In today's episode, Kip dives into the fantastic market performance this week, that saw both the S&P 500 and Nasdaq notching their best week of the year, driven by a significant move in the semiconductor sector. Kip also spends some time talking about next week's FOMC meeting and it's potential impact on our market. Tune into today's podcast to learn more.

Don’t look back because the market is closed. Good Friday afternoon, everyone. Kip Herridge here with the daily VR investing podcast. Hope you had a great day. Hope your week was even better. What a week we had. Guess what? We just had the best week for the S and P 500 and for Nasdaq for the entire year, this week. What a crazy market this has been.

Look, if you’ve been joining us here, we’ve been pretty confident, matter of fact, that’s exactly how we stated it. Very confident that the August 5 lows would be the lowest. Remember, the semiconductors had a three. Every time I say this, I can’t believe I’m saying it, because it’s just so stunning. The semiconductors, the market leader, up in both directions. Right. Semiconductors had a three week bear market of 28% from the July highs into this August 5 lows. Brutal.

Absolutely brutal. And it just, again, it brings back memories of.com, because this happened in.com dot. We had five instances where the market lost ten to 20%. Again, that’s a correction. I mean, that’s a, that’s a. Yeah, that’s a correction. Bear markets 20. Right.

We had five instances of corrections during the.com melt of 95 to 2000, including one bear market of 32% in Nasdaq. And so these shakeouts in these rip roaring bull markets, and make no mistake about it, we’re in a rip roaring bull market. And I’m telling you, it’s just not going to matter. I know. I don’t mean to sound too overconfident, but we’ve done this a while. I’ve done this 40 years, and sometimes you got to call your shot. And we have nailed this market. We nailed the bear market bottom.

We’ve been aggressively long. We bought every dip. Those have all been the right moves. And this is a structural bull market. That’s what supersedes everything else. Right? Everything else that, and it’s the one thing that almost no one’s talking about, which is, I guess, why I keep talking about it. I figure if I talk about it enough, somebody else will talk about it. I’m supposed to be on Bloomberg next week in addition to Fox Business.

[00:02:09]:
So maybe a new rotation there for us, VRA on Bloomberg. And they already know from our interviews that this is something I want to talk about. No one believes it. No one believes it when I tell them these statistics and then I send them all the data and all the proof, home prices all time high. Credit scores all time high. Net equity homes all time high. Obviously, we know, stock market all time high. A third of Americans own their home outright without a mortgage on it.

Consumers have reduced their debt, disposable income by 25% in the last 15 years. Corporate debt. Debt is at a 50 year low. That’s corporate debt to market cap. This is a structural bull market because we have a structurally strong Us economy. And that is just the reality. The cyber negativity is so overwhelmingly positive that people can’t see this. You put the facts right in front of people and they still, it’s like they just, they can’t process it.

It’s like that can’t be true because everyone’s saying how bad the economy is, Trump says it over and over again. How many times you said at the debate, frankly, every time Trump said at the back wrench. Because it ain’t true. It’s just not true. That’s not how you win. Fear does not win. Now, I know this. I know this is what he’s trying to do that gets the base turned out.

I get it. Look, this base is already coming out. This base is already turning out. Every loyal, true Trump supporter and probably every patriot is going to turn out and vote and they’re going to vote for Trump, especially now with RFK Junior. I mean, what a great, what a great american this guy is. I know he’s got a checkered past. Look, who doesn’t? Okay, maybe not as quite as colorful as his, because it is very colorful. If you know his background as a sex addict, there’s a lot of stories there that I’m sure he doesn’t shy away from it, though.

[00:04:03]:
He’s like, you know what I learned? Good for him. And then, of course, Tulsi Gabbard, so many other people that are on the Trump train. And that’s the one thing, just if I can talk about the debate for a second. That’s the thing that I think Trump, we know, didn’t have his best night. He got baited. You know, if you insult Trump about something he knows isn’t true, he can’t let that go. And that’s the thing. He’s, he’s, he’s built in defense mode.

And I guess that’s how, that’s how he got to where he is, right? He, he doesn’t take a slight. Everything is personal to him and he’s got to prove you wrong. But I believe my opinion. If instead, when she’s talking about all, Harris is talking about all the Republicans, right, the Dick Cheney’s and all the Republicans, the hundreds of Republicans, including Mike Pence, who’s not going to vote for him, and all the Republicans that have joined her side. Right. They’re going to vote, voting for Harris. And there are a lot of them. The answer to that is yes.

Thank you. You’re proving my point. It’s like the law fair. They’re all out to get us. And I’m only in the way. They want to get all Americans. I just happen to be one standing in the way. But thank you for pointing that out.

You’re talking about the uniparty. Of course we don’t want their, why would we get their vote? They’re the party of war mongering. Right. They’re the party of censorship. We fully, we are not surprised at all by these Republicans, quote unquote. Right. You know, party really that are on your side. That’s how you answer that question.

Kip Herriage [00:05:35]:
I just was sitting there going, he was either not prep well or he just had a horrible night. But I, before I leave, I really didn’t plan at all talk about the debate, but something happened. Wayne Root pointed this out. He was the first person I see point this out last night on Twitter. And he’s been talking about a show this week as well, by the way, when Trump started talking about their eating our cats and dogs and ducks and stuff, illegal aliens here, Cindy and I were watching it and both went, oh, he’s not. And he just kept going like, what? I thought it was such a mistake at the time. And now look how the turn has happened. It is genius.

[00:06:22]:
And this is, this is, this is political strategy of the 40 chess level. Everyone’s talking about it now. Look at the memes that are out there. I’ve seen the funniest videos, right, of cats and dogs, pets, right. That are, that are, that are praying for help, right? Save me, save me, right? And, but what is, what it’s brought is it’s brought everyone talk. It’s got, everyone’s talking about it. And what is all the soccer moms, right, all the, all the mama bears, right, and the dads out there, what do they care most about their children? What are they going to do? Protect their children and their pets. And so that is now out there so much, you know, again, the left doesn’t understand how that all this works, so they fall for it every time.

And of course, a lot of these stories are true, right? A lot of these stories are true. And so, and now the media, some of the media is doing their job and they’re going out and talking to people, going, holy shit, they’re actually, these things are actually happening. They’re eating them, you know, and so, and now, yeah, this is now an election turnout situation because, yeah, who wants to be surrounded by people in your neighborhood that are eating your ducks and your pets? Who wants to take that chance? Just, anyway. What a week. What a week it’s been. So, back to the markets again. Best week of the year for this 500 is Nasdaq. And again, let’s talk about what matters most.

Have we not been pounding the table, have we not been pounding the table on certain investments? Have we not been patented? The table in the semis, we talk about them all the time because there is no more important group. The semi is the most important group of the market. That ain’t a close second. Okay? Try and prove me wrong. You can’t do that. So the semis led the way higher this week, up 10%. Guess what else was also up more than 10% this week? GDX, the minor ETF, up 10.3% right there. Both up over 10% for the week.

[00:08:20]:
But again, these are the groups we really, and of course, tech. We’re very long tech as well. Semi is tech. And the Miners and Tesla. Tesla also had a very good week. So, you know, the things we’ve been putting on the table, on the lows are in. We had a little bit of a retest. The 200 day at the, for the, both the semis and small caps, by the way, small caps also touched their 200 day moving average.

Tyler has been talking about small caps a lot. And today rose 2000, up 2.5%. You know, so again, it was a very good end of the week. Let’s talk about the markets. I got to get some other things I want to cover with you here today that I think are important. And Tyler, if you heard this podcast yesterday, just nailed it. This whole fed interest rate deal and the CME Fedwatch tool, the change that just happened, just happened there in a period of 24 hours, is a little stunning, but it also sets us up. There’s a buy the rumor sell the news event possibility coming up next week.

I want to tell you about that for the first time today. My guess is you’ll hear nobody else talking about this, but we’re going to tell you about this because I think it’s going to set us up for a couple of good trades next week specifically for parabolic options. But anybody else that wants to take advantage of short term situations, both on the buy and sell side. Dow Jones Today, we didn’t finish the highs today. But you know what? Not just bit and distance from it. So it’s really getting really good data. Dow Jones, great internals, by the way. What do you hear, these internals? Dow Jones today up 297 points at 710 1%.

S&P 500 of half percent. Russ 2000, our leader on the day, up two and a half percent. Nasdaq, up seven tenths of 1%. And the semis, how about that? Up 1.1% today. But again, they’ve been, they’ve been, they’ve been a housing fire. And we welcome that. And we think it continue. Yeah, we do think it continues.

[00:10:13]:
Okay. Also today, the, the VIX today now down to 16 and a half, down another 3% today. Ten year yields, did we tell you, or do we tell you? Ten year yields will only continue to collapse. And this will feed it, this will, this will feed us in directly to our conversation about the Fed rate hike and CME Fed watch tool ten year yield down to 3.65%. Remember, eleven months ago, it was 5%. And the same people at the beginning of this year were saying the Fed was going to cut rates six to eight times last year. They were saying the Fed was going to have to hike rates again. I think the issue here, and I’ve said this before, but I’m really certain this is true.

Now, am I good at what I do? Are Tyler and I are pretty good at what we do? Yeah, we’re pretty good. We’re pretty good at what we do. We work hard to get things right. Being right matters to us, because if we’re wrong, we lose our clients and our subscribers money. We stay locked in. The problem is, if you’re in New York City or if you’re, if you’re strictly speaking, in the, in the Wall street environment. Right. And we’re not.

We’re in Texas, well removed from New York City now. And Wall street, we’re not a brokerage firm. You know, we’re financial publishers now. But I think the people that live in this bubble, you know, they can’t see the trees for the forest, and they get, they’re very guilty of practicing groupthink, which is really why I watch very little financial tv outside of Charles Payne show. I don’t want those competing voices in my head, because why would I want to? They lose to the markets every year. We don’t want to do that. We want to beat the markets every year. So we need an independent mindset.

[00:12:02]:
And that’s why, of course, why we have the VR investing system. It keeps us out of trouble. Right? So, yeah, ten year yields are plummeting and the Fed is still at five point, an effective Fed funds rate of 5.33%. Now we’re setting up this big rally took place because we had a Tyler Covenant yesterday. Tyler was the first person to talk about this. And then last night, a barrage of people started picking up on this. Yesterday, Tyler picked this up, cover this podcast. The CME, Fedwatch tool had been at like some ridiculous, some low number, like 14% or something odds that the Fed would hike, cut, bye.

50 basis points, right? It had been, excuse me, by 25 basis points. Right. It was like 14%. And then all of a sudden, here it came. Bedwatch tools started jumping all of a sudden, right. As of today, it’s 55, 45%, 55% odds that the rate cut will be 25 basis points and 45% odds that it will be 50 basis points. So we had a massive shift in the last 24 hours. Nick Timorous of the Wall Street Journal is called the Fed whisperer, and he put out a piece yesterday.

Tyler caught this as well that, yeah, the Fed’s got a difficult decision on their mind whether to cut 25 or 50 basis points. And so that was really because again, he’s the Fed whisperer. They communicate to the markets through this guy at the Wall Street Journal. They always have their one guy, Nick Timros is that guy now. Right. So, and that’s what started the rally. Okay. That’s what started the rally this week.

So here’s the setup. Here’s what we need to be aware of next week. The markets now, we’re almost, as Tyler again, covered so well yesterday. It’s kind of surprising when you tell people this. We’re like 100 at the highs of the Dow Jones today. We are 30 or 40 or 50 points away from an all time high. We’re right back there. SF hunt a little further back.

[00:14:10]:
Nasdaq further back than that. But it’s been a strong rally this week. Right? So if the market’s rallying because the Fed, once again, by the administration, someone’s leaked this, right. What the decision is going to be, we have to consider now two possibilities if this market rally continues. And I think it will. And I’ll tell you, you hear the internals in a minute. You’re going to, you’re going to know why. Again, the semis are leading, internals are good.

I mean, this is, all rates are following. Dollars going lower. This is textbook setup for continuation to move higher, strong Friday. We’ll see about Monday. You know, the rumors now are really coming out by the way, I’m sure you’ve seen this reported that Biden has signed off on Ukraine’s ability to use long range missiles that could land and attack inside of Russia, like Moscow or other major cities. And Putin was out yesterday and he said, if that happens, then that means we’re at war with NATO. It means it’s a world war. If that happens, it’s a world war.

That’s what he’s saying. He didn’t use those words, but he did say, if that happens, we are at war with NATO, instead of, which is Ukraine, which means the US. It means a world war. So, yeah, you know what? The fact that that’s out there, right? This is no secret. Everyone’s talking about it. The fact that that rumors out there and this market’s still doing what it’s doing, what does that tell you? What does that tell you? I think it tells me that it’s not going to happen. I think it’s not going to happen. I hope it’s not going to happen.

[00:15:57]:
But regardless of all that, the market certainly didn’t care about it, did it? And the market would normally care about now. Gold is going up. Gold. Gold may be going up in part for this, as is bitcoin, maybe also in part, bitcoin. Back to 60,000 gold today, finishing at 2606, up another dollar, 25 an ounce, you know, 45 yesterday, 25 today. That’s what almost 3% gains in the last two days, all time high again for gold. The miners, of course, on a serious tear. But we have to now consider what happens next week when the Fed cuts rates on Wednesday, because if the market continues to move higher on the belief that they’re going to cut rates by 50 basis points and they only did a quarter, you can imagine what’s going to happen.

It’s going to be ugly, though. It will be a buy the rumor sell, the news event, and the worst kind, because the news will turn out not to be true. So the Fed has really put themselves in a corner here by leaking this to their Fed whisper, Nick Timros at the Wall Street Journal, which tells me they’re going to cut by 50. Have we not been telling you that they should cut by 50 basis points? And if they didn’t, it’d be a mistake. Not many other people were saying it. We were. So the feds come around. Maybe they’ll listen to our podcast.

Maybe they’re reading our morning letters. They should be, but probably not. Although we do know they read Ed Hyman, the great economist of 50 years, at Evercore. Right. And he’s been, he’s not calling for a 50 basis point rate cut, but he has been talking about the economy slowing and the Fed should be more aggressive either now or later in the year. But anyway, point being, this is something we’ll have to consider next year, next week. As we get into the week, I would think probably midday Tuesday, you’ll want to have your game plan in place for what’s going to happen Wednesday because the last thing you want to do is have the Fed come out and disappoint us. And then we had this big rally and then not only do they not get the news, you think the reason it rallied the buy the room, sell the news event, but you get 25 basis points when the market speculated it would be ugly.

[00:18:14]:
But if you’re a trader, I can tell you I’m going to trade it. I’m going to tell you how we’re going to encourage our people to trade it, what we’re going to do in parabolic options, how we’re going to treat it in the view for VRA letter. We will be locking in some gains on Tuesday. And then if we get a big sell off because the Fed disappoints or just, it’s just a normal buy the rumor sell the news event, we will be sitting there ready with our buy orders, right. To take action. So this has been the best, without question. The last two years have been the best trading environment of my career. I don’t really don’t think there is a close second because it’s been very, it’s been this, the way this market is trading is high probability.

Seasonality has worked. The internals have held up. This director of the semis has told you everything. These important tells have worked and the moving averages have worked. Trend lines have worked. VRA investing systems worked. Our momentum oscillators have worked. I mean, these things are all been working for two years.

Not that there haven’t been some shakeouts, right, but you’re going to have those. But again, by the dip has helped us make a lot more money than we would have otherwise. We’re adding two positions at lower prices and then we’re off to the races again. Okay, so we’ll cover the Fed more next week, but that’s how we’re looking at it again. Tyler, Tyler nailed this yesterday about, about the 50 basis point rate cut and what was happening to the CME Fedwatch tool. All right. I’d encourage everybody this weekend to watch this. I sent this out to a very letter, folks, this morning, this Michael Saylor video on Bitcoin, one of our long term.

Parker, thank you again for sending this. Sent this over to me yesterday on bitcoin. Michael Saylor, of course, is the founder, CEO of Microstrategy, probably the most famous bitcoin person outside of the supposed creator, Satoshi. I don’t really think that’s who created bitcoin at all. I think it was the intelligence community. And that raises other questions, does it not? But, yeah, absolutely. Bitcoin was created by the. There is no doubt in my mind, very little doubt in my mind, that bitcoin and the blockchain were created by the intelligence community, probably a combination of countries working on together, because otherwise, folks, it would have been shut down.

[00:20:37]:
You know, people always say, by the way, it’s a weak argument, the bitcoiners, and I am one, the bitcoiners always say that bitcoin can’t be stopped. It can’t be regulated. It is. It’s everywhere. It’s 24/7 it can’t, you know, it’s. It’s decentralized. They can only try to slow it down, but they can’t stop it. I don’t believe that for a second.

I’ll tell you why. If the deep state, the intelligence community, if the powers that be, if the us government, if the Federal Reserve, if all of these groups with enormous power wanted to put it into bitcoin, they could do it in about a second. They could do it in about a second. Well, you can no longer transact bitcoin through bank accounts. I had a bitcoin. I had a bank account closed in 2011 because of bitcoin. Right. At least that was one of the reasons anyway.

Yeah, but if they were to change the rules and say, you know what, you can’t, you can’t. In any funds that come in via bitcoin to your bank account, you can’t. You can’t use them to withdraw money. All right? That would. That would. That would result in bitcoin losing about 80% of its value and be the beginning of the end, at least, of the bitcoin that we know today. But again, I don’t. I think the intel.

[00:21:57]:
I think this been created for a reason. I don’t believe that they have any intention of shutting it down. But if you’re a bitcoin, if you don’t know that is a possibility, if you haven’t factored that in to the risk equation, you are. You are. You’re flying blind, my man. And there’s a lot of risk there. And that’s why I’m always surprised when people. I hear people go, I’ve got everything in bitcoin.

I’m all in. Right? What you never, first of all, that’s the cardinal rule of investing. Never, ever put all your eggs in one basket. How old were we when we learned that one? Right? You don’t be a financial planner, financial advisor. Know that. But to put everything in bitcoin, boy, just, just avoid, avoid even thinking about that, because yet there are risk. And that’s the reason you want to have gold, because the risk that exists for bitcoin do not exist for golden. All right? They can close bank accounts.

That does not affect the gold that you own. The physical gold, not the paper stuff, the physical stuff. Physical gold and silver and what a run it said. Right? Okay, again, miners semi is great week. We’ve been focused on these groups a lot, as you know, and we’re locked in. GVX and minor ETF this week had just had, again, over 10%. Up 5% yesterday, up 2.2% today. What’s interesting, though, is that the miners GDX, the miner ETF, is still 40% below its all time high of 2011.

Right. Even though gold’s hitting all time highs. And, you know, it’s not like GDX has. The miners haven’t been going up. It’s a stealth bull market there. There are so many people that think, oh, it’s been dead money. No, it has not been dead money. The miners have outperformed pretty much everything.

Everything from the bear market lows, outperformed the SB 500. And by the way, from the bit for the big rally this year, and again, so many people don’t know this GDX, the miners, bottomed on February 28. From that time. Now they’re up like 53, 55% since the end of February. Little to the end, last day of February. So, yeah, there is no sector that’s done better. There is no sector that’s done better. But it’s a stealth.

[00:24:14]:
No one’s talking about everybody talk about the miners. I don’t. No one’s talking about them. And I think that the stealth bull markets mean we have a long way to go because bull markets don’t end when no one’s talking about them. Also interesting, yesterday, GDX, the minor ETF, traded 35 million shares. That was the highest volume day since Maya. But that’s how little this thing trades. Today, it was back down to 27 million shares, still higher than the ten day moving average of volume which is at 17.

But we’re still so far away from 50, 60, 70, 8100 million shares a day, which is what this trades when this group gets hot. So for of all, hear me on this one, okay. All the reasons to own the miners and to know that we are nowhere near like ridiculously nowhere near a top. Here’s the most salient point, again, almost no one’s talking about this. There is no more important point for this bull market in precious metals and miners. What I’m about to give you, number one, they’re both under owned. We know that gold is barely owned. Again, so many people sort their gold to buy bitcoin.

Gold’s underwent minus under owned. But it’s the trading volumes and GDX because until we get to GDX trading 50, as I said earlier, 50, 60, 70 million. Until that happens, this bull market hasn’t even started yet. That’s how early we are and that’s how much money we’re going to make in this group, especially the junior miners, which of course, we own a couple. Vista gold, snowline gold, both had a good day today, by the way. Vista gold today was up 10% today. And snowlines had a good week as well. You know, the junior miners are starting to get going.

[00:26:01]:
But I mean, we’re like the top of the first inning. I mean, that’s, that’s just, that’s not, you know, that’s not, that’s not me exaggerating. We are in the top of the first inning for the bull market in miners. Even his goal keeps hitting all time high after all time high. You, everyone listening to this, in my opinion, should have a sizable chunk of their, you know, at risk. Right. Investment portfolio in the miners, a sizable percentage. Meaning you should have at least as much in the miners as you do in tech.

I think right now that that’s how I’m positioned because I believe this is that bull market and gold is confirming this. But the miners have been leading. That’s one of the big bullish tales. We got a big fresh buy signal this week. We focused on that on Wednesday with the GDX to golden relative strength ratio. If you’re a VRA, remember, you know, I’m talking about that gives a fresh buy signal load of the boat again there. So, but again, we are, we’re light years away from being over, overbought even with this movie had. And with rates going lower with the Fed starting a rate cutting cycle.

And it will be an aggressive rate cutting cycle. Okay. The Fed’s going to cut rates by 150 basis points in the next six months. That’s pretty aggressive, right? Maybe more, maybe 200 basis points. Because inflation’s a story of the past. Not, not for real life. We all have to deal with higher prices. But for the market’s point of view, it’s a fatal complete.

It’s over with. The markets now are looking at the lower dollar, lower rates, fed rate cutting cycle and gold hitting all time highs. I mean, this is a recipe for a significant bull market in the miners. Hear me on this. Okay? Also, as Tyler pointed out in our pre podcast meeting, home builders basically go down the list and they’re all hidden, either at all time high or right, at all time high. Why does that matter? Because housing leads everything home. When I hear people say a recession’s nearing, when I hear people say we’re about to have the next 2008, I gotta tell you the truth, I laugh because if you’re saying that you’re either doing it to get attention, meaning sell something you’re doing to scare someone, to use fear to make a sell, you’re a list builder, you’re a perma bear, or you’re just a attention whore, because it’s just not true. You don’t have recessions when housing is hitting an all time high.

[00:28:37]:
That doesn’t happen. Did it happen in 2008? Nope. Housing prices had already started plummeting. Right. So again, these are basic economic tells that are very simple to research. So just remember, as you hear people making these ridiculous claims, the great thing about that, frankly, is this is how I’ve done it. You learn who you should have in your trusted list versus who you should note because you listen to the wrong people and they get in your head, all it’s going to do is cost you money. So I like to have, I got a handful of people that I trust and listen to that aid me and Tyler in our decision making process.

Not, not many of them and very few of them on tv. Okay? So, yeah, but again, just know this. If someone, if you’re listening to someone that’s telling you recessions around the corner and the next 2008 around the corner, you know, honestly, they don’t belong in your head. Okay, we’ll let you know. And it’ll be so simple. The semis will lead lower, housing will lead lower, the trend will change. Right. As a trend follower, it’s not, it makes it very simple to be on the right side of the market.

Right? These are things that, basic things that I’ve learned over my 40 years and I looked, my mentors taught me this stuff. I hope that’s why we do this. Right? We don’t get paid to these podcasts. These are free and so we enjoy doing it and we do hope it helps help some folks make some money out there is what it’s all about. What else here? All right, let’s get to the internals today. I think that’s pretty much everything. All right, again, these are garlic strong internals today. Check this out.

[00:30:27]:
NYSE up volume 84%. That’s garlic strong. Nasdaq up volume 69%. Also rock solid advanced decline, six to one. Six to one advanced decline. Positive advanced decline for NYSE, three to one for Nasdaq. This is a great day today. And here’s a big number.

We hadn’t seen this in a while. 607 stocks high to just 68, hitting a new 52 low. These are not the things that happen in a market that’s going lower. Right. And again, as we’ve touched on so often, the internals have just been so much better this year than they were yet a year last year or certainly the year before. Right? And again, that’s another tell. It’s an important part of the VRA investing system, flashing big buy signals. That’s why we’re sitting.

We’re still at ten out of twelve screens positive. They’re bullish. In the very investing system we had been. Eleven internals started flipping back a little bit. The semi started leading lower. Some of those market short term market tells cause us to go back to ten out of twelve. We might be back at eleven out of twelve. After the Fed meeting, we’ll see how the market shakes out.

But again, when you’re a ten out of twelve screens positive and bullish on the Vera investing system, that’s back at the truck territory. And that makes it very simple for us to buy the debt. That’s always a smart move when the VR investing system is that bullish. Also for our VRA folks, Rich Ross. Good to have Rich Ross. Back in the somewhat bull camp, Rich Ross turned bullish or turned bearish a while back. His initial call was the accurate one because of seasonality. But then he didn’t pay attention to the August 5 lows and he stayed bearish and he missed this move.

[00:32:04]:
That was a big miss. That was a big miss. Rich Ross is of course the technician at Evercore and he does very good work. Okay, nobody gets them. All right? But this was a big miss for Ross. I think he knows that. I actually have heard that he’s heard it from a lot of people that he works with, this was a big miss. That was a turn.

He should have caught the August 5 turn. If you just looked at oscillators, minimal oscillators, they’re extremely oversold. That’s not the time to pressure bets to be short. That’s the time to play for a rally. That’s something he didn’t do, but otherwise, he’s kind of back on board. He likes the semis. Again, he’s turning less, less negative, certainly less, less bearish. And you can tell he’s ready to jump back in with both feet.

So again, this is important week coming up next week. Make sure to stay with us this week because there’s a lot happening next week, and we want to get these timing moves right, don’t we? That’s where the real, that’s where the real money’s made right there, you know? Sector watch today, perfect. All eleven sectors higher on the day, led by utilities, of course. Rates are plummeting, going to keep plummeting. Utilities the largest borrowers of capital in the country. And so when rates are going lower, utilities going higher. That is a trusted, time tested evaluation there. Again, everything up today.

And our commodity watch, gold today. Again, we just covered this. Up 25 today at 2606. Announced all time high, closing high, and intraday high as well. It’s overdeveloped. Up 3.1%. Better than gold today. $0.95 announced at $31.06.

Back over 31 copper today, 422 a pound, up at two pennies a pound. Crude oil, a little bit of a bounce, still just below $769. $0.27 up. Thirty cents a barrel today. And finally, the day, bitcoin again getting legs with the market. Bitcoin is really lagging now. You know, it’s been lagging. It’s weird.

[00:34:04]:
I will tell you this. The thing about bitcoin, it either leads equities or it lags equities. And it’s consistent in that every way. It is. So the fact that bitcoin is getting legs now, now back over 60,237 as I speak. Up 11% in the last seven days. Up 3.5% in 24 hours. Uh, bitcoins total market cap, by the way, it’s 1.2, just under 1.2 trillion.

Kip Herriage [00:34:32]:
It’s so tiny. It is so tiny compared to where it’s going to go. But it is lagging equities. And that teaches us something, right? That teaches us something. It helps us time the market as another kind of another tell that we like to use. All right, folks, that’s it for the day. Hey, hope you had a great week. An even better weekend.

We’ll see you back here again Monday after the close.