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00:00 Jared
I hear Greenland was in the news. That was what was affecting the tape and that was the tape. It was a land of green today. So, let’s go through the major indices and some of the minor ones. Here’s the Dow up over 500 points, 1.2%. Tech about the same amount. So is the S&P 500. Where it gets interesting is when we get into the Russell 2000. That was up an even 2%. and the S&P 600, which is a different flavor. You got to be profitable to be in that, fewer stocks, but you got to be profitable. That was up 2.64%. And then the midcaps, that was up 1.76. And by the way, the small caps and the midcaps back to record highs and I’ll just show you a quick year to date chart there. Here’s the S&P 400. That’s the midcaps. just barely eaked out the record. and there’s the S&P 600 up 8%. I’ll show you what happened in Sectorland. Everything was green today. Uh energy in the lead. Do want to show you that the two-day total now, still looking at a lot of red. Not for everything, but for the most part, we got some uh some losses to make up from yesterday, but things are pointing in the right direction, Josh.
01:02 Josh
So what’s the big theme, Jared? summarize it for me.
01:05 Jared
Buy America, it’s the opposite of yesterday. And when I say buy or sell America, I’m thinking specifically of the bond market, uh, and uh, and also the currency, the US dollar, in as much as stocks, uh, they tend to go in the same direction when we’re talking about these things. Here’s the US uh the 10-year US T-note yield, that was down four basis points to 4.25%. The 30 year down five boys basis points to 4.87% and the US dollar just up a tad and everything is going in the opposite direction of yesterday. So this is good news uh because yesterday was looking a lot like post liberation day and uh that was kind of a scary time but things reversed in a snap here today. So everything kind of looking good on that front.
01:46 Josh
What about the Mag 7? Market concentration, is that is that still a thing?
01:50 Jared
Yeah, you know, I had the opportunity to talk to Scott Ladner of Horizon. Oh, and Equal what? And we were talking about the equal weighted S&P 500. So basically, that’s where every stock gets one vote instead of the market cap weighted version where uh you got to be big to play. That’s where the biggest stocks have the most weight. So here’s the equal weight S&P 500 and you can see it’s up 4% year to date. Here’s the regular S&P 500, just barely positive. So there is a difference there and it’s a pretty big one. The uh so that just means that concentration, not the issue that it once was, and this has been happening for a few months. And we talked to Scott about some of the trades he likes for this year. He’s talking about cyclical stocks and this is uh what he has to say about it.
02:45 Scott Ladner
And specifically within that 493, we like cyclical plays. So, you know, things and cyclical plays or cyclical stocks are just industries are those which which are very sort of levered towards the towards the, you know, the nominal GDP growth. So like when things are growing more quickly or inflecting higher in terms of like nominal GDP growth, you know, the economy getting hotter, faster. Like those are those are the types of industries and stocks that we that we tend to like right now because we do think we’re going to get at least for the first half of 2026 a a really kind of run it hot type of scenario.
03:13 Jared
Run it hot. That that episode drops on Thursday. So check it out early.
03:18 Josh
You want to end here on some crypto?
03:19 Jared
Let’s do it. Bitcoin clawing back some losses here. Let’s take a look at the three-day. You’re going to see here’s the drop from yesterday. Didn’t quite get it done today. In fact, we probed a new low. Uh you know my thesis, I’m looking for 75,000 potentially. I was talking about a short-term uptrend here. This is just a bunch of sideways action right now. Forget the uh short-term uptrend. That’s just sideways. I do think we might probe that $75,000 low before we head up. I’d be very surprised if it’s broken though. So that means that we’re pretty close to a potential big bottom.