00:00 I think the world can live with inflation at 3% not 2%. That's just an arbitrary number.
00:07 That's been a common theme that a lot of people, you know, that I've been saying for a long time.
00:11 We had Blue Putnam, the chief economist at the CME on yesterday. You're saying it. So if the
00:17 three of us are saying it, then it must be golden. S&Ps are popping here. But what about the turn?
00:24 I mean, people are talking about, well, stop going up, stable and going lower. I don't think there's
00:32 as much as there's not indications to take this market, you know, to take rates higher. On the
00:38 contrary, I mean, Powell, you got to admit it, he's having his cake and he's eating it too.
00:43 He ratcheted rates up and he hasn't busted this market here. So stable for longer instead of
00:51 higher for longer. Yeah. And also you got to remember you're in the seasonally strong period in
00:57 mid-September into October where you do make bottoms. And sometimes they're ugly if you get
01:03 a volatility event that comes out of the blue. And sometimes they just take time, which is what
01:11 I hope is happening right now. So especially in a pre-presidential election year, you make a low in
01:21 September, late September, and then you just power ahead to a strong close where you're
01:26 pretty much near the highs of the year. So I had been looking for 4,800 to 5,000,
01:32 probably 4,600 to 4,800 is more realistic, but that's still 7% to 10% above where we are.
01:41 So I'm a bull. The question is what you buy. And I think that the big debate here is, do you buy
01:47 tech versus industrials and energy? And I think tech is the winner, but energy is nipping at its
01:57 heels. And the only negative with energy is that when oil prices get this overextended, historically,
02:05 that's put a lid on crude, but a lid on crude up in the 80, 90 area doesn't really do a lot of bad
02:14 things for the refiners. So I'm looking at my favorites, Valero and PSX in the oil space and EQT
02:25 and EOG in the natural gas space, which really hasn't had the big push yet. But if you look at
02:32 Valero and PSX, they're just barn burners. And by the way, at the start of the year, we put together
02:39 a list at the urging of our affiliate Stansberry Research of what we thought the top 10 stocks in
02:47 the S&P were going to be in 2023 and PSX and Valero were on that list. And if you look at what
02:55 they've done since December, it's been a bit of a ride, but look where they are now. So those are my
03:04 two favorite investments in that space. They've turned out to be good trading stocks. And then
03:09 back to tech, I love Adobe down 4% on the Oracle earnings. I don't like to buy one day dips,
03:18 particularly after a stock has been at a new high, but to me, that was a gift on Tuesday after Oracle
03:25 reported and was up 2% yesterday. So I think you're just looking for pockets of selling to add
03:35 to some very profitable tech positions.
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