The Weekly Trend
The Weekly Trend
Episode 289: The Waiting Game
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In this week's episode David and Ian discuss the S&P 500 continuing to be rangebound, sector rotation and industry performance during different points of the market cycle. They also discuss what it would look like if there is a mid-year 8-12% correction which would be perfectly normal with mid-term year seasonality. Other topics discussed is cryptocurrencies, Nvidia earnings reaction, materials and miners, microcaps, international equities, interest rates, private credit, and the U.S. Dollar.
Welcome back to the Weekly Trend podcast. Today is Friday, February 27th. 2026 S&P 500 are currently sitting at 69 0 8. I'm David Zarling, and I'm here with Ian McMillan. How was your field trip last week?
ian_1_02-27-2026_090307hear that choked up over the pre-market action. This is early today. I feel like I just rolled out of bed.
david_1_02-27-2026_080306Yeah, we're just gonna, we're just gonna roll with it. Let the people know we're imperfect. It's all good. You had a good field trip last week.
ian_1_02-27-2026_090307Planetarium. I mean, it doesn't get any better than a planetarium
david_1_02-27-2026_080306Yeah.
ian_1_02-27-2026_090307learn about planets with first graders.
david_1_02-27-2026_080306Yeah. Are there any new planets that we should be aware of or planets that they're getting rid of? cause when I was growing up in grade school,
ian_1_02-27-2026_090307dwarf planets.
david_1_02-27-2026_080306dwarf planets,
ian_1_02-27-2026_090307Yeah, there's like
david_1_02-27-2026_080306correct term.
ian_1_02-27-2026_090307just Pluto.
david_1_02-27-2026_080306Okay. I didn't know if dwarf planets is a politically correct term, but
ian_1_02-27-2026_090307I think it's gotta be, yeah, that's what the scientists say.
david_1_02-27-2026_080306Pluto was always controversial in my day back in school. It was a planet. It wasn't a planet. What is it now?
ian_1_02-27-2026_090307I don't think it is a planet. I don't know.
david_1_02-27-2026_080306Well, I'm glad you got to do that with your son. That's pretty cool. And. Not to get too sidetracked. I figured I'd just ask how you're doing.'cause this would be the about eighth podcast episode with S&P basically in the same place as it was eight podcast episodes ago.
ian_1_02-27-2026_090307Yeah, groundhogs Day.
david_1_02-27-2026_080306Yeah. P, Tony Phil got up, saw his shadow, and the market moved sideways in a 2% range. Meanwhile, as we've covered ad nauseum, the stocks underneath the surface have had a wide range of outcomes opposite of a 2% range. Like Ian, if I had told you that these stocks are this amount below all time highs. So Microsoft down 30%. Palo Alto down 36, CrowdStrike down 38, Palantir down 38. App loving down 50. Salesforce down 52. Oracle down 60, and Adobe down 65. Would you have guessed that S&P sitting at just 2% under all time highs?
ian_1_02-27-2026_090307Pretty fascinating.
david_1_02-27-2026_080306I don't think I'd. That,
ian_1_02-27-2026_090307there's probably a lot of, I mean, I guess there's a lot of stuff out there doing well.
david_1_02-27-2026_080306yeah, there is. Right. We, you know, we've talked about two episodes that greater than 60% of the stocks inside the S&P 500 are doing better than S&P 500 itself.
ian_1_02-27-2026_090307What, what percentage?
david_1_02-27-2026_080306Uh, about 66%.
ian_1_02-27-2026_090307Hmm. That's pretty solid.
david_1_02-27-2026_080306I, I think it's just different areas doing well while Megs do not, and software do not.
ian_1_02-27-2026_090307It's true.
david_1_02-27-2026_080306What do you think about this, consolidation between 60 807,000? Do you have any premonitions or
ian_1_02-27-2026_090307I
david_1_02-27-2026_080306just sip. You're over it.
ian_1_02-27-2026_090307I'm over it.
david_1_02-27-2026_080306I would think from compression comes expansion, the problem becomes which direction.
ian_1_02-27-2026_090307Yeah, kind of getting into the, it's taking a little too long,
david_1_02-27-2026_080306Okay,
ian_1_02-27-2026_090307so we'll
david_1_02-27-2026_080306too, too tight, too long is this actually distribution. I know, you know, if you look at the S&P 500 using futures, we're right at the point of control from the tariff tantrum lows. We're now sitting almost close to negative year to date.
ian_1_02-27-2026_090307It's
david_1_02-27-2026_080306So it's interesting. Yeah. Get its act together and we had,
ian_1_02-27-2026_090307my,
david_1_02-27-2026_080306What's that?
ian_1_02-27-2026_090307I said, I've done my part.
david_1_02-27-2026_080306We
ian_1_02-27-2026_090307I'm tired. It's just like everything else. 50% of people pulling all the weight.
david_1_02-27-2026_080306that's right. You're tired. You're tired buying all the stocks,
ian_1_02-27-2026_090307I.
david_1_02-27-2026_080306and we're below the zero line. So negative year to date for the S&P, but I mean, you look across. Year to date performance, and I mean there are sectors doing very well. Your, your worst sectors year to date are communication services, discretionary tech, and financials.
ian_1_02-27-2026_090307Let's say financials has to be on there. Financials is terrible.
david_1_02-27-2026_080306Meanwhile, on the flip side, you've got energy materials, staples, industrials, utilities, real estate. Healthcare barely positive. And I wonder, as a technician, and I put this in our show notes, sector rotation and Bull Bear cycles,
ian_1_02-27-2026_090307Mm-hmm.
david_1_02-27-2026_080306you think there's any credence to the fact that the best performing sectors. Year to date basic materials, energy, and staples, while technology and cyclicals are well off that, that's just bull market top behavior.
ian_1_02-27-2026_090307Could be. I guess if we don't get through 7,000 it is.
david_1_02-27-2026_080306So simple math for Ian. I like it. And I think, I think what's interesting is the sentiment is so negative already.
ian_1_02-27-2026_090307You think so?
david_1_02-27-2026_080306I don't know. I mean,
ian_1_02-27-2026_090307Well, I mean, well, we don't really have to worry about a bear market till 2028. That's what I learned this week.
david_1_02-27-2026_080306oh, really? Oh,
ian_1_02-27-2026_090307we're good?
david_1_02-27-2026_080306oh. Is that the, the research paper thing?
ian_1_02-27-2026_090307Yeah.
david_1_02-27-2026_080306Yeah, I, I love how everybody's attributing that to what
ian_1_02-27-2026_090307why are we fretting?
david_1_02-27-2026_080306going up 2028.
ian_1_02-27-2026_090307sub, the substack guy said we have a lease probably 18, 20 more months. And then everyone dies. I guess that was dark. No, no one's gonna die,
david_1_02-27-2026_080306I appreciate that the Substack guy, that's a good way to put it.
ian_1_02-27-2026_090307oh my gosh.
david_1_02-27-2026_080306Well, and I, it's really, you know, everybody wants to mirror. What I've been disappointed in with some of the quote unquote experts out there, or people that should know better, is really marrying the current narrative to current price. So let, let's, let's play this out. If we, if we get a normal midterm year correction from this point, let's say we get, you know, 10, 12% correction. Can you imagine how noisy it's gonna get, uh, from the doomsdayers about ai?
ian_1_02-27-2026_090307Oh my gosh.
david_1_02-27-2026_080306It's gonna get crazy.
ian_1_02-27-2026_090307a 10% correction takes us to 6,363. 30
david_1_02-27-2026_080306Yeah.
ian_1_02-27-2026_09030712 would take you, I mean, essentially back to the highs from last year, like 61 50.
david_1_02-27-2026_080306Yeah. Which
ian_1_02-27-2026_090307Oh man.
david_1_02-27-2026_080306Well, 200 A wouldn't feel good. The V WPS from the prior highs in February of 25 is currently at 64 50. The VWO from the tariff tantrum low is currently at 63 15, and then you brought up the 61 50 prior high. I think, I think the noise would just get, I mean, the hedging is already pretty large and you've got the name exposure dropping to below 75, which is the lowest since 2025. And the A A I I bears outnumber bulls on that survey. I don't know. I just think the, with this much shorting and negative sentiment, that if we get that type of flush, like an eight to 12% move, people are, it's just gonna be super negative narrative.'cause it's already, the, the sentiment already seems kind of skewed. Let's see.
ian_1_02-27-2026_090307Yeah, a lot of teeth gnashing.
david_1_02-27-2026_080306Teeth dashing.
ian_1_02-27-2026_090307crap. Maybe that's just crypto.
david_1_02-27-2026_080306Hmm.
ian_1_02-27-2026_090307I.
david_1_02-27-2026_080306Yeah. What do you think about crypto? The big, that was another story this week, is that Jane Street was manipulating
ian_1_02-27-2026_090307Oh, no,
david_1_02-27-2026_080306Bitcoin
ian_1_02-27-2026_090307no.
david_1_02-27-2026_080306allegedly.
ian_1_02-27-2026_090307Allegedly. We're not trying to get sued.
david_1_02-27-2026_080306Allegedly,
ian_1_02-27-2026_090307Yeah,
david_1_02-27-2026_080306dunno.
ian_1_02-27-2026_090307they're quite upset. But you know, if you used a price chart. It wouldn't matter what the story was, right?
david_1_02-27-2026_080306Yes.
ian_1_02-27-2026_090307You could have just sold 1 0 8. You wouldn't be bag holding at 66, just saying
david_1_02-27-2026_080306No, that's, that's why we're technicians. That's why we study price. I mean, okay. Let's talk about Nvidia largest component of the S&P 500, one of the largest stocks in the world market. Cap wise earnings this week, apparently they had blowout just record earnings. Stock down 5%,
ian_1_02-27-2026_090307Just like Palantir,
david_1_02-27-2026_080306right? That ain't right.
ian_1_02-27-2026_090307ago, whenever Palantir was, that was early, I guess that was early February.
david_1_02-27-2026_080306Yeah. February 2nd. But to your point, I mean, Palantir since February 2nd is, uh,
ian_1_02-27-2026_090307Yeah, it's terrible.
david_1_02-27-2026_080306down,
ian_1_02-27-2026_090307it and then sold it off
david_1_02-27-2026_080306down to.
ian_1_02-27-2026_090307me.
david_1_02-27-2026_080306Yeah, down 10%, but that's not right, Ian. They have record earnings. Price has to go up.
ian_1_02-27-2026_090307There's companies with no earnings. Up 500%.
david_1_02-27-2026_080306Right. And that's where people need to, clients, listeners need to remember, the market is a weighing machine. It's looking out, you know, six to. 24 months into the future, not today. Like the pricing end of blowout earnings was already happening prior to this week for Nvidia, and I think it's a little bit problematic that Nvidia can't return to leadership. I mean, potentially with an opening gap here. Minus one, one and half percent. We'll see. Maybe they'll recover that today.
ian_1_02-27-2026_090307Hmm.
david_1_02-27-2026_080306about, what about things that are working? What about, what are you seeing out there that's doing okay?
ian_1_02-27-2026_090307Energy.
david_1_02-27-2026_080306Oh, yep. Best performing sector year to date in the us.
ian_1_02-27-2026_090307Wow. Yeah, I could see that. I could see that.
david_1_02-27-2026_080306What else?
ian_1_02-27-2026_090307I guess industrials
david_1_02-27-2026_080306Yep.
ian_1_02-27-2026_090307holding up pretty well. I mean, it's been a, it's been a pretty strong, like three months for industrials though, so we'll see if that can keep going at the same pace. Might need to take a break. That's what I keep thinking we're gonna get, not that you're supposed to out. What the market is gonna do, but you know, early morning shower thoughts getting ready for the day. I feel like we were gonna get a rotation back to mega caps and growth for a little bit and that's what was gonna get us out of this consolidation. But it does not seem to be the case so far.
david_1_02-27-2026_080306Uh, the early, the early morning shower thoughts, and, and your, what you're talking about there is that thinking that industrials would pause, that we get a return to like tech.
ian_1_02-27-2026_090307Yeah, because like, I mean, MCAST have kind of shelled out. Financials are terrible. You know, like I said, industrials have had a nice move. I think that, the chances of that move continuing at the same pace over the short term, kind of slim I don't know, dollars not really breaking down. So then I thought maybe emerging markets might take, I just thought there was a lot lying up to go back to growth, but.
david_1_02-27-2026_080306No, I think that's fair. And I think Nvidia was a shot across the bow that that might not be happening. cause the beauty of technical analysis, right? This is a podcast about looking at markets through the lens of technical analysis. You look at a chart of XLK versus XLI. So tech versus industrials needs to get itself together. Important levels coming up here in that relationship.
ian_1_02-27-2026_090307Look at that.
david_1_02-27-2026_080306What about materials mining stocks,
ian_1_02-27-2026_090307Yeah,
david_1_02-27-2026_080306I.
ian_1_02-27-2026_090307it around a little bit. This materials have held up pretty well. Same as same look as industrials,
david_1_02-27-2026_080306Yeah, we've got,
ian_1_02-27-2026_090307for the last. Couple weeks. Three weeks?
david_1_02-27-2026_080306well we got Freeport Mac brand, a bellwether stock going out to 18 year all time highs. Not,
ian_1_02-27-2026_090307Probably
david_1_02-27-2026_080306not. Not you got gold miners, GDX versus S&P confirming a breakout of a 12 year base. Silver miners versus S&P at levels.
ian_1_02-27-2026_090307Is copper, right? It's copper mining.
david_1_02-27-2026_080306Yep.
ian_1_02-27-2026_090307Yeah.
david_1_02-27-2026_080306Copper miners doing well. Gold miners doing well. Silver miners versus the S&P at levels we haven't seen in nine years. Materials. Materials and industrials. Not too shabby. Can't, can't complain.
ian_1_02-27-2026_090307You do it now though.
david_1_02-27-2026_080306What's that?
ian_1_02-27-2026_090307If you didn't own any industrialism materials, would you buy'em? Right now?
david_1_02-27-2026_080306Ooh. Miners are, I'll start with minors,
ian_1_02-27-2026_090307asking for your financial advice.
david_1_02-27-2026_080306not financial advice. I, I think the GDXS&P chart is about as clean as you can get.
ian_1_02-27-2026_090307But what about like XLB and XLI?
david_1_02-27-2026_080306Okay? XLB, XLB on an absolute basis.
ian_1_02-27-2026_090307Yeah. Miners are good. They got two bull and engulfing candles this week. That's pretty solid clue. You would think.
david_1_02-27-2026_080306Well, an XLB is holding up really well in some of this red tape this week. Now, whether you could enter it here on an absolute basis, you'd have to have some pretty tight stops. Again, not advice industrials, same situation, has moved higher. It could consolidate here, but you're, to your point, a little harder entry on an absolute basis, and industrials are up against a relative level. That's been important for a while. Materials also,
ian_1_02-27-2026_090307Materials.
david_1_02-27-2026_080306but
ian_1_02-27-2026_090307getting hit this week?
david_1_02-27-2026_080306yeah.
ian_1_02-27-2026_090307that's more of an NVIDIA thing. We'll see, man. Maybe the, then maybe the running semis is over.
david_1_02-27-2026_080306That and that would be problematic'cause that has been the leader.
ian_1_02-27-2026_090307Hmm.
david_1_02-27-2026_080306How about small caps? Small caps and micro caps?
ian_1_02-27-2026_090307Yeah, micro caps held up. Well, I feel like, well, they were holding up kind of what I mean, I mean, I would buy, I would buy micro caps here.
david_1_02-27-2026_080306Yeah, microcaps using IWC,
ian_1_02-27-2026_090307Yeah, you could buy that.
david_1_02-27-2026_080306really clean breakout above 1 57 consolidation, could own it above 1 65. Again, not advice. And so that's the flip side of everything is we have sector leadership. That smells of bull market. Top behavior with energy and materials, utilities, things like that. Leading tech, not so much, but on the flip side, microcaps are performing small caps like IWC versus IWM leading.
ian_1_02-27-2026_090307Not
david_1_02-27-2026_080306That's, that's not bad. And it speaks to equal eight S&P and the Russell 1000 doing all right. I mean, even transports doing pretty good.
ian_1_02-27-2026_090307What do you think about that?
david_1_02-27-2026_080306It's good. Just different areas of market leading. I mean, for how long it had been tech and growth.
ian_1_02-27-2026_090307it. get it above. And Caterpillar looks pretty good. We'll see if it breaks. I mean, we'll see after today.
david_1_02-27-2026_080306It's just gonna be really interesting if, if the magnificent seven can't get above using mags, can't get above 63,
ian_1_02-27-2026_090307It's gonna be terrible.
david_1_02-27-2026_080306that's a, that's a big time.
ian_1_02-27-2026_090307having to cancel Christmas in February cause the market's so bad. You gotta sit your kids down. They got 10 months to get over it though.
david_1_02-27-2026_080306That is true. That's a good point.
ian_1_02-27-2026_090307There's
david_1_02-27-2026_080306Software,
ian_1_02-27-2026_090307stuff happening under the surface. Still a lot of good stuff overseas.
david_1_02-27-2026_080306yeah. Talk to us about international.
ian_1_02-27-2026_090307Talk to you inter about international. Can I use like an international accent? No, we won't do that.
david_1_02-27-2026_080306Oh, I wouldn't mind.
ian_1_02-27-2026_090307We'd get reported. We would definitely get reported. Yeah, it's good. Still Don in South Korea. I like to talk, I love to talk about it every day though. My coworkers love to look at it. own it. It's great.
david_1_02-27-2026_080306Well, it's one of the, South Korea is one of those, and we're talking about South Korea. We mean Samsung. It's, it's one of those where, and are we, you know, you can recognize what it is and so sometimes. We've all been there. You stand in the box and the fastball comes down the pipe. And for whatever reason, and I'm not saying, I'm not saying South Korea was a fastball. I'm just saying that there, you know, if you're, if you're true to yourself and you're being honest about being involved in markets, there are some pitches that you miss. And it doesn't, once it's in the catcher's glove, it doesn't make sense to swing. I mean, south Korea's already
ian_1_02-27-2026_090307South Korea is gone, dude.
david_1_02-27-2026_080306it, it's already moved. We gotta move on to the next pitch. But I hear you. I mean, I and I, I find it fascinating that Italy, Greece, Spain, you brought up Ireland this week. Again,
ian_1_02-27-2026_090307up pretty well.
david_1_02-27-2026_080306Mexico's held up even with all the drama going on there.
ian_1_02-27-2026_090307Yeah. Look at Italy. New relative highs. I mean, if All right, if you look at, I mean VGK Europe, yeah, we're back into a relative 200 day. Good. I mean, it's not. So does that mean the DAX looks pretty good? Yeah, it does.
david_1_02-27-2026_080306When the d Dax being highly correlated in the Nikai holding up. And then you have, you know, Poland, Greece, Spain, Italy, Ireland you already brought up South, South Korea, Brazil, up strong year to date
ian_1_02-27-2026_090307Didn't buy Spain.
david_1_02-27-2026_080306and.
ian_1_02-27-2026_090307in mid, mid-December on the relative breakout. And here I am just kicking myself.
david_1_02-27-2026_080306Well, not all, not, not all international's the same. I mean, we go back to, you look at EEM on a relative basis. Great
ian_1_02-27-2026_090307I.
david_1_02-27-2026_080306emerging markets, minus China like EMXC, not so much, or even emerging market tech. Terrible.
ian_1_02-27-2026_090307Mm. China? Yeah. China's a tough one. China had a rough day yesterday. Well, if you look at FXI, I guess Asher, the A shares have held up better, but I don't know what happened in. FXI, it's definitely a lot worse. I assume GXC looks the same, eh, aspect, kind of in between the other two. Maybe it's consolidating. Maybe we're ripping higher.
david_1_02-27-2026_080306Well, if China ever decides to get involved, emerging markets is just gonna go. Bananas, but it's strength outta international. You got micro caps doing well. Again, it just dispersion, differentiation, bifurcation, split market, however you wanna describe this. I,
ian_1_02-27-2026_090307Bitcoin does Bitcoin sucks. Bitcoin, I bet, of looks like it wants to go lower.
david_1_02-27-2026_080306well, wouldn't that be something.
ian_1_02-27-2026_090307been sideways for I guess a month, three weeks. But if it cannot get back above 72, 70 3000, then
david_1_02-27-2026_080306And if it does go lower, what's the story gonna be? Because I thought Jane Street was the one that was keeping it down. What about rates?
ian_1_02-27-2026_090307rates.
david_1_02-27-2026_080306I think we got mortgages under 6%. Ian,
ian_1_02-27-2026_090307Should I be refinancing?
david_1_02-27-2026_080306I don't know.
ian_1_02-27-2026_090307So long-term rates. I mean, you're below 200 day, although we've pretty flat, so I don't know how much that means. Yeah, lower rates.
david_1_02-27-2026_080306Treasuries moving higher leading a GG, right? Treasuries are a huge part of the aggregate bond complex US treasuries.
ian_1_02-27-2026_090307Sure I'd be buying treasuries.
david_1_02-27-2026_080306If you got a fixed income sleeve, maybe
ian_1_02-27-2026_090307Nice big gap today. Still pretty rough. Look against equities.
david_1_02-27-2026_080306Agreed.
ian_1_02-27-2026_090307So that's hard. What about junk? Do they, are that stuff?
david_1_02-27-2026_080306Yeah. Junk versus IEF is a little bit of a problem. So junk bonds versus intermediate bonds. I will say that that's screaming a little bit risk off. And Triple C credit spreads,
ian_1_02-27-2026_090307Hmm.
david_1_02-27-2026_080306you know, we've continued to make higher lows in that relationship. And we're back to levels we haven't seen since November. So you're seeing, you know, we've got all the, the credit stress coming out, private credit that's related to software. You know, you look at the private credit universe and a majority of that's software. Software, private credit. Like global, global private credit is around 3 trillion software. Private credit is about 20% of that. So does it, you know, is there something there in the backdrop regarding credit issues with software? I mean, software stocks have been greatly discounted using IGV. We've covered that ad nauseum.
ian_1_02-27-2026_090307Hmm. Terrible.
david_1_02-27-2026_080306We have an elevated vix. I think you bring it first. First and foremost, the junk IEF thing is extremely notable. I mean, it needs a whole,
ian_1_02-27-2026_090307I don't,
david_1_02-27-2026_080306it needs
ian_1_02-27-2026_090307care for that. I don't, it's weird.
david_1_02-27-2026_080306re reeks of some liquidity issues, and we know that the market engine operates off of oil liquidity. You can have all these other things do well and still have some problems underneath the surface. So there's definitely, if you look at the scale of weight of evidence, there's things for both sides. You know, if we're breaking 7,000 and industrials and energy and materials continue to lead. It probably has to happen with a backdrop of mega cap and tech, at least stabilizing. But if those accelerate to the downside, that's gonna be really hard. And you consider what the credit piece in the backdrop? Lots of things to consider. 6,800, let's just say this way. 6,800 on the SP needs to hold.
ian_1_02-27-2026_090307Has to. Or I'm gonna be getting a gig job. I'm only doing Uber Eats.
david_1_02-27-2026_080306Uber Eats. Yeah. What are all the ones Uber Eats? DoorDash,
ian_1_02-27-2026_090307I think
david_1_02-27-2026_080306Seattle.
ian_1_02-27-2026_090307as I know.
david_1_02-27-2026_080306Yeah. I've never done it. I've never tried. That
ian_1_02-27-2026_090307just gotta put it on your Klarna. And then don't. Just don't pay it.
david_1_02-27-2026_080306is.
ian_1_02-27-2026_090307Yeah.
david_1_02-27-2026_080306That's crazy.
ian_1_02-27-2026_090307If you break your Quarter Pounder into four monthly installments, it's only like, well, after interest. After interest, you're probably doubling it. It's probably about$22, which, well, what's so crazy is. DoorDash is already expensive, and then you get the interest from, actually, I don't know what, I don't know. I assume the interest kicks in right away on something like that. If I was running the company, the interest would be kicking in right away. So yeah, I mean, you're paying$35, but if you just look at it in the monthly installments, it's like. bucks a month. That's not bad, Dave.
david_1_02-27-2026_080306Yeah. Just do it. Why? Why wait when you can have what you want right now?
ian_1_02-27-2026_090307It's the next paychecks problem. Yeah, why wait.
david_1_02-27-2026_080306Crazy. And is that indicative of a K economy? Are people doing that? Do you think people are buying, doing DoorDash and using Klarna?
ian_1_02-27-2026_090307Do I think it, yeah,
david_1_02-27-2026_080306Yeah, it's interesting. Hmm.
ian_1_02-27-2026_090307but DoorDash had their most sales ever last quarter. Can you believe that?
david_1_02-27-2026_080306Fascinating. Well, and that, you know, from a. Market perspective. What's interesting is just how weak consumer discretionary is
ian_1_02-27-2026_090307It is. Yeah.
david_1_02-27-2026_080306not.
ian_1_02-27-2026_090307that there, I mean, I definitely believe in the K economy. Type stuff. Yeah, it's, I mean, XLY is not been pretty bad since early 2025. Well, I guess it's been bad since 2021.
david_1_02-27-2026_080306So mixed bag. Mixed bag out there. Anything else you wanna highlight for our listeners? Any more shower thoughts?
ian_1_02-27-2026_090307Yeah, I think precious metals are gonna take another leg up. I. It could, we need a dollar to get weaker as long as dollar stays under 98 stays under the 200 day. Not a smooth trend, though, not a smooth trending asset over the short term, but we are in a downtrend longer term.
david_1_02-27-2026_080306For the dollar.
ian_1_02-27-2026_090307Yeah,
david_1_02-27-2026_080306Yeah.
ian_1_02-27-2026_090307just gotta get through 96 and a whole new world opens up. I hope it's a good one.
david_1_02-27-2026_080306Want it to be great. Well, at this time I wanna highlight the support 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 adapt to 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 D PVS, distributed by Quasar Distributors LLC. So we'll see Ian next time we're recording. Will we still be within 60 807,000 on S&P? Will we continue to see. Leadership outta materials and industrials and energy. Will we see the magnificent seven large cap, mega cap growth and tech stabilize, or will we be having a flush on our hands and below 6,800? That's really what it comes down to. Onto
ian_1_02-27-2026_090307Stay tuned.
david_1_02-27-2026_080306stay tuned. Well, I appreciate you doing this with me again this week.
ian_1_02-27-2026_090307It's good to be back.
david_1_02-27-2026_080306And we will be back next week. Please give us a high ranking on your platform of choice and share it. You know, if you wanna, we do post these to X. If you wanna repost, that'd be helpful. Share it with your friends. That gets the word out and there's a compliment to us. Thanks for listening.
ian_1_02-27-2026_090307Have a great weekend, everyone.