The Jon Sanchez Show
03/14-The consumer is weakening!
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Crowd health is not insurance. Learn more at joincrowdhealth.com and use code optout. Good Friday afternoon, Tia. Welcome to the John Sanchez Show on Newstalk 780K. It's a pleasure to be with you as you wrap up your week. We wrap ours up and we are ready. I'm sure all of you are also joining me. Of course, my co-host Jason Gont of Sanchez Gont Capital Management. How you doing, my friend? I am doing quite well. How are you? Ah, a little on the tired side. Glad it's Friday. Yeah, to say the least. Yes, no, it has been a somewhat excitable week. But yes, I'm happy to end the way it did and hopefully the signs of at least near term more to come. Yes, yes, exactly, exactly. Well, we did get a nice bounce out of the market today, finally. We've been saying this for all week that the market is showing signs of a market bottom. It hit it today, moved up, gave us a nice gain. But the question, of course, is this a one-day anomaly or are more of the problems going to continue? We're going to try to answer that question for you. And then we're going to get into our topic, which really sparked some concerns early this morning. And that's why I don't know about you, my friend. But I'm not convinced that this is the bottom yet and I'll have some reasons why. So we'll see if you agree with me on that one. And that is the consumer side of things. You know, folks, you've heard me say this. You've heard Jason say this quite some time. And that is you and I as a consumer are extremely critical to this economy. You see, we represent two-thirds of economic spending. And why am I bringing this up? Pretty simple. Because this morning we received another consumer confidence report and it was not a good report whatsoever. Matter of fact, the consumer confidence number is moving to the lowest levels that we have seen since or we have not seen since 2022. This is a report issued by the University of Michigan. It's called the consumer sentiment number. This is the preliminary number. I want to give that little discretion out there or disclaimer, meaning we'll get the final numbers in a couple of weeks. But generally they don't change too much, but you never know. You never know. But what does this mean? This weak consumer confidence number, what does this mean to you, to your portfolio and to the market? So we're going to try to explain that. We're going to go and do some in-depth of what's going on from a Wall Street perspective in regards to you, the consumer. Like we really need to tell you. But the data is showing that Jason, people are concerned, people are pulling back on their spending habits, both on all ends of the economic spectrum. And this is something that has Wall Street very concerned. And so, like I said, we're going to go through some of that data. But let's first of all, you give the good news of what this market did today. I'm going to give some reasons not to get too overzealous quite at this point yet. Well, it feels kind of backwards. The markets today, you have the Dow that finished higher by 1.65% to 4188. S&P closed higher by 2.13% to 5638. And the Tech Heavy Nasdaq was up 2.6% at his 17754 gold, bounced off that 3,000 level on the upside and still $29.93 and oil up about a percent to 6719. 10-year rates did, as we would hope happen, move higher as stocks move higher, as people sell bonds to buy stocks. So, the Yin Yang is actually occurring. 10-year closed at 432 today. That was four basis points higher. But overall, it was just that said, the market was in a spot that it was as oversold as I've seen since truly 2008. Like, that's how just one directional the move was. All of the indicators said that we were at least due a bounce. I'm of the same opinion that this is near term until convinced otherwise, that this is just a bounce in a near term bear trend, but doesn't mean it doesn't have another several percent higher over the next couple of weeks. But, before you go in as an investor, you need to think to yourself, how bad did my portfolio act during this week? Did it move more than I am comfortable with? If you're on a shorter term horizon, then use opportunities of strength over the next hopefully couple of weeks to rebalance, reduce risk, if that is your concern. If you're someone who's in it for the long haul, you're knowing that we get 10% drawdowns every darn year. We got one last July. We got one in 23. We got one in 22. So, a bigger one in 22, and it's way in the rearview mirror. So, overall, a nice, nice bounce today. Happy to see it. I think the technical setup, but hopefully we get a little bit of carry through into next week as well. Exactly. All right. So, let's hit the weekly numbers of how this market performed, and then I want to go into some stats here real quickly. So, thank goodness for the day's gain, as Jason mentioned. But, for the week, the S&P 500 still finished in the red, 2.27%. The Dow lost 3.07%. NASDAQ gave up 2.43%, and the Russell 2000 down 1.51%. So, again, today was really a savior. I mean, we've had numerous weeks where we've had those similar type of numbers on a weekly basis, and we really don't think that much about it. It's just kind of a little blip there. But, again, this is adding to the previous week's losses. Now, I want to take you back to yesterday. There was a very interesting statistic that came out yesterday that, obviously, it was yesterday. So, it's not going to be the same number as today. I haven't seen any updated figures, so I can't give you the accurate as of the close of today. But, Jason, $5.8 trillion of market capitalization, or, i.e., a slang term, market value, has been lost in the S&P 500 as of yesterday. $5.3 trillion. Now, folks, it's a quick reminder that we were just at record levels just a few weeks ago. That's how fast this sell-off has occurred, and that's how fast market losses have just gone through the roof. I mean, you know, sometimes when we get into these pullbacks, okay, $2 trillion, because of the size of the market, okay, you can kind of live with that. But, I about fell out of my chair when I saw that staggering amount, $5.3 trillion. That is a significant, significant sum of money. And, again, ties into as we're going to go into this consumer confidence number, right? No one is going to feel confident about the economy when they're seeing their investment accounts, their 401(k)s, et cetera, going down in value. It's just not going to happen. They also don't feel confident when it comes to their jobs. Now, we all know if corporations don't start making a lot of money, or let's say they're making money, but if they stop making money because of tariffs or whatever the reasons may be of these headwinds that we're facing, guess what? Next thing we're going to find out is like the government workers, we're going to start hearing about layoffs, and that's going to obviously really excel this negative consumer confidence number. So, did we have some damage done this week? Absolutely. Absolutely. And, thing you want to add to that before I get to my stats? No, I think just using that word that we talked about diversification that, yes, I'm sure if you looked in your 401(k), and hopefully it is diversified, you're down two to three percent, depending on risk tolerance, right? It's not as bad of a move as the headlines would tell you. Yes, if you're in large cap S&P 500, you had a tough time. If you were way into high flying technology or any of those sorts of names to an enormous extent, yeah, you're licking your wounds, but that's why you have these things, and it's very hard to catch the reversal, again, pounding the table that you've seen a 15 percent relative performance in non-U.S. equities, right? That is a massive number on what, for most folks, would be a 25 to 30 percent allocation if you're going by market cap of U.S. international, et cetera. So, that's why home bias, it's well last year, but in a year like this, you're thrilled that maybe you did lag a bit because you have a bit more of a ballast inside of your account. Exactly. All right, let's get to the technical side of things. Something you and I watch very, very closely, the 200-day moving average. Even after today's game, we are still on the negative side of the 200-day moving average. So, that is something, of course, that everyone watches very, very closely. Got a ways to go to get back above it, but again, we're still down there. So, that's one reason for caution. Anything you want to add there? Yeah, and that's going to be resistance, right? It was support, remember in technicals, any support level over time becomes a resistance level to the upside. So, now we have to take some time to work back through it. That's going to be a very, very important level for the market to get to and/or close above. So, if you're looking to peel out of some exposure, that's probably a level that you're looking at as a seller into the future. Exactly. All right, next point that we have to be very cautious about. The put call ratio. Put call ratio still, which, of course, is a measure of option trader sentiment, meaning the put call ratio is still showing a negative trend, meaning they own more puts, meaning they think the market is going to go down versus owning the calls, which is where they think the market is going to go up. That's a good thing for you if you're an investor, because that tends to be a counter-indicator. Whenever put call ratio gets very skewed to one direction or the other, it often provides a support. If it's overly to the put side, or it can act as resistance if there's lots of puts. So, almost read that backwards, not to say that hedge funds are wrong, but they tend to crowd. And so, to your point, I know that number got a little bit back towards neutral today, as those people were scrambling to close some of those negative positions as it moves against-- Exactly. So, to watch very closely, the next indicator, the Dow Jones transportation average, we like to call this the leading indicator of the economy, because so many areas are included in this calculation, right? It's trucker transportation, it's airlines, it's cruises, it's so on and so forth. It is down about 13% from its close as of February the 18th, and that was the most recent peak. So, it is still trending on the downside. Again, we had a bump up today about 1.71%, but still, again, down 12, 13% from that high. And you talk about Dow theory, if you want to go nerd out this weekend and read about Dow theory, transports and industrials watching those two confirm. Normally, you want them going up together to see transports underperform and/or signal a lower level to John's point, signals, potential deceleration in the economy. There you go. Now, quickly on the positive side of things, right? We're not negative on this show. We're going to be the positive side. Interesting step coming out of Bank of America's trading desk. They reported its lowest day of retail investor volume for 2025 yesterday. Now, why is that important? You may think, well, wait a minute here. Well, what it kind of means is people are throwing in the white flag. They're like, you know, I'm exhausted. I don't really have any more money to put into the market, or more importantly, I guess a better way to put it is I don't want to put any more money into the market. So, again, one of the lowest days of retail investor volume of the entire year yesterday. So, once again, one thing that we watch on Wall Street, again, we kind of go again, shall this be real blunt with you, where the retail investor, when they're buying and pouring money into the market, historically, that signifies a peak of the market. Conversely, when they sell out and they give up, that's a sign of a market bottom. So, that's a very positive sign that today hopefully could be, again, a step in the right direction. We know that as to the signs of a market bottom. And then again, as Jason mentioned to a record high traded about 3000 on the price of gold, which, again, is kind of an old-school defensive play there. So, you know, again, we've got a lot of cross-currents. That's the bottom line. There's no real clear signs yet as I was telling one of our clients today, Jason, he's like, you know, I've got 300,000 sitting in my money market portion of my 401k. Should I put it to work? And I said, no, not yet. Let's get some confirmation. And that was mid-day today when I talked to him about 10 o'clock. I said, let's wait a little bit. Let's be patient. Let's see what Monday looks like. And for the next couple days, because, Lord knows we, you know, remember, folks, we started the week negative because, you know, Trump was on Fox and his interview, basically, everyone took away from it was he did not avoid, he did not deny that the economy's going into a recession. So, that kind of sparked the tone of the week. So, you never know when these politicians, again, Trump or anybody else can appear on one of the Sunday morning news shows, and then the market picks that up in the futures when they start trading at about three o'clock on Sunday. And then that just carries overnight and into Monday, and there kind of sets the tone. So, again, patience is the key right now. Let's see what happens over the weekend. And of course, let's see if the institutions start jumping in here on Monday. All right, when we come back, we're going to get into the big topic of the day, the consumer. You are weakening. We're going to tell you why. Turned over to Kristen Snow, right now, traffic center. Hello, Kristen. Welcome back to the John Sanchez show on his talk, 780 KOH. All right, here's how we finish, as Jason mentioned, a 675 gain on the dial, 1.65%, close, 41, 488. Now as that grows, 451, 2.61%, S&P are gained 117 points, 2.13%. As far as the rest of the market in the commodities, 64 cent gain in oil, pretty quiet there, 67, 17, a barrel, $7.90, rise in gold, 3,001, and a three basis point increases, Jason mentioned also on the tenure of treasury, 4.31. After all the dry races this week, we only lost one basis point on the tenure of treasury. So, you know, again, Jason, I think that's a remarkable statistic to look at that there was not this massive flight to quality that is normal of a market condition where people think things are going to be down for any prolonged period of time. Again, down one basis point for the week on the tenure. So pretty amazing. Yeah, I think part of the fact that rates had already moved down quite a bit over the last couple of weeks. Maybe it's putting in a bit of a floor, which could be interesting for sure with the thought that people are selling off equity. So, maybe we do get some bids later next week. Let us hope, let us hope. Now, the market had every reason to sell off today for what we're about to discuss for the rest of the show. And that is a very important report that, you know, in normal conditions, you have a street pays attention to it, but not a lot. Right now, of course, with everyone so concerned about tariffs and the direction of this country and so on, so forth, it has Wall Street's attention. And what I'm referring to is what's called the University of Michigan Consumer Sentiment Survey. Okay. Now, we get this report about the second week of March, and then we get the final, what we call the prelim, which is what we got today. And then we'll get the final report at the end of the month, right? So again, things can change. Usually they don't move a significant amount unless there's major changes in the economy. But, you know, we'll take it for what it is right now. And we'll just for assumption reasons say that it's not going to change much between now and the end of the month. So what we want to do is we want to go through this report with you because, as I said at the beginning of the show, this was a bad report. There's no way to sugarcoat it. The consumer is very, very concerned. They're starting to lack confidence as we'll give you the details in a moment. And again, this is something that Wall Street pays attention to. And therefore, we want you to pay attention to it when you make your investment decisions. So let me give you a little bit of history on this report and kind of what it's about. And then when we get back from the break, we'll go into the details of what today's numbers showed us. So support's been around a long time. It started back in 1946, first of all, this survey, which again is done with a group of about 500 U.S. consumers. They are randomly selected. Now, what I'm about to tell you is very important because we'll come back to this in a moment. And that is this is not a report of just Republicans. It's not a report of just Democrats. It's not a report of just independents, nor is it a report of rich, poor, middle class. It's right across the spectrum, right? The report does not take into account age, gender, income, geographic locations, as far as favoring when they ask the questions, they ask the same questions to all the aforementioned. And it's a telephone interview. Now, the argument that I've always said, Jason, about this report is it's only 500 people, right? So is that really a good sampling? They go back to our statistics days. Is that really a good sampling of the U.S. population? I mean, it's nothing, right? But like I said, they pay attention to it. Now, if you are ever one of these lucky ones to receive a phone call from University of Michigan, here's what they're going to be talking to you about. They're going to go over current economic conditions. And here's the critical part, future expectations. Okay, so they're going to ask you, how do you feel about your personal finances? How do you feel about business conditions, inflation expectations, which the reason you this heard the inflection of my voice? This has been a thorn in the side of this report these last couple months, because as you're going to learn and it didn't change, the consumer is forward looking on inflation expectations being higher than where they are now, okay? The report or the survey also asks you about employment outlook. Do you think your job is safe? Do you plan on changing jobs? And then also it asks about interest rates and borrowing conditions. So they gather all the data from the 500 survey respondents, and then they construct the consumer sentiment index, and it's various sub components. So again, as I said, the report has, it's based upon 60% of the responses, this preliminary report we got today, and then the final report, as I mentioned, will be at the end of the month. Now, I want to squeeze this in before we go to break, and then we'll come back to today's data. So again, this key component of it, the consumer sentiment index, or what we call the CSI, that is the broadest measure of the consumer confidence. Just remember, the higher the reading, that suggests optimism, the lower the reading, that's pessimism about the economy. The second, you know, group of this report, the current economic condition index. This reflects how consumers feel about their present financial conditions and how they feel about the overall economy. And then that is used as an indicator of real-time economic activity. And then the third component is the index of consumer expectations. This measures how consumers expect, as I said a moment ago, how they expect the economy to perform over the next six to 12 months. And that's considered a leading indicator of future economic growth and business cycles. So this report does a lot, you know, they want to know how people feel now. They want to know how they feel about the future. They also want to know how they feel about inflation in the future. So the importance of this report, the reason we're going to spend some time on this on a Friday afternoon, when everybody is beat tired, is because remember, you and I as a consumer, we represent 70 percent of US GDP. It's critical. If we're not feeling confident, then the takeaway is we're not going to be spending. If we're not going to be spending, corporations are going to have a hard time making money. It has a big influence on the financial markets, which I said, had this been any normal day of what we've been experiencing recently, you would have seen the market fall apart on this number because it was not a good number. But for whatever reason, again, we got the market rally today. The Fed does pay attention to it. So this isn't something just Wall Street looks at. The Fed looks at it closely. And a lot of business owners look at it. Big and small, right? Real estate firms use it. Retailers, marketers, automakers, so on and so forth. Because again, everybody serves the consumer in some form or fashion. So we want to know how are you feeling? And that information we will have for you. When we come back, it's turned over to Greg Nef. He's got news, traffic, and weather. Hey, Greg. Welcome back to the John Sanchez Show, a new stock 780K, which would Jason got once again, we finished up 675 on the Dow 1.65%. Nasdaq rose 451, 2.61% and a 117 gain on the S&P 500, 2.13%. Jason, I think it's a good time to remind everybody just where we were yesterday, down over 10% on the S&P 500 correction territory, down over 10% on the Nasdaq correction territory. And we log this gain today of the S&P, the 2.13 biggest one-day gain in seven months. Now, there's no volatility. That's zero. No, no, no. And we talk about it too, right? That during a bull trend, stocks go up an escalator and down an elevator during a bear trend. It's the opposite. So this sort of reinforces that if you're a trader, you're selling rallies right now. You're not buying dips per se. And so you just know that if it feels frustrating over many of the next several sessions of, it goes up and then gets hit and goes up and gets hit, that's sort of where the mentality is of most in the market trying to, oh gosh, I should have sold last week. So I'm going to sell now and you'll get a fair amount of that. If you can get up through 200-day and find some strength and some good news and tariffs and now that the government's going to stay open for six months, et cetera, you could see a chase, but you know, I'd say tread lightly. I agree with you. I don't think the long-term bottom is in. I think we're higher by year-end, but there's going to be a lot of chop over this year for sure. I was hoping you're going to use that term. I love it when you say that term, chop, love it, love it, love it, love it. And I've got to admit my stupidity, Jason, before we get to our consumer confidence number, I was adamant yesterday, adamant that we're going to go past the midnight deadline tonight on the government shutdown bill. I had full confidence the Senate was not going to pass the GOP bill. The Senate left, excuse me, the House members already left yesterday, and then I thought it was going to go to the Senate and the Democrats were going to go, hell no, we're not going to pass this thing. It's full of this, this, and this. And then when we got the alerts last night, that, what was that? Nine o'clock you and I were chatting, that Schumer said, yeah, we think we have the votes, we're going to do it. I'm like, wow, what a surprise. Yeah, I guess, I guess Pelosi's just losing, I guess she's just chewing him out, like you can imagine. Yeah, but I think at the same time, I think the Democrats are sort of damned if you do, damned if you don't, right? You shut down the economy. Republicans can say we're trying to cut costs and so on and so forth and still there, so I just think, especially given the fact that the S&P 500's down 10% in two and a half weeks, I would imagine that helped as well. Right, right. Those, those politicians don't want to go home and face their constituents already getting beat up bad enough. Pelosi's husband's mad, right? Because he's not trading and making money. Yeah, yeah, exactly. Exactly. So yeah, that one, that one just really surprised me, but glad it's glad at least that's behind us, at least until September, right? He just can't wait to take it down the road. One of these days, Jason, one of these days, they're going to finalize something where we don't have to talk about that for, you know, at least a year, but we'll fix the budget. How crazy would that be? Yeah, how crazy would that be? No doubt about it. All right, speaking of fixing things, we need to fix the consumer confidence. My friend, there is, there is some waning confidence in this economy based upon, again, the University of Michigan consumer sentiment number slash survey that was released this morning, again, in normal conditions, in normal conditions. This would have had a very negative effect on the market, but because again, I think this was again, bit of a short cover rally today, a lot of different factors. Again, the news from Schumer last night, market did not react to it negatively, but it was a bad report. And again, next week, they may come back to it and go, Hey, remember last Friday, we had this bad consumer confidence number. Again, another reason for the market to sell off. So, we'll see how overall it, it, it digests this report. So, all right, as I mentioned before, we went to break, there's three components of this report. So once again, survey of 500 households, asking them about a lot of things, their jobs, where they think the economy is going, where they think inflation is going, etc. Wall Street pays a lot of attention. Okay, now for that. Now, let's go into the first, first portion of this report, Jason. And again, that's the consumer sentiment index. And as I said earlier, that's the broadest measure of consumer confidence, right? We call it the CSI. So let's talk about that and then we'll get to our other two topics. So let me give you the stats on this and then we'll digest it. So the consumer sentiment index of the report this morning, dropped to a reading of 57.9 for the month of March. That is a decrease from 64.7 in February. Now, what does all that mean? It's an 11% decrease. That is the lowest level of CSI of consumer sentiment index, the lowest level that we have experienced, dating all the way back to November of 2022. That's a long way back. It's been a lot of things that have happened since then, right? That stat got me. I'm like, that is a serious decline. It really is. It really is. And I mean, I don't doubt sort of to your point that consumer sentiment being as low as it is. Sure. What's that going to do? That shows a waning consumption thrust that shows potentially inflation can come down. And then that plays into at least the narrative that Trump is trying to cause at least a pseudo recession in order to slow the economy down in order to force the Fed to start cutting rates. This may have been a chip that played into it too. Amen. Exxon explanation. All right. The second component, the current economic conditions index. Again, that reflects how consumers are feeling about their personal current financial situation, as well as how they're feeling about the overall economy. So the current economic condition index fell to a reading of 63.5 in the month of March, down from 65.7 in February, that is a 12 and a half percent decline. So right now, and in the future, you do not feel confident about the economy. Me personally? No, I feel confident. Unless you got one of those 500 phone calls. Yeah, I did not. They didn't call me. No, I'm waiting for one of those. It may have just said spam. Maybe they called us both. And I'm just like, eh, I'm not going to pick that one up. And maybe they're calling me. But no, the consumer, yeah, you as the consumer, us as the consumer, you're starting to feel it for sure. Indeed. Indeed. All right. To the third component of the, of the report, the index of consumer expectations. Now, remember, this is, as I said, this is how they measure the with the consumer expects the economy to perform over the next six to 12 months, right? Now, what they call the expectation. Okay. How's the consumer feeling about the economy going forward and their personal lives? Not good. Decreased to a reading of 54.2 in March from 64 in February, a 15.3% drop. That highlighted, of course, the increased pessimism about future economic conditions. That's the one, my friend, that you will agree with me with. That's probably the most important component of this report from a Wall Street's perspective. Remember, folks, Wall Street is a stock market is a Ford looking indicator. If we look at this and we go, okay, if I'm a, if I'm an economist and I'm advising, you know, my Wall Street bank, you know, boss, I'm going to say, whoa, wait a minute, boss. Do we really want to expand and do this and do that? Or if I'm a manufacturer, do I want to build a factory based upon this now? It's one month. So, you know, take it with a grain of salt, but the consumer is not positive. They're pessimistic about the future, which means, and we hear it from people. I don't know if you have from our client, Jason, but I have, and that is I'm pulling back. I don't know where things are going right now. I'm pulling back. I don't want to go expand my business. I don't want to go buy that new car. I'm thinking twice. The boy said it on the show last time. I'm thinking twice about going out and buying that new house, getting rid of my three or 4% mortgage for, you know, nearly almost a 7% mortgage. I still know where things are going. People are confused. I couldn't agree more. Yes, we hear it here too, you know, and it's, things have been good for a long time. People have been comfortable for a long time. People don't like to feel uncomfortable. And I think that's really where, at least near term, you're starting to see. Okay. All right. Now, what are the contributing factors? Why is the consumer so gloomy about all this? So we'll cover that when we come back, and then wrap it up with some implications of why this is going on, why the consumer, again, is not feeling so good about things. So wrap it up with Kristen Snow right now, traffic center. Hello, Kristen. Welcome back to the John Sanchez Show on News Talk 780K, which we get a couple of little housekeeping items out of the way first. First of all, this is a great time, folks, especially this weekend with the way the weather is, etc. Go back and listen to our podcast of what's happened throughout the week. That is a great way on a Saturday morning sitting there having your cup of coffee to kind of figure out what's going on and what we've talked about throughout the week. So remember, you can pick up our podcast, any of your favorite podcast distributors, iTunes is the favorite. And secondly, Jason and I had a discussion this week. And I want to throw this out there. We want to help you. Okay. That's why we do this each and every day, right? We don't. We're not doing it. We talk to each other all day long. We're not doing this to hear each other talk. We know each other's opinions and philosophies. We are here to help you. That's why God put us in this profession. So what we're going to do for you is this, the five people that get ahold of us in our office, 775-800-1801, use go to our website, Sanchez-Gont-G-A-U-N-T dot com. You can also go to make this happen there. You set an appointment. We are going to give you a free account review, right? We don't do this very often, but we feel that all of you need help right now, especially if you are self-managing. Jason, I got to give you a very, very quick story. I was starting to tell this to you. And this is what goes on out there, folks. And this is why we want to help all of you. Starting to give Jason this very quick story. My father and stepmom, because my mom passed away a few years ago, pretty, pretty good size account they have. And they have it with another financial advisor in the Bay Area. On purpose, because I was going to say that. They want me to manage it. And Jason, I'm like, "Nope, nope, nope. We don't manage family's money. We've been doing this too long." Anyways, they called me last week and said, "Hey, my advisor's not being proactive with me. We're nervous in the market. And what should we do?" I said, "How much cash you on?" Sitting on. Well, let's just say in a very large account, $8,000 sitting in cash. That was it. I went, "Oh, my God. You guys are in your 80s and 90s and you're selling $8,000 worth of cash. They've had this broker for years." I said, "Okay, raise 20% cash." I said, "But be very specific. It was a trust account. Be very specific with this advisor. Tell them you have some embedded capital gains, about $175,000. You've got some gains, but only $175,000 out of over a million-dollar account. I'll just say that. And lo and behold, they called me last night, Jason. I'm sitting on the couch having dinner about seven o'clock. And they called me and they go, "We just got an email from the broker who said he just generated $45,000 of capital gains for us." I literally almost dumped the plate of food off my lap. I said, "He did what?" I said, "You only have an account of $775,000 of gains." And he decided to sell one mutual fund, which shouldn't be owned in a taxable account. Jason, he sold one mutual fund that had a $45,000 gain. He had all these other positions that had like a couple hundred-dollar gains, some muni bonds, some short-term treasury bonds, etc., that had virtually no gain. But this idiot decides to sell the thing that's going to cost my father $10,000 of capital gains. So guess what I'm doing tomorrow? We're having a little three-way call tomorrow. Yeah. Myself, my father, my stepmom. I guess you should manage your family's money so you don't have to have headaches later to take them out. Yeah. But that's what's going on, folks. There's a lot of craziness going on. And again, Jason and I, we'd love to sit down with you. So you give us a call at the office, 775-800-1801. Our staff's already gone home, so just leave the voicemail or go to our website. It's info@sanchesgon.com. And the staff will get back with you on Monday, and the first five will get you right in and start talking to you. Last time you did this, we were very busy. Yes, yes. I know. You're very kind. Well, you know, like I told you, this is something we have to do right now. We have to do it right now. And I wanted to congratulate you. I was just looking at our podcast stats. Yeah. I want you to be real careful about what you say about Russia. We've got three listeners in Russia. Oh boy. Well, they don't understand what I'm saying. So don't speak Russian. Don't be surprised. Vietnam, 9, so on and so forth. But yeah, we really appreciate you spending the word about our podcast. Anyways, you got the gist of the consumer confidence number. It's weak. Doesn't mean it can't change. Just another indicator that we all have to watch. Jason, I hope you get some great rest this week in my friend. All right, you too. We'll have some fun next week. Absolutely. You bet we will. Always plenty to talk about. All right, folks. God bless you. Thanks for letting us be a part of your life this week. We hope we made it a little bit easier and we got you through it. Take care. We'll see you on Monday on the John Sanchez Show. This program was sponsored by Sanchez Gaunt Capital Management LLC. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting john@sanchezgaunt.com or 775 800 1 801. John Sanchez offers securities and advisory services through independent financial group LLC, a registered broker, dealer, and investment advisor. Remember, FINRA SIPC securities offered only in states John Sanchez is registered in. Sanchez Gaunt Capital Management LLC, an independent financial group LLC, are unaffiliated entities.