In today’s episode, Kip dives into the latest market action and shares insights on the rotational themes shaping investor sentiment right now. He discusses why he and his team recently took profits in leveraged ETFs, what the software sector’s recent pullback means for tech investors, and why these movements are actually textbook signs of a healthy bull market. Kip also breaks down the impact of big earnings reports from giants like Google and Microsoft, outlines his bullish outlook for the remainder of the year, and highlights the “big three” macro themes driving the market, the Trump economic miracle, the ongoing innovation revolution, and a tidal wave of global liquidity. You'll hear thoughts on global reflation, concerns about Japan’s role in the markets, and the resilience of precious metals and Bitcoin amid recent volatility. Tune into today's podcast to learn more.

Don’t look back for the market is closed. Good Wednesday after everyone. Kip Herriage here with the daily VRA Investing podcast. Hope you had a good day today after Tyler’s podcast. Yes. By the way, you know, Tyler does these great video podcasts every Tuesday and Thursday. He’s going to force me to start doing video podcasts as well.

So look for that in the not too distant future. We’re also going to start teaming up and doing some podcasts together. The reason we haven’t done that is because we know that when we do, they’re all going to be like an hour and a half long because we, you know, he and I get in a room, I start talking about these topics. We just go on and on forever. So what we’ll probably do is put a timer on it. You know, like if you watch some sports talk shows, you know, they have a limit of five minutes per topic and then a buzzer goes off and they’re going to move on, probably something like that, to try to keep them to, you know, 20, 25, 30 minutes the most. Anyway, let’s get to it. Look, if you’ve been joining us here over the last, what, two weeks ago, we took, if you’re with us, of course, very letter.

[00:01:03]:
We started taking some profits. Well, we took profits completely in our leveraged ETF program. Right. And so we now own none of those. We had three of them. We sold them. It was just under two weeks ago because we felt that we were going to a semi risky period. The markets were overbought.

And really I, as I’ve been saying now for several days, as Tyler suggested, we just felt the market looked heavy. Right. There was a rotational theme coming. That’s what we believe was going to happen. And that’s important because rotational themes, which is what we’re seeing right now, we think, by the way, we’re about to see a rotation back into tech. These rotational themes, you have to understand they’re normal, they’re healthy, and they’re uber bullish. Okay, okay, this is exactly, this is textbook bull market action. Because in rotational bull markets like this one, Mark, the money doesn’t leave the market.

Institutions just move from one group to another. And so that again, is that, that’s that this textbook. It just is. It’s textbook. And so we started seeing that, if you remember, back in early November, the NASDAQ 100 hit its high, all time high, early November. It’s not surpassed that high since then. Included in the NASDAQ 100 are all these software companies which have been taken to the woodshed. It is kind of remarkable that the NASDAQ 100 is not lower, is not cheaper than it was.

[00:02:28]:
It’s not had a greater pullback than it has, I should say, because of the damage done to software companies. IGV, which is the software ETF essentially is down 30% from its highs of three months ago. So that explains Nasdaq’s fall because so many of those companies are also in the NASDAQ 100. But that’s overdone. That is completely overdone. And we’re looking at that, by the way, as a buy. If there was a solid leverage ETF for software companies, we would use it. There is not.

So we’re looking at another option. But let me just tell you the holdings in IGV again, the tech software sector, etf, igv, these are the, I’ll just give the first four or five largest holdings, right? Microsoft smoked, Palantir not smoked, Oracle, Salesforce, Intuit, Adobe ServiceNow, Palo Alto Holdings, CrowdStrike Holdings. These are super high quality companies that have been taken to the complete woodshed because this is what happens. This is, these again, this is, this is, this is, it’s, it’s not, it’s not really logical and it probably shouldn’t have happened. But this is what happens in every bull market and ultimately it catches, that tends to catch up with the broad market and you have these shakeouts because the concerns become, oh my God, look what they’ve done to software stocks. What’s next? Is that going to spread? And we’re here to tell you that no, it’s not going to spread. This is again early innings of this innovation led bull market against, we call it the innovation revolution. Early innings, if this was like in the seventh inning, something like that, the, the, the destruction software names that would have our attention, that would have our full attention and we would be, we would be having those doubts where this is not the seventh inning, this is like the second inning.

And here’s how we know that if you catch, if you caught Google’s earnings just Alphabet, just after the close, there’s only one thing you need to be aware of right Google Alphabet, it’s hard to call it by that name. Still announced today that they were increasing their capex for this year for 2026 from estimate an estimated 119 billion to 175 to 185 billion. Just, just like that they’ve made the decision from the last quarter earnings to increase their capex by $65 billion. So yeah, I think the AI boom is still alive and well. You don’t find companies like Google that are going to increase their capex by this amount. A decision made inside of one quarter. This is stunning. Okay, okay.

[00:05:27]:
If they’re concerned about the AI boom or they’re concerned about data centers or they’re concerned about anything we’re talking about in the, in, under the AI umbrella, okay. When they first announced earnings, they beat on the top line, beat on the bottom. They weren’t huge beats. Again, it was the capex announcement that stood out. Google got hit down to 308. Okay. Got get hit pretty hard. Well, it’s back to 336 now, essentially unchanged on the day.

Right. It’s been as high as 348 on this news. So I think this is going to play very well into Mars trading. And even if it doesn’t, I mean we’re not investing, you know, based on one company alone, but we have had damage done. This, this playbook has played out the way we expected it to after taking earnings and because again, fourth quarter earnings which are now starting to heat up. Right. Today was, in my opinion, today really kicked it off. Microsoft was expected to be disappointing.

That company got shellacked today. And then tomorrow, of course is Amazon. I think that we’re really getting to the heart of fourth quarter earnings. And just a reminder, you know, they’re going to be very good. All right. They’re already on track, as Tyler covered yesterday, to be very strong. I think now that we’re in the heart of the Mag 7 Tech earnings, I think you’re going to see again, our Target has been 15 to 20% earnings growth for this 500 and I think we could surpass that. And that’s, that’s our, that’s our theme, that’s our call.

[00:06:59]:
And it has been our call for the entire year 2026 again, because we are early. And I’ll just remind everybody, especially for our new people, welcome, thank you for listening today. Remind everyone of our big three. Our big three, right. This is our macro call has been and remains that this bull market is a generational bull market. It’s early again, early innings because it’s being driven by the Trump economic miracle. You see, I mean, Wayne, Wayne Allen Root put a piece today that I think I’m going to at least highlight, I’m going to kind of paraphrase it and talk about the things that Trump has done because, you know, it’s so easy to get wrapped up. As matter of fact, you know what, if you give me a second here, I want to pull that up today and just give you the highlights because frankly, I’d forgotten some of these because I don’t pay attention to this day by day.

And there’s so much happening. Right. That we lose track of where we are and what this man has accomplished. Has he made mistakes? Sure, he’s moving at lightning speed. So, yeah, that’s going to happen. But we all get caught up in the polls and the media that just hates Trump. And of course, the special election that took place in Dallas where a Democrat won, that hadn’t won in forever and outspent by a fortune against a pretty good Republican candidate. And so Democrats and the media are really hawking on this and maybe they’ll be right.

Look, we always knew the midterms weren’t going to be easy, but I think the administration has to do a better job of talking about the wins that Trump has had. And as Wayne pointed out this morning, the real polls, not the fake news polls, the real polls have Trump really doing very well. Okay, CNN’s data expert, CNN’s by the way just reported, and I saw this, by the way, earlier, that 83% of Americans support voter ID. Again, that’s the save act that, that Trump and Wayne and not enough Republicans, by the way, have been trying to get past 83%, according to CNN. Right. Again, you’re not going to hear this in the rest of the media. I’m shocked that CNN covered it. Let me tell you some other highlights, okay.

[00:09:14]:
Because of Trump’s tariffs, US Steel production just surpassed Japan for the first time in 26 years. All right, that’s since 1999. The latest PMI manufacturing data shows the highest surge in manufacturing production in four years. 30 year mortgage rates hover at a three year low. You probably saw today. Home builders were strong today on the Trump home building agenda, which now several major home builders are starting to get behind. You know, building a lot of homes all over the country that are affordable, bringing down housing costs again, as Wayne points time and again, what other presidents even tried to do these things and Trump’s doing them all at one time. Again, I just think it’s important to stay focused on the wins.

Also because of Trump’s one big beautiful bill, Americans filing taxes this year, which again, admittedly is only 40% of America, will receive the largest refunds in history, averaging about $4,000 each. That’s real money going back in the pockets of real Americans. Right. Wayne says Trump’s even making the irs. Great. Again with his is Trump accounts. Right. Every child is being gifted over the next four years $1,000 each into a stock account that could grow to $500,000 by 18.

Now I had not seen that number before but I’m sure Wayne sourced that. Well, I look into that again. I’m reading this from Wayne’s latest blog post which I think I got. It was this morning. Yeah, early this morning. Yeah. Home builders, Matt. Trump homes.

[00:10:52]:
Right. Building one up to 1 million Trump homes to, to boost affordability. Trump and India’s Prime Minister Modi just announced a big trade deal. This was received extraordinarily well overseas by the way as you may have seen. Japanese stock market just hit another all time high. I’ll try to cover a question I got from Chris. Long term, long time listener. Thank you Chris.

Great question today. I’ll do my best not to forget this that you sent in because again there are so many people still hawking on, harping on what’s going on in Japan. You know, are we going to have another our black swan event if you will In Japan with JGBs, Japanese, Japanese government bonds and, and on and on with the, you know, currency trade etc in Japan. No. Japanese stock market in an all time high overnight. Right. Been up big this week. I think he’s got to be up over 5, 6% this week alone.

And you know the market’s a leading indicator so that the markets sense this kind of stuff first. And that just wouldn’t happen. Chris was asking. I’ll go ahead and cover it now Chris, you ask very good questions. I’ll just cover the heart of it. The big concern about Japan of course is the carry trade. Again I don’t see any concerns there. Biggest concern really is what’s happening with interest rates.

[00:12:09]:
You see a lot of people scaremongering. Japanese rates are hitting all time highs. Well for decades Japan has had deflation. Remember they’re the original financial engineering central bank. They invented QE in 2001 to combat what was disinflation. That became stark deflation in Japan for a couple of decades. So they’re desperate to get out of that and so they’re experimenting. That’s what this is.

It’s an experiment to stop buying all these. The central bank, the bank of Japan stopped buying all these bonds. See if they can do it. Can they? Can they go from QE massive QE to some form of quantitative tightening where the bank of Japan starts to sell off these assets, stocks and bonds where the largest holder, largest single holder in the country, which is insane when you think about it, right? The US has never admitted to buying equities, but of course we know that they have because that’s just common sense. And we, we know that there is a plunge protection team. Everyone that has this worth their weight in common sense knows that to be true. Trump’s even talked about it’s. Of course it’s true anyway, but not to the extent no one’s done, to the extent that Japan has done it.

But now China is trying to play catch up. So that’s why their rates are higher, they’re normalizing rates. This is something they want to see happen. But trust me when I tell you, and we saw a hint of this last week when the rumor was leaked that the US meaning our central bank, right, the Fed may come in and start buying the Japanese yen. Just that rumored announcement caused a massive move higher in the yen. And so if they were ever, if we were to ever actually do it and be it wouldn’t just be the U.S. this would be a coordinated central bank strategy all over the planet or most of most central banks that would be involved in it. And if they wanted to do it, they could absolutely smash Japanese bond yields.

[00:14:04]:
They could absolutely smash them. They could cut them in half if they wanted to. Right. Remember, these bonds don’t trade a whole lot. Okay, but they don’t want to, they want to try to normalize it. That’s essentially, Chris, my answer to that question. No, I am not concerned about Japan. I, one of the biggest black swan original fear mongers.

I wrote about this in my first two books, that this was the biggest risk that I saw and it still is one of the two biggest risk that I see. The other biggest risk is that central banks decide to go AWOL and say screw you, we’re just not going to support the market anymore. Maybe they get it Trump, right? Or maybe to get at the fact that Trump’s trying to tear apart the, the Fed, that that’s actually my biggest black swan risk. But I don’t see that happening as a reason. Tyler and I’ve covered for so many times over the years these central bank major investors, which are the largest and most powerful banks on the planet, plus the managers, if you will, of these central banks and underlings, they would only be cutting their own threats because these people and their companies are the largest holders globally of stocks, of bonds, of real estate now becoming a bitcoin. Right? So that’s, that’s not going to happen. At least it’s not happening. Now, but again, it’s still a black swan risk I think we should be aware of.

How would we know it’s happening? We start seeing a bit of a meltdown and it would be come out of the blue. It would, it would happen quickly. You’d still have time to react, but at that point you would have to act because everything would be going lower, including gold and silver. That’s another topic for today. That’s another reason we’re not concerned about this downdraft, which we think again is nothing more than a heavy market Pause. Right. And as Tyler reminded me, as he said in his pockets yesterday, this is why we’ve been getting our shopping list together, because this is what we’re looking for. And but again, we, Wayne, Wayne just raised some great points today.

[00:16:09]:
Thank you for that, Wayne. There’s more. But again, this is what the administrator, this is their challenge. They’ve got to get the public behind what he’s doing. And you have to hope that common sense starts to reign, you know, the closer we get to the midterms. But if Republicans just don’t turn out, and independence, if we just don’t choose to turn out, and if somehow Trump could do something about these rigged elections, right, then Republicans, they should not have a problem winning the midterms. But you’ve got to do the Save act or something like it has to happen. And I think there’s been so much energy behind it from Trump and his team, I do expect something to happen.

If not, if they can’t get it done, then the loss is on them because the Republican Republicans own it. Right? They have, they have everything, including Supreme Court. So if that’s ever going to happen, it has to happen now. If not, then the powers that be didn’t really want it to. And by the way, your next question might be, okay, let’s say the worst case happens and we lose the midterms, what happens next? Well, unless Republicans lose both the House and the Senate, I think that’s unlikely. But if Republicans lose the House, we’re still got Supreme Court, then there just won’t be any more agenda for Trump. There’ll be no more bills passed, there’ll be no more legislation, there’ll be no more advancements. But Trump has done so much in just his first year.

By then it’ll be his first year and a half that, that maybe it won’t even be necessary. Now. We’ll maybe not get all the good stuff we wanted to get. But the point being, from the market’s point of view, the markets just happen to love when there’s gridlock. We have a lot of evidence about this going back many decades that the markets do very quite well when there’s gridlock. Yes, there’ll be hearings for impeachment. Yeah. All that insanity will come back, but nothing will come from it.

[00:18:13]:
Right. There’ll be no movement. It’ll just make Americans sick that we’re having to go through this again. And maybe that would be enough to wake Americans up when it comes to 2028 in the elections here. So again, that’s kind of my thought process here. I don’t like what I’m seeing. I didn’t like this in my state. This, this, this, this loss outside of Dallas.

But there’s still time to get our act together. And I think, I think frankly, and I’m speaking, I’m speaking to myself as well. Okay. I think it’s time we raised our voice. And I think instead of, what do they call it, the black, black pilled, right Republicans, instead of being a constant negative about Trump because of the things he hasn’t done, I think it’s time, I think it’s time to stop being a keyboard warrior and to stop preaching to your own audience. And I think it’s time to be more vocal about the victories that Trump has had and what he has gotten accomplished. Yes, he’s focused way too much on international stuff. Again, we know the negatives, right? The jabs are still on the market.

Again, we know the negatives. I talk about them here fairly often and used to a whole lot. But I think it’s time to start focusing on the wins. And again, I applaud Wayne for this great piece he put out this morning. If you didn’t see it, it’s on his blog. Blog root for america.com is a site. Recommend you sign up for that as well. And I think I will focus on some of this in tomorrow’s letter.

[00:19:43]:
Okay, so we covered the rotational theme also. Just want to point this out. This is another, another theme of ours and it’s very important, it’s extremely important to understand this matter of fact. It may be the most important thing to know right now. So again, the big three. Trump economic miracle. I’m getting off track here. Trump economic miracle, innovation, revolution and an absolute ocean liquidity.

These are the things driving it. Those are the three big macro themes. Just under that is what’s happening currently. We are witnessing a global reflation trade because it’s not just the US Is strong. Again, look at these global stock markets. They’re telegraphing, they’re telling you that their economies are picking up speed and that’s really the Trump doctrine. So many countries have said, you know what, we’re not going to fight this. Don’t fight the, let’s go along with this, let’s see if we can’t grow the way the US is at least to some modicum of degree.

Right. And that’s happening. We’re seeing in the global stock markets, they’re leading the way and their economies are picking up speed as a result. This is happening. It’s real. It’s called the global reflation trade and here’s why it’s so important. You talked about a rotational theme earlier. Well, excuse me.

[00:20:53]:
Tech and semis have been going lower, software stocks have been going lower. But what hasn’t been right, the rotation has been into commodities. Right. Gold had its one day crash and now gold is right back to 50, back to 5,000. Silver is right back to just below 9088 right now. Copper’s, you know, it barely got hit. Energy stocks hitting all time highs. Right.

Xle, energy TF in an all time high yesterday I believe, as Tyler said. And again small caps have bled the way. Small caps again I would put in the global reflation trade. And the only reason I do it is because they’ve been so out of favor that I think you’ve got, you’ve got major investors that see what’s happening in the US economy which is on fire. It’s on fire. It is absolutely on fire. We see it in all the data. Right.

I don’t think we cover so often here. I think, you know, I’m talking about GDP soaring. It’s only going to increase throughout the year. Again corporate earnings talked about that earlier. I think small caps are really going to continue to pick up speed as well. We like that group here. That’s something we’ll be re adding to the portfolio in the very, very near future. I believe that’s a decision we may make overnight.

[00:22:07]:
But the global reflation trade and the strength there is telling you that the global demand for these products from materials, industrials, energy, commodities, the demand for these globally is really picking up speed. That’s why oil prices have been going higher right now. You know, the concern, at least it pops in my mind about that is okay, okay, does that mean inflation’s coming back? You know, because if you just looked at the prices of commodities you would say on its surface that must mean inflation’s coming because look at these commodity prices going higher. They’re they’re all going right, yeah, that could be inflationary. I think it’s reflationary instead. Because as, as true inflation. Right. Which is, you know, the BLS should wish they were 10% as good as truflation is.

Are reporting econ, inflationary and other data. They’ve now got inflation below 1%, CPI below 1%. Like I think I saw 0.89%. And it’s because so much everything else is collapsing inside of what makes up the cpi. Shelter costs again collapsing again. You’re seeing it, everything essentially collapse again. Commodities now strengthening, but that’s a reflationary trade. But everything else is collapsing and that’s happening because of the innovation revolution.

This has been our theme for some time. It’s why we’ve told you not to worry about inflation, that we’re going to have disinflation that will become likely deflation in the U.S. that’s what the markets are saying. That’s why again, there’s, I know no one that I respect that I respect that says we have an inflationary problem to worry about. Right. The people that I respect the most that do more work in this area than I do are not saying that. And, and I, we haven’t believed it anyway. From a common sense point of view, it makes no sense.

[00:23:55]:
Innovation makes the price massive innovation like this never before seen levels of innovation like we’re seeing now and it’s just getting started, drive the price almost everything lower. So it’s a, it’s a, it’s a, it’s a, it’s a spectacular setup, spectacular setup for the US economy from just about every point of view. I think we just need to talk more about it and I think as results continue to pile in, because you can say like Trump does, look at your 401k. And you know, I don’t think that resonates with most people because that there, it makes most of the country jealous. And you know, as, as, as, as, as investors, you know, and as people that own 401ks and they have money set aside. Yeah, we love seeing the growth, but we need confirmation that it’s widespread. We want to feel good about ourselves. We want to feel good.

The rest of the country is growing and benefiting as well. So that really doesn’t ring true for a lot of people. It’s a little hollow sounding. But again, I think throughout the rest of the year, certainly into the midterms, you know, we’ve got plenty of time for the rest of Trump’s one big beautiful bill and you know the Trump economic miracle to continue to play out and I expect that it will. Okay. Again, no signs of liquidity concerns. No signs whatsoever. Empty money supply.

US and global all time highs. That’s cash and cash equivalents. I mean, you know, again, home equity at 71% is the average. $40 trillion now sitting home equity again, all time highs. We just need rates to come down. That’s stubborn. We are going to have a new Fed chair. No, no, Kevin Wash is not going to be hawkish.

[00:25:43]:
He would not have gotten the gig if there was a remote chance that was going to be true. Unless Trump and Besson have just really royally screwed up here, which I just refuse to believe is even possible. So I’m excited about Kevin Wash. I think he’s a guy that’s been, he’s been around so long he’ll be able to get things done. And I think they interviewed him so many times they’re like, you know, you are going to play. You’re not going to be Jay Powell Jr. Are you? Not J. Powell Light, are you? You do agree with what we see, right? I believe he absolutely does.

And I think his interviews over the last couple years have proven that out. Excuse me, sore throat here for some reason been talking a lot today. But again, no liquidity problems and here’s how we know that for sure. This is really one of our go to’s, right? It’s one of our go tos. It just holds up all the time when you have a market sell off. The first thing that I look at besides the semis, the intact, the first thing that I look at is what’s going on with gold and silver and bitcoin. Bitcoin, we’re going to spend some time on tomorrow. I’m doing a deep dive in the morning on it.

Yeah, I know. I don’t like the sell off. I mean if you’ve been involved in bitcoin as long as we have, I mean this is, it is, it is par for the course, right? It’s surprising if it happened now because everybody’s gotten on board. So much money’s coming into it. That is the big surprise. But this is still a new asset class, right? It’s still young, it’s still a baby compared to all the others. And these bear markets are. This is what happens in bitcoin.

[00:27:16]:
And you’ve heard me say this before, I’ll say it again. There’s a, there’s a certain group of people, I’m talking about futures traders, big money investors that want Michael Saylor at MSTR strategy that want him to be flushed out. They want him to be forced to have to selling bitcoin and they’re using futures against him. They’re shorting. That’s, that’s the, that’s. Everyone wanted bitcoin to be connected, right. And be legitimized. Well, it’s here.

Congratulations, you got what you wanted, right. These futures contracts trade a gazillion times more than bitcoin does every day. And so they are ganging up and they’re piling into bitcoin shorts. That’s what’s happening here. And MSTR now is down 52. High was 457. It’s 127 now. Right.

Today you hit another 52 week low today. Michael Saylor and MSTR are now underwater. He’s underwater on his holdings. I think his cost basis is like, I want to say it’s like 76,000 a Bitcoin. And what are we today? It’s like 71, 72. I’ll get to that in just a moment. But that’s the range we’ve been in today. I actually think we rallied a bit today.

[00:28:35]:
Since we’re on the topic, let me get this right. Okay. Yeah, last trade, 73. It’s actually off the lows now by a couple thousand. But there’s a certain group of investors. These are not, these are smarmy people. This is what they do. They’re the George Soros types of the world.

They want, they want to flush him and they want that flush to cause bitcoin to get hit hard. And that’s where they’ll be covering, that’s where they’ll be buying. They would love to make that happen at 35, 40, 50,000. I’m not saying it’s going to happen. I’m not saying it’s not going to. I’m saying we’re long. I don’t expect that to happen. I think there are too many pro bitcoin money people and institutional buying power that’s in to let that happen.

And by the way, we’re also. I said I’d do a deep dive tomorrow. Here I go. There’s also bitcoin on the very investing systems now hitting. Let me give you a close update as the close today. Well, it’s not quite there yet, but it’s a hair away, hair away from hitting our most oversold reading of extreme oversold on steroids. Right. Of course it’s at a new 52 week low, but you know that one year chart doesn’t look too good but, but pull up a two year chart and then you go okay, I’d forgotten that two years ago it was that cheap.

[00:30:00]:
Right. Two years ago Bitcoin was, was 40, 40, 40, 43,000. Right. So now what we’ve done is pull back. Yes, we’re at a new 52 week low. We pull back to the lows of last November, November 25th, which was, I’m sorry, November 24th, my bad. Where it was at support levels now again 73, 000 where it was, what is that a year and three months ago. Right.

So again I’ll get into more depth into tomorrow. We still like bitcoin here. I don’t like buying this this far beneath the 200 day. I don’t like buying beneath the 200 day at all if I’m being honest with you. But again we’ve seen bitcoin trade like this. I’ll show that I have all the details tomorrow. How many times we’ve seen this or worse happen in just the last seven, eight years when we started buying it. But it’s happened often so that that’s.

We think that we think the forces of good are going to win out with bitcoin. But again I’ll get into that more tomorrow. But again talking about liquidity, what I look for in shakeouts like this, my first go to besides the semis which again they, they’re volatile. Right. We know that is gold. What’s happening in gold. And besides the one day crash, all right, gold is as bottomed. It’s now bounced significantly off those one day lows from Friday.

[00:31:27]:
Right. That was a probably a very coordinated crash. And again as we’ve reported since then, you know, we think those lows are in and you know the miners were by. We’ve been covering this with you, especially the junior miners and you know, some backing and filling is healthy. I think that’s what we’re seeing now. But the fact that gold and really silver, silver to get crushed but they bounced back and they’re up again today tells you that we don’t have global liquidity. These are just some of the things that we, that we look for. There just aren’t global liquidity issues anywhere to be seen.

And how could there be with all this money that is sloshing around. Right. Again it’s another reason to be bullish. Okay, what we like today about this and we did put a position on today in Parabolic options what we like, the reason we did it was that you know, we saw A reversal today at one point today the semisor down 5%, closed down 2%. Put call ratio was very elevated today. Over one at one point closed at 0.92. The Vix at one point was up what 8% cracking 21. It closed up only 3 1/2% again elevated Vix and again we’re just not in that cycle.

We think we’re going to get to extremely sold. You know we’re just waiting for indexes to get heavily oversold and then we’re going to look for that to begin initiating new positions. Well we’re essentially there now. We’re essentially there now. And I think the other again thing to remember is that Google, you know with the report today of their, their capex increases is, is is pretty mind bending. Okay. And so that that play is still early. All right, let’s get into the rest of the action today.

[00:33:10]:
Under the hood internals Today again at one point again NASDAQ was down for 500 points. Saw a pretty good rally there. Dow Jones had been up 400, went down to minus almost 200. It closed up 260. Right. So again rotational action very healthy there. As Tyler reminded me, the Equal Weight SPX SPF 100 hit an all time high today again you don’t see that when a market’s getting ready to go a lot lower. You just don’t see that title also reminded me the trannies transports hit an all time high today again we got a Dow 3 buy signals there as Tyler pointed out.

I think it was like a month ago again that’s a buy signal, remember as well we got the January barometer. That’s bullish. Okay. Month of January finished higher against small caps, led up 5% with January is higher. The rest of the year is higher 87% of the time. And again we’re very bullish on 2026. These dips are buying opportunities and that’s been our call for a time for some time. Sometimes it doesn’t feel like that’s the case when you’re, you’re living through them in the moment.

But our macro themes, that’s what we go back to. And unless something changes and nothing has that remains the play in place. All right. In the internals today again as much as we were smashed earlier, I would have thought these be worse. These are not bad at all. We didn’t have 2 to 1 negatives for advanced decline. NYC was actually positive 1 1/2 to 1 for advanced decline. Nasdaq was minus, it was 1.7 to 1 advanced decline volume today.

[00:34:43]:
Nasdaq was 96. Excuse me 59.6. Negative volume downside volume no big deal. NYSE positive volume of 58.8% and new 50k lows came in with a pretty good win. 670 stocks hit a new 50 week high to just 538. Hitting it just 538. Still a large amount but again it’s that equal weighted S&P 500 hitting an all time high. That’s what’s supporting again we saw that in the Dow.

We’re seeing that in the rotational theme again that is super bullish. Also bank stocks today hit an all time high. So again the rotational theme that we talked about in our sector watch today again you also wouldn’t know from reading this that it was an ugly day again. It didn’t finish ugly sectors today. Quite bullish actually. Only had four sectors lower, seven higher. Led the upside by our rotational themes. Right.

And our global reflation theme. Energy up 2.2%. Materials up 1.8. Real estate of 1.5. There you go. Downside we talked about earlier. Technology down 1.9. Communication services which is essentially tech down 1.7%.

[00:35:52]:
Commodity watch today again just a lot of strength here. Gold. Remember when gold broke through 5,000 that was resistance, right? We smashed right through like, like, like a knife through butter. Go with the 5640. I was like well I guess that magnitude to 5000 didn’t serve as resistance after all. Well then we saw that it did with our one day a, a crash on Friday. Well today it bounced right back over 5,000. Today the high was 51 13.

Last trade 4,978 52. On the day silver again broke through 100. That was, that was both a magnet and then became resistance, not support. Flash crashed through that to what? 72, 71. Now it’s up back up to $87 announced up four bucks today. Announced on silver again that that play is still very very alive and well. Love the miners here. Miners by the way GDX hitting almost hitting extreme oversold levels down.

Stochastics heavily oversold again. This is a buy signal for this group. This is a big buy signal for this group. Just know that Copper back down. Just quiet today. 592 pound crude oil 6447 again up 2% of the day. Up 126. Crude oil’s been West Texas media has been very strong as has Brent.

[00:37:17]:
Finally the day a bitcoin again last trade right at 73,000 off the lows of the day. Just a hair away from extreme oversold on steroids. This sell off is overdone. I think that the Bears are going to be reminded of this in the pretty near future. Right? Okay 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. It.