In today’s episode, Kip dives deep into the recent market shakeout that’s sent momentum stocks tumbling and rattled investor sentiment. Fresh off a challenging day for the markets, Kip breaks down what’s really happening beneath the surface explaining why these short term pullbacks may actually signal a healthy pause and new buying opportunities, rather than the end of a bull market. We’ll explore the surprising gap between record level market highs and extremely bearish sentiment, dissect Michael Burry’s latest high profile short positions, and look at the broader forces influencing everything from tech stocks and housing to gold, bitcoin, and the millennial generation’s impact on market dynamics. With big names like Ed Yardini and Rich Ross weighing in, and important events like Supreme Court hearings looming, Kip lays out what investors should watch for next and why now might be the perfect moment to keep your cool and stick to a disciplined, long term strategy. Tune into today's podcast to learn more. 

Don’t look back because the market is closed. Good Tuesday afternoon everyone. Kip Herriage here with the daily VRA investing podcast. Hope you had a good day today. Probably not a great day today, was it? Not if you’re long the markets like we are. Listen, we’ve seen momentum stocks. This is where the real, the real damage has been done here. And they’ve led the way lower.

That’s interesting and it’s important, I believe, and I’ll explain it in just a moment. But momentum names, you know, these are growth stocks, like high growth stocks that were super, super hot. Right? Well, the air started coming out of that balloon starting really at the end of last week. We saw the internals start to get weak and that’s where the damage was done. That’s not how this typically works. What typically happens is if you’re going to have a downturn of significance. That’s not what we think this is. You’re going to see the semi start to lead lower, right.

[00:00:48]:
You’re going to see NASDAQ start to lead lower. Now today they did. But, but listen to this. Todd and I just had a good talk about this and Toddler’s got some good data for you here. NASDAQ was down today just over 2%. Right? Down 486 points, right. Guess how far NASDAQ is from all time high. 2.8%.

Right. It’s just coming off all time highs. Right. The damage was done today. How about the semis, market leading semis now if you look at the charts right now, if you look at the quotes right now, you’re going to see the SMH, the semi ETF is down almost 4%. But that damage is coming after hours. Okay. From Advanced Micro which reported good earnings and Supermicro have not had a chance to get inside those earnings.

But I can tell you, at least for Advanced Micro those numbers were good. But again it was a, it was a late sell off. Just like Palantir. Palantir yesterday reported great earnings after the close. Stocks down 9% today. Again, this is buy the rumor, sell the news kind of action. But the point being the semis are only. The Semis were down 4% right now, as I say, but they’re only 5% away from all time highs for just a few days ago.

[00:01:56]:
So the point being the damage really was done today in our leading indexes and that’s important. There’s a lot of things I want to touch on here, so I’m gonna go quickly. But again, as you just heard me say, this looks like an overbought pause. Look, we reached not extremely revolt levels, but certainly deeply, heavily overbought levels last week. And internal, again, internal started to weaken. So, you know, it’s probably perfectly normal, as we all know. Okay, smart, smart group here. I’m talking to.

I know it’s perfectly normal for the markets to go through periods of a pause like this or an adjustment or a shakeout. And I think that’s what we have here because we have a lot of things pointing to that. Check this out. The fear and greed index opened today at a 44. Okay. Which is fear territory right now. Let me get a quick refresh. It was at 22, I believe at the close.

Yeah, so it’s popped up, was 23 now. Okay, so it’s fallen today from a 44 to a current 23, which is extreme fear. We are depending on which index you’re looking at. Well, we’re less than four or five days away from all time highs and yet sentiment is completely in the toilet. And again, that is not how this works. This is, this is more indicative of a market that is closer to the birth of a bull market than something that’s at the end of a bull market. Look, I’ve done a lot of work, if you’ve listened to me on this, you know, we’ve covered this awful lot over the years because it’s extremely important. I’ve done a lot of work over the years with investor sentiment and investor psychology, market psychology, and this is really important stuff.

[00:03:38]:
When we get to the point where the market drops, you know, 5% from all time highs, but the sentiment surveys remain at, you know, bullish or extreme greed readings instead of extreme fear. We are. Now we get to that point, we’ll be the first to tell you this is a problem. We have a problem on our hands. Houston. We have a problem. There’s something, something not right here. This is indicative of a market that is toppy looking, right? Frothy looking.

Look, we’ve had a big move. Look, no one’s gonna look seven straight months up in nasdaq. We know what a move higher it’s been from the April, April tariff insanity lows. Right. But there are a lot of things happening with services that have people nervous. Let’s talk about that a little bit. You may have seen last night. I covered it this morning in our letter.

Michael Burry came out to yesterday in his latest 13 defile. Of course, Michael Burry of big short fame came out with his latest 13D filing last night. Interesting. Here okay. From a lot of reasons. Right. First of all, he announced in his. In his.

[00:04:40]:
In his 13D filing that his firm has taken a short position by buying puts on Palantir and Nvidia. Now, that may seem like big news. Like he. Because he put a lot of money into puts on the surface, that seems like, okay, this kind of made a good call with the big short. That’s what he’s known for. This may have significance here, but when you do a little digging, here’s what you really find. This 13D filing was made last night, but these positions were put on last quarter. Right.

Or excuse me, at least last month. These positions have been in place, I believe I read, for about a month. Right. At least. Well, that means. And Palance here in Nvidia, he’s down at least 20% in both positions because, again, he’s had these in place for a while and also because Tyler and I have followed him closely for a long time. Michael Burry has called about 30 of the last two market crashes. He reminds me a lot of Robert Kiyosaki of Rich Dad, Poor dad, and.

And. And other famous perma bears who just can’t wait to tell you that another crash is coming. He’s. He made a great call again 2008 with the housing crisis. Made a great call there. Although again, just complete transparency here. He started predicting that in 2006. All right.

[00:06:03]:
He got buried for a couple of years until that finally played out in 2008, but he stuck with it. So again, it was still great. Called, no question about it, but it’s been a tough decade for Michael Burry. He’s not gotten a lot of calls. Right. Matter of fact, the last big sell signal he put out that we noticed was. Was in January of 2023 when he put out a tweet. It just said sell.

Right. That’s. That’s kind of Michael Burry style, right? Very. But, you know, you get it right. It’s. It’s sell everything going to go lower. And that’s how he was positioned, by the way. Well, we find that.

Found that interesting. We said this at the time because just two months before that, we had gone aggressively long. We’d written the big bribe. We told you on exactly on October 13, 2022, that that was the bear market bottom. That was our call on that day. And it turned out to be right. So here we are now, just a couple of months later, and Michael Burry comes out and says, sell. Well, what happened next? We had a 50% move higher in the SP 500 over the rest of that year.

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And by the way, we finished up the year in the very portfolio, 50.3% in 2023. So he got buried, got crushed in that call as well. So again, you know, I tell you the truth, doing what we do isn’t easy, especially when you publish your results like we do. You know, most, as you probably noticed, most investor investment newsletter, financial publishers, they don’t publish their results. They don’t. Some do, but many don’t. Well, we do. And we put it out there with every trade we’ve done for a decade in your VRA member site with their results.

We publish our returns typically every quarter, but certainly not that every year. And we believe that, that that kind of transparency is important. Well, I’m just being honest with you here about Michael Burry. He’s made a lot of bad calls over the last decade. Is this going to be a, his new put position, by the way? One more, one more caveat here. Yes, he bought puts in Palantir and Nvidia last month. Yes. He’s still underwater on both of those positions even after today.

But he also went long. No one’s talking about this. He also went long in his 13, defiling four different stocks. So he might be net short. But, but, but is he really because he got four long positions, two short positions. So anyway, the point being it’s that, that, that kind of because he’s got a big name, a lot of people kind of globbed onto that today. The people that are bearish and that are making big, big time bearish calls. We’ve been talking about this with you here.

[00:08:33]:
And they, they’ve been, you know, touting Michael Burry, big sell signal all over the place. So I think it just added to it. But we’ve got a number of those things that are making people a little antsy. Let’s go over those quickly. The Supreme Court decision on Trump’s tariff policies. That hearing is tomorrow. The Supreme Court hears the case tomorrow. Rumors were that Trump was going to go there and maybe even speak.

He has said he’s not going to, although his treasury secretary, Scott Bessant has said he’s going to be there on the front row, that everyone knows how important this case is. But there’s no reason to be concerned about this in the very near term. Remember, the Supreme Court hears this case tomorrow. But in these, in these, in these fall cases, they typically don’t make a ruling until June of the next year. That’s the standard protocol. Now, this May be expedited, maybe everyone thinks it should be. I don’t know. So there’s a chance that the Supreme Court’s going to make a ruling on this in January.

Again, that’s not real near term, but it’s, you know, again it’s just a couple of months away. But again it’s not tomorrow. Right. So I think that any anxiety over that is misplaced. Also there are a number of smaller things. The shutdown isn’t doing anyone any favors. There’s a, there’s a negative tone of over the country. Animal spirits are being impacted.

[00:09:47]:
Again, these things all add up and I think that that’s what we’re seeing here. And another point, I mean 42 million people, food stamps, first of all, that’s incredibly depressing that that’s the case in this country. There are a lot of people game in the system. We know this, A lot of illegals on that list. Americans are not even in the majority on that list. Right. Illegals take most of this and a lot of people can just game in the system. You’ve seen the reports like we have.

It’s pretty sickening. People that, you know, don’t disclose their income or lie about their income while on the side, they’ve got these side hustles and they’re bringing in a ton of money. They’re driving Mercedes Benz, they, they’re living in nice places and they’re, they’re, you know, they’re claiming, they’re claiming every kind of government support system that they can. And again, that’s got to be, that has to be cleaned up. It’s just wrong on the surface. And again, but, but, but again that, that money is now not going to be in circulation or possibly may not be. And again that removes liquidity from the system. These things do add up.

Here’s another one. I don’t know that a lot of people know this, but combined with the people that Trump has caught, illegals that removed from the country and illegals that have self deported. Did you know that 1.5 million illegals have self deported already? 1.5. That’s a big number. Another 500,000 or so have been caught and removed. So you got more than 2 million consumers. Right? Think of it that way. More than 2 million consumers in the American economy that are no longer in the country buying things fast food, clothing, paying for utilities.

Right. Again, these things add up and they just a little cheek of the armor here and there. And when you have a lot of them that add it together, you can get shakeouts like this from an economic point of view. Any other short term, let me take a quick look here because we’ve got a lot of positives talk about as well. One other point that I’ll make, remember last week the SB 500 was 13% above its 200 day moving average. And that’s, that’s extended, that’s frothy ish. And so again a short term pause doesn’t, doesn’t surprise us all that much. But again we’re long term investors here and we love, we love how we’re positioned here.

[00:12:05]:
We’ve got again good gains for the year, not as good as they were a few days ago because again some of these momentum names that we own even and now are now being impacted. Best buying opportunity. I’m going to focus on that tomorrow in our letter because there are some great looking opportunities here on this pullback. Let me give you some deposits now. Interest rates. Well, first of all, let’s cover this. Another, another chink in the armor. Interest rates over the weekend.

You may have seen this. Scott Bessant was on Meet the Press. I believe that was the show he was on Meet the Press and he said, you know, the big quote going around was he said, you know, there may be segments of the economy now already in or near, near a recession and that, that got a lot, a lot of attention as it should. But he’s making the point about housing. This is something we’ve talked about a lot here, right? Interest rates are way too high. Yes, the Federal Reserve has started cutting, but they’re not cutting nearly enough because rates should not be here. We don’t have inflation. That, that, that, that justifies rates where they are.

Again, the 10 year was down today but it’s still a 4.008% yield and that is just much too high. The tenure should be about three and a half percent now. Mortgage rates are still over 6%. They should be down below 5% now. Again, that’s what’s impacting the again, housing prices keep going up. We all know that. If you’re a homeowner, that’s fantastic. If you’re not a homeowner, it’s troublesome.

[00:13:29]:
It’s very hard to buy a home, get qualified especially with rates where they are now. And that does hurt the housing industry and that’s got to be changed. But for that to happen, apparently we have to have another Federal Reserve chairman and that’s just not going to happen until May, not that far away. The markets are already starting to discount that to some degree, because we’re going to see a big change in everything. Because if you’ve followed us here long enough, you know our view on housing. Housing is by far. There’s not a close second the most important economic leading indicator in the country in your lifetime, at least for 99.8% of all Americans. You’ll never buy anything more, more expensive or important to you than your home.

It leads everything. And when you have this kind of stress in the housing, I say stress, isn’t it bifurcated? It’s such a weird market because as we talk about often here, 40% of Americans have no mortgage that paid off. We learned from the financial crisis. That’s what we did. We learned and said, you know what? Never again, never again am I going to put myself in a position where, where the bank can take my shit, right? Economic downturn or not, I ain’t going to let that happen. Well, we learned and so now for Americans have no mortgage paid off, average home equity is 70%. These are obviously all time high readings. And it also is what makes it impossible, and I mean literally impossible, that we could have another housing crisis, much less a housing crash.

And I’m telling you, it’s literally impossible now if a nuclear bomb goes off and the whole economy is in fact affected, that obviously we’re talking about a different story there. But in just somewhat normal times like we’re in now, it is literally impossible. And so when you see people say here comes the next 2008, they just don’t know what they’re talking about. They just don’t know that they’re lying to you. It’s one of these, it’s one of the two. They’re a stupid or they’re lying to you. That’s just the way it is. And again, credit scores recently at all time high.

[00:15:27]:
That’s come off a little bit now again, these things, these chinks in the arm are adding up a bit. But on top of that, look at corporate earnings. We talk about this often with you here. Corporate earnings are almost going parabolic. You know, certainly tech earnings are going parabolic. The chart literally is going straight up. Now this is just not how bull markets end. Bull markets end.

When all of these things start to slow and roll over. And we’re early in this stage of the innovation revolution. We believe we’re in like the second inning because we also believe this thing’s going to go on for a long time. As we wrote the big bribe, at least 20, 30 again, that gives us five more years I think we actually think this is going to go into the2030s because this is, that this is the fourth industrial revolution. And again, we call it the innovation revolution. Some people call it the AI boom, as you know. But it’s much, much deeper than that because of the level of, of changes taking place in technology and it’s driving this growth in every industry. And it’s just early, we are so early in it.

If it was the 1990, it was the dot com. I still say frankly we’re still in 1995, maybe early 1996. And again, that was, that was a power pack, five years of phenomenal returns. But again, we’re early there. So also let’s move on some other good things here. Ross, let me pull up his. I’ve got it. I got Rich Ross’s later right.

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Latest right here. I’ll go ahead and. Well, I have this in tomorrow’s letter. Give me one second. Here we go. Okay. Rich Ross is the, the quant, right. He’s the, he’s a technical rain man, if you will, at Evercore.

And we followed his work for a long time. He’s been extraordinarily good. We don’t always agree and there’s some things we don’t agree on even now. But market direction is the thing that we are in complete agreement on and have been for some time. Ross says this is, I’ll read it to you exactly. The SP 500 remains. And this is from today. The SP 500 remains in a strong position for a year in surge through 7,000 on the SP100.

That’s another 230 points from here. There’s about a 1200 Dow points from here. Early month weakness has been bought, has been bought in each of the last three months. And I expect November to be no different. So he’s saying this is like we’ve had over the last three months an early month sell off. Remember, November is the best month of the year for the S500 and we are now in the best six months of the year. He also says 10 year yields are going lower. We completely agree on that.

[00:18:13]:
And one other thing that has impacted the markets to some degree. Have you followed the dollar? It certainly impacted gold and the miners, the dollar which again we said when Trump was elected the dollar was going to get crushed and that’s exactly what happened. But then it reached a level of being oversold that was too oversold. And I’ve got the chart right here in front of me. The dollar now has rallied. This is a perfect by the way, perfect VRA system setup. We’ll be running our charts and screens tonight to find the best opportunity for it, which by the way, it’s going to be gold in the miners, I can tell you right now because again, these are dollars denominated assets. They tend to be impacted at least by movement in the dollar and because they’re priced in gold and other commodities are priced in dollars globally.

Well, the dollar now has rallied back to the 200 day moving average. Again, it was so far below it. Well, with this rally now it’s back the 200 day while it’s also beginning to hit heavily oversold, almost extreme oversold levels. It’s getting near to our most overbought readings of extreme overbought on steroids. That’s the dollar I’m talking about. So this counter trend move that’s been taking place in the dollar is about to reverse lower. And again, that’s, that’s, that’s going to have a really good impact on the stock market, on the economy as well for multinationals and of course for precious metals and miners. Again, I’ll write that up tomorrow.

Bottom line, Rich Ross believes that tech is going to continue to lead the way. He’s super bullish on Nvidia. He’s super bullet. Well, he likes, you name it, big tech stock and he likes it. Okay, so again, we’re in agreement there with Rich Ross. Good work there by Rich. What else today? Oh, Ed Yardini fame, economist Ed Yardini. I’m sure that if you, if you’re with us here, you certainly know his name this morning or late last night, I should say, Ed came out with his latest economic update and here I’ll just read it verbatim.

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Edgardini, GDP is hot. All caps, hot. The Atlanta Fed’s GDP now model estimate for real GDP growth in third quarter. Right. So this is going to come out Fairly soon, is 4% up from 3.9% October 22nd, 27th. In addition, the ISM report on this is an economic report for manufacturing, if you will, is now saying third quarter real gross private domestic investment growth has increased from 4.4% to 4.6%. That’s indicative of what Trump’s doing right in his one big beautiful bill. You know, again, Trump, Trump likes to brag about this and you know, we’ll see if these commitments come through or not.

But he said that he’s got commitments now of more than $17 trillion of investments that are coming into the US because they don’t want to pay the tariffs they’re going to build their manufacturing facilities here. That’s already starting. Obviously it takes time though, right? It’s that transition process from the Biden economy and the Biden, you know, time to what we have now. So that’s all going to be in place of course in 2026 or really start to, to really explode upward in 2026. The markets will continue to discount that as well. But anyway, bottom line for Med Dardini, good work, good economic work. I like his work. He waffles a little bit on the markets.

Like right now he gives like a 30% chance. It’s a melt up bull market. And but he still, he also is like Ross and like us, Ed Yardini remains bullish. And you can tell from his work today that he is, he believes this is going to be a short term shakeout as well. All right, what else here? Another area that’s been hit again, these chinks, right is bitcoin. Bitcoin last trade now is 101,000, 171 felt today to as low as is below, just below a hundred thousand. So that’s down like 20% from its highs of not too long ago. And again bitcoin is important.

[00:22:10]:
This is a multi trillion dollar. Now a, a two trillion dollar market cap for bitcoin. The entire cryptocurrency space. If you add it all up with all the businesses working in this area, I don’t know that I’ve seen a total but you got to think it’s 4 or 5 trillion. It may be even bigger than that. And that’s a lot of money that’s not in the stock market. This is now completely in the cryptocurrency space but, but it’s made its importance that much greater. So when bitcoin leads lower again, it impacts animal spirits.

It gets people thinking what’s wrong? What’s happening here? Should I be concerned? And I think to all of this I would say and this is something that you probably noticed about Trump that we certainly have. Trump’s locked in. He’s locked in on the economy, he’s locked in on getting economic growth as high as possible. And he of course loves to brag about the stock market being at all time highs along with 401ks. And I think as we’ve talked here over the last week or so, a big reason for that is number one. First of all, that’s what he’s committed to. He’s the business president. That’s exactly what he believes in his core.

And he’s right to do so. But he also knows that voters vote with their pocketbook. And, you know, he wants to have this economy and the markets rocking and rolling. As we get into the midterms next year, this is typically the time when you see this kind of weakness. Again, we’re only off a little bit, but momentum stocks have gotten hit, so it feels worse. This is the kind of time that Trump steps up and finds something, find something to change the conversation about. He’s not waiting on these things. He acts pretty quickly.

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I wouldn’t be surprised if something like this were to come out soon. That gets people focused on the upside potential for the economy and for Trump’s. Again, for the, for the Trump economy we’ve called the Trump economic miracle, which is playing out right before our eyes. Just looking at my chicken scratch here. All right, well, I think that’s covered most of the bases. I want to talk to you about today. I know there was something else I wanted to cover today. I’ll just mention this because I wrote it up this morning in the letter.

One of the reasons that these downdrafts had been short lived is because of the millennial generation. It’s not just them. Look, obviously baby boomers are still active investors, but it’s all about millennials and this is the future. We dedicated a chapter that Tyler wrote, as a matter of fact in our book the Big Bribe, in our five mega trends, one of those mega trends, a whole chapter dedicated to it on the millennial generation and the impact that they’re having on the economy and the markets. Just quickly for our newbies here, millennials, because you’re not going to hear us anywhere else. I haven’t heard anywhere else or I don’t watch a lot of TV again. But I can tell you this is not being discussed in the, in the mainstream financial mainstream. Millennials are the largest segment of the population, 72 million strong, in process of inheriting 85.

It’s 80 to 90 trillion. We’re going to use the middle in there, $85 trillion. This makes them the wealthiest generation in history. Importantly, they’re born into technology. They get it at a DNA level pretty important for the innovation revolution. But I think bigger is that they, they love, they love investing, they love equities, they love housing, they love, they love cryptos, and they’re born entrepreneurs. They also know that leaving your money in a bank account is a fool’s errand. They know that because they saw the damage the currency inflation has inflicted on their parents over the years.

[00:25:56]:
Right? So when you see These dips being bought. And you might wonder who’s, who’s buying all this? Well, shareholders, I mean, excuse me, companies are buying back a lot of it, of course, and shareholder buybacks, it’d be another record all time, all time high this year. I believe I saw 1.3 trillion and in, in company buybacks this year. But this is, this has been a retail bull market and they’ve been right, institutions have been wrong and that’s been a very familiar theme. They bought every dip. I don’t think that’s going to change because they’re just an ocean of liquidity. You know, it’s, it’s millennials, it’s empty money supply at all time highs is $7 trillion in money markets. There’s just money coming out of people’s ears.

And again, that’s another reason why this economy is in such great shape. It is, it is. Again, I think ocean of liquidity is the best way to describe it. I think that’s entirely accurate as well as descriptive. And that’s why dips continue to be bought. It’s extraordinarily bullish, both short term, medium term and long term for our markets. And again, because we are so early in the innovation revolution and this economic boom time again, we’re not going to change our tune here. You know, we’re super bullish.

The fact that the investor sentiment has flipped so bearish all of a sudden, no doubt. We get the AI investor sentiment survey Wednesday night. It’ll be super bearish too. It typically is like the fear and greed index. So you know, again, these are, these are reasons to pay attention to investor psychology because again, it is important. Just one more point because we’ve been talking about this now for the last couple of weeks on Tesla. You know, it’s our, it’s our favorite stock. Tesla was down 5% today.

[00:27:35]:
Again, you know, tech stocks, high momentum stocks, they have a very high beta, tend to get hit on days like this worse than others. They did today. They’re up 3% yesterday, down 5% today. But still Thursday’s the day, Thursday’s the day. That’s the day the shareholder vote’s going to take place on Elon Musk compensation package. And there’s some other items in there as well, but no one’s even talking about those. It’s the comp plan. And according to Poly Polymarket again prediction website, their latest is 94 odds that Musk comp plan is going to be approved.

We also found today, this is the power of social media today, which is just incredible. You know, if you’re a scam artist, you know, you’re going to be added pretty quick, you know, and your name is going to be ruined. Thanks to social media, it does have some good parts to it and this is one of them. Yesterday it broke again because of social media. It broke that Charles Schwab, you know, again, serious, you know, a discount brokerage firm, right. One of the largest. Charles SWAPP may be the largest. Charles, I think Fidelity is the largest.

Schwab’s probably second. Charles Schwab, it was reported yesterday, was going to vote no on Elon Musk compensation package because they hold the proxy for so many investors and they were going to vote no because iss, you know, which is this really very bogus group that tells these big proxy voters how to vote extraordinarily liberal. They really don’t even know why. They’re just doing it because they don’t like Elon Musk or they don’t like capitalism. You know, again, all of this started during the Obama and Biden administration where these, these proxy voters, if you will, came to power. They shouldn’t have the power. They’re not the ultimate shareholder, but they’ve used this power to coerce and control companies. Again.

[00:29:31]:
They were very big on dei, very big on esg. Well, those days are gone and, and now the power of these companies like ISS should be are gone as well. Well, Charles Schwab heard it on social media everywhere yesterday. You may have seen it. People are like, you vote no on must compensation package and I’m taking my money out. Enough people said it that we just found out like an hour ago it’s been confirmed that Charles Schwab will be voting For Elon Musk 2025 CEO Performance Award Plan, which is technically what it’s called. That is, that is very good news. And again the power of the people taking place in a positive from social media, which it certainly is.

I wish we’d have social media during 9 11. That’s a personal, just a personal comment because it wouldn’t have taken these 20 plus years to get to the at least some version of the truth, which is the, the official story is complete nonsense and has been of course full of lies for a long time. But at least we have social media now and we’ll take the good with the bad. But in this case extraordinarily a good, good component and, and part of, of social media. Okay, let’s look under the hood today. About as you’d expect on the internals, actually, I Thought they’d be worse today. NYSE advanced decline 2 to 1 negative. I actually expected that to be 3 to 1.

NASDAQ was 3 to 1 negative again. That’s where most of the losses were today. Again to recap NASDAQ led the way Lower today down 2%. Russell 2000 today down 1.8%. Dow Jones down a half percent. SB 500 down 1%. Reminder we’re in the best month of the year for the market here again just another reason especially with sentiment already getting this negative to to think this is going to be a pause. What else in the internals here? Volume today NYSE was 76 down volume.

[00:31:21]:
NASDAQ 66 down volume not good. Also not terrible. And we had right at 300 more stocks hitting a 52 week low then hitting a 52 week high in our sector watch today better than you think actually we had four sectors finished higher, seven finished lower. Led the downside by, you guessed IT, technology down 2.2%. I just have to say one more time NASDAQ is a whole 2.8% away from all time highs. 2% of that was today the market leading semis are 5% lower from all time highs. 4% of that today again they lead they don’t follow in big terms like this doesn’t mean that’s the way it got to happen this time I’m saying it be at it would be out of the norm. Consumer discretionary down 1.9%.

It’s also a market leader of course to the upside financials up a half percent. Actually bank stocks look very good here on the charts. Consumer staples also up a half percent today And a commodity watch again I talked about the importance of the dollar to commodities earlier. The fact that the dollar is now reaching extreme overbought, almost extreme overbought on steroids. It’ll get there. I’ll cover tomorrow. Gold today down 72 bucks an ounce at 39.41 down 1.8% get hanging around 4,000. That’s to be expected.

It broke out to 4400 and now we’ve had this 10 correction in very short order in the past as we’ve covered with you often here. Some good data on this. Two months later when this kind of a decline happens. Gold is up on average better than 9% and it’s up 100 of the time. Right. So again we’re we’re very long and strong gold here have been for a long time and another great opportunity to buy the dip. Really a good chance to if you’ve got again if you’ve got money, it’s in a money market, a bank of some kind or maybe in bonds, something you’re just not happy with. You want to reallocate your portfolio, rebalance a little bit.

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This is when you do it, this is when you do it. I’ll cover that again in the morning because these nuclear stocks have been hit phenomenal value here. A lot of you obviously, you know, one of our positions is new scale power which is SMR. It’s a symbol, it’s nuclear. It’s down to 38, 36 now, right, down 4% today. Excuse me, down 11% today. And I’ll get out, I’m going to cover it tomorrow because it’s extraordinary value here. Nuclear of course is going to be red hot for a long time.

But it’s these kind of shakeouts right along with bitcoin and some of the areas that we’re invested in there. Again I’ll write it up for you tomorrow because this is the very definition of buy the dip. This is very definition of how we approach investing which is to dollar cost average on a monthly basis. This is, this folks is when we do it. Silver today down 2.4%.4689. Copper today down 2.8%. It was kind of an everything must go day to tell you the truth. 4.9.

Excuse me, $4.90 a pound. Crude oil today down 1%. 60, 42. And again Bitcoin to wrap it up today, 100 last trade 101,620. We’ll write that up again tomorrow morning as well. All right folks, that’s it for today. Hey, hope you, hope you had a good day. Even the light of the sell off here hang in there and we’ll, we’ll keep everything on the same page and do our best to use dollar cost averaging on our side to support some of these prices here.

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Okay, have a good night everybody. We’ll see you back here again tomorrow after the close.