It's a presentation of TFNN. The Tom O'Brien Show is produced every business day. Tom takes your phone calls toll-free at 1-877-927-6648. Internationally at<PHONE_NUMBER>. Let's go to Alan's camp. Hey, Al, what's going on? Oh, it's a beautiful thing. I mean, if your listeners don't get the gold report, they're missing out.  I love it. You're my best dad out there, Al. Let's go to Jeff in New Jersey. Hey, Jeff, what's going on? Great. Hey, listen, I was calling to thank you. A few weeks ago, you were prompting on your show to fill out that $10,000 grant? Yes. So I filled it out, and just a couple of days ago, I found $1,000 in my business checking account. That's awesome, man. That's awesome. I owe it to you, because if it wasn't for your prompting, I would have just assumed, you know, no way I would have gotten anything, so I wanted to thank you. No, we appreciate you growling a problem with us here. Now, Tom O'Brien. Well, welcome, folks. This is Tom O'Brien of TFNN. We have five days a week. We go seven hours a day. We go 24 hours a day on the internet at tfnn.com. Always remember, folks, whatever you think about, you bring about whatever. You focus on growth. I hope everyone's having a great day, safe day. It's making a great night, folks. You have the power to create. Your power is so strong that whatever you believe comes true.  Not gonna lie, let's take a look at it out here. We have the Dow Industries down 231. NASDAQ off 48, S&P's down 24. Gold, gold contract up $20.80 trading at 1978 and ounce. We got Silver up $45 at $22 and 86 cents an ounce. Light Sweet Crude up a buck, $19, $70, 86 cents a barrel. Notes and bonds. A 10-year note, up 27 ticks, trading 114, 31. A 30-year up 24 at 130, 24, and Kingdala. Kingdala's down 736, trading 102, 527. The Euro's at 108, the yen is trading at 131 and the British pound is at 122 to one US dollar. Our phone number's<PHONE_NUMBER>. Give us a call, folks. Wanna know what's going on in your world and the world of the S&P's? Let's take a look at it. Well, we had the Fed come out, folks. We're gonna have a failure on pricing volume out here today. So, market wants lower price. Well, we got to have, we take a look at the spy first. Spy hit 402, you're at 68 million shares right now. Bottom line, you're going into 111 million. You got over that high. That high there was the 40148, you're 395. This is setting up a nice run downtown. So, bottom line, the larger picture is 374, right now you're 395. We go into the NDX 100, we take a look at the NDX. 313 was that high volume high. It spiked the high, gave it up in spades. Not gonna have the volume. The high we're talking about is 313, 68. You had volume up there of 83 million. It's done 52 thus far. We're gonna probably do about 62 million. That sets up lower prices coming at you and we have a high volume low inside of the queues. We have a couple of them. The first one that we're talking about is 285. The bigger one is all the way down to 254. This 254 from five months ago, that's a high volume low, man. So, we got a lot of trading to go. Gold, gold contract. We take a look at the gold contract. What do we have with the gold contract? Gold contract, I suspect it's gonna have to stop building cars, which is doing today. Bottom line is to get to 55,000 contracts out here.  We're in 1981 right now. We made it down to 1953 today. I suspect you're gonna get more of that. Gold wants higher price on a longer basis. That's the bottom line. We go take a look at the dollar. Now, what do you have with the dollar right now? The dollar, this is the second day that it's rejected lower price, and I expect you're gonna see that continue. What we did out here today is that you went down to, well, see the strength and the gold and the dollar. It started at 101.546. We hit 102.065 today. We're at 102.446. That baby has to get over the 103.006. And then you get the full test that's actually happened, and then you're gonna be over that level, and that's saying it wants higher price. What we had out here today is that you had the Federal Reserve bottom line. They went up a quarter point, and you know, Paul's flat out. He's saying, yeah, we saved the banking system once again.  Right now what you have is that the short-term rate, the bank rate overnight rate is 4.75 to five. So we're at five right now. And if you're listening to the Fed, it was pretty cool in the aspect because the market had been up. And it only took the market a few minutes to understand there was a question inside of the, you know, the press conference. And one of the questions were that, okay, well, would the Fed have to go longer at higher rates? And he says, well, the aspect is that when we think that the market itself, the tightness will do some of our job. Well, the thing that's really cool, folks, is that, you know, technically it was set up to go lower. But fundamentally, when you hear something like that, it's like, okay, so here you go. Either the Fed goes longer, or if the Fed doesn't go longer, the banks are gonna be so tight that it's gonna push us into a recession. Either way, guess what? That's when the S&Ps are up 25 points. Guess what? Now they're down 25 points, okay?  And we had thus far inside the S&Ps, okay? We had a high of 4073, we've got a low so far of 4004. So we've had a move of 69 points both ways. And if we finish right here, all you're really gonna have is a sideways market. Now that's how it would look, but the bottom line for us that into technicals, this is a failure on price and volume. It's a big one too. Well, when I say a big one. The bottom line, you know, the differential here is that when we were pushing, we were pushing the contraction of volume had been so dramatic. When the contraction of volume is so dramatic, folks, okay?  And in this particular case, it was right on. And, you know, for some reason on Fed days, on days when you're gonna see failures, you also see spikes. And what a spike specifically is, and we knew that the NASDAQ had the volume, meaning up at that 313, they had the spike. And what's so cool about price and volume, folks, is that you already know what the volume is. So if you're doing a spike, and the spike's on lighter volume, when you're projecting it going forward, your probability of having a successful trade goes up pretty dramatically.  You know, once you get used to spikes, folks, they're pretty cool. Because the bottom line is that it's taken so much energy to get the spike going that many times that's where it just runs out of gas. Dow investors right now, down to 201, you get the NASDAQ off 27. S&Ps are off 17. Gold's trading up at $26.70. You get silver up at $.61. Stay right there, folks, you'll come right back. 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Toll free at 1-877-927-6648, internationally at<PHONE_NUMBER>. Welcome back, folks, to Dow. Dow industry is down 130, and Aztec's up 13, S&Ps are down 7.  So check out, this is gonna be really intriguing. Watch how this works out. One of her statements, it's important to be clear. Shareholders and debt holders of failed banks are not being protected by the government, Yellen set out a hearing before the Senate subcommittee. No losses from the resolution of these banks are being borne by the taxpayer. She had a deposit protection as provided by the Deposit Insurance Fund, which is funded by fees on insured banks. Now watch this, this is cool. Now let's go to First Republic, because what's happening out here, this is where this is gonna get really dicey, man. So if we take a look at First Republic, right, now you just heard her statement, right? The bottom line is that shareholders get wiped out, debt holders get wiped out. Well, you can see First Republic's man is wiped out. So I suspect what we have behind the scenes right now is that you have shareholders that are going bonkers, okay? You know, flat out, you know, using everything that they can use to not get wiped out, because you can see these numbers, man. You know, whether it's Vanguard's the biggest shareholder.  What they will push is that they're an index fund and, you know, there's plenty of money that is 401k money, capital group, same deal, 13 million shares, black rocks and ETF, okay? That's in there, you get State Street, then we get RBC Gold, Global, a bottom line is that there's a lot of shuffling around in here. It looks to me like your next wipeout is gonna be First Republic. For some reason, you know, we were talking about this yesterday, the aspect of, you know, they're basically disconnect in the markets has to do with municipal bonds versus treasuries and thus far there hasn't been a savior for municipal bonds and they can just look at this chart, man. No one wants this stock. So, you know, we'll see whether they come in. Well, they're gonna have to come in. That's the real bottom line, because what they have already done on the deposit basis, you know, who knows what the exact rule was when they came in with $30 billion and you can see the $30 billion doesn't do a thing, man. You know, it's pretty amazing the types of numbers folks that we're at now, you know, when you add them together, you're in trillions, okay? Not billions, trillions. Market just went positive again, S&Ps are up six. Let's go look at the Dow industrials because I believe the spread on the Dow industrials too is pretty amazing. So if we look at the spread, yeah, so the Dow went from $7.61 to $2.89. Yeah, so you get a $500 spread. Now let's get into the E-minis because we'll show you this. I wanna see if this hit that hat. What had happened is that intraday was pretty cool how this was set up. You had the high volume low. Oh, look at this, this is so cool, man. Okay, so, okay, so as we bisect and dissect this, look what you're gonna see here now, watch this. So what happened is that you had the first spike that came out here, you know, right before the announcement, you got up into a high. The high that we got up into was that was at 4073, right? And what had happened is that the low hadn't been tested yet. So when we came down, what's gonna happen now, you know, it's so wicked, folks. I, of course, you know, like all of us at TFN, we're all trading all day long. So I'm flat right now because I basically got what I wanted out of the market. And I says, okay, man, I'm not gonna trade anymore when I'm on the air, but now this is driving me crazy because see this high volume low, man? That high volume low on the S&P is gonna get tested again, which is, it almost got tested. So it came into it with, let's see, with 79,000 contracts. But guess what? The bottom line is you have one million contracts at the bottom here. And as we're coming up, see the contraction as we're coming up, it's freaking huge, man. Where's my phone? I use my phone for my clock. Okay, so you can see we're only two minutes into this bar. Well, I can already tell by two minutes, well, you can let the bar go, you can, bottom line is that you're gonna see a rejection up here. And this is another sweet little deal because when you're talking about 4041 and then the low out here is 40400, bottom line. Well, I might, I'm just gonna let it go because when you get, you get the gist of it anyway. There's nothing like a good Fed day, particularly, what we had, there's two different things that we actually had. And so, Dan, do you want me to look at the Qs? NQ, the NQs have it in, okay? Cause, yeah, I'll show it to you. There you go. There's the NQs right there. There's your high volume low, man. It's laying out there. Same setup. That's gonna go after the high volume low and the NQs, it's 12,809, you know? And we'll probably be there in a blink, so. Some of the higher volume equities out here that we're looking at, well, the market's looking at, you have Tesla down 79 cents, you got First Republic off about 49. Nvidia's up $10, yeah, Nvidia, oh man. Let me tell you. So, Nvidia folks, okay?  There's, you know, there's, because this gap that's opening in Nvidia, when, the way Nvidia trades, folks, okay? You know, it can expend itself in a tremendous way, and then when it goes south, man, it goes south in an incredible way. We go back to the higher volume equities out here. You got Apple's up at buck 14. Let's see, PacWest is down $1.41, Charles Schwab $2.50, this is just a repeat. You see what's going on here, man? They're selling down these banks, okay? And you know, when Paolo was speaking, Paolo was saying that, yeah, he does see that the bottom line is that he's far more supervision and you can see, if you listen there, what he did, he put the supervision of the Silicon Valley National Bank. He says, oh, I didn't say that has nothing to do with me, but he just about said that. He says, no, that's the vice supervisor, and we're all trying to figure out what happened.  It's unbelievable, all trying to figure out what happened. It's very easy what happened. It's a mismatch. It's a, you know, as we talked about yesterday, the big banks, well, in this particular case, these banks here, they're trading. We all trade out here. They're trading with hundreds of billions of dollars, and when they're right, yeah, they can make money hand over fist when they're wrong. The bottom line is that they blow up, they come back to the public and say, oh, man, this and that, and I need money now, and it's the whole thing's a joke. But the bottom line is that that's where it's at. And I suspect that, when we go back to First Republic again, after what Yellen had to say, now this happened at 230, I suspect what we're gonna see, even coming into the close here, is that even though there's funds that are down, monster money on First Republic, the bottom line is that you're still trading at what, 14 or $15? That's better than trading at $1, okay? So we'll see what they're gonna do about it because if we were, you know, owners of First Republic and you hear Yellen saying, hey, man, the stockholders and the bondholders are gonna be wiped out when we have to come in, that to me was going right to First Republic. Dow's down 118, that's like, it's up 17, S&Ps are five, stay right there, folks, we'll come right back. If you wanna take advantage of this sector, now is the time to subscribe to my Gold Report. 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To sign up today and become a part of this educational community of traders, just visit the front page of tfnn.com. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of tfnn.com. Welcome back, folks, to Dow. Dow industry is right now, down 17, as that is up 38, S&Ps are up two and a half, and let's go take a look at the GDX inside the gold market. So if we take a look at the GDX, folks, nice setup, you're already in ABC structure up, and your GDX wants to run up to this, it's 31-34.  We hit 30-04. This is kind of a nice, this is what building cause is about.  There's a little gap there that's trying to get through the 31-42. You know, the longer that you can go a little bit sideways, the better off it is. That's where you build cause in order to blow through some numbers. If we go take a look at the XAU, same type of setup. You can see in the XAU, you have 124 right now, and just put that volume on it. So here, let me show you some of the XAU. This is pretty cool. So what happens, you know, when we had on Tuesday, folks, right? No, not Tuesday. I'm talking, let's see, Wednesday, last Friday. The volume exploded inside the gold market. Everyone's buying gold, gold stocks on last Friday, right? So see that big volume bar there? Well, that volume bar goes up to $125.14. Then we went over it, and we only had 32 million. Now this is what's really cool about time in the trade or just markets in general. See, you never can go higher forever and lower forever with volume. That's not how it works. So what happens is that this one over with light volume, it fails, right? Bang, goes underneath it again. That's where what happens here is it goes down with 30 million. Now that resets itself. When it resets itself, that means now you're only dealing with 32 million on the way up, instead of dealing with the aspect of 130 million. Now what I do is that, you know, it's a little tricky, okay? Because I'd like to see it build more cars in just one or two days. Because I wouldn't say, if this takes this out, that's gonna be another ABC up. You know, because we already have an ABC up. And the ABC up there, that's what, 120? That's, what was it, bottom four? I think we already hit it, yeah, 122. We already hit it. We just finished one ABC up. This is gonna build some cars. I suspect what we're gonna see and continue to see, it's still gonna be a little tricky inside of the metals market, but these metals folks are gonna go to the moon, okay? And even if I wasn't technically into a technical, you know, setup, fundamentally, okay, it's pretty easy to figure out. And what it is, it's almost like, you know, as soon as Powell come out, the first thing he had to say, banks are safe, they're great, don't worry about a thing, right? Well, guess what? They're not. That's the bottom line. Now, my take is that they're gonna be all right. That's for sure. Because they've made the decision. Now this is what they've made the decision on, which is really cool, man. They've made the decision that the equity holders and the bond holders are gonna get wiped out. When that happens, let me tell you something. That does change the psychological profile of people running banks, okay? So if they stick to that and they stick to it with First Republic, that will be a very, that'll be a very strong day in the market. Let me tell you something. It's counterintuitive. It'll be counterintuitive like, oh no, I can't believe that. Well, as you know, deposit is, if they say it's the deposit and they sink the other two, that's kinda where it's at. That being said, what ends up happening is that this is what the more money that goes in, it's all about a devaluation of what we can buy without the actual official devaluation. That's how this goes, okay? And if we were in a very small town, let's say we're in a small town, right? And there's 10 people. I'm doing it with 10 people because it's just easier to do. We get 10 people in a small town, right? And you have the bank and then you have the Fed and inside that context, there's still only 10 of us, right? And then what ends up happening is this, is that as people are lending, let's say the operation is just still like our operation in the system, right? And then what ends up happening is that the bank gets in trouble. Let's say we have three banks, whatever. The bank gets in trouble. Well, then the Fed turns around, on the Treasury turns around, puts more money into it, right? Sends that money out. The amount of goods that the 10 people have been producing, okay, bottom line, what do you think what's gonna happen to them? Well, the good value is gonna go up because there's more money chasing the good value and that's the cash flow deal, right? That's how it works, folks, okay? So we've been going through this for such a long period of time, that's what brings down the value of the dollar on a consistent basis, you know? The bottom line is that as of two days ago, $8.89, I believe, that was the number, would buy you with what a dollar would buy you in 1968. Now that's not gonna change, so the number aspect is gonna continue to go up and up and up. And that's why you see the aspect is that when we're actually looking at prices, that prices, depending on how old you are, prices seem to be exponential compared to where, you know, we were whether it's 10, 20, 30, 40 years ago, okay? So that's what you're going to see on a continual basis. That being said, that's where the aspect of the gold market, the metal market comes in. Because what does happen is this, it doesn't catch up right away, but then when it catches up, man, it catches up like in about two seconds, it just accelerates up. It says, here I am again, okay? And it keeps pace with inflation. That's all, it's just keeping pace. That's the bottom line. But in keeping pace with it, what ends up happening is that it seems that it's dramatic because you're not losing buying power. That's the setup inside of the whole deal. Here we go, let's go, let's take a look at this. Okay, we get this S&P. They just brought it down again. Man, oh man, this is like heaven on earth. Here we go. It's going after the high volume low. So where the high volume low we're talking about here was a 4004, right now you have 40014. And how many minutes we got? Okay, so you had six minutes. And now this is gonna get interesting here. Watch this now, because this is, what we have now is light volume, okay? This is light volume coming down. So when you're doing something like this, don't get greedy, man. This is light volume coming down. You only get three minutes left. This bar here only has 43,000. So this is getting tired. This is getting tired. It'll still maybe whack it, but it's getting tired. Let's go over to the NQs. We take a look at the NQs. Okay, so we bring the NQs come up. Same deal, same deal. You can see this here? Okay, so we're looking at NQs 36,000 contracts. We're only at 19. And you're at the three minutes left. It's getting tired. So you get the gist of it. If you day trading these things, man, what I do when I'm day trading these things, I always have this sell-in because you get spikes. You know what I'm saying? You get the spike coming down. You hit it and say, thank you.  And you just wait for the next one. You can see, see when it went on the way up to, we were going into, see this on the way up, we were going into 30,000 contracts, and that spike only had 26. So let's see, what time is it though? Yeah, you get 338, you know? Stay right there folks who come right back. Our phone number is<PHONE_NUMBER>. You have the dial. It goes down to 233. Now it's except 41. S&P's are off 22. Stay right there folks who come right back. 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Welcome back folks to Dow.  So let's take a look at the Dow and see what was set up here on the dailies now. So yeah, you're gonna have a failure on price on all of them, right? Then watch the Dow and oh, this is interesting. I just saw this, let's see this, where am I gonna do this? Watch this, look at this. Whoops, not that one. This is a classic, man. It hasn't been able to get back. The Dow can't get back inside its range. So this sets up, yeah, this is gonna set up, man, a Dow of 28,600, the low end. The first price projection is at 34.5, 32.5. Okay, cool, so that's 2000, that's 35 next. 35 would be the number, 35, what's that right there? That's 31, well, 35 would be the number, but at 28.6, that's a lower swing point. So this is clean, man. This would be, if you have the out of time in the trade, this is coming up to ice, and this is a pure Wyckoff deal. You break down, you come back up to ice, this would be a Budroff steel also using channels, okay? And then you give it up, man, and I know we're giving it up on volume, compared to, let's see, which day is that? That's the ninth of March. So we'll end up happening here. We put this up, we go back to the ninth of March. That's one billion, that was gonna be a close there, because we're at 626, I suspect we'll come into that, meaning that we'll have more than one billion today. We go into the composite, we take a look at the composite, and the composite's a nice give up, man. That's the bottom line. Now what you're gonna see in the composite also is this. Look at this in the composite. The highs of the lows was 12,024. We got to 12,013, and then it gave it up. And you're actually under this one too, 11,821. Yeah, we're actually under the swing point also. So that's a give up. Now, in order to get in a lower range again, in the composite, you'd have to get down to 11,492, but when you give it up like this, that's the typical, you can't bust them up, you're gonna bust them down. And what the composite does have is a monster high volume low at the 10,000 number. 10,000, eight, 10,000, zero, zero, eight. We go into the S&Ps, and the same type of setup inside the S&Ps. You can see, there's not even close to the volume again. You're coming into 111, you're at 83 right now. You know, it might do 93. You know, the first leg, let's see. Yeah, and see, it's only Wednesday. So your first leg is down here at the, you're at 396, your first leg is 380, and then you can see this one sticking out like a sore thumb, man, down at that 348. These markets, man, just in general, are just so cool. So I'm gonna put this on a monthly for a second.  First leg down, you gotta remember the larger ABC structure down, because you can see that the grind was here on the way up.  And that's actually, the Fed knows this, okay? And because look at this for a second.  Five months, okay?  So, and you also can see, oh, look at this, this is intriguing, what day is it? Today's the 24th, I think, right? So look at this, see this down at the bottom? The volume is already expanded on the way down. And we're not at the end of the month. That's also another clue that, hey, man, we have more selling than buying. So, anyway, it does make it easier.  And if we go back to the S&Ps again, you're gonna see, now watch this, this is kind of kind of cool, because when we were on the break, that little bounce that we were having up, what was happening is that the bounce was on no volume whatsoever. And now you're breaking the low, and you get seven minutes in a second. You get seven minutes into this and we'll see whether it stays underneath it. You know, I suspect it probably will, whether it's gonna have volume or not. That's gonna, you know, because what tends to happen now, when you only have 13 minutes left, what tends to happen is gonna be so many trades that were out there, you know, some are wrong, some are wrong, the bottom line is that, whoever's on the wrong side, man, they gotta get out of this, okay? And that's what you're seeing right now. That's in the S&P. If we go into the NQs, we take a look at the NQs, you're gonna see the same thing. And what's happened, now we'll check this out. This was really wild about the NQs. The NQs, the volume is actually accelerating as it's coming into it, versus if they took the two percentages, meaning the S&Ps versus the NQs. So you get the gist of it. The bottom line is that you're breaking that now. Let's look at this on, okay, so inside the NDX 100, one second, the strength versus the weakness. You got AMD up 3%, Lululemon's up 2.4, and NVIDIA's up 2.3. Taken away from it. Datadog's down four, Pinduodu is down four, Align Technology's down 3.6, and Adobe's off 3.4. Inside the Dow industrials. The strength versus the weakness. Point-wise, you only get three stocks that are positive inside the Dow. Microsoft is putting four positive points, Proctor and Gamble four. Taken away from it, you get Boeing minus 49, Nike minus 33, Travels minus 26, Home Depot minus 26. So there's numbers here. I believe it's a KBH. Let's see if KBH is coming out with the numbers after the close today. Yeah, they are. So KBH is coming with the numbers after the close. They are going to be looking to do 1.3 billion to the top line, $1.13 to the bottom line. This will be really interesting to see where this whole housing is going to be coming out. They got to pop up here today, but not much else. That's the real bottom line. And with two days left, folks, in the week, you can basically expect lower prices because as folks peruse what the Fed really had to say out there, I think the biggest part of the statement was that when Paul was talking about the aspect, the question was a great question. And what the question was is that, did he feel that they didn't have to go for a higher for longer because of the back-end crisis? And he said, well, they were thinking, well, first off, they didn't know if they would, but either way, meaning that they would go longer, oh, the banking crisis would take care of itself. Well, as soon as you put that together, it's like, okay, man, we're going down anyway, okay? Take your choice. One, they're going to raise it. The other one, that the banks are going to basically, you know, seal up and not lend money. That was down 316, that's like 91, S&P's off 36. They're right there, folks, they're coming right back. 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Dow is off 415, as it's down 132, S&Ps are off 50, and bottom line is that, yeah, they're selling it, and if you take a look at the spy, you're gonna see the spy is just filling up the gap from two days ago. Yeah, watch this. This is pretty cool. Bingo, there you go. Once it started, man, see, I don't wanna be here. That gap there was 394-12, you're at 393-65 right now. We go into the cues, we take a look at the cues. Same setup. The cues, that gap there, what is that, 306-30? Haven't hit it yet, we hit 307. We'll get in there. So, volume-wise out here, let's see what we have coming in. So you got only 690. So let's see what happens here. Now watch what happens here, folks, okay? This is when you look at a price and volume, right? Let me get this up quick, okay? So first up with the S&P up, because what happens now, this is hard to do, which is really cool, that, yeah, see you got to a higher high, right? And you gave it up. Now what will end up happening is that in the indices what's gonna happen, we're gonna have light volume. The reason you're gonna have light volume, this is hard to do. If you get light volume and you fail, that is really tough to do, okay? Because the bottom line is that normally when you come down so fast the volume explodes, okay? That's the push of it. So this market tried to get higher, couldn't get higher, failed on price, failed on volume, goes south, then you're gonna be a little locomotive on the way down. That's kind of how it sets up. Particularly in the case, because people are gonna say, oh, this is great, we have banks that are failing, the Fed's still gonna go up on rates, but don't worry, everything's okay, man. Well, guess what? Everything is okay. These stocks are just overvalued. That's the real bottom line. Always remember, folks, the bank and claw your heart out, the bull can run you over and thank God, there's always another trade. Health happens in prosperity. Have a great night, folks. Have a safe night. Come back and visit Tommy tomorrow morning, kicks us off 9 a.m., great show, folks. Real, look at him, folks.


My name is Sam Baknin and I'm the author of Malignant Self-Love, Narcissism Revisited. In 1995, I started to study the subject of pathological narcissism, more precisely, narcissistic personality disorder. It was an uphill battle. On the web, there was not a single website, not one page dedicated to narcissism, narcissistic personality disorder, or narcissists in general. A trip to the library produced two volumes, one dated 1974 and the other in 1983. The first one was a weighty tome, a political socioeconomic essay about the dangers of narcissism in modern society, but it included no insights and no information about the psychology of narcissism. The second one was a booklet full with errors and misstatements and based on nothing that I could see except the convictions of the author. So it was a wasteland, a desert. I had to study narcissism based on very old writings by Freud dating back almost 100 years, some work by Kohut and Kernberg, and that was more or less it. In my attempt to describe what I have been gradually learning about myself and then about other people diagnosed with narcissistic personality disorder, in attempting to do this, I had to invent a whole new language where none existed before. I coined new terms and traces, such as narcissistic abuse, somatic narcissists, cerebral narcissists. I also borrowed terms from other fields of psychology and adopted them to describe and to cope with the complexities and intricacies of pathological narcissism. So I borrowed the term narcissistic supply. I expanded and expanded on the phrases for self and true self. I invented the term called empathy, to describe the kind of empathy that narcissists and psychopaths possess. It was very difficult and for five long years I've been all alone with only one of two websites dedicated to this issue, trying as a missionary would to spread the word, to inform people about this imminent danger lurking in their backyards and inside their homes. Then in 2004, almost ten years after I started, there was a breakthrough and narcissism became a household word and today it is a major research topic in academe and so on. In 1999, I collected all my notes, the contents of my website and correspondence with thousands of people, family members, neighbors, colleagues, friends, and narcissists, people who have been diagnosed with a disorder, I collected all these, into the first edition of my book Malignant Self-Love, Narcissism Revisited, the first book ever written about narcissistic abuse. And I considered to ask an eminent psychologist or psychotherapist to write the introduction to the book. But I couldn't think of anyone who had any knowledge or expertise about this disorder. Today many claim to have such knowledge and expertise, but very, very few do. They just, these so-called experts as scholars, just hopped on the bandwagon in order to cash in on the narcissism phrase, but very few know what they're talking about. It was true even then. And so I approached a friend of mine, Ken Heilberg, an MD, and asked him to write from his own personal experience a description of the narcissist. And he came up with a masterpiece that became the forward, forward to the first edition of my book Malignant Self-Love, Narcissism Revisited. With minor modification, it is still being reprinted in each and every subsequent edition of my book. And I would like to read it to you, because I think that there is no better, more incisive and more insightful description of the narcissist than what Ken had written so many years ago. Ken Heilbrunn says, Hello, recognize me? No? Well, you see me all the time. You read my books? You watch me on the big screen? You feast on my art? You cheer at my games? You use my inventions? You vote me into office? You follow me into battle? You take notes at my lectures?  You marvel at my successes? You admire my appearance? You listen to my stories? You discuss my politics? You enjoy my music? You excuse my faults? You envy my blessings? No? Still doesn't ring a bell? Well, you have seen me. Of that, I am positive. In fact, if there is one thing I'm absolutely sure of, it is that you have seen me. Perhaps our paths crossed more privately.  Of course, you recognize me. I am your inspiration, your role model, your savior, your leader, your best friend, the one you aspire to emulate, the one whose favor makes you glow. But I can also be your worst nightmare. First I build you up because that's what you need. Your skies are blue. Then out of this blue, I start tearing you down. You let me do it because that's what you are used to.    Ken Heilbrunn continues in his wonderful essay about the narcissist, and he says, I tell you this to your face. I must. It is my right because it is. I behave at home in a way I want to, with total disregard for conventions, mores, or the feelings of others. It is my right because it is. I lie to your face without a tweet or a Twitter, and there is absolutely nothing you can do about it.  They are the truth. My truth. And you believe them because you do. Because they do not sound or feel like lies. Because to do otherwise would make you question your own sanity, which you have a tendency to do anyway. Because from the very beginning of our relationship, you placed your trust and hopes in me. You derive your energy, direction, stability and confidence from me, and from your association with me. So what's the problem if the safe haven I provide comes with a price? I'm worth it, and then some. So run to your friends. Go. See what this will get you. Ridiculous. People believe what they see. And what they see is the same wonderful me that you always saw and still do. What they also see is the very mixed up person that you have obviously become. The more you plead for understanding, the more convinced they are that the crazy one is you. The more isolated you feel and the harder you try to make things right again, not by changing me, but by accepting my criticism and by striving to improve yourself. Could it be that you were wrong about me in the beginning? So wrong is that? How do you think our friends will react if you insist that they are also wrong about me? After all, they know that it really is you who have thwarted my progress, tainted my reputation, and thrown me, of course. I disappoint you? Outrageous.   Lucky for you, I have an escape from all this. Fortunately, my reputation provides enough insulation from the outside world so I can indulge in this escape with impunity. What escape? Why, those eruptions of rage, you dread and fear. Ah, it feels so good to rage.  Lying feels good too, for the same reason. But nothing compares to the pleasure of exploding for no material reason and inventing my anger with total abandon. All the time a spectator at my own show and at your helplessness, pain, fear, frustration, and dependence. Ken Hildron, in his essay about the narcissist, it continues. In fact, my raging is precisely what allows me to stay with you. Go ahead, tell our friends about it. See if they can imagine what it's like, let alone believe it. The more outrageous the things you say about me, the more convinced they are that it is you who have taken a turn for the worse. And don't expect much more from your therapist either. You may tell him this or that, but what he sees when I visit him is something quite different. So what's a therapist to believe? After all, it was you who came for help. No, that's what it is all about. No, that simple two-letter word that regardless of how well I am, you simply cannot say.  But you know what, this may come as a shock, but I can also be my own worst nightmare. I can and I am. You see, at heart my life is nothing more than illusion-clad confusion. I have no idea why I do what I do, nor do I care to find out. In fact, the mere notion of asking the question is so repulsive to me that I employ all my resources to repell it. I reconstruct facts, I fabricate illusions, I act them out, and thus create my own reality. It is a precarious state of existence indeed, so I am careful to include enough demonstrable truth in my illusions to ensure their credibility, and I am forever testing that credibility on you and on the reactions of others.  In modern society, blessed or cursed modern society, modern society values most what I do best, and thus serves as my accomplice. Even I get lost in my own illusions, swept away by my own magic. So not to worry if you still do not recognize me. I don't recognize me either. In fact, I'm not really sure who I am. That's probably a question you never ask of yourself. Yet I wonder about it all the time. Perhaps I'm not too different from everyone else, just better. After all, that's the feedback I get. My admirers certainly wish they were me. They just don't have the gifts I have, or the courage I have to express these gifts. That's what the universe is telling me. Then again, THE universe, or MY universe. As long as the magic of my illusions works on me too, there really is no need for distinction. All I need is an abundant, fun fan club to stay on top of it all. I'm constantly taking fan club inventory here, texting the loyalty of present members with challenges of abuse, and writing off defectors with total indifference, scouting the landscape for new recruits. Do you see my dilemma? I use people who are dependent on me to keep my illusions alive. So really it is I who am dependent on them. Given the rage, that orgasmic release of pain and anger works better with an audience. On some level I'm aware of my illusions, but to admit that would spawn the magic. And I couldn't bear that. So I proclaim that what I do is of no consequence, and no difference from what others do. And thus I create an illusion about my creating illusions. So no, I don't recognize me any better than you do. I wouldn't dare. Like my fans, I marvel at my own being. And then again, sometimes I wish that I were not the person I am. Do you find that confusing? How do you think it makes me feel? I need my own magic to stay afloat. Sometimes others like me recruit me into their magic.  For where? It only confirms my illusion about my illusions that I'm no different from most other people. Just a tad, a bit, better. But I am different. And we both know it, although neither of us dares to admit it. Therein lies the root of my hostility. I tear you down because in reality I'm envious of you. And I'm envious of you because I am different. At some haunting level I see my magic for what it is, and realize that people around me function just fine without my magic. This terrifies me. I'm panic-stricken. I try all my old tricks, displays of my talents, unnecessary deceptions, self-deserving or self-surfing distortions, skilful seductions, ludicrous projections, frightening rages, whatever. And normally that works. But if it fails, watch out.  Can hibernation on the narcissist continues? That is the key to understanding. Most people strive for goals and feel good when they approach them. They move toward something positive. I move in the same direction, but my movement is away from something negative. That's why I never stop. I never contend, no matter what I achieve. That negative thing seems to follow me around like a shadow. I douse myself in light, and it fades, but that's all it does. Fail. Exhausted. I ultimately succumb to it, again and again, this shade, this shadow. Where did it come from, this negativity? Probably from before I learned to talk. When you were exploring your world for the first time with the usual little toddler mishaps, your mother kept a careful eye on you, intervened when she saw you heading for danger, and comforted you when you made a mistake, even if you cried. Well, that's not how it was for me. My mother's expectations of me were much higher. Mistakes were mistakes, and crying was not the way to get her approval. That required being perfect. So that's exactly what I became. Not the little awkward toddler that I was, but my mother's model child. Not the brave and curious little person that I really was, but the fearful personification of my mother's ideal. What you were experiencing, through your little mishaps and mistakes, were small doses of shame. What you were learning from your quick recoveries was shame repair.  Through repetition, you gradually learned how to do it by yourself.  I had no such luck. I simply did not acquire that skin when nature had intended my brain to acquire it. No one enjoys shame, but most people can deal with it. Not me. I fear it the way most people fear snakes. How many others like me are out there? Well, more than you might think, and our numbers are increasing. Take 20 people of the street, and you will find one whose mind ticks so much like mine that you could consider us clones, impossibly you say. It is simply not possible for that many people, highly accomplished, respected, visible people, to be out there replacing reality with illusions, each in the same way, and for reasons they know not. It is simply not possible for so many shame-phobic robots of havoc and chaos, as I describe myself, to function daily amidst other educated, intelligent and experienced individuals and past for normal. It is simply not possible for such an aberration of human cognition and behavior to infiltrate and infect the population in such numbers virtually undetected by the radar of mental health professionals. It is simply not possible for so much visible positive to contain so much concealed negative. It is simply not possible, you protest, but it is. That is the enlightenment of malignant self-love, narcissism revisited by Sam Bucking. Sam is himself one such clone.  Not only does Sam dare ask and then answer the questions we clones avoid like the plague, he does so with relentless laser-like precision. Read his book, take your seat at the double-headed microscope and let Sam guide you through the dissection. Like a brain surgeon operating on himself, Sam explores and exposes the alien among us, hoping beyond hope for a respectable tumor, but finding instead each and every cell teaming with the same resistant virus. The operation is long and tedious, and at times frightening and hard to believe, but read on. The parts exposed are as they are, despite what may seem hyperbolic or far-fetched. Their validity might not eat home until later, when coupled with memories of past events and experiences. I am, as I said, my own worst nightmare. True, the world is replete with my contributions, and I'm not so fun to be around. And true, most contributions like mine are not the result of troubled souls. But many more than you might want to believe are, and if by chance you get caught in my web, I can make your life a living hell. But remember this, I am in that web too. I am in that web too. The difference between you and me is that you can get out. Ken Heilbrunn, MD, Seattle, Washington, United States.