The Weekly Trend
The Weekly Trend
Episode 231: Thankful for Uptrends
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In this week's episode, David and Ian discuss Bitcoin's post-election rise, performance of momentum funds, Mega Cap Tech stocks, the US Dollar and Gold relationship, and the potential for a relative bottom in commodities.
Welcome back to the weekly trend podcast. Today is Friday, November 22nd, 2024. S& P 500 currently sitting at 5960. I'm David Zahling. I'm here with a discretionary user of subtitles, Ian McMillan. Any good shows that you're watching lately?
ian-mcmillan_8_11-22-2024_111235We started the perfect couple.
david_20_11-22-2024_101237Okay.
ian-mcmillan_8_11-22-2024_111235Although it's, I mean, it's a drama. So I I have a reputation in our house for dozing off.
david_20_11-22-2024_101237Okay.
ian-mcmillan_8_11-22-2024_111235Once I am in the bed at night.
david_20_11-22-2024_101237Okay.
ian-mcmillan_8_11-22-2024_111235So I can make it like 45 minutes and then my eyes started getting pretty heavy. So yeah, we're trying to make it through the pop. It's got like Nicole Kidman in it.
david_20_11-22-2024_101237Oh, really? She's still around.
ian-mcmillan_8_11-22-2024_111235like I said, it's like a drama that it's a murder mystery. Someone gets killed at like a wedding. And they're trying to figure out who did it.
david_20_11-22-2024_101237Mysteries. Subtitles or no?
ian-mcmillan_8_11-22-2024_111235Well, the kids are not in the room
david_20_11-22-2024_101237So no subtitles.
ian-mcmillan_8_11-22-2024_111235it. So no Subtitles.
david_20_11-22-2024_101237Yeah. I'm not a big subtitle guy myself, except for, if you're watching something with a heavy dialect or. A foreign movie or something like that. My kids like to use it all the time
ian-mcmillan_8_11-22-2024_111235that's the gen their generation.
david_20_11-22-2024_101237It is, I give him a hard time, like just focus, but let's focus on some price things here. Ian.
ian-mcmillan_8_11-22-2024_111235Haven't given up yet.
david_20_11-22-2024_101237Hey, did you know that we're a couple of weeks removed from the election and the world hasn't ended?
ian-mcmillan_8_11-22-2024_111235It was not ended. You some things have done better than others. I mean if you're european, you might. Their stocks haven't gone anywhere. But that's
david_20_11-22-2024_101237Yeah,
ian-mcmillan_8_11-22-2024_111235right?
david_20_11-22-2024_101237downtrend, international stocks, Europe.
ian-mcmillan_8_11-22-2024_111235Terrible. Golly. Terrible. New relative lows. I mean, you're seeing it in all foreign stocks, new relative lows. Well, minus friends down in Argentina.
david_20_11-22-2024_101237Yeah,
ian-mcmillan_8_11-22-2024_111235That's
david_20_11-22-2024_101237can get,
ian-mcmillan_8_11-22-2024_111235place you can go outside the U. S.
david_20_11-22-2024_101237we, and we can make some political commentary there, but we don't need to do that. But your point is made. I'm sure most of our listeners are familiar with U. S. equity performance since the election. And for comparison's sake, the S& P since the election is up about 4%, VEU, which is all world stocks minus U. S. stocks, is down three, almost three and a half.
ian-mcmillan_8_11-22-2024_111235Wow. Some people say 4 percent in three weeks. It's not, I mean, that is a big move. If you annualize that, that's a big move.
david_20_11-22-2024_101237Sure. But don't do that. Don't annualize it. Don't count your gulf strokes until they happen. There's a lot of people, I'm shooting par, I'm shooting two under. I'll, if I just do this and that.
ian-mcmillan_8_11-22-2024_111235the turn. You
david_20_11-22-2024_101237Right? Yeah,
ian-mcmillan_8_11-22-2024_111235That means I'm shooting four under.
david_20_11-22-2024_101237right. Well, and that's the crazy part. And I'm convinced that all Cove courses are set up that holds one through three, gets you all comfortable. And then they pull the rug. They've got that fun par three waiting for you or a par five. That's. Going to humble you
ian-mcmillan_8_11-22-2024_111235Okay, so then what's our, what's the part three in the market right now?
david_20_11-22-2024_101237That's a I love that
ian-mcmillan_8_11-22-2024_111235What's the most obvious uptrend to be involved in?
david_20_11-22-2024_101237the most obvious one Well, if you look at since the election if I can use that because we've talked about on this podcast Before that it's not about who the president is. It's just where the dust settles
ian-mcmillan_8_11-22-2024_111235Yeah.
david_20_11-22-2024_101237the election. And when you look at performance since then, here are the things that are up since the election, not international stocks, but Bitcoin up 42 percent since the election.
ian-mcmillan_8_11-22-2024_11123542 percent.
david_20_11-22-2024_101237And then when you look at, and that's not even talking about micro strategy, but then you look at sectors and here are the sectors that have outperformed the S and P since the election financials. Energy discretionary utilities and industrials,
ian-mcmillan_8_11-22-2024_111235It's a not tech.
david_20_11-22-2024_101237not tech, not staples, not real estate, not materials, not healthcare. I mean, in fact, healthcare is negative also down two and a half and healthcare might, it's absolute uptrend, I guess is fine, but on an absolute basis, talk about an opportunity cost, something's going on. And, we had a really good conversation before we hopped on here about price before news and that price. The way we use technical analysis is rather than having a narrative and trying to get price to match that it's the other way around. And there's things going on in healthcare that make you wonder. Mean,
ian-mcmillan_8_11-22-2024_111235I agree. By far the worst sector out there.
david_20_11-22-2024_101237yeah, and it's, and it continues to underperform. It's been under, and again, back to your original point, that's not new news. I mean, international has been in a relative downtrend for over a decade. And then you look at healthcare, And something as simple as looking at XLV versus S& P, mean, that's been in a downtrend since the beginning of 20, 2023. So we're going on almost two years of a downtrend in healthcare stocks versus S& P remains. And so that's not new information since the election. But as far as, you mentioned what's that part three, the rug pull, I view it as what's the red flag in the market. And I think you can make an argument about what you highlighted there with tech, if we're. Seeing the big boys. And I'll use Apple as an example, and you look at Apple versus the S& P, it really hasn't, it's gone sideways since July of 2022, with two big, pretty big relative down, drawdowns during that period. So Apple hasn't really done anything. When's the last time you heard someone talk about Apple? It's really been the NVIDIA story.
ian-mcmillan_8_11-22-2024_111235haven't talked to Apple.
david_20_11-22-2024_101237Microsoft.
ian-mcmillan_8_11-22-2024_111235Golly, Microsoft has really fallen off, especially on a relative from a relative viewpoint. Yeah, the two big ones, but I do, right? And we talk about, we've talked about this before, rotation out of tech, and we've got, you mentioned, like, we've got blips of it over the past couple years. Has it really come to fruition? I mean, it does for like a quarter then We get off the small and mid cap train. It seems like we're going for that again.
david_20_11-22-2024_101237Yeah.
ian-mcmillan_8_11-22-2024_111235This one feels like it's got a little bit more substance to it underneath the surface.
david_20_11-22-2024_101237Okay. Walk us through that. When you say that.
ian-mcmillan_8_11-22-2024_111235I mean, right. So it's very doubt if institution, if we're going to have. Let's be honest, trillions of dollars to migrate its way from mega cap tech into small and mid cap everything. That is going to take a lot of time going to be I mean, that's a delicate process without tipping over the boat because we know how weighted towards mega cap tech some of these indices are. So yeah,
david_20_11-22-2024_101237Yeah,
ian-mcmillan_8_11-22-2024_111235you get
david_20_11-22-2024_101237that's a good point.
ian-mcmillan_8_11-22-2024_111235that? If you own billions and billions of dollars in megacap tech, your Apples and Microsofts and Amazons, I mean Netflix, that doesn't look like anyone's trying to get out of Netflix, to be honest. I know that's probably technically discretionary and not megacap tech, but I'm throwing it in the megacap pool.
david_20_11-22-2024_101237Well, it's part of the Fangs family,
ian-mcmillan_8_11-22-2024_111235yeah, the thing, that's probably a better way to put it. Magnificent seven. So yeah, how do we get out of that? And they, I do feel like they've done a good job so far. That doesn't say, I mean, of course in a few weeks, someone, we could have an oops moment. And it's just too much selling of The big stuff for too much supply in the mega caps,
david_20_11-22-2024_101237right?
ian-mcmillan_8_11-22-2024_111235That the demand and everything else can't overcome, but so far they're turning the aircraft carrier. one has fallen overboard. There are some wonky days out there and still, I still a lot of back and forth. I would still say, one day tech outperforms and then the next day, everything else outperforms obviously to varying degrees. But, I don't know, this time just feels like 2025 could be the year for quote unquote everything else.
david_20_11-22-2024_101237Yeah.
ian-mcmillan_8_11-22-2024_111235And that's a relative though, maybe that is relatively speaking. So now you got to figure out which direction is that how performance Trend is up. So I would assume it continues to the upside had tech underperform and we went down so that possibility is always floating out there
david_20_11-22-2024_101237No, it's a good point. I mean, and the fact that you have these sectors that I mentioned before, how bad are things if financials, energy, discretionary, industrials are doing this well? That's typically not what
ian-mcmillan_8_11-22-2024_111235you got retail breaking out to new highs you have a lot of good stuff going on out there.
david_20_11-22-2024_101237Well, and we've highlighted several times, you look at transportation stocks that finally cleared the week of the election to the upside above 70 on using something like IYT, a proxy for transportation stocks. And that continues to hold.
ian-mcmillan_8_11-22-2024_111235Yeah,
david_20_11-22-2024_101237So Dow theory comparing industrials versus transportations. We have confirmation at this point. And that can always change, but I think you bring up an excellent point that rotation out of tech, as long as it's that rotation is going into things that are risk on in nature, such as financials, industrials, discretionary, that's not such a bad thing.
ian-mcmillan_8_11-22-2024_111235I agree with that.
david_20_11-22-2024_101237So speaking of Bitcoin, we highlight a couple of weeks ago, a chart by Larry Thompson, just highlighting that regardless of the president, each of the last three elections now you've seen big moves out of Bitcoin. And here we are.
ian-mcmillan_8_11-22-2024_111235four,
david_20_11-22-2024_101237Yeah, here we, yeah, here we are again, post election with Bitcoin moving higher, and that's not a bad thing. That's also risk on. And I guess related to that, what do we have going on with the dollar?
ian-mcmillan_8_11-22-2024_111235Dollar breaking out of a two year range between a hundred, this is dollar index, 100, 107. So very strong. And we've had a strong dollar since early October got hit a little bit after, I mean, maybe a couple of days. This is a very strong move. last seven weeks Stocks have held up fine
david_20_11-22-2024_101237Well, and part of that story though, is also just how weak international currencies are.
ian-mcmillan_8_11-22-2024_111235Yes, they are.
david_20_11-22-2024_101237You brought up a good point as we were prepping for the show that when you look at gold, the reason why it's not a bigger story is we're so us centric. And so when you price gold in dollars, still in an uptrend, still, a nice looking price move, but when you compare it versus other currencies, it's even more dramatic. I mean, to own gold in the yen, to own gold in the Euro or the British pound.
ian-mcmillan_8_11-22-2024_111235Yeah, so people say well, why is gold going up the dollars? Going up. Why would gold in you priced in us dollars be going up, which is a fair it's a fair assumption and I think it's just like JC touched on this. I can't remember what it's been within the last three or but we've had another period like this You And gold around the world a lot stronger. Gold and other currencies, price in other currencies, very strong.
david_20_11-22-2024_101237and it just goes to show that the whole buy and hold method of you should own, buy and hold everything is again, proven wrong because we have ratio and strength analysis, we can do just so many things internationally outside of Argentina and a few other spot places, their currencies are weak. Their markets are weak, and I understand I'm also talking about markets priced in dollars, and that's part of it. And maybe we do see, maybe we see, if the trade weight of the dollar using DXY clears back below 107. Maybe we do see a resurgence, maybe this is some type of international flush, where we're going to exhaust the sellers. Cause it's a pretty dramatic, I you look at the S and P or you look at VEU versus S and P the last two months, I mean, there's a spread there of 10%, I mean,
ian-mcmillan_8_11-22-2024_111235That's, I mean, golly, terrible. the argument is you shouldn't have any exposure there in the first place.
david_20_11-22-2024_101237if you're a technician, but buy and hold people. Yeah. Buy and hold, we see portfolios come in all the time with prospective clients that are holding on to dear life for international stocks or treasuries.
ian-mcmillan_8_11-22-2024_111235Kevin said he had one a few weeks back. I think 35 different mutual funds. She's he ain't
david_20_11-22-2024_101237crazy.
ian-mcmillan_8_11-22-2024_111235anything with 35 different funds, tell you that.
david_20_11-22-2024_101237Exactly. I think that's a good segue for me to highlight the supporter of this podcast, the Adaptive Select ETF, which is listed on the NYSE under ticker ADPV, which helps investors access two of the most prevalent factors in markets, momentum and relative strength. Using proprietary identification methods, the Adaptive Select ETF attempts to own the strongest 25 large cap stocks. When the market is in uptrend, and since not all market environments are the same, Adaptive Select seeks to prevent extended declines by moving to short term treasury bills and cash. During long term market downtrends, investors can find out more, including how to invest in ADPV by visiting ADPVETF. com or calling 1 833 880 5200. As always, investing involves risk, including possible loss of principal. ADPV is distributed by Quasar Distributors, LLC. So speaking of momentum. Ian, what are we seeing out of momentum? There, we talk about portfolio makeup and a lot of buy and hold shops will hold international, no matter what they'll hold some treasuries, no matter what, not a great idea, but there's also different ways to slice the loaf of bread, we talk about large cap, mid cap, small cap. That's one way you could slice it into sectors that we've talked about. You can slice it in the style box, whether it's small value, Or large growth, but there's also dividing it into factors such as value investing.
ian-mcmillan_8_11-22-2024_111235Yeah.
david_20_11-22-2024_101237What are we seeing out of momentum?
ian-mcmillan_8_11-22-2024_111235Momentum's had a good year, which is nice after 2023. Not a great year, for playing under the surface, I guess Yeah, a lot better year. Most momentum funds have outperformed the SMP and that's a lot. I mean, that's not a lot of Yeah, SMP. I mean the mega cap stuff has done well
david_20_11-22-2024_101237Well, and for comparison's sake to highlight what you're saying, using SPY, which is up 25%, almost 26 percent year to date, you have something like SPMO, which is momentum, S& P 500 momentum, which is up almost 47.
ian-mcmillan_8_11-22-2024_111235Yeah, and it's had, nvidia amazon meta Those are the top three holdings. Those are obviously bang ish magnificent seven ish Lily, right? We talk
david_20_11-22-2024_101237Yeah.
ian-mcmillan_8_11-22-2024_111235golly, it might be the only thing in healthcare outside of some of the medical devices names that have done well. Like, I think what is it? Boston Scientific has done pretty well. Costco, Walmart, I mean those are all strong uptrends. Now, getting outside of the S& P for momentum this year has been a little bit better. Like your small cap, mid cap have done better on a momentum. But 42 to, 42 versus, what'd you say SPMI was up 42, S& P was up 26?
david_20_11-22-2024_101237Yeah, at
ian-mcmillan_8_11-22-2024_111235I mean, that's
david_20_11-22-2024_10123747, 26.
ian-mcmillan_8_11-22-2024_111235great. That's hard. 1600 Basis points is it's hard to beat.
david_20_11-22-2024_101237Yeah,
ian-mcmillan_8_11-22-2024_111235It's good outperformance
david_20_11-22-2024_101237so fact factor the momentum factor and we know that momentum exists You know, it's a real factor. It's not some theory and when you combine that with the concept of uptrends, it makes sense that Uptrends are a reflection of momentum and there will be a day there'll be a day where this uptrend is over I don't know when it is I wish I did, but as far as age of uptrends, others would call it a bull market, we're not that old.
ian-mcmillan_8_11-22-2024_111235No,
david_20_11-22-2024_101237So there's
ian-mcmillan_8_11-22-2024_111235on when you want to I mean that goes back to the argument of when are we saying? The bull market started october 2022 or january 2024 Are
david_20_11-22-2024_101237right.
ian-mcmillan_8_11-22-2024_111235you taking it from the lows? Yeah, I mean, yeah, you can You know, I guess there's an argument for that to take it when we get to new highs You Because you can't in theory be in a bull market if you're not even above somewhere it used to be. Like, if you're, are you in a new uptrend if you're not at all time highs? I don't, I mean, then again maybe that's a little harsh, right? Japan, when did the Nikkei eclipse its 1989 highs? Was that this year?
david_20_11-22-2024_101237Yeah. It's been, it was
ian-mcmillan_8_11-22-2024_111235So it's hard to say, well, the Nikkei has been in a bear market for 35 years. Maybe it's not hard to say that. Maybe you can say, I'd be willing to listen to either argument.
david_20_11-22-2024_101237one and you bring up, actually bring up a really interesting scenario with the Nikkei 225, in March of this year, it had eclipsed its prior high back in 1989. But when we look at it now it's paused there.
ian-mcmillan_8_11-22-2024_111235Just sitting, just consolidated for, I mean, it's not a bad consolidation though.
david_20_11-22-2024_101237No, it's not.
ian-mcmillan_8_11-22-2024_111235monthly chart of that's not bad.
david_20_11-22-2024_101237No, and it's a testimony to the price the behavior of investors. And some would say, well, are you telling me that the market has memory going back to 1989? And my answer is yes. You look at enough price charts, you look at enough herd behavior on buying and selling, which we do every week. We look at thousands upon thousands of charts as part of our process. This is not surprising to see the Nikkei pause here
ian-mcmillan_8_11-22-2024_111235No
david_20_11-22-2024_101237and related to that, you look at technology versus the S& P, same scenario not all the way back to 1989, but back to the 2000 top, it's stopped it's paused. It's moved lower since meeting that 2000 relationship top. So you have two major instruments. The Nikkei stock market or the Japanese stock market and tech stocks versus S and P both pausing.
ian-mcmillan_8_11-22-2024_111235right. And that's a fair, I think that's a fair behavior, right? That's the market saying, are you willing to own more tech stocks than you did in 2000?
david_20_11-22-2024_101237Yeah.
ian-mcmillan_8_11-22-2024_111235Like when we were at peak hysteria about the internet and what was to come, you want to own tech more than we, more than Americans did then. And the market's saying, maybe I don't. It doesn't mean that we're getting another dot com bubble. If anything, I think we've, we spent the first few minutes of the podcast laying out while, mean, we might be able to get through this without having to tear it all down and having a 80 percent drawdown in the NASDAQ.
david_20_11-22-2024_101237Well, I do think too, when you look at the concept of studying price and that drives the narrative, right? Rain causes wet streets. It's not the other way around. Most investors consume financial media, so they consume the narrative and try to marry it to price. So that methodology is saying what streets cause rain. And we know that's not true. And when you look at the concept of what are we seeing out of price what could be the story there? Not that we're trying to create stories because really we're not. You look at cash cows, companies within COW. We're COWG and the strength that we're seeing on a relative basis of companies that hold a tremendous amount of cash on their balance sheet, it makes a lot of sense considering what the dollar has been doing, highlighted the strong move we've seen for, I think over two months now out of a trade weighted dollar, it would make sense that companies that are sitting on piles of cash would get bid up. And so here you have two instruments, COW, COWG, you look at them on a relative basis, And they've performed really well and we'll see where they end up, but it's about using price first and foremost. And I think an intriguing thing to me recently is strength out of agriculture. We haven't talked commodities around here for a while. But
ian-mcmillan_8_11-22-2024_111235Do you
david_20_11-22-2024_101237commodity, don't know about that. I think it's got a similar vibe as international where there's plenty of things that are not great in the commodity space. But when you look at, something like a PDBA, which is a K one free. So PDBA representing agriculture commodities without issuing a K one. It's starting to show signs of a bottom on a relative basis. It's making new highs on an absolute basis. It's something to pay attention to because you're always looking for that. You're always looking for differentiation. You're always looking for, okay, is there rotation? It's similar to the Bitcoin scenario where you start to see it set up. It takes like a year to happen, but you have to be ready to pounce. And I know our clients are happy that we were able to accomplish that. That's not a recommendation on this podcast, especially after the movie had. And so can big, I mean, can Bitcoin go higher here? Is that, or too far, too fast?
ian-mcmillan_8_11-22-2024_111235I don't know, where are we at right now? 98, 000?
david_20_11-22-2024_101237Well, it's got to get to a hundred so everybody could talk about it around the turkey table.
ian-mcmillan_8_11-22-2024_111235I think we, yeah, I mean, fib, a fib, we're through the, out of this range, we've been in this range since March, broke out of it really election night, and I remember watching it, I remember watching it at about 7, p. m. Eastern, that thing started working its way higher, and I'm not, I don't sit there, I don't want to give the impression that I sit there and look at Charts every evening. But just fascinating to watch that chart plus election results in real time.
david_20_11-22-2024_101237Yeah. I mean, it was moving along with the predicted markets
ian-mcmillan_8_11-22-2024_111235Yep.
david_20_11-22-2024_101237and here we sit.
ian-mcmillan_8_11-22-2024_111235And right. And that was to get over right. That was the big wall was 73, 000. We tested that the 72 73, 000 area. A lot of times since March and we now sit at 98, 000. The first FIM extension from that range was about 86, 000.
david_20_11-22-2024_101237Okay.
ian-mcmillan_8_11-22-2024_111235that. So next stop is 106 ish, 107. We'll see.
david_20_11-22-2024_101237Yeah, we will. And that's the beauty of saying we don't know, which most investors are people you talk to who don't use technical analysis to study of supply and demand. They like to pretend that they know, or they've convinced themselves that they know, and that's a really dangerous spot to be. Is this, I know what's going on exactly, which can't possibly be true because there's millions of investors many institutions that are managing billions upon trillions of dollars. And so you could have an opinion, but in the end, it's going to be the opinions of the money's being put to work. And right now we have an environment with some very risk on areas with financials, discretionary, industrials.
ian-mcmillan_8_11-22-2024_111235about financial? So they have turned into probably the best sector
david_20_11-22-2024_101237Yeah.
ian-mcmillan_8_11-22-2024_111235and they've been there. I mean, they weren't having a bad year overall. A wonky summer on a relative basis, to be honest. But,
david_20_11-22-2024_101237Well, they're the best, they're the best sector year to date. They're the best sector since the election. Hard to argue with that.
ian-mcmillan_8_11-22-2024_111235yeah, I mean, best we've messed move we've seen out of them since 2021
david_20_11-22-2024_101237Right. What else?
ian-mcmillan_8_11-22-2024_111235through that regional bank
david_20_11-22-2024_101237Yeah. Regional banks still have some work to do.
ian-mcmillan_8_11-22-2024_111235mess on that relative chart, just not walloped in that whole debacle, but they're trying. It's a valiant effort. I'll give them that. and we mentioned ADPV earlier. just had a large waiting towards financials.
david_20_11-22-2024_101237Yeah. Good point.
ian-mcmillan_8_11-22-2024_111235And that's, I mean, I don't think I'm saying anything. That's public information. So,
david_20_11-22-2024_101237Yeah, you can look on the ADPVETF. com website and you can see
ian-mcmillan_8_11-22-2024_111235weighting towards financials for a few months now. And that has paid off!
david_20_11-22-2024_101237And that's a, that's another testimony to momentum
ian-mcmillan_8_11-22-2024_111235Yes.
david_20_11-22-2024_101237And the way I view momentum, and I would tell you, you could slap me in the face if you think I'm wrong on this, but I know we're recording this remotely, so you can't actually physically do it, but just go where momentum is. If value has momentum, go there. If growth has momentum, go there. If mid cap has momentum, go there. It's really about identifying where is the momentum, which I know ADPV is trying to do. That strategy is trying to grab momentum wherever it's located. And it's just interesting to note that it was over the summertime that it was pivoting from more software tech to financials. It's an interesting thing to observe and publicly available. You can look at the holdings on the site. You can download it into a spreadsheet if you want, and you can look at what its holdings are. ETFs are a beautiful thing.
ian-mcmillan_8_11-22-2024_111235They're great.
david_20_11-22-2024_101237Yep. Anything else, Ian, you want to highlight for our listeners before,
ian-mcmillan_8_11-22-2024_111235anything. I don't think our mantra's changed much since Q4 2023 hasn't changed, didn't change going into the election. has continued since the election. In fact, I think we got more toys to play with since the election, is awesome. And yeah,
david_20_11-22-2024_101237yeah, it continued
ian-mcmillan_8_11-22-2024_111235I
david_20_11-22-2024_101237to be.
ian-mcmillan_8_11-22-2024_111235much to complain about.
david_20_11-22-2024_101237Yeah, no, in fact, we have much to be thankful for. I will take next week off from recording a podcast. It's Thanksgiving next week. So much, so many things to be thankful for. You brought up the access to the tools that we have in the market. Just incredible. We can be thankful for our families all the blessings around us. And I know for a sinner like me, super thankful for Jesus, but Ian, I hope you have a wonderful week with family, extended family next week. And a wonderful vacation. I wish the same for our listeners. Check out our prior podcast episodes. If you're bored while working on chores or relaxing after Turkey, whatever it is you're doing over the Thanksgiving holiday make sure to hug those around you, but we really appreciate it. And if you like this podcast, please share with others, give us a thumbs up or a high ranking, whatever your podcast platform is of choice. That's a way that you can reward us for providing this content for free. And so Ian, I'm thankful for you and I appreciate you doing this podcast with me.
ian-mcmillan_8_11-22-2024_111235No, I really appreciate it. I know that the Zerling family has an extra special,
david_20_11-22-2024_101237We do.
ian-mcmillan_8_11-22-2024_111235Thanksgiving coming up,
david_20_11-22-2024_101237We do.
ian-mcmillan_8_11-22-2024_111235in a few days. So
david_20_11-22-2024_101237Appreciate that Ian. It's going to be awesome. Thanks again, my friend. And thanks for everybody for listening.
ian-mcmillan_8_11-22-2024_111235have a great weekend, everyone.