In today's episode, Kip dives into a whirlwind Monday in the markets, sharing insights on everything from the recent volatility in software stocks to the bigger economic forces at play including tariffs, AI disruption, and geopolitical tensions with Iran. He breaks down why late February tends not to be kind to investors, but why March and April could be lining up for significant gains. Kip Herriage also revisits classic investing wisdom, reminding us that the markets are always forward looking news matters less than how the markets react. Tune into today's podcast to learn more. 

Don’t look back because the market is closed. Good Monday afternoon, everyone. Kip Herriage here with the Daily VRA Investing Podcast. Hope you had a good day today. Hope your weekend was fantastic as well. I know ours was. We spent some time in the attic this weekend, which is a complete mess. We used to be pack rats, and we’re now working on that now that, uh, now the kids have left the house and, uh, we’ve got more time on our hands.

Uh, been putting that off for a long time though. Made a bit of a dent this weekend. Uh, we still have a long ways to go. We did the garage at the end of last year, and oh my God, what a mess that was. We, we are, we are definitely pack I never want to throw anything away because I think eventually everything comes back into style. The problem is I, I, we keep everything. But anyway, we’re working to change that. Again, great having you with us today.

[00:00:48]:
Thanks, thanks for being here. As always, a quick heads up, not this, not tonight, but a week from tonight we’re gonna have our next, uh, uh, call, a Zoom actually, with, uh, the, the Lost Soldier Oil and Gas team, uh, will be joining us next Monday night for all of your members. There’s a lot going on here. We spent a couple days with Mark Brunner and team in Dallas last week, and we’ll be updating you on everything going on. Some very exciting things, some new things as well that are happening. And frankly, there’s just so much money out there chasing deals like this. Uh, if you don’t know the Lost Story— Lost Soldier story, then it’s, uh, you will, you’re going to hear about it one of these days. It’s the only undiscovered, uh, uh, uh, basin, uh, basin-centered gas accumulation play that’s left in the U.S.

that has not been developed. Uh, so it’s very exciting. It’s early days. And then we will see you tomorrow— see you next Monday night at 8 PM Eastern. Uh, we’ll of course send it out via, uh, VRA letters as well. A big day today, uh, to the downside. Tyler normally gets these days, so, uh, you’re stuck with me today. I always tell him it’s a character building, which is why he always gets the down days.

I don’t— I don’t know, I’ve been building my character for 40 years. Maybe I need a refresher course. I guess that’s why I got today. We finished just off the lows, uh, NASDAQ down 258, down just over 1%. Dow Jones down 821 on the back of IBM down 13% today. Uh, that was on the heels of software stocks again continuing to get hit. I’m gonna cover that more in just a moment as well. Um, even the, the leader for this year, small caps, down 1.6% today.

[00:02:29]:
Of course, they’ve led, uh, for the entirety of 2026. Even after today, they’re still up, uh, very close to 5, uh, right at 5%, just over 5% for, uh, for 2026. And I will remind everybody Uh, this is the back end of February. Now, I used to not be a seasonality guy, right? Uh, that, that’s a mistake. And here’s the reason seasonality analytics— here’s the reason they’re working now and more accurate now, I believe, than ever before. It’s a very simple reason: everybody’s using them. Everybody’s using them. So when you get to the back half of February which going back to 1954 is not a particularly good time to be in the markets.

Not supremely bearish time, it’s just not a great time. So you, you get, uh, you get these, uh, these, uh, exaggerated moves in the market, and you get the— these trading systems, again, all completely, uh, machine-driven, uh, start pressing, pressing, pressing, and people just capitulate because everybody tends to be in this market on the same side. So when that side starts to get lighter, you start to feel it. There’s not many buyers. The buyers have used up a lot of their energy because people are invested in this bull market. We think rightly so. Anyway, look, back into February is not great, but guess what’s about to change with that? We’re now— we have 4 trading days left in the month of February. Excuse me.

And then we get into March. March and April, two of the best months of the year. Here’s the way I think this may play out. We wrote this up today. We also have, in addition to seasonality not being great, we have a couple other things going on, don’t we? The tariffs. Uh, again, if you watch any, any, any, pretty much any media at all, uh, but certainly, uh, not Fox News, not, not Fox Business, not Real America’s Voice, not Newsmax, it pretty much all the others, they’re celebrating. They’re celebrating that Trump lost in the Supreme Court. So it really had to have killed Bloomberg, and I wrote this up this morning, had to have absolutely killed Bloomberg to have to admit that, yeah, he may have lost on one section of tariff policy, yeah, but by the way, he’s got 5 more to rely on, right? This is what, uh, both Trump and Bess— uh, Treasury Secretary Bessett were saying within an hour or so of the SCOTUS ruling was that what they did was they really just solidified the, the actual power that the president has in using tariffs.

[00:05:06]:
Again, Section 122, 232, 201, 301, 338— these are all, uh, available to be used. They’ve not really been used yet. Trump, Trump wanted to keep it simple, but now the Supreme Court’s ruled, they’ve now empowered these other sections that can be used. And by the way, none of these other sections have to require congressional approval. At least that’s how Bloomberg explained it. And again, for Bloomberg, far left, uh, they, they absolutely had to have hated writing this piece. But I also want to remind everybody, look, I know there’s a lot of people out there that aren’t a fan of Trump’s tariff policies. I, I am.

Look, I’m from Texas. I, I know, I know a lot of people a lot of people that these free trade agreements destroyed their jobs. High-paying, high-paying jobs gone. I know a lot of people that really had to forfeit the life that they had built because they no longer had a job, and they’re now too old to get something that paid a comparable wage. You might know some of these people. They’re called greeters at Walmart, right? And, uh, and, and other very low-income jobs. But people have to do what they got to do. Well, I believe that Trump’s heart’s in the right place here, and while this is messy, no doubt, and, uh, again, Trump moves with the speed of lightning, and you break a lot of things.

He, he likes chaos. He wants to go ahead and change things immediately. That’s just his approach to everything. Um, but all I’ll say is this: I think at the end of the day, US manufacturing is gonna come roaring back. The middle class is gonna come roaring back. Our trade deals abroad have already been radically changed. Yeah, Trump may have used, according to the Supreme Court, his tariff ability incorrectly, but folks, those trade dealers, they’re still in place. These are trade deals that no president before him even tried to attempt to get, and they’re done.

[00:07:08]:
Now, the question could be, well, what about the refunds? Where’s this $170 billion that Trump loves to brag about. Where is it gonna— when’s it gonna be sent back? The Supreme Court didn’t, didn’t give me comment on that. You gotta be kidding me. You wait over a year to, to, to, to comment and to rule on this case, and then you don’t even say where the, when the money’s gotta be returned. You just say that it should be, that it should be. So, you know, as, as Trump said, this will probably also be tied up for years in court. As we’ve said in the past, even if the money is refunded, guess who it’s going to? It’s going back to US importers that paid the tariffs to begin with. Now again, even that’s a complicated setup because they use— US importers also use that as leverage in their negotiating ability.

So that’s why you really haven’t heard a lot of US importers screaming to get this money back, because they turned it into a win-win too. And that’s why we have not seen, uh, inflation rise, right? Uh, we may see a blip up here and there, but folks, as a reminder, trueflation has now— for what, what is it, 6 weeks in a row— has CPI below 1%. I think they’re 0.89% as of last week. Again, the official CPI is what, 2.7%, uh, maybe 2.5% as the last report. But I, I barely pay attention to that because this— these government bureaucrats Again, the CPI lags. By the time you get it, is completely a lagging indicator. It no longer matters anymore. The markets simply don’t trust it anymore, and they shouldn’t, uh, because it was never designed to be accurate.

It was designed to be controlled and to, uh, allow politicians to control it. That’s exactly what’s happened over the years. That’s all going to change, and that— again, that’s all for the better. I also want to remind everybody, at the end of the day The markets are always right. Can we agree on that? There’s nobody smarter than the markets. Matter of fact, add up all the AI systems out there, out of all the brainiacs like Michael Burry out there, and none of them combined are smarter than the markets. That’s just the way this thing works. That’s why nobody gets 100% calls right.

[00:09:16]:
However, the markets are a leading, uh, indicator. They’re, they’re, they’re a key discounting mechanism. They tell you in advance what the economy is going to do. They tell you in advance what stock prices are going to do. You just have to listen to them, pay attention, right? That’s why trend followers are— make far superior investors than people that just try to guess or draw a thousand lines in the chart. It’s not that complicated, right? Uh, the market’s trying to tell you every day what it wants to do. So, but here’s, here’s the bottom line on that. From the April 7th last year tariff mania lows, right, not even a full year, the S&P 500 from those tariff mania lows is up 42.8%.

Let me drink water here. NASDAQ is up a massive 53 point— 54.3%. And the Russell 2000 small caps are up an equally impressive 49.3%. So as you’ve probably heard us say over the years often, uh, I think this, this is, this, this is, this is a big help to investors when you realize this: the news really doesn’t matter. It’s the market’s reaction to that news. I, I remember, you know, being a, a young, a young investor, a young financial advisor. I’d see a news release come out that would be exactly the opposite of what we were told it was going to be, and the market instead of going down would soar. Like, wait, wait, why, why— I just bought puts on this news.

Why are the markets going up? What is going on here? This is— this game not work the way I thought it would? No, it doesn’t, because the markets care— pay attention to what’s happening going forward, not what’s happened in the rearview mirror. And so with that, and with the gains we’ve seen for the broad markets, again, these last— what is this, 10 months, 9 months, right? Markets are screaming higher. The markets have already factored in what Trump’s tariff policy is gonna do. Now, today may have been a reflection about some short-term anxiety along with Iran. I’ll cover that more in a moment. But at the end of the day, the markets have realized that, that US tariff policy under one president named Donald J. Trump is going to be a net, net positive for Americans, for the investment markets, and for, uh, economics of, uh, of U.S. companies and in various, uh, various states and, and our country as a whole.

[00:11:47]:
So I think that’s the primary takeaway that matters to us. These short-term blips are just that. So let me, let me, let me also— Iran, I’ll cover that quickly. Um, look, we’re likely going to have some form of military— it looks likely we’re going to have some form of action I still believe that Trump is using this armada as leverage, uh, at least to hopefully some large degree. No, I don’t think anybody wants to see us go to war with Iran. Matter of fact, I didn’t even know this is a real thing. He started talking about sending care— an aircraft carrier and jets down just, what, 3, 4 weeks ago. I was like, wait, I thought, I thought we bombed their nukes into oblivion.

What, what, what, what is this for, right? So it’s about something else. I think we know the country that it’s really most about. That country is Israel. That’s another topic for a conversation I really don’t want to have in this podcast. Might be forced to at some point. Uh, so let’s hope— let’s hope this is just leverage, okay? But if something happens, I do think it’ll be short-lived. I think that, uh, this has brought Iran to the negotiating table. I think we’re already seeing signs that they’re cracking on a lot of things.

They, they know this next attack is going to take out probably a lot of them. That’s what will be designed to do, because when Trump comes to play, he don’t play, all right? He gets serious. I think the Mexican cartel is finding that out now. Uh, the, uh, the, uh, the president of, uh, Venezuela just found this out recently. And, uh, I think Iran sees the playbook and they know they’re right in the, in the crosshairs. So I think what is going to happen is what happened last time. We’ll see possibly some market weakness into it. Maybe like we’re seeing today.

[00:13:26]:
And then on the first attack, that will be it. Because the old adage— and this is, folks, this, this is, this has worked over my career. I remember the first time I heard this, I thought, that’s the dumbest sounding thing I’ve ever heard. When bullets fly, stocks are buy. I was like, what are you talking about? That’s when people should be afraid. That’s when you should not— you should be selling stocks, not buying stocks. But it never works that way. Right? When bullets fly, that’s the most serious attack.

That’s the most serious event. Typically, nothing that happens after the onset, especially with Trump in power, is gonna be worse than the initial firepower. And so that’s what we saw with the last attack against Iran. The market bottomed overnight in the futures markets. Anybody that bought first tick at the Monday open— and Trump likes to do this on the weekends, by the way— made a fortune. In the weeks to come. We think the exact same thing’s going to happen here. By the way, Trump does like to do some weekends, uh, if you know anything about our stealth aircraft, you know that— and this is well documented— they don’t want to attack when there’s a full moon or anything close to it, right? Because even stealth aircraft can be seen when it’s light out.

So they tend to want to do this when the moon is quarter full or less. Well, that, that also fits with this narrative that this may take place this weekend. Iran’s trying to negotiate. They have a Thursday deadline apparently, and after that, you know, it could be, it could be a weekend attack. So again, I think some of this could be, uh, a weakness today, could be due to that. Some could be due to tariffs, and then the rest is really what’s happening with this AI, uh, uh, uh, scare tactic. Tyler covers this all the time, okay? But if you remember Deep Seek, the Deep Seek freakout, uh, the Chinese AI program Deep Seek. All of a sudden we had a lot of AI experts that barely could spell artificial intelligence before.

[00:15:22]:
Well, now you know. Then, then they become experts and they told you Deep Seek was going to change everything. Well, now we’re hearing the same thing. This through is about Anthropic, it’s about software, it’s about IBM. Um, and we’ll make the same point that we’ve been making. Yes, there, there’s going to be dislocation from AI, but artificial intelligence is going to create so many more millions of jobs. It’s going to create so much more, uh, uh, uh, uh, a gross domestic product. Elon Musk is one of his favorite topics.

Again, Cathie Wood, Elon Musk talking about 10, 15, 20% GDP growth, uh, talking about the future where nobody has to have a job. I’m, I’m, I’m, I’m not there yet, okay? I’m I’m not there yet, but I, I can see 8% GDP growth by 2030, uh, maybe even sooner. And we still believe 5% GDP growth is going to happen this year, likely in this quarter. So again, the economy is going to continue to grow. Yeah, there’ll be losers, they’re going to be far more winners. And I’ll repeat this as well, folks, we’re, we’re heading into a time frame that could hardly be more exciting. When it comes to technology and technological advances. We’re gonna have new products, we’re gonna have new industries today that don’t even exist.

I’m telling you, it’s coming. I think most of us sense this, you know, this is like we’re living in a science fiction movie. It’s like the Jetsons come to life. Matter of fact, that’s what I named my, my Tesla, Jetson, uh, and, and she loves it when I call her that. She works even better than, than she normally does, which is freaking perfect. I told you last week Uh, we, we went to Dallas and saw Lost Soldier. Uh, 500-mile round trip, didn’t touch the steering wheel a single time. That’s how incredibly well their full self-driving technology works.

Uh, but anyway, look, software stocks have been hit. IBM was hit hard today. We’re going to see dislocations, but these are buying opportunities. Now let me walk you through, uh, Tyler, Sam, and Josh and I had this conversation today, uh, four hands up, we all think this is probably a, from our point of view, a likely outcome. So stay with me here. Number 1, seasonality is not good here. Number 2, March and April seasonality is extraordinarily good. So what a great setup.

[00:17:40]:
The markets are nervous right now, so-called, about AI. The market— markets nervous now, so-called, about Iran. Markets are nervous now because seasonality and, and, and machines that are leaning on the markets for that reason, they know they can and then get away with it. Let’s say that we go to war with Iran. It’s likely going to be a one-night attack again, and they’re going to cry uncle. Of course they will. Um, look, can always be surprised. I know some people were saying this could be a multi-week engagement, multi-week conflict.

I don’t believe it will be. I don’t think that’s what Trump wants. He knows his generals don’t want it. You may have seen that piece today. Apparently the vast majority of generals do not want this war with Iran. Rightly so. Uh, we didn’t elect Trump to be another version of George W. Bush, right? Uh, but again, I think that’s why we’re not going to have that.

That’s not who he is. It’s not what he wants to see happen. He certainly doesn’t want U.S. boots on the ground in Iran. And folks, if we— if this turns into a, a land conflict, that’s exactly what would have to happen. So anyway, we come to next Monday, all of a sudden seasonality is wildly bullish. By the way, Monday’s also, also going to mark the beginning of a new month, which means big time liquidity flowing into the market. By the way, we got— today we learned, thanks to Tyler, uh, global M2 money supply.

[00:19:04]:
Global M2 money supply now just hit $119 trillion, all-time high. U.S. money supply now at $22.5 trillion, all-time high. M2 is cash and cash equivalents. We have an ocean of liquidity that’s going to continue to propel the markets higher. So our view is that we come into next week, if we get the opportunity to buy a low over Monday, I can tell you that is exactly what we’re going to be doing. We’re already scoping our targets now. I can tell you one of those targets— matter of fact, we may act on it before next Monday, uh, is the software stocks.

Uh, I’m going to share this in the morning. I share with Parabolic folks today in our options program. Tomorrow morning in our letter, I’m going to share this chart with you of IGV. IGV is a software ETF. It is down 37% from its highs of October 27th of last year. Largest software names in the company— in the country getting destroyed. And if the, if the index, if the ETF is down 37%, That means a lot of these stocks are down 50, 60, even 70%, right? Well, folks, look at the chart. It’s a quadruple bottom right now.

We’re there, uh, look at a 2-year chart. We have a quadruple bottom. Draw your low trend line with the prices that’s hit this year— over the last 2 years, the lows— and you’ll see exactly there. And the past 3 times we’ve hit this trend line, we’ve had a straight move higher. What you’re also going to see is we are trading at extreme oversold on steroids. That is our most oversold, uh, condition in the VR Investing system. Uh, this is when the rubber, rubber band is stretched far too much. And again, also, software stocks are trading at valuations they’ve not traded at in forever.

[00:20:52]:
I, I don’t— I think, I think you got to go back 25, 30 years to find software stocks that have been this cheap. Uh, maybe the cheapest on record, again, uh, according to, uh, you know, valuations, PE, that kind of thing. So, and they’re going just the other way of like the semis, which is pretty incredible. You look at a chart of the two, which by the way, when the semis are leading higher— and they continue to, uh, I’ll share this chart in the morning as well— when semis are leading the market higher, there’s only one, uh, really only one side of the market you want to be on, and that is long. This has held up for a long time. Uh, it’s kind of our go-to. Uh, for their investing system as far as a market tell, direction tell. And so again, I’ll write this up fully tomorrow morning.

I know I’m throwing a lot at you right now, but I think there are a lot of great buys here. The rubber band stretched too far in some groups, specifically in software stocks. I think we’re going to make a lot of money in this group, uh, and we intend to be fully positioned long, uh, again, if not, if not maybe Thursday or Friday— well, we don’t like to buy on Friday— if not Thursday, maybe we get that lower open on Monday Uh, we don’t, we don’t sell lower open on Mondays. We, we look to buy, uh, on lower, lower Monday opens. We’ll see if we get that. Uh, we’ll keep you in the loop throughout the week. That’s kind of our playbook as we head into March. Also remember, this is the last— we’re coming into the last month of the quarter, first quarter of 2026.

This will be the last month of the quarter for Q1. What do you think is going to happen in Q2 when earnings start coming out? Because they’re going to be very very good. This would be, again, the first quarter with the, the full implementation of Trump’s one big beautiful bill, uh, and there’s, there’s a lot that’s never been included in the balance sheets of the best companies in America because of the write-offs. And also for the individuals— tax refunds, additional write-offs for retirees, again, no tax on tips, that kind of thing. There are a lot of elements to it that have just never been in place at once. And that’ll all be the case as we go into April. And again, the markets act as a discounting mechanism. So I, I think any weakness we’re going to have, I think it’s going to be this week.

[00:23:02]:
We’re looking for rotation back into tech and to, uh, momentum names. And again, as Tyler just told me, uh, bottoms are messy. Bottoms tend to get scary. We’re seeing that now. I can tell you, I’m hearing this now from from a lot of people every day. Kip, are you sure? Are you sure your work is going to hold up? What’s the VRA system for saying right now? Has it had a big down? No, it hasn’t. We’re still at 10 out of 12 screens bullish. Okay, uh, I, I have to tell you, if we break this quadruple bottom on software, as long as we don’t break it by— is break it by a lot, that’s going to probably change our, our rating system.

Because it’s one sector that’s broken down, but we’re not there yet, and I don’t think we’re going to get there. I think this— again, I think this is a buying opportunity. I think the markets are going to be up significantly by the end of this year. I think what we’re seeing now is a— it’s a high confidence call, by the way. Significant buying opportunity. High confidence call. This is a significant buying opportunity. You may have seen this morning’s letter, uh, Rich Ross, whose work we follow.

Ross is the, uh, Rain Man, technical Rain Man over at Evercore. His work is extraordinarily good. Uh, you can also catch him now a couple times a month, uh, on Fox Business with Charles Payne. And, um, very bright guy. He also believes this is a significant buying opportunity. He also believes we have a rotation coming back into tech and momentum. And by the way, he loves NVIDIA, he loves Tesla. Uh, and it— some more, I’ll share this, then I’ll move on.

[00:24:37]:
We’ve been talking about the strength of this rotational bull market from the birth of the bull market, essentially, because instead of having a big, you know, uh, downdraft in the market— now, we did have the tariff mania going into April, of course, but other than that, this market has been strong, textbook bull market, because of rotational strength. Money moves from sector to sector but it doesn’t leave the market, right? It stays in the market, just rotates. Again, this is textbook bull market action. I think that’s exactly what we’re seeing here. Check this out. Remember, for the last couple of years, all we heard that the Magnificent Seven stocks, the Mag Seven, they’re holding the market up entirely. If, if they weren’t leading, the markets would be in real trouble. Well, check this out.

From the highs of last year, Microsoft— these are all Mag Seven names Microsoft down 28%, bear market. Amazon down 21%, bear market. Meta down 19%, Tesla down 17%. These are all from the highs last year. Google down 13%, NVIDIA down 12%, Apple down 9%. More after today. These are the 7 stocks that make up a full one-third of the S&P 500. However, even with those declines, the S&P 500 is only down 2% from its all-time highs.

Folks, that’s the definition of rotational strength. It’s the definition of a very strong bull market. And again, we think of rotations coming right back into tech and momentum just as people— meaning the public— is giving up on them. You know, we’ve all been there. I— hey, I just can’t take it anymore, get me out, right? Those in my career have always been bottoms. And yeah, I’ve, I’ve, I’ve, I’ve sold into a lot of those. But I think I’ve learned some lessons over the years, and I’ll tell you, here’s the takeaway from this. It’s our macro call.

[00:26:30]:
This is a generational bull market driven by the Trump economic miracle, the innovation revolution. Again, there’ll be just dislocation, far more winners than losers, and an absolute ocean liquidity. If you remember those three, I think, I think that, uh, when we get to the end of the year and the S&P 500 is up 30%, NASDAQ’s up close to 50%, that remains our call. I think the next, the next, uh, 10 months are going to be extraordinarily good. Let’s just get through this week and get some, some really good buying opportunities as we go into next week. That’s our approach. All right, what else here? Uh, elevated put-call ratio today, uh, over 9— 0.9 often today, closed at a 0.89. Uh, interesting also, our sector watch, with the kind of loss we had today, you would think that this is kind of ugly.

It wasn’t. You would think the internals would be ugly. They weren’t. We had more sectors up today than down. 6 sectors higher, 5 lower. Now, financials led to the downside, down 3.3%. To the upside, consumer staples up 1.4%. Again, 6 higher, 5 lower.

There’s no destruction here. And our internals, quick refresh here, yes, it is the same, uh, again, NASDAQ down 1.1%. Uh, 2.2 to 1 negative on advanced decline, nothing horrible about that. NYSE, 2.8 to 1 negative, uh, again, nothing horrible there. Uh, NASDAQ volume down 57%, uh, not horrible. NYSE was down 70.2%, but on a day like this, you kind of think it might be down more than 80%. So I, I would say that again, we’re lower across the board, but But this is not, this is not an ugly day, uh, in any way, shape, or form. We also had only— no, we had what, 70 more stocks hitting a 52-week low than high? Again, no, no destruction there whatsoever.

[00:28:23]:
I also make this point in our commodity watch: when gold is up $165 an ounce, up 3.2% today, when silver is up 6. 8% today, up 5.62 an ounce to $88 an ounce. Again, gold $5,246. Uh, these finished, by the way, right at their daily highs. This is not a sign of something that is systemically wrong in the economy or in the markets when the markets are down, but when the semis are doing well as they’ve been doing— now the semis today were down So, so, we’re down 0.4%. I mean, that’s, that’s nothing, okay? Semis led the way higher today even though they were lower. They led. And gold has these kinds of gains.

Now Bitcoin is lower. We don’t like seeing that. That is another sign of liquidity, but that’s its own creature, okay? I’ll cover that more in just a moment. But gold puts us these kind of gains, all right, after the shakeout that they had from about 3 weeks ago. This is telling you there’s plenty of liquidity in the system. It’s when gold goes down with the markets that you see I— that we’re concerned. That’s not happening here. Again, gold looks to be— again, our target’s $15,000, we’re $5,246 now.

Silver, our target’s $388 an ounce now. Copper today down 6 tenths of a percent, $5.86 a pound. It’s working off its extreme overbought levels. We’re now looking for a new play in copper right now. Uh, we resisted buying the top just because it was a bit overbought, but now we’re seeing the inverse of that take place. Crude oil today, flat on the day, uh, down 12 cents a barrel, $66.36. And again, Bitcoin— this is the story, one of the stories of the day— Bitcoin today finishing down, uh, 4%, right at 4%, last trade $64,956, quite a bit off the lows of the day. That’s 65,000 area.

[00:30:25]:
That’s really where we are, right? We’re $4 away from that right now. That’s where support is. That’s what we think it’ll continue to be. What we don’t want to see happen is Bitcoin break below 60,000. That’s the level that it hit— what was it, last week— that it bounced off of. We think that was capitulation. We called it at the time. As a reminder, whenever in the past when Bitcoin has fallen by 50% or more— that just happened last week— from, from the highs of what was 121,000.

Whenever that’s happened in the past, a 50% correction, over the next year Bitcoin has been higher 90% of the time with an average gain of 125%. We’re buyers of Bitcoin here, uh, and we have another favorite crypto we’re buying here too. I’ll save that for our members, but publicly will tell you we are long Bitcoin from— we’re long from 101,000 on this trade. Uh, we are back in Bitcoin now. We’re down obviously in that trade, but we’re adding to positions at this price, and we like it here. Again, this reflation trade that’s taking place globally, this also re— this, uh, rotation that’s going to take place back into tech and momentum stocks, we believe it’s going to include Bitcoin. We’ll be glad we bought at these prices. All right folks, that’s it for the day.

Hope you had a great day and even better night. We’ll see you back here again tomorrow after the close.