In today's episode, Kip dives deep into the current state of the market, sharing insights and analysis on the recent bear market rally and the potential for a recession. Kip discusses the market's reaction to trade negotiations, especially focusing on the role of China and President Trump's tariff policies. He emphasizes the importance of not panicking as a long-term investor and stresses the value of holding strong positions in reliable stocks, as demonstrated by VRA's own portfolio strategy.

Don’t look back to the market is closed. Good Tuesday afternoon everyone. Kip Herriage here with the daily VRA investing podcast. Hope you had a good day today. Well today folks featured another today featured another rug pull if you will. Overnight there was a lot of optimism frankly because you know, we survived Monday, it’s trading. There was a lot of talk going into yesterday about it being a possible Black Monday that didn’t happen. Had a lot of people pretty excited about that.

Of course yesterday we saw midday Kevin Hassett, special advisor, the president came out and said that hey you know what, we’re probably going to be able to extend these things by 90 days. And the markets rallied 8% in a matter of like five minutes. Massive rally which gave you an idea of the kind of pent up enthusiasm there is for this thing to end. And of course big short covering rallies, what it really was. And then later the administration said no, you know, we’re moving forward, we’re not changing anything. And the market gave up all those gains. However, we didn’t take out the lows of the day that had happened earlier. And it did prevent us I believe from having a crash at the close.

[00:01:09]:
I think yesterday’s, yesterday’s close was going to be ugly. Overnight we had a solid rally throughout Asian European markets. Of course this morning we opened up big time, up as much 1 point over 4% in our SPF 100 and close to 5% in NASDAQ. And then today by midday that started to evaporate. The reason? Well, there was Scott Besant, Treasury Secretary came out today and said, hey, there are 70 countries that have called us that want to negotiate this thing. They’re more very amenable to doing a deal. And then later in the day we found out from the president as spokesperson that said no, there is no negotiation. China’s going into effect tonight.

Again the tariffs kick in, the hardcore tariffs kick in tonight at midnight. And then here come the markets losing all the head esteem they had. This was a bear market rally. We just saw this today. What you saw today is what happens in a bear market. Made no mistake about it. We are in a bear market. It can be a short lived bear market like we saw with the pandemic which lasted five weeks or it could be longer term and more drawn out featuring a recession and bad things that come with it.

Big time economic slowdown. We don’t know the answer to that yet. And it’s this uncertainty that has people so nervous. I’m going to tell you in a minute and one of the reasons I believe you should not panic, especially if you’re a long term investor, which means that you’ve got the positions you like. You own good positions, which we do here in the Vrary portfolio. And we’ve reduced a lot of our exposure to higher risk positions. And now we’ve got positions that we want to stick with, that we like for the long run. They’re going to take very good care of us.

[00:02:56]:
And I think that’s what we should focus on at this point because there is no certainty with this market until Donald Trump, one person makes the decision what it’s going to do. I would just also remind everybody this is only about one thing. This is about China. You look at all of our big trade deficits. Yeah, we’ve got a big one with Vietnam that was pretty easily solved. China, China. That’s the biggie, right? That’s the biggie. And I think we have to believe and hope that deals will be struck with these other countries.

The 70 that Scott Besant talked about again today, and that ultimately something will be done with China. But I think that’s where the upside potential comes from. Here’s what I was talking about earlier. We focused on this the last couple of days. I think this is what matters. The Vix on Friday hit 45. Well, today, guess what? It hit 52. Let me, let me check the high on this from, from yesterday.

Friday was 45.3. Yesterday’s high was yeah, 60 and today 52. In the past, using history as a guide, and that’s all we have right past analytics, which are, I think a good guidepost here in the past when the VIX has had this kind of a spike higher, when there’s a lot of data on this over the next year. The SB 500 has been up 100% of the time over the next one year, two year, three years, four years and five years. So when these happen, they flush the market, as is commonly said. The weak hands are gone. And now we’re left with long term investors and those that are putting new cash to work. Maybe a good time for Warren Buffett start putting his $330 billion to work, huh? By the way, he’s getting hit.

[00:04:44]:
He’s getting hit hard as well here with his existing positions. He got big exposure to, to the markets, of course. But again, every time this has happened, there’s been a significant rally over the next one to five years. Not a single down year, Not a single down year. With total gains an average of 39% over one year to 139% over five years. So that’s, we’re talking about what, to 26, 27%. Well above the long term average for gains. And that’s the, that’s the situation we have now.

By the way, the same thing holds true and applies to the short term because going back again, this is back to 1997 when the Vix has had this kind of a spike higher. The next 1, 2, 3, 4, 4 days, 1 week and 2 weeks later, we’ve seen at minimum a 75% probability of the markets closing higher, which is why we really thought this was going to happen today. And then, you know, so again, short term and long term, it’s very likely that we’re, we’re near a bottom. We did not take out yesterday’s lows. I think that’s important. None of our indexes today took out yesterday’s lows. So we have a baseline to work with. And again at midnight, you know, these, these tariffs kick in and we’ll see what happens tomorrow.

But we did have panic selling today again. At one point the Dow Jones is up 1500 points. It closed down 320. Another 18 point swing in the Dow Jones SB 500 today, closing down one and a half percent. Our loser on the day. And I think this is, this is, if I were President Trump, this would be most concerning to me. The Russell 2000 was down another 2.7% today, right? R2K. Again, small caps.

[00:06:34]:
We’ll look at, for example, IWM, the Russell 2000 ETF. You have to go back to find a lower close. You have to go back to November 13th of 2023. That was just after, just after the market bottomed in October of 2023. Kind of a retest of the bare market lows. So we’ve had a lot of volatility here. If I, the reason I’m concerned about small caps is, you know, you got, these are smaller businesses and you know, they, they employ 70% of the people in this country. And this is the kind of sell off when animal spirits leave and reverse when the wealth effect is gone and then reverses.

These are the kind of sell offs that typically indicate not only a bear market, which we’re in, but they tend to indicate a recession. And so I hope that the President is paying attention to this. Look, I think, I think most of us would agree that something has to be done. We only have, by the way, guess what, Guess how much of our GDP is made up of manufacturing. 7%. We don’t make things anymore in this country. Can we do that again? How long will it take to do that again to build these manufacturing centers? I think sometime it’s going to take years to get back to where we want to go. The question is, what happens in the interim? If I had that answer, I’d tell you.

But I do think now’s a good time to be a long term investor. Look, we’ve got a heavy exposure to gold, silver miners. These, these have all held up very well. Unfortunately. We had good exposure to bitcoin. We sold that and took profits. Bitcoin was hit again today. We’re still in liquidation mode.

[00:08:32]:
And this is that short term panic mode where I think a lot of people and I have history in this, I think a lot of investors see it happening. Just say, you know what, just get me out. And that tends to come with lows. This again, this is what happens when markets at least give you some kind of a major move higher. When the vixes like this have this much fear and panic in the markets. This is when you tend to at least get a rally. But again, I got to repeat today’s, today’s trading was another example of what happens in a bear market rally. The best advice I can give you is don’t buy higher opens.

You know, there’s nothing wrong with the buying after a big decline because then you can have some good short term gains. That’s what we’re, that’s what our game plan is here. Now just don’t buy the opens. No matter how the, how good the news might look. Always wait and see what happens later in the day. Don’t buy the higher opens in the first hour of trading. So we are refreshing and our bear market trading strategy and the approach that we’re going to use for that which is going to mean we’ll have much higher cash levels for some time. We’ll keep our core positions and trade around that and being nimble, that’s our game plan going forward.

Also, I think now that basically the markets are closed, it’s very likely that when this deal gets announced that’s a sell the rumor, buy the news event. I wouldn’t be at all surprised to see some good news break tomorrow and people realize the world’s not ending. And to see the rally that started today would not be at all surprised to see that actually kick in tomorrow. I actually expect that to be the case. There’s some other things happening. I think this is important. I think it’s going to wind up having an impact on President Trump because at the heart of President Trump, what we know is that he’s a deal maker. He’s.

[00:10:23]:
And yes, he’s had these belief systems for a long time. How long will it take to make the United States a manufacturing powerhouse again? Well, it’s taken decades to undo that. How long will it take to rebuild that? That’s the question I think many of us have. Exactly what is this golden age of America going to look like? Because right now it looks like liquidity events. Right now it looks like bear markets. I know no one that signed up for this. Did you? So, again, our point from the beginning has been we’re not opposed to the strategy. We understand the concept.

We back the use of tariffs. It’s the execution, Right? It’s the execution. And so I think one of the things that’s going to really play a role in this with President Trump is people that are in his coalition because he doesn’t have a strong coalition. Even Republican senators now are talking about passing legislation to take this power away from the president. I don’t even know if that’s possible. He did declare emergency economic act, and it may not be. The Supreme Court might not even rule to allow a Senate to do that. I don’t know.

But we’re seeing a lot of Republican senators now that are raising serious questions about the strategy because again, what is the strategy? Please lay it out for us. That’s why most people think this is a negotiation. Still a negotiation point. Right. But today, if you may have seen this already, Elon Musk today, again as close a member of the Trump coalition, I think, as you could probably say that he’s had over the last year or two. Elon Musk, of course, played a major role in getting Trump re elected. Elon Musk today came out because he’s now into a squabble with Peter Navarro, who is Trump’s top trade advisor. And of course, you’ve seen them all over the news of late defending the policies here.

[00:12:15]:
Well, they got into a squabble. Pinot Navarro made a comment over the weekend on one of the Sunday news shows that very sarcastically, I watched this, he said very sarcastically, oh, look, we got no problem with Elon. And he’s a car guy. He makes good cars or something like that. And it was clearly kind of a backhanded compliment about Elon. Well, that didn’t sit too well. And today, it was on today, Elon Musk in a series of tweets, one that he deleted, which I won’t repeat here. But in a series of tweets that are still up, called Peter Navarro moron, and then said in another tweet, instead of Peter Navarro, he called him Peter Ritardo.

Okay, so the coalition, that’s the key point here. Trump didn’t build a strong coalition with this. This is really Trump versus the world, which means it’s America versus the world. But when you don’t build a strong coalition, it is just you. And because Trump has always been a deal maker and he knows how to read the room, this is the time when this guy, throughout his entire lifetime has made deals. He pushes as far as he can until he can’t push anymore and then makes deals. I would hope that a bear market gets its attention. I would hope that $11 trillion that sucked have been sucked out of the stock market.

Gone. $11 trillion lost. Okay. I would hope that that gets his attention. We’ve not seen signs of that yet. So again, the coalition, I think is, is, is evaporating for the president. Also. I’m not the first person to say this, but I want to make this point here.

[00:14:00]:
The midterms are going to be before we know it. And I’m going to lay out a scenario for you. Because if we do go into a serious recession or worse, what are the odds of Republicans keeping the House and the Senate next year? I think we’d say probably slim to none. I think that’s an accurate statement. I’m not so sure today. If Trump was running against anyone other than Kamala Harris, they’re a horrible candidate. But if Trump is running against a saint, called it a more centrist Democrat, assuming they even exist anymore. I don’t know.

Joe Manchin from West Virginia, that’s the guy that I thought should have run. That’s a guy that I could have voted for. Joe Manchin is a Democrat, but he’s a Democrat from a red state. He is a centrist. He sided with Trump on many policies. He voted with Trump and Republicans on many policies. Good guy. That I think is a patriotic American that at one point I think would have made a great president, or at least a good president.

But the point being, if Democrats were to run someone like that, that’s not a wild eyed, far left, liberal nut job. I mean, let’s face it, this is what this party has devolved into, has it not? I think that even if, that if Trump were to run against a centrist Democrat today, I’m not so sure he’d win. I, I know that his core constituency, his base is with him. I totally understand that. But this has been devastating to a lot of people’s investment accounts. 64% of the middle class, of the middle class has investments in the stock market. And we’re hearing from them. Right, And I’m sure you are, too.

[00:15:43]:
Questions of what is the game plan? Because this didn’t need to happen. This is the point we’ve been making now for some time. Trump had an opportunity to get the economy rocking and rolling and then to deal with his tariff agenda on the back end as he made this the golden age for America again. But he chose not to do that. He chose to do it in the first three months of administration. So the harm that’s been done here is severe. And I’ll make one more point. Fast forward to next year.

Bear, market, recession. Because again, the market’s telling you now, the market’s telling you it’s likely that a recession is coming, which means unemployment is going to go up and a lot of good people are going to lose their jobs. That’s the reality, folks. That’s what the market’s telling us now. There’s just no question about. Doesn’t mean it has to happen. But these kinds of losses in this short a period of time, history tells us this is recessionary action here. Trump will still be president coming out of the midterms next year.

But if the Democrats control the House, how long would he stay president? Because they’ve already impeached him twice, and this time with a weakened party, with a lot of Republicans that don’t approve of his actions, again, unless he changes course here and things get better, you could see how an impeachment could actually work and he could be forced from office. I don’t think it’s a huge statement to say that. So, again, my point being, these are the kind, this is the kind of pressure. These are, this is the kind of pressure that, that typically gets to Trump when he pushes as far as he can and he can’t push anymore. I hope that’s the case here. And I wrote this up this morning. You know, again, I know we have a lot of our bureau members here that are on this podcast. We also have a lot of folks that, that aren’t with us as a, as, as a, as a paying member, if you will.

[00:17:56]:
We put this out today via our blog, our public blog that goes to everybody. And I want to cover it here now, because whenever I openly talk about, you know, I’m a lifelong independent, okay? Whenever I talk about Trump and if I don’t agree with something he’s done, I Get pushback from, from, from some very people that support him and support him fully. Right. Well, In March of 2020, when the pandemic, and it was a plandemic, not a pandemic, okay? Planned all the way. If you don’t know that, go back and read the Rockefeller Foundation’s document from 2010 called Lockstep, and you’ll see that we lived through that, that exact playbook. Again, the whole thing was orchestrated. I don’t think there’s any question about that. Including the media falling in line, all the, all the elected officials falling in line to push this.

We told you here on this podcast, Tyler and I did on a daily basis beginning in March of 2020 that we disagree with the President’s actions. We told you again daily that we disagree with shutting down the country. We told you daily we disagree with Operation Warp Speed. We disagree with closing the schools, and we obviously disagreed about the creation of Operation Warp Speed because there was no need for vaccines for a flu. I think we now know that if Trump had not been the father of the jabs, he was and still a proud, proud father of the Japs, didn’t talk about as much anymore. He still claimed to save 100 million lives. Of course that, I mean, that’s just not true. But had Trump not created these, built, had these, had these, had these approved and, and produced, Biden wouldn’t have had them and wouldn’t have been able to force 150 million Americans to take them.

I know a lot of people because you’ve told me your stories personally, including a very personal message I got today from a long time great guy, VRA member and his wife. And this is a story we’ve heard often. We don’t talk about these, number one, because these are personal messages. And you know, we would never mention names and put that out there like that. Things told us in confidence. But this, I wish everyone could read the email that I got today because this man and this woman both took the jabs. He was military, as you know, the military didn’t have a choice. And they both had serious illnesses and have had serious illnesses as a result, from myocarditis to a number of other things that have really, really hurt their health.

[00:21:07]:
Again, if Trump hadn’t created them, Biden couldn’t have forced them on. People, this is just reality. Folks, I’m making this point because I don’t believe we can go in lock step with Trump no matter, no matter how much you believe in him. And I think more people ask, said this in 2020. Tyler did too. Speak up. Don’t be afraid to be shouted down by the Trump loyalist. And that is something that absolutely happens.

If you disagree with them on anything, all of a sudden you’re a turncoat. It’s the craziest. I’ve never seen anything quite like this. If you can’t have an honest disagreement over someone’s policies. What are we doing here? One last point on the jabs. They’re still on the market. What is RFK Jr doing? Why weren’t these removed the first day that Trump and RFK Jr. Got into office? What makes me sick to my stomach, it makes me furious is that every year now there are 10 million babies.

They start giving these things to six month old babies, these death poison jabs. There are 10 million a year babies to 18 year olds that take these. Most parents don’t know any better. I mean, they’re on the children’s immunization schedule, which is why they’re giving them and so many of these kids lives will either be cut incredibly short or destroyed. And it’s not just the child, it’s the family. I mean, thank God we’ve never, Cindy and I are so fortunate that not only have we not lost a child, both our boys, Tyler and Sam are just incredibly healthy. And we’re so fortunate and lucky for that. We know that.

[00:23:04]:
How many of these 10 million kids a year, and I think that’s a low number, by the way, it’s a huge number though, is not how many of these kids either won’t make it or are going to have lifelong illnesses that destroy their health. Trump did this, folks. Trump did this. So, yes, I’m going to oppose any policy I disagree with now. What he’s doing now, this is not the equivalent of the pandemic or the death jabs. It’s not. This isn’t that serious. Not yet.

But if this continues because the market again is telling us a recession is coming, millions of jobs would be lost in a recession. That’s what happens in a recession. We have a highly leveraged global financial system, interconnected. That’s what globalization will do. That’s the positive of globalization. It is supportive of the entire world and now that’s being forced to break down. That exposes and tells us that there are systemic meltdown risk that are present. Now, what are the odds? I’m not making a prediction, but my point is this.

Wayne Allen Root, by the way, echoed my point today in a piece that he wrote or last night where he was advising Trump what he should do next. It’s not just the execution, it’s the communication, the messaging. And this is why his coalition is so weak. Most people have no idea what he’s talking about. We hear tariffs and we get it, we get the concept. But exactly how are we going to start building all these things? How are we going to manufacture what’s going to happen here? Who’s going to do that? Is it going to mostly be robots anyway? Isn’t that the future? It’s going to cost more. I don’t think that’s even up for debate anymore. Which is why the Federal Reserve is in no hurry to jump in.

[00:25:05]:
You listen to Jay Powell. He said last Friday he sounded to me like he was just as likely to raise rates than cut them. The 10 year yield today, with this economic situation we have now, the ten year yield, bear market, likely recession. The ten year yield should be today at about three to three and a quarter percent. It’s 4.26% and it was up 11 basis points today. Interest rates have started rising again. Now why would that happen? In every bear market in my lifetime, interest rates have gone down. It’s a flight to safety trade.

That’s where the serious money goes. Money is leaving bonds. Why would that happen? That means there’s now a level of institutionalized risk that is present in the debt market. And I said this is, I wrote this up this morning. That’s our downside here, folks. Get Trump. If Trump’s enemies, and they’re vast. If Trump’s enemies have said, you know what, you’re not going to listen to us.

Okay, you want to globalize, you want to. And by the way, no one’s been, you see, if you notice, no one’s been even been arrested from all the past crimes committed in the Biden, Biden administration. That was supposed to happen, right? What’s pain body? What do you do? Where are the arrest a lot of bad people that we were promised that was coming back. Back to my primary point. If Trump’s enemies decide this is how they want to take him down, by taking the markets and the economy down, the losses we’ve seen so far will be small. My point is Trump and his team should have communicated what could happen. So we were prepared for it. Now he said, you know, it can be painful.

[00:27:17]:
I think that’s been a quote of his. Well, what does that look like? Because painful now includes a bear market. And these don’t just go away, right? It did for the pandemic. But again, real damage is being done here now. Because in a worst case scenario, I’m not predicting it, but if Trump’s enemies want to crash the market and the economy by spiking interest rates, and that’s what’s happening right now, right in front of our eyes, if that’s their game plan, stocks are going to go a lot lower. Not 20%, 50, 60%. It won’t just be a painful recession, it probably would be worse. Again, that’s, that’s what happens when you have a globally connected system.

These are the systemic risks that that setup can produce. And in that scenario, unemployment is not just going to go to 5 or 6%, it’s going to top 10%. You’re looking at 30, 40 million Americans losing their jobs. That’s real pain. Is that the pain that Trump’s talking about? If it is, communicate that to us. I know Trump and I’ve heard from a lot of Trump supporters. Great people, by the way. Love you all.

Please keep your feedback coming. I think that’s how we get through this, right? That we communicate, tell each other what we think. That’s the only way this makes sense to me. And I love it. Just please don’t make it personal, because I’m not attacking you and not attacking the President. I’m trying to make sense of his strategy here and his plan. But if that’s what’s at stake here, if that’s the pain that the President’s talking about, I think more people should know that. Again, none of what I said is a prediction.

[00:29:19]:
It’s just to make sure we’re all on the same page so we know what the downside could look like. It may take, you know, a cycle of pain. It may take 2, 3, 4, 5, 10 years for the system to clean out. One thing I hope we don’t see, and I really don’t want to see President Trump do this anymore, start telling Jay Powell to cut rates. No, it’s not. It’s not your job as president. You take care of your business. I mean, this is the system we have.

Could you imagine if we get some kind of a request for a bailout now, for the Fed to start printing money again? Because I don’t see that happening either, and it shouldn’t. By the way. Again, I’ve made this point many times, but in past eras of economic turmoil, that’s what the Fed has done. They’ve come to the rescue. Well, that’s, that’s likely not going to happen here. So we’re kind of on our own. I just want to make sure everyone’s prepared for this in the event that it happens. And the odds are increasing that that is a possibility.

I really think that we’ll wake up tomorrow and things will look better. I think that Trump is going to strike deals again. He’s a deal maker. But I’ll just repeat and sorry for being so repetitive. This didn’t need to happen. That’s all. This didn’t need to happen this way. Just didn’t need to.

[00:31:05]:
Let’s get this resolved. Let’s get the country back on the right track. Let’s target our real enemy, which is China. Let’s deal with them. That’s, that’s, that’s the game plan. I think we could all support instead of what we’ve seen so far, which is mass confusion with, with no coalition. And it was probably poorly explained. That’s just the reality of it.

I just, I know the pain that a bear market and recession can bring. I’ve been through a few of these. I don’t want to see that happen here. I don’t want to see that happen. Those are tough emails and phone calls to deal with for me and I know the pain that causes for families and get these jabs off the market. Mr. President, why haven’t you done this? So this is the kind of thing that raises the past for me. You know, he screwed that up.

He screwed it up big time. And so we have to be on guard that what if he’s wrong here? What if his implementation of this is wrong? We need to speak up, make our voices heard so that other people are empowered to do the same. Because we sit here in silence and just say almost I’m supporting the President. He’s got this. What if he doesn’t? What if this is a science experiment that’s gone wrong? Because again, the execution of this so far has been that horribly bad. All right, let’s take a look under the hood today. Not a good day. Just again, about what you’d expect actually because we had big gains earlier.

[00:32:43]:
The internals actually held up better than you think. Although we did have another writing. 1326 stocks had a new 52 week low. Only 25 hit a new 52 week high. These are back to back really bad numbers Yesterday and today. 88 Downside Volume Day NYSE. That goes with what Friday’s 92% I believe it was NASDAQ Downside Volume 80.6%. These are again, these are readings that these get your attention.

A lot of selling, a lot of big selling, institutional selling here. Okay, again, the Vix today closing at right now at 52.33 up 11% on the day. Advanced decline today again three. I’ll just say three to one for both NYSE and NASDAQ. A little bit worse than that but maybe three and a half to one. Sector watch today, all 11 sectors lower on the day. No surprise there. Led to the downside by Materials down 3%.

That’s recessionary. Consumer discretionary down 2 1/2% indicating recession. Energy down 2.4% indicating a recession. You know, oil prices getting smoked. Okay again all 11 sectors finishing lower and the sectors that matter to the economy are leading lower recessionary. In our commodity watch today, gold again. It’s been a great, been a great flight to safety trade. It really has held up well.

[00:34:19]:
Now it’s off the highs of course but it’s. What was it, 3200. So we’ve lost $200 an ounce. But that’s what happens in a liquidity type event. People just say I got to risk cash, get me out. And you know, at least I’ve got profits in that. So let me sell that, try to hold my stocks for the long run. That’s what’s happening here.

Gold today was up $24 an ounce. Last trade 29.97. Silver today up 13 cents an ounce at 29, excuse me, 20, 29, 73. Copper today copper was just at $5.40 all time high. This is five weeks ago, $5.40 a pound. Now it’s 411 recessionary all right, down 1.7% of the day. Crude oil down 4% of the day. 5,820 in a recession.

Oil’s going below 50 and I’ve seen reports of in the low to mid-40s is likely. Okay? It’s the interconnected of it all, folks. It’s the interconnectedness of it all. That’s what we’re, that’s what we’re, we’re messing with here. And I hope that tomorrow this ends. Let’s get deals to those 70 countries they say they’re talking to and let’s just target, target China. Target China. And how about doing it, have an event, get together behind closed doors and strike a deal.

[00:35:42]:
Right? Because this is very painful. I get your emails, I’m talking to you on the phone. I know the pain you’re going through because it’s a shock to the system. Five weeks ago, weird all time highs. Speak up, right? Enough of us speak up. It’s going to get back to the president. That’s how this, that’s how this thing works. Okay.

All right folks, that’s it for the day. Again looking for better news. Tomorrow when these, these terrorists kick in, let’s get some deals going. Let’s get a floor in this market because there’s a, there’s with the, again with the vix where it is, it’s indicative of a near term low and a much better next one to five years which means there are a lot of bargains in the stock market. We just need to get our confidence back and consumer confidence back and we need to get people stop talking about the R word, the recession word that becomes a self fulfilling prophecy. And as leveraged as this economy is and the global economy, you know, that’s when the wheels can come off. That’s what we need to make sure President Trump is aware of. Right.

Speak up. Thanks folks. Appreciate you being here. Have a great night. We’ll see you back again tomorrow to noon.