TOM LEE says " A LOT OF MONEY PIGGYBACKING ON THIS TRADE" (08/03) Stocks Market Analysis

Blue cloud trading [singing] through the night. >> Welcome back to the channel everyone. [music] In just a second, I'm going to play a few CNBC clips from today's episode of the halftime report. I'm going to pull up the charts and dive into the technicals of some of the mentioned stocks. We're going to look at the key support, resistance levels, momentum, and see if the price action actually backs up what the talking heads are saying. Hit that like button. Subscribe if you haven't already and let's roll the tape on the first clip. >> Tom Lee's here, head of research at Fundstrat, chief investment officer, uh, of Fund Strat Capital, as well as a CNBC contributor. It's August 3rd. I'm glad to have you here, and I'm glad to have you here at 6:00 a.m. Um, ju just to get your comments. I thought in July last time you were on you shook me because you said that we could have before ending the year much higher that we could have a what was the draw down you said it it I could have gotten to a six handle on the S&P based on the numbers you were talking about >> yeah something that'll feel like a bare market you know 10% kind of draw down >> that's what you thought it was not a good month in in for July and you said that it was even for what you were expecting it was not as positive as you were thinking but it the averages didn't do that the there was a day where the Dow went down 1250 who knows what's going you know that was an AI unwind for that hedge fund to to explain it doesn't matter what caused it did get down what 7200 nowhere near six >> no >> or maybe 73 how low did I I'm I'm just off the top of my head is that enough now >> uh well you know I think August August is a month to recover what how June and July have been sort of flat months but earnings have >> earnings estimates have gone up a lot. So the stock markets kind of a coiled spring and then we had a huge deleveraging issue you're talking about because of the AI unwind and Korea's policy makers panicking. So I I think the markets could actually rebound strongly this month like maybe we get to 7,800 >> this month the 7,800. >> Yeah. Now for the S&P >> is that forecast for the 10% draw down still intact at >> it is. >> Yeah. So >> can't you take that off the table? Just will you do it for me? Say it doesn't have to. No, I'm kidding. Um so we get to 7,800 maybe a 10% draw down and close the year above 8,000. >> Yes. Yeah. I think because as we start to look at 2027, there's a lot of the clouds that are heading this year kind of lift. you know, the SpaceX unlock will be behind us and the market testing of the new Fed will be behind us. So, I think and then of course there's already been a leverage unwind. So, I think 2027 could be one of the best years for the stock market. >> And you think part of the positive sentiment this month is going to be um cooler inflation data. >> Why? Why? Oil's back up. >> Yeah, oil's up and you know, we still have the tariffs working through. So those are hitting the CPI numbers, but the real driver of inflation historically has been housing and wages. And housing has really disinflated. You know, we've had three months now of declining home prices. So you're taking out one of the biggest weights for inflation. And then I think wage inflation is really muted. I mean, we'll find out this Friday. Hey Tom, I I just want to ask you what you think of the Liupold Dash and Brener situation and the idea that he was highly leveraged four times had to unwind this stuff. How much of that played into what you were just talking about with South Korea and the panic that happened there? How much of that was because he was selling that portfolio at the same time? >> Uh I think it was a big factor. Um because as you know Korea is basically two c two companies Samsung and he high so it's memory and semis >> um he of course had a very large following so not only was his leverage on his $45 billion let's say it was leveraged 150 billion >> but there was a lot of money piggybacking on his trade so I think in some ways uh you know the unwind and even last week was due to a lot of funds being aware that he might have been in trouble. >> Do you think it's even bigger? I mean, when you say all the copycats, is that another 150 billion or is that 500 billion of copycats? I >> I think everyone's smaller. I mean, I think this was a clearing event last week. Um, >> and and it takes out the worry about earnings being so good, but still not moving the stocks. That happened. So, we can put that behind it. We don't need to to necessarily worry about that because the earnings were great and people said they're going to buy they're going to sell the news probably. So no hike no hike uh the next meeting either in in your view because the inflation numbers are in 1.5 GDP. We're going to have Hasset on later. He's going to say that was due to all the the actual if you the import numbers from all the infrastructure build for the data centers caused it to come in at 1.5 even though other numbers were closer to what the administration >> yeah like a GDP would look >> GP would be like 4% if if it wasn't for the import numbers. So you think the economy is not going to be so strong that that that worse thinks we need a hike and you think also one more question you you like what Worse is doing in terms of the guidance. >> Yes. Uh, I think Warsaw is trying to navigate a very tricky period because he's of course new and the market's getting used to him and the bond market's very impatient because inflation has been high for a while. But we now won't have another Fed meeting till September. So, we'll have July and August CPI. But if July's CPI looks like June, then you're going to have several consecutive months of low inflation. And if August is even muted, then all of a sudden I think the bond market won't be pricing in hikes. So that would be our expectation that because housing is so muted and wages are so muted, it's hard to argue what the Fed and Worch doesn't want to fine-tune the economy. I think his messaging is correct. You know, he doesn't want to overcommunicate and he doesn't want to fine-tune the economy and I I think I'd prefer to give him the the runway to kind of wait. >> What do you make of the idea of um less meetings? You >> like that? That was in the news late last week was this idea of going from eight meetings to six. >> Yeah, I'm supportive of that. I think uh there's too much Fed speak all the time. You know, we have multiple Fed speakers and it and it influences policy and markets. Uh in the same way, I'm I'm kind of supportive of companies reducing the frequency of earnings as well. >> What do you think that should go down to? I think semiannual, which is what was a European convention when I was covering stocks, I mean, worked well because CFOs otherwise have to work on a 90-day cycle and that's really short- termism. >> So, what's bianual? Is that is that the same as semiannual or is that every other year? >> Wait, what? >> Never mind. I I you know, the So, we'll call it semi uh we'll call it semiannual. Um, so six meetings in a 4-day work week. That's what I'm proposing. Um, does that would that work >> for for the Fed? >> No, for every just across the board. Um, Bitcoin at 62,000. You say it's really outperformed cuz where would it be if it if it went I guess with the NASDAQ? >> Yeah. >> It would be much lower. Is that is that what you're comparing it to to say that it's outperformed? >> That's right. Um, crypto and the NASDAQ should move in directionally the same, but la in July, Ethereum was up 25 outperformed the NASDAQ by 2500 basis points. >> Okay. >> That hasn't happened in more than a year. And the last time it happened, that was the start of a big crypto up move. So, in a way, it's constructive that it >> you're saying that on a month-on-month basis, not because you could argue the NASDAQ has outperformed Bitcoin obviously over the past. >> Oh, yes. I'm talking about monthly return just like in the past. It says Yeah. that July. >> Yeah. So, it's an unusual break in pattern because normally if the NASDAQ was down this month, you'd expect crypto prices to be down. >> Yeah. it it Katie Stockton said that last week it it was no longer the correlation with the NASDAQ had had broken down. >> Jim Kramer spoke with Arvin Krishna last week and Arvin said that the way quantum computing is going that in three or four years he'd be a little concerned that quantum computers would be able to break the code for any of these assets you know Bitcoin Ethereum all the way down the line. Do you worry about that? Uh yeah, I mean that's Qday. Um you know, Google researchers think Qay could be 2028 to break all encryption. Um a lot of the crypto blockchains are developing quantum resistance. So it's uh it's probably not going to be a problem for Ethereum or Salana or Canton, but for Bitcoin, they haven't come to a consensus on how to prevent Qday. Will it be better than the vaccine resistance that we got dur during co we had a lot of conversations I don't know if you saw God it was uh Fouchy week uh last week maybe we should do that every every year or so have Fouchy week but um so you you hopefully it's better than than do you remember when they told us that that the that the vaccine immunity would be better than natural >> yes >> I remember I I just looked at I said you're kidding right that that you're just a a little spike protein is going to be better than a full immunity from but anyway um so so it's hopefully this quantum resistance is better than than that resistance >> yeah I mean when you take AI plus quantum I mean I think the the entire financial system really needs to to beef up security >> so I think it's not just crypto >> it's not it's not just the financial system I think I mean I think you >> I mean what about banks I mean is your >> but beyond that even I mean we're going to talk later today about some of the water plants that have been attacked at this point, but where you have AI, that was the moment with hugging [clears throat] face, right? That proved we're in a different world where these hacks take minutes instead of days or weeks or months. >> Yeah. Where it's going to be hard to stay ahead of uh security vulnerabilities. >> Yeah. >> Yeah. One more thing to worry about. Of course, if we're all, you know, if they decide they don't need humans anymore, this is going to be secondary because if there's no humans, you don't need money, right? Anyway, Tom Lee, um, thank you. Starting off, uh, August 4th, starting off the show today for us. >> Yeah, great to see everybody. >> Good to see you. >> All right, Sarah, thanks so much. Welcome to the halftime report. I'm Scott Wapner. Front and center this hour, rallying stocks as August trading gets underway. We are, of course, trading the markets. We'll hit some of Joe Teranova's ETF rebalancing [music] moves as well. Joining me for the hour along with Joe is Jim Leventhal, Sati, Steve Weiss take you to the markets. I said we are up to start trading in August. And there is your picture. NASDAQ is leading the way today, up near 2%. So, it's a nice move higher as oil and yields are lower. We got through tech earnings. Okay. It's clear that Microsoft and Amazon come out the biggest winners. It would at least seem that way. Their cloud growth was amazing. >> Yes. >> Uh Meta and Apple were I guess the disappointments if you want to take the stock movement as whatever judgment you want to make. And I mentioned at the top that you've had some rebalancing moves and and that's where we begin because it plays into the story. Um, interestingly so and debatable as such. >> Sure. >> You sold Meta and Microsoft. >> Mhm. >> Okay. So, people out there are going to say, "Well, I maybe I see Meta and before the earnings report, I guess I could see Microsoft, but >> why now?" >> Take me through. >> I mean, it's it's momentum. And I think I said to you before earnings last week, I said, Scott, Meta and Microsoft, these are not momentum names. Your reply was you think, and you were right. They are not, you can't define them as uh momentum holdings. But what clearly we witnessed in the case of Microsoft was something that is fundamental strength. And a lot of times when you're looking at moment momentum rather, there is a disregard for good fund fundamentals. And that's in fact what happened. So if you were to ask me today if I had the ability to look at the ETF holdings and say would I like to put Microsoft in it? The answer is obviously of course yes. The best cloud growth in the last four years there's the ability to monetize the hyperscaler spending but you're relying on a strategy a factor that has worked relatively well so far in 2026. And that factor is making a pivot. It's making an internal pivot in the market. It's making a pivot away from some of the Mag 7, which were underperforming. It's making a pivot away from some of the software names into other areas of the market. >> Now, okay, so I understand the rules of the ETF. >> Yep. >> They are what they are. >> They are what they are >> and there's no way around it. However, when you see a name that has lost its momentum, >> but then you feel as though it's potentially on the cusp of restarting it. >> Yes. >> You're still beholden to whatever rules you have for this ETF to get rid of a a Microsoft. It's a quarterly rebalance. So, the answer to your question is yes. You wait until the next quarter. Now, one of the things that you can do is you could look at the positive catalyst from earnings and say to yourself, okay, let's pull back the rebalance calendar. And I will tell you, that's something that I am currently looking at. Maybe instead of rebalancing on the last business day of July where you're teetering on having still Apple earnings and Microsoft earnings, maybe you push that into the third week of August. So, you collect all of the S&P earnings data. That's something you could do. But to succinctly answer your question, unfortunately that's what rules-based strategies are. And sometimes they're going to work in your favor and sometimes >> the way it is today doesn't work in your favor. >> Are you regretful of having to do it now? >> Of course. Personally, when I look at Microsoft today, I didn't like seeing that the strategy was selling Microsoft the other day. I didn't like that at all. But I'm beholden to the strategy and the rules that were written nearly five or six years ago. And if I don't like the rules, there's a process in which you rewrite the rules, you submit them to the SEC, you notify shareholders, and you get approval. I >> I got it. I got it. I just look at something like this and I'm like, man, um it's got to be >> But that is Isn't that the complexity of the market? You know, you're living >> Well, that's the complexity of a an ETF business that has the kind of rules that you have set around your own thing. But but you could you could make look you could make an argument that if you are purely fundamental and in a market structure that's changed and now pays a little bit more of a premium towards the quantitative approach. You can make the argument that that leaning in that direction doesn't work. So there's no absolute answer in terms of what the right strategy is to implement in the market. That's why we sit here every day. There's complexity to it. >> You have come out of well first of all Wolf says Microsoft's going to 500. >> Yeah. Let me just make one quick point if I could just in terms of Microsoft. I am not alone in looking at Microsoft as not being in a momentum name. If you look at other momentum ETFs, take your pick. Mumm, SPM O, momentum is not found in Microsoft. It's not a holding there. So over the last 12 months, Microsoft is down 9% against an S&P that's up 19%. That's a pure fact. You can't define it. >> There's no disputing and debating the fact that the momentum in this name was gone. >> Gone. >> It was done dead and buried. >> And by the way, still gone today even with a 25% rally >> because because the period of of uptick isn't long enough to declare that it's back. >> Correct. You need to roll through the course of time. >> The analogy here to me is where Apple was uh 2 months ago, 3 months ago. And I I want to point out that if you go back a year ago, we were talking about Apple in a very different tone than we were two months ago, we were talking about the worldwide developer conferences in which there were basically duds coming out in terms of Apple intelligence and its AI embrace. And yet since that time a year ago, over the last two or three months, it's had one heck of a bid. I think that's a very similar analog to a fundamental discretionary manager to what's gone on with Microsoft over the last 12 months. It was looked at as a dud for many many times or many reasons for it. Copilot wasn't enough. They didn't have their own model. Azure wasn't growing enough. But now it's broken out. And I think where we are with Microsoft now, not in a rules-based uh strategy, but in a fundamental discretionary strategy is where people like me want to own it. >> So Apple's broken out. Why in the world would you sell half of your business? >> Because it's done. Because it's done. >> It's done. >> Yes, it is. It's done. They have one earnings for their stock for the next quarter. But this isn't this is this is a traditional this this happens almost every time with Apple. The stock ramps into the print and the stock sells a little bit off and then >> this isn't a little bit off. This is 10%. And first off, I sold it before the earnings because it was priced for perfection and because it had the run and because I'm discretionary and I look at the valuation of Apple at mid30s and I look at the disc at the valuation of Microsoft mid20s which I doubled up on back in February and I'm always trying to go where I can buy low and sell high. And that's exactly what I did with Apple last week. I'm not going to take any heat for that. Will it get to 400 as some people say, Scott? Yes, of course it will. Not in the next quarter. >> It's in the penalty box for now. I I'll go to Weiss who is literally taking monochromatic to an entirely new level [laughter] today. A man who has managed to pick a shirt that matches the art that matches the wall. Weiss, that is a skill. Congratulations to you. >> Thank you. Well, this is the East Hampton vibe. So, that's that's all I can say about that. Look, uh, I took a different approach, which is that as I said to you and Kevin, our executive producer on Thursday, I took the opportunity in the decline in Meta to size it up considerably. I took the opportunity after Microsoft reported I bought it I wish I bought it before, but I bought it on the POP to size that up considerably because I see opportunity in both. If you take a look at the valuations, they're still very, very inexpensive. I mean, you've got Meta trading at 11 times EBA or cash flow and 17 PE. Both are at pretty good discounts for the market for these kind of stocks, the market overall in PE. So, why not take that opportunity? It's the same bet I made when Mike when Meta was trading and I've owned it for a very long time. But when Mike when Meta was trading above 600, close to 800, is that Mark Zuckerberg, you know, he's going to be able to navigate this and he's not a prisoner to any prior moves that he's made. In other words, if he doesn't think that it's working after giving it a reasonable time, he's going to get out of it and he's got the safety net of lots of cash flow generation. So that's why I added to meta because it's very cheap. Microsoft look I don't think all the questions are answered by any means whatsoever. But what I do know and what my view has been on cloud which in corn my adding to Google on their earnings uh is that cloud is going to the need for cloud is going to continue to grow. It's exponential in terms of the need versus nonAI. So you're still lagging what the demands are for cloud. So both should do well. We still don't know what's going to happen with Microsoft software business. Uh I also bought a small trading position in Apple which is illtimed right now but as we always see you see some infus enthusiasm with the new Siri and with the new phones coming out the 18 in September. So I think there's opportunities to be had. Uh [clears throat] so I like being an active manager at this point. But to Joe's point, why I'm invested in Joe's because his screens will catch momentum before I catch it. So that's the benefit of it. So on any given day after earnings, you may win, you may lose, but if you take even an intermediate term approach, you'll do okay. >> Yeah. But part of the issue is that now [clears throat] Joe can't do anything in Microsoft for the next 3 months. So what do you mean? He's going to catch he's going to catch momentum before you will. There there's a possibility that you're going to have a a renewed momentum that could literally last for the entire period that you can't do anything. >> Allow me to take the other side of that. Allow me to take the side of it that says, "Wait a second, Joe. What you've expressed in the first 5 minutes where you seem to have personal regret that the ETF sold Microsoft and you wish that it didn't." No, you have to follow your rules. We sold Oracle. We sold Palunteer. We sold Synopsis. We sold Microsoft. What do we do, Scott? We basically said the bounce in software. To Steve's point, we don't believe it. So maybe we are selling nothing more than a recovery rebound in software. When you pull back the larger trend of software, it's been a very punitive one and a lot of people have been punished in that. We did identify in the case of Palunteer January of 25, we're in a 16. Okay, we're out now at 125. So >> earnings tonight. >> Earnings tonight. and it has been a stock that over the last several quarters has had remarkable earnings but yet the reaction to earnings has not been favorable. So look, I don't know the answer. Okay, but maybe the possibility does exist that we are getting in front of what is nothing more than a rebound recovery bounce of software itself. >> I'll come back to this in in a moment because I I want to get a little more on Palunteer and I want to get a little more on on Oracle as you said, but I think the next thing that I I want to do is what I would call an A plus B equals C. Okay. >> Okay. Um the in terms of the takeaways from hyperscaler earnings that we've gotten so far, the A is that Wells Fargo says hyperscalers are showing ROI. Okay, that they alleviated monetization fears. So if you if you put that together with B, which is B of A saying that the appetite to invest remains strong. Okay, that's A plus B. So you got the ROI, you got the commitment to keep spending. The C is that investors are rewarding the hyperscalers. Okay. Bank of America's flow show tech saw 15.7 billion in inflows last week. Deutsche Bank talks about a rotation back into tech having rebounded sharply after after slowing. I >> I like the equation. I'm going to add a variable to it in a second, but I want to go a little bit more into A, B, and C. Um, first off, you got on a uh ROI. You are getting things from like Amazon saying that when they invest in a data center, they recoup all that investment in less than three years. That's a very strong ROI. Then B, in terms of continuing the buildout, the four top hyperscalers are going to do roughly 750 billion of capex this year. That's going to 1.2 billion next year. Nobody's blinking. Period. Nobody's blinking. And yes, that is leading to the hyperscalers outperforming point C. Now, there's a little variable that we do have to consider as we go forward. We're not going to answer this today, but the financing. Okay, this is a question that still looms. I know we've been talking about it a lot, but free cash flow is being used up. The debt markets are heavy with all the issuance out there. Um, and look, we've had some good issuances of secondary equity from the likes of Google. We do have to just keep an eye on where are the funding for all of these projects coming from. It's not a worry today. It's just something to keep an eye on. >> Well, I mean, you are you we might as well bring up Oracle right there. Okay. >> Right. because the overhang has been sort of prolific now for for many months as Joe sells it. >> You know, maybe maybe he's thankful he had rules to get him out. >> Yeah, >> you have. >> You know what? I like where you're going and I'm sorry to cut you off, but it's something I wanted to say earlier. How many times, Joe, have your rules looked at something that I'm in and said, Jimmy, you don't, you know, I wouldn't be there. Okay. And so, as much as I think we've given you just a little bit of grief about Microsoft, that's okay. It's okay. It's okay. There's times that your rules do extremely well. >> You have a much easier, but by the way, you have a much easier temperament around uh taking some off the table of winners rather than cutting bait on losers and moving on. >> I think that's absolutely true. And look, I said it earlier. I'm trying to buy low and sell high. Let me be clear, and everybody who has watched me for a long time knows this. I don't always get it right. Nobody always gets it right. I get it right enough that the strategy works. I'm not sure that Oracle is gonna work, but I think it is, Scott. I think it is, >> Joe. If you take Joe's rules as a sort of guidepost, this isn't a matter of opinion. These are a matter of fact. >> That's That's exactly the point. He's got his strategy. I've got my strategy. >> But his strategy based on fact. >> I I gotcha. Mine is based on analysis. And I'm going to use this word discretion as opposed to rules. Now, in my discretion, I'm sticking with Oracle. If we believe the equation A + B equals C, if we believe that, and I just said that I do, Oracle's kind of hyper hyperscaler here. Now, I look at the credit default swaps. I see those 5-year credit default swaps at 200. Yes, that has my attention that this is a pretty risky name. I've sized it appropriately in the portfolio. I've not added to it right now or really for the last 6 months. We'll see if it catches a bid here, but they do need to show the ROI that was part of B in your equation. They're not going to report for I don't think another month, Scott, but every earnings report here is an opportunity for them to show that they are getting an ROI, like Microsoft, like Amazon on the substantial investments they're making. >> You have that too. Oracle, I >> I do. And and look, you know, just so you got Oracle, you got Microsoft, right? Rules-based says get out of Microsoft, but fundamentally Microsoft's improving. Oracle is a value stock. We sold half our position. We said, let's just see where it goes. It's a small size and I think the opportunity there could be a lot larger when A plus B equals C works >> and you don't you don't get big opportunity without big risk. That's just not how it works. Okay, this is big risk. This is big fall. This could not work out. I suspect it will if Microsoft's going to work out, if Amazon's going to work out, if Alphabet Web Services is going to work out. >> Why Why are you putting them together as if >> because they're in the same business? Well, then why aren't they why are they trading differently? >> Because a couple of reasons. One, for instance, let's compare it to Google. >> Are the balance sheets the same size? >> Hang on a second. I'm answering your question. If you're looking at say a Google uh they have a large language model models plural. They also are designing their own trips chips. We've talked about that. That triple threat that's not present in Oracle. In Oracle, we're all talking about just data center and the ROI on data center. Obviously, Amazon's got a number of businesses, not just chips, but also the retail. Uh Microsoft's got a software business that as much as it's been pillaried over the last few months, I think that's been wrong. So, look, bottom line, Oracle is risky. Obviously, it's risky. That's from whence comes return. So, I heard you say before for the next quarter, Apple is dead money. >> Yeah. >> You're expressing this enthusiasm and confidence that Oracle presents a great opportunity here. Can you put a time frame on it? Because here's what I see in Oracle. I see a stock that over the last year is down 45%, down 28% year to date. The 12-month price target is ridiculously higher at 253. We know what the condition is as it relates to its usage of debt and participants punishing it for that. So, put a time frame if you could on do you think this is a stock that's troughing? It's going to make a new all-time high over the next 12 months. >> Uh, yes. But how about before the next all-time high? Let's just look at the last three months, right? This stock was above 200 for a few weeks back in June. What's happened since then? It's that extra variable that I'm talking about. Concerns about funding and particularly with regards to OpenAI to get the funding that is roughly half of the $636 billion of backlog at Oracle. Now, I'm not going to minimize that. That's a real risk. Again, risk is what generates return. However, open AI is not the only part of the backlog there. 636 billion. There's another 300 plus billion. That's a lot of other uh large language models and and and cloud clients. Um so the market is trading this as if this is all on open AI and will they get the funding etc etc. That's what's produced the value that a discretionary manager like myself or I'll dare to say Sarat can come in and buy. >> Doesn't the market know that though? If the market the market knew everything, there'd be no opportunity. If the market knew everything, there'd be no opportunity for any of us to be on this show. There'd be no opportunity for us to generate alpha. The market does not know everything. >> Go ahead, Vice. >> Yeah, I I think there I don't know how you're looking at value here, Jim, but I see a PE that is higher than uh than Meta that's uh right around where Microsoft is. Uh yeah, EBITDA, you know, their EBIT DAS are okay on a valuation basis, but still higher than where Meta is. So just cuz the stock is down so meaningfully, I don't think that divines defines value. I think the valuation defines value in conjunction with the balance sheet. So, I don't see where there's such a great opportunity there because in order for them to to drive, you know, a higher PE, you're already going to get there with Microsoft and Meta and Google and others that present a much more compelling valuation proposition. So, where's the value that you're identifying? >> I 100% respect what you're saying and it's just a difference of opinion that you and I will have and you've chosen to go with the horse that is meta. Absolutely fine. But numbers are numbers, my point. >> Yeah. So, let me let me give you the numbers and they're up on the screen here. It's trading at a 17 Oracle trading at a 17.5 times forward price to earnings multiple. And if here's the big if, Steve, you know, it's a big if. If the funding for Open AI and all these other large language models come through, that PE in the coming years goes down to like 13. I'm not sure if it's possibly that you're looking at the trailing multiple if you're comparing this to Microsoft. >> I'm looking at 26. I'm looking at 26 and 27. >> Just saying what's on the screen here. Se what is it right there? 17.3. >> I don't know. We We You know what? We don't have to argue about the multiple. The two of us have made our bets on basically the same thing, which is that the AI trade and the infrastructure buildout is going to be positive free cash flow. Both of these companies, Meta and Oracle, are having negative free cash flow right now. They're both being painted with the same brush. I respect your choice and and I've made mine. just just to add to Jeff just look you're looking at a PE but but in our view my view I'm going to speak for you the E is lower than what we think it is. So the E is the one that's going to go [snorts] higher and that will then compress the multiple which will then give you a higher multiple down the road. The other thing, >> so do you think do you think just one more time if I could Scott? So do you think I'm looking at Meta and Microsoft because I don't think the E is going to go higher. That's what you look at in every company. So I don't understand the validity of that statement. It applies >> E is depressed, Steve. >> Well, I'm saying the E is going to grow in the others. >> So and I've got better balance sheets. >> No, but there that that's the rub. You you say the earnings are depressed and they're not going to recover. They say the earnings are are depressed and have a lot of upside which is why they're staying in the name and why you have no interest. >> But I wouldn't I'm not I'm not saying they would recover. I'm saying it's I'm saying it's a much bigger bet than to recover because there are things that are out of their control dealing with open AI and they made the bet on Open AI that they're going to be the winner and I'm not so sure that's the case. So, I'm not only betting on the company, I'm betting on another company that's had somewhat of a jaded history despite how relatively new it is to the to the investing public. >> The other thing I I wanted to do is is you you've upped your >> No, cuz I mean, you've sold it. >> You sold it. >> It speaks for itself as to why you've sold it. Now, we'll see what happens with the earnings tonight. The cyber exposure, which you've upped. >> Um >> stocks that have gone through various forms of momentum gains and losses. Yeah, >> there was a moment where it was seemed it was gone. >> Yes. >> And then it came back and not only came back, it came back in a big way. >> Came back and it came back >> which is now you upped your exposure to Octa, Palo Alto, and Fortnite. >> Yeah. And it came back really fast. If we if we remember, it was that month of April through May where you had that staggering rally kind of out of nowhere. So you get your first opportunity. Personally, I reestablished a position in Crowd Strike. And it's interesting because you know this entire conversation that we're having there is validity to recognizing where there is fundamental momentum in the market and I think we all have to be very careful with one earnings report reversing what the appearance of fundamental mo momentum might be. So in the case of the cyber security names they very clearly have very strong fundamental momentum and they've carried that forward. But think for a second about the last week. You said Apple next quarter goes nowhere. Not disagreeing with your price direction, Paul, but has the fundamental momentum changed that much from where it was previously? Now we're talking also about Microsoft. Microsoft came in with awful fundamental momentum and one earnings report. We've changed that. So price has a way of very quickly in a very short time frame changing sentiment. And I just caution everyone, be a little bit careful. >> Hey guys, welcome to BlueCloud Trading. We just saw some clips from the halftime report and from Squawkbox. Tom Lee was on this morning and uh let's take a look at the stocks and ETFs. Not all of them, but a good portion of the stocks that they discussed. We're going to look at the about let's see 13 here. Out of the 13, there's just one of them that actually qualified for a blue flag. What does that mean? It means that basically it met the criteria, all right, of the Ichimoku indicator, which is what we're looking at right here. That's the Ichimoku, Japanese indicator. Uh, in order for it to get the blue flag, price should be above the moving averages. The 9 period, which is that green line above the red line, that's the 26 period. The Senko span A is the light color blue line, and the Senpan B is the purple line. We want that light colored blue line above the purple line. We want the green line above the red line and price above all these moving averages. We also want this current price which is projected 26 periods into the past in that white line form that you see right there. We want that white line to be above the candle 26 periods ago which it is. So all of those criteria have been met on the weekly chart and they've also been met on the daily chart as you can see here because Amazon gapped up a few times right since Thursday July 30th. There's the big gap up there. This was Friday's candle. And here's Monday's. So, some big moves happening. [clears throat] Uh, the market itself, let me just show you guys what's going on with the market very quickly. It is currently 4:57 p.m. Eastern time as I'm recording this video. The Dow closed up 1.32%. The NASDAQ was up 2.13. S&P 500 up 1.48. And the Russell 2000 was up 1.72. Here's the heat map that kind of shows you a little bit more some insight about how the stocks performed. Uh the only one of the, you know, one of the big technology names, Apple was down 1.78, but you're looking at Google and Meta and Amazon, Tesla all up. Nvidia was up. Microsoft was up. The energy stocks did not perform well. Healthcare stocks didn't do so well, but everything else um the majority of stocks did well today. And uh what caused all of this? Well, we can take a look at some of the headlines here. US stocks closed sharply higher as easing US Iran tensions sent oil lower and strong ISM data reinforce the growth and Fed disin disinflation hopes. So, you know, we see this though on a day-by-day basis change. So, tomorrow could be a completely different scenario and so we have to be keep that in mind. Uh but today was a good day, so we'll we'll accept that. Uh let's take a look at the rest of these stocks like Apple for example which was down 1.78% today. Uh you can see on Thursday, well actually it all started on Wednesday. We had this reversal type candle right there. Okay. And then price gapped down and gapped down the next day and then it's been staying under the 26 period. That's the red line that you see here. Okay. So the fact that we're still under that level is concerning for Apple. If you look at the weekly chart, it's pulled back a little bit. It's still above the 26 here on the weekly, but it's pulled back. It's under the 31740, this prior high. Um, and it's not looking as strong as some of the other stocks. Crowd Strike Holdings, look at this one here, moving sideways on the weekly chart. It's above the moving averages in the cloud, but on the daily chart, the faster moving average, okay, this green line is under the red line, so it's not quite there yet. We have a lower low here from the prior low. So, we we need a little bit more confirmation. We're going to find some resistance at 21750. ETH, which is the Ethereum ETF on the daily chart, you can see here, is inside the cloud. So, this is also a stock, I'm sorry, an ETF that I wouldn't be considering at this point. Um, it has found some support down here around the 1464 level. As you can see, we have a double bottom uh pattern that had formed, but it's been going sideways now for a few weeks. Um, it's not really taking off yet, and it was only up.1%. What about Google? Google today actually broke through the cloud on the daily chart, but the cloud itself is still bearish. Again, the single span A is still under the single span B, the blue line, the light colored blue line is under the purple. And so, what does that tell us? It's just telling us that, you know, this um action that you're seeing here is still we're still not out of the clear um you know, out of out of the clouds yet. So, we've got a series of lower highs, right? So, you can see those right there. And we're still under those, right? We're still under this resistance level. I I would be a little bit concerned. I want to see some more confirmation here. We still have this lower low from the prior low. Okay. And if you look at the weekly, it does look much more bullish obviously. So I like what I'm seeing here because last week we did close above both of the moving averages. Price had gapped up, moved up, closed above. Can it continue here this week? We'll see. Or is it going to run out of steam? That's the thing that you want to watch out for. GRNY. And you know, one of the things you can also do if you have a position in any of these stocks is to also switch it down to a shorter time frame like a 30 minute time frame. So you can see how Google has been holding up above the cloud here uh since um July 28th. And since then it's moved up 11 12%. So it's been doing quite well. GRNY on the 30 minute looks good. Let's look at the weekly though. On the weekly chart, we're still stuck inside this box. Basically, we're still stuck in a consolidation zone on the weekly. If you look at the daily chart, we've got the faster moving average under this lower one. Still, we have a lower high here from the pro um yeah, lower I'm sorry, lower low from the prior low. All right, a trend line has been broken for GRNY. This is Tom Lee's ETF, the US cap ETF. So, that trend line right there was broken today. So that's good with this scandal. IBIT Bitcoin still stuck under the cloud on the daily chart. I would hold off on this one, too. All right. Meta is inside the cloud. This is an interesting chart. It's very messy. Meta has been a messy looking stock because a lot of volatility. You can see the big gap downs here. Um very large candles, a lot of price movement. um price had gapped down. Once it got under the cloud here, it dropped all the way down to these levels which were around $526. Now it's up to 590 per share which is interesting. So it's actually moved up about let's see somewhere around 12 point something% into the cloud 12.4. So it's inside the cloud. It's still not a buy signal here by any means. um MNR which is MACH natural resources has been steadily moving been moving up but it's also in a series of lower lows okay that have not been um that hasn't been broken yet so if we look here at this prior low we have another low here but good news is this trend line has been broken right and we uh we still have to break above this high which we haven't done yet on this one I'd hold off on M&R Microsoft let's take a look at Microsoft soft up 4.93% today. Looking very bullish. All right, the cloud has turned bullish. The sync span a crossed above the sync span B recently when price got above the 200. We broke above this high today. So last week it didn't actually make it above that high above that candle. This week it has on Monday. So will it continue to the upside? That's the question, right? It's looking pretty interesting. The thing is it's kind of um it's moved up a lot. Okay, it's a little bit extended at these levels. So far away from the moving averages. Um, you know, how many more candles can it go up at this point? I think that we may, if there's just one negative day this week, we're going to see this pull back in the technology stocks. Oracle was up 9.26% today. Big move for Oracle. Big candle here. Closed above the 26 period. It's still in a decline overall, right? And so it's under this cloud. I wouldn't be adding positions here unless you're like a more short-term trader and you want to trade this on a 30inut chart. Okay, you can knock yourself out with that 30 minute chart. Looks good. You see it broke above the cloud right there. It's moved up 15.21% and you can manage that trade based on that time frame or even a 15minute chart. Okay, PLTR. Let's look at this one on the weekly. It's under the cloud. On the daily chart, it's also under the cloud and looking bearish. No thanks on that. XLK, the technology ETF. Let's start off with the weekly chart here. Still under this trend line. Okay, so technology hasn't really I mean it was up 1.6% today. Nothing major happening here with technology. Here's the daily chart. Still under the 26 period. Still in a decline. Still in a series of lower highs and lower lows. Nothing has been changed there. All right. So, what I'm going to do next, guys, is go ahead and uh play another clip from CNBC, and then I'll follow that up with some more analysis of those specific stocks and ETFs that they discuss. SpaceX shares around their lowest level since going public, and some big events are looming this week. The much talked about lockup expirations, earnings tomorrow. We'll focus on the lockups first. That's where the biggest drag on the stock has clearly been. Morgan Brennan joins us now with the details as we look ahead to that. Hi there. >> Hey Scott. That's right. Stratospheric milestones for SpaceX. Well, let's start here. It's the supply story. So, when the first stock lock up expires on Thursday, you got 911 million shares owned by about 20% of insiders and early investors become eligible to sell. Just to put that in perspective, SpaceX sold 629 million shares or less than 5% of shares outstanding in the IPO. That's just the first wave. Through the end of September, the public float is poised to triple. Supply will continue to swell until next June. And in total, according to Morning Star, share total could climb to at least in theory, more than 6.4 billion shares. Now, this is one reason that SpaceX shares have tumbled about 20%. We bounced back a little bit from that today here in trading from the IPO price down more than 50% from the intraday high. Wall Street is betting that this continues. S3 partners says short sellers now hold 32% of the company's current publicly tradable float. We got more on that on CNBC Pro. But the meantime, First Earnings is a public company that happens tomorrow after the bell. And here is what to watch with that report. Starlink results, capex plans, and guidance for Starship after a successful 13th test flight. Starship is really key to the future growth plans, including those data centers in space. How much do Starlink subscriber growth, Neocloud deals with the likes of Anthropic and Google, and multi-billion dollar government contracts offset the cash burn associated with the AI buildup? That will be the key question that investors are looking to have answered by Elon Musk and co tomorrow night. Scott, >> right, going to be a big week, Morgan, thanks so much for that. That is Morgan Brennan setting the table for us. I almost feel like it's like the Oh, yeah. the earnings because all the talk has been about the lockup and if you look at the stock activity from the day it went public until today all I keep hearing about is lock up lock up lockup and that's why the stock has been weak anticipating that for sure it's interesting that the lockup comes 48 hours after the earnings u I'm not sure that I like that setup in the calendar the estimated move according to the options market is somewhere around 15%. That is a pretty big move for what SpaceX is going to be trading like in the uh days after the earnings report. I think obviously we know it's going to be a loss. Uh I think the the level of the loss is important to understand. I also think this is the first step towards those like myself who have said it's very difficult to fundamentally value this company to begin to understand what this company's all about. But I don't like the setup, Scott, as you move through the entirety of the year, even as you move into 2027 in Elon's own stake in Space X unlocks and he has the ability to sell. I don't like that setup. I don't like the way the stock is traded and I definitely don't like the way the debt market, the secondary debt market priced the debt. My my value guys over here are obviously going to say they they don't like it because you can't value it. the man who chooses beige as his obvious favorite color. I I I don't know what your your opinion on this [clears throat] might be, but you you're the type of person who at some point might take a little action on this name. Maybe >> I I would, but you know, the the deluge of stock, I don't think it's all been discounted what's coming on the market. So, you're just going to see this being highly volatile. If you're a day trader or even an algo tra algo trader and you could figure out the patterns well then you could trade it but otherwise this is one of those that fit into my bucket of life is too short and it's much too difficult. So they are going to show a loss there will be positive things in there. We saw it in the S1 Starlink is doing amazingly well and I mean it's unprecedented the growth that has had for that kind of technology. But I just think the stock, you know, the stock, the way the stock trades is go going to overcome any fundamentals and to your point just can't value it. I don't even know if you'll be able to value it if it gets down to 60 and say it's sufficiently, you know, disregarded all the negatives so forth. So, I'm out. >> What do you guys think? >> By the way, it could be taupe instead of age. I I'm now I'm contradicting myself. Now I'm feeling weird. >> That's to >> Yeah. What? The whole thing? [laughter] >> My life. My life is dope. You know, I'm such a I'm such a Casper Milktoast kind of guy. Very even keel, never emotional or anything. And I think my background proves that out. >> Okay. Okay. Well, the foreground too. >> You know, I'm I'm really interested in the conference call to see the vision to get explained now even more. It's a very intriguing company and obviously on a fundamental basis hard to invest in but you know the space part of it the Starling part of it the growth part of that that the AI there's so much that's of interest to all of us that comes back to your A B C question because it's going to be part of all of that. >> All right. Energy best sector year to date not even close up 32%. Okay. Uh in July up 12 a.5%. Now we're still talking about oil prices. I totally get it and the fact that they have moved significantly lower uh after going you know above 100 Joe T >> Yes sir >> bought Exxon >> bought Exxon >> these guys own it >> and a whole bunch of energy >> KICO enterprise products Kinder One target Pacific land Williams >> yep >> okay so the momentum is going to continue obviously [laughter] >> good one Got it. Well, we we certainly hope so. The momentum has been there. And let's remember something. Before the Middle East conflict conflict rather, the energy sector was the leading sector year to date. January and February, energy came out really strong. People like Jimmy were recognizing the the valuation of the sector. Um the momentum has built. I clearly see right now the momentum factor is shifting. It's shifting a little bit away from AI and it's going to more of the hard assets as Josh Brown likes to call them. Energy Halo stocks and energy clearly fits in that description for uh for sure. So through the remainder of the year, look, figuring out where oil prices are are going to go, Steve will tell you that's nearly impossible to do. I do think there's an upward bias. I do think as it relates to energy, there's a little bit of disbelief that they can continue to move higher. So I'm comfortable with now taking a 10% waiting in energy. And the one area of energy that I really love and we maintained is the refiner trade. >> 10% is probably now double >> correct >> right of what energy is in part of the S&P more than >> more than S&P is about 3%. >> Now see okay >> I thought maybe since the move in the stocks it it had gotten a higher weight and that's why I said five. Fundamentally, when I look at a portfolio, I'm taking money off energy now >> because you are it's done everything I wanted to do. I still have it in the portfolio. I think it's a great hedge in the portfolio, but I'm looking to say, hey, wow, where do I think oil is going to be? Not really higher in a year. And if it's higher for the year, it's because things are going really wrong geopolitically. It's not going up higher because the economy is going really strong. >> I'm going to disagree with my esteemed value colleague over there. >> I like that. >> Yeah. I mean, two reasons that I'll put this out. Um, and it has less to do with where oil is going. We got to fill the strategic petroleum reserve, not just here in the US, but everywhere. And I don't think, you know, we hear all this talk about, well, if the straight opens, we're going to have a surplus. No, we're not when we add back in that demand of all these inventories that really, really need to be refilled. That's number one. Number two, your Valero call and your refining calls have been genius. And you know who's one of the biggest refiners out there? >> Who's that? Jimmy >> Exon Mobile. One of the biggest refiners. We don't talk about it because it's buried in a super major integrated oil company that does exploration and production and transportation and distribution and all this other stuff like chemicals. Um, but it's a great big refiner. >> Genius. >> Good news. >> Thinking thinking in energy can be a problem sometimes. >> I'm not I [laughter] never I never go I always had a position in energy. It's now become oversized. So when I start looking my positions, >> where else am I going to add? >> All right, I'm told we have no more time. Direct quote. >> Steve Weiss, what do you got? Final trade. >> Dick Sporting's good. I'm just going on decline to add some more. >> Man, I thought you were going to pick like clay or mud or Sherwin Williams. >> All right, what do you got? Trans 9, >> Apollo, Steel Dynamics. >> All right, the exchanges now. All right. So, we're going to take a look at some of these other stocks and ETFs that you see here, including SpaceX, Exxon, and uh also take a look at the indices right after that, the SPY, the Q's, the Dow, and we also have some member requests, a couple of stocks here, NEO, and Curb. So, let's get started. First, we'll look at SpaceX. Now, when I'm analyzing this one, because it's a relatively new stock and there's not enough data here for the Ichimoku indicator to actually plot correctly, um it's such because there's not enough uh information, right? I switch it over to the 30 minute chart and we can see a little bit more clearly what's been happening with SpaceX since its introduction to the to the um markets. Here, SPCX has been declining since it reached these levels, right? You can see where price got into the moving averages and that since then it's moved up down 43.18%. Huge drop. Um right now though today was an interesting day. I say that because price broke above the cloud. Now it happened back here that was shortlived. Um it also did it did it happen? It looks like it happened right there with a reversal candle. It happened over here back in um around June 30th or so. very short-lived. It could be a short-lived scenario, right? And so, but it's looking bullish today. It was up 5.62% on the 30 minute chart. Um, we still have a bearish cloud though. And we're still under this 200 day declining 30-inut chart. You look at the daily chart, pretty bearish though. Okay. Overall, so um nothing to do as far as I'm concerned. I I personally wouldn't be investing in that one. XOM, which is Exxon, it uh actually closed under the 9 period, but I do like the type of candle that formed here. Um if we switch it to a 3minut chart, we can see that okay, price basically opened here, moved up, dropped, and then it started moving back up again. So there's a potential that that the uh energy stocks might recover next tomorrow or you know if we see you know negativity in the in the geopolitical schemes of things. Um let's look at the weekly chart. Here's the weekly chart. It's still right under the 26 period. But an interesting thing that happened here with Exxon, if we look at this, take this high here on the weekly chart and this high here, right? Whoops. and we draw a trend line, you'll see how that trend line was broken. And so right now, what I'd be watching very closely is the high of this candle, which is 16368. Okay, let me throw that in there. There we go. It is a weekly level, so it's a more important level to watch. We'll see if it can break through that. Um, again, here's the daily chart. Let's take a look at DKS. That's Dicks Sporting Goods in the specialty retail industry. And this one's under the cloud on the daily chart. Still very bearish. I would stay out of that one. TDG, we have um the faster moving average is under the slower one, but it did break back above the cloud on the daily. But let's take a look at the weekly. Yeah, it's still in a uh decline and actually in a downward channel. So, if you take again that high and that high and we draw the trend line all the way across and we th throw another trend line on the bottom, that's a downward channel. Not something you want to be adding positions into as it's declining because it can certainly continue to the downside. Wait for the change in sentiment and we'll see. We'll know when that happens when price breaks above the cloud. We can start thinking about that stock as a long, you know, for a long position at that point. Um, APO is still under the clouds as well. That's the Apollo Global Management Inc. And so it was up 3.13% but I would stay out of that one also for the time being. STLD up 2.83% today. Here is on the weekly chart today. You can see it broke above this 9 period. We won't know what this candle looks like until Friday of this week because we're looking at a weekly chart. Let's look at the daily. It's still stuck inside the cloud. So STLD still needs to I I personally would want to hold until Friday to make confirm that price in fact is going to close above. You can wait until the afternoon to see if that happens. We'll we'll get a better understanding of um the direction of steel. Okay, let's take a look at the next one, guys. We're going to look at the spy very quickly here. Stuck in a box up 1.42%. Technically got another blue flag because on the weekly chart it looks good. prices above the moving averages in the cloud. Same thing here on the daily, but the fact that we're still under this resistance level of 76040 uh leads me to, you know, not very impressed with what's going on here. We want to see a breakout and that hasn't happened. Okay, FEZ, the Euro stocks also, you know, this last uh last week it actually gapped up on um Thursday, moved up some more today, but it stalled at the 7052 level. this prior high from J June 17th. So, right now it's reached its target. Tomorrow we need to see will it break through that 7052 and close above it. That's the thing I'd be watching. Um, all right. Let's look at QQQ, which is still in a downward channel. All right. Not something I would be considering here, obviously, even though it's moved up. Look where it stalled right around the 26 period. The Dow DIA is looking a little bit more bullish. Price gapped up. It was up 1.33% today, but it also stalled right under this prior high. So of 53,278. And we have a faster moving average under this lower one. Russell 2000, we have the faster moving average under the slow one. Still stuck in this box. No thanks on that one. Here's the VIX. Still declining, which is good. Down 1.44% today. That's the volatility index. Gold was up 05%. still stuck in this consolidation zone and silver doing the same thing. It was up 0.19% today. All right, let's take a look at the members requests. We've got NEO which is stuck in a box. Uh it did break above this 1557 level, this prior high um today, but it's been basically moving up above it and then closing below it and then closing back above it. That's why we need to see more confirmation. We need to see price now at this point. Personally, I would just wait for it to break above the box itself, the highs of these of this box. Uh just to confirm that this is going to be a real move because if we get a an actual candle, all right, that closes above it's a higher probability trade to the upside at that point. And then uh that's the so that's the daily chart. Here's a weekly chart. All right, we will find some resistance. Um, let's see. Where's that high? There is uh 1911. Probably a level that you want to jot down if you want to be managing this. There we go. 1911. How far are we from there? We're approximately 17% away, which is nice. That could be a nice move. Curb. This is the first week where it actually dropped under the nine period in a while. The last time it was under was back here on April 2nd. Since that point, it's actually moved up 15%. So, right now, um, you know, you're getting negativity was down 1.24%. Again, this candle could reverse by the end of this week. I'd watch the daily chart very closely. We're also very close to the top of the cloud. This is more of a a managing trade at this point. You want to determine whether or not you want to hold this position. Uh if it can continue, you know, holding above the cloud, it will have one more level of support, the the bottom part of the cloud as well. All right, so that does it for this video. We're going to I'm just going to show you guys uh how you can access a few things. If you want to get this Finn Viz Elite software or this trading software that I use here, what you want to do is go to my YouTube channel, BlueCloud Trading, and if you click here where it says 10 more links, you'll see a little description of the channel. Scroll down a little bit and it's right here that you will find the Finn Viz Elite link. Whoops. Right there. And if you want to get a $25 coupon for the TC2000 software, there it is. Okay, click on that and you will be able to um enter your email address and you know, you'll receive a $25 coupon so that you can practice trading. You know, you can actually do set up a paper trading account. Why not check on your stocks? You know, if you want to check on your mutual funds, a lot of you guys are investors in mutual funds. Did you know that you can also check mutual funds through here? There's a lot of pretty cool things. Let me see if I can find uh I want to see if I can find how. Let me see. Give me one second. Okay, I found it. Basically, you click on watch lists. You scroll down. You can see all the different types of areas that you can trade. You can even trade forex through this platform. Canadian ETFs. There's a whole bunch of cool things. Uh but the mutual funds, if you scroll down a little bit, let's see where there they are. Check this out. There are approximately 32,765. Do you see that right there? There's just tons and tons and tons of mutual funds listed in here. When you do search for one, I'll just kind of like throw one. Let's see. We'll hit the percentage change and see what uh moved up the most today. I'm curious to see which ETF was up the most. Looks like THDIX. Let's see what that's all about. And let's switch it to a weekly chart so you can see what that looks like. So this is the Thornberg developing world fund class. Interesting. Okay. Don't know much about it. But from there you can actually do some more research. Use Finn Viz for example to find out more about this. Uh you can see it's pulled back breaking above the 9 period. It looks great on the weekly and on the daily chart. When you're looking at mutual funds, it doesn't actually show the uh Japanese candlesticks. it shows it as a line form for whatever reason. Um, but if you switch it to a weekly chart, there you have it. I would trade the mutual funds more based on the weekly charts anyway. So, this one looks pretty good. Anyway guys, that's going to do it for this video. Thanks for watching and thank you for supporting the channel. Don't forget to like, subscribe, share this video with someone, okay? Copy the link, send it to someone, and uh hope you guys are all having a great summer so far. All right, I did a little took some vacation time this last week. I'm sure I'll take a little bit more. It's August and the weather's beautiful. So, have a good one. I'll catch you all in the next one. [music] The ichimoku guiding [music] light. Blue cloud traing through the night. >> [music]