00:00The Nasdaq and the S&P 500 closed a lower in choppy trading on Wednesday
00:04after the U.S. Federal Reserve cut interest rates by an expected 25 basis points
00:09and Fed Chair Jerome Powell cited the weak job market.
00:13The Dow closed higher after mendering during Powell's speech.
00:16The rate cut was already priced in by investors according to data compiled by LSEG.
00:24The stock market is doing more or less what I would have expected.
00:28We didn't get the 50 basis points cut, which would have been a shocker.
00:31We got exactly what we expected.
00:34We were at these similar levels before the Fed announcement.
00:39We got a little bit of a spike right after the announcement.
00:43We got a sell-off, which is what I would have expected by unrumor sell-on news.
00:48Everyone in the entire world knew this 25 basis point cut was coming.
00:53It was about a 97% probability.
00:56But the bottom line is that just moving forward, what are we seeing?
01:01Mortgage rates are coming down.
01:03We just had a record amount of refis that we haven't seen in a while.
01:08It means people are going to reduce their monthly mortgage costs,
01:12more money in the consumer pocket.
01:14And that translates to corporations.
01:16It's across the whole economy.
01:17So I do think that you have to stay bullish.
01:23And by the way, the last numbers that we saw with regard to investor sentiment,
01:28they're almost 50% bearish, which I always love seeing that.
01:32I want to see a lot of bears because markets love to climb that wall of worry.
01:37I just get nervous when everyone's bullish.
01:39We're far from it.
01:41So, look, we're certainly due for a pullback.
01:43We can have one at any time.
01:45We've had a heck of a run since April 2nd.
01:48But I would use any meaningful sell-off to be adding to positions.
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