00:00I think the adoption is going to be volatile and I think every company is going to have its own experiences and the problem is we're going to get flooded with these individual narratives and it's going to weigh on the tape and it's going to hit certain names more than others. And then overall the question is how long to product how long to profitability and productivity. The volatility I mean isn't in the whole market right. It's just concentrated on these few names that move it. It doesn't seem that severe. Right. You talk about a battleground level.
00:30Between what sixty seven fifty and sixty eight hundred. That's like a very small trading band. Yeah. We're right right now in an area where we've had a lot of pinning from positioning in the option market. And also everyone's just waiting for the FOMC next week. So overall the volatility is finally kind of condensing. So realize ball has come up come back in which is allowing more participation in the market. But to your point every day is a new mega cap story that kind of then rotates capital maybe out of one name into other names as winners and losers are picked.
00:57Does this does the FMC meeting matter that much. I mean there's a what a ninety five percent chance of a rate cut and no matter what you know that this administration is going to put in an extremely dovish panel of voters in twenty twenty six. So rates are going down whether it's December or twenty six.
01:15I think it's the combo of the meeting and then the data we're getting right after it. So you do see a kink in the vol curve and surface.
01:22But to your point you're right. I think everyone's kind of accept that we're going to get this hawkish cut and then we're going to get leadership change next year.
01:28So what does it really matter for projections of twenty twenty six to your point? And, you know, that's what the big question is right now.
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