00:00Markets continue to try and strive for the upside here.
00:03Yeah, I think it's, like you said, amazing how the rally has been so sharp in the past 10 days.
00:09One thing that's particularly interesting is this kind of reminds me of what we saw a year ago
00:15with post-Liberation Day rally in the market,
00:19where people are looking beyond what's going to happen with tariffs negotiation.
00:23They just kept focusing on everything else that's going to be fundamentally resilient.
00:31And the market kept rallying.
00:32So even by the end of 2025, where tariffs were extremely high in comparison to where levels were in 2024,
00:40market keeps setting new record highs.
00:42And today, when you look at what's happening in the indices as the Middle Eastern conflicts continue
00:50and a resolution is yet to be concluded, market is striking new highs.
00:56But I would warn that we need to look under the hood as well,
01:00because if you look at the U.S. market across the listings,
01:05basically 50% of the stocks are still trading below their 200-day moving average.
01:11And this signifies that the recovery could be quite vulnerable.
01:15And as we move into earnings seasons, I think there are a lot of different corporate news
01:19that could potentially give a shock to the rally that we've seen.
01:23What about the recovery that we've seen in AI names?
01:27The rebound has been remarkable.
01:29And I think the other boost that we're seeing, of course,
01:33is some of these earnings coming from companies like Samsung's preliminary earnings,
01:39TSMC, et cetera.
01:40We're still seeing extremely strong demands on the AI side of things.
01:46So demand remains strong.
01:47These company managements are saying that the war currently has minimal impact on near-term operations.
01:55So I think that optimism is also being reflected in what we're seeing in the markets today.
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