00:00 Well, you know, in the past few times I was on in March, I was very bullish in March. By the way,
00:06 I was talking about the fact that when the market was struggling, you had industrial stocks
00:11 leading the market higher. That was the sector that was doing well, Caterpillar, Deere, and a
00:17 few of the others. And I said at the time, you cannot have a recession if the industrial stocks
00:22 are leading the market higher. They are the most economically sensitive group. So we're seeing the
00:28 results of this soft landing, no landing, the bullish narrative of peak Fed, deflation,
00:37 soft landing, no landing. And to me, Powell may be back to being the best Fed governor ever.
00:44 You know, when they say don't fight the Fed, maybe Powell was on our side all along. People
00:49 said he was trying to talk down the market every time that we'd have a post-FOMC meeting and he
00:54 would, you know, the market would rally and he would start to speak saying hire for longer. The
01:00 Fed's got to be aggressive in fighting inflation. And he's really been a friend to the market the
01:05 whole time. And I think we are going to end the year above 4,800 on the S&P 500.
01:11 And look, we got a recovery in earnings coming in the second half of this year.
01:18 We got inflation is on a strong downtrend, maybe not as fast as the Fed would like, but the CPI
01:23 is at 3% down from its peak of 9% a year ago. And I think that the Fed, with this last rate
01:30 increase that we saw on July 26, I think that they're done. They're going to, you know, take a
01:38 wait and see, data-driven position. But I think everything is working and I think we're pretty
01:45 much done with the Fed. And now while S&P 500 earnings are supposed to be down around 6% to 7%
01:51 this quarter, they're going to be up about 1% next quarter and as high as up 8% in Q4. And then
01:58 things really take off again in '24. We know the market's six plus months forward looking. So
02:03 I think the trend is higher. You got $5.5 trillion in money market balances on the sidelines. You got
02:11 a massive need to unwind very bearish positions. And you're going to have this
02:17 from a catch up trade from all these managers that have underperformed so far this year. And
02:23 even, you know, Tina, back to there's no alternative, even with 5% money markets,
02:29 as high as 5% money markets, the stock market's up 20% so far this year on the S&P. So I think
02:36 all points to green lights. And I think the S&P will exceed 4,800 by the end of this year.
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