The Jon Sanchez Show

11/08-What a record setting week!

It has been an incredible week for investors. As of this morning, the Dow Jones Industrial Average went over 44,000 the first time in history, while the Dow, the Nasdaq and the S&P 500 all trade at record levels. Now that the election is behind us, we again, must ask ourselves “what is the market telling us”? We’ll answer that question and many more,

Duration:: 34m
Broadcast on:: 09 Nov 2024
Audio Format:: other

At Sprouts Farmers Market, we're all about fresh, healthy, and delicious. Step into our bulk department to scoop up as much as you like from hundreds of bins filled with wholesome grains and limited-time goodies. Visit your neighborhood Sprouts Farmers Market today where flavor fills every scoop. Good Friday afternoon to you and welcome to the John Sanchez Show on Newstalk 780KOA. It's a pleasure to be with you. A pleasure to be with my co-host Jason Gont, sent his wealth management and it's a pleasure that it's Friday, TGIF. What a ride it has been, my friend. What a ride it has been. Amen. Those fires are, they're blowing up here already. Which ones? You would mention fires and things down on down south, southern California. Yeah. I mean, the smoke is here. Oh, you're getting the smoke there? Yeah. Yeah. And put that out, please. Yes. The fires are pretty much out. So, yeah. Okay, good. Thanks. You're welcome. You're welcome. Asking and shall receive. Yes. Yes. Yeah. My friends were able to get back into their houses. But, yeah, a lot of devastation. There's a hundred and saw this one, 132 houses lost in Camarillo and I think 88 structures damage. It was a fast-moving bad one, my friend. Oh, there's a treasure with everybody there. Hmm. My goodness. Yours were with us this week, Jason. We got the president that we wanted. We got the senate that we wanted, still waiting to find out of the house. We got a fed interest rate cut that we wanted and we set record levels. I mean, you know, the old days when you and I were young, this is the time that brokers go out and have some, you know, very serious cocktails in the afternoon to celebrate a week like that. But you and I are too old to do that anymore. So, you and I are just gonna sit here and high-five each other and be in really good moods. How about that? I am never too old to have a drink. That is a fact. Never will be. Never yet. No way. There you go. There you go. My doctor tells me that needs to go, then I need to go. I like that. That's a good attitude. I like that. Thank you. Well, I guess there could be one more thing that we could be smiling about. That is, if we were a bond trader, we'd have Monday off for Monday, but, you know, equity guys, we got to continue working as always. Don't give me a starter. That's always been a complaint of mine. I know. It is crazy. Definitely. Well, folks, let me tell you what we have lined up for you this afternoon. As you can tell, we are in very, very good moods, and you should be also. Hopefully, a lot of you made a whole bunch of money this week. You know, it's been an incredible week for you as an investor. As of this morning, the Dow Jones Industrial Average went briefly above the 44,000 mark, the first time ever in history. Again, to give you a perspective when I got started in the business, it was about 2,200 on the Dow. What was it when you started? Do you remember? I definitely remember the Dow of 10,000 hats, so probably in the 8s, 7, 8s. Yeah. Yeah. Yeah. I can go look. I mean, I started on the trading desk at MFS would be right around 2,000, because I started there in '98. It was probably pretty low. 2,000. Yeah. But before the crash or after? Which crash? 2,000? Yeah, the .com bubble burst. It's a dream. Oh, boy. Oh, boy. Yeah. I remember a lot of that. I did. So they didn't get beaten up nearly as bad, but it was, yeah, I started, because I started there in 1998 in the service center and was on the desk 18 months later. So, yeah. It was right around 2,000. Man, they saw that tail on me right away. They did. I got lucky. Yeah. One of those didn't know a soul. I just got lucky. Yeah. I don't think it was lucky. I don't think it was luck. They saw the brains there. Well, Dow. All right. So, Dow of 44,000 briefly today. Didn't close there. Came dog gone close. But, hey, we can now say Dow of 44,000. Okay. That's one factor. Second factor. We did close in record territory for the second day in a row on the three major averages. The Dow. The NASDAQ. The S&P 500. There's another set of incredible things happening this week. But now it's all behind us, right? The bell rang a couple hours ago, and now what do we do? Our job is to begin focusing on next week, and that's what we're going to be doing for you. Now that the week is over, now that the election is over, we must ask ourselves the ever so important question that Jason and I try to ask and answer each and every Friday for you to give you some things to think about as the weekend is upon us. And that is, what is this market telling us? So, we're going to answer that question for you. And the list is very, very long. Like we warned you coming into the election, and we're going to tell you again, the world has changed, meaning the market world has changed. Things are completely, I shouldn't say completely different, but there's a lot of things that are different. Some things are the same. It's completely different. And again, we won't, we won't mince any words. We're going to tell you where we think things are going now that we know who our next president is going to be. The new tax policies, new tax implications, I mean, you name it, it's coming our way as far as changes, and again, I don't know about you, Jason, but you know, of course I have probably 99% of my friends are Republican, so this is a little bit of a biased comment, but every one of them, business owners, et cetera, are just, they're giddy. They're just giddy and so excited about the future. So I hope the president, future president, doesn't let us down. I don't think he will. I think he's going to bring in, and I heard this thing a lot this week. I'm sure you did too. He's not going to make the same mistakes that he made in his first term, meaning he came into office. Remember this? He came into office. Remember how many people in his cabinet he fired within? It seemed like months. Maybe it was the first year, but it seemed like it was months brought people in like Scaramucci fired him what a day later. Did you see him on CNBC today? I didn't see him today, but I know he's not a fan anymore for sure. He got into it with Joe Kernan, just bad because, you know, he was so, he switched. He jumped parties, wanted to get behind Kamala Harris and, you know, he was just on CNBC. I think the day of the election just, you know, ranting and raving about how great she is and what a piece of, you know, what Trump is because, again, Trump fired him. Yeah, he was on the job for, I think it was 24 hours and got fired and like Joe Kernan said, he goes, you know what, you have a lot to be thankful to this man about because look, you're on national TV, you got 37 million people watching you right now. Your business has been built on this, you know, the short period of time that you spent in the Trump administration, but yet you jumped parties and now you're eating crow, you know, you got to see it go back to the video this morning. It was great. I mean, they just got into it. So, you know, so you have a lot of people like that, right? But I don't think the Trump administration is going to make the same mistakes like they did. Again, they're going to bring in the right people. They got a lot of very smart people lined up and I think they're going to hit the ground running this time, Jason, instead of kind of, you know, hit the ground tripping as they did, you know, for the first couple of years of the administration. I mean, anybody, of course, any of us that would ever, you know, take that job on. It's a massive learning curve, but hey, we've got a veteran coming back in there now, veteran as far as a past president. Yeah. And I think, again, the key is the fact that it went swiftly and there's, you know, no concern around recounts and this, that and the other thing. I think that's the part that I keep saying how excited I am because, you know, my disdain for politicians just in general. So, you know, but the fact that it's quick and painless and we can now start to, you know, worry about something else sooner is the key. And, you know, like we said, the strength of the market on the back of, you know, we don't have to worry about tax changes into next year that certainly would have caused selling into the beginning of the year. You know, we hopefully have a much more business-friendly environment, right? You know, we'll worry about the debt situation that we had to worry about, regardless of who won. Kick down the road. Right, exactly. So, you know, you've certainly seen a reaction on the international side, right, under a ton of pressure across Europe, Asia, so on and so forth. So, the market pundits are clearly casting their die in the fact of, you know, moving away from some of the tariff-exposed, really darn near looks on my screen about every country, apparently, as tariff-exposed, given the weakness across China and Mexico and Latam in general. So, you know, it would be interesting to see, right? I know that Trump had talked before about a weaker dollar policy, yet the tariffs, etc. tend to, you know, at least early move seem more inflationary and/or vis-a-vis higher interest rates, which doesn't go hand-in-hand with a weaker dollar policy. I mean, so if they can figure out the weaker dollar policy, and also tariffs, the kudos, right? That's something that we'd all like to see, because it would make our goods and services more palatable to overseas buyers. But it's going to be an interesting first year, for sure. Just a moment. I wonder where they attack first. Is it domestic, you know, the border issue? Is it tariffs? Is it what? I think it's going to be a combination. He tends to do a combination. He throws it all up in the air, and it's like, let's just go after all of them. I kind of liken him to, you know, when we're out there with the shotguns, and we're, you know, shooting clay, right? You fire a shotgun, and of course it just spreads everywhere, and that's kind of what he does. He takes the shotgun approach and says, "Okay, each one of those pieces of the bullet are going to go. It's one to tariffs, one to taxes, one to, you know, who knows what, right? I mean, the pellets are just flying everywhere, and I think that's exactly what he'll do. I can't see him just focusing on when he didn't do that in the past. But it'd be kind of nice, you know, make our jobs a lot easier, but I don't think we can be that lucky. I think it's going to be a whole bunch of things thrown at us all at once. I really do. Yeah. You know who got rich? Sorry not to cut your, you know, you know who got rich this week? He did. Him and Elon. Him and Elon, you're right. Talk about the two biggest winners. Yes, we all got to participate in the party through our 401Ks, but I mean, Elon made a gazillion dollars off of the Tesla move, and he made a decent move off of his Trump stock as well. Yeah. So, yep. Yep. Exactly. So let's kind of start off this discussion as we begin to get into what this week was all about and what the market is telling us, and I'm going to throw the first question at you, and then you throw it right back at me, and that is, what was your one biggest takeaway? I know that's a broad-based term takeaway, but what was your one biggest takeaway of this week's action? Actually, you know what? Why don't you hold that? Because I know it's going to take a while for you to answer that. The way your brain works, you can get a lot of good answers there. Hold that. Let's go to Kristin Snow, and then we'll come back and answer those questions. Hello, Kristin Snow in the Right Now Traffic Center. How are you, my dear? Welcome back to the John Sanchez Show on this talk, 780K OH with Jason Gont. Happy Friday to all of you. All right. Here's how we finished. As I said earlier, we did touch 44,000 on the Dow intraday. It didn't close there, but dog gone close, but it was a record finish for the Dow, the NASDAQ and the SMB. Here we go. 260 point gain on the Dow, 0.59%, closing at 43,988. NASDAQ rose 17 points at a close of 19,286, S&P up 22.38%, finishing at $5,995. On the oil front, we lost 2.8%, 70, 38 a barrel, gold, fairly quiet today. Down about what I have here, Jason, I can't read my name to him. I have 11 bucks. Is that right? Yeah, roughly. Yeah. 2006, 94, 80, and the tenure treasury down four basis points to a close of 431 on the yield. And five basis points for the week. Boy, it seems like it was a lot more movement than just down five basis points. But let's go back to the question as we move our way through the show of what is this market telling us right now? Again, we had so many things thrown at us. What was your biggest takeaway of this week? I would say the biggest takeaway is how easy it was, right, that you had an election that went through as probably as cleanly as it possibly could have, right, that you didn't have a bunch of back and forth as far as all the fear and angst that was priced in to the election. It was going to be drawn out and it was going to be contest. And it just went smooth, right, and the fact that you had a senate that's done and by and large, the house is close to at least the finish line and the market's just methodically marched higher. As we talked about last week and the week before, I think regardless of who won, if it was going to be as quickly as it was, you would see the markets go up. But obviously, I think a clean sweep and a more business friendly, tax friendly environment is the reason the market just really took off and just kept its bid all week. As I talked to you offline yesterday, the mechanical unwind of options and volatility unwind is done. So now it is more of what's going to pick up and carry us over the next couple of weeks. Is it more excitement around certain sectors? Is it earnings? Right? Earnings have been good, but not great. And so it's just, you know, the S&P is certainly on the expense of our end right now making that a word. And we need a new catalyst, unfortunately, into year end. I still think we're higher than here. But I think near term, what's going to propel us meaningfully higher over the next couple weeks, sort of interested to find out. Well, I think that's my biggest takeaway is I'm nervous, right? And that is, it was too easy. I love that analogy. It was too easy, which makes me nervous. It makes me nervous that, you know, hour after hour, we're setting historical levels of the market and then we close at a historical level of the market. And you have to ask yourself, what's going to keep this market up, right? We talk, as you were just mentioning, there were so many catalysts that turned out to all be positive catalysts that can have very well been negative, but a lot of positive catalysts. But how much is too much, right, meaning how much is too much as far as the bidding up this market, is it really appropriate for the likes of a sales force today to gain, you know, eleven dollars and eleven cents, three and a half percent plus, you know, Goldman Sachs, United Health, I mean, some of these big movers that have been, you know, just moving dramatically, you know, yesterday, as well as today, you know what I mean? It's like that that part makes me really nervous. It's like you and I have both seen this before, where you know, there you go. That's a great term. Very euphoria. You'll wake up and the euphoria is gone. And remember, folks, we've used this analogy a million times Wall Street is like a bunch of kids on Christmas morning, right? Did they get what they wanted? Yeah. But do they want more? Yeah. So I could drug addict, the IV, the drugs in the vein. But okay. I need a little bit more. I need a little bit more. And when they don't get it, and I think that's to your point, what's going to be that next drug going in the vein to propel them higher and higher and higher? I mean, it can't keep going on forever. I wish it would, but it can't. So when is that that jingle block going to going to pull out and things are going to come back down? And typically, that's what will happen. It'll pull back down. We'll go through, oh, she's, I mean, three to five percent correction would be nothing in this market. And I think it's very probable that that happens over the near term. And then we run into the rest of the year. So that's probably my takeaway. I'm going to use you piggyback on you saying, yeah, it was too easy, but yeah, my biggest takeaway personally and professionally is it makes me very nervous as this keeps going day after day because it suckers everybody and it's like a big vacuum. And then all of a sudden, you left holding the cards. Yeah. And to see names like, you know, Palantir going up like it is and Nvidia moving like this. And again, great stories, et cetera. But, you know, a lot of people right now fancy themselves stock pickers, right? And that usually ends up being a sort of overbought, you know, topping type thing like, oh, I bought this and it's up 30% and I bought that and it's up 20% and I'm like, oh no, right, exactly, right? I'm super, super good. And that unfortunately tends to be go look at those charts that, you know, sort of euphoria phase. And that's what it feels like doesn't mean that it's the all time top and we're going down 50% from here. But you know, these are, we talk about this all the time on the show is psychologically time stamp how you feel, you know, historically when you feel this, unfortunately, you know, it doesn't last long, right? It's always, oh, yeah, you know, I mean, you did myself, right? I mean, it's nice to feel see, you know, clients achieving goals, seeing portfolios grow like, you know, and unfortunately, the pessimist in me that oftentimes gets to be the one who talks is always like, you know, that doesn't last very long, you know, your natural state is not happy. So something's wrong here, but who knows, you know, it's, right, darn it, right? Something's wrong. Right. About to stop. But you have become more optimistic of reason for some of these reasons. Yeah. For some of these reasons, you had an enough catalyst and that's good. Yeah, I mean, and it's, you know, I mean, I think coming into this year and some of the, you know, all the tailwinds of demographics, the fact that the election at some point will cause a change of some kind. You know, you've had those tailwinds that, you know, the market was due to continue to move, but, you know, as you get into, you know, at the end of this year and then clearly into next, what is tax loss or tax gain selling look like into the first half of next year? I mean, most people aren't, you know, odds are not going to, you know, go out in a rush and sell a bunch of things at the end of this year in order to realize a bunch of capital gains, right? They're probably going to wait until early next year and that's why I keep the capital gains, right? And then they could be. Right. Exactly. Legal concern was Harris winning and people then really going out and selling gains in order to lock in a known regime for an unknown regime. And that would have caused some potential, you know, feed on selling and that goes away now, right? So there are pockets of the market. Look, what small caps did this week? Look, what financials, as you mentioned, did this week, those are cheaper sectors. I mean, it is a broadening. It wasn't just in video going up every day, right? There's other parts. And that's good. That is a healthy market. It's not, you know, just the fangs. I mean, we don't even think about those right now, you know, industrials are moving as much as fangs are. So that's the part that I like. I still think there's some, you know, meat on the bone, especially as, you know, we could probably see a more business-friendly environment. But once you start, maybe put this in your, in the back of your mind, as soon as we start to see IPOs and company, more companies are out there, you know, selling, getting out in there and drawing liquidity away from the fixed amount of stocks you get to invest in. Now, that may be the catalyst that starts to, you know, pull some of the gusto out of the rest of the market. It'll take a little time, but you're going to start hearing more about it given that, you know, this, this administration's going to be a lot more business-friendly around M&A than the last one was. Absolutely. All right. Well, continue. That's a, this is a great discussion. I want to continue when we come back, but I just want to give everybody a couple quick reminders. All right. That's a great discussion. All right. That's a great discussion. All right. That's a great discussion. Thank you. All right. That's a great discussion. Thank you. All right. All right. Thank you. All right. Thank you. All right. All right. Thank you. All right. Thank you. All right. All right. Thank you. Thank you. All right. Thank you. All right. we're discussing on this Friday afternoon in this record setting week and what a record setting week it was. Don't forget to pick up our podcast to get all the details. Your favorite podcast distributor in the meantime, my favorite person to give us the news, the weather, the traffic. Mr. Greg Kniff. Greg, how are you? Thank you. Welcome back to the John Sanchez Show on his talk 780 KOH, which with Jason got once again, we finished on record territory for the Dow the NASDAQ and the S&P 500 Dow rose 260 S&P gained 22 in the NASDAQ rising 17. All right, we're talking about what is this market telling us now? Lots of great things happen this week and again, we're going to reshape the future from an investor standpoint slash a Wall Street standpoint. Now, I threw the question to Jason and I somewhat answered and that was, you know, what was your biggest takeaway from this week? And I'm going to just, I'm going to add a, you know, a point, you know, 1A to my answer, Jason. And that is, I think I was thinking about this during the break. One of my biggest takeaways of this week was how the country flipped as far as different demographics that voted for Trump this time that didn't in the past, also that were hands down, you know, by the pollsters and all the pundits out there guaranteed a vote for Harris that didn't. I'm talking about the blacks, the Hispanics, the, you know, the, the, the men, not a lot of women, not a lot of many women. So I, that was to be expected. But, but I thought it was very interesting that the one that got me the most was the Hispanic vote that was so strong for him because I don't know if, you know, most of you are aware, we all know that he has talked about, you know, I hate to use this term, believe me, because I got to see it into my name, but, you know, almost doing a roundup when he's, you know, first, first couple months in office of, you know, illegal immigrants. And he, he did go out, you know, we knew this was a campaign, I'll call it a campaign promise that he made, but just the, just the other day on, on television, he did indicate that, you know, he is going to do the largest deportation ever in American history. You know, he said that on the campaign trail and then he reaffirmed that just yesterday on a interview on NBC and saying he had no choice. That's a quote, no choice, but to honor his commitment and it's not a question of a price tag. He can order the deportation program on his own authority. So that I thought was very ironic, Jason. And, you know, you and I have a chance, I'll fair to talk about that. But I thought that was ironic that he garnered so much of the Spanish vote or Hispanic vote with that threat that's looming out there. So yeah, I mean, you know, I was very much of the opinion that, you know, when it comes down to a people vote with their wallet and they vote out of fear, right? Wallet and fear. And, you know, I think most elections, it just depends which way the wind is blowing, right? That ultimately the Republicans were wise to, you know, have the focus items of, you know, immigration and inflation, right? They're like, we're going to take those two. And those are the biggest, probably wallet and fear topics that you could have. And it has been a bit of an, I don't want to say anomaly, you know, they're, it's confusing. I have some theories, but it's confusing to the amount of, we'll call it, un, unallowed immigration that's taken place from the north and the south, right? There's all the theories of adds voters. I'm like, nah, I'm sure, but I don't think it's that. Is it, you know, is it a way to get lower cost workers, you know, to lower inflation, right? Without having to upset your constituencies of California, et cetera, where minimum wages were raised. Like there's a lot of who knows that go on. I'm sure our listeners have a myriad of theories, but I would say, you know, that's really what this election came down to. The, the Democrats didn't have as many, you know, the, the things of equality, abortion, those types of things just aren't as much of a lightning rod in this particular election. And that could be part of why, you know, the demographics didn't shape out the way you would think merely because it wasn't about black, white, Mexican, you know, African, you know, it was what things were important to every person when it came down to the ultimate decision. And it, you know, those were clearly the, the, the things that I think tilted the election in his favor. I would think, I 100% agree. I would think also the big takeaway of this election was this was an election where to use your term, which is so very well known, you know, people vote with their pocketbook, that this was an election that, that people really did vote with their pocketbook. And because, you know, to your point, no matter what color, no matter what race, no matter what demographic you are from, everybody from the rich down to the poorest of the poor felt the impacts of inflation and higher costs across the board with everything and so on and so forth and the lack of wage growth, et cetera. I mean, I know the numbers look good, but not nearly what, you know, perceived and a person's mind going, yeah, okay, great. Maybe, you know, it's our wage growth this year, 4%, our average hourly earnings, 4%. Okay, great. You know, my cheeseburger McDonald's shot up 15%. So, you know, where am I there? So, so I think, you know, that was my biggest takeaway from the election was this was one that, that again, no matter what race or color that you are, you voted because of your wallet and we haven't seen that in quite some time. We've had obviously very challenging economic times. I can, you know, first time Obama got in, you know, shoot the market plummeted, you know, five percent, you know, the day after he got the nominee or got the vote and but we were in the middle of a financial crisis at that point. So, it's interesting to see and I hope the Republicans, you know, I hope we take away from this and realize how important the economy is going into an election and again, because I don't think this trend is going to go anywhere. I hear it like from my kids, all, you know, young adults, I hear it from them. Yes, they're all raised, you know, diehard Republicans, but at the same time, they're all very concerned about their ability to buy a home or to raise a family and, you know, all the things that we talk about. And this was a chance for people to go, I'm done with that last regime, right? I've gone through hell for the last four years. So, now's my chance to make a change. And I think that's what really happened because we saw a lot of younger people voting on the Republican side that the Democrats didn't think was going to happen because of their pocketbook. Yeah, and that will continue to be the case. Yeah, I agree. I agree. And I was surprised too that the younger vote was so strong on the Republican side. And I think Biden's price scratching his head going, look at how many billions of dollars did he forgive in student loans, right? And we know that was a vote getter. Yeah. Yeah. Yeah. And a campaign promise, right? Like, I mean, not this right, like kind of like Obamacare, right, where it was like talked about in so much that, but mean, that happened in like the feel like the last half of his, you know what I mean, his administration, when they tried to get all that stuff done, merely because it's like the biggest campaign promising for him. Certainly student loans was was one of them. You know, and unfortunately, it was just met with unfortunate for them. It was met with already a regime viewed as, you know, standing on a street corner throwing money to people, right? I mean, like it didn't, it didn't, it doesn't certainly doesn't resonate. Well, I think with even their own party at that point, like, what the heck are you doing? Like it doesn't, it's, you know, it makes no sense. So let's let's tie this back into the market side of things. So I think we both agreed this market is on a sugar high right now. Obviously, it's very, it should be compared, you know, because of what happened, everything I'm talking about. But we all know sugar highs begin to go by the wayside. And I think when we start hearing more from the Trump administration, and I imagine we will well before, you know, the January the 20th, when he sworn in, as far as his policies and so on, so forth. And, you know, who he's going to fill for the various positions. I think that's when you could start to see investors get a little, a little bit nervous. Now, I came across a very interesting article just during the last break that I wanted to share with everybody. And this is from our friends over at Bloomberg. This article talks about what they, what everybody's anticipating him to do, literally within the first couple months of his presidency. But the one that caught me the most was obviously the financial side of things. And folks, if you can imagine three columns here, executive action alone, congressional legislation required and likely court challenge. I'm going to tell you this, tariffs, Fed policy, deporting undocumented immigrants, deregulation, those all can be done under executive action alone. Okay, the only one that has needs congressional approval what I just mentioned is under Fed policy and act more presidential control over rates. That requires congressional legislation. We all heard what Powell said yesterday, I played you the audio clip. That was great, wasn't it? No, he's not going anywhere. Trump can't fire him so we can get rid of that nonsense. But, but when it comes down to taxes, extend the 27 cuts, lower the corporate rate from 21 to 15% and eliminate federal income tax, those all require congressional approval. So again, we can talk about it to a blue in the face that he wants to do. But this is why again, the makeup of what this house final outcome is going to be so very important. We all know, of course, if the Republicans dominate and win the house, now we've got the House, the Senate, the presidency, you know, the 27 cuts are going to be extended. The corporate tax rate is going to be lowered and the eliminate federal income tax. Well, I don't think that one's ever going to go by the wayside, but we know a lot's going to be done there. But if it's a split Congress, those may be a little bit of a challenge. Who knows? But there's a lot of things, the biggest takeaway I want to mention, there's a lot of things that the president alone can do 20% tariff on all imports, 60% tariff on Chinese imports, 200% tariffs on imported vehicles from Mexico, on and on and on. So this is what I'm saying, enjoy it right now. We're all going to enjoy it, but let's not get over our skis. As Jason likes to say, let's not get over the tip of our skis, get all exuberant, make stupid decisions with our money, because, you know, there's going to be bumps. There is going to be bumps. And the question is, when will they start? Let's wrap it up with Kristen Snow in the right now traffic center. Kristen, welcome back to the John Sanchez show on this talk, 780 KOH. All right, we've been trying to answer for you. What is this market telling us going forward? So Jason, we got a couple of minutes. Let's begin to wrap this up and give our advice on this. You know, I think folks probably the, I'll get the ball rolling, probably the biggest thing that we need to look at again, it's a brand new investing world right now. Now that we know who the president's going to be new policies is all the different things that we've discussed this afternoon. This is the time, this is the time as we said before the election. And let's remind you again, this is the time you blow the dust off of the the brokerage statements, you blow the dust off the estate plan, you blow the dust off of all the important things in your life from a financial standpoint and say, am I positioned in the right place, right? Is this the time that you want an extremely diversified portfolio? Probably because there's going to be a lot of areas that you may not have thought of, like small caps that have, you know, they've done well, but not nearly as well as other areas of the market. Maybe you want to add some of those, you want to add some of the new tech names out there, whatever the case is that's appropriate for your risk tolerance, your goals, et cetera. This is the time to do a little refresher. And again, take a look at what you think is going to be the best areas going forward. We've gone over that list many times, so pick up our podcast and you can listen to that where we think this market can go, you know, going forward. But, you know, the other thing too is things are going to change, right? This first time that we get something negative out of the Trump administration, things are going to be able to change. So you've got to be very, very flexible right now. And I think we're going to start to now think about this stuff, right? Next week, we've got CPI on Wednesday. We're going to start thinking about inflation. We're going to start thinking about what the Fed's going to do next. Remember the elections in your rear view mirror now, folks, right? It's starting to go back to all the items we were focused on before. Unfortunately, we're about CPI on Wednesday, PPI on Thursday, retail sales on Friday. How healthy is this economy, right? Is the market going up because of regime change, because of happiness that the concerns of a contested election are out of the way? How persistent is inflation? We see an inflationary CPI or PPI number next week. It could cause rates to spike again, and the market starts to freak out, right? So those are things that it's time to start Karen. I think the market's going to certainly be looking out for that next week to see if we can keep going higher or hit that bump that we were talking about a little bit earlier. Exactly, exactly. Great summary, my friend. All right. It is time. We did it. Time for that drink. Soda, whatever. Exactly, a little ice tea, a little ice tea. Absolutely water. All right, my friend, you have a great weekend. Thanks, everybody. We appreciate you being with us. And don't forget, we got our webinar coming up next week. We'll check out our website, Sanchez wealth management.com upcoming events. We'll be ready to go with you next Wednesday. Have a great week. We'll see you. This program was sponsored by Sanchez wealth management. 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@sancheswealthmanagement.com or 775-800-1801. 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 wealth management LLC and independent financial group LLC are unaffiliated entities. 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