolls and we caught quite a little bid yesterday on a weaker ADP number than the market was looking for We'll see if that carries through today to say the least All right, what do we got pulled up here? We got a couple ones. How about this ozempic though a couple articles out here? I found it interesting right you got this one out yesterday And I was reading it this morning because it was almost at the close yesterday Two writers. I've actually met Shelly Banjo. She was friends with one of my friends in college Afterwards in New York worked for Bloomberg in New York. I think she runs there. Maybe their New York Bureau at this point She was overseas at one point. Nonetheless, didn't even see she wrote it until this moment ozempic one of the writers with Brendan case Making people buy less at Walmart. So look how data is so important number one, right? Walmart saying it's already seeing an impact on shopping demand from people taking the diabetes drug We go be and other appetite-suppressing medications They're studying the changes in sales patterns using Anonymous data on shopper populations It's gonna look at purchasing changes among people taking the drug and all can also compare those habits to similar people who aren't taking The shots you talk about data. I mean People might not I mean they make it a point to say it's anonymous, right? But you're reading that and being like man, so they're gonna be studying the medication I'm taking and my buyer tendencies think about that That's actually what this article saying. They're gonna be tying together the Walmart pharmacy.  Think about that. That's where it is man So yeah, they're seeing a pullback in terms of Less units slightly less categories and a slight pullback in the overall basket. It's interesting nonetheless So that story out there yesterday, okay? Walmart's been on a tear recently and Then you jump to a story Basically last night from the journal, right? They this thing is everywhere. America's food giants confront the ozampic era nearly 7% of the population is Projected to be on weight loss drugs in the next 12 years. Well, who knows we're gonna be in 12 years I hope not but you know where we are not too surprising People want the ability to take a drug to solve everything and I don't know if that's gonna be the case in this one, man We will find out and then hopefully because when you reach a level you need some assistance or you need some health But the bottom line is I I it's very tough to imagine a drug That somehow solves the problem that makes you eat less or burn more calories and somehow is not Interfering in some way because really there's nothing anyway We'll go from there But execs at food manufacturers Campbell's to Kanagra said they're fielding questions from investors about the potential impact his internal team Starts to assess consumer behavior and brainstorm ways to Respond pretty interesting You got two articles out here from Bloomberg and from the Wall Street Journal talking about user user tendencies on weight loss Drugs and how it's gonna impact some of the biggest retailers out there Walmart Campbell's Kanagra Those people could cut their daily calorie consumption by as much as 30% That's 300 patients For a person on a 2,000 calorie diet that can mean eliminating a one ounce bag of salted potato chips a bottle of soda And more each day now. Here's what I'd say People who are probably on those drugs probably consuming more than 2,000 calories Maybe I'm wrong. I don't know But That's probably a number that you are above. So if you're above 200 2,000 let's say you're actually 2,500 Which for a man many times is actually just enough calories to maintain a reasonable weight So if you're on weight loss drugs and you're a man and you're at 2,500 calories depending your size You're probably gonna be losing weight in most situations. So you're probably even above that Let's say you're 2,500. That's 750 calories. You'd be dropping 750 calories on a daily basis That's a lot of food from these companies, man You got one person in here a woman said she's eating significantly less since she started taking Eli Lilly's Manjaro, I can't keep track with how many of these drugs are on the market right now Family orders from restaurants less often and their grocery bills have dropped by as much as 20% Yeah, so you can go down the line Hershey's Mondi Lee's hostess nonetheless pretty interesting it is hitting a Inflection point as articles popping up everywhere Walmart's talking about it retailers is talking about it. So pay attention to that But you know to be on my soap box my soap box and I could eat a little better and definitely get a little bit better exercise and eat a little bit healthier And snack less and don't think there's a holy grail pill to solve Eating healthy stuff and getting movement. So keep that in mind as well.  Stay tuned If you're looking for potential trading setups in the stock market then rocket equities and options report as a newsletter You should try Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and Technicles 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 comm 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 comm 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 comm educating investors Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019 Finishing it number two for the year an amazing accomplishment Steve Rhodes is committed to sharing his techniques and knowledge With anyone who wants to learn and he shares his vast amount of trading knowledge every day in his mastering Probability newsletter Steve's award-winning newsletter Mastering probability is delivered every trading day with updates throughout the afternoon sign up for Steve's market Newsletter mastering probability and you'll receive access to seven of Steve's educational webinars Absolutely free at TFNN all our newsletters come with a 30-day money-back guarantee So you have absolutely nothing to worry about visit TFNN.com and try mastering probability 30 days risk-free today TFNN educating investors TFNN has launched the Tiger's Den hosted at Discord TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours The Tiger's Den available to all Tigers and Tigris's for just one dollar for the year There's no catch or added costs when you join our community of traders sign up today and become a part of this educational community of traders just visit the front page of TFNN.com Back folks we get the S&P futures negative by 12 points right now trading at 42.85 to talk about some of the market action Let's jump over to our man Kevin Hinks from the program the fast market right here at 12 noon eastern time every day from the Schwab network Kevin let's jump right into it man. We got jobless claims this morning the ADP number yesterday non-farm payrolls tomorrow What do you think about this market action? Good morning, Kevin. I'm going through. I'm going to market. Two or three have been pretty I think I lost them medium company for hiring still and then jobless claims today 207,000 That's a historically strong labor market now three weeks in a row Tommy hovering over a thousand jobs all this is the setup for tomorrow's big number Tommy and Well, you know, we'll see what happens I thought really was interesting this morning was the dramatic move in the dollar and in yields when that jobless claims data came out now They're eating back here. You've got yields actually back higher on the day Or yeah, the yield. Oh It's on the day you've got the dollar back down on the day of men dramatic move and then of course There's the crude oil discussion. That's been in pretty incredible last couple days You beat me to the question man on on crude you talk about I just pull it up I had a ten minute chart going back ten days, but basically it's five days ago, man Last Wednesday night Thursday morning. We had $95 on crude. We're at 83 bucks on crude What do you think about that should people wait to fill up the tank right now? Kevin? What do you think about that pullback in crude to 83 bucks from 95? There's clearly best sentiment change include all Tommy and if you think about it was interesting yesterday's largest sell-off of the year came from News in the morning that old peck plus was holding Their production levels as is that seems pretty bullish Then you got a 2.2 decrease in crude all inventories that seems pretty bullish So what what's going on here in crude all well, you got to dig a little deeper There was a six and a half million Barrel increase in gasoline Inventories and the demand levels there's a report that demand for crude all is collapsing And that's what fueled this sell-off in crude all they're worried about the demand side The ledger include and how you get dramatic sell-offs, you know supply has been pretty consistent, right? US is upping theirs, but overall OPEC plus is going to remain around nine million barrels a day US is almost 13 Million barrels a day Tommy. So that's a pretty significant change here But it's the demand side that that's affecting crude prices right now and crude down another one one in a quarter percent today Yeah, that is quite a pullback man. I appreciate the take and those are some interesting numbers as you put in that context gas, of course I'm looking at that chart myself. I'm saying alright. I have enough gas to go a couple days I'm gonna let those gas pumps catch up with this price of crude quite the pullback With that in mind Kevin, we go forward to tomorrow. We have the ADP number yesterday some weak numbers there We know they can be wildly different sometimes Are you looking for action either way in terms of a big number a soft number tomorrow? You're just gonna look for the data. Do you have any feelings on that one? Yeah, sure some of the expectations are from between a hundred and sixty hundred and sixty eight Jobs some of the whisper numbers are closer to 180. So watch for a stronger number there But unemployment expecting to come from three point eight to three seven But the real interesting part of this time is gonna be wages Wages that were point two a month ago expecting to take up to point three a month over month basis and hold at percent year over year and of the labor market Reunion in the country between renegotiating every time one of those gets done it's higher wages and it's picked your inflation Tommy Yeah, those wages man for sure ADP had the wage numbers out there still pretty lofty numbers in terms of staying in the same job Changing jobs.  Do you guys have any equities you're talking about on fast market coming up at 12 today? Yeah, today. We're gonna have some fun as we get ready early Tommy and we're gonna look at all airlines Like folios can do a presentation on airlines. We're gonna take trade United Airlines We're going to trade Delta Airlines and we're gonna trade American Airlines So we're gonna preview the earnings that are coming out in about two weeks on some of the airlines that Delta next week So yeah kind of a pre earning show on airlines. I like it man I'm gonna check it out 12 o'clock today and that's one sector of this economy that's that's been on fire I of course was just traveling overseas I might be trying to make a trip up to Boston in the coming Months to bring Tommy up there as well and I know I'm not the only one traveling out there So we look forward to the program Kevin. I appreciate the time as always. We don't talk to you tomorrow We get some big numbers man I look forward to talking to you next week seeing where this market is have a great one Kevin We'll be watching at 12 today, man So have me on Tommy have a great day and a great weekend you too Kevin folks check it out the airlines, right? And yeah, they're coming up there early in the earnings season as we kick things off in a week or two Kevin mentioned Delta their next week then we get the other airlines in the following weeks We get banks in the beginning of earnings as well And it is that is the sector that's been on fire, man I mean, I just had a trip over to Europe now. That's for a wedding one of my best friends out there But everyone's been traveling and the airlines have been facing some lofty prices in crude when you look at that But that may be abating a bit as well. All right, we got a call. We got our man Charlie from Framingham Charlie. Good morning We got you can you hear me Well, isn't that the question man, it's a great call and question Charlie because boy this thing you talk about a pullback, right? We're trading at $79 right now Put this thing on a five-year weekly you pull it back to the COVID lows on my chart Kobe low is $79.07 going into 2020 with 30 pennies away from that You actually got under that level yesterday So Charlie are you looking to trade this are you looking to invest it on a longer term basis? What are you looking to do with it?  You can take you can take you know 1500 of it put it in now 1500 put it in in a few months 1500 put it in six months after that if you'd like and over the next year put that money into this because You know you're back to prices in Disney that you were trading at in ten years ago almost in 2014 So the market sitting at 4,300 right now Charlie, you know And I think you might get some negative action and face some headwinds and if that happens Disney's gonna trade lower with the market But over, you know a period of Years yeah, I think $80 right now starting a position just risk-reward wise on a long-term basis is not a bad deal man Okay, thank you Okay, I appreciate the call man. Hope everything's going well and framing him Bye Yeah, I mean we were in this thing in the newsletter made a bunch lost a bunch before we got out Didn't make as much was we could have because man that was a violent pullback from 203 We're trading at $79, but you are back to prices that you were trading at almost 10 years ago in Disney And some of the lineup that they have in terms of big movies coming out They got a couple Star Wars movies coming out maybe 2026 you go a year a couple years out on Disney man They're gonna get some Be back for the open folks. 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That's TFNN.com and hit watch Tiger TV Welcome back folks. We got markets open. You got the S&P negative by about six points right now That's just more than one tenth percent the red Aztec 100 you're off by 10 points Let's jump around to see how some of those magnificent Magnificent seven are trading apple catches a little bit of a lift into positive territory on a negative market day apple up 27 pennies or almost two tenths percent to 173 91 we jump over to Microsoft shares Microsoft flat right now You jump over to Amazon Amazon down about four tenths percent right now in the video We check in on up about two tenths percent Tesla shares down about six tenths percent Let's see how some of the car companies are trading for it. It's a little longer term Yeah, coming back to test those lows Right 1172 1158 is the lower at 1198. You got all the way up to a high of 1291 on Ford. We jump over to GM 31 we were just at 34 look at that It's like a 10% hit from where we were September 15th let alone the high we had back on $41 July 12th As that one is persisting markets claw back some of those losses a bit jumping back to Disney if Charlie's still listening hopefully is Getting a little bit of because if you're thinking big picture Right then then I like to tie in fundamentals as well. Okay Especially big picture because you know if you're trading over a three-hour period the fundamentals of a company Probably don't matter. You're trading longer term. They probably matter the technical indicators may help you trading a Fundamental company. Okay, they may help you pinpoint areas of Undersold or overbought for that equity Indicative of the underlying fundamentals that are driving the oversold or overbought price levels But they don't matter on a three-hour basis, right? They matter on a long-term basis. So fundamentally, okay? One of the other things going on you look to the movie slate they have, okay? Boy in 2019 when this thing was on fire, I think they had something like zoom it in Yeah, this run up here. Okay, we're zooming in here's 2019 Now they had a Perfect world going on in terms of they had movies that were crushing it and they had Disney Plus They was crushing it as well. They came out with the idea of Disney Plus in April with details Actually talking about the fact that they were gonna undercut Netflix pricing. That's the first acceleration the market says, you know Oh my goodness, man, that's your business plan.  They literally launched their streaming service Two to three months before a global pandemic shut down everything, okay? You trade lower with the COVID lows you accelerate higher as Disney's Plus takes off the home market takes off You peak well before the market though, okay at 203 But this year part of what happened there is you had some Amazing movie theater runs. I think there were eight or nine different movies that grossed a billion dollars that they put out So you look at some of the movies they have if you're thinking longer term, okay? Here's where things get exciting. Now. These are always subject to change like anything, okay? but That's not the one I wanted. Excuse me one second. Where did I just go? Yes, this is the one I wanted. So this is a story from insider talking about They got you know 50 movies or something they go through every movie that they have But here's where I'm gonna zoom in on where things start to get interesting. Okay is Actually at the end of 2025 two years out You have a fantastic four film which is gonna be in the middle of 2025 that could be a big one You got Moana. We just watched Moana again outstanding movie if you got kids in the household folks You haven't checked out Moana check out Moana on Disney Plus. There's the ad So they got a remake of Moana coming out middle of 2025, but here's where it really gets interesting yet avatar 3 That should be a big movie. That's the end of 2025. This one was already made it was simultaneously Simultaneously shot with avatar to avatar 2 so it's sitting in the bank. They were gonna push it out in 2024 But things have all been pushed back. That's coming out now 2025 okay, then where do you go? They got a bunch of other films they talk about but you have an Avengers movie in the middle of 2026 and here's the main event the first Star Wars movie since I think 2019 okay that big year 2019 it included at least one Star Wars movie. It might have even been two So you're gonna have a seven-year lull.  Okay, they announced a new trilogy That's the deal you got three of them coming down the line the Star Wars films May 2026 they kick it off boom December. They hit you with the second Star Wars film in 2026 Okay, and then they got a bunch of other pitch films in here that they haven't quite pegged yet They have an Avengers movie 2027 and what do they got boom another Star Wars movie the end of 2027 So you can get three Star Wars movies over the period of about 18 months scheduled right now The middle of What I say 2026 right? Yeah, the middle of 2026 May 2026, so you're talking about two and a half years from right now That's the first time but guess what you wait two and a half years And in a couple years their movie slates gonna be rocking I think and that's what it's gonna take to put up some multi-billion-dollar movies They got plenty there coming down the line before that you know this this talks about many of them in here This goes to everyone. Okay, you got a Marvel's movie coming out in November You got a movie wish the bike rider is not familiar with many of these things right? These aren't gonna be the ones that crush it They might be great movies, but they are gonna be the ones that are Star Wars movies. Okay, and you got to go look at We're already into next March Ilya that might be a big one snow whites out there in March of 2024. There's one that may actually hit Deadpool What's that in seven eight months from right now talking about a big Deadpool? I like that Ryan Reynolds man. That's a good film film. You haven't seen those you got a plan of the apes coming down the line Okay, you have an inside out an animated movie Mufasa the lion kick Maybe that will get some action none of them are gonna do what three Star Wars movies in 18 months are gonna do for those So keep those on your radar at least time goes quickly You may find yourself if you're not in there yet. Maybe in a couple years looking at that slate and Yeah, there's only one Disney folks. They'll be okay. They will we haven't made to Disney yet We got to make it to Disney Gotta get ready to get that pocketbook out. All right, S&P's right now negative by three points market class back some of those losses Let's check in on Bitcoin because we're gonna talk a little bit of our Alameda research Bitcoin up $515 and how about this headline man? FTX employees found Alameda's secret backdoor months before the collapse the crypto exchange allowed Alameda Alameda To have a negative balance of up to 65 Billion dollars Right amazing Prosecutors say he stole funds from FTX customers in part by secretly ordering the programming of special features that gave Alameda His crypto trading firm the ability to treat FTX is a giant slush fund He's gonna claim that he was just a bad businessman And it seems like it's pretty reasonable Assumption to understand that when you take all the customer funds and put them into your trading firm and Your trading firm Has a negative balance of up to 65 billion dollars that you might be Pushing the limits of reasonable business decisions. We're gonna get to see that play out 65 billion dollars How about that one man Bitcoin 28,250 this thing has been on quite a tear to start off the year I start off the year all year. We're almost coming to the end of the year kicked off the year at 16,300 we're trading at 28,000 we got highs out there of 32,165 Markets barely in the red you check in on notes and bonds Highs for the session pushing 107 10 right now. We get the 10-year yield 4.7 1% stay tuned folks. We'll 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? 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We trade lower after almost touch in 4300 right there on the open right after the open 435. We're up there We're trading lower right now with markets in the red. We jump over to crude Down about a buck o 4 buck o 2 right now at 83 20 the gold contract catches a little bit of a bid after being down to 1826 or at 1834 we jump over to the dollar index right now TXY Yeah a little bit of a reversal as well. We're at 106 85 we're at 106 64 right now We check back in on yields before we jump around a bit And sitting at about 107 10 right now. So back to FTX for a second, right? It was interesting Some of the other points in here just talking about how it happened basically Normal users could not go negative on FTX, okay? They were subject to an automatic liquidation process if you had an account on FTX you go negative What do they do? They sold off their assets if the balances fell below zero But that did not apply to Alameda their trading entity. Okay, so in the spring of 2022 a small group of employees We're going through the computer code and found some of those special features. They were working for ledger X That was a small crypto derivatives exchange that FTX had acquired the previous year They were looking at whether the code for FTX is main International exchange based in the Bahamas could be used in the US where regulations were tighter and here's the quote Just wanted to point out that there are currently a few places in the dot-dot-dot code base where Alameda gets special treatment in one way or another May 5th 2022 Right think about these in terms of the information that was out there. That's it man They know it right there that person probably knows it. Okay, his boss ledger X chief risk officer Julie Shoning replied that there are less rigid rules on the offshore exchange adding But yeah, we should clean up this sort of stuff, right? They know right there. Okay, they had earth several problematic practices without FTX managed risk and handle liquidations Including their ability to go negative and its exemption from normal auto at liquidation procedures The team was led by this woman Julie Shoning Shoning a PhD in physics who had previously worked At the CFTC which she analyzed high frequency trading At the time the significance of the discovery wasn't fully clear to the employees I would say is just if you put two and two together some of them probably figured it out FTX was still a respected crypto exchange. It would still be a half a year But you have to know the setup is is right for what they're doing, right? But still their teams leader was sufficiently worried about Alameda's treatment that she reported up the chain. She raised concerns about her teams discovered with her boss Okay They said it was fixed in Early August she was fired. That's the part I was waiting to get to right the Termination came after some FTX exact circulated a document containing what were reported purported to be screenshots of inappropriate Messages she had sent to other employees Some of the people said the messages were doctored or taken out of context. So they fired her. Okay FTX sometimes paid off whistleblowers, okay Shoning hired lawyer the lawyer banks who threatened to sue over the termination This is like the last part of this the two sides hashed out a five million dollar settlement But she didn't get it done before they went BK Maybe that gets clawed back to I Don't know but Probably wishes she got that done Right, probably wishes she got that done, man Yeah, it's it's it's a sad deal, you know, and you got to make sure you know you trust with you know John I feel for you somebody had I'm sure that you could have a lot of money in there It's a reasonable mistake to make. I'm fortunate coming from the online poker background dealing with unregulated exchanges That's what those online poker sites were unregulated exchanges I knew that any dollar I had in there was basically just trusted to some dude running a business in the Bahamas That if tomorrow he decided to close up shop, there was very little chance. I was gonna get my money back That's what this was. Okay. This was not fidelity. It was not Schwab Okay, it was FTX some random Bahamas dude who was running a shop over there And a lot of people got tricked into thinking it was anything other than that and that's where you know Hopefully they claw back Some of that money, but a lot of it's gone man because it was just mismanaged to an ultra degree Yeah, I mean 65 billion dollar negative positions, right? You tell me they find code that allows Alameda to go negative and they're the ones inspecting code and she worked at the CFTC Seems like you might be able to immediately understand that wait a second. This is not probably being run the way it needs to be All right, what else do we got going on here? We got mortgages. Let's see. I got a few articles from mortgages No, that one We're gonna talk about this one. Yeah, this is the one I want to talk about first Okay, the bond sell-off might force the Fed to rethink shedding assets this one out right when the program basically started this morning in the journal Okay, I read it right as I was kicking off the program and in one of the breaks But check out what this talks about and it's talking about how long they can do Quantitative tightening. Okay, and what they talk about in here is that not only are they pushing That debt off the books, but at the same time the banks are not buying it as well because they need to shore up their Balance sheets in the same way and that's creating an even bigger problem from mortgages. Okay And I'm jumping around but I'll jump to the end of this year the Fed However, could be underestimating what its commitment to quantitative tightening tightening is doing to the market psychology Okay, this is particularly the case with mortgages. That's why we all care about mortgages, right? Not only is the Fed reducing its holdings Quantitative tightening letting them roll off the balance sheet. We're gonna go over the big I think it's $7 trillion right now Not only is the Fed reducing its holdings But big banks focused on overcoming the effects of rising interest rates have been less eager to buy Okay So you have them unloading all of these securities at the same time that the banks don't want to buy into the securities as a result mortgage rates are much higher Relative to Treasury yields that has historically been the case. So even though we have high Treasury yields mortgage rates are historically above those rates Because of what's happening on the stresses on the housing market The Fed might be might like investors to view quantitative tightening as something that is most likely happening in the background But investors might not be inclined to agree So they say something similar happened in Before in 2013 the Fed was prepared to taper the pace at which was a accumulating assets Yeah, that was the taper tantrum right The Fed went back on its plan the time that they did that So it is interesting that you're not hearing them that conversation a lot the historical difference between Where the mortgage rates are now here's where you go to the next one, all right? Everything's related right now. There are a lot of conversations about yields and weight loss drugs, right? No The war though is your next mortgage seven or eight percent shop it around Okay, we won't spend an eternity on this article But with rates at the highest and more than two decades home buyers are looking for any way to lower their monthly payment And yeah, shop it around. Okay, because it is a competitive environment rates are high The amount by which typical mortgage rates range above or below the average Look how much disparity you have, okay? The typical mortgage rate ranges almost half a percent above or below the average right now depending on where you go Stay tuned folks one more segment. We'll be right back The gold report as a precious metal gold is still king It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market The US futures market and the Shanghai gold exchange the gold report Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU HUI GDX the dollar bonds the South African Rand as well as 25 different mining equities with specific buy-sell recommendations the gold report New subscribers get a 30-day money back guarantee so you have nothing to risk Subscribe to Tom O'Brien's gold report newsletter now at tfnn.com You might think that if you want to be successful at trading in the stock market You're going to need a crystal ball after all it's impossible to predict the future, right? Like any endeavor in life before you decide it's impossible get some advice from the experts You might find that it's not so impossible after all for daily market overviews that give you direction on the key indices Selective stocks and commodities Subscribe to the opening call newsletter at tfnn.com The opening call newsletter is written by Basil Chapman Creator of the trading methodology known as the Chapman wave the Chapman wave up down sequence gives you an edge in Identifying price turns finding the peaks and valleys in stock prices get the opening call newsletter by Basil Chapman and 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 Don't forget you can listen to tfnn live on your mobile device 24 hours per day Go to tfnn.com then hit watch Tiger TV. That's tfnn.com then hit watch Tiger TV Folks we have markets basically back to pre-market session lows. We just have 4280 right now We're negative by about 15 points on the S&P. That's a 30 percent We get the Nasdaq 100 off by 100 points right now. That's about seven tenths percent Dow off by 60 Russell off by 2 we check in on crude sitting down a dollar right now gold contract down about a buck 70 We check back in on gold as we wrap up the hour gold. Excuse me dollar 106 58 right now and we were talking about Interest rates on your mortgage, okay Make sure you shop around Because you didn't have this type of disparity when you had rates at such low levels But we just read right what's going on right now the gap between the 10-year Treasury and the mortgage rate is historically high so there is a gap there which is Probably the reason why you have So much volatility in the mount that people are paying on their mortgages Okay, some lenders are currently offering rates close to the seven and others are offering well over eight Depending on where you are on the credit Spectrum credit rating spectrum. I'm sure that matters all that matters, okay? But shop around for your mortgage because we have is an historically high gap Between the treasuries and where mortgages are it's usually what two percent You're at almost three percent right now, right and some occasions where the 10-year was versus where a mortgage would be Sometimes your 30 year mortgage was about two Maybe two and a half percent above where the 10 years at well the 10 years at 4.7 right now Okay, so two percent is six point seven above there two point five is seven point two right now Some people are paying eight. That's three and a quarter percent above where the 10 year is trading at Yeah, so there's some room there make sure you shop around Uh, yeah, they talk about one gentleman in here seven point two five percent They shopped around they got six point six two big numbers man All right appreciate you tuning in folks kicking things off stay tuned We got our man basal Chapman coming up next as we finish up the program We're going to check in on constellation brands They are selling a lot of beer. They're selling out a lot of liquor to keel in particular But they're not selling as much wine and maybe spirits overall Nonetheless some decent numbers there sound a lot of modelo beer and corona brands double jiu-jitsu sales growth over there Can we take a look longer term? Things are not a tear just chopping around from where it was basically in 2021 but this year up to 273 folks Thanks so much for tuning in stay tuned for basal coming up next I'll see you tomorrow morning at nine o'clock. Have a great thursday everybody


Dedicated to the strength of the nation. We hail. Starring Barry Sullivan in dark dwelling. United States Army and United States Air Force presentation. And our here is our producer, the well-known Hollywood showman, C.P. McGregor. Thank you, thank you very much, and greetings from Hollywood, ladies and gentlemen. Welcome to your theater of stars. Where all the motion picture greats, join us in plays we know you'll enjoy. Our star is the popular actor Barry Sullivan. And the title of our story, dark dwelling. We'll have the curtain for act one in just a moment. But first, here is your announcer. Choose the career that offers all five. The US Army offers you these five keys to a successful future. One, a career of service to country. Two, the right job for you. Three, continuous training for planned advancement. Four, lifetime security. Five, travel and recreation. Yes men, choose the career that offers all five. Find out about the five keys to a successful future at your nearest US Army and US Air Force recruiting station. And I'll once again, our producer. The curtain rises on act one of dark dwelling starring Barry Sullivan as Ben. Ben returned to his hometown after a few years' absence. He was surprised at the changes that had taken place. So surprised, in fact, that he walked along the streets as though he were in a trance. It wasn't much wonder that he failed to notice a very pretty girl busily sweeping some porch steps. Hey, what's going on here? Oh, I'm terribly sorry. I hope I didn't get you too dusty. Well, I always associated brooms with witches, never with lovely young angels. Good day, sir. One moment, please. Very well. Quite easy. I need your help, desperately. My help? Yes, you see, I'm looking for a room to rent. There seems to be an acute shortage of reasonably priced places. Do you happen to know of any here in this neighborhood? Well, my aunt runs this boarding house here. She does happen to have one room vacant. Well, good. Lead on, fair lady. All right. Follow me, please. Well, Auntie, this gentleman here is looking for a room. We have no vacancies. Well, yes, we do remember the attic room. Well, all right. This way. You get used to the steps after a while. If we go much higher, I'll feel like an eaglet. Well, we told you it was an attic room. I'm beginning to realize that. Oh, but it's secluded. Isolated seems more fitting. It's not my idea, remember? Here. There you are. Say, that's a very roomy closet. That's the room. Oh. Well, do you want it or don't you?  I mean, it does have a certain cozy charm that larger rooms might lack. Rent payable in advance two weeks. I'll be downstairs waiting. Good. And you, Jane, don't dawdle about. You have work to do, mind? Oh, yes, Auntie. I'll expect you downstairs very shortly. Don't take too long. Jane, say, I'm not entirely sure. I know where everything is in this capacious area. You'd better point things out to me. Well, there's nothing to show, really. There's the wash stand, there's the bed, the chair. Uh-huh. What about towels and soap? Remember, charming lady, cleanliness is next to godliness. If I move any higher, I shall be as near to heaven as one can come in this mortal sphere. Do you always talk like this? Yes, certainly. Is there anything odd about my speech? Yes. You never seem to answer anything the way other people do. I've always made it a point to avoid being classified as one of the masses. I see. Well, I'll go get your towel and soap. Before you leave, what about my clothes closet? I fail to see it. You're looking at it. That...that happens to be a coat hanger. Yes, I know. Jane, come down here. Oh, it's Annie. I'll see you later. Jane, do you hear me? Will you please step aside and let me pass? Yes, in due time. I have to go.  Please. I'll push harder. Oh, you beast. Be more specific. What kind of beast? Oh, what's going on here? Your niece, madam.  Oh, you... I never want to see you again, ever. That's a long time. I mean it. I never want to see you again. Jane kept her resolved for several days, but before long she found herself forgiving him. She even accepted his invitation to attend the theater. After Resolver, they strolled home in the warm evening over the darkened streets. Well, Jane, how did you like to play? Oh, Ben.  I thought it was wonderful. I'm glad for you. Well, didn't you think it was fine? It was... Adequate. Adequate? Yes, my dear. You take that scene with Hamlet, the one in which he reproaches himself for not keeping faith with his dead father. That particular sequence called for the utmost subtlety. I thought the actor did it beautifully. Yes, he did. Especially if he were auctioning some merchandise off. Jane, dear, those lines called for feeling. He didn't have it. All right. Do you know anyone who could have done them better? Yes. Who? Myself. You? An actor. Why not?  Instead of loafing? Well, yes. Jane, listen to me. There was more than my share of physical toil in the past. I was a bricklayer for years. Really?  You could get a job right away. I just know you could. Of course I could, but that's not my problem. No, dear Jane, I hate to be a disappointment to you, but I don't think I'll return to honest labor. Oh, that's all wrong. It's a matter of argument. Some people, Jane, are destined for the more menial tasks of the world. Others of us are placed here to exist on lofty planes. And you? You're one of the so-called higher geniuses? Modesty forbids me from admitting it, but I must bow to your accusation. Yes, Jane, I shall be a great actor. All right, Ben. If that's your honest feeling, good luck. Thank you. But do something about it. Don't just talk. And when are you going to start in being an actor or whatever you plan to be? Well... Tomorrow? Hardly. Day after? Well, I really don't see that. Next week?  Just a moment. What are you lighting that match for? When you were angry? Yes. Yes, they're even more lovely when you're upset. Oh, Ben. I don't know what to do about you. I do. Here. Put your arms around me, like this. Now, lift your face. Like this. Oh, please don't. Oh, have my chair, madam. No, what I have to say won't take long. You make this sound most ominous. I want to get something settled once and for all. It's Jane. Ah, you may well be proud of her, madam. I am, and I want to stay that way. Jane was perfectly fine till you came around. Now she's changed. And am I the cause of this transformation? Yes. You're moving poems into her ear and talking those big words. You'll be a whole lot better off if you went out and got a good job somewhere. Now I'm going to be perfectly frank with you. Frankness is a virtue in itself. You're not to see my niece anymore.  Madam, I appreciate the deep interest you display toward your charming niece. But I, for one, have never taken orders from anyone. And I most assuredly shall not start now. Then you refuse to leave the girl alone, hm? Your choice of words is most awkward. Look, I have a much simpler solution to this problem. Why not leave the matter entirely up to Jane, hm? Is she downstairs?  Jane! Jane, would you please come up here? Well, right away! Well, I must to drag the girl into this mess. I must say, you aren't very complimentary. But you do want something dinner. Oh, oh, handy. Jane, dear, your aunt and I have just had a little discussion about you. About me? Yes. It seems your aunt questions the motives that prompt me to seek your company. She insists that I stop seeing you entirely. I don't quite understand. Jane, how do you honestly feel toward me? Well, I, I think you're very nice and... Do you? Well, do you think you could learn to love me? I don't know. I, I haven't... If I went to work, would that make any difference? I think it would. Very well. Jane, dearest, would you marry me? What? I'm asking you to take my name, will you? Oh, but, but I... Don't you dare! Don't you dare! Oh, Addy. Ben, Ben, I should be honored to be your wife. And so they were married. At first, it was quite an ideal existence. They rented a small room some distance from Jane's aunt to help avoid future discords. Ben was a changed man. He went to work at a brokerage firm and took over the role of faithful provider. Jane was never happier in her entire life. supper's ready. Huh? Oh, I'll be right there. Oh, you're going to love it. You're very favorite food. Roast pork, applesauce and cherry pie. What brought this special offering on? Oh, I just felt that we needed some bolstering of the spirits lately. You haven't been up to your usual witty self for the past several days. Ben, are you feeling all right? I'm perfectly well, Jane. I'm hardly the type that gets physical ailments, I'm afraid. Well, there's something on your mind. Are you worried over money matters? We're going to get by all right in a few weeks. I'm learning how to manage much better on what you earn, and well, it won't take long. I've never worried about money in the past, Jane, and I don't propose to start now. Ben, there is something on your mind. What is it? Oh, don't worry about it. Eat your food. But I have to worry. Ben, are you unhappy with me? I love you more than I ever did. No, Jane, no, it's not you at all. Oh, then what is it? I have to know. Well, I guess we may as well face it. Jane, before you condemn me too much, remember the sort of life I led before I met you. Come on. I've never had a real home life till now. I've always been a nomad, wanderer, gypsy, or just loafer, if you will. Jane, I love you as much as I ever did, but this sudden transition is too much for me all at once. What are you trying to tell me, Ben? Jane, I've got to go away for a while. Anywhere. Alone? Alone. I can't say I understand, Ben, but if that's the way you feel, I won't try to stop you. Thank you, Jane. You won't have to worry about money. I'll send you some right along. How soon do you want to leave? Tomorrow. Is that too soon? No, Ben. It's not too soon. Report briefly from our story Doc Dwelley, starring Barry Sullivan, to bring you an important message from our government. Choose the career that offers all five. The U.S. Army offers you these five keys to a successful future. One, a career of service. In the Army, you'll be on a team with a tradition of patriotic service to the nation. Two, the right job for you. Scientific aptitude tests determine the job you're best suited for. Three, continuous training for planned advancement. Specialized training and educational courses prepare you for advancement. The Army's career plan assures you periodic promotions based on your skill and efficiency. Four, lifetime security. You as an Army man are guaranteed regular pay and liberal retirement benefits. In sickness, your medical care is provided without cost and your regular pay continues. Five, travel and recreation. In the Army, you'll enjoy the finest recreational facilities and opportunities for worldwide travel. Remember, you have 30 days vacation with pay each year. Yes, choose the career that offers all five. Get full details at your nearest U.S. Army and U.S. Air Force recruiting station. The curtain rises on act two of dark dwelling starring Barry Sullivan as Ben. Shortly after Ben had married Jane, he fell victim to his old wanderlust and asked her to let him go for a while. Jade gave in to his wish, even though she didn't understand. Many weeks later, Jane was serving tea to her aunt who had dropped in for a visit. I'm going to talk to you straight from the shoulder, Jane. I think you're deluding yourself in what way? About this husband of yours. He's not coming back. He'll be back. Oh, no, he won't. I know his type. And you can get a divorce in any court on grounds of desertion. He hasn't deserted me. Don't say that. He's very angry, his proof that he has. In your heart, you think just as I do, but you won't admit it. Auntie, I like you very much, but if you're going to talk like that, I'll have to ask you to leave. Very well, very well. I wish you'd never met that man. Our wager, he doesn't even write to you. He does, too. When did you hear from him last? Not long ago. How long? It was last month. This is you. Come in.  Imagine knocking on one's own door. Oh, Ben. Oh, Ben. Jane, dear, my sweet, did you miss me? Oh, you'll never know how much, Ben. Never. Well... See, I won't be missed here. Goodbye. Ambrosia from the guards and nectar from the flowers. And here I thought it was just baking in eggs. My practical, Jane. That's right. Oh, stop. That's enough. Ben, don't you think you'd better be on your way? If you expect to get your old job back, you'd better be there early to create a good impression. I've made a change in my plans, Jane. I'm not going back there. But last night you said you would. That was last night. I've given it much thought since then, and I've decided upon another course. Not acting. Yes, you've hit it right on the head. Fine, but if you can do it... Jane, listen to me. I'll give it a try. If it doesn't go, then I'll go back to bricklaying or anything else. But I've got to find out for myself. Give me one week, Jane. That's all I ask. One week. Mr. Phillip Henslow, I believe? Yes. Mr. Henslow, I understand that you are the owner of the Rose Theater. Right. I further understand that you are active far beyond that. You seem to know a lot. You, I have been told, do the actual casting in the plays that appear in your theater. I want a part in one of your plays. With that face? Old man. What did you call me? Old man, that's what you are. Old man, I may not have the coy mannerisms of your puppets, but I dare say I can read as well as any. Here, read this manuscript. Oh, the Spanish tragedy. What part do you want me to read? Heronimus. What outcries pluck me from my bed and chill my throbbing heart with trembling fear, which never danger yet could dawn before. More? My ratio, my sweet son. But he that was my son. Who had slain my son? What savage monster, not a human kind. Enough, enough, enough. I would say that was hardly a fair trial, sir. You start tomorrow. Get out till then. So, Ben became an actor. And he was good, but Ben lacked a handsome presence necessary for the leading roles. And he was never content to play second to anyone. After a few months, he went back to Henslow. No, you again. What now? I have a complaint to usually do. I've been with you nearly a year now, and I still haven't had one good role that would give me the prominence I deserve. It takes time. I can't wait for that day. What am I supposed to do? Give me the parts I want. I'll be honest. This should be a rare treat. From what I hear, I shall be the first person you've ever done that with. I've far better actors than you for less than that. I've grown tired of posturing around the stage. I've got other plans. Are you taking my place? Oh, no.  No one could fill your shoes in that respect. Thank you. You are really too flattering to an old man. I've decided to be a playwright. Just like that. Yes, you are probably unaware of it, but I've been rewriting all the plays we've been doing, and they're infinitely better after I've gone over them. Your quiet modesty fascinates me. Thank you. In the meantime, I've written some plays of my own. I shall let you have the privilege of producing them for me. And if I refuse... Oh, no. You won't. Not if you read them. Here. Here are two of them for you to go over. Young man, I have a big surprise for you. Yes? I've already read your two plays. Your wife sent them to me sometime back. She did? Yeah. I've decided to purchase them both. That's the night, Jane. If this play is a hit, we'll never need money again. It will be, don't worry. I'm not worried. It's one of the best I've done. Wait till you see it. Ah, Ben, would you mind terribly if I saw it some other night instead? What are you talking about? I'm dreadfully tired, and the strain would be too much for me. I know. I'd merely get everybody else nervous. Please, please go by yourself, and I'll see it when I'm in better condition.  I know it is, dear, but I feel it's better this way. You hurry home. But I really don't think... Please, Ben. Well, all right.  I won't, I promise. And now, you'd better hurry along. Yes, I should be there early tonight. All right, Jane. Kiss me for luck. Let's have another toast. Go, Ben. Why? Mainly because I wrote the best play in town. Surely you're going to think of a better excuse than that? May I join you? Philip Penzlo. Why, old man, even you are welcome tonight. Sit down. Thank you. Gentlemen, may I propose a toast to the scholarly man at my left? Seriously, without Mr. Penzlo's invaluable aid and cutthroat tactics, I never would have had the incentive to write a play such as tonight's. It is most refreshing for an old man to see that your charming self-effacement has managed to weather success. But before you take all the credit yourself, I should like to compliment the person who has had so much to do with all this. Where's your wife? Oh, good Lord. What time is it? Past one. Fifteen minutes to be exact. Gentlemen, you must excuse me. I have to hurry home. All right, but then that's the last. Can I turn on the light? It doesn't make any difference. It'll be dawn soon. I try to hurry home, but you know how those things turn out? Yes, I know. I won't bore you with all the details, but the play was a wonderful success. I heard all about it, Ben. Oh, you did? Yes, but I had to hear it from others. Jane, it wasn't my fault. I begged you to go with me. That's not a good excuse, Ben. You've usually been able to do better. Please, Jane, this isn't like you. Don't be vindictive now that success is really here.  Ben, everything's all right? Not quite. It's been like this for some time, Ben. There are too many things in your life that come before me. I've asked you to settle down before. I know now that you never will. I know, too, that I can't go on this way. Jane, listen to me. I promise you... How are you promised before, Ben? I think you'd better leave now. Do you realize what you're saying? Too well. Please go, Ben. All right, then. I'll do as you wish. I'm leaving. Goodbye. Ben discovered that Jane really meant it. Late one night after a feudal evening trying to forget her, Ben went weary to his room. He went to his desk and began to write. His pen began to express what he felt. Finally, a sleep began to overtake him. He finished. Gathering up the sheets of paper, he put on his hat and coat and hurried out into the night and headed to his old apartment. It's me, Jane, Ben. It's almost dawn. What's wrong? I won't stay, I promise. I just want to give you something I wrote. Here you are, Jane. I'll go. No, just a minute. Ben, read it to me, please. All right, Jane. Drink to me only with our eyes. And I will pledge with mine. We'll leave a kiss but in the cup and I'll not look for wine. The thirst that from the soul doth rise doth ask a drink divine. But might I have Joves necked us up, I would not change for thine. Oh, that's lovely. Thank you, Jane. I know, Ben, not goodbye. Jane, do you mean it? Yes, Ben. I think we can still work it out. And they did work it out, Jane and Ben Johnson. Yes, the man who wrote that beautiful poem was Ben Johnson. The same Ben Johnson who contributed so much to the theater and our dramatic literature. Among the immortal plays he wrote were Valpony, Catiline, Sogenus, the sad shepherd and every man in his humor. Yes, Ben Johnson truly deserves his place alongside his good friend and fellow playwright, William Shakespeare. Two falls in the final act of dark dwelling. Our star, Barry Sullivan, will return for a curtain call after this timely message from Wendell Niles. Young men, the Army Medical Department offers you a future. Now the Medical Service Corps has openings for optometrists, civil, chemical and sanitary engineers and men trained in the sciences allied to medicine. If you have a degree, you may be able to qualify for a commission and the career opportunities it provides. Pay, allowances and retirement benefits are attractive. To see if you can qualify, write the Surgeon General, Department of the Army, Washington, 25 D.C. Once again, our star, Barry Sullivan and our producer. Barry, I'm glad you managed to join us before you left on vacation. You know what happened, CP? Yes, they told me at Metro Golden Mayor you had your reservations at Palm Springs and had to break them for more work on Outriders. CP, I'm dead. Three pictures in a row. Now for my vacation. Let's hear about those pictures. Well, the first and the one being shown around right now is called Tension. I made this with Audrey Tutter. The next two, they're both still unreleased or in Technicolor. Nancy goes to Rio with Jane Powell and Ann Southern and the other, the one I just finished, is called Outriders with Joel McCray, Arlene Dahl, Claude John and Junior. Wonderful people. They've all been on our show here. They certainly are wonderful people. And say, do you know Jimmy Whitmore? He's in the picture too. He's the kid that does such a great job in Dory Sherry's wonderful production of Battle Grail. Sure, I know him. Both of you first took up riding when you started Outriders, didn't you? Yeah, that's right, CP. Neither of us had ever been on a horse before. But Joel McCray, he was wonderfully helpful. He coached us and right now we ride like men. Could it be that you're going western on us? Believe me, I can't wait for the next one. That is after this vacation. Well, I know you're anxious to get started and thanks for being with us. This has been a great place to start my vacation, CP. It was a lot of fun. Now tell me, who's playing next, CP? We have both a great story and comedian Barry and, ladies and gentlemen, the star will be Sterling Holloway and the story is called The Odyssey of Horus Glick. So don't miss it. I'll be listening in Palm Springs, I hope. Good luck, CP. Thanks and goodbye, Barry. Be sure to join us next week, ladies and gentlemen, when Sterling Holloway will star in a hilarious comedy, The Odyssey of Horus Glick. Until then, thanks for listening and cheerio from Hollywood. Barry Sullivan appeared with the courtesy of the Hollywood Coordinator for Betty, with the arrangements for the appearance of all stars on this program. The script was by Bill Dench, the music of Eddie Dunstead. This program is transcribed in Hollywood for release at this time. Wendell Niles speaking.


Hi, everyone. I'm going to show you how to use both JWT and opaque access tokens in the same spring boot application. Along the way, I'll talk about the pros and cons of each. The app we are building will get the benefit of each type of token. OAuth access tokens are, by spec, opaque, meaning it's just some string. However, many OAuth providers will actually use JWTs for their access tokens. This is so common in fact that Spring Security actually supported JWT tokens before they supported opaque tokens. The main benefit of using a JWT is that they can be validated locally, whereas opaque tokens must be validated remotely in which you incur another HTTP call in your application, adding latency. However, the downside of this is that JWTs are basically stale. Any token you validate locally are stale, meaning that at some point after you were given the token that token could have expired, the user could have logged out, been disassociated with it somehow. So if you're using JWTs, you want to keep the lifespan short, say five minutes. That way, at most, the token is only stale for a few minutes. So I'm actually going to build two apps today. So the first one is actually just going to retrieve a token. Now, this represents your application, whether it's a mobile app, a spa, maybe an API gateway, some sort of application that is in charge of getting an access token. And for this, I'm just going to create a simple Spring Boot application and I'm going to dump the access token on the screen and we'll talk about that. So I'm going to use IntelliJ for this whole project. I would typically probably use command line or maybe start.spring.io, but to keep everything in this video, I'm just going to use my IDE. So I'm going to create a new project and I'm going to use the Spring initializer. I'm going to use Java 11, but the same process would work with Java 8 as well or newer. So I'm going to call this token viewer and it's going to use Maven, Java, and I'm going to package it as a JAR and we're going to leave all the other everything else to the fault. And for this, we want to use web, so Spring web, and we're going to use OAuth client, OAuth client. And then hit next, I'm going to create this project. Now that my IDE is finished loading, I'm going to configure the application to use OAuth. So I'm going to use Octa for this. The steps on how you get your configuration variables changes between vendors, but the theory and the types of configuration is all the same. I'm going to use the Octa CLI to handle all of the configuration for me. So if I open up a terminal, you can install the Octa CLI by using brew or flat pack or chocolatey. The links for all that will be in the description below. Once you have that installed, you'll need to register with Octa for a new account. If you already have one, you can use Octa login. If you don't, you can just use Octa register and then it'll prompt you to enter some basic information. This will take a minute. You'll get an email verification code, hop over to email and grab the code and you can just paste it in the terminal. Then follow the link and you can set up a password. Once you do all that, you're ready to create an application. So you can type octa apps create and this will walk you through a little wizard. So I'm going to call this token viewer and then we're going to build a web application and we're going to use spring boot. So number two, and this is the default callback URI that spring boot uses. So you can just hit enter again. So this will configure everything for you and it will write to your application properties file. Now this file does contain a secret. So you don't want to check that in spring offers a whole bunch of different ways to deal with secrets and files and manage across environments using environment variables spring cloud config. Other property files, there's a whole host of options. For this example, I'm just going to use a properties file. So we can open that up and you can see take a quick look. So it has a client ID, a client secret and an issuer URI. So these were all just created for me. And if you just create a password, you'll know that this is your octa org URL for to give the backslash here. That's just an escape encoding for properties files. All right, so we're almost done with this little application here, we're going to create a simple rest controller. Otherwise, they won't do anything. So I'm going to create a little rest controller that's going to dump the access token that my user gets to my browser. Now this may look a little funny. So this is actually just a spring annotation. So I'm going to use the current authorized client, which was octa. Now this octa actually lines up with the value from my properties files. If you remember that octa appeared here. So if you're using Google or Facebook, there'd be a different value here. But in practice, it's it's the same. So once I have the client, I can get the current access token and then I'll get the token value as a string. Just to make things easy, I'm going to format it so I can cut and paste it into my terminal and I'll have a token environment variable with the access token. So I'm going to start this up. Then you can head over to your browser. I'm going to use an incognito window, but you don't have to. So if I go to localhost 8080 slash token, it'll prompt me to log in. And this will be the same account that I just created. And there we go. This is this is a very ugly application. But you can see it'll export a token. And this is a JWT string. And we're going to use the same value as the JWT and the opaque token. So if I copy that, get rid of my browser. Now that we have an access token, we're going to create a REST API that will consume that access token. So just as we did before, I'm going to create a new project. Again, I'm going to use the spring initializer. You could use start dot spring dot IO or any other means you're comfortable with. And again, I'm going to use Java 11. And we're going to call this one to tokens. And again, Maven Java Java 11. Click Next. Now for this application, we need spring web again. It's a spring web. And this time we're going to do OAuth resource server. Typically, your REST API is a resource server. You can access that with an API token or in our case an access token. So you just click Next and continue through here. And once you have everything, we're going to have to make a couple of small changes. So for one, we're going to add another dependency. So open up our palm. Of course, if you're doing this cradle, process is basically the same. You grab your dependency. In our case, it will be this Nimbus dependency. So spring security uses Nimbus under the covers. And if you want to use opaque access tokens, you need to include this dependency. Now we need to jump over to our application properties. We're going to configure a few things here. First, since we have two applications running, this one's going to be running on port 8081. The default is 8080, which our other application is using. So we'll do server dot port and just call it 8081. Next, I'm going to turn on a little bit of logging to show you which outbound requests are actually being made. So this is logging level. And we're going to do org spring framework web client REST template. And we're going to set the level to debug that will log every outbound call. And now, of course, we need to configure our OAuth application. So we're actually going to configure both the JDBT configuration and the opaque token configuration all at once. That way we don't have to come back to this. So the client ID and secret are going to be the same as your other application. So you can copy and paste them over here. But the actual property ID is going to be different. So let's start with that. I'm going to use the type completion to find it for me. So it's OAuth resource server. So I have an ID and I have a secret. And then I'm also going to need one more value for this. So this is going to be resource server opaque token. And this is going to be introspection URI. So if I grab the same values from my other application, you can see I have a client ID. And don't worry, I'm going to delete these this client ID and secret after I record this video so they won't be valid. Just make sure your secrets aren't leaked anywhere. So the client ID, the client secret, you also need the issuer. But in our case, it's not actually the issuer. This is the introspection URI. So you just need to take your issuer and then add slash V1 slash introspect to the end of it. And then to configure the JWT, basically the same thing, except we just need to configure the issuer for this one, which is the same URL we just had. I want to remind you keeping secrets and files is not a great idea. So use caution here. So now that I have my properties configured, let's jump back over to our application. I'm going to create a simple REST controller. It's a new Java class called simple controller. We'll annotate this with REST controller. And then I'm going to use the tried and true Hello World. Now you may laugh that I'm using a Hello World example, but this allows us to keep the focus on what we're talking about, which is access tokens. Everyone knows how to make a Hello World example. So I have one get request. So if I make a get request to slash, it's going to return hello. And if I make a post request to slash with the included message, it's going to say hello message. We'll get back to this in a minute, but I have a get and a post request. All right. So if I start up the application, if I did everything right, it should work. You can see one HTTP call has already been made, and this is to a well known endpoint. This is going to allow spring security to fetch information about my OAuth IDP, such as where to find the keys for the JWTs that I'm using, et cetera. So if I go to a terminal, remember, this is where you're going to need to paste in that ugly web page we made earlier, which was export token and then some giant JWT string. So you said enter. I'm going to use HTT PI to make my request for me. It's very similar to curl. I find it a little more user friendly, but you can do the same thing with curl. So I'm going to make a request to port 8081. Remember, we have two applications. The REST API is running on 8081. So if I just say slash, that's going to make a get request. Now this request should fail because out of the box it requires security. So here we go 401. So now if I add the authentication header, so authorization bear token. And there we go. So there we have a hello world. If I go over to my log, you can see one additional request has been made, and that's to get the keys. So the first time a JWT is accessed, I need to get the public keys. So they're fetched and then they're cached. So no additional calls have been made. So if I clear this log and make another request, you'll be able to see there's no new log entries. All right, so that's great. So that was JWT's. Now let's change this application to use an opaque token. I'm going to create a new security configuration class. So once again, new class. I'm going to call this example web security configur adapter. I know it's a long name, but bear with me. So this class is going to extend, of course, the web security configuration adapter, configur adapter. And then if I implement the methods, oops, override method, sorry, we're going to override the configure HTTP security method. And in this, we're going to drop two lines. This basically represents the application we just ran. So all requests are authenticated. So authorize requests, any requests authenticate them. And then this next line is going to configure JWT's. Now, since we just ran that example, this wouldn't show us anything new. So if I swap this out to opaque token, we're going to start using the opaque token configuration. So once again, I'm going to click run. Whoops. Of course, I need to annotate this as a configuration. And I'm going to restart my application. Now, hopefully this time I did it right. So you can see once again, a request to the well known endpoint was made. We still have the JWT properties in there, but we're not going to use them. So if I swap, if I go back over to my terminal, and I make that same request again, again, I'll get a hello, nothing surprising there. But if I go over to my terminal, you'll see that a post request to the introspection endpoint has been made. Now, again, if I clear all of this, and I make that same request again, you can see that another request has been made. So as you can see, this adds a latency into my application. But I know the token is not stale. So there's potential that the JWT could be stale. Never remember security is always a balance of many things, right? So we have performance, usability in the actual making sure we're locking this down our resources. To get the best of both worlds, I'm going to configure all my get requests to use JWTs and all my post requests to use the opaque token. So this way anytime I'm going to mutate data. So the idea being that post requests generally change data. So anytime data changes, I'm going to use the opaque token and any get requests, which are typically fast, I'm going to use a JWT. Now for your application, this may be different. Maybe you want to change resources based on pass instead of request methods. That's up to you. This technique will work either way. So we need to add a few things to support this. First, Josh Cummings from the spring security team put together an authentication manager resolver. Again, that's another mouthful. But that allows us to map some sort of resolution to which type of authentication we want to do. So let's create that class. So I'm going to cheat. I'm going to paste this in here. So you don't have to watch me type this, this long thing. It's only a couple of methods. Again, all of this code is on GitHub. I'll have links in the description below, but I'm going to quickly walk through this. So first we have a map of authentication managers. So we have this request matcher, which is going to match any servlet request to an authentication manager. So as we get down here, we'll see that when I call this resolve method, it's going to loop through all my keys and see if any of them match. And if it does, it's going to return the authentication manager that's mapped to that key. And then there's going to be a sensible default here. And I'll get to this in a second. All right, so now we actually need to make use of this class. So we're going to jump back into our security configure, which is pretty, pretty simple right now. And I'm going to create a custom authentication manager using this one we just created. So again, interest of time, I'm going to use a live template here. If you're not familiar with live templates, just Google IntelliJ live templates and it will walk you through it. Basically you can create little macros to do all this stuff for you, which are great for presentations or if you find yourself doing the same thing over and over again. So what I've just created is an authentication manager resolver, which again uses that class we just created. And I'm going to get a list of methods. So head, get and options. So those are read only HTTP methods. And if my request, my incoming request is one of those types of methods, I'm going to associate with JWT. We're going to get to this in a second. And then my default is going to be opaque tokens. So this is important here. This is going to fall back to the more secure option. So I only want to allow, you know, specific things to be the faster JWT option. But if any HTTP methods were added in the future, I would have to explicitly allow them. Again, this just allows the default option to be the more secure option. So I have a couple more live templates I can use. So I'm going to call this one, JWT auth manager. And this is going to create an authentication manager based on the defaults that spring uses. So if you look up the spring source, this is essentially what they're doing. And the same thing with opaque. And of course, now I need to inject these values. So these are already available to me in the spring context. I don't need to trade them. So we'll just inject them and forgive me. I'm going to use field injection here. I'm not a fan of field injection, but it works great for demos because it keeps the code more compact. So private JWT decoder and the other one auto wired. Private. All right. So hopefully there's no errors. This error is actually a false positive. There's only one of these. Yes, of course it does warn me about my field injection. Like I said, it's okay. So now I go back to my configure method and I'm going to remove this opaque line. And I'm going to change this to the authentication manager resolver. And of course, that's the one we just created. So now we've linked everything together. Just to walk through this one more time, I have a custom authentication manager.  And for all other requests, I'm going to validate them remotely using the opaque token. So there's one more thing I want to do. So I mentioned before we're using JWTs and there's no real spec behind how a JWT is used for an access token. Now there is a spec behind the format and how to validate a JWT, but that's not use case specific. Every vendor that supports JWT access tokens has a recommendation of how you should validate them. Again, in addition to normal JWT validation. So if I hop back over to my application, I'm going to create a bean. And again, just so you don't have to watch me type, I'm going to speed this along. So this is if I just create a bean with a JWT decoder, so automatically get configured. So Octa uses again a V1 slash keys endpoint. And all of this is basically the out of the box default configuration. So the timestamp configuration looks a little funny here because you would think that's baked in. It's not because if you have clock skew issues, you can actually add a duration here to deal with an additional clock skew. So by default, you get a minute where the clock skew. You could change that or lower it. What this means is that the server that created the JWT, that clock might be slightly different than the clock that your application is running on. Generally everybody is using time servers, so the difference is minimal, but there is likely some sort of drift. So you can change that if you want or reduce it if you need to. And again, the issuer needs to be validated. And now this is where we get into the customization. Audience claim. And by default, if you create a new Octa account, it's apis colon slash last default per the JWT spec. This value could be a string or an array. And this just validates that and has a nice little error message if it's wrong. Again, the details of this aren't super important for this demo, but I do want to point out each vendor will have some sort of recommendation and you should be able to do all of this for you. But for this video, I'm just using the out of the box spring security.  You can see one request to the keys endpoint. I'm going to clear this out and I'm going to make another get request and there should be nothing in my log. Next I'm going to make a post request. So this is a form post and I have the message parameter here set to YouTube. So if I hit enter here, we should see hello YouTube. Great. So now the moment of truth is I should come back to my log and I should see a call to the introspect endpoint. Now going back over to my terminal again, making the same request again makes an additional request out. Now we can do some back of the run this. So we can run the same command with time and we're going to get whatever point six five seconds. And if we do the same command with get, it's probably a quarter second or so, a third of a second. So it's about twice as fast. Now, of course, this is in a very accurate performance test. But if we run this a couple of times, you can see the numbers are fairly consistent. It's going to be slower. The post again is about point seven seconds. One interesting thing to point out here is that there's more CPU time taken on the JDBT example. And that's because there's some cryptographic validation happening on my machine to do this. Whereas if I send it remotely, there's some sort of validation happening there in my application just sitting waiting for that response. So that's the application. I'm going to show you how to monitor protection, the ease of use and speed. I'll have links to the original blog post this article is based on and the GitHub repository in the notes below. So if you liked this video and it was helpful and you want to see more like this, please click the like button and the subscribe button. That way we know you like the content and we'll create more videos like this.


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