Jay Woods of Freedom Capital Markets joins Chris Versace to talk current market dynamics, four potential catalysts, Nvidia and why he watches a certain type of stock for clues.
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00:00Hey folks, welcome to the latest edition of the Streets Stocks and Markets podcast.
00:06I'm Chris Versace and I manage the Streets Pro Portfolio and we're coming to you live
00:10from the New York Stock Exchange today with our good friend Jay Woods from Freedom Capital.
00:15So we're going to talk about the things that are shaping the market, things you're going
00:18to want to pay attention to, especially as we gear into earnings from NVIDIA next week.
00:23Jay, thank you so much.
00:30It's good to be back.
00:31It is wonderful always to be here on the floor of the Stock Exchange chatting with you, my
00:35friend.
00:36And I know that we've got some big things to talk about.
00:39So let's kick it off.
00:41The market rally that we've seen since the lows in April, sustainable?
00:46I don't know if we're going to continue to plow through and get to those new highs.
00:51We did get within 3% of a new high in the S&P 500.
00:55Considering where we were, the panic, the sentiment, let's just be happy at these levels.
01:01We did get a downgrade from Moody's this week.
01:04They joined Fitch and S&P a little late to the party.
01:07So you would agree with me in saying, eh, not really that important.
01:10No, no.
01:12This is something they should have done years ago.
01:13Now you have to think, okay, is S&P going to say, hold my beer, we'll go again?
01:18That would cause some major panic in this market.
01:20I don't see that.
01:21No, I don't see that.
01:22I'm kind of just half kidding on that.
01:25But no, but that was something that, you know, after a big rally, that could derail.
01:30What's causing problems now?
01:32Tariffs again.
01:33So Jay, as I was writing last week in the Weekly Roundup for StreetPro portfolio members,
01:39I was concerned that with the market entering near overbought S&P 500, NASDAQ, technically, based on its RSI, overbought, that any little thing could potentially disrupt the market rally that we've had.
01:52And it sounds like you're kind of on board with that.
01:54Yeah, without a doubt.
01:55We went for an extreme oversold condition to, you know, a euphoric near overbought, 69 on the RSI, not quite 70.
02:04But the speed at which we recovered was dramatic.
02:07And now we're losing a little momentum.
02:09The earnings season is slowly fading into the distance.
02:12We still have one big one, which we'll touch on later.
02:15I would argue that.
02:15There are a couple.
02:16But, yeah, so any little news story that couldn't carry this momentum forward, whether it's the downgrade or, you know, Trump and Walmart going at it, tariffs impacting the retail sector, we were going to get that pause.
02:29And these pauses are healthy.
02:31We've cleared major technical hurdles.
02:34We got back above the 50-day moving average.
02:36Then we got above the 200-day.
02:38Then we got above that gap up during the election cycle when Trump was elected.
02:42And we held on to these levels.
02:45Any retest of that is healthy and normal considering the run we've been on.
02:50So I'm not worried about some, you know, steady action in this market.
02:54So when we talk healthy pullback, take out the froth, as I like to say, low single-digit move lower?
03:00Yeah, something like that.
03:01You know, let's retest that gap up above the 200-day moving average.
03:05The 200-day moving average, to me, that's the barometer of health.
03:08And I think we're getting a little healthier.
03:11We still haven't hit the tax implications, hitting the inflationary data.
03:16There are still things that are genuine concerns.
03:19Yes, sentiment is a soft number.
03:21The hard numbers haven't followed through.
03:23They will probably tick up.
03:25That's why the Fed is on watch.
03:27They're not doing anything as far as rates.
03:28So since you brought that up, I've got to ask, when do you think we actually see a rate cut, assuming we see a rate cut?
03:35I think we could get a rate cut in June.
03:39We probably won't until the following meeting.
03:42So it looks like the end of the summer we could get a cut.
03:45And that's only if the data continues to remain stable.
03:48So if it does, then that's thrown off that fear that, one, the sentiment indicators are telling us.
03:55And then, two, the Fed is kind of worried about it because tariffs should cause inflation.
03:59It hasn't seen it.
04:00Mortgage rates have not really dipped down.
04:02And then you've got to watch these bond yields, the 10-year Treasury yield and the 30-year over 5%.
04:08They're supposed to stabilize and come in a little bit to help us out.
04:11They haven't.
04:12So the data isn't there to give us the cut just yet, but it isn't there to cause a panic either.
04:19So I'm going to say the soonest is September, potentially later, depending on the subject of the data.
04:25Correct.
04:25And I know the president would like to see it last time.
04:27And I think June we could do a quarter point, and it wouldn't upset this market too much at all.
04:33You know what?
04:33We're going to get a bunch of data in the first week of June.
04:36That'll help us decide ISM manufacturing, ISM services, and a few other things.
04:41TCE next week too.
04:42So there's a lot.
04:44There's a lot.
04:44So we'll have to revisit that because we're going to talk to you again and again, I'm afraid.
04:48I can't wait.
04:49But let's just talk about potential catalysts that could re-energize the market.
04:54So my thinking is no-brainer.
04:56Real progress on trade deals.
04:58We'll have to see if that happens.
05:00The conversation on tax and budget, the big beautiful deal.
05:04I don't think that's going to deliver it.
05:06Anything else that might kind of rebound this market?
05:09It's two sectors.
05:10They drove the bus on the biggest rally we had in 2023.
05:14It's technology and discretionary.
05:16Technology is flat as we're taping this up, 0.06%.
05:20And then discretionary, it rallied 16% off the lows, I think almost 20% at one point.
05:26Still the worst performing sector of the year.
05:28We'll see if Tesla and Amazon can get us going.
05:32But those are the two sectors you need to see start to propel the leadership.
05:35There's positivity there.
05:37Industrials remain strong, stable.
05:40That's good.
05:41Financials, they got the wind taken out of their sails.
05:43They're coming back.
05:44You look at different aspects of financials.
05:46The credit card companies, Visa, MasterCard are making new highs.
05:50You look at the exchanges.
05:51ICME, they had a great run pulling back a little bit.
05:54These should be buying opportunities.
05:56So what about those really tied to investment banking?
05:59Because we might be seeing the IPO window heat up and M&A has started to pick up as well.
06:04Well, I look at them like I look at tech stocks.
06:06Because right now, as a technician first, we had a ridiculous sell-off.
06:11Goldman, JPMorgan, Citi, horrible sell-offs.
06:15And now they've snapped back.
06:17JPMorgan, Goldman rallied over 30% from their lows, still have room to run.
06:22That M&A activity does start to pick up, which you're hearing it could end of second quarter, beginning of the third.
06:30This will be a tailwind they need.
06:31And then the overall sector has pockets of strength.
06:35Insurance has been strong, stable.
06:37The regionals, that's where we're seeing a place to avoid.
06:43The big institutional banks, they've come back.
06:46But for them to make new highs, I think we need time.
06:49And that time would be another earnings cycle.
06:51And that'll be the end of summer.
06:53So let me just drag you back a second.
06:55Because you were talking about discretionary.
06:57And you said two companies.
06:58One makes sense, Amazon, given what they do in digital shopping.
07:03But the other, Tesla, got a bone to pick with that.
07:07Because what is Tesla doing in consumer discretionary?
07:10That doesn't sound right.
07:11I hate talking about Tesla.
07:13This is just a lightning rod.
07:14No, no, no.
07:15I'm not talking about Tesla per se.
07:16But just about how folks need to be aware of how the sectors inside the S&P 500 are constructed.
07:23What they may contain, may not contain.
07:25It's not always obvious.
07:26No, it's not.
07:27And when you look at the sectors, this is what I tell my students.
07:31This is what I talk about religiously.
07:33You better know the top performing stocks in those sectors, the top weightings.
07:37And it's Amazon and Tesla, 40% of the XLY, the discretionary index, is tied to that.
07:42So now, let's see.
07:44Does Tesla have something to reverse to get back to new highs?
07:46It does.
07:46It's back above 320, which is a key resistance level to me.
07:50It's acting healthy.
07:51But Tesla, a different animal.
07:52I mean, that's hopes and dreams.
07:53And we'll see autonomous driving, how it comes out.
07:57You're not flying out to Austin to do the due diligence?
08:01I've been to Austin.
08:02I saw Waymo's driving all around.
08:03I wanted to get in one.
08:04It was fantastic.
08:06Tesla's not there yet.
08:07Waymo's eating their lunch.
08:08But once they get rolling, the hockey stick level.
08:13Yeah, I know, rolling.
08:14Horribly fun.
08:15And I didn't mean to do that.
08:16And sometimes I do.
08:17But in this case, yeah, if Tesla can start the rollout, and the technology behind it, they can really start to increase exponentially, where Waymo is starting to grow at hockey stick levels.
08:31But it gets hidden in the alphabet, which is Google and Search and the problems they have now.
08:37Problems?
08:38Did you not pay attention to the Google I.O. event?
08:40Well, it seems like they're really leaning into AI.
08:43They're really pushing back on the notion that they could be left behind.
08:47I'm biased.
08:47You're talking to a Google shareholder for years.
08:49I'm very biased.
08:50It just broke up on its 200-day moving average.
08:52Looks good technically.
08:53Climbing a wall of worry, if you will.
08:54YouTube subscribers.
08:56If you look at the top two search engines in the world, it's Google.
08:59And YouTube is a search engine.
09:00And I think you've seen a Gartner, some other third-party research firm, is showing how they're continuing to widen their lead in streaming.
09:08Yeah.
09:08Yeah.
09:08And to me, Google would be better if they did have to break up the company because the sum of the parts is just tremendous.
09:16But we are so fixated on ad revenue and search and ChatGPT eating their lunch, which if you do a Google search and a ChatGPT search, you can understand why.
09:25Yeah.
09:25No, no.
09:25But back to what I, you know, you get yesterday's event.
09:28They're updating with Gemini Search.
09:30They're bringing all that functionality of shopping and paying, translating all into it.
09:37I think what they are going to do is surprise folks in the coming weeks with all the functionality that they work.
09:43Yeah.
09:43And I agree with you.
09:44They got their best shot.
09:46If you, you know, as a technician, you want to look for long-term price action, I looked at this, the max on a monthly.
09:52And $150, it held.
09:54That was a key level.
09:55And now it's rallying, breaking back above a key resistance area in the 200-day moving average.
10:00I think it's healthy again.
10:02But you read the headlines, you're not so sure.
10:04But we are getting better headlines.
10:05But they seem to be the one of the max seven outside of Elon Musk that really has been getting beaten down lately.
10:12So I love it personally.
10:14I own it.
10:15And that's one I put away.
10:16But now I'm questioning it because of all these headlines.
10:19And I don't like when I do that.
10:20I just want to look at price action.
10:21Price action is telling me, all right, it got tested, it held, and now we're back.
10:26So we'll see if it can continue.
10:27So check the emotion.
10:29Stick with the discipline.
10:30It's hard.
10:30But once you want it, you look at it so differently.
10:32I understand.
10:33And I teach this all the time.
10:35But that's the biggest risk is getting overly emotional.
10:38Yeah.
10:38And it happens.
10:40My voice just raised an octave as we talked about it.
10:42It's a little emotional.
10:43But it's a great point, though, because it's not easy to do.
10:46No.
10:47Even for people who do this day in, day out.
10:50Of course.
10:50Once you own something, you look at it very differently.
10:52Your biases change.
10:53And, you know, if you can just be like me with my 401k and just put it away and look at it once a year, just update my books, and it's good.
11:01Hopefully more than once a year.
11:02No, no.
11:03Once a year.
11:04All right.
11:04Well, that's me.
11:06Before we started taping, we were chatting a little bit.
11:08And you had said that I think one of the big catalysts ahead for the market, NVIDIA earnings.
11:14But at the same time, you kind of signaled, like, I don't know if they're going to deliver.
11:19So break this down.
11:20Well, it's not about delivery.
11:22They've delivered solid earnings, but price action hasn't followed.
11:26All right.
11:26We have some major overhead resistance at this 150 level and NVIDIA.
11:30We've seen progress.
11:32It's sold off on DeepSeek News.
11:34All right.
11:34So the threat of that coming and, you know, hurting their bottom line and disrupting all the Mag7 stocks and technology in America was a big story.
11:44We never fully recovered it.
11:46And then we had the tariff sell off.
11:47And all of a sudden, we're starting to come back.
11:50Well, the catalyst for that is big tech.
11:52Yeah.
11:53Right.
11:53Reiterating their capital spending levels.
11:55Companies like CoreWeave coming out and saying, we are going to spend heavily.
11:59I mean, talk about a deal that had a tough time getting priced.
12:02Look where that stock is now.
12:03Yeah.
12:04And I'm kicking myself for not getting involved in that.
12:06You and me both.
12:06You and me both.
12:07I was like, oh, this one really is overdone to the downside.
12:10But, you know, NVIDIA to me is a tell.
12:13But price action will be more of the tell.
12:15I expect them to beat.
12:16I expect everything to be rosy.
12:18We still have tariff and trade war concerns.
12:21That's not going to go away when they release earnings.
12:23No.
12:23But it will be a headwind.
12:26And let's see.
12:26Like, I look at Microsoft and the Mag 7.
12:28It got to all-time highs.
12:30Just under.
12:31Didn't get through.
12:32Meta has rallied back.
12:33Still has 100 points to go to make new highs.
12:36Amazon, Apple, constructive sideways action above key levels.
12:40Both happen to be 200 in those stocks.
12:42So, to me, this is just a digestion phase.
12:46Now, NVIDIA can take us to a next level.
12:49If it gaps and goes above 150 and holds, all bets are off.
12:52Technology's going to lead.
12:53The semiconductors are back.
12:55And, you know, the bullish horns will come sprouting out of my head again.
12:58But right now, I think there's too much uncertainty in this market.
13:02The word of the year, uncertainty, you know, where for NVIDIA to break out on this earnings
13:08next week would really have something from Jensen, a new development that we didn't see coming.
13:15But I'd like to see a test those highs.
13:17And any pullback would be a dip to buy because we are making higher lows.
13:22It's constructive.
13:23But are we ready to break out?
13:26If anyone's going to do it, if anyone's going to lead the charge, it's going to be this stock.
13:30So, the two things that I'll be looking for when they report, one, is the guidance as solid as people expect?
13:36Because remember, the last time they reported, a little below the whisper number.
13:40And the market kind of didn't like that.
13:42The other is going to be an update on the margin expectations with the black low ramp.
13:46If you remember, they kind of talked down near-term margins with a rebound expected in the back half of the year.
13:52We want to hear them reiterate that, maybe accelerate that.
13:54Accelerate would be music to the marketeers because we're not seeing a lot of acceleration.
13:59We're seeing guides that remain in line.
14:02That's great.
14:03But we're not seeing guides that go above expectations.
14:06And in this market, who's going to do that?
14:08Keep the bar low.
14:09Exceed the bar and you'll be fine.
14:11So, that excessive optimism isn't there.
14:15And that's what this market likes.
14:16It likes to be a little optimistic and euphoric at times.
14:20And we just haven't seen it yet.
14:22It'll be back.
14:22But it may take another cycle of earnings to get there.
14:26Okay.
14:26So, let's just game this out before we take one or two member questions.
14:30We've got NVIDIA earnings next week.
14:32Correct.
14:32And then after that, we'll be getting a lot of fresh economic data for the month of May.
14:37That'll tell us the speed, the vector, the velocity of the economy.
14:40Yep.
14:40Insights on inflation, what we might see.
14:43And then after that, we have Apple's WWDC event.
14:47Oh, yeah.
14:48What's the AI story?
14:49Right.
14:50Are we going to hear it?
14:50I mean, Apple is one AI story away from getting back on track.
14:55It's just, we thought it was going to happen with Siri, you know.
14:59Or Apple Intelligence.
15:00Yeah.
15:00And what Apple does is they've rolled things out slowly.
15:03And, you know, that's frustrating because you want to know exactly what the game plan is.
15:08And, oh, no, I have another update tonight.
15:09Oh, I have an update in a week.
15:11And it's not the wow factor.
15:14They haven't had that wow factor in years.
15:16So, if you think of it this way, in the S&P 500,
15:20you've got, you know, number one is either Apple or NVIDIA.
15:23They trade back and forth getting on what's going on in terms of waiting.
15:27So, the next couple of weeks could be really telling for the market.
15:31Yeah.
15:31And it could be a dull market.
15:33But what's the expression?
15:34Never short a dull market.
15:36So, to me, we need to just take a break.
15:39The VIX back under 20.
15:41Let's, you know, not necessarily sell in May and go away.
15:44But let's, you know, just let things play out.
15:48We won't see as much crazy volatility except if we get bigger headlines on the trade war front.
15:55And so far, every headline we've gotten has been a scale back, has been progress.
16:00So, to me, the worst is clearly over.
16:02For anyone to think we're going to retest lows, crazy.
16:06You're talking early April lows.
16:07Early April 7th lows.
16:09Yeah, there's no way.
16:10But maybe $5,100, $5,500.
16:13The $5,500, the 50-day moving average, I think that could be the worst-case scenario if we get a little bit of a scare.
16:19But right now, no.
16:21Things, we've ripped off the Band-Aid.
16:23Now we're walking back that nice, beautiful chart, that big, beautiful chart.
16:27Not that he called it.
16:28Anybody would if he could.
16:30But we are seeing things slowly come back and negotiations happening.
16:35We're not seeing them at the breakneck speed.
16:37We would love to, to get this market to new highs.
16:40But we knew that, though.
16:41Of course.
16:41That said, this is going to take time.
16:43Yeah.
16:44I think he said, you know, 90% of the trade deals will be done by the end of the year.
16:48Yes.
16:49So, this 90-day reprieve is, you know, nonsense as well.
16:53Extension, extension.
16:54Exactly.
16:54And that's fine.
16:55So, we've slowly come back.
16:56And, you know, then we rely on these companies to, you know, keep hitting their earnings, you know, singles, doubles.
17:04No one's hitting out of the park right now.
17:05But once we get through this tariff phase, then we'll probably see some more triples and some home runs.
17:13So, we need to see, and I've written about this.
17:16Yeah.
17:16It sounds like you're on the same page.
17:18I read you, too, as well.
17:19So, I know.
17:19We need those progress on.
17:21We need the progress on the trade deals.
17:23We need, as Walmart said, to get those tariffs even lower.
17:26Yeah.
17:27Then earnings expectations for the back half of the year can, we can either get more comfortable, you know, relevant to what Jamie Dimon had to say this week about how they need to drop.
17:35Or, perhaps, as the tariffs come down, we might even see earnings expectations for the back half of the year lift.
17:41And I think the market would like that.
17:43I think not only would the market like it, the CEOs that run these companies are hoping that's exactly what happens.
17:49I thought it was very interesting to see the Walmart CEO say, yes, we may have to raise prices, and the president say, no, you're going to eat it.
17:57That, to me, was interesting.
17:59So, it got some of these other retailers, especially Home Depot, to kind of scale back in how they perceive the message going forward.
18:06Right.
18:07But if the tariffs come down, then they won't have to raise prices as much.
18:10But if the tariffs don't come down as quick as we might hope they do, that guidance that they're supposedly keeping could be at risk.
18:17It could be revised, and that's where you see another little leg lower.
18:21The key word is little.
18:23Let's hope it's not a revision that is like, nope, all bets are off.
18:26I think the worst case was thrown in there with the 145% against China, these big numbers against countries I'd never even heard of.
18:34You know, it was a little too much.
18:37And now that shock and awe is over, and we get back to the negotiating table.
18:42Don't want to be the pawn in these negotiations, we being people that participate in the market.
18:46But it is showing some signs of progress.
18:50We'll see if it can lead us to new highs sometime by third quarter, if not definitely at the end of the year.
18:56All right.
18:57Well, we will see.
18:58Let's turn to some member questions, Jay.
18:59Sure.
19:00Let's go.
19:00So, the one question that I want to talk about in particular is folks have asked, Jay, how do you balance looking at the market's technicals, whether it's overbought, oversold,
19:10and applying that from a top-down perspective as you're looking at individual stocks and their technical setups?
19:16Mm-hmm.
19:16That's a great question.
19:18What I try to do is, when I go through my charts, is look at the chart and the price action and not the stock that I'm looking at.
19:26Now, obviously, I know I'm cycling through every sector, but you use comparative relative strength to really filter it out when you're doing sector breakdowns and chart action to see what are the best in class.
19:38When defense stocks, we talk about them, they're in the news today.
19:41No one talks about Halmet, HWM.
19:43That stock is crushing it.
19:45It's just one of the best charts in the world.
19:47But you look at Level 3 Harris, you look at Northrop, you look at Lockheed, there are a lot of differences between the sectors.
19:53So the tide isn't lifting all the boats, the sector overall is doing well if you have a basket, but there are winners and losers in each sector.
20:00Industrial is the same way.
20:01You look at GE, GE, Verona.
20:03Uber is an industrial.
20:04We talked about this beforehand.
20:06It's one of the best industrials out there now.
20:08Oh, stop it.
20:08But you need to know what the best in breed are.
20:12So to me, I look at the charts with the best strength and I compare them to each other.
20:16So there's no one golden rule I use, but the price action, trying not to get clouded by it.
20:25When you give me a chart of Tesla, I cringe, but I can tell you what the price action is doing.
20:31Don't ask me about the fundamentals because they don't match up.
20:34So just a quick follow-up on that.
20:36If you're looking at a chart, let's say you see a nice opportunity in an individual stock.
20:42Yeah.
20:42But as we just talked about a few minutes ago coming into this week, the market looks to be overbought.
20:49How do you reconcile the two of that?
20:51Will you wait to see what happens with the market first?
20:54Yeah.
20:54Or should you plow ahead in that individual stock?
20:57Everything I look at is always in risk-reward terms.
21:01Uber is a perfect example.
21:03It was outperforming the indexes, going into earnings.
21:07It was trading in a very large neutral range between $60 and $80.
21:10Price led before earnings.
21:12It broke out and boom, you're in the stock.
21:15And now my risk-reward is favorable because there's a measured reward of $20 to $100.
21:20And the risk was if it breaks under $80, $78, let me get out, let me try again.
21:24It didn't break out of this channel, it wasn't clean.
21:26So every time I look at it, I look at the individual stock and what my risk-reward setup is.
21:31And if it's outperforming the indexes, to me, this is great because if the index turns, it's going to lead us.
21:38But if, to your point, the index starts to turn over, yeah, you want to just stop yourself out and then...
21:44Or maybe hold off.
21:45You can hold off easily.
21:47It's always good to have cash on the sidelines.
21:49And that's the thing.
21:50Sometimes you get fully invested.
21:52You're like, oh, I love this, I love this.
21:53Those are great bull markets because you don't know exactly where you want to go.
21:57And I like to hold strength.
21:59And sometimes I'll hold a little too long and wait for that trend to change to get out.
22:03But I'm still getting the meat of that trade.
22:06So I always look at risk-reward setups.
22:08And yes, I get stopped out too many times.
22:10Too soon, I'm sure you know it well.
22:12But the overall market is the first thing I look at.
22:16Then I look at the biggest pockets of strength.
22:18And those are the stocks I tend to focus on.
22:20And then the next thing, I focus on the worst.
22:23And it's something changing.
22:24I caught this in Five Below and some of the smaller retailers that had been down for so long.
22:31Disney's a great example of a stock that's been beaten down.
22:33I'm watching Nike like a hawk, watching Target.
22:36Target didn't do it.
22:37It could not close above 100.
22:38And it's back in its downtrend.
22:40It's back in the penalty box.
22:41Let's see where we can get back into that name.
22:43If it can hold 90, then maybe there's a near-term trade in it.
22:48But long-term, it's just not back.
22:50It's lost, in my opinion.
22:52I agree.
22:54And Canada Goose, we talked about this off air.
22:56It's a beautiful downtrend.
22:58It just broke above its 200-day moving average.
23:00How it popped 20% after pulling the guidance is beyond me.
23:04I don't understand.
23:05But it's a great opportunity to short it again.
23:07Because that downtrend is great.
23:09Now, if it pulls back, holds a 200-day, then great.
23:12But it's not a name.
23:13I don't have to play every single name.
23:15And I'm not going to call that this was the low in Canada Goose.
23:17But I'll tell you what, this is the beginning of a low.
23:20And if it can hold these levels, then yeah, that's a stock that will be on my radar.
23:24But I missed this 20% pop.
23:27But I also avoided whatever that loss was to begin with.
23:31So there are two sides to everything.
23:33True, true, true.
23:33All right, Jay, as always, really appreciate all the time you spend with us today.
23:38Before we get out of here, we covered a lot.
23:40But any final thoughts to share?
23:42Any final thoughts?
23:43I think we need to be patient right now.
23:45This has been a crazy market.
23:47You know, there were some of the greatest trading opportunities we've seen.
23:51I didn't time them perfectly.
23:53But right now, the trends aren't saying all is clear.
23:56So if you have some gains in some of these stocks, if you bought around early April and you have some trim, put a little cash on the sidelines because there are going to be opportunities in this market again.
24:06And I just want to be clear that we made some trim trades early this week with the pro portfolio.
24:11There you go.
24:12I did not ask you to bring that up.
24:14You just did that on your own.
24:15I didn't read that part of your writing, so I did not know.
24:18I just think it's risk management 101 and sometimes taking some powder off and now being ready for another rainy day.
24:27We're going to get volatility in this market.
24:29There's no doubt about that.
24:30So there are opportunities.
24:32I'm watching Palo Alto today.
24:33That fell on earnings, but it's holding some key technical levels.
24:37Tried to buy it, but compliance wouldn't allow me.
24:39Well, sorry, Jay.
24:40All right.
24:40That's how it happens.
24:41That means it's going to go higher because I couldn't get it.
24:44But, yeah, there are opportunities.
24:46When stocks have good earnings, they trade down a little bit, but they're in great long-term trends in a sector like cyber.
24:54To me, Palo Alto is one of them watching.
24:56CrowdStrike, one I'm watching.
24:58Cloudflare, another one.
24:59They've had great runs.
25:01Pullbacks, I think, are opportunities to buy.
25:03All right.
25:03Well, we'll talk about all that and much more when you join us in the coming weeks.
25:06Look forward to it.
25:07All right.
25:07All right, folks.
25:08That is this week's edition of the Stocks and Markets podcast.
25:12Thanks for tuning in, and we'll see you next week.