00:00 Brian Sozzi

Market can't keep going up in a straight line like this as we get these tariff these tariff headlines.

00:08 Dan Niles

Well, good morning, Brian. I would say the bulls were right uh pretty much since April. Um, and now I think at some point they're they're getting a bit ahead of their skis. And I think it was interesting to see uh the markets react negatively to tariff news uh overnight. And and that's continuing this morning. I happen to be out uh at the Yankee game last night with a friend of mine who manages money. Um, and the news broke, we both hit our phone, looked on our phones and said, oh, you know what? The futures will be flat by the time we wake up in the morning. Um, and and that actually didn't happen today. I think the market we've gotten to a point now where the buy the dip mentality is so strong that every dip is seen as a buying opportunity. And and actually at this point, people are reluctant to even sell to therefore create a buyable dip. And secondly, as long as there's any sort of plausible wiggle room regarding tariffs, uh the market has chosen not to respond to it. And so, I think we've gotten a bit ahead of ourselves at this point uh in those regards.

00:59 Brian Sozzi

Is this why you're giving yourself some time to have some fun? I thought you're just glued to these trading screens all day.

01:04 Dan Niles

Nope, go. Ball games are always there.

01:06 Brian Sozzi

All right, fair enough. Uh Larry, let me get over to you because uh you're our technical guy here on this uh round table. Any signs of exhaustion you're seeing in the stocks that have led this advance?

01:14 Larry McDonald

Good morning, Brian. Not really at all. We've got strong breakouts across the board. It's not just technology. It's industrials. It's financials. It's the nuclear sector. So the the weekly trends on the S&P and the Nasdaq are very, very strong. Some of the stocks, JP Morgan, the banks, Goldman Sachs, they got a little bit extended. Some of the cyber security stocks like crowd strike are correcting right now. But after these really big moves, we should expect to see some healthy consolidation, but nothing that I see changing the longer term trend.

01:37 Brian Sozzi

Larry, I mentioned uh I mentioned at the top of the show tariff fatigue. Why do you think stocks are shrugging off tariff headlines?

01:43 Larry McDonald

I I think what stocks are seeing is that there's there's flexibility coming from the White House. Even though there's uncertainty, the the White House has shown that there is some flexibility as far as what the tariff rates are going to be and that there can be some negotiation. So I think the markets have done a very good job of adjusting to the uncertainty.

01:59 Brian Sozzi

And as I think I was talking to on Monday and Bitcoin was under 110,000, now ripping to a new record. It you know, this euphoria we're seeing in markets is definitely playing out in all things crypto.

02:09 Emily McCormick

Almost definitely. I mean, investors are risk on and it's interesting that Bitcoin touched new highs around the time that also Nvidia uh also touched the $4 trillion dollar market cap. So there is now this correlation that's been alluded to again between tech and crypto. And there's just been so many catalysts uh over the this year related to Bitcoin and to crypto in general, and there's more even next week with crypto week in Congress. So, look, analysts are now looking at 120,000 as the next level and the next resistance level. We'll see. Uh but certainly Bitcoin right now is up about 20, more than 24% year to date, and gold also, by the way, is up more than 25% year to date. So uh you have investors that are fully risk on right now.