The Weekly Trend
The Weekly Trend
Episode 239: Shake n Bake
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In this week's episode, David and Ian discuss the selloff witnessed over the weekend and earlier in the week, Nvidia, China and DeepSeek, how the broader market responded after Monday, and what the seasonality data is foreshadowing for market performance in 2025.
Welcome back to the Weekly Trend Podcast. Today is Friday, January 31st, 2025. S& P 500 currently sitting at 61. 13. I'm David Zahle. I'm here with Jimmy Chitwood. Ian McMillan. First thing I want to say is happy birthday to Gene Hackman and the Nasdaq. It's good to know that both of them are still alive.
ian_1_01-31-2025_122311That is good. I was worried there. I was worried about 50 percent of that yesterday.
david_1_01-31-2025_112311Yeah, I tried to cause quite the stir on the team thinking that Gene Hackman had passed away.
ian_1_01-31-2025_122311Nope. Just celebrating a birthday.
david_1_01-31-2025_112311Just having a birthday, 95 years old, and the Nasdaq is 40. 40 years old.
ian_1_01-31-2025_12231140. I woulda, I guess I woulda guessed more than that.
david_1_01-31-2025_112311I would have too. I had to go double check. I had to go, just like Gene Hackman, I had to go double
ian_1_01-31-2025_122311So you're older than the NASDAQ.
david_1_01-31-2025_112311Hey,
ian_1_01-31-2025_122311Well, I mean, that's not saying you're old.
david_1_01-31-2025_112311You know what though, if I went around saying that, I bet people would be like, Whoa, how old are you?
ian_1_01-31-2025_122311Yeah, that's true.
david_1_01-31-2025_112311Yeah. Like I'm older than the NASDAQ. Oh my. Well, it's really not that old. 1985. NASDAQ 40. Now Gene Hackman though, 95 years old. That's legit.
ian_1_01-31-2025_122311Yeah, good for him.
david_1_01-31-2025_112311I guess you can't blame me for thinking it's possible. I mean, I'm fresh off of Bob Uecker. That's.
ian_1_01-31-2025_122311Yeah.
david_1_01-31-2025_112311You know, but man, we had quite the week this week, Ian, what do we see from a price discovery standpoint?
ian_1_01-31-2025_122311Well, I mean, don't think anything happened. We're right where we were last Friday.
david_1_01-31-2025_112311That's right. Nothing happened. It's like the market didn't even move.
ian_1_01-31-2025_122311Actually, everything's above where we were last Friday.
david_1_01-31-2025_112311Yeah.
ian_1_01-31-2025_122311How about that?
david_1_01-31-2025_112311Yeah. But we had a little bit of shake and bake,
ian_1_01-31-2025_122311Yeah, had another big Sunday night, Monday, you know, Scare a thon on headlines out of China. If you are stressing over headlines out of China in 2025, I don't know what to tell you.
david_1_01-31-2025_112311yeah, the, the, the narrative of Sunday, Monday was deep seek AI platform, China making some outlandish claims yet again, and to Ian's point, if you're taking word from the mouth of China, not expecting it to be A little bit of smoke and mirrors. You don't follow trends much. And that being said, I mean, we did see the largest move in the video to the downside since March of 2020,
ian_1_01-31-2025_122311Yeah, NVIDIA did get hit, and that's, you know, that's an important one. Went below its 200 day moving average there for really just Monday, and it's stayed above since then. Has, I wouldn't really say it's recovered much but stopped the bleeding for now. So probably a Probably a headwind for semiconductors in general.
david_1_01-31-2025_112311well, the largest component
ian_1_01-31-2025_122311Important one.
david_1_01-31-2025_112311and it's holding its 200 day, but the move down was swift and time will tell whether that's, you know, to hold, but NVIDIA is 18 percent of. SMH, the semiconductor ETF, it's a large piece of the S& P 500, approximately almost 6 percent of the S& P. And semiconductors have been a leader. Time will tell. There have been times in the past where semiconductors have not been a leader and the market's held up fine. And we'll see if that's the case. I mean, the S& P 500 closed that gap from Monday and is back near its all time highs on a daily basis on the verge of recording a new All time high on a monthly basis. And so we'll see what that means for semiconductors going forward. I know semiconductors on a relative basis using SMH versus SMP holding an important level so far that goes back a bit back to February of 24. So 1 year. 0 percent return with a lot, with a lot of movement in between
ian_1_01-31-2025_122311Over the last year.
david_1_01-31-2025_112311February of 2024. We were at the same relative, I shouldn't say 0 percent on an absolute basis, but 0 percent versus S& P.
ian_1_01-31-2025_122311And we, I mean, last Friday, we were sitting here talking about Apple at it's 200 day. And then it got some nice pop this week. I don't know, we'll see what's going on with today's candle. But, it's higher. So, yeah.
david_1_01-31-2025_112311narratives or narratives. I know I personally wouldn't download DeepSeek onto my phone, nor would I use that narrative for my investment process. I would just use price levels. And we can do the same thing, but the market as a whole, semiconductors aside, and I would say some areas that are exposed to artificial intelligence themes got hit,
ian_1_01-31-2025_122311Yeah. For sure.
david_1_01-31-2025_112311other parts of the market recovered just fine.
ian_1_01-31-2025_122311Yeah, I think the Dow was Dow and maybe the Russell 2000 were green on Monday. I know for sure the Dow was. So, very, very quick bounce back. back from those Both a little bit more value ish, I would say
david_1_01-31-2025_112311a value tilt, and that's a good relationship to bring up is just growth versus value. And I would say definitely a shot across the bow. We'll see where we go from here. We were into. levels using spy G and spy B that go back to 2021.
ian_1_01-31-2025_122311but now and then we're right back though
david_1_01-31-2025_112311Right.
ian_1_01-31-2025_122311or at least on rpg and rpv as so spy spy pairs Not back from monday's gap down. So yeah
david_1_01-31-2025_112311But plenty of other areas in the market holding up and still plenty of pessimism in the market, I would argue going back two or three episodes where you talked about hedge fund deleveraging. Record amount of inflows in the money market. Plenty of top calling I would say out there.
ian_1_01-31-2025_122311For sure.
david_1_01-31-2025_112311a decent earnings week this week from the standpoint of Microsoft, Apple, Tesla Meta or Facebook. And always, it's not about the earnings themselves. It's about the price reaction and earnings. And it's, it's absolutely fun watching. Analysts from big firms be dumbfounded on why Tesla could possibly be moving higher after quote unquote missing earnings I mean how many times we see that just massive earnings beats Stock as the stock gets sold or earnings misses and the stock gets bought That's what we really want to pay attention to are those dynamics
ian_1_01-31-2025_122311Yeah,
david_1_01-31-2025_112311and we're closing out the month One month down in 2025 already wild
ian_1_01-31-2025_122311that is quick one.
david_1_01-31-2025_112311yep quick one and I know Kevin shared some data from Jeffrey Hirsch Hirsch at Almanac trader here regarding when we have a down Santa Claus rally period and an up first five days and first January barometer, which is the situation we're in now and I think it would Maybe surprise people. Maybe not that's your average return in that scenario. So you're, you're down Santa Claus rally period up first five days and up for January as a whole average S& P 500 return, almost 15%. It
ian_1_01-31-2025_122311Hey, i'll take that
david_1_01-31-2025_112311yeah, it doesn't have to happen.
ian_1_01-31-2025_122311Well, I mean if you say it on a podcast
david_1_01-31-2025_112311Then it happens,
ian_1_01-31-2025_122311And it kinda does happen. That's the way the internet works. Abe
david_1_01-31-2025_112311but it makes,
ian_1_01-31-2025_122311Lincoln used to say that.
david_1_01-31-2025_112311he did.
ian_1_01-31-2025_122311Don't believe everything you read on the internet.
david_1_01-31-2025_112311I remember when he posted that.
ian_1_01-31-2025_122311He did. What do you think about gold? Gold had a big day yesterday.
david_1_01-31-2025_112311Gold did have a good day and it's,
ian_1_01-31-2025_122311Did you buy some?
david_1_01-31-2025_112311I did not,
ian_1_01-31-2025_122311No!
david_1_01-31-2025_112311no,
ian_1_01-31-2025_122311It's breaking out to new highs.
david_1_01-31-2025_112311it is still has some work to do on a relative basis versus the S& P, though I will say when you look at that chart there's definitely some things that are starting to turn here where our clients shouldn't be surprised if we do take a gold position, but that's got to play out. We've got to see that, that trend move
ian_1_01-31-2025_122311We'll see. I've seen this. I've seen this movie before.
david_1_01-31-2025_112311Mm hmm. Was it as good as Hoosiers?
ian_1_01-31-2025_122311No. Never again. It's never I don't really do well with precious metals. Never have.
david_1_01-31-2025_112311So we'll see. We'll see what time.
ian_1_01-31-2025_122311It's like a left handed pitcher. I just don't do too well with it.
david_1_01-31-2025_112311no, I understand. But it makes sense that when you have a positive January that bodes well for the year, right? It's kind of like your beloved Chiefs in the Super Bowl if they score first It's probably a thing that you won't turn down
ian_1_01-31-2025_122311Yeah, it's good.
david_1_01-31-2025_112311and how's the McMillan household holding up? I know you You're a Chiefs fan and Kate's a Eagles fan. It's going to be quite the event.
ian_1_01-31-2025_122311We're doing the same thing we did two years ago. So she Kate's live, she's up at, she's living at a hotel for two weeks up the street. Got one kid, she's got one kid, and then we'll probably switch off this weekend. I'll go live in the hotel. She'll come back to the house. And you know, it's good. It's, It's, really good for the family.
david_1_01-31-2025_112311Yeah, do you guys talk during this
ian_1_01-31-2025_122311No,
david_1_01-31-2025_112311there messaging? No.
ian_1_01-31-2025_122311there's texting.
david_1_01-31-2025_112311Okay.
ian_1_01-31-2025_122311At the end of the day, she's my spouse. We do have two children together, so we do have to communicate, but very little physical interaction.
david_1_01-31-2025_112311What attire will the children be wearing on Super Bowl Sunday?
ian_1_01-31-2025_122311Connor's, Connor wants the Eagles to win. He told us that after the Eagles won this past Sunday, he said he didn't want the Chiefs to win
david_1_01-31-2025_112311Oh,
ian_1_01-31-2025_122311because then he would have to, he didn't want to have to pick.
david_1_01-31-2025_112311man.
ian_1_01-31-2025_122311it's just easier for him if the Chiefs didn't go to the Super Bowl.
david_1_01-31-2025_112311Oh, I see.
ian_1_01-31-2025_122311Yeah,
david_1_01-31-2025_112311got, now he's got to pick.
ian_1_01-31-2025_122311now he's
david_1_01-31-2025_112311Crazy. You're going to
ian_1_01-31-2025_122311I will, I mean, and I told him this. I said, listen, you do what you feel is right in your heart, but only one of us controls the college fund. So,
david_1_01-31-2025_112311Choices.
ian_1_01-31-2025_122311just saying, I'm just throwing that out there.
david_1_01-31-2025_112311Choices.
ian_1_01-31-2025_122311I would hate, I would really hate for there just to not be anything when you're 18.
david_1_01-31-2025_112311Well, you know how I indoctrinated my kids as I wake them up. At like 2 or 3 a. m., put a Vikings jersey on them, so when they wake up, they're wearing the gear they're supposed to be wearing.
ian_1_01-31-2025_122311There you go.
david_1_01-31-2025_112311that's my recommendation. Get that Chiefs gear on them at 2 or 3 in the morning and then the day is set.
ian_1_01-31-2025_122311Do you got, do you do that for all the Viking Super Bowls?
david_1_01-31-2025_112311Yeah, you, they might have to edit this part. Ha ha. Ha ha ha. Touche. Touche.
ian_1_01-31-2025_122311I, I know that is, that's, that is tough to say to another man to tease him about his football team's Super Bowl appearances. That was, that was uncalled for.
david_1_01-31-2025_112311dagger, little dagger, but it's okay. I mean, and chiefs were one of the teams that beat them in their four appearances
ian_1_01-31-2025_122311Yeah. Early on.
david_1_01-31-2025_112311in the early days back. I mean, right after the AFL, well, isn't the owner of the chiefs, the son of the guy who ran the AFL
ian_1_01-31-2025_122311Yeah. Pink Stram. No, Hunt. Lamar Hunt. Yeah. I don't know why I said Hank Stram. Yeah, Lamar Hunt.
david_1_01-31-2025_112311Crazy. Well, you guys got two weeks to, well, down to one week now to prepare. You watch it at the house?
ian_1_01-31-2025_122311No, I'm gonna watch it at the, in the pool.
david_1_01-31-2025_112311Neutral site?
ian_1_01-31-2025_122311Yeah I think two years ago we watched the first half with some friends and then
david_1_01-31-2025_112311Kicked everybody
ian_1_01-31-2025_122311I don't, I'm not big on watching football with casuals to be honest.
david_1_01-31-2025_112311Yep.
ian_1_01-31-2025_122311Especially, Kate knows this, I will not watch USC football Unless like you are there to pay attention. I'm not watching football with you unless you're there to pay attention.
david_1_01-31-2025_112311I like it. It's kind of, it's kind of like, managing money. Not really interested unless we're watching price.
ian_1_01-31-2025_122311Yeah
david_1_01-31-2025_112311Don't come to me with your funny mentals. Speaking of funny mentals, what do you think about, we got a Chinese New Year, Year of the Snake.
ian_1_01-31-2025_122311Oh, what's that mean?
david_1_01-31-2025_112311That's bad, right?
ian_1_01-31-2025_122311Probably
david_1_01-31-2025_112311Yeah, I don't really like snakes. I mean,
ian_1_01-31-2025_122311tiny. Yeah sounds spooky.
david_1_01-31-2025_112311but I know there was some talk out there about, you know, 1929
ian_1_01-31-2025_122311Hmm
david_1_01-31-2025_112311and 2001.
ian_1_01-31-2025_122311Well, we know what? You know what happened then?
david_1_01-31-2025_112311Mm hmm. Market crashed. But those were the only year of the snakes, right?
ian_1_01-31-2025_122311Yes Not 2013
david_1_01-31-2025_1123111965 some pretty good up years in the year of the snake
ian_1_01-31-2025_1223111989. Bet those up for like, over 30%. It's gotta be tough.
david_1_01-31-2025_112311data mining.
ian_1_01-31-2025_122311Sorry, babe.
david_1_01-31-2025_112311for something.
ian_1_01-31-2025_122311Sorry, babe. We're not gonna be able to pay tuition this month. That's Year of the Snake. I was positioned incorrectly.
david_1_01-31-2025_112311Oh man, man, I would not have guessed that in 18 minutes we could cover Jean Hackman, NASDAQ, birthday, year of the snake, deep seek,
ian_1_01-31-2025_122311Vikings.
david_1_01-31-2025_112311trifecta, and super bowl digs on another man. We could end it
ian_1_01-31-2025_122311Maybe, maybe we're just like a bro podcast now. Like Joe Rogan, but slightly like with a financial twist.
david_1_01-31-2025_112311Like, like Theo Vaughn.
ian_1_01-31-2025_122311Yeah,
david_1_01-31-2025_112311We just need some happy dad. We need happy dad as a sponsor,
ian_1_01-31-2025_122311that would be sweet.
david_1_01-31-2025_112311but I like our sponsor better. I feel like that's a good segue, the adaptive select ETF, which is listed on the New York stock exchange under ticker 80 PV, which helps investors access to the most prevalent factors in markets, momentum, and relevant strength using proprietary identification methods, the adaptive select ETF attempts to own the strongest 25 large cap stocks. the market is in an 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. is distributed by Quasar Distributors, LLC, with one month under our belt, Ian,
ian_1_01-31-2025_122311Oh yeah, we get monthly candles.
david_1_01-31-2025_112311monthly candles.
ian_1_01-31-2025_122311Is there anything that looks good to you? You know what I think looks good? I was looking at this this morning. Discretionary. Like, even if you look at, like, discretionary versus financials, I think that that can make a turn. And then I was looking at discretionary, well, discretionary versus energy is Energy looks tough.
david_1_01-31-2025_112311tough, rough stuff, but yeah, we're going to be, we're on the verge of, we're a few hours away of new monthly all time closing highs for communication services, discretionary, financials. technologies on the verge S and P 500, NASDAQ, 100 cloud computing, Argentina, Ireland, the Dax Euro 50 Bitcoin ripple gold junk bonds, including the coupon cattle and coffee. And that's just to name a few. That's not very risk off people are buying Argentinian stocks and discretionary stocks and
ian_1_01-31-2025_122311Bitcoins.
david_1_01-31-2025_112311and I mean, that's pretty, a pretty legit list. It's not a complete list, but my goodness, how bearish are things if we're recording new monthly all time highs in those areas.
ian_1_01-31-2025_122311Yeah, I mean even Europe looks good. European financials
david_1_01-31-2025_112311Yeah.
ian_1_01-31-2025_122311out to new highs this week. Really last week, I guess. But they've continued higher. They look pretty solid. You talked about the DAX. You talked about, you said Euro 50.
david_1_01-31-2025_112311Yeah. Euro 50, the FTSE 100, the IBEX, I mean, there's some pretty strong strength internationally going on to start the year. And then when we look at the top performing sectors, year to date, healthcare, financials, communications, materials, industrials, consumer discretionary, the strongest industries, the Year to date, gold miners, internet,
ian_1_01-31-2025_122311Wow. Yeah, internet's been strong.
david_1_01-31-2025_112311regional banks, biotech, home builders, airlines, software. These are not the areas you see lead if it's a downtrend.
ian_1_01-31-2025_122311No.
david_1_01-31-2025_112311And when we see January up. You know, Ryan Dietrich's got some good data out there when we see the January up 3 percent or more in January. Know I mentioned 14 percent when you have a positive January when it's up 3 percent or more. Full year calendar is up about 20%,
ian_1_01-31-2025_122311Wow!
david_1_01-31-2025_112311about 90 percent of the time.
ian_1_01-31-2025_122311Another 20%? Could we do it?
david_1_01-31-2025_112311That'd be pretty wild.
ian_1_01-31-2025_122311We'll go in a straight line.
david_1_01-31-2025_112311Ha ha ha. And to, to your point about straight lines, I know Mike Sicardi shared data from X about the S& P 500 has been up only 5 times out of the last 10 February's. matches seasonality too, for this time of year that February typically is a negative month, about a 50, 50 proposition. So strong January see a week, February would be perfectly normal. And if February is not weak, how strong is the year going to be? Then time will tell.
ian_1_01-31-2025_122311Hmm. Yeah, gotta stay involved.
david_1_01-31-2025_112311Yeah, it's, it's an uptrend until further notice. And I think when you look at sentiment again, I know there was a headline out there that Morgan Stanley wealth management was telling their clients to cut back on stocks. I always find that interesting.
ian_1_01-31-2025_122311That's weird.
david_1_01-31-2025_112311on the back of, you know, record inflows into money markets and hedge funds, deleveraging. Don't see anybody out there talking about
ian_1_01-31-2025_122311They didn't ask for what client first is telling their wealth management
david_1_01-31-2025_112311I know they should
ian_1_01-31-2025_122311clients.
david_1_01-31-2025_112311podcast. They should listen to the podcast,
ian_1_01-31-2025_122311No one at the New York Times listens to our podcast. That is
david_1_01-31-2025_112311borderline communism. That's what that is. But yeah, it's seasonality, you know, it typically we see a week, February. That shouldn't surprise us. If we see that in the coming month if we don't, that's how you use seasonality. If you don't have a week, February, that's definitely something to pay attention to. But right now the offense has the ball, you know, you look at something like bullish percent for the New York Stock Exchange. flipped to X's a couple weeks ago. It's from a position in the field where you could put the, see the offense put a drive together. Time will tell. But rising 200 days, it goes back to what we talked about last week about checking boxes and right now the majority of the boxes continue to be checked for an ongoing bull market, which I know might be hard for some people to hear. And no, nobody really knows. I don't know where we're going to be. I just love, this time of year is just so funny to me because there's so many of these firms that come out with price targets. How about we just let the trend be the trend rather than have price targets?
ian_1_01-31-2025_122311That'd be amazing. Price targets are tough. I think they're tough.
david_1_01-31-2025_112311Why do you think they are, why do you think people, like, why is that a thing? Why are price targets a thing?
ian_1_01-31-2025_122311I don't know.
david_1_01-31-2025_112311Think, I think it has to do with human behavior and trying to give people a false sense of confidence,
ian_1_01-31-2025_122311Yeah. I think like, it's not, it's not enough to say like, Oh, we recommend this stock. Like, Oh, well, how high do you think it could go?
david_1_01-31-2025_112311right.
ian_1_01-31-2025_122311I also see, and I've seen this multiple times in my career where price targets will be raised some xyz firm raises Price target on a stock and it's still below Where it's actually trading it.
david_1_01-31-2025_112311Yeah. Well, my favorite is when they change their rating from a sell to a hold.
ian_1_01-31-2025_122311Well, if you didn't sell it by now, you might as well just keep it.
david_1_01-31-2025_112311Yeah, or like,
ian_1_01-31-2025_122311Well, you're you're screwed Maybe it could bounce 98
david_1_01-31-2025_112311how do I hold something that I sold? told me to sell it. Now you want me to hold it. I don't have it
ian_1_01-31-2025_122311John, you want these back? Didn't you just sell them to me last? Yeah, but my broker said now I need to hold it
david_1_01-31-2025_112311crazy. Yeah. I think it, I think it has to go back to that, that human behavior of wanting certainty. And I think the beauty of, of managing money is that every day it's uncertain. And so you learn how to live with uncertainty and manage that risk rather than trying to strive towards like having certainty and, you know, you think about like going to the doctor, everybody, everybody's like, Everybody wants to hear the doctor tell them things are going to be fine. You know, no one wants to go to the doctor and the doctor be like, I don't know, man, I got your blood work back and I just, I don't know. That's people don't want to hear that stuff. They want to hear, they want opinion as if it's a fact.
ian_1_01-31-2025_122311Yeah.
david_1_01-31-2025_112311know that the market averages 9 percent a year, therefore, please tell me Mr. Big Bank firm that everything's going to be okay and we're getting 9 percent again this year.
ian_1_01-31-2025_122311Yeah. I mean if you Why do you have a cfa if you can't tell me that
david_1_01-31-2025_112311Right. There's a, there's a lot of three word phrases in the English language that are really important. I am sorry. Love you. The one I think people struggle with the most is, I don't know, because it makes you seem like you're ignorant.
ian_1_01-31-2025_122311My friends don't like it, I'll tell you that. And they want to ask me about the market. My friends hate it. They don't hate it. But I think that they roll their eyes.
david_1_01-31-2025_112311Right. And it was, it was a funny conversation in the kitchen with, with my wife on Monday, and I said quite a bit of market movement to the downside today. And she goes, well, why is that? And I said, well, more, more selling than buying. And she said, ah, I know that, but why more selling than mine,
ian_1_01-31-2025_122311Just what? It's China. China,
david_1_01-31-2025_112311China. So it, it, it's a fascinating human characteristic that we have is that we just love certainty. With the irony being that we live in environments, whether the environment around us, markets, relationships, they have uncertainty that it's When humans are involved, there's an uncertainty and we like nothing better than certainty. And I think that's where the price targets come from. I think people just want to hear everything's going to be okay. When we don't know, I have no idea where the S& P 500 is going to be on December 31st, 2025. No idea, and no one else does either. So stop turning into financial TV and think you know, because that's the other thing. You think, you somehow think because you heard about DeepSeek on Monday that you knew what was going on? No. By the time it's news, There's no edge. There's no edge in information.
ian_1_01-31-2025_122311Yeah. And if you sold, well, now you're really in a pickle.
david_1_01-31-2025_112311Yeah, you're kind of in a emotional purgatory, aren't you? Interesting. So what else, Ian? What else can we highlight for our listeners from the prior week, month, year to date, overall market environment or sentiment that's worth highlighting for our listeners that you're seeing?
ian_1_01-31-2025_122311Yeah, Bitcoin still I mean, it's still hanging in there. It held up well, still sideways, some other crypto stuff moving. Got a nice magazine cover, just a little, I don't know, I
david_1_01-31-2025_112311What was the magazine cover?
ian_1_01-31-2025_122311think it was just for Forbes.
david_1_01-31-2025_112311Forbes?
ian_1_01-31-2025_122311We'll see. Sailor, it Sailor?
david_1_01-31-2025_112311Michael Saylor on the
ian_1_01-31-2025_122311Yeah.
david_1_01-31-2025_112311the CEO of MicroStrategy, which is the poster child for Bitcoin. And people are comparing it to the other times such covers have been released. And I mean, granted financial press does have a really bad track record of posting hyperbole at tops. And so it's going to be interesting to see how Bitcoin performs from here. Maybe it is another top in Bitcoin that Forbes marked. Maybe not. Time will tell the fact that we have all these areas recording. new all time highs, and we have just big, how do you say it? Brodigan bases? You know, the guy who's got a similar Twitter handle to you?
ian_1_01-31-2025_122311Oh Roach.
david_1_01-31-2025_112311Yeah, John Roach. Mean,
ian_1_01-31-2025_122311Brobden, I don't know. Brobden, Brobdingnag.
david_1_01-31-2025_112311Yeah, base. So, in other words, hard to say, but it's related to just massive bases. And here we have Express versus the S& P, 52 year base, breaking to the upside. You look at something like Virtu Financial not as big of a base, but still pretty large. I mean, if this were, if this were to break to the upside, and I should say it's not versus S& P, I believe it's on, on an absolute basis, I mean, that's a seven year base. You've got J. P. Morgan. Versus the S& P, that's a base that goes back to 1988. You've got something like Brinker International. Versus the S& P, a base that goes back to 1994. So you have all these large bases out there, and the reason why this is significant is the old mantra. The larger the base, the higher the space. And if these things are breaking to the upside pretty important information on risk taking in the market. We'll see. Time will, time will tell. I know that's an old, old phrase that we use on here, but we simply don't know what the future brings. But, man, there's a lot of demand in the market currently, and it won't be without future corrections. We typically have one 10 percent correction per year, three 5 percent corrections per year. Like you said, it doesn't move in a straight line. So we'll
ian_1_01-31-2025_122311it was not. It's a good start to the year.
david_1_01-31-2025_112311So I don't, I don't have anything else, Ian. I know we've, we, we covered quite a bit of ground. Great start to the year.
ian_1_01-31-2025_122311Yeah, we got 11 more months to go. Yeah.
david_1_01-31-2025_11231111 more months. So I appreciate you being on here. We appreciate everybody listening. Please share us and give us a high ranking on your favorite platform of choice and make sure you tune in again next week.
ian_1_01-31-2025_122311Yes, have a good weekend everyone