Transcript of Monday Live Stream US Market Open: Markets Are Falling, Breadth Is Bad... Should We Really Worry?
FX Evolution - Trading Academy
0:01[music]0:11[music]0:17[music]0:24All right. Hello everyone. Welcome to0:26the stream for Monday the 28th of0:29September. Great to have you all here.0:31We're going through stocks, cryptos,0:33commodities, obviously breaking down the0:35markets. Quick risk disclaimer before we0:36get started. Today's stream is0:38educational in nature. Hello everyone.0:41Welcome, welcome. Make sure to give a0:43like as well and uh put a comment in the0:45chat to help us get started this0:46morning. How was your weekend? Put in a0:49couple of comments. What did you get up0:50to? What were you looking at? What are0:52you focused on this week in the markets?0:54We're down here today. We're down 1.76%0:58on Bitcoin at the time of this0:59recording. Down about almost a percent1:02on the NASDAQ, 0.91, half a percent on1:04the S&P. And of course, a bit of a1:08movement here in oil up 3.44%.1:12So that's sneaky oil coming back.1:14Someone says they have a reckless1:16position in USO. I guess you might or1:18hopefully it's on the bull side, I1:20guess, today, but I'm assuming it might1:22be. Phenom, Mr.1:25Des1:27MK,1:30who else? Stock, Phoenix, Ray, FE,1:33Marco, P, Meers, Test, Ron, Leo. Just a1:37few waking in early here this morning.1:39Great to have you guys here. All right,1:40so let's get started. Let's kick things1:42off here straight away with the markets1:45uh general rundown. So, it's yields1:47running away here again today. We'll1:48look at that in a moment, but um1:50effectively a sell-off on metals in1:53particular. Of course, gold and silver1:55both taking lower lows, which is a1:57little bit nasty. Um it does open up1:59that potential head and shoulders to see2:01weakness in those. Uh and then of course2:04we've also got uh just the general2:06selloff here in the markets, but what2:08happened last week was that we saw the2:10Magnificent 7 close to new all-time2:12highs and we also saw technology pick2:16up. And if it isn't for those sectors,2:19it wouldn't be too good. But the market2:21itself is kind of trapped. And as you2:24can see why, we've got call resistance2:26options sitting all over around 7772:307,7002:32and 75 and 7,800. So that's the kind of2:36call wall this week for the S&P, the2:39most important market of course. And the2:41puts seem to be around 7,600. So at the2:43time of the recording, we're at 7710.2:45Therefore, what are we doing? We're in2:47the middle of this range. Let's have a2:49quick look at the Q's just so we can2:51check that one out. And the Q's are2:53similar. We've got a 730 on the puts.2:57There's the puts. And we've got a 750 on3:01the calls. So, we're trading in between3:03both options ranges. And that basically3:05just tells people that the market itself3:07is trapped within those ranges until3:09they get pushed. when they get pushed3:11for whatever reason, news related or3:13just just big big flow, maybe the the3:16Buffetts of the world or somebody else3:18has gone and done something pretty3:19crazy, JP Morgan, who knows, then they3:22push through those levels and that's3:23when you really start to get those3:24larger moves. So trapped within the3:27range, that's the first thing I want to3:28mention. I don't think enough people3:30kind of consider these things, but yeah,3:32the markets do act technically. They act3:34of course based on flow, but we also see3:37huge amounts of hedging going each way.3:39And that's why you've got to look at3:40these zones. Now, [snorts]3:42let's begin with the elephant in the3:44room, and that's going to be yields.3:46Take a look here at the 2-year yield.3:47We're sitting at 4.9%.3:52Look at the 10-year. A comment here from3:55Leo says, "How high do you think the US3:5710year yield can actually sustainably4:00run?" Well, it's a big question, isn't4:02it? I mean obviously it's all about4:04inflation. Uh and if we have runaway4:07inflation of course then you can get4:09really really big numbers. Uh for me4:12look I I've thought that inflation would4:14come back. Um obviously why is this4:16inflation happening? Capex spend. So4:19really the the line in the sand is4:21probably going to be how much longer4:22does AI spending go on for? You know are4:26we going to see another $2 trillion or4:28something like that of just debt4:29randomly out of nowhere? I mean, you4:31can't really say you're going to top out4:33there. So, what you do instead, Leo, is4:35you basically um break down, okay, what4:39have we had in the past? So, you want to4:41look at your big charts. You want to go4:42to the monthly and say, well, where have4:44we previously seen, you know, a tap out4:47of yields? So, we've had a lot at 6 12%,4:50which would be pretty dire, wouldn't it?4:53And then we've had, of course,4:54previously 5%, which made sense here.4:57So, if we're breaking above here, I4:59mean, you've got that obvious 5.5,5:02but if you get past 5.5, I mean, I don't5:04know if you guys see it, but for for my5:07kind of technical side, it's not much5:10stopping it before 6 1/2. And that's5:14going to be very drastic. If that5:17happens though, there's a reason I'm5:19watching a few other things. We're5:20watching treasuries, of course.5:23Treasuries are going to get, you know,5:25absolutely smashed if that occurs. We're5:27already trading at 78 underneath the5:29Bessant level, which is here. So,5:31underneath the Treasury, we're at zones5:33that we haven't seen since 2004 here.5:36You know, pretty drastic stuff. But I'm5:39really just looking at construction. I5:41want to know what's going on in housing5:44and what's going on in probably auto5:47loan delinquencies. So, we're looking at5:49Carbana, that kind of stuff. Now, why5:51you might ask? Because5:54everything can work until it doesn't.5:57And you're always asking yourself the5:59question of what is the metals market6:02telling me? What is the bonds market6:05telling me? And you might think that the6:08smartest market in the world, stocks.6:10Well, it's been my opinion for a very6:12long time that what bonds and metals6:15tend to do actually tells us a lot more.6:17And of course, metals markets have been6:19relatively strong for a while. The6:21copper in particular just had its6:23all-time weekly close high. So if that6:26keeps going up, then yields probably6:29will keep pushing. And at the moment, we6:32just have to expect the Fed to be6:33behind. So the Fed have just enacted6:36their first rate hike. Historically, if6:38this is like a 20076 version, then the6:42rates might continue to be hiked, but6:44you're probably going to see yields6:46actually turn before that happens. And6:48if they start turning, that's actually6:51going to be a point where I think gold6:52will do better because gold hates high6:55yields, guys. I know a lot of people6:57say, "Oh, it's an inflation hedge." It's6:58not really an inflation hedge. It's a7:00currency. So, it is it is like a7:03stagflationary environment, gold will do7:05well. and an inflationary boom7:07environment, gold's going to struggle a7:08little bit more. So, it's actually7:09holding up amazingly well. But I am all7:12eyes on home construction. All eyes on7:15these types of things that affect real7:18people out there in the real economy,7:20not just the wonderful world of stocks.7:23So, it's great question there, Joe.7:26Joel, oh, that's a bit negative. He7:27says, "All going to zero if given enough7:30time." Oh, ouch, that's pretty hard7:32here.7:38Uh, good morning Mr. T. I pity the fool7:41that does not learn from you. Appreciate7:44that, Peter. Thank you very much.7:46Exactly. New low on treasuries. Yes,7:48treasuries. Let's have a look here at7:49the world yields because it really is a7:52world yield market. So, let's have a7:54look at the 2-year here for the UK. You7:56can see people in the UK, get ready. If7:59you're not watching it here in the land8:00of kangaroos, guys, we're looking at8:03interest rate hikes. Take a look at8:04that. Uh, a lot of variable loans as8:07well on property here in Australia. So,8:10uh, not exactly the property bull style8:12market that you'd want to see if you're8:14going with yields. It's pretty pretty8:16brutal there. Uh, we go to the JP. Let's8:18have a look at the 2-year yields there.8:21Look at this. Look at this, guys. This8:23is the monthly. That's pretty extended.8:27It's starting to move. We're hitting8:28about the magical 2% here on JP yields.8:31So for a bare person, they're going to8:34look at these yields and they're going8:35to be looking at it for ages and saying,8:37"How is it not broken? How is it not8:38broken?" And I always say like the thing8:41about this is it's when the bonds start8:43to freak out. So I've shared with you8:45before here on the channel a couple of8:47reads that we look at. Uh one of those8:50which has just come back by the way,8:51congratulations guys, is of course high8:56yield. Now, I talk about this in our8:58private show. I'll talk about it here in8:59the public show as well because if9:02Buffer high yield uh spikes through and9:04we get new higher highs, we're not quite9:06there yet. That's actually showing that9:08there's a real market freak out in9:11bonds. So, again, you might say, "But9:13Tom, look, treasuries have been down for9:15ages." Ah, but have the bond have the9:16markets actually been freaking out? The9:18answer is no, because it has only been9:22due to interest rates, not due to risk.9:24Okay? So, if we start to see risk come9:27through, the move index already has,9:29then we could be seeing problems,9:30couldn't we, guys? So, it's such a9:32fascinating time. I'm telling you, I've9:34not really seen a market9:37that looks quite like this. And what I9:40mean by that is there's only a couple of9:42times I've ever seen a market look like9:43this. Um, I've actually never been9:46involved in one other than the GFC. And9:49the reason was because the GFC was just9:52as I got into the industry. So um it was9:54pretty much what made me get into the9:56industry and what made me take trading9:58seriously. I thought wow what goes down10:00can come up and at the same time it goes10:02down pretty hard. So all those years ago10:05now of course I've studied these periods10:07as if you I'm sure but the weird thing10:10about this market is you have less than10:1320 was it 8% of stocks above their10:1650-day moving average. You have less at10:19one point than 20% of stocks above their10:2220 moving average. You have a market10:25that is almost trading at all-time highs10:29and we've got record debts and record10:32this and record that. So, it's easy to10:34say, "Oh, wow. You know, I'm going to10:36have to panic and everything." But the10:38thing about markets is that they do move10:40in mysterious ways. Generally, you would10:42see a pickup in defensive sectors. And10:46there are arguments to say that the10:48Kwave, so that is that 10% of people are10:51doing okay and everyone else is doing10:54pretty badly.10:56Hopefully you're doing okay, guys. Um10:59that this is starting to ruin some11:03reads. So a classic here would be of11:07course what I shared on the weekend,11:08which was utilities11:10and staples.11:12So, I ask you because you're really the11:15eyes and ears here on the channel. Are11:17people starting11:20to really, you know, is it really just11:21too much? Because the thing is, usually11:25you would see staples and utilities pick11:28up if Wall Street was actually turning11:30defensive. And that's not what's been11:33happening. As you can see here,11:36the performance of utilities has been11:39shocking. The performance of Staples has11:42been shocking and you could say it's11:45Kwave and this time is different, but11:47realistically you generally see11:49defensives hold up a bit better and11:51they're not doing so. So that suggests11:53that at the moment the markets are just11:55reliant on basically tech spend. That's11:58it. If there's no tech spend, it really12:00isn't a very good market. So it's all12:02about AI now. We are in the uh the AI AI12:07AI. Let's see what your comments are12:08about things that are going on right12:10now. SPCX upgrades today to 250. We12:13shall see. Wow. Is that true? Space. You12:16are a space specialist after all. $25012:20it got upgraded to. Is that true? By12:23who? Let's have a look here.12:26Who's upgrading this thing to $250?12:30$149.12:31Doing the dance of a standard IPO. Uh,12:35okay. Let's have a look here. Is it in12:36the key facts? Let's click a little12:38little news here. Let's see what's Oh,12:40can't even click it.12:42Broken. Who upgraded it to 250? Someone12:45in the chat let me know. All right,12:47we'll read a couple of comments here.12:49Higher rates getting paid to hold gold12:51and silver doesn't. Ah, Leo. Absolutely,12:54man. You understand what a currency is12:56all about. Yield spiking 75 to 1.15%13:00intraday. Something will be uh what13:03we're looking for. We wash worth it. Um,13:05that's that's possible. MK check spread13:08between US and NA natural gas TV symbol.13:12That's interesting.13:14Okay, that's cool. Thank you very much13:15for sharing. Good day. Good day.13:19Or good day. Good.13:25I'll still never forget that in Wall13:27Street just hearing this guy being like,13:29"Thanks, mate." And I'm like, "Oh my13:31goodness, the coffee13:33>> [laughter]13:34>> I knew there was no way it was anyone13:37else. It was going to be a coffee dude.13:38[laughter] It was a coffee dude.13:41Keep your eye on the move index. Yep.13:43Very fair point, MK. So, move index13:46generally shows us uh movement of course13:48in volatility of the bonds market in13:51this case. Uh we we certainly saw bonds13:54movement. Uh but I will say again, I I'm13:56I'm still not seeing risk blowout. Now,14:00if if anyone's been tracking it, triple14:02C's are where the the biggest problem14:03is. Triple C grade bonds, horrible,14:06horrible, horrible. Uh, so yeah, we'll14:08probably put that on the daily show at14:10some point.14:14Uh, good day, Tom. Good. Gold being down14:17like that today really surprised me. Uh,14:20yields going up, starting to put14:22pressure on it. Yields, they push up14:25currencies cuz currencies earn cash. And14:27at this point, of course, the US dollar14:30is looking a little bit more attractive14:31because you can put money in the bank.14:33What's the uh what's a term deposit14:35getting you in the US at the moment?14:36What are you getting for a six or 1214:37month term deposit? Chuck in the chat.14:39We'll read it in a moment. All right. Uh14:41thoughts on Oracle's bonds being14:43downgraded from junk status.14:47These are these are things we're14:48watching. You know, I'm all over credit14:49default swaps.15:00Looks like the K is sticking its leg out15:04like it owns the place. Yeah, true. It's15:07all about AI and that's it pretty much.15:09AI is the component here that is going15:11to drive it. Muse definitely helped. Is15:14anyone using Muse? Let us know your15:15thoughts in the comments on Muse.15:18Thoughts on VIX, Tom? Uh, look, Vix has15:20been pretty dead. I mean, yes. Okay, it15:22goes up on days like this. We haven't15:24got to go oil yet, but I just want to15:26quickly talk on dollar here. So, you15:28know, some levels to watch on dollar. If15:30it gets through that 10180, then it15:32could push 104. If that happens, that is15:35going to probably pressure gold a lot15:37and silver. At the same time, you also15:40looking at at rates basically breaking15:42up. So, further breakouts for the 10year15:45and everything. Now you'll notice that15:46almost every single macro person will15:49have a negative feel on dollar and15:52they've been negative on it probably for15:54over a year. Uh which funnily enough the15:57market hasn't done. Um that's because15:59traditionally at this period of time you16:02usually do see a crappy dollar16:04[laughter] like you especially in the in16:07cyclical theory. um but it hasn't16:09eventuated and I just want to mention16:11that because it's just such a proofing16:13of why you've got to look at price first16:16because otherwise everyone's going to be16:17negative dollar everyone's going to have16:19said I mean just 6 months ago I think16:21actually 12 months ago everyone said the16:24dollar was dead and now suddenly people16:27like oh I kind of like having money in16:29the bank this is pretty sweet so you16:31know what I mean like it's funny how16:33things change and I just think it's you16:35know this stuff these learning lessons16:37the work you've been doing. It's amazing16:39how many times this happens. Can anyone16:41remember off the top of their head16:42periods of time where the market has all16:46thought one thing and of course the16:49stocks have done the other thing16:51or that particular asset class has gone16:54off and done the opposite. Remember16:55whatever everyone usually expects. If16:58price is going off in the opposite16:59direction, it's pretty damn good.17:02Specifically, wall of worries in course17:05stocks in general. Gold should be 520017:08by next year in my opinion. Yeah, might17:09be a bit of it could certainly be or17:11even higher, but at the same time it's17:14could be a little bit of a bumpy journey17:15to get there. Hi from Barcelona.17:17Fantastic. Love that place. Financial17:19news in Australia starting to say bond17:21market starting to get close to17:23freakouts a little bit. Interesting. I17:24haven't really looked at the bond market17:27too much in Australia, but certainly17:28taking a toll on property and real17:31estate, which is a huge part of this17:33market. Why no stocks crash though? Uh17:36because again there's a calm there's no17:39fear in the markets from the from the17:41bond side. It is a yields are holding,17:44people are lending and liquidity is17:46holding up for now. Unusual times.17:51Again, you put some of these things17:54together and most people would usually17:56say, "Oh, that would cause a crash." But17:58it didn't. And the reason is because18:01price hasn't reacted negatively. We're18:03not seeing blowout in predominantly a18:06worth the all of the bonds. And that18:08brings us to the VIX because if you look18:10at the VIX, it's up 9% today at 16.18:13Okay. So, traditionally, if you get a18:15VIX above 20, you're in kind of a bears18:18kind of in control of the market. And we18:20haven't really been above 20 properly18:22since March of this year.18:25Now, this is historically the period of18:29time where I noticed everyone shared it18:31this year. If you've been watching the18:32channel for a long time,18:35yeah, I brought it up this year, but not18:36as much. Since 2020, particularly since18:39we've been doing the channel18:42uh really heavily every year, I've said18:44in September and August and October,18:46okay, September is the worst month. VIX18:48will generally be spiking around those18:50months. And you'll notice most of them18:51have done it. something happened in18:532026. LLM's [clears throat]18:56and every single person was bringing out18:59that chart and flipping it and talking19:01this and that. I think that's partly why19:04markets have reacted the way they are.19:06But I also think it's just down to the19:08three things we always talk about.19:09Bonds, bonds, bonds. Still no freakouts19:12outside of triple C's or Oracle or a19:15couple of AI spreads going out. But19:17again, it's spreads, not risk.19:21Earnings, earnings, earnings. Earnings19:23are holding up, guys. The next earnings,19:25wow, blockbuster. If you're new here,19:28part of the over a thousand people19:29joining us right now on this stream,19:31make sure to sub cuz these next19:32earnings, they I I tell you, every19:35earning season,19:38it's like the greatest story ever told.19:41Uh I I cannot tell you how fascinated,19:45how interested I am to see the airlines,19:49to see the financials. Are you guys19:51excited for every earning season for19:52some? I am. I'm excited both on the bull19:54end and the bare end. I don't really19:56mind. But the point is it's just this is19:58this is real. These earnings I I cannot20:01tell you the last time I've been so20:02excited for earnings for the last like20:05quarters. Last three quarters every20:07time.20:09Nope. Haven't been using Muse. Why are20:11none of you using Muse? Shouldn't you be20:13getting some cheap cheap uh tickets from20:16some concert or something? Maybe you20:18guys just saving money and investing in20:20stocks and bonds and other things. DVD20:23One Corp says, "Tom, look at the VIX RSI20:25and the UIX 4day RSI." Ah, yes, that20:30will possib we'll do that in the close20:32show for you, man. We'll I'll go over it20:34and um do the analysis. Take a little20:37photo here so I remember to do that. You20:39are correct. Some of those are good20:41reads to look at. So, we'll check it20:42out. But generally speaking, the VIX has20:44been pretty disappointing. So, just to20:47kind of summarize here so far, we've20:50kind of had a look at the S&P and the20:55Q's and we've looked at the options20:56levels coming into this week. Both net20:59expirations for calls and puts very21:02close with the zero day, which tells you21:04those levels will matter. We're21:05obviously trapped between that price21:07right now. Oracle's down 2.65 here21:10today. We've talked bonds yields across21:12the board. 10 year, 20 year, 30 year,21:15doesn't matter which country you're in,21:16we're probably going to see an21:17Australian interest rate hike tomorrow21:20um in in Australia. So therefore, again,21:23the expectations are that around the21:26world, we've got very high inflation21:30due to, of course, rising diesel price,21:34inputs, and AI data centers. And you21:37know, it seems like every day, even here21:39in Australia, they're just announcing,21:40oh, we're going to build a data center21:42over here. saw an interesting stat for21:43you guys. Two things. MIT earlier this21:46year said that 90 they expect 95% of AI21:49businesses to die. They also not MIT but21:53another study has recently said that21:56they expect less than 40% of data21:58centers to ever be completed.22:02Interesting.22:04Anyway, Oracle down 2.7%.22:08You can see here we're dropping. It's22:10not a good looking stock. It looks22:12pretty bad technically and it certainly22:15doesn't really give anyone um you can22:17see even here kind of looks like a head22:19and shoulders, doesn't it? It looks22:20pretty nasty. But um yeah, this stock is22:22of course the the well-known potential22:25black swan. It's the warrant. It's the22:27uh Michael Bur stock. He hates this one.22:30Um but realistically, it is kind of the22:33poster child of AI data center spend.22:36Maybe outside the limits of its own22:38business. The counter to this, of22:40course, Muse, which is we can't download22:43here in Australia. I really want to22:45check it out for you guys for the stream22:46today. Couldn't do it, though. If a22:49crash does happen, it's going to be22:51brutal. If a crash does happen and it's22:52driven by debt, it's going to be Yeah,22:54I'll agree with you. Brutal. Um, it is.22:57Oh, by the way, I watched that new22:59latest South Park. My goodness, that was23:01funny. It's just like, is this actually23:02what's happening in America? It's just23:04like you go down streets and there's23:06just kids riding23:08like ebikes. Are there just ebikes23:10everywhere in America? Is that is that a23:12true fact? I can tell you here in23:14Australia there are a lot of ebikes,23:19but I don't know if there's as many as23:21America. [laughter]23:23There's ebikes everywhere.23:27High beta stocks have had their worst23:2960-day returns ever.23:35Hi beta stocks.23:51This is a high beta ETF. Doesn't look23:53like it's too bad.23:59Oil rising quickly may crash the AI24:02bubble. If oil goes out of control24:04rally, yes, that would that would cause24:05extreme risks. But yeah, now I was24:07looking at high beta today. Um, if you24:10check high beta ETF here, it it's24:13generally rising up. And you'll notice24:14that [clears throat] it's really been24:16the poster child of this last run from24:19semiconductors and the AI kind of24:21market. So, um, at the moment, I I don't24:23know about you, but it's not really a24:25super negative looking chart to me.24:27Anyway,24:32just because SPY is carried by seven24:34stocks doesn't mean it's not crashing.24:36Uh, that's fair. I mean, again, breadth24:39has done a full turn outside of24:42healthcare, which we've been looking at.24:44Biotech. Notice again the sectors that24:46already showed themselves in June, July,24:49August, they're still holding up. Bio,24:53healthcare,24:55gold stocks actually doing surprisingly24:56well considering gold falling. And then24:59of course energy25:01outside of that tech recently. Crash is25:03already here. Again, for that to happen,25:06it would it would need to be losing the25:08S&P though. You'd need to be seeing a25:10broad-based bond freakout to really say25:12a crash was happening. But I understand25:14your reasoning behind it. Go north of 3025:16on the VIX, then we're in business.25:18True. That would be a big point here.25:22Thanks very much as always, Kevin. Uh25:25crash is already here. Gold and silver25:26just dumped a trillion in market cap25:29over the last 24 hours. Um no, I don't25:32think that's like you you see a crash,25:34it'll be a lot more than that. Like25:37these movements are still rookie25:39numbers. anyone that's traded like 2020,25:422018, even the December period, you saw25:45some pretty big sell-offs. Of course,25:472022 was still brutal on some things and25:51specifically the GFC. I mean, I I just I25:53cannot stress during a market selloff,25:57you're going to see limits. I mean, 202026:00was really,26:02really wild from the level of hitting26:05limits on the S&P, hitting limits on the26:07NASDAQ, and of course, seeing26:09illiquidity. You're seeing 20, 10, $2026:14spread jumps in gold. Spread jumps, man.26:17You press the buy bid. Whoa, I'm 2026:19bucks down,26:21it would it became completely liquid. If26:23you were watching the markets in 2020,26:25that's exactly what happened. bonds,26:27good quality bonds were losing 20 face26:29value like that. Bang, gone. 30. I saw26:3340 face value in three days. So, when26:36markets lose their crap, it you'll26:39really know because it it gets26:40absolutely horrendous. MK says, "I hate26:43earning season." I'm kind of fascinated26:44by earning season at this point. Let's26:46get the midterms over and done with. Uh26:48which way, even which way it goes,26:50clarity may come back to the markets.26:51Yep. Well, you're right. Markets like to26:53price themselves in the future. They'll26:55be looking for what kind of certainty do26:57they have? Once you get certainty um of27:00any kind, then they'll repric and then27:02then you can move forward.27:08Is there such thing as too much? I27:10started trading in January. I thought27:11these were normal circumstances.27:14[laughter]27:15Yeah. Well, it's it's it's not Well, I27:19don't know. If you think semiconductors27:20going up 100% in a few months is normal,27:22then sure.27:32Why is your voice different? Should be27:34the same27:36modification.27:40I would say e scooters might have an27:43edge. Been seeing more ebikes here or27:46ebikes, e scooters, whatever it is.27:49Muse, you can't talk to it. It only27:51interfaces with AI with voice on my27:53phone.27:55You can't talk to Muse. Waiting for the27:57first andic27:59agentic Google Flash.28:02More scooters of everything in here in28:04Texas. Yeah, there's just people going28:06wild on these ebikes. Funny. The nickel28:09squeeze and oil crash of 2020 was wild.28:12Oh yeah, that was that was really nuts.28:15That was really nuts. Impostor. True. Do28:18you analyze group ETFs for market28:21perspective or just broader ETFs like28:23SPDR, Eyesshares, sectors? Uh, yeah, I28:26like group ETFs as well. That's the next28:28level. So, you go usually your your S&P28:31and your NASDAQ and your majors. You28:33have a look at the world. And I'll tell28:34you right now, let's have a quick look28:35at the world. So, you get a bit of an28:37idea here. So, here's German DAX.28:40So, again, not really the epitome of28:43great healthy market. Here's the ASX,28:45the Australian market. Again, just shows28:48you that if you don't have tech right28:50now, it's not so good. Let's have a look28:52at the Footsie.28:55So, the Footsie 100.28:58I'll just get any futures market for it.29:00There it is flat. So, again, not much29:03going on. So, it really has been you've29:05got to get that you've got to have that29:07tech in your markets at this point. Surf29:10says, "I want to go on an ebike, one29:12that can go off road." Well, that's just29:14basically buying a dirt bike, is it not?29:17Okay, Tom, do a poll of people who have29:19ec scooters. [laughter]29:21Hey, I remember that thing where people29:23used to get on a Segway. That was the29:26most ridiculous thing I've ever seen in29:28my life. Someone surely just totally29:30destroyed themselves on Segways. Most29:32dangerous vehicle ever to go 60 km an29:35hour.29:36Thoughts on McDonald's? uh really shows29:40if you look at McDonald's, it really29:41shows the the problems that we've got in29:43the economy right now from the K-shaped29:44side.29:47Segue. Oh, it's worse today. Oh no.29:52And look at that. That is such a big S29:54level flying down. Jeez, that's29:57terrible. It just goes to show why29:59you've got to be careful about trying to30:01buy the dip even for what has been a30:03very good quality stock over the years.30:05Take a look at that. down 31%. One of30:08the only stocks, if you don't know, I30:10think it was the only stock in the Dow30:13to not fall during the GFC.30:16See,30:19it was a glorious stock.30:22Anyway, not so glorious at the moment.30:26Yeah, this is the point though. There's30:28there's it's it's30:31a weird topsyturvy kind of market but30:33it's very important to understand that30:34the market I always believe this the30:36market and the economy are not the same30:38thing. So we are on AI capex spend. All30:42right let's take a look at oil. We know30:43yields are up. That's going to be yields30:45and oil are synonymous with each other.30:47So if we have a look here at oil itself30:50we go to the daily 50. You'll notice it30:53hit this. We saw energy stocks hit at30:56the same time. So, a lot of energy30:57stocks hit daily 50s. We've had a bit of31:01a turn. So, we had like kind of this low31:04higher high VWAP plus demand and the31:07markets are rallying up. Now, if this31:10keeps going up again, will that put31:12pressure on the stock market? I would31:14say it will uh because31:18this was really just everything31:19crossorrelating together. The real31:22question is what was that massive31:24transaction on crack? Because we just31:27saw the number one largest transaction31:29ever recorded on this particular ETF31:33which obviously has garnered a lot of31:35interest recently. And take a look here31:36on the daily.31:39Take a look here on the daily. Massive31:41volumes. Massive volumes.31:44So yeah, holding on though. Daily 20.31:48Take a look. Once, twice, three times.31:51So, for now,31:54fuel, oil still in upward trends, and31:59I don't see how the Bowser is going to32:01get any better until, well, until this32:04really kind of kicks off. Also, think32:05about it. This means that the next32:08planting seasons around the world,32:10higher rates, food's going up. I've seen32:13some stuff on this disaster. I don't32:14know if you guys have been following the32:16weather, but it looks pretty bad this32:18year.32:20Hopefully the weather people like I fish32:22a little bit and they're never right32:24about the wind. Okay. Never. You go out32:26there, they're like northeast. No, it's32:28not northeast.32:30It'll be like south. So, they're always32:33wrong.32:35Always wrong on the weather in terms of32:37the wind. But hopefully this year32:39they're wrong on all of it. [laughter]32:41Otherwise, oh no. Might need to go those32:43watch those dooms doomsday prepper32:45shows. Start buying MREs, guys.32:49We're going to go get some MREs.32:51Irrational market in a bubble equals32:54more blowoff. Gold recent exits equal32:57risk on rotation. Chase higher rates and32:59beat inflation. I think people are33:02chasing higher rates. I've seen a lot of33:04people saying, "Oh, I kind of expect33:0612%." And they're chasing these horrible33:09junk bonds that are paying 12, 13, 14%.33:12Last time I checked, guys, anyone33:15willing to offer you a sweetheart deal33:17on on rates that are a real like like33:21double or triple the current cash rate?33:26What would you do? What would you do if33:28someone offered you three times the33:30current cash rate and said, "Would you33:33would you would you lend me some money33:35for this this project I'm doing? I'll33:38give you three times the cash rate."33:40What would you do, guys?33:43Lots of weird ocean changes happening.33:45Lots of birds are dying off the east33:47coast because fish are going too deep.33:51Is that true? Today was the last episode33:54of Futurama. And in Futurama, they had33:56fish with three eyes and one eye.34:00So there you go. Oil is tricky.34:06Yep. Oil is very tricky. True. Whale in34:10the 70s. Doyle 10xed. Yep.34:15Oh, love your show by the way. I34:17normally listen late at night when it34:19drops. Uh, like your live show, too.34:20Thanks, Lo. Appreciate it, man. Wendy's34:23has better food. Yeah, that that uh What34:25about Dra Miller buying AMD? Yeah, well,34:28Dra Miller getting involved in AMD, but34:31in general, pretty much been involved a34:33little bit in AI. He's been in and out a34:35lot on AI over the last couple of years.34:38We actually looked at AMD today, did a34:41bit of a deep dive into it. So, problem34:44with a stock like this is I always say34:47you have to come from abundance. And why34:49I say that is because34:52if you picked it here, great work,34:55excellent trading, excellent position34:57basing, all fantastic downward trend,34:59nice pit, new higher high. I love it.35:02Okay, but you know, pick it here. The35:05problem with that and the problem with35:07the difference is it's 15 20% higher and35:10the issue with these kind of things is35:12it's all about timing. Timing is so35:14important into these stocks. Now I don't35:17know when Dra Miller border or anything35:18like that but you look at this even if I35:21put a VWAP off the low here you know35:23you're going to need you know probably a35:24gap fill before it even really gets35:26interesting again. So, um, yeah, super35:29rally, crazy stock, $1 trillion was $25035:33bill.35:35What's the MACD on McDonald's, Tom? It35:38would be well, it would just be falling35:41very aggressively. So,35:43MACD wouldn't be showing divergence or35:45anything like that yet. For McDonald's,35:50Mackers are triing new drivethru. Macka35:53is what Australians call McDonald's. By35:55the way, you want to go on a Mackers35:57run?36:00That's what they say. Mackers36:06in America, you would say, "What? What36:08is What is he talking about? [laughter]36:12Need to watch everything again." Mhm.36:14That's right, Robert. Uh do AI customer36:18service in Australia right now.36:20Fantastic.36:24Tom, have you covered gold? We haven't36:26quick looked at yet. We're just checking36:27out some things here. A dude was riding36:30his unicycle on the number one highway.36:35That sounds like an insane idea.36:41If the United States bans diesel36:42exports, how could you trade this on36:45diesel price? Very difficult trade36:47actually.36:52Sometimes you might even know what's36:53happening. And I often say36:56even if you think it's going to happen,36:57you might think, "Oh, there's an36:58opportunity there." But I I think there37:01are sometimes some things that are just37:02too difficult to get involved in.37:06You've also got to consider the costs37:08and the risks. You know, you might say,37:10"Wow, I think this this season's going37:12to be the worst tornado season ever.37:14It's going to destroy all these crops37:16and I need to go buy these crop things."37:18But then you get rolled on and you'll37:20learn very brutally that the market has37:22a very nasty way of saying, "Yeah, you37:26might think you know, but I know37:27better." [laughter] That's what the37:29markets do.37:31Hi, Tom from Tokyo. Love Tokyo. Love37:33Japan. Fantastic place. You know,37:37there's something I always love about37:38Japanese stuff. It's precision. It's old37:42school. And they just don't care what37:45other people are saying. They just go,37:47"You know what? We do it best." You got37:50to respect that.37:53Also, I love their little portable37:54cookers. They're awesome, guys. You got37:56to get the portable cookers. The butane37:59thing lights up a walk like [laughter]38:01you just chuck one like it's like whoa.38:04And you're using just a butane, but the38:05things are out of control.38:10Watching from Mississippi. I love38:12Mississippi. Oh, I watch like videos of38:14people in those. I don't know what you38:16call them. Is it bayou or something?38:19Hell yeah. Need to visit the bayou.38:22There's like frogs and gators and it's38:25like Australia but38:27the northern side.38:30Japan equals artisan. Yes.38:34So AMD yeah keeps rallying very very38:38good in terms of overall tech. But this38:41is not really a surprise when you look38:42at your technology stocks uh rallying38:45through again almost near all-time38:46highs. As long as tech holds big part,38:4941% of the S&P now is made up of AI38:52businesses. And these are the ones that38:55are pretty much rallying everything.38:57Again, MAG 7, as long as it stays high,39:00it doesn't really matter about your39:01bonds or anything else you're reading.39:03Until the market cares, you don't really39:06need to care. And that's why I often say39:08price action is number one. And and few39:13it's like you know that that thing that39:14that person used to say few guys few39:18people understand price action it's what39:20they're doing not what they're saying39:22what they're doing. So, if you've got39:25sentiment that's in the dirt, bonds that39:28look on the surface like they're out of39:32control and things are falling off and39:34the market's doing this,39:36then for the time being, who's really39:38controlling? It's Wall Street, guys. And39:41they're price actioning. They're doing39:43what they're doing. Don't worry about39:44what they're saying. They might come out39:45and say, "Oh, I think this year is going39:47to crash the markets." Yeah, they say39:49that every year. They say that 2020, 21,39:5222, 23. you actually go back and you39:55watch like a 22 21 stream and I I know39:59I'll find it one day. I pretty much crap40:00on about the back end of 26 27 being40:03where I think the concern is now. We're40:05here now. Do I like it? I like what I'm40:07seeing because I wish we weren't in, you40:11know, a trillions of dollar40:15out in a new technology. I love the40:17tech. I think it's the real deal. But40:20it's like I wrote about the newsletter a40:21few weeks. Shout out to the newsletter40:22pin comment. and get a free copy. Um,40:24make sure to sign up for that, guys. And40:26check out the one that I did. I think it40:28should be posted on 1920s electricity40:32and 2000's40:35buildout of tech and of course the fiber40:38optics because it was pretty pretty wild40:40stuff. All right, let's jump in here to40:42gold, the elephant in the room cuz the40:44damn thing's falling off a cliff. Let's40:46have a look. So, the unfortunate thing40:48is there's two ways to look at this.40:49There's the macro side. There's probably40:51quite a few bull cases. You know, you've40:53got your central bank purchasing, got40:55your reperric possibilities, uh you've40:58got your dollar dd dollararization,41:00you've got your currency wars, you've41:02got a lot of macro. We've talked about41:03since 22. It's not going to be a a41:05surprise to you guys. But the fact is41:07that when you've got breakup yields, it41:10does do damage to gold and silver41:12because they both have currency41:14perspectives. And what I'm always41:16looking at is copper. So copper's down41:18two, but it's still closed at all time41:20weekly high. So the good news is copper41:22did that. That's showing us still demand41:25is there right now at least at the time41:27of this recording generally speaking for41:30AI and build out. The problem for gold41:32is you've got this horror show head and41:34shoulders. And the bad news is that it's41:36closed and well it's moving hasn't41:38closed but it's underneath that41:40neckline. So if we take this neckline,41:43say we extrapolate it out to here, you41:45know, you're looking at breakouts that41:47could be at 3,900.41:49So it may need to underpin this zone41:52here. And at the time of this recording41:54as well, silver is doing something41:57similar. So silver is right on sub like42:01it is the last line for silver before,42:04you know, possibly going to 57 or even42:06lower low. And you'll note again came up42:09to this supply42:11could not get through this alert. Sad42:14face. If it's sad face that's sad42:17because you want it to get through42:18there. And then of course if you're a42:20bull and it's sitting at its like42:23absolutely needs to turn right now.42:25Otherwise you're taking this distance at42:27least technically and falling through.42:30Now,42:32I don't know whether an investor or a42:34longerterm person is going to be that42:36concerned cuz they've got a different42:38approach, but a person that's looking a42:41short time frame, you can't say the42:43price action is looking healthy. It's a42:45bit crap.42:47Unless you're a bear and then you're42:49probably celebrating, but that's just42:50kind of the reality of the situation.42:52And um I didn't really expect it to42:55probably fall through here just now. Um,42:57again, yeah,43:01you got to expect the unexpected. You43:02can't always be 100% on, but it's at43:05that little secret demand for silver.43:07And I think considering that copper,43:10take a look at this weekly close here43:12for copper.43:13Copper actually closed at an all-time43:16high weekly. Alltime high weekly.43:21So, what a week this is going to be43:23because usually43:26that's an okay sign for GDP growth.43:29So, if we still have the doctor, then43:33generally you're still in inflation, but43:36you're still in what we call an43:37inflationary boom, which means growth of43:40the GDP. And I think you guys are going43:42to be freaked out when you see some of43:43these GDP economist expectations cuz43:47they're saying the US economy is growing43:49crazy. And then you get cut out43:52everything and what are you left with?43:58Someone in the chat tell me. You cut out44:01pretty much most of what you would44:04expect economic growth to look like. And44:06what are you left with?44:14Joe says, "If your neckline's around44:154,300, it's not too bad." JJ's here.44:18[laughter]44:19Knew you would be. I gave you a shout44:20out the private community today, mate.44:23You were like, "Damn,44:25I think it's going a head and44:27shoulders." But yes,44:31if the charts need to uh need the44:33support, she's going to break down44:35through it. Mhm. Tom, can you please44:38have a look at levels on DRAM and44:40semiconductors? We can check it out. I44:42think both of those are down today,44:44though. Gold giving the middle finger on44:46the chart. Yeah, that's kind of like the44:49head and shoulders, I guess. [laughter]44:52Where's the V in the dip? Well, it did V44:54a little bit, but it's uh fallen back44:56down there at the moment at this moment.44:58Tom, other streamers are saying that45:00semiconductors are about to break out45:02again. Stick with them.45:05Well, I think the thing is that most45:08Well, semiconductors45:12Well, I think you'll notice that the45:14semis haven't been the tech, have they?45:17that's really pulling us through. So,45:19there's a couple that have done it, but45:21um other tech stocks have been the ones45:24that have pulled us up. So, the reason45:26why most people are going to say that,45:27and this look, it's the obvious reason.45:30You're going to come in and you're going45:31to say, "Okay, well, look, you know,45:33we've we've had that kind of45:34consolidation. We took a lower low here.45:37The Cosby fell through as well. They all45:39crossorrelated at the same time. And45:41then we've we've now got this higher45:44high which is giving me convention uh45:47like convincing me that things are going45:48along. I would say this is a blowoff45:51top. Um now traditionally they last 345:55months to 6 months and we are now at46:00when do we start this? June. So we're46:01basically 3 months in. So, it's46:03possible, but I don't like the fact that46:07if you load up semi-py, so you look at46:10semi-py, it's still pretty46:13[clears throat] underperforming. So,46:14that is that tech's doing well, but it's46:18not necessarily just been46:20semiconductors, it's been the other46:22tech. And and when you lose the46:23backbone, cuz remember the backbone was46:25this chart. We were loving this chart.46:27This chart d46:29we talked about the backbone being lost46:31here. We knew it was going to take a46:33while. This is the return after that46:35happens, which it has been so far. The46:37kangaroo. So, it's really been doing46:39what you'd expect. If semis go on46:42another wild run,46:46it's going to meet a lot of tech cap46:48spend.46:50So, the bull arguments there are Muse46:53makes people feel like the products46:55here. I think Muse, correct me if I'm46:57wrong, gives you some form of computing46:59power. So everybody that downloads it47:01and starts using it gets a pretty decent47:03allocation chunk of power. So therefore47:08that's kind of helping data center47:09buildouts. But we do need to remember47:11where the hell are these graphics cards?47:15Are these graphics cards all sitting? I47:17mean again I don't trade based on this.47:18This is just an interesting thought.47:20Where are the graphics cards guys? Cuz47:23as far as I'm concerned, when you47:24actually look at the numbers, it seems47:26like a lot of these graphics cards that47:27Nvidia sold, and I'm sure are in47:30existence, they're not in a data center47:32yet, are they? They're in some weird47:35warehouse somewhere. Imagine going into47:37that warehouse. Just tens of thousands47:40of graphics cards just sitting in boxes.47:44Whole economy is not growing much.47:46That's right. So, if you pull out all of47:48the rest, you end up just getting47:49basically AI gets ripped out. you end up47:52with just a couple of47:57areas of growth and the rest is pretty48:00stagnant. So, it really is about AI48:03build up.48:05They do not depreciate until they're48:06powered on.48:08Robert says, "We put we hoard them. I'm48:12hoarding them at my home so you guys48:14can't play games."48:16Robert, why48:18why would you do that? just when GTA is48:21anyone going to play GTA put your hands48:24up. Are you going to play GTA 6? Is that48:26what's [laughter]48:28I'm not going to play GTA 6, but are you48:30going to play GTA 6 or WoW Forever?48:34Cuz it seems like the nostalgic WoW48:37Forever is kicking some ass right now.48:40[laughter] From what I've seen online,48:42people are going crazy. It's It's taking48:45I couldn't believe it. It's taking GTA48:476's thunder.48:49War Dogs. Oh, that's that's pretty cool,48:52too, isn't it? That's like Battlefield48:53but with48:55all sorts of different games put48:57together into some wild looking thing.49:01Demand pushed uh back flushes back onto49:05something something something.49:07I had to buy 64 gig of RAM a month or so49:11ago. Oo,49:14that will pain pain 64 gig of RAM. Here49:17in Australia, you're looking at like49:181,500 for a 64 GB.49:22GTA 6 is a relationship simulator. I49:26have no interest.49:28Gallagher. Isn't that from like the49:311970s?49:33Oh, there's a few WoW players in here.49:36Excellent. How many uh did they buy for49:40the Jupiter project? And they don't even49:41know where they're going to power them49:43on. Yeah, there's a lot of these49:44graphics cards aren't even that's why49:45there's that stat of less than 40% are49:48ever going to become data centers.49:49Anyway, it's an interesting one, but49:51again, I always stress guys whenever49:53people mention these things, you hear49:55these amazing concepts and stories, but49:58remember, never fall into the story.50:00Always fall into the price. uh price50:03data flows PDF50:06and then a bit of uh a bit of behavioral50:09finance while you're at it because50:11that's what markets tend to trap on. So50:13really to summarize here, what are we50:15looking at? We've got a market that is50:18being led by tech. It has [snorts]50:20horrible breadth traditional usually50:23with a 7% pullback.50:26less than 29% of stocks trading above50:29their 20.50:31I don't even know how this mustn't have50:32updated or something. I don't even know50:33how that's possible, but 26 here.50:40It says it is. But anyway, not many50:42stocks trading above the 50. So, we50:44have, you know, a bad breath market50:47that's been driven by tech. But you know50:49what? 41% of the S&P is tech AI. So if50:54it's going higher, it's very difficult50:56to say the markets are turning. So50:58therefore, it's higher highs and higher50:59lows till proven otherwise. And that's51:01the way I guess I'm approaching the51:03market at least at this point because51:05that's really what you kind of look at.51:07You've got to say what is the market51:08doing? What are you seeing? What are you51:10observing on the charts and that's at51:12least the observation. Oil still51:14rallying with it. If we are in an51:16inflationary boom, if this AI is going51:19to run, generally it's going to keep51:21bringing oil with it too.51:23Because again, they can't stop.51:27Think about it. AI has to pay out. Now51:30in 2027,51:34in 2027,51:36these companies have to pay back.51:40That's when things get interesting.51:42But until then, it's earnings, earnings,51:45earnings, guys. IPOs, IPOs, IPOs, and51:49bonds, bonds, bonds, bonds only. Triple51:52C's are freaking out. That is really51:54crap bonds.51:56Earnings, we sell records, so wait for51:59the next ones.52:01IPOs, we haven't seen nothing yet, have52:04we? SpaceX, which someone said got52:06upgraded before. So, if that's true,52:09like you know, it is really about52:11anthropic and about private equity being52:14able to manage these giant big companies52:18like Chat GPT. So, tech is still52:21leading. We actually have a look here.52:24What did we have before that I want to52:26check? I can't remember if it was Oracle52:27or anything, but even like some stocks52:29like you load up a Microsoft52:31and it just took a high.52:34It's not really what you would call a52:36weakness market. Utilities, staples,52:38okay, getting crushed by the K, but52:40still versus the spy going down52:42traditionally tells us that we're in52:45still a risk a risk on market. So until52:47that's proven otherwise, can't really52:49say it isn't. Gold and silver. Love to52:52come back to those. We'll check them at52:53the close of the day today. We'll check52:55it out and see what's happening. Dr.52:57Copper had a weekly close all-time high.53:00Yields, yes, they are going up. Yes,53:03bonds are starting to show it. Both a53:05high yield spread. Um, excellent kind of53:08read with the move. We'll do a full53:10summary at the end of today's Monday uh53:12close. So, stay tuned for that,53:14especially if you're new here. And we'll53:16just quickly check a couple of stocks53:18which I know people asked for. So let's53:19have a look at DRAM. So that's again,53:22you know, basically semiconductors and53:24hardware stocks making a slight higher53:26high. Doesn't exactly look weak. You53:29know, I'm watching particularly 618 and53:31786 fibs um from the pull down. So as53:35they reach those levels, I'll be53:37interested to see can they manage to53:39maintain those. So I think that's where53:41bears could come back into it. And King53:45says this is who's upgraded. NASDAQ53:48composite still looks strong than the53:50S&P for now for now. If it cracks, watch53:52out. That's true, Leo. But you've got to53:54continue that. And Nathan says here,53:56"Hikes, hikes, hikes." Yeah. Well, you53:59know, some people would say cash is54:00trash. I would say, "What's the average54:03return of the S&P? Anybody? Anyone know54:05what the average return of the S&P is54:07per year? Give it to me. Let's go. Let's54:10test your knowledge in the chat right54:13now. Average return S&P. You need this54:15stat in your head." I don't care. It54:17doesn't have to be exact because you're54:19going to use different years for54:21different returns. But it approximately54:23if you give me within 2% you're good to54:25go. Yeah, you guys know it. Look at54:28this. 8 10 9 7 8 8 and a bit. Yeah,54:32eight and a bit would be the would be54:34the one I'd use. But that's the thing.54:36It's eight and a bit. What are you54:37getting in the bank right now in the US?54:39Give it to me. What are you getting54:40right now in the bank?54:43What interest do you get for a 12-month54:45term? What do you call it? Term deposit.54:48Lock up your money for 12 months with a54:51nasty bank. What do they give you?54:5412%.54:56Don't think so.54:59Four.55:04Whom Ghost says I'm smart? [laughter]55:094.21.55:11What kind of crap bank is that? 12% in55:14Sweden.55:16Damn,55:19that's pretty sweet.55:211% if you're lucky.55:24The hell are you guys banking with here?55:27If you're getting one, that's not even55:29possible. Surely that would be a55:31horrible bank. Is Am I wrong? Is that55:33horrible, guys? That seems very55:35horrible. Not advice, of course. It just55:37seems very horrible. 1%.55:40I thought like55:42three seems all very low. Time to move55:45to Sweden. Yeah, [laughter] it's 1% in55:48Sweden. I was going to say I don't55:50remember 12%. [laughter] Anyway, like55:53you're probably getting somewhere close55:56to five sometimes. So if that's true,55:58you got 8% three risk risk return56:01adjustments three and a bit. So you got56:04to remember people have said always cash56:06is trash or cash is good. I remember56:08people saying cash is fantastic56:11and they were getting paid half a56:12percent in the bank. That is stupid. You56:15know, it's got to be stupid. But now56:17you're getting closer. You know, this is56:18the time where funnily enough, it's EA56:22gets inflated away and destroyed. But at56:24the same time, in these high interest56:26rate environments, there's more chance56:27of a cracking of debt. So, it's a really56:29interesting period, guys. you're in a56:32wonderful time to be in markets because56:35I think the next 12 months, you know,56:36it's going to be fireworks both ways and56:39but for now, you know, we're seeing tech56:41making higher highs and higher lows.56:42We're seeing semiconductors coming back56:44a bit and really the only other sectors56:47that are even holding up are basically,56:49you know, your your healthcarees, your56:51biotechs, and um your energy stocks. And56:54we've been talking energy for a while. I56:57don't believe energy can slow down until57:00generally speaking until AI would have57:03to pop because AI has to spend. They57:07have to get return now. You have to see57:09growth. The growth has to be extremely57:11high because that's what the market will57:13demand. So yeah, really I mean it's it's57:16a it's a world of abundance. Even if57:18you're feeling bearish, there are57:19actually still sectors out there. That's57:22the funny thing about it. All right,57:24guys. Thank you so much for watching.57:26Give it a thumbs up if you enjoyed the57:27stream. You have a great session. Uh57:29just quick thing on crypto at the end.57:31It's just having a little bit of a sleep57:33after digesting what was an extremely57:37awesome educational experience for many57:39people because well I hope you wouldn't57:42be offside on this type of stuff guys57:43but this was one of those beautiful pits57:47and I always suggest if you can print57:49that into your mind that's not a bad um57:52not a bad one for whether it's stock57:54whether it's a commodity or anything57:56like it's pretty much a great a great58:01item It keeps making me excited. It's58:02it's an excellent case study on58:07all sorts of things on human psychology,58:10on price action, on flows, on data, on58:13everything. So, love it. Thanks so much,58:15guys. I'm looking forward to coming at58:17you at the end of today. We'll see what58:19happens with the bonds market, whether58:20it starts to freak out. Watch the boat58:22for high yield spreads. And for now,58:24tech, tech, tech, it seems, and we'll58:26see whether it can heat. Thank you.58:28Catch you for later. Bye-bye.
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