for the speed of light, a cloud of dust, and a hearty hyacinth silver, the lone ranger. The western United States was first opened to settlers, outlaws roamed the territory, and some of the bands became so powerful that they openly defied the local sheriffs. It was during this period that the masked writer of the planes started his fight for law and order. No greater champion of justice can be found in the pages of history, and the memory of his deeds will remain as long as the memory of the early west itself. Return with us now those thrilling days of yesteryear. From out of the past come the thundering hoofbeats of the great horse Silver, the lone ranger rides again. Two heavy-set men, one wearing the badge of a sheriff and the other that of a deputy, open the door of Sheriff Sayer's office at Mesquite City Inn. Sheriff Sayers? Come in, come in. I reckon you're expecting me, Sheriff. I wrote you for Millsburg two weeks ago. Said I'd be long after this fellow Jacobs you're holding. You're Sheriff Wilson from Catova County. Uh-huh, that's me. This year's Jim, my deputy. Still hanging on to Jacobs? Sure am.  Oh, thanks. Here's my credentials in case you'd like to look them over. If they satisfy you, we'll talk business. Shucks, I can tell more just from looking at you than from all the papers ever was written. There's an order. But like I said, you've got the look of a lawman, and that something can't be faked. Erecting after fighting crooks for a spell, it does something to us. It can't just put it in words, but it mocks you somehow. Can't say it ever struck me before, Sheriff, but I guess you're right. Well, uh, when do you want Jacobs? Tomorrow or sometime? No. Well, we're heading right back. Without even resting, that? After riding all the way from Millsburg. Wait over and we're likely to run into trouble. Trouble? How? Well, that's something I aim to tell you about. There's a chance you can get yourself some reward money. Yeah? Yeah, how'd you like to catch Buck Wheeler? Catch Buck? Hey, what's that you said? Thought that it roused you. You're joking. Like blazes I am, I meant just what I said. There's a good chance Buck will be calling on you for a long... Calling? On me? No, he will. If Jim and me really tricked him like we figured we did, I don't savvy. Buck Wheeler tried to dry-gulch you, Sheriff. No. Jim's telling the truth. He'd got us two if his horse hadn't winnied at the wrong time, but he didn't. And instead, we captured one of the men with him and made the fella talk. So you see, Buck Wheeler. What's he look like? Easy as tough looking as I've heard. You know what he reminds you of? What? A fella that had jumped with his own shadow. He sure ain't got that reputation. He's short and he's got a round red face with a nose that right in the middle of it that ain't no big in a button. He don't look like nothing at all, which just goes to show how looks can fool you. But how do you mean I got a chance to catch him? Well, I said we took one of his men prisoner. Well, we made him tell what Buck was scheming. You see, this fella you're holding, Jacob's, he's one of Buck's men. And Buck has made the boast that no man of his can ever be held by the law. So I've heard. Well, if Buck had dried gouches like he planned, he'd have stole our papers and come here pretending to be us. Savvy, what a vol, a blasted crust. The fact is, Jacob's is expecting Buck. When he sees I got through, he's going to be plumb, surprised. I bet he will. Now when we captured Buck's man, we made as though we were heading back to Millsburg with him. Then when we got out of sight, I sent him on with another deputy I had wrong. Then me and Jim come here like we intended. For all Buck knows, we won't be here for another couple of days. Uh-huh. So there's just a chance, Sheriff, that Buck will try a scheme even without this identification he aimed to steal. Well, I'm not saying he will, but it'll be just like him. And if he thought I hadn't got here yet, he'd count on you not suspicion that any fellow tried such a bold-faced bluff. Oh, shucks, even Buck wouldn't have the nerve for a stunt like that. Well, I thought you ought to be warned. Well, thanks. But it weren't necessary. He wouldn't fool me. I can tell crooks just as easy as I can tell a lawman. I can name the one or the other right off. That must come in real handy. Well, sure does. Well, I saw it just sound in a hurry, Sheriff, but I think the sooner we get started back with Jacobs, the less likely we'll run into trouble on the way. So if you'll bring him out. Oh, sure, sure. Just wait right there. I'll fetch him. Hi, then, Jacob. Here's the fellas come to get you.  Try to act like it was a deputy on business, even if he ain't. Honest, I can't hardly keep from laughing, boss. You hear how he said he could tell a crook from a lawman without having to cry in? I wonder what he'll say when he finds out how he was tricked. Need to be worth hearing. Wouldn't have though.  I think they're coming. Keep on going there in the office there. There's you, Wilson. I was hoping you'd, pfft, buck. Buck Wheeler. Huh? Sheriff, this thing, Wilson from Millsburg. This fella's Buck Wheeler.  That is Buck.  He'd go out and be switched. Jam throw the cops on him. Right. No, let go of me. Layers, grab these fellas, the crooks and let me tell you, the crooks. You can't do that.  Hey, what's going on here? Don't you see it, Sheriff? Don't you recollect? I told you he'd be expecting Buck here instead of me. He just claiming I'm Buck, so it's a stall for time. He wants to give his father a chance to get here. No, sir. You've got to believe me. They're the ones that. Huh? This fella's one of Buck's men, ain't he? Yeah. Then if I was Buck, he wouldn't be likely to say so. Would he? No, by gravy, he wouldn't. But I ain't one of Buck's men. I just pretended to be to get the goods on his gang. I'm a United States Marshal. The Reeves Sheriff, Wilson, know who I am. That's why he was going to come here to get me. Might, he's him. But you've got to believe me. Take him outside, Jim, and put him aboard the spare horse. Come on along, sir. Layers.  They'll kill me to keep you from telling what I know. Blast, sir.  Well, I'll be blushing. Yeah, we'll see your fella try to run a bluff like that before. If he was a Marshal, he'd have told me about it before. He ain't thinking for one minute he is, are you? Well, I should say not. But I'll tell you one thing. That pole cat's slick. If you want to get him to Milsburg, you better watch him close. You think I won't? Don't you worry, Sheriff. You've seen Jacobs for the last time. At the same time, 15 miles from Mesquite City and far from the main trails, two men were waving their arms and shouting at the top of their voices. Can't they hear us? Horsemen in this part of the country. I don't know what they're doing here, but blame lucky for us. They come along. Come on, Silver. Some horses he got, huh? I could sure use that whiten. That pain to be sneezed at, neither. Look at them travel. What's the matter? That one fella, his mask, and his pard's a red skin. Well, don't go. You think they're two of Bucks men? Did it just be our luck? Ain't nothing we can do about it now if they are. Look at us. Stranded here without horses, water, grub, or even guns. If I ever leave my hands on Buckwheeler again, I'll... Where do we see who these arm-rays are?  Look out, whoa. What's the matter here? Who are you, Fodders? Does it matter, Wilson? Huh? You know me? I've seen you before. That's how the fella's your deputy. You're both from Millsburg. You know us all right. Now, what happened to you? What are you doing out here afoot? You're almost a week's travel from home. Well, look, mister. Well? You're not part of Buckwheeler's gang, are you? Is he in this district? You think we'd be afoot if he wasn't? He stole your horses? Stole our horses, badges, and every bit of identification we had. And he brought us clear over here and left us to walk. And if you ain't friends of his, we want to get to Mesquite City just as fast as we can. It'll maybe mean the life of a fella in the Mesquite City Jail. What's that? Strangers, there ain't time to argue. I'll make a bargain with you. You don't have to argue. There, give me your hand. You have to get to Mesquite City. We'll take you there. You mean that? Come on, help with you. Chuck, you can ride behind Tonto. Come on, Sheriff. What are we waiting for? Stranger, outlaws are not your white. And you got my word for it. You won't lose by it. You can tell me what happened while we were riding. Come on, Silverett. Get him on. Oh, no! That evening, Sheriff Sayers was seated behind his desk. And the door burst open, and two dusty figures entered his office then. What? Sheriff Sayers? That's me. But why did Sheriff Wilson for Millsburg? Where's Jacobs? He's still here? Anybody show up today claiming to be me? Wait a minute. Wait a minute. Not so long gone fast. Where's Jacobs? Who are you? This is my deputy. We come here to get him. Yeah, no, Wilson. Where's your badge?  You think I just take the word of anybody that comes along claiming to be lawmen? Our badges and papers were stolen. Buck Wheeler got them. He did, huh? Say, don't you believe me? Oh, I ain't saying it ain't so. I'd just like to have some kind of proof. My heavens, I'll bet Buck was here. Was he? Is Jacobs gone? Now, wait, fellas. I'll tell you what I'll do. You both claim to be lawmen. Well, as such, you know, blame, well, I can't ask the questions like them, unless you can prove you got a right to get answered. We can prove it if you give us time. You have your chance in just a minute if you'll wait. Huh? There's a fella down the street says he knows you. They'd like to bring him here. And if he says you're Sheriff Wilson, why then you can ask all the questions you want to and I'll be pleased to answer. Then blast it, make it fast. Get a move on. It won't take me but a few seconds. Oh, gone, did you? Sheriff, this looks mighty suspicious to me.  Yeah? I'd guess Buck has been here just as I figured he'd be. And if he had, we'd have our papers and badges. He got Jacobs. And he'll try to make Jacobs talk. And if he don't, he'll kill him.  When this fella, the Sheriff, when for identifies us, we'll get Sarahs to make up a policy and we'll try to trail him. Ain't nothing else left to do. Yeah, but just. And keep him up.  I know you, Buck Wheeler. I can tell a crook every time. Me, Wheeler? Where's that fella you said notice? There weren't nobody. That's why I was too slick for you. I just went to get the boys. The officers surrounded, make a break for it and you'll get blasted. What in thunder is this? The end of you fellas and a nice reward for me. Boys grab them. We're locking them up. The curtain falls on the first act of our Lone Ranger story. Before the next exciting scenes, please permit us to pause for just a few moments. How to continue our story. When Tonto, watching from outside the Sheriff's office, saw what happened to Wilson and his deputy, he hastened to rejoin the Lone Ranger just outside of town. Whoa, whoa, whoa. What is it, Tonto? There, trouble. Gailum Lawman. Sheriff Wilson? Take him, Buck Wheeler. Then Wilson was right. Buck must have been here. And if he was here, then he's got the Marshal. He can't let Jacobs escape alive. He must have learned too much while he pretended to be a member of Buck's gang. The Marshal's mouth will have to be shut. That's right. Kimusami, you think you could pick up that trail at night? Which way they go? The only way they could have gone is toward the hills. The odds are 10 to 1, they stayed away from the regular trails. To carry out their deception, they'd have had to leave town in the direction of Millsburg. They wouldn't have cut away from the trail until they were out of sight. They start from here and parallel the Millsburg trail on the side toward the hills. If you find a place where three horses left the trail, it's likely to be them. What do you do? I'm afraid of what can happen in town, Hunter. What do you mean? Buck Wheeler's been wanted for a long time. The men in Mesquite City may not be willing for the law to take its course. They may take the law into their own hands. They know as long as Buck's alive as a chance his gang will rescue him. It's happened in other parts of the country. They believe Sheriff Wilson is Buck Wheeler. Maybe lynch him. It's possible. I can't take the chance they won't be lynched. From what I've heard of Sheriff Sayers, I doubt he'd have the courage to oppose a mob. What you do? I'm going to break Wilson and chuck out. Me help him. No. You hunt for Buck's trail, Hunter. And if you find it, keep after them. But mark the trail as you go so it'll be easy to read. They don't. I've got an idea, Hunter. And if it works, we'll free Wilson and his deputy. Save Jacobs and capture Wheeler. Now get going. Mark the trail well. Get him up, Scull.  Oh, fellow, we've got work to do.  Come on. The jail in Mesquite City was well guarded. Four men lounged outside, one at each corner of the building. While inside, the Sheriff himself sat where he could keep the cells in view. Suddenly, one of the guards opened the rear door, calling to him. The Sheriff walked past the cells, paying no attention to the protests of his prisoners.  You'll hear about this. Blast your talk, boys. Why don't you? Hear it, are you? Hurry it up, Sheriff. What's the trouble? We've always been friends, ain't we, Sheriff? That's a fool question to ask. Of course we have. Now say what you have to say and get back to your post. Well, what I mean is, Sheriff, you wouldn't want to see me killed, would you? Say, why do you get mad? Well, then if you don't want me killed, don't holler. There's a mask gen right behind me with a gun against my side. What in the world are you still, can't you? Make it easy, Sheriff. Mask. Step back. Close the door. Call out, and it'll be the worst for both of you. How'd you get the drop on my guard? Dush, I couldn't help it, Sheriff. He sneaked up on me from the shed as just like a ninja. He was there before I knew it.  That's enough talk. Start walking. But now don't you. Keep going. What do you want? This is far enough. Unlock this cell. Hi, it's you. No noise, Wilson. I'll have you out of here in a moment. This ain't, Wilson. This here's Buck Wheeler. Unlock the door. Unlock it. Well, hunt you down for this, mister. Nobody yet has ever got away with a stunt like this and not paid for it. You're being saved from the results of a bad mistake, Sayers, even though you don't know it. Come ahead, Wilson. You too, Chuck. All right. You there. Me? Get inside. One of the guards should look in. He'll see somebody in the cell. Oh, do something, Sheriff. You'll be released soon enough. Now, Sheriff, listen to me. Yeah, yeah? The four of us are going outside together. Head for that small groove of trees to the left of the rear door. I have horses waiting there. Now look here. If anyone calls out, tell them everything's all right. Just stay where he is. Too dark in the rear of the jail for us to be recognized. I tell you.  Disobey. We take you along. I ain't going to make trouble yet. See that you don't. But I'm warning you, mister. I'll be on your trail. I hope that you are. Now start moving. Forcing the Sheriff to lead the way. The Lone Ranger, Sheriff Wilson and Chuck reached the grove where the Masked Man had two extra mounts waiting. Not until they were in the saddle that the Masked Man gives Sheriff Sears permission to leave. On your way, Sears. You're not needed anymore.  On your way. Yeah. Mister, we won't forget all you've done for us. Come on. He'll give the alarm in a second. We better hurry. One moment. And then. But we must go. The Masked Man broken out. Get your heart to see your guns. We're following after you. You hear him? What are we waiting for? We'll give them a chance to saddle up. You roll call? We want them to follow. To follow close enough to see our trailer.  I'll explain later. When they're about ready. Let's go. Come on, Silver. As the Lone Ranger had hoped, the Posse was rapidly formed and swept out of Mesquite City, determined to catch the Masked Rider. In the meantime, the real Buckwheeler, Jim and their prisoner, rode on until they reached their hideout. There, Jacobs was tied against a tree while Buck stood over him. You ain't got a chance, Jacobs. You might as well talk. We'll get everything out of you we want to know sooner or later. Go to Blazers. We know you're United States Marshal.  Now, what I aim to know is who you've been reporting to. Nobody. Yeah? Expect us to believe that? I don't care what you believe. I'll call some of the boys over, boss. They'll work them over. Now, leave them to me. I ain't never yet seen the Ambrie. I couldn't handle when I put my mind to it. Well, I just... You know how I found out about you, Jacobs? Oh, the time we had that raid planned at Mesquite City. There was no reason for you letting yourself get caught. You not only got caught, but being caught, you spoiled our plans. I'm sorry now that that happened, didn't you? I said go to Blazers. That's an idea. Yeah. Yeah, boss. Take a walk over there to the fire. Pick me out a nice, blazing piece of wood. Bring us back with you. I said, boss, sure. I'll have it right away. What are you going to do? Can't you guess?  Are you going to talk? You had my answer. Well, you're stubborn now, but you won't be for long. You ain't the first fella to have the notion he wouldn't talk when I asked him. But I don't recollect that any of them stayed stubborn for long. There you are. Thank you. Get that away from me. Ain't you mind yet? No. Well, then? You wouldn't tell. You couldn't. Watch me. You're stubborn. What the... Get him! I've got him. I've got him. Give me a hand with that boy. I'm mad when I need you. Bring him here. Well, it's a ridgeline, all right. What's your handle, engine? Where'd you come from? Me, not him. You won't talk neither, huh? Now, that's just fine. I'm going to have more fun than I bargained for. Jim, tie the critter up. Before I'm through... They'll both be trying to out-shout the other. The lone ranger and his two companions followed the trail the counter would place for them. Come on, Silver! The trail turns to the south. Follow me. Where was he? Just lead the way. The posse is still behind us. Good. Never gaining, but never losing ground, Sheriff Sayer's posse maintained his pursuit of the masked man. The chase continued for miles, and the posse was forced to walk his horses to rest them. The three men they followed did the same thing. The Sheriff's men reached the hills. Finally saw the dim glow of a campfire in the distance. There's a fire ahead. See it, fellas? Yeah, sure. There's the hideout, sure as thunder. I think there's enough of us to take him. Sure there is. It's worth a try. They'll be here in a soon. Whip up your horses, fellas. Don't give that gang a chance to get away. Run them down. Everybody get their guns ready. It's not far to go now, boys. After them. After them.   In Buckwheeler's camp, the outlaw and his men were startled by a sudden shout. Who's this? A mask man. It's more with him. Shoot him down. Shoot him down. Stand clear. Watch out. Watch out. Put down your guns. Put behind you a posse's coming. You'll have no chance. We're surrounded. They got us too long. What'll we do? Time given up. Don't shoot. Don't shoot. Tell your men to stand back or I shoot. They'll get you if you try to make a break for us. But I'm asking you. Look there. Look against that tree. It's Jacob's sheriff and a red skin. Here's Buckwheeler. You'll believe him to be Sheriff Wilson. He's what he claimed to be. What's he doing here? He was captured by these fellows. Why isn't he tired like the others? Chuck, release Tonto and Jacob's. Sure. I'll let you and your men follow us here, sayers. They could have escaped you at any time. I wanted you on hand to round up Wheeler's gang. Maybe he's telling the truth, Sheriff. Didn't you notice him and these others slowed up every time we did? Look at their horses. They ain't hardly fagged at all. I don't know. You'd better, sayers.  Here's Jacob. See what you see to that? He's a marshal just like I told you. You fellows will have to go back to town with me and stay there till I can make sure that you're clear. Round up the rest of these men and take them with you. You'll clean up the entire outfit, sayers. You won't get me. That's where you are. Ask I. No. You're not hurt. You got them here fast. They're a scout. Let's go. Now, hold on. Not so fast. You got a heap of questions to answer yourself, strangers. Come on, Silver. Get them out, Scott. Hey, hold on. I will shoot.  And that's a promise. You have just heard of the copyrighted feature of the Lone Ranger Incorporated.


With what we've learned so far, we know that prices are determined by demand and supply. So it's logical then that changes in price will be determined by changes in demand and supply. We're going to examine these changes more closely to improve our understanding of the complex markets we live in and to try to predict future movements. Let's first deal with a change in demand. Before we start looking at what might cause a change in demand, remember the distinction between a change in demand and a change in quantity demanded, which is caused by a change in price. We're now referring to those factors that cause the whole demand curve to shift. These would be any factors other than the price that can influence the demand for a good or service. It's factors like taste, income, the number of potential buyers, the price of related goods and other factors. Let's use our market for fried chicken pieces to analyse a change in demand. Our market for fried chicken consists of a demand curve showing the behaviour of consumers of fried chicken and a supply curve representing the suppliers of fried chicken. Given these demand and supply curves, the market is in equilibrium at a price of four round per piece, where the quantity demanded is 3,000 pieces and the quantity supplied is 3,000 pieces. Let's now consider what happens if there's an increase in the income of households. How do you think an increase in income will affect the market for fried chicken? A rise in income boosts the demand for fried chicken. Households can now afford to buy more fried chicken at each price. This is indicated by a rightward shift of the demand curve. According to our new demand curve, at the old equilibrium price of four round, the quantity demanded is now 4,200 pieces, but the quantity supplied is still only 3,000 pieces. The supply curve hasn't shifted. Well, why would it? None of the factors that affect the supply have changed. Income, Y, is not part of the supply equation. So the market has shifted out of equilibrium, with households demanding more than is being supplied. The excess demand, the difference between the quantity demanded and the quantity supplied, is equal to 1,200 pieces. So a disequilibrium now exists. In any free market where choice governs market trends, one side can't be dissatisfied indefinitely, and at some point, corrective forces come into play to ensure that the market moves back towards equilibrium. But what are these mysterious forces that keep the market in check? Buyers now compete with one another, and this forces the price to rise. And as the price starts to rise, the quantity demanded by buyers decreases, while the quantity supplied starts to increase, reducing the excess demand. If the price rises from 4 to 4.50, quantity demanded drops from 4,200 to 4,000 pieces, while quantity supplied increases from 3,000 to 3,200 pieces. The excess demand is now smaller. This rise in the price of fried chicken will continue until there's no excess demand. This new equilibrium position takes place at the price of 5 round, and an equilibrium quantity of 3,600 pieces. The increase in income has forced the market to a higher equilibrium price and quantity. Note that it was only the demand curve that shifted. The supply curve didn't shift. There was only an upward movement along the supply curve, as happens when there's an increase in price. Given this information, who is responsible for the increase in price? Well, in this case, the price went up because demand rose, and this happened because consumers had more income. So really, it's the buyers who are responsible for the increase in price. If they hadn't demanded more, the price wouldn't have gone up. So you see, suppliers are not always the ones to blame for an increase in price. To summarise then, any factor other than the price which increases the demand for a good or service will force the equilibrium price and quantity to rise. The opposite occurs when there's a decrease in demand for a product. Assume, for instance, that there's a drop in the price of a substitute good like chicken burgers. Now, what would be the impact of this on the market demand for fried chicken pieces? Well, a decrease in the price of chicken burgers caused me to buy one instead of the usual fried chicken, and households in this market will generally do the same. This will cause a fall in demand for fried chicken, and the demand curve shifts to the left. At a price of four round, the quantity demanded might now be only 1,800 pieces, while the quantity supplied is still 3,000. And we now have an excess supply in the market. This excess supply will cause the price to drop. Suppliers will compete with one another in order to sell their excess stock. As the price drops, buyers are able and willing to buy more and more, and suppliers produce less and less. The process continues until equilibrium is reached, now at a price of three round, and a quantity of 2,400 pieces. To summarise then, any factor other than the price which decreases the demand for a good or service will eventually cause the equilibrium price and the equilibrium quantity to fall. Let's turn our attention to a change in supply. What are the factors that might cause a change in supply? That is a shift of the supply curve. OK, to start with, let's now assume there's an increase in the number of suppliers. With more businesses selling chicken, the supply curve will shift to the right, so the quantity supplied at a price of four round might now be 4,200 pieces. But the quantity demanded is still only 3,000 pieces, nothing has happened to cause a change in demand. We therefore have an excess supply in the market. Now what does this mean and how will the market correct itself? Suppliers will now have to compete to get rid of the product and as we've seen, luring the selling price is the most obvious way of doing this. As the price falls, the quantity demanded grows and suppliers start to produce less. This correction, this process of falling prices will continue until equilibrium is reached again. This is now at a price of three round, where the quantity demanded is equal to the quantity supplied of 3,600 pieces. Comparing the new equilibrium position with the equilibrium position before, the increase in supply you can see shows that an increase in supply leads to a decrease in price and an increase in the quantity demanded and supplied. To summarise that, any factor other than the price which increases the supply of a good or service will eventually cause the equilibrium price to fall and the equilibrium quantity to rise. So what about an increase in the cost of production? An increase in the cost of production causes a drop in supply. Well, if it's more expensive to produce, suppliers will cut back on their production and this decrease in supply is reflected in a shift of the supply curve to the left. As we've seen, this will cause an excess demand, gradually forcing prices to rise. This correction continues until a new equilibrium is reached at a higher price and lower quantity. To summarise then, any factor other than the price which decreases the supply of a good or service will eventually cause the equilibrium price to rise and the equilibrium quantity to decrease. We can summarise all of these permutations by completing the following table. An increase in demand causes a rightward shift of the demand curve. The price will increase, which in turn causes an increase in quantity. With a decrease in demand, there's a leftward shift of the demand curve. The price drops and the quantity decreases as well. But with an increase in supply, there's a rightward shift of the supply curve. The price drops but the quantity rises. And for a decrease in supply, the supply curve shifts to the left. The price rises and the quantity falls. Looking at the information in the table, we can say that if both the price and quantity fall, it must have been caused by a decrease in demand. The market has shrunk. And if the price increases while the quantity decreases, this has to be due to a decrease in supply. We now have a very useful tool to explain and predict the impact on prices and quantity. Take the time to get familiar with this table and the curves behind it. It'll serve you well in both this course and in your life as a consumer and perhaps one day as a business person in your own right. Now what happens when there's a change in both demand and supply? The protea is a very popular flower. Over the last five years, the quantity sold on the fresh flower market has increased steadily, but the price has remained largely unchanged. The explanation for this is to be found in an increase in both the demand and supply. The fact that the price remained unchanged means that the increased demand was matched by an increase in supply. This increase in supply might have been due to an increase in the number of producers, or it might have been the result of a change in technology used by existing producers, making them more efficient. In terms of demand and supply curves, the shift of the demand curve is matched by a shift in the supply curve, leaving the prices unchanged. Now let's assume that demand rises while supply falls. If the shift in the demand curve matches the shift in the supply curve, we end with a higher price and the same quantity. If the demand curve shifts more than the supply curve, we end up with a higher price and a higher quantity. If the demand curve shifts less than the supply curve, we end up with a higher price and a lower quantity.


From theCUBE Studios in Palo Alto in Boston, connecting with thought leaders all around the world, this is a CUBE Conversation. Welcome to theCUBE's coverage of PagerDuty Summit. I'm your host from theCUBE, Natalie Erlich. Now we're joined by Sean Scott, the Chief Product Officer of PagerDuty. Thank you very much for joining the program. Glad to be here. Thank you for having me. Terrific. Well, you've been with PagerDuty for about six months. How's it going? Well, great. So I joined PagerDuty because I saw the entire world was shifting to digital first. And PagerDuty is key infrastructure for many of the world's largest companies. And in fact, over 60% of the 4 to 100 are customers. And more importantly, I see a much broader future, our platform will apply in digital operations for these companies going forward. I'm excited to be a part of that. Terrific. Well, you have really robust experience over 20 years in the Valley leading product, marketing and engineering teams. What prompted the move? I mean, you explained a bit, but just really curious why you made that. Sure. So yeah, I had a long career at Amazon where I was responsible for much of the shopping experience. I ran the homepage, product page checkout, a lot of the underlying tools and tech that supports that worldwide across all devices. And then more recently, I built and launched the Scout upon this delivery robot from the ground up. So, but after 15 years and I was starting to look for a change and I started talking to Jen, our CEO. And the more we talked, the more excited I became about the platform and what it can be going forward for our customers. You know, the fact that we are already integrated with so many customers around the world and playing such a critical role as part of their infrastructure. And yet I think we're just getting started and we can help out companies and so many more use cases across our organizations and really eliminate a lot of time and waste from their processes. Well, this is your first page or duty summit. Would love it if you could share perhaps some insight what you're planning to announce this week. Yeah, sure. So we have a few things that we're announcing. One is we announced last year, probably the biggest news last September was our acquisition of RunDeck. And so as part of that, we're announcing our first integration of page or duty and RunDeck in the form of RunBook action. So this is a, you can think of it as kind of quick, kind of micro automations or short automations to give responders much more insights into what's actually happening with an incident. So maybe it's a running a mem command or a script on a server. We can actually run that directly from the page or the interface. So you don't have to SSH into a box, for example, which is all just takes time and an effort. And so when you're trying to remediate an issue of maybe a site being down or a service being down, it all happens right there. And even your frontline responders can now do those remediations as well and those automation actions to again, before they need to escalate to the next tier or bring in other devs to help troubleshoot. So that's pretty exciting. We're also announcing service craft, which is a new way to model your services and to show your services and really understand your dependency graph. So if you think about one of the biggest challenges, often when you're trying to remediate the issue is understanding, is it me or is it one of my dependent services? And so now we actually have new visualizations to really show the responders exactly what's happening. You can quickly see, is it you or is it maybe some dependency? Maybe multiple teams are having the same issue that because one of the core services that everybody leverages is down and you can quickly see that. So that's pretty exciting as well. We have change correlation and incident outliers. So change correlation, most incidents occur because of changes that were made by us people. And so being able to spotlight things like here's a change that was recently made or here's a change based on our machine learning algorithms that we detected that could be a culprit here. So providing much richer insights to again reduce that mean time to resolution. So this whole team, our event intelligence team that's our whole purpose in life is really just to reduce that mean time to resolution for our customers. Imagine waking up tomorrow and your mean time to resolution just magically goes down because of our clockwork updates. And that's how that team focuses on. And then the last one in this group is internet outliers which is all about telling you if an incident is this rare or is this a frequent incident and just giving you a little more insights into what you're seeing which will again help the responders. We have some other announcements coming up but I'll save that for summit. Perfect, well, you know, I'd love it if you could share some insight on the competitive landscape and how page or duty is how you see its product offering different from the others. Sure, so we go head to head with a lot of competitors and we have the, you know, being in the portrait position that we do have a few competitors coming after us and some big names as well. But, you know, when we go head to head with these companies, we generally win and we see we're constantly getting put in bake-offs with these other competitors. We had one customer I was talking to a few weeks back and they paired us against the incumbent and out of the box, we saw 50% improvement in meantime to acknowledge. So this is how quickly we can pull in the responder. And then in addition, I thought was more interesting as we saw 50% improvement in the meantime to resolution over the incumbent. And so while we do have competitors coming at us, I'm really happy with the way our product performs and our customers are too. So after these bake-offs, it's usually pretty clear who's staying and who's going. Yeah. So when you were helping develop this program this week, what were some of the key areas that you really wanted to highlight? Yeah. So one of the big areas is really talking about our vision and what is our go-forward plan? Cause I think while we're really known for incident response, I think, you know, some of the exciting things you'll hear about at Summit are kind of where we're going in terms of four pillars to our vision. One is flexibility, flexible workflows and enabling flexibility. So if you think about all the things that our product is doing beyond DevOps.  So their whole building is IP enabled. And so they had a contractor drill through a water main and it was instantly able to shut off the water. So they, you know, within 30 seconds, they had PagerDuty had notified the right responders of building maintenance within a minute and a half the water was shut off. And they made the comment that PagerDuty just paid for its health with this one incident. We see IoT device management. We see even organ transplant delivery using our product. And so we would continue to fuel that with our flexibility. Second pillar is connect everyone. We see that we have a lot of people connected, but we just launched fairly recently a customer service offering. So now we can get customer service, not only informed what's going on, but also connecting to the dev teams and the engineering teams and the service owners to really give them more insights into the blast radius and what they may be seeing. The next one is connect everything. So we have over 550 out of the box integrations. And so it makes it seamless to connect to apps like Datadog, but then also we work where our customers work. So we can actually do work in Slack or MS teams and take action right in those tools. And the last one is automate away the toil. So we want to automate what can be automated. And this goes back to the one deck acquisition that I mentioned and getting that more deeply integrated with the stack and with processes across an organization. And we're seeing that when our customers really take advantage of that platform, they can really automate away the toil and automate a lot of redundant work and work that is just busy work that keeps people from doing their day job, so to speak. Yeah, well, obviously we had a really unusual last year with the pandemic. How do you think that it changed business for you? Did it inspire you to move in a new direction? What do you see next in the near future? Yeah, for sure. So I saw that, I mean, it's probably the reason why I came to Pager to do it because I saw the transformation industries were making a digital first, right? And so there was a lot of teams, a lot of companies struggled, but then a lot of companies is also flourished. You take companies like Instacard and DoorDash and Zoom had a terrific year. And so Pager to do the, even with the pandemic and companies that were struggling, we still grew pretty rapidly last year. And I think it's pretty exciting and really speaks to that migration to digital where digital is now becoming table stakes and just part of what you have to do as a business as opposed to that you have to be a goal that we need to do more on a digital platform. And that's like, you have to focus on your digital platform if you want to simply stay relevant today. And so I think that's really important for Pager to do because that's where we really help companies thrive. Sean, that's really interesting. To close out this interview, do you have any last thoughts? No, I think that covers it. I think we're really excited to grow with our customers and we're seeing great traction in the market and look forward to a bright future and our platform really helping customers solve new problems that they might not even considered us for yet. Terrific. Well, thank you very much for your insights. Sean Scott, the Chief Product Officer of PagerDuty and that rips up our coverage today for the PagerDuty Summit. I'm your host, Natalie Erlich for theCUBE. Thank you for watching.


So my name is Matt Raebel and this is a screencast showing you how to get started with Spring Boot, OAuth 2.0, and Okta. I would encourage you to look in the description for this video to see if there's a new version of it and if not then you're on the latest and greatest right here. And this video will also be embedded in this blog post so if you go to developer.okta.com slash blog then you'll be able to see this video right here. So to get started with Spring Cloud Security, or I should say Spring Cloud Security is actually started by the good folks at Pivotal and it became part of Spring Boot built on Spring Security and OAuth. So they have this quick start guide that I'll show you. Makes it very easy to get started using Groovy. You simply have the Spring Boot Starter Security with Hello World and this tutorial is largely based on that. So to create a secure Spring Boot app, it's really easy to use an SDK man or homebrew. So if you're on a Mac you can just install Pivotal's tap and Spring Boot and then you can create a HelloWorld.groovy file that has a controller. So I already have this part done as far as installing the Spring CLI. So I'm going to make a directory called Okta OAuth and then CD into it and then I'll create HelloWorld.groovy and you'll see that grab annotation is used to grab Spring Boot Starter Security. It's a REST controller and it just has a simple mapping to say Hello World. So if we start this up using Spring Run HelloWorld.groovy then you'll basically navigate to localhost 8080 and you'll see you're prompted for username password. The default username is user and then the password is over here, printed to the console. So we have that working where it says Hello World. So back to the tutorial that you'll notice it says to get your authorization server setting. So log into your Okta account, mine is at dev-158606 and if you don't see a screen like this when you log in chances are you have the classic UI enabled so you want the developer console enabled and if you go to API authorization servers you'll see your issuer URI, the name and the audience and if you go to this metadata URI you can get all the different token endpoints and authorization endpoints you need for Spring Security OAuth. So the first thing you'll need to do is create an OpenID Connect app in Okta. So go back here, click applications and then click add application and then web and then we'll call it Spring OAuth and the base URI doesn't really matter but for the login redirect URI you want login and then click done and then you'll notice it has a client ID and a client secret at the bottom you're going to need those. So to go back here and we'll create a new file called hellooauth.groovy. So if you look at hello world you'll notice it's not that much different. The only difference is the enable OAuth to SSO annotation so we can actually copy this one to hellooauth and just via the hellooauth one grab that annotation and because you added that enable OAuth to SSO annotation Spring Security looks for a number of properties. So the cool thing is if you aren't logged in to your Okta account this is the data you see but if you refresh after you've logged in it actually populates it with your information you'll notice it has my domain in there now. So we can go here and create an application.yml and then you'll want to remove these comments and then we'll get the client ID and client secret from over here, client secret save that and then run Spring, run hellooauth and I'll log out of here so you'll see that it actually does prompt to log man so I'll go to localhost 8080, it redirects me to Okta and logs me and it says hello world. Let's make that a little better let's go ahead and actually show the user's name so instead of just home hello world do a little bit better than that and we'll print out the user.name from the principles now same Spring run hellooauth and now it should say hello Matt Rabel or Okta demo whoever I log in with there you are it says hello Okta demo so all the source code for this is on GitHub Okta Spring boot OAuth example that's it so I hope you enjoyed this quick screencast and let me know if you have any questions using Okta. Cheers.


The following is a presentation of TFNN, the Tiger Technician Hour with your host, Basil Chapman. Call now. Call free at 1-877-927-6648. Hello everyone, Basil Chapman. You can see from the chart that I'm showing you right now on this Tuesday the 12th of July. Look at this. Let me show you the one minute chart. It's just unbelievable. The kind of movements we've had in just a couple of hours. Look at this. It has the one minute chart. It comes from the low of 3820.75. 3820.75, that's right there. And screams to peak A, B, C, D, and pulls back, remember the Chapman way of always looking for Ds, pulls back again, starts all over at about 7.05 or 7.00, just off the 7 o'clock. It was exactly 7.01. At 3825.15, goes peak A, B, C, D, E, F, and goes to a G. I'll turn it on, G, C, turns around at 7.42, 3844.75, because I'm doing about the ESU, this is the September E-mini, one minute chart, pulls back to where? The 200-period moving average, right? Hits it five times, and takes off and goes peak A, B, C, D, E, F, pulls back sharply, starts another move, peak A, B, C, 1, C, 2, D, E, F, another F, right there at the high of the day, 7.40, and that is at the high of 3876. So it goes up 50 points, just like that, and then it pulls back. But what does it do? It pulls back underneath the 200-period exponential moving average, here comes the fight, the magnet of the 200. Does it become a holding pattern for a period? Does it become a repellent zone, or does it become a propellent zone? And we'll know, because if there's a close on a one-minute basis for two bars out of three under 37, that's a problem. If there is a close above 38.53 for two out of three bars, that says we should continue up. Yeah, we come with the tests at 38.42. All right, let's get back to our story. It's more important that we look at the big picture in the market. So a couple of things are happening here. In the general market, we'll start off with the Dow. I'd say in the preamble, the update at 10 a.m. for the Tiger Financial News Network market update. I'd say that the Dow had yesterday and today momentarily flipped positive with the pink nine-period moving average pushed over the 14-period, black 14-period moving average in the daily chart to go green. And if it holds green all the way for two sessions, that says, you know what, finally we've made a low that allows you to at least make an attempt to take out the candle high of the 8th of July of 31,511. If it takes that out, we can, oh, and I should put here, I meant to change that in my daily update for my subscribers. This is actually gray peak A again, gray peak B, and any move above 31,511 actually starts C. It doesn't have to go all the way to 3185 or six, let's say, to start an XC. This will start a new C because you got from the low bar initiation of the buy signal that was momentarily at a buy mode, went back to just a buy signal. You have to count your channel wave obligations to count each successively higher peak and trough. In this case, that becomes, that was a gray peak B, I'll just change the color since I'm talking about it. This is a gray peak A because it's underneath, it hasn't confirmed yet enough technical veracity to be upgraded to a buy mode that we still have to wait. But at the same time, we are long and we're still anticipating that there's, I've been very disappointed, as I mentioned, even on Friday, that the action Friday was doji candle, small plus sign, that's where it looks, that was in great action. The setting was just, it just came in too often, it was too easy for the sellers to have a predominance, even though the buyers were there to hold it up. Same thing yesterday, sellers predominated, same thing this morning and all of a sudden now you start to see some kind of give back, some kind of buyers are saying, we are starting to see some bargain, that's the way the price looks. I would consider this to be a very bullish action until I see the Dow trading in the 31,700s. Oh, in between, you can do all sorts of things, but that would say to me, oh, finally you can test this channel wave inside track repellent zone, look at this, the green and pink narrow channel, you really need to be trading above that to say, change course, 70% of the stochastic is not very good, it needs to be over 80%, on balance volume not very good, needs to be much higher than that. So this is all a process, and I'm talking about it as a process because should I take some time now to do, yeah, I'll just take time, I was nothing to do, just waiting for prices to improve, if they're going to improve, this is the moment that they should. So what we're looking at is within the context of what we're hearing either on the news or in the financial shows, there really is a mix now of some analysts saying we are so oversold that a really decent low is in place and the Dow and the S&P and the Qs, even the IWM should start to move to the upside, there are some people that say, uh-uh, it is so oversold under any measure that I've ever looked at, this is what I'm hearing, that there's just no way that even if there is a sharp sell-off, there's just no way that we haven't made a substantial low that says there should be a really strong trigger for a move to the upside, then there are a lot of people that say there is so much evidence of weight, W-E-I-G-H-T, overhanging, you've got, let me just do this right now, as I'm speaking I'll go to all these different areas, you've got crude oil, which happens to be down today, down six at ninety-seven point two four, a person who was asking me about the SCO the other day and I said yep it's made of PXC but it could be really choppy, I don't know how you can actually trade this without just closing your eyes saying I'm long and when I get to a leg D, I'll have to manage the trade because in the choppy buy signal to buy mode is now in a buy mode, no no stochastic 754 percent, so it's well PXC, unfortunately to go to a buy mode as it crosses PXC to go to a leg D but anyway the SCO which is the inversion of the of the crude oil price of crude oil is showing a lot of strength and the weekly chart is actually improving so when you put it into that context crude oil is still at a very high level, I mean it's still in the 90s but if you look at the rectangle formation that I said this suggests if we stuck in the rectangle because we broke more than half away on the pullback we couldn't even test the lows that would be at the 80 was 86 I think it was and we go to the slowest here the week of yeah the week of yeah the week 87.37 was the week of the 15th like continuous contract so it's still stuck in the range but it might be headed down but it is still in a very high level I'll talk about that in relation to yields and I'll talk about in relation to commodity, super speed, the dials are up 44. Vista Gold owns and operates the largest undeveloped gold project in Australia the Mount Todd Gold project. Vista Gold just completed their feasibility study resulting in a 7 million ounce gold reserve. Vista Gold has all major permits approved and has retained CIBC capital market assistance in evaluating alternatives and in completing an accretive transaction. Vista Gold trades on the NYSE American and TSX under the ticker symbol VGC. Vista Gold executing a strategy to create shareholder value. Are you looking for a way to consistently add winning trades to your portfolio? Tom O'Brien is here to help. Tom O'Brien has been successfully trading markets for over 30 years. A frequent contributor to TD Ameritrade Network and CNBC Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you. Tom's Daily Market Newsletter Market Insights is published every morning when the markets open to give you the competitive informational edge you need to succeed. 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Double top, 281 area. Plunges down to the 205. I mean that's our whopping decline for the transport, especially since you consider that the transports overall is ready. A measure of economic strength in that you've got. Yes, you've got the airlines Jets, J-E-T-S, which has just been hammered. It's holding to 90 days up 60 cents up at 17.07. But in fact, there's a whole other thing going on in the airlines. So I like to think of it more as the CSX, the rails. And if you look at the rails at a low taken out in the arch formation with the peak D high up in the 38s. Plunges down to days low is 2815. That's almost 30% decline. Peak F in the monthly. So it's a real mixed picture. And I have said to subscribe some open call. What we're going to do is try to be individualized. We're trying to identify areas of strength areas of weakness and try to just put a limited amount of built up a huge cash position, put a limited amount of money to work in order to at least benefit from any rally attempts to try to build up a kitty of cash. And that way we can look at putting a lot more money to work.  That's the signal we're looking forward to say all all's clear, at least for a six to maybe even an eight week rally in the market. I don't really see that at this particular point other than to say we've got to go step by step. And actually, if you're looking at it in terms of time, we have been from the 17th of June. Here we are the 12th of July. We haven't even been in a month. We off the lows. But we really, I said, oh, there it is. L could be just an intraday thing. L flash, the nine is now above the 14 period moving average in the dating chart. But the dating chart, you have to wait for the closing valve because it's you don't want to make calls intraday, unless you're using other techniques and the hundred and twenty minutes are is improving. But that's not the point. The point is that's way to the end of the day. So within that context, I'm saying that there are now an increasing number of people that are saying the the impact of the global markets. If you look at the housing sector, this is go to the housing sector, HGX. And I'm doing this because so many people will ask me, could you just go through your thinking in terms of the overall? What should we do? We know what we're doing as subscribers. But what should we do in the big picture? And what should be at least telling our children, our parents, our friends, just in terms of the hopeful signs of is it so bad? Well, if I put it together, the HGX, which is the Philadelphia Housing Sector Index, has come off very nicely from its low peak A, peak B, peak C. Here we are finally in leg D, peak C, right there. And here we are in leg D. It's a fact. It's not clicking. There we are. Click, click, click, D. What's really nice about this is that it's touched the 14 period moving average in the weekly chart for the first time. Now, I'm hearing stories about housing. Of course, this is the time that you hear interest rates have really popped to the upside. A lot of things are going on. Let me just put the picture into the way I'm looking at it right now. This is an extremely difficult market in the sense that you could be right and you could be doing just absolutely fabulously, looking at a particular stock or index or sector and you've picked the bottom and it's now way off the bottom. And you can see 20%, even a 30% gain in some cases, sometimes even more. But that's after coming down 30, 40, 60, even 80% in some cases. So please consider that your cash is really important, number one. And number two within the context for my subscribers, I'm still looking at trying to have a whole set of parameters that subscribers can look at. I people from all walks of life, fund managers, people overseas, people in the everywhere, people who can only put in a bid from when they get my newsletter at between eight and eight 30. And then they're off to work.  So I have prices from single digits. I love that we've got one single digit stock. It's a really nice percentage of taking little bits off. Or we could have something like the dollar index, the dollar index, which is trading right now at 108.17. We've had it since 2018. Since April of 2018, when the UUP, that's the dollar bull fund was trading. We got in the 23s.  UUP in leg D, we took off yesterday for a 22% gain at 28.86. We're in from 23.62. Way back, as I said, oh, I should retype that way back in 2018. So DXY. I think that the dollar and this is I'm getting now I want to put this all together. As I said, right at this moment to be looking, we've got a couple of questions about stocks. I'll get to them really soon. What I want you to say is, look, the dollar is done the Chapman wave one to one expansion. And that took it just a little bit above that blue line went from that low back in late March. So April May to the high of 105.79 pulls back and then goes sideways and then this big move up. It's got a one to one move say 11 bars up and this is I think the 10th or 11th bar. So this is exactly where I'm saying what everything because the dollar you can say it's overbought. But if it's the if it is the focus point, if it is where people want to go internationally, if the big globalists want to go into the dollar, I don't know, let's just say globalists, maybe there's other commentations. If the global market wants to go into the dollar because of the currency of security, it has been for so long, you can talk about Fibonacci, you can talk about Chapman wave, you can talk about volume, you can talk about anything you want. The price is rising because the tide is rising until that changes. We'll see what happens. So this little doji in a leg E says, alright, on a very short term basis, maybe ready for a bit of a pullback leg D in the weekly way above the previous highs, leg C and the monthly icon are going to change this now to an F slash these is a leg C. So what we're looking at here in the dollar index is that within the context of the big picture, we could have a pullback for the dollar still seems to be the lead indicator. And if you look at the euro, look at this, the euro is making a little doji candle today. I had drawn in the cup formation potential in the weekly after the huge arch. Look at this huge arch and it says somewhere around here at 1.005 at all. You might be stuck at far for a little bit, but you should be at least to the death of somebody around there. So I'll be back as I want to talk about help. And what are we doing? I'm back. If you want to take advantage of this sector now is the time to subscribe to my gold report. The gold report is a comprehensive look at the metal sector as well as the markets that move gold, which is the currency and bond markets. New subscribers get a 30 day money back guarantee. So you have nothing to lose. Every Monday morning, I published a gold report with coverage of gold, silver bonds, the XAU, HUI, GDX, as well as more than 30 different mining equities. To see for yourself the types of profitable trades that are recommended within the gold report, sign up now by visiting TFNN.com. Don't miss out on the next great gold trade. Sign up today. TFNN is excited about our new software charting program, the Art of Timing the Trade Chart. 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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. So how important was the one minute E-mini SMT Our 200 feet of expansion moving average that was support from back at 8 20 and then ran all the way from around at 38 36 all the way to the high of the day of 38 76 50. Then it pulls back under the 200 feet of moving average and tries to go above it. And now it's testing testing testing and sitting right at 38 46. This is the 200 feet of moving average. It's been there in terms of number of bars since 10 01. Yeah, we are 10 30 since about 20 27 bars. It's been hugging that line. That's how important some of these indicators are. You don't have to do anything. You don't have to practice or learn anything. You just put it in and watch it. And when it's up here, you just ignore it because the 9 and 14 period moving averages are most important. And look at this. The nine went under the 14 pink and has been there since that turned down at 9 55 around about 38 67. And just a very momentary for one boy when green, they went back to pink. And now I think it's getting ready to test because we've done the testing of the cut the arch formation. Now it's getting ready if there is a close above the arch high in this case, it's the price of 38. There we are. It's the price of 38 62. No, no. 38 53 75. If there is a closing price above that more for more than two to three bars, but I would like to say that if it takes out the other candle of like 10 o'clock with a high of 38 57.75, that's going to be a big deal. And then I can draw in the the arch going to a cup formation. I'll just show you what it is right now. I'm not saying this is active. But I would like to think that it could be active.  One is the cup. And the arch is the other. And sometimes they can just fluctuate like a sine wave going arch cup, arch cup, now we're looking at the chance that it 38 52 down for the E-minis. Finally, look at this. The manganese improving, the stochastics improving, on balance balance improving, relative strength is improving, nine periods gone over the 14. Maybe instead of the rectangle formation, it actually breaks out. We'll see. But it's stuck in the meantime until it really does that. So I like to say stuck in a rectangle formation a lot longer than your patients. Let's see if we can get out of that. So I'm showing you the overall picture. What is bad? What is what? So the dollar hasn't shown any sign yet other than the Chapman wave notation say just on a very short term basis leg E possible doji candle today. Maybe it pulls back a little bit. If you look at gold, gold down five at 1727. This W formation in the on balance volume with a stochastic at 7%. That's all very weak. The magdi histogram still very, very weak. The nine is way under the 14. It would take not just a reversal to the upside. Certainly a reversal in the dollar. Let's just exclude the dollar. I like to think of these things. Try to think of them all as separate separate beings. And in this case, if you're looking at the daily gold contract at down five now, you see how small the little candles are over the last four sessions, even though the dollar is making your time high. So let's exclude that and say, hey, the dollar is the gold is actually showing that it's done the one to one to the hasn't really done the one to one. I I thought I thought I think I might have done that with the GDX. Let me just do that right now. You see this pattern right here from the high at that peak E in the 1880s to the low of just under 1800. I can draw in a a line that says to the downside right there. Oh, the downside that it could says it could still go to the 1714 level on the area is a 1726. So that could be one to one to the downside. I'm not making predictions about this. I'm saying that's just a measured move in the Chapman wave arch formation when you dreaded H when you take out that left side low and then hold down below the left side law of importance that was the one in May that was it's on the continuous contract in 1791.2. That's important. Okay, so I've spent a lot of time on this. There's a left side right side price time match that says that by oh, it's this week by this week, the left side low all the way back to last year, August of last year of 1693 and the continuous contract this week, maybe next week. So within within a week of today, it could test the 1700s, watching it very closely. All right. So that just says everything is different here because the gold, when you think about what the dollar has done, the gold is still held very well, but on its own chart formation, it's not a great pattern at all because that weekly chart broke underneath the generally falling act support level, the the U that goes to a double U in the monthly chart is being challenged right now and I'll just do silver quickly because silver always has a slightly different pattern. Silver right now is silver leg D to the downside. That's a good sign in the notation, but that doesn't mean to say it has to have a ready from a a trustee, but in the meantime that's just a very poor, I said the monthly chart of continuous silver, it looks just terrible. So we've got that. If you if you go to the TLT, look at this, this is bonds, a nice move up $1.42, 115.86, that's fabulous action. Weekly chart did the one to one to the side, but then it went to a lower low. That makes it a rally above the 14 period moving average in the weekly chart right there. It's imperative if you think that yields are going to go lower to really help the market together with with with Krutor pulling back together with maybe the dog pulls back a little bit at least temporarily and that allows the Johnson and Johnson's allows the multinationals to rally. These are all maybes and we don't know. So you have to look at the price. The price action says if the weekly chart on any weekly basis if there is a touch of 121 and that's only six points higher, that's a lot of points, but if it does that in the iShares Treasury bond ETF, that's going to say besides the fact that it is the MACD has turned positive in the weekly, the stochastic's come off a single digit low, it's at 24%, that on balance volume is not particularly good, but there are some signs, the histogram's improving and that 0% line is turned positive. There are some signs in the weekly to say you could have a little bit more of a rally and bonds so yields can come down. Wouldn't that be important? That'll help the housing market and I just need to show you this if I can remember what I'm looking for. T and X, this is the 10-year yield. Look, that yield's made a peak F in the weekly chart, a peak D in the daily, a leg C maybe a peak C in the monthly 10-year treasury note. Well that just says that it's 29.24, 2.94%, 2.924%. It is below what was a high and I don't like to type it in because I always have to change it because this is a continuous contract, 34.83, 3.483 and now 2.294, that is much better, all right, there's not a great risk, much better. To look at wood, which is the ice shares, a global timber and forestry ETF, that is a heck of a move down, but if you look at the monthly chart, it's not bad after the massive move from under 40 to just under 100 and now it's trading at 74, 25% pullback, but that goes together with high-grade copper and high-grade copper. Another international monetary and economic benchmark is trading down today, down 3.31. So what I'm saying is that there's such a mixed market that for subscribers, I'm trying my best to get us into just positions that have the chance to defy any general meat, market weakness and move higher and that's the way we're doing it right now before we get aggressive. I don't want to get aggressive until I feel a lot more secure. Dow's up 69 and the S&P's down 55. Yeah, that's a divergent service all the time. Now I'm going to go to the questions. 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The technology around us is changing every day. With so much happening, it can seem impossible to keep up with all the information. David White's investment newsletter, The Technology Insider, is designed to give you all the information you need to understand the technology that shapes today's markets and tomorrow's future. David White has made his living staying on the cutting edge of technology. His weekly newsletter will give you specific recommendations for valued tech stocks as well as entry prices, target prices, and stops to set for each trade. Dave delivers his weekly newsletters every Friday with updates throughout the week. You can get The Technology Insider at tfnn.com for only $37.50. Sign up for David's newsletter, The Technology Insider, and get an inside look at everything the technology sector has to offer. Try it risk-free today with our 30-day money-back guarantee. Tfnn, educating investors. Biotech is booming, but for how long? 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So the question really is, in my techniques I use three basic patterns, straight up, straight down, cup formation, arch formation, a mix of the two. This is one in three where it pulls back sharply, makes an arch formation, fails at a peak A or a B, and then it comes down, takes out the left side low and goes much lower. But sometimes if it holds the left side low, it can make another arch formation. So it looks like a lowercase h, going to a lowercase m. Well, low and behold, and then what I said when I typed into the den, what I was looking at, I was saying, once it forms the h pattern, if it holds the left side low, and then makes another arch, until it takes out decisively the arch high, in this case it would be up into the 70s, 273 area, this is important because it's in its own momentum. It might not even, it might not even do what the market's doing. It's just in its own turmoil. It's trying to figure out what the heck to do now. I've been, you know, such a huge move down, sharp move down, makes a dreaded h to peak C, becomes C minus because it plunges below the left side low in about the 65 area, goes down to 56, and now it's trying to rally, it's rallying to the 70s. That's a good percentage move, but then it pulls back and now it's trying to rally again. So just think of this, and the key thing is, yes, correct, where is the key support? I said 62s, but actually on a purely technical basis, based on the Chapman Way methodology, this low that was made on the 30th of June of 59.08, you take that out and then there's a really good chance you're going to test the 56 level. So it's really important on a very short-term basis today, so 63, 13, I would say the 62 is just near-term, but think of it in its own, own, it's done with the chaos. Now it's trying to resolve that. So the upside momentum showed some trigger of support, and even now it's support, but support's not good enough. You want it to be able to explode to the upside. That's the most important thing about support. I've seen what we have stocked today that we picked up because it was doing so well during the turmoil, and I said to myself, there's a chance, I'm looking at a lot of, it's in the biotech area, but we've looked at a lot of biotechs that have done fabulously, but the pullback that they've had from any pullback in the last two days has been for some of them quite severe. Most importantly is that this particular issue that we've got, the momentum of the entire, I've got the generic, in other words, I've got all of these biotechs in this particular area, and that says, yes, it could pull back today if there's strength elsewhere, but within three days it should find its upside momentum again. That's the way I'm playing these things. So we got, I said yesterday's buy it on a dip, we didn't get the dip, well it did, but it didn't get your uprise, and today we got our price, and that's all you can do, you do your homework and we, now you'll see what happens. So the same thing here, so my point being that unless block ink from this square, training it 6440 right now for $1.22, unless it finds its own momentum to break from the sideways consolidation and rectangle formation can last a lot longer than your patients, that's what you're looking for. You want upside momentum to be reinstituted, the magnum is good, stochastic's okay at 60%, you want the stochastic to get to 75% and then quickly to 82%, you will see square really move to the upside, until then it's just kind of stuck, so I think momentum is really the issue here in terms of a position you might be having, or in your case you're going to be using out of the money puts, oh for Friday, ooh, I didn't see that for Friday, that's just three days, you see a rectangle formation can last a lot longer than your patients. You do your homework because you know you just asked me whether the supporters and the 6062s, okay, where's the breakout on a very short-term basis, that's really what you want to know, and the breakout is look at this in the 120-minute chart, peak A, peak B, peak C, peak D, it's pull back, your objective in whichever way is a buy mode, takes you to at least a peak D, the last one is peak A, B, C, D, it went to an E, so you're to get to at least a D, and then you can see a sharp pullback, well we got that, and then you've got your D and a sharp pullback, so you want to see by Tuesday afternoon, by Wednesday at this time during the show, you want to see square trading at about 65.85 to 66.35, if it does that and it can hold into the close, say tomorrow preferably today, but let's just say tomorrow, as it says by Friday you could have a test on the 70 level, so that's the way I'd look at it, I hope that helped you. Next question came up, I'm not sure if that's, oh that's for at Tommy, all right, well it says Apple, because three people have asked for Apple, so I'm going to put Apple in here, look, Apple is on a leg C to the upside, it's had a really nice bounce off the Chub Wave inside track support level in the weekly chart, the MACD is improving, but it hasn't crossed positive in the weekly, the stochastic is improving, but it's only at 25%, on balance of volume is really terrible in the weekly, but fabulous in the in the daily, so I'm suggesting to you that this is B right here, that is C, usually in a buy mode, and it has to be a buy mode because 93% in the stochastic is fabulous and MACD strong is fabulous, 9% over the 14 is fabulous, that if Apple in the next two sessions, that's not today, I'm saying Wednesday and Thursday, if it's able to touch 150 strike price, it's at 146.85, if it just, not even 149, if it can even touch 149, that's going to be a really good sign, especially if it's still in leg C, but your big hazardous resistance level is in the 151 to 152, 151 area where the higher on the 1st of June was 151.74, if at any point it gets to 150.80, the 152.65, 200 period exponential moving average will become a magnet, it's been repelled before, it hasn't got there, but the second time around as it gets closer and closer, the more you go from repellent to magnet in the 200 period moving average, and that's also the 14 period moving average, right now it's touching, so this is so for saying Apple, this is a pretty decent move, and you think Apple was at 182 back in January, and the lowest 129, that's a 60 point decline, that's a pretty decent decline, but if you look at the monthly chart, it's not a bad pattern at all, so Apple's holding much better than many of the others, XLK was mentioned as an indicator, see the XLK is doing the same thing as many of the stocks, the same as what the square, it made that peak aid pullback, it's the same as the Dow, everything needs to break above the high of the space in late June, and if the XLK can change into the 134-135 area in the next by Friday, that'll be a really good action, that's a big ask, I'll be back down to the 49. who's deep understanding of technology and the markets allows him to consistently find and share winning trades, support and resistance define the ranges at which stocks trade, by understanding these trading ranges, David White is able to find a path of least resistance, David White's trading newsletter, The Path of Least Resistance is delivered daily before the markets open to make every trading day an easy win, visit TFNN.com today and subscribe to David White's ultimate trading newsletter for $119 a month and try all of our newsletters risk-free with our 30-day money back guarantee, take the path of least resistance at TFNN Educating Investors. You might think that if you want to be successful at trading in the stock market, you're going to need a crystal ball, after all it's impossible to predict the future, right? Like any endeavor in life, before you decide it's impossible, get some advice from the experts, you might find that it's not so impossible after all. For daily market overviews that give you direction on the key indices, selective stocks and commodities, subscribe to the opening call newsletter at TFNN.com. The opening call newsletter is written by Basil Chapman, creator of the trading methodology known as the Chapman Wave. The Chapman Wave up-down sequence gives you an edge in identifying price turns, finding the peaks and valleys in stock prices.  First-time subscribers also get a 30-day money back guarantee. If you're not satisfied, let us know and you'll get a full refund within 30 days of signing up. TFNN.com Educating Investors Everything in the universe is governed by the Fibonacci sequence. 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TFNN.com Educating Investors on the Front Page of TFNN.com If the E-mini at any point starts to trade in the 38-68 area for more than 10 minutes, then the higher the day of 38-76 becomes a target. If it starts to trade under 38-38 for 10 minutes or more, the upside has a real problem. My thinking right now is that we've got just too much ease with which the market is being pushed higher and pushed lower. That's just an indication of tremendous uncertainty. Those are the prices. Rather than if the market tell you a quib, a question that became in, the iShares, China, Internet, ETF. Yeah, remember the cup formation can go to an arch formation and now it's on its way to test the lows, which will be in the 29s and it's a 30.09. So until it resolves that, it's just kind of stuck. Let me just do this. I think it was a question that came in. Yeah, I think that this is kind of a holding pattern for now, but my bias is looking at the upside just because the individual particulars that I'm focusing on, and as I said, the data chart has just gone L, which means the 9 has finally gone above the 14 period moving average. First time since about June the 6th or so when it broke down up in the 30, almost, what, 32,800. So this is a good sign, but today's young. We're not even an hour and a half into the session. Make sure what you want to see is the Dow is holding a plus 135 or more after two o'clock and that'll be a good sign, not plus 40 or minus 50. You want to strengthen and that'll help the general market. So I hope you have a wonderful day. I'll be back on the late one. Thank you very much. Thank you Larry.


The right has been making inroads over the last three or four years, country after country, continent after continent and they did it by raising the banner of the fight against corruption. And we are going to drain the swamp. Neoliberal orthodoxy claims that by straightening the state, socialists and welfare state ideologies are conducive to corruption. This line was used in Latin America by Juan Orlando Hernandez, Moreno Macri and Bolsonaro, all of whom have embraced extreme versions of neoliberalism after accusing left governments of systematic corruption. But now the right is in just a matter of weeks on the defensive, in large part due to massive protests against corruption and austerity measures, but other factors as well such as its inability to seize power from Maduro in Venezuela and the Sandinistas in Nicaragua, the impeachment process against Trump, its number one ally and the majority supporting the U.S. for the impeachment inquiry according to the service. Also of paramount importance is the renewed search of the left and electoral contest with the reelection of Evo Morales in Bolivia and the almost certain triumph of the Fernandez duo in the forthcoming elections in Argentina. In Latin America, people in mass numbers are saying no to neoliberal formulas and corruption. Reactionary governments are responding with state of emergency, curfews, weapons and other forms of repression. What is happening now shows that there is no correlation between leftist power and corruption. As the right has been preaching for many decades, if there is a correlation is between the right governments and corrupt practices. Let's take a look of the most important events. President Lenin Moreno implemented a neoliberal package prescribed by the IMF, which included a 120% increase in the price of gasoline, reversing a 40 years subsidy. That sparked the protests. Indigenous movement massively marched to the capital, asking for the repeal of the decree forcing Moreno to flee with his government to the conservative coastal city of Guayaquil. He declared a national state of emergency for at least 30 days, which allowed authorities to increase police and military presence, which resulted in harsh repression. But these are not the first protests against Moreno. His two and a half years in power has been an economic, social and political disaster. His government persecutes the opposition, one of its victims being former President Rafael Correa, who was forced to flee the country. It also recently raided homes to arrest Correa's allies, including Paola Pabón, perfect of the province of Pichincha. Even before the measures were announced, Moreno had already an approval rating of less than 20%. After mass demonstrations, Moreno rolled back his neoliberal measures in order to placate the protests. But in spite of this victory for the popular forces, austerity measures remain intact and sow the country's fundamental problems. You're not going to believe this. But for President Moreno, what is happening in that country is somebody else's fault. Exile former President Correa and Venezuela's Mandura. So Honduras is an arco-state. And no. Not like Venezuela is an arco-state, but we don't have any proof. Honduras is really, really, really, really an arco-state. The recent conviction US federal courts of Tony Hernandez for massive drug trafficking, in which his brother Juan Orlando Hernandez, who happens to be none other than the president of Honduras, was also implicated, goes a long way in proving this. Honduras have been resisting every neoliberal measure implemented by a regime that emerged from a US-backed coup in 2009 and that has been carrying out neoliberalism in its most extreme and innovative forms, including the introduction of special economic zones. These zones create independent enclaves under corporate rule, where managers can design local ordinance and public taxation schemes to maximize profits, while spaces for civil society are closed and peaceful protests repressed.  Impunity reigns. Corruption is widespread. Migration, massive, and even the legitimacy of the elections has been widely questioned. Mauricio Macri's government has implemented a far-reaching austerity program, which resulted in a deep economic crisis and a social catastrophe. Poverty increased from 27% last year to 35.4% in the first half of 2019. Macri's policies have plunged 3.7 million people into poverty in the last 12 months alone. When Cristina Fernández left office in 2015, the poverty rate stood at 19.7%. Unions and yeos, students, and neighbor associations have called Macri to declare a food emergency, a request that was finally approved by parliament. According to Argentinian government's folk persons, what is happening in the country is... you've guessed it, Maduro's fault. How does he does that? Corruption is at the center of the political tensions in the nation. A former Peruvian president committed suicide during his arrest after being indicted on corruption charges. Then the nation's preceding president was forced to resign as a result of corruption accusations. The main leader of the opposition is currently in jail under investigation for corruption. And for about 24 hours last month, both the president and the vice president claim to be the country's legitimate maximum leader. Hmm, so familiar. Neoliberalism corrupted the public administration to the extent that the oligarchy and the political partisan control engaged in a pitched battle in which the executive ended up defeating the other side by shutting down the Congress. Neoliberalism in Peru dates back to 1992, when Fujimori dissolved the Congress. In 2019, President Dizcara shut down Congress to settle the standoff with the right-wing that controlled the legislative branch. In all time, where neoliberal policies interrupted. President Sabasián Piñera increased transport prices with routine arrogance. They came up with this idea that people should just wake up earlier if they wanted to take advantage of lower prices. Students reacted by protesting in the metro. Piñera then declared a state of emergency and imposed a curfew. We are at war. We are at war. Over the time in Chile, this content has been growing in a country that is the original and ongoing laboratory for neoliberalism in Latin America. The increase in the transportation prices was just the tip of the iceberg. With extremely low wages and an ordinarily expensive basic service ever since they were privatized, Chile is one of the most unequal countries in the region. To add fuel to the fire, the First Lady complained about the situation and about having to give up some of her privileges. In addition to calling for Piñera's resignation, trade unionists, students, feminists, environmentalists are asking for salary raises and cheaper basic services. In its coverage of the massive protests that are taking place, the mainstream media is only showing the violent aspects as well as the looting, in order to avoid the real issues that include 30 years of budgetary cuts in health and education and the privatization of the pension system. Furthermore, the neoliberal constitution inherited from the Piñera is being widely questioned. This chaos has taken many by surprise. Of course, Chile is ranked as a high-income economy by the World Bank. That's the problem when you measure the wealth of a country and the basis of its G&P without taking inequality into account. It is now more evident than ever that bullying is only reserved for those Latin American countries that challenge powerful economic interests. There's a spine chilling silence from democratic institutions when the crisis is not originating from those governments located on the left side of the political spectrum. It is now more evident than ever that bullying is only reserved for those governments located on the left side of the political spectrum.