The Weekly Trend
The Weekly Trend
Episode 272: Pan Out
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In this week’s episode David and Ian discuss the inside week for the market, regional banks struggling while big banks are holding up better, small caps and biotech, is the move over for gold and gold miners, and looking forward at potential scenarios on market movements.
Welcome back to the Weekly Trend Podcast. Today is October 17th, 2025 s and P 500, currently sitting at 66 27. I'm David Zale. I'm here with Ian McMillan. Ian, do you think there'll ever be a day where we're not using s and p 500 as our marker? An update marker for the podcast.
ian_1_10-17-2025_111109Man,
david_1_10-17-2025_101109Wouldn't it be nice if there was like, we're we're marking out Russell 2000 or something, or will it just always
ian_1_10-17-2025_111109How long?
david_1_10-17-2025_101109will it
ian_1_10-17-2025_111109that, how long would it take? Right. So I assume if we had started this podcast in the like late eighties
david_1_10-17-2025_101109Okay.
ian_1_10-17-2025_111109that we would've been, we would get on here and you would the do.
david_1_10-17-2025_101109Yeah, good point. Probably quoting the doll.
ian_1_10-17-2025_111109point would it have changed? How, cause I mean, right. That would take years of being like, okay, well I guess no one, like, no one just cares about the s and p anymore. Why? Like, why are we doing this? That would take a long time. I.
david_1_10-17-2025_101109Yeah, no, I think that's a fair and I, I. What I find fascinating about what what you just said is look at, now, I don't know how accurate this chart would be, right? Because s and p 500 is invented in 1957. The Dow Jones goes back to eight 1890s, but look at a monthly chart of s and p versus Dow Jones. And Zoom all the way out
ian_1_10-17-2025_111109All right. Monthly.
david_1_10-17-2025_101109monthly. S and p versus Dow Jones. I'm using SPX, DJ I on Trading View.
ian_1_10-17-2025_111109Yeah. Okay,
david_1_10-17-2025_101109Just an interesting spot where we're at right now.
ian_1_10-17-2025_111109man. What if we go back to quoting the DAO for like 20 years?
david_1_10-17-2025_101109That'd be crazy.
ian_1_10-17-2025_111109Will we have a pod? I mean, we, our podcast, no, we'll be like holograms.
david_1_10-17-2025_101109Yeah. Holograms or just like sometimes,
ian_1_10-17-2025_111109video we could keep like a little ticker at the bottom.
david_1_10-17-2025_101109yeah. Maybe we should do video better. Listeners would love that.
ian_1_10-17-2025_111109They say they want it.
david_1_10-17-2025_101109They do.
ian_1_10-17-2025_111109that entails.
david_1_10-17-2025_101109Yeah. We'll have to figure that out.
ian_1_10-17-2025_111109And then the editing, yeah, we'd have to, because then we could share charts.
david_1_10-17-2025_101109Right. But I digress. I just find it interesting, you know, there could be a day where we're not using the s and p 500 as our marker, right?'cause it's, it is the most probably looked at index in the world. You know, I, I, you can talk Nasdaq, but not NASDAQs. So, tech weighted and, and,
ian_1_10-17-2025_111109Yeah.
david_1_10-17-2025_101109And I know the s and p 500 is too, I'm not sitting here saying that. But here, here we are, s and p 566 17, and we've got an inside week
ian_1_10-17-2025_111109Ugh.
david_1_10-17-2025_101109far,
ian_1_10-17-2025_111109So far.
david_1_10-17-2025_101109right
ian_1_10-17-2025_111109I don't know,
david_1_10-17-2025_101109LA.
ian_1_10-17-2025_111109Just feels kind of. Lethargic. I'm sure I used that word last week,
david_1_10-17-2025_101109Yeah, there's some, there's some lethargy and I, you know, last week being a bearish engulfing, meaning opening price of s and p 500 and the closing price engulfed the prior weeks opening and closing. S and P down 2.4% last week. We're sitting inside of that range, right? That close. Last week was 65, 52, and the price movement this week is inside of that candle. We've got a volatility measurement such as the vix touching 28 today. And I know we've covered on this podcast in the past that a general rule of thumb, right? You could take the VIX and divide it by 16 and that kind of gives you what your expected daily volatility for the s and p 500 would be. And that's, you know, getting towards 2% daily moves. And so we don't get to be really surprised by the volatility. I'm not saying it's comfortable.
ian_1_10-17-2025_111109it's not.
david_1_10-17-2025_101109A lot of, lot of churning and burning and I think very interesting to see what's going on with regional banks this week.
ian_1_10-17-2025_111109hopefully it's a nothing burger, kind of sketchy. Pretty sketchy to be honest.
david_1_10-17-2025_101109Yeah, I mean, it, it. Regional banks back in and, and maybe our listeners remember this, maybe they don't, but in case they don't, you know, February and March of 2023, regional banks were starting to show relative strength, and then they just got slammed.
ian_1_10-17-2025_111109Yeah, the Silicon Valley I think there was another one that went under. Someone buy, I don't let'em go in there. They make someone else buy'em.
david_1_10-17-2025_101109And that was with that, that was KRE, the ETF, regional Bank, regional Banking. ETF got, you know, as a proxy that we could use, got sold really hard. In March of 2023 and we got back to that 63, 60$4 level back here in September of this year. The selling's not quite to the degree that we saw in March of 23, but it is something that has you set up and take note, notice and really relatively relative speaking. KRE never has never exceeded that initial flush from March of 23. On a relative basis, and here we are near the relative lows in the relationship, and when you consider the weighting of regional banks in something like small caps, which I believe is around 10%, it's hard to envision small caps getting much traction here
ian_1_10-17-2025_111109Yeah. Yeah, it's a
david_1_10-17-2025_101109without banks.
ian_1_10-17-2025_111109the, for the Russell crowd especially'cause you had biotech that was starting to work.
david_1_10-17-2025_101109Yeah. Well, and that's just, it is like the reason why small caps have been able to hold up, like this is biotech. And so you have this dichotomy, right? You've got you, you kind of wanna see regional banks hold up and do just fine, because buying biotech is a risk on feature, but selling financial stocks not really a great risk on feature. So definitely got two sides of, of a coin here.
ian_1_10-17-2025_111109Yeah. And regional banks, you know, never, they never even made it back to their February high. Well, they didn't. They did make it back to their February highs, so they never made it to all time highs. But you had a lot of the bigger banks, bank of America, JP Morgan. I know that those are more than just brick and mortar banks with checking and
david_1_10-17-2025_101109Right.
ian_1_10-17-2025_111109deposit accounts, but yeah, certainly the big banks versus little banks. In fact, if you take KBE versus KRE, probably likely another big move here coming up, it would seen in
david_1_10-17-2025_101109Yeah, that's, yeah, that's a really nice consolidation. Since April of 2024. It's a good chart worth noting. Big bank strength versus small bank strength, for sure.
ian_1_10-17-2025_111109just gonna start buying. Maybe we're gonna see another swath of regional bank. Purchase. I don't know
david_1_10-17-2025_101109Yeah, I wish. I wish we did. I wish we did know. All we can use is price.
ian_1_10-17-2025_111109if you paid me to figure that out and know that I would go figure it out for you, but you don't.
david_1_10-17-2025_101109Pay to look at price charts, man.
ian_1_10-17-2025_111109You do.
david_1_10-17-2025_101109if I can use a double meaning, we panned out to look at the big term picture of Dow Jones versus s and p, but using an idiom is gold gonna pan out?
ian_1_10-17-2025_111109I dunno. I think we've had a really good run. I think you're definitely starting to see some pretty questionable behavior. I've gotten a few texts about gold, some things going around on the internet. Seems like there's a big rush to buy physical gold across the world.
david_1_10-17-2025_101109And we've had a couple, couple clients bring it up as bar buying physical gold, wanting to buy gold bars, and clients know that we've, we've held gold or gold miners and, and client accounts here for a while. We might be getting, we might be getting close to where is, is the risk reward still worth it, is the way I would put it.
ian_1_10-17-2025_111109and I think you've entered, I think you have entered a spot this week where. If we go higher, you can get back on it, but you've, in a lot of these, whether it's gold, gold miners, whether they're Fibonacci or treatments, whether they're relative relationships against other assets like the s and p this would be where air I would. Probably start easing up on that
david_1_10-17-2025_101109Yeah. Start, you know?
ian_1_10-17-2025_111109can get right back on.
david_1_10-17-2025_101109Right.
ian_1_10-17-2025_111109that's
david_1_10-17-2025_101109you're just saying that this, this is a level on a relative basis using gold miners versus s and PGDX versus s and p that we, had some resistance in July of 2014, August of 2016, July of 2020. We know that markets have memory, so we're entering that potential spot where you could see some relative weak weakness and some opportunity cost. I think you bring up a really valid point there. And so it's worth paying attention to. It's worth paying attention to the price action especially considering some of the sentiment out there that you've highlighted. I mean, even, even GDX versus GLD, gold miners versus gold.
ian_1_10-17-2025_111109Yeah.
david_1_10-17-2025_101109Into heading into an area where it's been resistance in the past doesn't mean it's over, but I think your point, you know, we've used, there's been a lot of energy to get up into this spot, and now it's about how does it digest this.
ian_1_10-17-2025_111109I mean, I would say I would put this in the parabolic category especially the last two, three. I mean, you have, I think gold I saw was up nine or 10 weeks in a row.
david_1_10-17-2025_101109Mm-hmm.
ian_1_10-17-2025_111109these are pretty long, and these are solid candles. It hasn't been a, it has not been a melt up. Yes, you're getting into that and maybe it does keep going, but yeah, it's, I think, what is the risk reward here going forward?
david_1_10-17-2025_101109Right.
ian_1_10-17-2025_111109what's kind of, you know, standard deviation move, have we had over the last three months, is that likely to continue?
david_1_10-17-2025_101109In ideal world, we get some consolidation here.
ian_1_10-17-2025_111109yeah, maybe it's another consolidation like we had in June and July
david_1_10-17-2025_101109Mm-hmm.
ian_1_10-17-2025_111109that would be super healthy. And I think just the overall price action getting pretty weird the last week. the volatility, yes, Vic spiked. Also, I mean that in the sense of just the day to day rollercoaster we've had, obviously last last Friday was a big one. Did get the bounce. I would put it in kind of the, I guess, know, it's hard to say. The dead cat category wasn't that big of a flush yet. But yeah, we didn't reclaim a lot of levels, a lot of individual stocks, a lot of the
david_1_10-17-2025_101109That?
ian_1_10-17-2025_111109stuff falling off.
david_1_10-17-2025_101109Mm-hmm. Yep. Yeah. On the one hand you've got. High beta biotech. Okay. But then when you look at like quantum computing stocks, and I'm not saying that's over, it's just definitely some volatility there we're paying attention to. I mean, even if you look at the high beta low vol chart, we're still consolidating again, an inside week after bearish and golfing, which is, it's actually constructive if you think about it, if you're, if you're not wanting a a, a steepened price correction. You'd rather have an inside week after bear and golfing than some type of follow through.
ian_1_10-17-2025_111109Yeah, we don't need a waterfall.
david_1_10-17-2025_101109Don't need a waterfall, you know, especially if you're aggressively invested. Now that being said, October notorious for having volatility. Here we are. October volatility.
ian_1_10-17-2025_111109we just gotta get through two weeks of this. more
david_1_10-17-2025_101109Yeah. Yeah. I could, I could definitely, I could definitely see that being a case. It is interesting, you know, I, I, I saw a chart out there talking about the VIX and Luke Kawa, hopefully I'm saying his name correctly, that we just had one of 53 days in history of the VIX Index. Above 25 on a day where the s and p 500 closed within 2% of its all time high and some previous times for that late nineties, 2021, and now don't think you can extrapolate that necessarily. Because I mean, late nineties, if you had used that as some type of signal to get out, you might've missed out on 50%,
ian_1_10-17-2025_111109well, what if we missed like the last 20%?
david_1_10-17-2025_101109right? So.
ian_1_10-17-2025_111109No, it's definitely, I mean, it's, it's. it's sketchy behavior out there and I think, yeah, we're coming up on the end of the year. I don't know, I it's ho hopefully no I don't like to say hopefully'cause that makes it sound like it's part of our process or that I'm actually sitting around praying that.
david_1_10-17-2025_101109Right.
ian_1_10-17-2025_111109Somehow on November 1st. Markets magically, you know?
david_1_10-17-2025_101109I get what you're saying. You're just saying,
ian_1_10-17-2025_111109mean, what one, one more flush. And we go, hi. We did that a lot. And then I don't, I don't know.
david_1_10-17-2025_101109yeah. Could have one more flush.
ian_1_10-17-2025_111109you gotta be day by day. I
david_1_10-17-2025_101109Yes.
ian_1_10-17-2025_111109could have so many theories. I have hours of theories what could happen, but I don't know.
david_1_10-17-2025_101109Well, let's, so let's, let's do that. Let's talk through some price levels. You know, we, we've talked breath in the past. We can touch base there quick. We still have breath divergences. I believe you, you covered that Bullish percent. Flip to o's.
ian_1_10-17-2025_111109Yep.
david_1_10-17-2025_101109We have the backdrop of last week's Friday flu, like quick selling. You get the a a I Bear Bull survey out and bears exceed bulls. Again, we had a tick up and put call ratio, right? We talked about how we'd be looking at that.
ian_1_10-17-2025_111109Yeah.
david_1_10-17-2025_101109really a biggest spike as I
ian_1_10-17-2025_111109No,
david_1_10-17-2025_101109might see.
ian_1_10-17-2025_111109it It. Yeah. I'm with you on that. I thought that, I thought that, that I, I know it was just for a day, but I thought they were, thought that'd be higher.
david_1_10-17-2025_101109So mentally using the survey results, people one foot out the door execution wise, I wonder how many times they've gotten their hand bit by trying to short. And so the shorting isn't all that great, so it makes me wonder if there's another, another flush coming to get that reaction again. And then for me, when I look at the point of control, so that, you know, looking at volume profile of something like s and p 500 futures, what I find fascinating is from the tariff tantrum low back in April to the flush last week, or the quick selling on Friday last week. The point of control on s and p futures was basically 6,400 the past week of volume, and I find this impressive has moved that point of control up to almost 6,700. So there's been a lot of volume that's come in.
ian_1_10-17-2025_111109we're below the point of control now.
david_1_10-17-2025_101109We're below the point of control at 6,700, but above the point of control. That was last Friday at 6,400, which tells me a fair amount of volume and buying volume came in after Friday. But yes, below the point of control from that, from that standpoint.
ian_1_10-17-2025_111109Hmm.
david_1_10-17-2025_101109So could you, could you see another move down into 6,400? To test those accumulators, those buyers from the April lows to last Friday to see if they're for real. I could absolutely see that.
ian_1_10-17-2025_111109Yeah.
david_1_10-17-2025_101109So for me, that that first really important level, you know, to reclaim would be 6,700, but also to be, have, provide support would be 6,400. I think, I think a way to think about that is, you know, if you're invested, you could anticipate, you know, upwards of 4% volatility, meaning like you could have a further correction of 4% and you still have an uptrend on your hands.
ian_1_10-17-2025_111109Yeah,
david_1_10-17-2025_101109But definitely, you know,
ian_1_10-17-2025_111109go to 6,400.
david_1_10-17-2025_101109I dunno. Sadly, the market doesn't care what we think, but I could see a scenario where there's one, you know, one more leg lower gets that pull call, call ratio up. The headlines are super negative. The
ian_1_10-17-2025_111109Christmases are canceled.
david_1_10-17-2025_101109Christmases are canceled and it's again, another time in an October where it was time to buy.
ian_1_10-17-2025_111109Yeah.
david_1_10-17-2025_101109We'll see. It doesn't have to do that. You know, we could stay above Friday's low, which is at about 6,600. We could stay above that, and last Friday was a, a chance to get involved. Time will tell. Again, it goes back to your, we're Bayesian, right? We take the most recent data and put it on top. Had weighed a little bit more than the data before that. And that's how we think about markets. Still have an uptrend, still could have a leg lower, and that would still be within an uptrend type behavior.
ian_1_10-17-2025_111109Yeah.
david_1_10-17-2025_101109Vix needs to cool off, I will say, like, you know, VIX being as high as it is, you're, you're gonna be paying a pretty penny for any type of hedging at this point.
ian_1_10-17-2025_111109Yeah, and this has been, I mean this is essentially where we got up to. I, it's August 24. We got up to close to 37. I mean, we intraday, we got hired 65, close to 37 tariff tantrum. We got up to 60. Well, you've definitely had some other corrections over the past. I'd say two, three years. Where, I mean, the 29, 30 area's kind of it, and
david_1_10-17-2025_101109Yeah.
ian_1_10-17-2025_111109then we go back lower on vix and markets dwindle higher.
david_1_10-17-2025_101109Mm-hmm.
ian_1_10-17-2025_111109I can't bel, the highest we ever got in 22 on the VIX was 38. We could also get that. You could get'em just melt lower. No real massive VIX spike. It could do, it could do all types of things. I,
david_1_10-17-2025_101109Yep. That's what the market's good at. Doing all sort types of things. What do you think about it?
ian_1_10-17-2025_111109say that every year we get some. Once in a hundred year event
david_1_10-17-2025_101109Yeah, that's it. It's, yeah, it's like how often does a once in 100 year weather event happened? Well, are we looking at Charlotte, North Carolina, or are we looking at the world? And in the world, once 100 year event happens every year. Same with markets. Are we looking at one stock? Are we looking at all of them? Are we looking at the entire market? Typically, once a year, there's a once in 100 event, year event
ian_1_10-17-2025_111109data, I mean, right. The data on all this is and you can see. Splice it up and, you know, make it look whatever you want. And I mean it's, so I think it's really good, you know, historically when the s and p has done this for the first two quarters, then the next, you know, that type of stuff that we see a lot and we talk about on here and it's very interesting. But every year. come across something where, oh, we haven't, we haven't done this since 1919.
david_1_10-17-2025_101109Right, so we just gotta bite our time. Wait for new data to come in. What do you think about international stocks? I, I think this week was kind of fascinating that way.
ian_1_10-17-2025_111109They've held up better, I would say.
david_1_10-17-2025_101109Like emerging markets,
ian_1_10-17-2025_111109Yeah. Emerging markets sell that pretty well.
david_1_10-17-2025_101109like, I mean, I know that's an inside week too, but the fact that emerging markets outperform the s and p this week, I don't know. Is that, are we, is the world really coming to an end? Is there really a are.
ian_1_10-17-2025_111109I think Brazil was green today. We'll see.
david_1_10-17-2025_101109I really having a massive correction. If we're buying emerging market stocks, that's what's happening. We're hiding out in biotech in emerging markets because the market's about to crash. Does that seem logical?
ian_1_10-17-2025_111109maybe emerging markets are the new leaders.
david_1_10-17-2025_101109Yeah, maybe, maybe in in a few months. We're talking about where EEM is rather than the s and p.
ian_1_10-17-2025_111109And if EEM came back and retested 85,
david_1_10-17-2025_101109Yeah.
ian_1_10-17-2025_111109it wouldn't be the most unhealthy thing, you know, if we're looking at like, what does that set you up for the next like two years probably. And retested these highs from oh seven, around 85. I don't
david_1_10-17-2025_101109I think.
ian_1_10-17-2025_111109I would, I would complain the whole time if that happened, but it would be healthy.
david_1_10-17-2025_101109Mm-hmm. Well, and, and speaking of zooming out, panning out, looking at EM, like you said, like emerging markets have gone nowhere for over, I mean, over 25 years, 27 years, 28 years. 0% return with heartburn in between, and we're just testing those levels again. We reached'em in 2021 and 2007, and here we are again.
ian_1_10-17-2025_111109Oh, I, I was looking at EFA, I'm sorry.
david_1_10-17-2025_101109That's okay.
ian_1_10-17-2025_111109came back to 85 or whatever it was. But yeah, international stocks. Yeah. Look at that. Look at that. Emerging markets.
david_1_10-17-2025_101109I
ian_1_10-17-2025_111109What
david_1_10-17-2025_101109your point.
ian_1_10-17-2025_111109we'll have to see. Like what did what's the big one per, did you say Peru? Peru's big in the mining right.
david_1_10-17-2025_101109Yep. And it's having, it's having a similar day to gold Miners today, and you just wonder if the consolidation's here for gold and gold miners. I. But yeah, I mean, I think you bring up a good point about EFA. It broke out to new all time highs not too long ago. Does it come back and test 85 merging markets, you know, near 53, 55 bucks? Definitely possible. That's why we gotta use price.
ian_1_10-17-2025_111109What do you think about the dollar?
david_1_10-17-2025_101109Dollar range bound, and I think maybe markets like that, you know, still sitting below 101 0 1. I find it fascinating. The dollar is like this, and we've got Bitcoin hovering around to 1 0 6, 1 0 8 level.
ian_1_10-17-2025_111109It kind of feels like it's building a little base here. We've broken the rate of trend from the highs in January,
david_1_10-17-2025_101109Mm-hmm.
ian_1_10-17-2025_111109so we'll see. Yeah, we gotta get back above 1 0 1, 101 0 1 for this to mean anything, and maybe that's all we do. We go back to 1 0 1. That's what gets everyone spooked because it has been a mo. I mean, if we spent, right, so we've been under 1 0 1 since April. I mean, if we consolidated for a year and then we'll lower, maybe again, I don't know, maybe that's where your short term gold weakness comes from, is now all of a sudden we get scared about the dollar.
david_1_10-17-2025_101109Hmm. Treasury is holding up. Okay. No long-term Treasury is 20 plus year treasury, still sitting in a range that goes back to September 23. I don't wanna make it sound like it's in a new uptrend. But if it's carving out a base here,
ian_1_10-17-2025_111109Yeah.
david_1_10-17-2025_101109would be interest. Interesting. For interest rates if they were to roll over, definitely a possibility.
ian_1_10-17-2025_111109I mean lowest since March 4.6
david_1_10-17-2025_101109Mm-hmm.
ian_1_10-17-2025_111109on the 30 year treasury.
david_1_10-17-2025_101109And you know, during our education event, this, this, with clients. You know, we touched base on, we talked about gold, but also just fiat de, you know, debasement, which is a funny term, but you look at gold across all currencies and it's doing, it's doing well. Yes, we've had today, today's a little bit of a pullback, but you do wonder what this looks like, or as we talked about the start of the podcast, is the opportunity cost. Too high right now. Is the edge gone in gold? Especially considering some of the sentiment out there. Magazine covers, texts, clients, things on X? We'll see.
ian_1_10-17-2025_111109Maybe they're putting that in my four U feed to spook me.
david_1_10-17-2025_101109Yeah, maybe.
ian_1_10-17-2025_111109me out, Dave.
david_1_10-17-2025_101109Mm-hmm. And we got oil sitting at. 56 bucks, 57 bucks.
ian_1_10-17-2025_111109Wow, that's cheap.
david_1_10-17-2025_101109That is cheap.
ian_1_10-17-2025_111109also been 56, 57. Pretty solid area.
david_1_10-17-2025_101109We've seen, we've seen buying here before, so we'll see. Plenty to unveil in the weeks ahead, but we definitely have that October volatility worth paying attention to some pullback in some of the more high flying areas like quantum stocks. We still have negative breadth. Recent price action pulled in some volume, some negative survey sentiment not necessarily expressed through the put call ratio. Regional banks. On the ropes sitting here wondering if gold is gonna pan out. What you found is the, the origin of that idiom right, comes from gold rush times.
ian_1_10-17-2025_111109yeah, they all go rush out west.
david_1_10-17-2025_101109Mm-hmm. Put.
ian_1_10-17-2025_111109found gold in your pan, they said that it panned out.
david_1_10-17-2025_101109Did you bring that eating up at the table? I know you, you like to cover some interesting facts at the dinner table with your fam. Do you use that one yet?
ian_1_10-17-2025_111109No, I've on my so Connor's in this thing where he wants like a joke. He wants us to write a joke on
david_1_10-17-2025_101109Oh
ian_1_10-17-2025_111109note
david_1_10-17-2025_101109six seven.
ian_1_10-17-2025_111109so, he, there was, he did another six, seven joke last night. So ridiculous kids man. Brain rott. I don't even know. He just didn't even watch that. Ah, these, it's the kids at school and their older siblings.
david_1_10-17-2025_101109Yep.
ian_1_10-17-2025_111109Sorry, what was your Oh,
david_1_10-17-2025_101109Hey, that,
ian_1_10-17-2025_111109no, I did not bring it up. He's been into jokes. He wants jokes that he can take to school and share with his friends.
david_1_10-17-2025_101109so you have to write jokes on the spot at the dinner table.
ian_1_10-17-2025_111109One of his favorites is, why is the, why does the butterfly not like basketball?
david_1_10-17-2025_101109Cause it's too heavy.
ian_1_10-17-2025_111109Because he's scared of the net.
david_1_10-17-2025_101109Ah,
ian_1_10-17-2025_111109See, he likes that stuff.
david_1_10-17-2025_101109that's good. That's
ian_1_10-17-2025_111109more good
david_1_10-17-2025_101109good.
ian_1_10-17-2025_111109humor
david_1_10-17-2025_101109Yes.
ian_1_10-17-2025_111109like that.
david_1_10-17-2025_101109So do you write your own stuff or do you do a little research? Get ready for dinner. Yep. Good man. Good Dad. He thinks you're a genius.
ian_1_10-17-2025_111109He does.
david_1_10-17-2025_101109It's amazing. I just wish you could be a fly on the wall, you know, listening to him tell the joke at school.
ian_1_10-17-2025_111109I know that would be fun.
david_1_10-17-2025_101109It would be fun.
ian_1_10-17-2025_111109so loud at that stuff.
david_1_10-17-2025_101109Too funny.
ian_1_10-17-2025_111109I.
david_1_10-17-2025_101109Well, if you, if you would let me, I'm gonna go ahead and highlight the supporter of this podcast, the Adaptive. Select ETF, which is listed on the New York Stock Exchange under ticker A DPV, which helps investors access to 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 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 A DPV by visiting ad pv etf.com or calling 1-833-880-FIVE 200. Investing involves risk, including possible loss of principle a dvs distributed by Quasar Distributors, LLC. You know, if we were a, if we were a, you know, true bonafide, and I think we are podcast, should we be doing the commercial at the beginning?
ian_1_10-17-2025_111109We should,
david_1_10-17-2025_101109I always think, I always think about that, but maybe our listeners appreciate that we save it.
ian_1_10-17-2025_111109people before they get tired of listening to us.
david_1_10-17-2025_101109That's right. But anything, anything else you wanna cover before we close this one down?
ian_1_10-17-2025_111109No, I just want you to have a great weekend,
david_1_10-17-2025_101109Oh, thanks man. I want you to have a great weekend too.
ian_1_10-17-2025_111109you soccer,
david_1_10-17-2025_101109Yep.
ian_1_10-17-2025_111109traveling.
david_1_10-17-2025_101109Down to Chicago for Ava. Should be, should be a good game. She's dealing with a, a, a bum ankle, so we'll see how, how she, how she can roll. But it'll be good.
ian_1_10-17-2025_111109you playing the fibs.
david_1_10-17-2025_101109That's,
ian_1_10-17-2025_111109No
david_1_10-17-2025_101109well,
ian_1_10-17-2025_111109to our Illinois listeners.
david_1_10-17-2025_101109not none at all. None at all. With that, we do ask our listeners to share. To this podcast with their friends and family and give us a high ranking of their choice. And Ian, great to be back on here again. I hope you come with a great joke to the table tonight. Thanks for doing this with me.
ian_1_10-17-2025_111109Yeah, another, another week in the books. Have a great weekend everyone.