Knock, knock, knock. Knocking on the doorsteps of $3.8 million in the public count, folks. Look at that public count. Up another 28K here today. What a time, man. What a time. Congratulations to everyone watching this out there breaking records, hitting new milestones in your portfolios. All the people that seems like every day you wake up, you make thousands, tens of thousands, or hundreds of thousands of dollars. Congratulations to all you guys out there. And it's a long list to you. We have stocks making big moves. AMD up another almost 4% here today. That was up over $16,000 in the public account alone. Nike, another $6,700 up for me today. That one's up $3.5% roughly. Estee Lauder, this is another forgotten stock up $3,800 for me in the public account here up today. You know, about 2.4%. We're going to speak about what's going on with some AMD. We got some big news out of AMD here today. We'll speak about Nike, Estee Lauder, what's going on with those sorts of stocks. Okay, Wall Street, they're moving their price targets all around right now. We'll speak about what that is, what that means for the market, all those sorts of things. Okay. From there, we're going to go ahead and I want to share a message that I sent out to my PR stock group members this weekend that I think is very, very important to address. And then I want to go ahead and react to this clip here from the halftime uh money report today, fast money halftime report. I'm looking forward to reacting that one. I actually uh had a drive from uh Savannah, Georgia this morning to Charlotte, North Carolina. So, I'm now in Charlotte, North Carolina for the next few days. And then I'm going to be in uh Manhattan for about a week. So I'm I'm all over the place and I'm still trying to keep you guys in the loop on all this cuz I know a lot of you guys want to know all the stuff that's going on. So yeah, a lot to react to here today. One thing, one thing only I need from you guys and it's to hit that thumbs up button. I hope you can do that for me. I'm recording videos in hotel rooms, Savannah, Georgia, now Charlotte, North Carolina. I'll be recording videos for you guys in Manhattan. Only one thing I need is you to hit the like button, man. I hope you can do that for me. If you want to subscribe here at the channel, you can certainly subscribe. I think we're around 103,000 subscribers here on the reaction channel with somewhere around there. Okay. All righty, guys. So, uh, you know, first off, AMD, Nike, what's going on with Nike and Estee Lauder before we get into AMD? Okay. Nike and Estee Lauder are continuing to benefit from the fact that people are looking for places to invest that is outside of just like the Mag 7 type stocks. They're looking outside of that. And what do they see? they see some opportunities and some turnaround plays like Nike and Estee. And so those ones continue to I mean they're outperforming the market on such a ridiculous manner on a day like today. Like the market's hardly green and yet Nike and Estee are just playing their own game. A fun game at that, right? And then as far as AMD, what's going on with AMD here? Well, here's what's going on with AMD. AMD jumps after reported plans to raise prices on the Instinct Mi 350 AI chips. These are the ones that just hit the market here very recently. Okay, as in the last couple months they just got into production. Shares of AMD rose about 4% on Monday after this analyst uh reported that the company is thinking of increasing the price of its MI350 AI accelerator to $25,000 from $15,000. The nearly 70% increase in average selling prices is still cheaper than than uh counterpart product from tech giant Nvidia's Blackwell B200. The report cited AMD did not reportedly respond. The price increase indicates that AMD is seeing demand for its AI products and it's also suggest that that such a high increase shows that the company's quarterly revenue numbers rate may reflect notable growth. Oh yeah, baby. In terms of performance, the Instinct MI350 AI accelerator is claimed to rival Nvidia's Blackwell B200 AI chip and it has been a leading offering by the company. Following the news, Wells Fargo analyst Aaron Rackers reiterated their recent positive preview in which they increased their AMD data center graphics uh processing unit or GPU. The analyst added that the key focus of AMD's upcoming fiscal second quarter results on August 5th. It's coming up soon, guys. Really soon, as in what is that? Next week, roughly, will be the pace and breadth of the company's now ramping MI 355X data center GPUs, which began shipments in June. We think most investors have been considering MI 355X list pricing in the 30K range, said analysts. Rackers and his team noted that AMD has highlighted confidence in returning to year-over-year growth in GPU revenues in the fiscal uh f third quarter of 2025. The analyst currently model about 1.65 billion in fiscal third quarter 2025 revenue up slightly year-over-year for the model. Here's the deal, guys. Okay, at $25,000 that still significantly is undercutting the price point from my understanding of the B200. The B200 from my understanding is priced well into the 30s. Okay. So, even if they went to $25,000, like I I am fully confident that these companies will willing be willing happy very happy to pay that price. Um because at the end of the day, you got to understand Nvidia for some of their recent AI chips, they've been getting 45 to $50,000 per. So even at 25K for something that you could see is way better performance than what you were getting last year for 45 or 50K is very attractive. And so as I told you guys, you know, a lot of times people think that Nvidia and AMD are enemies. Okay, listen listen. Before we go any further, I I need to address this point in a massive way, right? Listen. Nvidia is AMD's best thing to ever happen. And the reason being is Nvidia set the bar so high in terms of performance and in terms of price. Now AMD is coming in and now meeting that performance. Some ways you can make an argument that they're beating performance in certain categories, right? But they're beating price by quite a margin. And so even if you're at 25K, they're still undercutting big time. This is very, very attractive. And this is what is just one of many factors why you're going to see AMD's revenues and profitability skyrocket over the next few years. And I don't think people are even prepared for the type of net margins AMD is going to be producing just 1 to two years from now. I'm not talking 5 years from now. I'm not talking 10 years from now. Wait to see the net margins AMD has at this time next year. And then wait to see the mar net margins that the company's going to have two years from today. Oh my gosh, get ready to get your flapjacks flipped. the margins, the net income, the revenues are it's going to look like a completely different company than the Nvidia you've looked at over the past few years is going to be hard to recognize because they're about to go go through their major growth cycle like Nvidia went through. Like Nvidia, if you look at Nvidia's revenues now, you look at their net income now, you look at their margins now versus where they were at 2 or 3 years ago, it's like you're not even looking at the same company. That's exactly what we're going to see play out with AMD over this next couple years here. And so you look at that stock and it continues to show price momentum. I don't think this is going to slow anytime soon. Like once they come out with that guide, which I think their guide is going to be incredible. Could we see AMD 200 plus after earnings? I wouldn't be shocked at all. What do you think you're going to hear from Microsoft from Meta on their earnings? They're going to be spending and spending and spending spending, right? And that's going to benefit AMD more than anybody out there when it comes to new spend. I mean, the amount of new spend for this MI350 series for AMD over the next, you know, year or two here is going to be insane. And then, guys, we haven't even got to MI400 series yet. Wait to see the price tag on that baby. Wait to see the volumes of MI400. We're talking about a whole different stratosphere in terms of performance based upon what I've heard from Lisa Sue so far. So, this is just a very, very exciting time to be an AMD shareholder. And uh I think we'll look back a year or two from now and be like we'll look at what AMD is today and we'll still be saying like wow can you believe AMD was only like 170 bucks back then? That's my opinion because at that time like we're not even talking about an AMD stock price is anywhere remotely close to that. Now in regards to you know when you look at the the company from a perspective of the PE ratio now you know it says 50 but this is based upon what analysts have as their consensus kind of estimates here. I think they're going to blow numbers out of the water so bad that I think we'll be looking and and you know that Ford P in reality is way cheaper than it is. I wouldn't be surprised that the real Ford P is in the 35 to 40 range right now, which is way too cheap considering how much growth AMD has over this next few years, folks. So the AMD party, it's a fun party and it's still got a long way to go in regards to this party. So yeah, man, happy happy camper in regards to AMD. Now, what's going on here with analyst price targets from Wall Street, right, on where they see the market going and what does this mean for the market moving forward, okay? And then we'll get into a message I sent my private stock group members I think is really important. So, here's what's going on with Wall Street. They're they're pulling clownish behavior. Okay, does it surprise us? No. But here's what's going on. They initially went into this year very very bullish, right? S&P 500 yearend price targets, they had them all nice and high. And then all the tariff stuff happened. They all freaked out and they, you know, basically crashed their price target expectations, right? Boom. It was a whole situation that had to play out. And it is what it is. And now, guess what? They've all brought them back to right around where they were previous. Now, they might have actually have a little bit more to climb here cuz some of these guys are lagging like JP Morgan, Barlays, HSBC, Evacore. Some of them are lagging. Even RBC, City, Bank of America, I think these guys are all going higher. Especially after we see the Meta earnings, Microsoft earnings, see those AMD earnings. I think they're going to have no choice. And you don't have any black swans that happen in the next couple weeks. You're going to see all these Wall Street funds have to bring up their price targets, their year-end price targets. I think they're just waiting to see Apple, Amazon, all these companies earnings, and then they're going to go ahead and boom, boom, boom. So, is Wall Street being Wall Street? And so could we see more momentum still come into the market in general? Sure. Because these Wall Street funds will have to continue to bring up price targets. And we you know like a lot of fund managers, a lot of high net worth individuals, they make their investment decisions as silly as it is based upon what Wall Street's saying. If Wall Street tells you the S&P 500 is going to 7,000 by year end and you're at 6,400, they say buy and then people go buy. It's ridiculous, but it is what it is. It's part of Wall Street game. Okay. So that is that right now. I sent my private stock group a message uh you know the other day and this this is exactly what I'm starting to see a little bit on the retail side because I I always like to hold Wall Street accountable but I also need to hold retail investors uh accountable. My biggest fear right in terms of this market and you know how much money there's been to be made the last you know two or three years now. It's just ridiculous right? I mean look at the public account. public account was $1.1 million, you know, three years ago, and now look at the public account, it's, you know, approaching $3.8 million. Like, what a change. But what happens is people start focusing on on short-term stuff, and they start going away from the thing that made them all the dang money, the long-term strategy, and focus on these companies in the long term. And so, what I've been talking about that I'm very concerned with from the retail crowd is these folks are going to start to to gravitate toward speculative stocks. like altcoins, right? We witnessed back in 2021 people gravitated towards spec stocks, altcoins, NFTTS, right? Other sketchy stuff in general. And I'm starting to see some of this. I said, um, you know, Andre sent me this. Remember I told you guys, uh, people are going to start blowing all the money they made from great stocks on dumb stuff like spec stocks, altcoins, things like this. This is a perfect example. This guy moved his money out of long-term investments. He's going to focus on ALGO trading. Like, this is this is the type of stuff I'm worried about, man. I'm so worried about this with you guys. I'm so worried. And you know, it's and the problem is it's not even going to be my invest, you know, the people that really watch me as much that are going to fall into this trap. It's going to be a lot of the people that honestly have maybe, let's call it, gambled on some stocks that last few years, right? Maybe in 2022, they saw Meta was really low, so they bought some Meta, they saw Palunteer was really low or SoFi or other stocks, right? Last couple years, and they put they threw some money around. They didn't really know what they were doing in the market, but they threw some money out there and then they made some money and like my gosh, this is awesome. Like just made $10,000 on the stock. Like, whoa, just made $55,000 in the stock, blah, blah, blah. Right? And when you got these stocks that have returned 300% returns, 500% returns, several thousand% returns over the past few years, you're going to have some people that made some serious dough. But what happens is then people get distracted and they start winging it. I'm going to do some other crazy thing. Now, consistency is a key. My son, he had a sporting event this weekend, right? One one of my children, they both did, but anyways, one of my children uh had a sporting event this weekend, right? And his issue was when he was warming up versus when he was in the actual competition, every single time, the thing he was doing looked different. And I told him, "Son, like you you can't just go into this big event like this and just be winging it. like you need to stick to what works and make sure you execute that perfectly in the warm-up phase, in the next phase when you're actually in the competition. You can't just be like changing your form every time. Like it's not going to work. This is what happens in investing. People find something that works like, "Oh, dang. I just made a bunch of money in the stock over the last year, two years, three years, and then they start like doing different stuff like, "Oh, now I'm going to start buying companies that don't make any profits. Now I'm gonna start put my money in altcoins because that's hot money over there. I'm gonna start doing algo trading, whatever. And what ends up happening is people then blow all their money. And you know what happens after they blow all their money? One of two things happen. One, they don't come back to the stock market. They leave it forever. Or two, they come right back to long-term investing. but only after they spent two years wasting time and wasting tens of thousands or hundreds of thousands of dollars. Some situations it's millions of dollars lost by trying their other crazy thing. And if the problem is at first it works. That's the worst part. At first it works. First like month, few months of doing it like, "Oh man, this is awesome. Like this thing is making me money." And then comes the reality because then you know what happens? A bare market happens and people get absolutely wrecked especially that we're doing speculative things and not investing into great solid companies and things like they get obliterated and so they end up leaving the market forever and then they come crawling right back to papa long-term investing. And so I do not want this to happen to you guys like this should be a time period right now. The time period we're going through you guys have made so much freaking money it's ridiculous. This is a time period when you need to take things more serious. Not like, let's alter the plan now. Let's just start doing other crazy stuff. Or you will be watching a video from me a year or two from now and I'll be saying, I told you so. Because people will will go through some sort of bare market and the people that are are are swimming naked going to find out and they're not just going to go down on positions. They're going to lose entire portfolios. They're going to lose everything. They're going to go down 80%, 90%. It's going to be awful, tragic. And then, you know, the ones that are in great companies, great investments, we're going to make it through just fine right to the other side and then be right ready to capitalize on the next bull market just as we were able to capitalize on this last bull market. Right? And so, I don't want you guys to do that crap. Like, you need to if you've gambled money in the market and you haven't really known what you're doing on a high level and you've made a bunch of money, great. Let's take it more serious. Let's take it more serious now. Join my private group. Get around other highlevel investors. Get access to all the course curriculums. I can teach you the whole game. Do you want to be taught the whole game or you're not? You know, otherwise you're going to be swimming naked out there. Come next problem and you're going to have a big problem on your hands, man. A big freaking problem on your hands. And then you're going to be like remembering this conversation. and you're going to remember this video of oh man Jeremy told me like but you know I was just kind of winging it out there and I thought I you know yeah and then you're going to be in a lot of trouble a lot of freaking trouble so anyways if you want to take things up to a higher level apply drawing private group that will be the pin comment down there this is a time to to take things more serious not less serious this is the time to experiment screw around get the highest level software like I have thousandx.com get all that man and let's get you up to a higher level so we're not sitting here having a conversation in who knows how long from now, right? Where it's like, oh, you know, should have been uh should have been uh you know, taking this stuff a little serious, man. It's going to be sad. Joe, we begin with uh with records. We know that S&P and NASDAQ just continue to extend them. Uh and the Dow's not that far away either. We're at 449. You see it right there. We need to get to 4573 for an intraday record and then we can 4514 for a close. So, we're not that far away. Um, and we do have all this stuff ahead of us this week. How you how do you size it all up? And by the way, I'm so happy because I've seen so many people taking it serious. I've seen so many people that have gambled money in the market, made thousands, tens of thousands, hundreds of thousands of dollars and realized I got freaking lucky, man. Like I was just watching Jeremy's videos or somebody else or whatever and I bought some stocks and I bought some Sovine Palanteer and got lucky, right? And now people a lot of people are realizing let's let's focus up, right? Because you got you got two groups. You got one the group that I showed you before that is starting to get really unfocused and starting to get into very speculative stuff and trying, you know, hail Marys and other crap that doesn't even work, right? And you got the other group that's like, you know what, let's let's actually learn how to do this. Let's actually learn income statements, balance sheets, how to properly value companies, P ratios, how all this stuff works, growth rates, what's the right price to pay for a stock versus not. Let's run projections, right? And we have all that in my private group in 1000X. So, we have a lot of people taking things to the other level, but we have other people going the wrong way right now. And I'm like, can we just keep people focused, please? Cuz it's going to end badly. I look at today's price action and I think it's consistent with a market that's somewhat exhausted, a little bit tired. I would have expected a more positive response, a little bit more of a breakout, a little bit more breath in the market. You're not really seeing that right now. So, here we go. Coming into a critical week. Meta, Microsoft, Amazon, Apple, mega cap earnings. We know about that. I don't think you get much from the jobs report or from the Fed meeting, but can those mega cap earnings lift and extend this market even further? I am acknowledging the fact that it feels exhausted to me. I'm not necessarily sure you could do very much with that comment that it feels exhausted because I'm not saying sell out of your positions because ultimately if we enter a correction, it's really a pause that refreshes. I think more than anything else, it's just set your expectation. Don't be an aggressive buyer up here. Ex exhaustion implies something more dramatic than a rest like it's why would today why would you expect anything different today I guess is my point ahead of everything that that we just laid out what's the market going to make a big move before it gets the earnings before it hears from the JP pal and before it gets the jobs report listen you had the news take it for what it's worth over the weekend with the EU and a trade deal there the futures last night were a lot higher. It looked like the indication was that global equity buyers were there. They were willing to participate and that's kind of petered out early in the trading session today. You don't have the broadening out thesis. You don't have the participation from the Russell. So when I use the word exhaustion and you suggest that it could mean something deeper, yeah, I think you could easily fall. Well, if you're go to sleep for a while, if you're just get up, you take a power nap and you can get up when you get set the expectation. Look, I'm not coming on air right now with the S&P at 6,400 and saying I I want to be an aggressive buyer up here. I'm just being very You have to be very measured and you have to acknowledge when it appears as though the market is getting a little tired and might need to pull back. Well, because it doesn't really So, let me be very crystal clear about this. I absolutely love What do I love? I love the way these Wall Streeters are have this approach of being skeptical of the market. I love it. I'm going to get very very scared about where the market's headed when it seems like all these guys have nothing to say but bye bye bye bye the market like you know like got to get in, got to get in. I love that a lot of these Wall Streeters are skeptical of the market. They don't think there's much upside from here. like, you know, concerned because this is the same vibe we've been getting for a long time now. And I love that. When I feel all these Wall Streeters are just have nothing but good things to say. It's only bullish. It's only the skies blue. That will be the moment I start to get very concerned about where the market's headed. And here's the thing, we could end up there within the next two to three months. Literally, we could have all these earnings be great, right? We got a 3-week gauntlet of earnings here. Have the earnings season be great. great guidance, right? Even more clarity on, you know, finish up the tariff related related stuff, right? Have economic numbers be good. Have the Fed signal that they probably going to start a 25 basis point cut in September. And then the Russell starts to roll heavy. I'm telling you, all a sudden these guys could be skies only blue and then they won't even sound very skeptical and cautious. And that is actually when I start to get very concerned about where the market will be heading after that. What the impact of all of these tariffs uh is going to be. What is a deal in rhetoric is a tax in practice and you might not find out the ramifications of any of that for months to come. So the market doesn't really know what to make of that. Um the bias is still higher. Wouldn't you suggest the trend is still up and maybe the events of this week give you some more confirmation as to why that remains the case? Yeah. No, I agree. I I I agree with what Joe said in terms of there's really no bullcase for deploying capital here in the short term. But I don't I agree with you. I don't think the market's necessarily exhausting now what's going on. You've got a big heavy news week and you just don't know how it's going to turn out. So I think if you take the the probability that uh of two events, one being jobs, be somewhat of a non-event unless it's wildly one way or the other versus consensus. FOMC, they're they're where they are. Sure, you may get some more uh uh talk in the minutes that that'll eventually come out about let's go, let's go. But f, you know, frankly, the economy is operating fine at this rate. So what's the big variable if you handicap it the most likely to occur? And I think it's possibly that with all the price target increases we're seeing including today on the three that are going to report well Meta buy um Apple reiterated buy 275 Amazon target 271 if here's the deal with Meta okay if you know cuz you see they reiterated a buy rating 7075 price target they believe it's going to 775 here right uh stock right now is I believe a little under 720 20. Given audience scale, we continue to see Meta as one of the best AI opportunity stocks with potential revenue upside as AI capabilities are integrated into the ad stack. You know, here's a deal with Meta, okay? If earnings come out and they're banger, banger, banger guidance, phenomenal, right? And they don't go too crazy with the capex increase. We could start talking about 800 for meta. And then what's going to happen is somebody on Wall Street is going to slap on a $1,000 price target. Somebody's gonna want to be the first one to put thousand price target on Meta, but they got to come out with the banger guide. Don't go too crazy with the capex. If they're going to increase very slight increase, right, then we'll be talking 800 and then somebody's going to slap that $1,000 in and that's really going to get the stock moving because then people are going to be like, "Oh, shoot. $1,000. Like we thought about that." But who who's to say Meta's not going there? You know, you look at Meta's valuation. It is so attractive still. You're talking about one of the best companies in the entire world, right? You're talking about a company that pretty consistently beats all their expectations for revenue EPS. So, the forward piece is probably in reality lower than 27. But even if it was the reality of 27, right, for double digit topline bottom line growth for one of the best companies in the world with one of the best CEOs in the world, would you not pay that? I think you would. metastel very fairly priced or actually undervalued Microsoft target 650 that's what you're referring to exactly so the market's really been for all the talk of broadening out this is where it is right so if those disappoint or if they significantly raise capex not a minor raise in capex then you could see the market come under pressure the odds of the market exploding to the upside for better than expected earnings given that's already been pulled forward I think is unlikely but but that's the biggest variable what what may be hanging in the balance more than anything else and why the market could be resting. You can term it however you want. It's that's totally fine. Um is because it needs more confirmation that a broadening can actually happen. Like you you get it this week, you get a full the full combination of everything. You get the mega cap earnings. Do you get more confirmation? I don't know why you wouldn't that that's the trade that's going to continue to run. Uh, and do you also in the same breath get confirmation that you could have a broadening? Because, you know, depending on what Pal says this week and depending on what the jobs report is, you could feel more confident about the direction of interest rates and economic growth in general. I think there's a lot of news coming out this week, Scott, and I think most of it we have a solid expectation of what's going to happen. Like you just mentioned the Fed. We have a solid expectation of what the Fed is going to do. Two things. it's not going to raise rates and it's highly likely to telegraph that September is likely to be when they resume rate cuts. Now, it's debatable, but again, there's a higher confidence that that's what they're going to do as opposed to not. When we're talking about the mega cap earnings coming up this week, I feel that Alphabet was a pretty good tell that both the numbers themselves are going to be good and the capex expectations are going to be raised. I don't think that anybody say a meta can now say, "Oh, I'm not going to match Alphabet." That's crazy. This is a a race for the biggest prize ever in corporate history. So, nobody's going to say, "Oh, I think I'll just sit by the sidelines and let Alphabet spend away." Um, with regards to, by the way, I This is something I don't like. This is I really do not like this at all. This whole notion about they're all these companies are all racing for the biggest opportunity ever. I don't like that. It's like, let's see. Let's see. Like, I I hate when we crown something like the biggest thing ever before it's actually happened. Let's just see. Like maybe it is a big thing or maybe these companies are all going to overspend, you know, and a few years from now they're going to look back and be like, "Dang, we spent way too much in 25, 26, 27." Like, let's just see, man. Let's see what happens here. Deals, you know, we can sit there and say, "Hey, we haven't done Canada and Mexico yet. We've still got to do China." But the indications are clear where the direction is going. It's tariffs rates in the mid teens, and that should be sufficient enough to offset the cost in the deficit terms of the budget bill without cratering the economy. Now, what this all sums up to me, and I'm just going to take what Steve and Joe just said and phrase it slightly differently. The market has climbed the wall of worry. When I wake up today, I look at myself and I say, "What am I expecting?" The only thing that can come in that's a surprise is a negative that somehow those deals with Canada, Mexico, and China don't come through or that for some wild reason, which I completely don't expect, the other mega cap tech stocks this week disappoint. I don't think they will. I think that Joe's right. I don't I don't really know the difference between exhaustion and rest. But what I will say this seasonally, this is the time of year where weird stuff happens. I I ask everybody to look back a year ago where we had a sudden selloff because of the yen carry unwind, which nobody was thinking about. It came, it passed. We might have some unknown like that, but it is likely to be small, not even a full. See, and this is why this is also why I'm um I'm usually worried about uh corrections happening, you know, in August, September, those sorts of things. But one reason I'm I'm like, maybe it's not going to happen. You know why? Too many damn people are talking about it happening. Too many of these Wall Streeters I see go on CBC all the time are talking about, oh, be careful. Like this time of year, crazy things happen. Remember the Japanese? You know, like, oh my gosh. I feel like it's just too many people discussing it that I'm like, is it actually going to happen? Because it seems like too many dang Wall Streeters even talking about it, right? And usually when too many people are talking about something, it's not going to happen. So, no, the one stock I'm paying really close attention to that's going to be reporting this week. Well, I'll tell you about that in just a moment. Let's let's not get unfocused on this part and I'll tell you about one stock um that's not a stock many people would be looking at, but I'm really looking forward to watching their earnings this week. That's my Let me let me frame it this way. I'm advising caution here. So, you mentioned Alphabet. What was the price response to Alphabet's earnings, which I agree with you, the earnings were strong. The price response hasn't been anything spectacular. We're basically that might be the judicial issue that's coming up with a judicial ruling in August. I'm not really going to disagree with you. I just actually I was pretty happy with Alphabet. It had a pretty strong run into into the number. No, but he's not talking Hold on. He's not talking about the run into the number. He's talking about the run on the numbers. Okay. I mean, the move wasn't the move wasn't much of a move. I think that's the point that he's making. He and I are in agreement that this is a market that's ready for a pause. Um, I just I think that's the wrong idiosyncratic case to take. But why don't you keep going because I want to hear what you're going if you look at the move. If you want to go the moves into the I mean to be fair, Google's got they still got the whole question markd like Google came through with the numbers. They put them up again. Do that two more quarters, Google, and no one will be talking about you're done. Chat GBT ruined you. You can't you can't do anything. They got two more quarters to put up. Come out with those. Everybody will be like, you got to buy Google stock. My gosh, these stocks have crushed it over the last 3 months. Alphabet is one of the worst performers of the group over the last 3 months into the print and it still didn't have a great reaction on the other side of it. I mean, Microsoft's up 31% in 3 months. Meta's up 31% over the same time period. Amazon's 25. And then you start we're violently we're violently agreeing that this is a tired market. We can phrase it anyway we want. Tired in need of a rest exhausted has climbed the wall of worry. This is a market that is due for a consolidation not a correction a consolidation Joe 5 to 7% fine. In terms of the broadening I do want to say this. All right the equal weight S&P 500 is 1.7 percentage points away yearto date from the S&P 500. And if you look back in 2024 2023, it was close to 10 percentage points behind at this time each year. This is a market that has been broadening. Uh you know, yes, it's true that mega cap has done very well, but if you look at a lot of other sectors, communications, industrials, financials, a lot of other sectors have done well, even materials of all things. You know, the what you're talking about is how Google Alphabet performed afterwards. That's of the market. That's why we're not seeing we don't know what the substance of this trade agreement is with the EU. But if you'd gone we don't know the substance frankly of many of the no of any of them actually that have been announced. If anything the most positive thing to come out of it is just taking that specific thing off of the off the card. Right. But but my point is that if it had been 2 3 months ago you would have seen the market have a much bigger move. So what's been endemic of the market which what's really the hallmark of this market is the pull through. So, we pulled through on the earnings and referencing your comments on the uh on the other mega cap performance. That's why I said earlier unless you see something big one way or the other, the stocks aren't going to do much. So, the markets just anticipated all this, which goes to your conversation about the valuation levels. You need a lot more really, really good unexpected news to get the market today. They'll bring up Tom Lee here in just a moment, which is interesting. Uh, but a stock I'm looking really forward to their earnings uh that's going to be reporting this week and there's not gonna be a lot of people looking at their earnings, but I can't wait. And it's actually coming up within 24 hours from now. You know who it is? Cheesecake Factory. And and the reason I'm looking forward to Cake, obviously it's a I'm a big shareholder of that company and it's been a phenomenal stock, but it's been running so much that it's like, dang, can that stock keep running after earnings? That's one big question. But the the main thing on the fundamental side is this quarter they're about to report, disastrous consumer sentiment. Everybody was talking about the tariffs. It was just so downbeat, right? The stock market was going down. like it was just such a negative quarter from a consumer's perspective that I'm really interested to see the numbers because if those numbers are actually pretty respectable in a quarter like that with consumer sentiment as bad as it was and everybody thinking like it was the end times, you know, imagine what next quarter is going to be cuz it seems like the consumer is starting to come back very strong now at this point in time now that we've moved past the peak fear about tariffs and what that was going to mean for the economy and all those things. is the stickiest wicket in their in their words. It is the biggest headwind in this market. Um it's not earnings, it's not anything else. It is valuation. Um the earnings yield on the S&P 500 of 4.15% remains marginally below the 10-year at 4.38. And we note that this condition of a negative equity risk premium has not occurred since 200. Scott, you you we should not be expecting multiple expansion, trading at 21 times calendar year 2026 estimates. What we should be looking for is those estimates to rise, which they have started to do. After going down all year, they are higher now than they were 3 months ago. Next year's earnings $300 a share. That's the macro estimate, the aggregate estimate from Faxet. It was 298 just 3 months ago. And as the results keep coming in from the second quarter, I think we're going to see those fullear estimates for next year creep up where 21 is not the actual multiple that we're looking at. I think you have to remember sentiment positioning and are in a much different place than they were 6 to 8 weeks ago for sure. Sentiment is overtly bullish. Positioning is overtly bullish. I don't know. Overtly is another questionable word. I mean, do you really feel that way? Tom Lee continues to come on the the network and suggest this is still a hated V-shaped recovery that institutional investors are not fully invested in in the market. I've been hearing that for it's factual that you still don't have full buyin from institutional investors and hedge funds. Hedge funds know but hedge funds have missed everything. They're hedge funds because they're hedge. So they never so rarely are they going to have exposure net long exposure 100% or 90%. Sure. But I don't even know necessarily if long onies have fully fully committed. Longonies long onies aren't the asset allocators. So they've got to the point is that I don't I would take issue with using the word overtly bullish. The feeling that I get and the people that we talk to is there's still a healthy dose of skepticism, not overt bullishness. I don't know. Boom. Boom. And here's the thing. It's right in front of you. All three of those gentlemen sound skeptical, right? They don't sound necessarily bearish. None of those three shorts capital uh other dude and other dude, they don't sound bearish. They don't sound like, oh, we're about to have a stock market crash, like you know, major correct. No, no, they just sound skeptical of where the market's headed from here. It's a tired market, blah, blah, blah. Which is a lot of the sentiment you get out there. So when Tom Lee talks about, you know, a very hated bull market, I think this is what he's talking about. Like, you know, it just seems like the whole time it it hasn't had that feeling of euphoria yet in the market from the Wall Street side, right? It's coming. It's coming, but it hasn't happened yet. Eventually, Wall Street's going to have that euphoric feeling. Maybe it happens in, like I said, in the next two or three months here. That's when I get worried. Okay, so all righty, guys. Appreciate you joining me. As always, thanks so much for being here on the reaction channel. 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