In today's episode, Kip dives into the Federal Reserve following today's FOMC meeting, and more importantly, he breaks down the market's reaction to J Powell's ongoing policy mistake. You’ll also hear Kip break down this week’s blockbuster earnings from tech giants like Meta and Microsoft, highlight the structural strength in corporate America, and touch on why he still sees massive upside ahead for U.S. markets. Tune into today's podcast for a comprehensive breakdown of today's stock market action.

Don’t look back to the market is closed. Good Wednesday afternoon everyone. Kip Herriage here with the daily VRA investing podcast. Hope you had a good day today. Of course, you know what today was, don’t you? It’s Fed day. How exciting is this? I know we’re all so pumped about this. And Jay Powell of course did strike again by the way. This is supposed to be Tyler’s podcast.

Tyler’s our resident Fed watcher and he’s, he’s doing it tomorrow. Today should have been his day. So I’m stuck with having to cover this loser Jay Powell. And I’m sorry, but that’s what he is. If you read this morning’s letter, you know, I’ve talked for a long time really I started becoming I think more agnostic about the Fed after quantitative easing because it was just so mind bending that as I was, I was after the. We actually back up a little bit beginning about two years before the financial crisis on stages all over the world asking by it knows me. I started warning about the coming financial crisis based on the housing crash that could be, could happen. Didn’t predict that was going to happen but we warned everybody we were prepared for to the financial crisis.

[00:01:03]:
And then when it came time to buy the bottom on March 9, March 9, 2009 within five minutes and ask anybody again, anybody knows me remembers this time frame called the bottom within five minutes of the bottom. And there was a very specific reason for it. It had to do with the banks and a federal ruling that they, a government ruling that said they no longer had to mark their assets down to market.

And so they removed that, that marked the bottom. We went aggressively. Long bottom line is we’re ready coming into 2008. We bought the bottom coming out of 2009. And then so everything’s going on a hunky dory. We’re long markets recovering, doing great. We own the miners. Ivanhoe Mines was my top pick then made 14 to 1300 percent and I’ve had a mine to 18 months.

It was a really good time frame. And then quantitative easing when it really began to kick off, it just made no sense to me because I expected QE to be just rerolled with inflation. I mean it’s all this money printing. How could it not cause inflation? Of course it didn’t. It didn’t. Now again, if you believe the official data, we could spend some time on that if you’d like to. But bottom line is I got that wrong. And so for about, I don’t know 9 months, 12 months, which is a long time to stay wrong.

[00:02:23]:
I was wrong about the market, and it was not a good time to know Kip Herridge. Ask anybody again that knows me. And finally, I just threw in the towel. I was like, look, I can’t fight the Fed and win. They’re just too much power. So what am I doing? So we got rid of our short positions again. It was probably the worst year that I’ve had with the vra, and I’ve got all that data. I have to go back and look at it.

It was a bad year. I think that year we were down like, 35%. Okay. And I tried to block that out, I think. But bottom line is that I became agnostic about the Fed. I was like, you can’t beat them. Join them. So we just put it aside, put it out of our mind, because you know what? Our job is to do one thing is to make sure we beat the markets and make our subscribers and clients money.

Well, then, Jay Powell. Jay. Fast forward to Trump getting elected and nominating Jay Powell. And then right away, 2018, I mean, the same year he gets appointed, nominated the Fed, he starts crashing the market. They raised rates seven straight times in 2018. It was clearly, get Trump. Then this is. This is Dave Powell’s second time to go around with get Trump.

[00:03:36]:
And he didn’t like it. Then it became clear there, you know, again, a bit heated battle in the media. And Powell just kept hiking rates. Matter of fact, he hiked rates in December. Nobody’s around. The markets crashed. It was called the December from hell, the fourth quarter from hell. And it was the worst December, worst December ever.

Worse than the Great Depression. And that was a horrible one. They had to. They had to halt trading on Christmas Eve because the markets were down so much. That was Jay Powell. There was no reason to do any of that. It was just clearly, get Powell and get Trump, and mine’s bigger than yours. I got more power than you do.

[00:04:17]:
Watch what I. Watch what I’m going to do. He just didn’t care. So when I hear Jay Powell talk about. Our concern is about the little guy. You know, we got a dual mandate and we responsible for the American people. It’s important we get this right on behalf of them. He says that every presser.

He said it again today. Well, I wish I could just have five minutes in a room with Jay Powell, right? Not, not to beat him up, that, that would be fun, but just to call him out on, on these specific lies that he tells, because this is now, his fifth policy here that he’s made since he’s. And these aren’t Minor errors Again, 2018 was not a minor era. Obviously the post Covid, no inflation trails transitory and then 41 year highs inflation, again, these are fireable offenses. And now he’s doing again. Now, the difference here, and I will say that he’s got more cover this time because the economy is strong, because it is Trump 2.0. And bottom line is I’m telling you the truth. Rates do not matter here.

[00:05:17]:
Now, that’s to the markets. Rates absolutely matter to this, especially the second America. Okay? You can’t buy homes, mortgage rates are too high. Late payments on credit cards and car notes are really beginning to skyrocket. Now. It won’t show up in the data because the second America. And again, I’ve said this, I don’t know, probably 100 times over the last couple of years. And I always feel terrible.

I come in second America. So I always feel terrible saying it. But it’s just the reality. The markets don’t give a shit about second America. They don’t care. Jay Powell does not care about second America. If he did, rates would not be where they are. Rates should be sharply lower.

Trump’s exactly right about this. And if Powell cared about the Americans as a whole, they would not be where they are. Certainly mortgages wouldn’t be 7%. And now we have effective fed funds rate of 4.33%. Of course, they didn’t do anything to raise today. So, no, he doesn’t care. He looks at this as a blended America. And yeah, on the surface, that’s exactly right.

[00:06:21]:
This country is doing incredibly well. The wealthy have never done better. Matter of fact, most Americans have never done better. But there is a segment of the population that is really, I think, being hurt to a degree that not enough people are talking about. But it is starting to show up in the data. But again, it’s not going to hurt the markets. So cutting rates here just. It doesn’t matter.

You saw it today. You know, again, this is Powell having a typical Powell day. Markets are doing just fine. Dow Jones up 100. Nasdaq up 100. Powell starts talking, here comes the crash, right? Dow Jones fell as much as down. I think I saw 350. Nasdaq was down over 100.

Nasdaq rallied all the way back, closed at 31 points in a day. Dow Jones had it also had a rally, got about half his losses back on the day, finished down 170. And that’s because the markets don’t care about interest rates. It just doesn’t matter. As long as the Fed’s not hiking rates, the market doesn’t care. Because the market knows that the first America that that matters and that’s all that matters is carrying everything. They know that corporate America has never, and I quote, quote unquote, never been stronger. Tyler said this interview last night with, with, with Wayne Allen Root.

[00:07:29]:
I hope you saw it we posted today. I, I recommend watching. It’s the best interview that I believe he’s done. He’s done, he’s starting to, you know, stack these up now. He’s relatively new at this, but he’s starting to stack them up now. And I thought, I don’t know, he’s done eight or 10 of these, I guess. I think that was his best one last night with Wayne and he made this point last night. Corporate America is not only never been stronger, their debt to market cap is at 50 year lows right there.

There’s almost no corporate debt anymore. They don’t need it. Instead what are they doing using all their cash for share buybacks which of course every year hit a new high. Folks, these are not the signs of an economy that’s in trouble. All right? And so when I see people that are saying here comes the next 2008 or here comes the next big bear market, oh, look at this, look at that, look at this, look at that. Oh, it’s a sign, you know. Oh, I’m sure, no problem there, right? Oh, all’s fine, huh? You know, they’re all trying to tell you that we’re being lied to. Ignore the markets, ignore the all time high after all time high and instead listen to them because they know the market’s really going to crash.

[00:08:33]:
It’s not going to crash. We’ve been saying this for three years now. This market is going to the moon. Is absolutely going to go to the moon. This is the bull market. A bull market. It’s a generational bull market. And then we saw it again today.

Again today. As overbought as this market is, and it is extremely overbought for Powell to come out and essentially say, you know what, now we’re not going to cut, we’re nowhere to cut. We may even cut December, we may not even cut in September. And that’s what Fed futures now show, is that now it’s under 50% that they’re even cut rates in September. If that would have happened in a, in a market that is in trouble, in a market that is structurally flawed and ready to reverse course. We would have seen that today, I promise you. NASDAQ would not have finished up 31 points. Okay, so I just want to make two points about Jay Powell because I want to get to some other things here as well today.

[00:09:26]:
I’ve got some good data for you. I think Powell, nothing really surprised me except two comments really stood out. One was a head turner.

One was a head turner. I’ll save that for a second. His first one when he was asked about because he made the point in his intro and the Fed statement says the economy is slowing. US Economy is slowing. And I’m like, we just had a, this morning had announced that the second quarter GDP growth was 3%. What do you mean it’s slowing? I couldn’t wait until somebody asked that question. Sure, pal. You say the economy is slowing.

All the data, how do you, how does that jive with the 3% GDP growth we got today? And what do you think this clown says? Zay says, oh, oh, well, we don’t look at 1/4. We look at a blended 6 month. Now, first of all, what a smarmy, okay, what a smarmy lying asshole this guy is. Because if the roles were reversed and if instead of 3% positive GDP growth, Trump had come in with this, this is Trump’s first real quarter, okay? First quarter really was Biden residue. Clean up the mess.

[00:10:40]:
So that’s why we came in for lower GDP numbers in Q1. But if Trump, if this second quarter had been negative 3% or negative at all, as opposed to plus 3% GDP growth, he would have been focused on that like a, like a hawk. That’s all. Every question, everything. He would. Well, you see, you did see, did you not? We just announced this morning, negative 3, negative 3% GDP growth. It’s all. They wouldn’t be talking about a blended return of first and second quarter.

So that’s number one. That, that, that’s a, that’s, that’s a clear sign. This is not an honest guy, okay? And he’s not. He should have been fired a long time ago. Number two, he said that the bbb, right? Big beautiful bill or the one big one, Big beautiful bill, big bb. He said somebody asked about growth that they expect from. How much economic growth do you see coming from it? His quote was the growth from the BPP alone should not be consequential. That was his quote just completely saying it doesn’t matter.

[00:11:51]:
Oh, yeah, yeah. Trump can brag about it, you know, all of that, everything. But it’s not a big deal. It’s not really going to add GDP growth. First of all, he’s wrong. He’s unbelievably wrong. The economy is on as the, as the quarter just announced this morning shows the US Economy is on its way to rocking and rolling. It’s building now.

Animal spirits have returned. We’ve got the right president. It’s Trump 2.0. His Tyler called last night. It’s a Trump Economic Miracle 2.0 and it’s building. And at the end of the day, how’s going to get covered because of this? You watch this as the economy continues to grow and again we’re on record as saying by the end of the year or worst case, by June of next year, GDP growth will be 5% plus. We’ve said that now for a couple months. So what Powell will be able to do at future pressers and future Fed statements as the economy grows, you see, he’s going to have to cover there.

[00:12:50]:
Well, we’d love to be cutting rates but look, the economy is really picking up steam so you know, I wouldn’t be surprised if they start talking about hiking rates. Now the good news is, is that Powell is going to be gone here next May. Okay. But we also by the way, had two dissenting votes. Okay, that happened today. What are their names?

One, one chick and one guy. Waller and Bowman. Bowman’s the lady, Waller’s the guy. And they both dissented. Okay. And that’s very rare that, that they, they like to be unanimous at the Fed. That adds to their power, you know. And, but anyway to say that, that, that was a tell.

But anyway I wrote this up this morning and I’m just going to say for a long time now I’ve referred to the Fed and really central bankers globally as our financial masters of the universe. Now they’re self appointed but that’s how they see themselves. They not only do these monthly pressers with Jay Powell, but all of these Fed members and governors, they go on the circuit, they’re getting all over the place. You’re going to see it. They have a blackout period that I think is up, I think soon, like the next couple days. And you see them all out there, you know, at all these events, getting paid to go give speeches, their interpretation of the quarter. And so you know, again they, they now have built themselves. They, they are the cool kids.

[00:14:20]:
And this is the analogy I’ve used. They’re the now the cool kids at the lunchroom.

They were nerds growing up. They had no Friends, except their nerd friends. None of them played sports. They’ve never owned a run of business. They’ve never hired any, employed anybo. Had to hire or fire anybody. They’ve never had their own pocketbook on the line making decisions. But now, because this Federal Reserve system central banking system has elevated money printing to a position of power because that’s all they really know how to do is print money, right? And then, then they can lower and raise rates.

That’s. That’s quantitative. That’s all they could do. But they are the cool kids at the lunch table now that sounds. And they, they do not want to give up that power. And how long is it going to be before they have to? I don’t know. But I think we got the right president now. That could maybe make a change to that.

But in the meantime, if you haven’t read Bonfire of the Vanities, it’s a good summer read. I’d recommend it. Of course, Tom Wolf’s classic. And you know, that’s where I get the financial message of the Universe from. Sermon McCoy. Sermon McCoy was the lead character. Tom Hanks played him in the movie. Don’t watch the movie.

[00:15:26]:
The movie’s horrible. But the book is fantastic. And he portrays himself as master of the universe. He’s a Wall street bond trader. Very arrogant, very, you know, very, very elitist.

And all of a sudden, all of his excesses blind him. And he goes into a big. I won’t ruin it for you. He goes into a big downfall. That written up. It’s only Tom Wolf can. Okay, but that’s, that’s where they are today. They’ve been ensconced in this power.

They can’t be fired. Jay Powell’s made that clear. He’s done. I’m unfairable. So, you know, they answered to only one group, and that’s the banking cartel. So, yeah, they do answer to somebody. They answer to the banking cartel, most powerful cartel on the planet. There’s seven cartels, as your Griffin taught me many years ago.

Seven cartels. The most powerful cartel is the money cartel, the banking cartel. And so they know they’ve got their back, right? So look, at the end of the day, thankfully, at least for the end of this day, meaning the time frame we’re in now, where rates are, won’t matter. It just, as I said earlier, it just doesn’t matter. The market showed it today. We are rebought. Todd and I have said this often in the last week or so, but we wouldn’t be surprised to See some kind of a shakeout. We just think it’s gonna be very short lived.

[00:16:41]:
I got some more data on that in a minute. But longer term this is not going to end well, right? This is not going to end well. When is that? I think it’s a, I actually think we got 20 years. I think 20 years. And it could be longer because now we have the innovation revolution kicking in. We have a global economic growth that’s going to pick up because of it. Disinflationary forces are building again because of the innovation. That’s what innovation does, makes stuff cheaper.

And so that’s a big way. China’s exporting deflation. Europe now exporting deflation. And so the US is the last bastion of free market capitalism. We are where it is at. This is why the market one another another. One of the reasons the market’s going to keep melting up is because everybody wants to be here because they get it. It’s Trump 2.0.

This is, this is the, this is the only game in town. If you’re a true capitalist and you believe in free markets, this is it. If you’re in Canada, hey, Russia, it ain’t anywhere in Europe. This is it and everybody knows it. Fund flows will keep piling in here again, Tyler’s Talked about this M2 money supply all time high. It’s like 20, 22 trillion dollars. Seven and a half of that trillion is in money market funds. So this is a recipe for a melt up.

[00:18:02]:
And I don’t think it’s going to matter what rates do, frankly. Although we do believe rates that we still believe rates are going lower. Right. Powell won’t be in the job forever. He’s got seven, eight months left.

And rates are going to come down. These two dissenters confirm that because you have two dissenters of the Fed. Guess what? They’re going to win. Their side’s going to win. That’s just the way this thing works. Because the group think at the Fed is like the group think everywhere is fatally flawed. And the first time somebody stands up and says the emperor has no clothes on it starts to fall apart. And so that’s what’s going to happen here.

They are going to cut rates. I just don’t know when. I don’t think it really matters. But it does matter to the second America. It matters to everybody that’s really struggling to get by because the Federal Reserve is keeping. Look, all they have to do is drop the federal funds rate from effective 4.33% now, drop it down 50 basis points. Let’s go to an effective, say, 4.7, 3.75%. Mortgage rates will fall by over a percent, maybe a percent and a half, because it’s the direction that matters.

[00:19:05]:
And then we start to get the long end right. The Fed controls the short end, the long, and really, we start to play catch up. And then, then we can get, we can really help some people in this country. But if you listen to Jay Powell and he talks about, you know, we’re here to help the people, it is opposite day with this guy every day. Don’t fall for the grandfatherly act, because it’s just bullshit from this guy. He should be fired, should have been fired long ago. I wish Trump would just go ahead and do. He won’t because he knows the markets will be in upheaval and they would be.

He knows that it’d be a whole legal process, that it would last longer than when Jay Powell’s time is up. That’s what his advisors told him. That’s why I tried to fire him. He would get stuck in the court system. All it would do is make the markets unravel. And that doesn’t help Trump. And he knows this. At the end of the day, he wants to remember this the best president economically ever.

And that means the market’s got to melt up, as does the economy. And getting into a big legal fight with the head of the Federal Reserve, that is not going to solve any problems. It’s going to make them worse. But it doesn’t mean we still can’t be honest about it and call Jay Powell like he is. Look, I have been on Fox Business now for close to three years, and I think for my first or second time on with, with, with Charles Payne, just an amazing guy. I, I said Jay Powell should be fired. He should not be in the job. He just, I said just resign.

[00:20:26]:
He should just resign. Because they’ve been wrong. Again, this is not Kip’s conjecture, this is fact. This is their fifth policy mistake they’ve made. And these are not difficult change mistakes to make. You have to try to make these mistakes. It’s much more than just groupthink. This is controlling Trump.

The Federal Reserve is part, they are a key part of the deep state. How are you going to control Trump? Here’s one way you do it. If you can keep rates up, elevated, then you can control the housing market, which controls the US Economy, at least to some degree, some large degree, certainly for consumers. And that means when we get to the midterms next year. Maybe your side, meaning Democrats, maybe your side has a chance to win. Maybe your side has a chance to beat Trump if somehow you can affect the economy again. The good news here is this is a structural market, is a structurally strong economy. High rates are not going to hurt that we might have some hiccups again.

[00:21:27]:
The economy is again second. It’s all about second America. And I actually do care again. I come from that. I do care about them. I can promise you J Pal does not. All right, so why do we think the market’s going to keep melting up? Todd and I’ve look, we’re overbought. A shakeout wouldn’t surprise us again, that’s how overbought we are.

But I want to remind you that this v bottom, okay, because this is really, we’ve been making this case for some time that like 2020, after the plan demic we had a v bottom, the market bottomed. And then within two or three months, I mean what was it bottomed in in April and then by like July, August. So what three months or so we were back to all time highs. That was a v bottom. But here’s what’s important. If this is like that, and we think it is, there’s the evidence certainly points to that being the case. The what happened next was even more remarkable. Almost over the next 15, 16 months, SBF 100 went up another 40%.

[00:22:30]:
So it didn’t just stop get all his gains back back to all time high. It went up another 40%. Nasdaq over that same time frame went up another 70%. And this was 2020, folks. So we didn’t have the innovation revolution. It was just being born and birthed in this is all happening really from dot com. These were all companies that had great ideas and it was all based on the information age and the birth of really the usable computer and wi fi and cellular and everything that comes with it, online shopping, et cetera. And now it is transformed that we have all these new industries and other new industries coming.

So this is just a remarkable time to be alive technological change like we’ve never seen in this country truly happening right now. And so that’s what’s going to drive everything. And again, that’s also what’s going to cause inflation to continue to fall. But more than anything, this is that bull market. And I only repeat that because we have a lot of new listeners. You know, I’ll make sure they understand. This has been our message now for three years. And every day we get more and more evidence that is the case, right? What else? Today met.

[00:23:43]:
Oh, earnings. All right, I almost forgot to talk about this. Let me get a quick refresh here. Meta and Microsoft. This is a week for big tech earnings, mega tech earnings, right? Jesus, look at this. Meta is up 8.4%. Big earnings beat top and bottom line, obviously. Market cap’s 1.9 trillion and the stock is up 8.3%. That’s meta, formerly Facebook. Right.

Now let’s take a look at Microsoft. Microsoft’s up 7.8% as I speak, almost as much as Meta, and it’s got a market cap of $4.1 trillion. It’s, it’s, it’s almost four times. Well, we’ll call it three times bigger than Meta. It’s the second largest company on the planet to Nvidia. And on earnings again destroyed the top bottom line just reaffirmed, even added to their capex.

[00:24:42]:
Meta did as well. Which tells you this thing is picking up speed, right? This AI boom is picking up speed. So you have the largest companies in the world that are growing on a single day within five minutes of 7, 8% gains. What does that tell you? Does that tell you economy’s in trouble? All the people telling you crash around the corner. What does it say? They’re idiots. They’re idiots, folks. This is the market you have to be in.

And Tyler again, Tyler, great job last night. Tyler covered this and said, Wayne, asking the questions. What about people saying, hey, wait a minute, we’ve come so far so fast. I missed the move. I missed it. And Tyler’s like, no, you didn’t. This is the beginning, right? This is still 1996. In the 1995-2000 melt up.

This is early and of course he’s just right. We just got back to all time highs, right? From the, from the tariff tantrum we had. So it’s not too late. Yes, it’s overbought, but you got it. You got to at least start. Wait, you know, start getting positions built here. You know what I always do if I’m the wrong side of something in a stock I want to own, or you know, whatever it is stock, I want to own it. Or I’m on the wrong side of the position.

[00:25:48]:
But I need to establish a position, buy a small position. Like one of our best positions is Nvidia, by the way. It’s up another 3% today, right? Nvidia’s market cap now is $4.41 trillion. Largest company on the planet. It’ll be 5 trillion for long. And it’s up 3% now based on, you know, it was already up like one and a half percent. The earnings today in the after hours, you know, caused it to go up more. But you know, we’re, we have like 70% gains now in three months.

Right, but yeah, it’s overbought. Yeah, it’s extreme overbought, yes, but it doesn’t matter. At least get a position in it. And by the way, and I get, we get this question a lot. I don’t know that I address it enough. A lot of people think that I don’t want to buy in videos. 180 a share kit. I can only afford to buy a few shares.

I don’t, I don’t, I’m not, I can’t make any money in that. Instead I need to find me a good $2 penny stock or whatever where I can buy a bunch of shares and then I can make a lot of money. That is not how it works, folks. These returns are all based on one thing, percentage gains. It doesn’t matter if you invest one thousand, ten thousand, a hundred thousand, it only matters how much the stock is going to go up.

So buying more shares typically is a bad thing because when it goes down, you feel the pain even worse. All right, so don’t just avoid that trap. The price of the stock. Absolutely. It doesn’t matter whatsoever. What’s the potential? That’s what matters. And again, you want to own these stocks, you got to own these innovation revolution stocks.

[00:27:23]:
Okay, let’s take a look at the day and let you go today. Not great internals again. We’ve had a string of these now where they’ve not been great. And again that’s what happens in an overbought market. But again we had a chance to crash today, or at least it hit hard today just didn’t happen. So I think that’s, that’s, that’s a tell is what I would call this today. Keep it simple. Two to one negative for advanced decline.

Both NYSE and NASDAQ volume today 72% down volume day. NYSE 58% down volume day. NASDAQ but we did have, it was 208 stocks hit a new 50 week high. Just 153 hitting a new 52E low. And our sector watch again pretty much like yesterday, three sectors higher, 8 lower. Little bit damage done today. Materials down 2%. Real estate down 1.4% again you know a housing today got hit 10 year is up again.

Powell’s not going to Cut rates. Won’t even hint about a September rate cut. Well, that’s bad for housing, right? I don’t think, again, I don’t think it matters. Housing market so incredibly strong. We said this so many times. But again, for our NEWER Listeners, when 40% of Americans have paid their home off and have no mortgage, when the average home equity in America is 70%, it is an impossibility that you can have a housing crash. It’s a physical impossibility. It’s just too strong.

[00:28:44]:
When you add all the other structural consumer net worth at all time high, credit scores all time high. They’re off that a little bit now. But again for the past two years that’s been the case. You just have too many people have too much money look at again into money supply. And so you get any weakness, buyers just jump in. I’ll take that or I’ll take that. I’ll take that, I’ll take that. I’ll put that in.

Just another LLC already got 15 of them. What’s one more? So it’s impossibility to have a housing crash. So look, rates are going to fall and I think you use these dips as we own leveraged ETF in housing. We just use these as buying opportunity. And so today they got slaughtered, right? But again that’s, that’s Jay Powell just doing what Jay Powell does. So what can I say? What else in sector watch today? The only thing they’re up today really utilities. I don’t even know how that happened. Up 7.

Their, their, their own animal of 7, 10%. Tech again was up again today, up $0.04 1%. We’re going to follow tech, follow the semis. They’re always going to tell you which way the market’s going to go. And of course the semis, they hit another all time high. They continue to lead the SV500. We share this chart often with our, with our VRA members here. And when you have this kind of strength and semis, the market’s only going to go in one direction.

[00:29:57]:
It’s higher. And so until that changes, you know, there’s no reason to, to change our views whatsoever in a commodity. Watch again. Okay. Dollar very strong today. Very strong today. Matter of fact, it’s a God, It’s a, it’s a big old God candle, big green candle today for the US dollar. But again it’s been extreme oversold.

It’s big downtime, big. It was due for a bounce. That’s what it’s getting. It won’t stay up. But this is a big counter move. These, these primary trend moves last longer, but the counter trend moves are the ones that get you all right. And so that’s what’s happening now. That’s not good news for gold.

[00:30:36]:
Gold today was down 40 bucks announced last trade here 33.79. Silver is down even more like 2 and a half percent. It’s last trade 3821 announced. Again we share the chart of the miners today. Miners down were down big today. GDX, the gold miner ETF today was down 2.7%. Have been down three and a half percent today. But again it’s still in that bullish channel, you know, as long unless it breaks out of that bullish channel which has been in place all year as again, it’s been one of the top performing sectors of the year.

Had been number one until about a month ago. But again, we love this group. The money printing is not going to stop. Uh, gold prices are only going to keep going higher. And so these are always buying opportunities. You know, you got to pick your spots, pick your favorite miners. That’s what we do here. Copper today was last at 566.

[00:31:25]:
Also down big. It’s like we’re going to have some copper tariffs coming in play into the US like 50%. That could be a shocker to the system right now. 566 a pound for copper. Not as big a hit as I thought it might have today. And maybe that’s a good tell for us. Finally today, last trade, crude oil essentially unchanged on the day 69. 22 a barrel.

And then finally, finally bitcoin again. We shared that chart this morning too. Bitcoin hit extreme steroids when it hit 123,000 all time high. And that’s when bad things happen. It’s not a sell signal for us. It’s just when we pause our buying. And so now all these overbought momentum oscillators are starting to unwind. All right, now they’re approaching oversold levels.

And Now Bitcoin at 117,000 is starting to look very close to get to being another buy. I’d probably wait a little longer. But look, if you’re, if you need to buy some bitcoins, you don’t have any. Buy it. It’s going again. Our year end price target is 200,000. Our cycle high, which is like another two, two and a half years is 350,000. But if you already have a position, you’re looking to add to it, there’s no rush here.

[00:32:33]:
I don’t think. Let’s see how the charts play out. Let’s let this because you have some weak hands that continue to sell. That always happens. That’ll happen in our higher flyer stocks too. And it’s just a great time to sit back when you reach these overbought levels. It’s a great time to sit back and just be patient. You know, you got your positions in place.

There’s no reason to do anything other than that and wait for the short term insanity again. Jay Powell. Appreciate it, brother. Thanks again for knocking this market for a loop. Because you can’t do the right thing for the second America. Just resign. Just resign. J.Powell.

Alright folks, that’s it for the day. Hope you had a good day and even better night. We’ll see you back here again tomorrow after the close.