DOW TURNS POSITIVE NASDAQ CONTINUES TO DROP(06/09) Stock Market Analysis

[00:00:00] Speaker 1: blue cloud trading through the night [00:00:04] Scott Wapner: Carl, thank you very much. Welcome to the Halftime Report. I'm Scott Wapner at One Market in San Francisco where the tech trade is front and center this hour. Can the space rebound from this ongoing sell-off? We'll ask the Investment Committee joining me for the hour today, Josh Brown, Joe Terranova, Malcolm Etheridge, and Jim Labenthal. We'll show you the markets here. We're pretty much at the lows of the day. Tech trade is really leading us to the downside here. NASDAQ's off by near 600 points now, two and a third percent, but you do have some selling in other parts of the market. But as Mike Santoli was just talking a few moments ago, more stocks up than down at the New York Stock Exchange. That's notable. Josh, as we look at what this market is doing, I get that all eyes are on the tech trade, but as Mike said a few moments ago, this is what a rotation looks like. This is what a rotation feels like. It's not always pretty. And the S&P is being impacted more than anything else by the pullback in these tech names. [00:01:11] Josh Brown: Yeah. So I think this is a larger problem for people who have these sort of one-dimensional portfolios where they think they're diversified because they own Dell, Sienna, Cisco, Corning, and Microsoft. And really what they've done is they've doubled, tripled and quadrupled down on the AI CapEx theme. And then they say, well, wait a minute, one's a computer company, one's communications, one's a utility, blah, blah. No, it's a one-dimensional theme that you've been invested in. And by the way, it's the highest momentum area in the market. And that feels great when the tape is grinding higher at half a point every day. But that's not today. I think Friday was a really good wake-up call. I think a lot of people took a look and said, all right, I'm up huge, but maybe I should have something else going on in my portfolio. Guys, do me a favor. Bring up the Halo ETF, L-O-H-A. Scott, it's green today. It doesn't own any of that. Here are the top contributors in Halo. Ralph Lauren, Home Depot, Clorox, Masco, Lowe's, Colgate. These are all up. Coca-Cola Consolidated, Bottling, Cignette Jewelers. Every one of these stocks is up 3% today. Today, one day. Why? There's no fundamental, there's nothing specific about those companies. It's just recognition, what Santoli was saying just now, the torque of these rotations. Well, if you start out from a position of diversification and you don't have an entire portfolio betting on AI CapEx becoming more and more ludicrous into the future, today's not that bad of a day. But you are being sort of tricked by what the S&P and the NASDAQ are doing and thinking that's representative of a stock portfolio. [00:03:07] Scott Wapner: And it's not necessarily for most investors. Malcolm, you reap the rewards on the way up in a highly concentrated market. I think investors clearly, you know, experience that. If they were mostly geared towards the AI trade, if they were at the higher market cap stocks, then obviously, they reap the rewards of a one-dimensional market. Today, though, you feel the pain on the other side of that. As we said, the way that a lot of these stocks went up is potentially the way that a lot of them are going to come down. Now, you know, Micron, there's a great chart to show you the huge ramp up. Who knows what the stock ends up retracing in terms of that run up? But obviously, yesterday was a weak bounce because the stock's giving right back 7% along with many of these other chip names like the AMDs, which Joe was talking about, which is down 7%. Intel is now down 7%. Many of the names in that orbit [00:04:11] Malcolm Etheridge: are following suit. And I think it's safe to say that a lot of the bets that were being placed in the last few weeks have been somewhat speculative. Even if there is some there there in names like Intel and Micron and others, I think that Josh and Joe made a point that I hope they're both right about in the sense that folks are finally picking up and being willing to take some profits here and redeploy those dollars into other sectors and other cap weightings that might have been unloved up to this point. I'm not completely sure that it's that straightforward. I think we might actually be seeing people trying to line themselves up to get ready for the IPO. But I do think that maybe it's possible that folks are heating what I've been saying for a few weeks now that in some of these more speculative names, especially a Micron, I'll pick on them since you brought them up, that has doubled their market cap within about two months. It's time to be realistic and say this whole thing can't go on forever. We've been unwilling to acknowledge that this does look a lot like the late 90s. We've been trying to bend over backwards and find ways to say, no, maybe we're more like 96, 97. I strongly disagree. We're talking about last year in 2025, just to give you an example, IPOs raised about $43 billion in combined capital. In 2026, we're talking about three names raising somewhere around $200 billion. Where does that capital come from if it doesn't sell out of a lot of these more speculative names, including Bitcoin? And I think that's probably got to be infused somewhere, even if there is a rotation going out of the AI trade and more to more quality names or more calm [00:05:49] Scott Wapner: names that have been unloved through this year. Maybe so, Jim, that some of what you're seeing is undoubtedly due to positioning around the SpaceX IPO, just prepping portfolios to be able to buy that name on Friday when it opens for trading. And maybe the retail cohort has been leading a lot of that both on the way up and then on the way down. I feel like we need to address Apple because it's a significant mover. You own the stock. You were with us yesterday. It's moved sharply lower now. You know, they unveiled this, you know, Siri AI. They got the app. And there was a lot of enthusiasm, I think, in the lead up yesterday. But it sounds like, or at least it looks like, the market is going to ask some serious questions about what this really means for their AI future, whether they proved anything yesterday or it all remains to be seen. [00:06:49] Speaker 1: Well, it probably does remain to be seen, Scott. I think they have defined what their strategy is, which is to not do a lot of CapEx, to partner with Gemini, with Google Alphabet, to use their technology. And that's a defined strategy. It has some advantages to it in terms of cost. But as you just said, I think we're going to have to wait and see whether the new models, the new Siri is attractive enough in the holiday season coming up. I think the tension here has always been, and we addressed this yesterday, the valuation versus the fact that it's Apple and it has the iPhone and it has the services. And today and yesterday, that tension is breaking towards the idea that maybe it's a little overvalued as we're looking right now at 32 times forward earnings. And it's also maybe emblematic of the NASDAQ writ large, not that there is something catastrophically wrong with Apple or the NASDAQ, but that all of these stocks needed to pause. They needed a consolidation, which is what I think this is. I don't think it's something worse. The profit growth at all of these companies, the economic growth in the United States, it's just too strong to say that there's something worse than a consolidation going on. In an effort to be helpful to our viewers, I want to say that I'd be looking more to buy in the coming days. I think it's probably a little too late to sell unless you're saying to yourself that you think you can perfectly time a 5% move to the downside that may yet come in the NASDAQ. To me, that's being way too cute. If you've trimmed your positions, as all of us have said, all of us have said, trim your positions on the way up, you should have some capital with which to buy this dip in the next coming days. [00:08:27] Scott Wapner: Maybe, Josh, yesterday was in the eye of the beholder. I see what the stock's doing. Let's not forget it was at a record high, I think, even at a moment yesterday, but certainly in the prior days. Dan Ives says it was impressive, didn't disappoint. Morgan Stanley says they've illustrated clear progress on the roadmap. They raised the price target. TD Cowan says it was a step in the right direction while going a bit further, saying it came in shy of expectations. KeyBank lacking in context. Barclays struggled to see what the monetization is. UBS, investors will be underwhelmed. [00:09:03] Josh Brown: What about you? I mean, you're a shareholder. I think investors are underwhelmed in the short, I mean, this is obvious. Look at the stock price. Investors are underwhelmed in the short term, but I don't care. Henry Ford said if he would have asked his customers what they wanted, they would have said faster horses. I'm not worried about Wall Street's knee-jerk reaction to Apple technology. I think what ends up happening is Siri AI comes out in September, which is three months from now. The iPhone 18 goes on sale. The only question that really matters for the stock price, not for the consumer and whether or not they're excited. The stock price, what matters is will people want to upgrade the iPad, the watch, the AirPods, and the phones in order to take better advantage of not just Siri AI, but all of the different AI things that they announced? And I think the answer is yes. I think having an ongoing conversation throughout the course of the day with Agentix Siri asking it to complete tasks for you, having the only AI that actually is interoperable with all of the apps on your phone, because working with Agentix Siri will become a prerequisite for third-party apps to even be in the app store to begin with. I think all of these things will make it an impossible to beat combination. I'd be way more worried if I were ChatGPT than I would be if I'm an Apple shareholder because what will ultimately happen is that interoperability, having Agentix Siri working with all of the other things that you're doing with other apps on your phone, that's where the monetization part comes in. So all of these AI services that people are bankrolling with VC capital, they're building baseball teams to compete with each other, and Apple is building the stadium in which all of these teams are going to be competing. And if you don't understand that, you should probably hand over your investment dollars to somebody else to manage for you. All right, welcome back to One [00:11:08] Scott Wapner: Market. Our calls of the day begin today with the one from Wolf. They say buy healthcare. Joe, this is an interesting call, okay? They talk about what's happened with tech. They say, are you really going to put new capital to work at these levels, especially given what we saw on Friday? As for the rest of the market, nothing particularly jumps out to us as a must-own like healthcare does. What do you think of that statement? [00:11:33] Speaker 5: I agree that healthcare provides an opportunity, but it does so in a very idiosyncratic nature. There are names that we own in Jyoti like Illumina, like West Pharmaceuticals, like Merck. I think those [00:11:44] Scott Wapner: names work. Lilly, Sincora, right? Gilead, Agilent, Insight, Regeneron. [00:11:51] Speaker 5: Yep, but Scott, I would say I feel stronger about West. I feel stronger about Illumina. So we own Agilent. We own Edwards Life Sciences. The life science is a very popular theme right now, but Illumina is a little bit beyond in terms of market share and revenue growth, the two other names that we own there. So I think you have to be very stock specific here. I don't think you throw capital entirely at the sector. [00:12:17] Scott Wapner: Edgar Jenny today says buy materials, which are one of the few sectors actually in the green, was certainly better than it is now. We're barely in the green, but nonetheless says go overweight. It accounts for just 1.9% of the S&P's market cap. So an overweight is cheap to implement. Same logic, he says, they applied to their energy recommendation on April 20th. What do we make, Josh, of that call? [00:12:44] Josh Brown: Look, you've got some leaders in that group. I think what Ed is saying is that there's a lot of growth there, but you haven't had multiple expansion. You haven't had a re-rating and you haven't had these stocks being taken to egregious valuations. And maybe that happens at some point later in the cycle. But I do like the idea of pivoting and doing something different than, you know, the same thing everyone else is doing, which is trying to guess the next points up or down in micron. [00:13:13] Scott Wapner: Uber gets a buy reiterated today. Target 125, Guggenheim. Apollo, an interesting call here, Jimmy. I'm having you take this. You own the stock. Rothschild and Redburn reiterates that that stock's a buy. Obviously, we've been watching private equity, private credit-related names, anything in the alts space given what's been happening there. What do you think about this name right here? [00:13:36] Speaker 1: Well, first off, I think the market's speaking loudly on the name because it's up about 30% from the lows of back in the first quarter, whereas something like Blue Owl is kind of back on the lows. So the market does like Apollo here. But I think the space overall is still laboring under this competition between the narrative about redemptions. We saw that last week with Cliffwater and B-Cred. And on the other hand, a lot of these companies are coming out and saying, listen, the credit quality is just fine. I follow the institutional money, which is actually coming into the space, into the private vehicles. I think this is a good place to be, Apollo and private credit in general. All right, quick break. Then back to one market. [00:14:13] Scott Wapner: Josh Brown's best stocks in this market. The two names he likes and one unloved sector. We'll reveal them next. It is shaping up to be yet another brutal day for the tech trade. Take a look at the NASDAQ here. Down 700 points, almost 3%. Many of the names that got a nice bounce yesterday, especially in the semi-space, have rolled right back over. So we'll keep our eye, certainly on that. Want to do Josh Brown's best stocks in the market right now. Your spotlight is on real estate, which I'm not sure if you saw Krinsky's note today of BTIG, where he says REITs are ready. The worst sector of the last five years is starting to break out. You must be looking at similar things if you're highlighting a couple of names in that universe. [00:14:59] Josh Brown: So I hadn't seen Krinsky's, but I do read his stuff. He's great. He's timely. He's adorable. But Sean and I were looking at the tape on Friday and looking at green stocks and just a gut check. Like, why is this? Why is this working? Why is this green and a tape that looks like this? And we wanted to talk about real estate and we're seeing strength there, too, just coming at it from a different angle. Two of the REITs that are on the best stocks in the market list worth talking about. And the reason I love looking at the market through the prism of where is the strength, where are the best stocks, it really forces you to rethink some of the biases and the narratives that you have. So let's take Prologis, put up PLD, guys. Here's the stock that I was trading in 2021, probably talking about it on this show. Like it's the landlord of e-commerce, Amazon's landlord, like it's logistics and warehouses for e-commerce. And now you have a stock acting this way all year, this year. And you look at it, you say, I know what that is. That's e-commerce. Well, guess again, fat boy, because it's a new era and there's a new fundamental driver. And now this is the landlord to data centers. And 40% of their spending this year is going to go to data center development, both for third parties and for themselves. And now you have a stock that broke out in November, ran to 148, multi-month consolidation range below that level, breaking out again. And the stop here is very obvious. I think for traders, 138 to 140, for investors, 129. And until then, this thing is in a pristine uptrend with a lot of new people learning a new story, because whatever we thought this was years ago, it's a different company. Let's put up Simon, SPG. Once again, the typical buyer is, I don't want to own real estate. I don't like it where interest rates are or what the Fed's going to do. Quiet. SPG is earning a 4.5% yield, doesn't have a single tenant accounting for more than 5% of their revenue. Unbelievably diversified business. The stock spent the back half of 2025 doing nothing but going up. They beat it up in February during the Iran war starting. And then the buyer stepped in. Textbook. Pull this back a little bit further. Textbook at 180, which was the rising 200-day moving average. Look at it! Look at it. So here you have a stock that's breaking out today with the rest of the market selling off. The buyers keep coming in where they're supposed to. And quite frankly, people have been misjudging this stock the entire way up. It's been compounding at 32% since the end of the pandemic. So this is why we do best stocks in the market. It's telling us about stories that we may not look at if someone just mentions the name of the company, the sector, the ticker. It's forcing us to really understand where the strength in this market is. [00:18:12] Scott Wapner: All right. We appreciate that. Thank you for the heads up. All right. From semis to software, most of the mega caps, NASDAQ under considerable pressure at this moment, about 10 minutes remaining. Malcolm, in our program, I'd just like for you to assess this once again. We're down more than 3% on the NASDAQ. Mentioned the whole market is not red. It's important to make that distinction. For all of those, Malcolm, that have been calling for a broadening and saying how great it would be for the health of this rally, you can't come in now and say, well, I didn't know it was going to look and feel like this. Money chases and it pulls out pretty quickly. [00:18:53] Malcolm Etheridge: Yeah, I agree completely. I've been saying for a while that we should be taking profits. Yes, I have also been saying that it's not a bad thing to be raising cash to try and take advantage of any moments of market weakness that are sort of broad-based. We haven't necessarily seen the broad-based kind of selling that you would expect that would tell you it's all clear in time to push those chips back into the center of the table. I think that more than likely what we're seeing is a dip that's going to be specific to the tech sector for a whole host of reasons we started the show talking about. But I do think that maybe this is an area where you want to be looking at the themes that you really liked a few months ago that maybe ran up and got a little bit away from you because maybe this is a place where things start to come back in your direction. So if you've been wanting to own NVIDIA for a while, you've been wanting to own Microsoft or Apple or Google or whatever for a while that you feel like you've been underweight on, it looks like based on the way the market is moving, you will have an opportunity to be stepping into some of those names. So I don't think we necessarily have to buy the dip immediately today as it's happening. I didn't think you needed to buy it last Friday either. But it does look like if things continue in the direction they're going, we are going to have that buying opportunity. [00:20:06] Scott Wapner: Let's not forget either, Joe, we've seen only V-shape recoveries. Any pullbacks of magnitude have been bought. Who knows when prospective buyers come and look at this market and say, you know what, AMD down another 10% today or Micron down another 10. By the way, Micron is still up 15% over the last month, even with the weakness that it's had of late. You've got to believe that the dip buyers, because this story hasn't changed at all, nothing has changed the durability question about the tech trade, that the dip buyers are lurking. They're lurking. And at some point, and maybe not in the too distant future, they're going to look at some of these stocks that have been sold off a lot and say, enough is enough. I may not get the exact bottom, but if I know that the earnings trajectory is intact, why not? [00:21:02] Speaker 5: Well, a couple of thoughts in response to that. First of all, let's remember something. The personality of this market over the last 10 to 15 years has moved more and more towards growth. It is a growth market. So most people who are passive in their nature don't realize how exposed they are to growth. To your point about the dip buyers, the dip buyers will show up, and they'll show up because that's where the earnings growth has been exhibited. You have seen in the technology sector that you are rewarded for staying allocated in times of corrections because of the remarkable earnings growth. So I think you had that in play. Look, understand today's a difficult day if you own growth. I think you're looking across the board and understanding where your potential out will be. You know what I've done in Apple since the end part of March. I'm not selling Apple here. Apple would have to probably fall another $25, $30 below its critical moving averages for me to sell. And the last point I'll make on all of this is as you're talking and oil is rising, that kind of works against the broadening out narrative. And I'll just give you an example. Royal Caribbean, it's a name that we own in Jyoti. Royal Caribbean was higher as we began this show. Now Royal Caribbean is lower. So if you're going to bounce oil higher, that broadening out narrative is not going to work too well. [00:22:28] Scott Wapner: Yeah. Jimmy, love to know what's on your mind. Do you see a lot of opportunity out there? I mean, now NASDAQ's down 900. We very well may be in a bit of a retracement mode of what happened late last week when it was just downright ugly on that Friday afternoon. [00:22:46] Speaker 1: Yeah, and I do think the catalyst today was the shoot down of the helicopter because we weren't doing so badly in the morning. That's the news that kind of tipped this. So when all of us are talking, as I think we're being consistent about this being a consolidation and a pause that refreshes, we have to ask the question of what could make it worse. And I think a real resumption of fighting in the Persian Gulf could make it worse, could tip this into a real correction. That's not my call right now. My call right now is to think about those names that I trimmed in the last couple of weeks, Cisco and Qualcomm, and I'm thinking about buying them back. Not today. Not today. This isn't a tape in which you commit new capital, but it will be soon as long as the Persian Gulf doesn't worsen. So bottom line, this is a consolidation, not a correction, not something worse. [00:23:32] Scott Wapner: Jensen said you should buy Qualcomm, so I don't know if you're looking at… [00:23:35] Speaker 1: Is he gunning for a position on Mad Money? [00:23:38] Scott Wapner: I don't know. Final trades, we'll do those coming up. We can do some final trades. Got a little time to chat. Josh, what do you got? [00:23:47] Josh Brown: Last week while I was on vacation, Shake Shack guided lower for the quarter. For those wondering my position, I am still long the stock. I have not added in the wake of that downgrade. I also do not expect any kind of recovery for the stock until at least the next earnings call. [00:24:05] Malcolm Etheridge: All right. Quickly, Malcolm? Yeah, I'm going Morgan Stanley. Between the IPO boom and the wealth management boom, they can't win. I mean, they can't lose. Sorry. Jim? [00:24:15] Speaker 1: AbbVie, if you're looking for a name in health care, this is the place to start. Joe? [00:24:19] Speaker ?: CBO. [00:24:21] Scott Wapner: See you on the closing bell. Guys, thanks so much. Welcome to Closing Bell. I'm Scott Wobner live from OneMarket. Here in San Francisco. Tech under pressure again today. But as those guys were just saying, well off the lows. Buyers are emerging in this market as we begin this final stretch. Still a weak day for tech. But I'm going to show you the majors. And now you do see the Dow in the green, the Russell's in the green. NASDAQ's down 1%, was down about 3% early on. Sectors were split. Now they're decidedly positive. Only tech and energy are the ones in the red. Everything else is green. So we'll track that. Semis and software. Yep, they're weak, but they're too. Off their worst levels of the session. It's not like the entire market is red. I'm watching some action in financials as well today. Let's bring in Glenn Cacher. Get right to our talk of the tape. He's with Light Street Capital, the founder and CIO. He joins us here at OneMarket. It's good to see you. Thank you. So through your eyes, you're such a big investor in areas of tech. What's happening in the market, do you think? [00:25:24] Speaker 6: Sure. So, you know, we're in front of this 10-year build-out cycle of AI, right? The smartest guy in AI, the most connected, right, Jensen Wong, CEO of NVIDIA. Two years ago, he said, you know, this is probably a trillion-dollar opportunity, right? Two years later, he's amended that. He says, now it's three to four trillion. [00:25:44] Scott Wapner: Yeah, I was going to say, but he understated it. [00:25:46] Speaker 6: Now he's saying trillions. He's just not giving us a number, right? And, you know, for the person that is, you know, really integral to this entire industry being built out from an infrastructure point of view, to be that wrong, as smart and, you know, brilliant as he is and as great as his company's products are. So, you know, what's happened is usage, right? A, demand, actually demand for the cycles, using them, code creation, right? And the biggest users of those products are tech companies, especially the hyperscalers. They're using it to rebuild their businesses. And, you know, we, and they're the ones that are allocating the most capital to this trend. So, I feel pretty good about this being, you know, a 10-year cycle of strong demand. And then, ultimately, it'll be a cyclical growth story. [00:26:33] Scott Wapner: What have the last few days been about? Do you feel like certain parts of the market just got way too frothy, too much exuberance around memory? You've got some memory holdings yourself, right? SK Hynix. Yeah. Sort of in the eye of the storm, along with Micron and some of the others here. Right. [00:26:49] Speaker 6: Well, I think you're seeing people chase bottlenecks, right? That's the hot phrase. I'm chasing the next bottleneck. Memory is a bottleneck, in my view, that's not going away. This is something that we're looking at saying it should be in shortage to 29, 30. [00:27:06] Scott Wapner: Oh, that's what Jensen was saying over the weekend, by the way. It's going to last for years. [00:27:09] Speaker 6: Yes. So, and, you know, there's some companies at the center of this that are relatively conservative financial planning companies like Taiwan Semiconductor and, frankly, the DRAM companies. And there's three DRAM companies that control 90% of the market share in the world. So, it's a consolidated oligopoly. Yes, there's some potential new competition coming in from China, but it's under control. And then, look, I want to bet on stocks that have massive growth and trade for nine times earnings or seven times earnings. I don't really feel like we're hanging out on the edge, owning stocks at that kind of multiple level. And even look at Taiwan Semiconductor talking about kind of an easy path to 30% growth, probably much higher trading net in the 20s, so on a P.E. basis. So, in my view, there are low multiple ways to play this trend, and we want to own those stocks. [00:28:05] Scott Wapner: I mean, look, Micron's a low multiple thing. I mean, part of the issue I think investors are trying to figure out, these are such highly cyclical businesses, traditionally and historically, that they're trying to figure out if something's changed. Right. And because of the big build-out that you're talking about, if what was a highly cyclical business now has just a secular growth path that we're not used to trying to get our arms around when we think about the price we're willing to pay for certain kinds of stocks. Memory seems to fall into that category. [00:28:36] Speaker 6: I think that's correct. I mean, but that said, look, let's be realistic. These are, we're moving atoms right here, not just bits. We're building data centers. We have to get power for these data centers. You have to make the chips. You have to build the fabs to make the chips. There's a lot of logistics and construction that needs to occur, not just this year, but the year after that and beyond. So, you know, there will be delays, inevitably. Like, we've all had our experiences with constructing things or building, remodeling a house or building a house and know that it's inevitable that something finds it on the critical path gets delayed. And so we're going to see stories like the one we're seeing today in Wyoming. There's a story of this Blackstone, Crusoe-backed data center that's been put on pause for the time being. Crusoe's big two customers are Microsoft and then some combination of Oracle and OpenAI. So, you know, you're going to have these stories. It's going to spook people given how fast the stocks have moved. But that said, I look at this as a many-year trend and, you know, those companies as being relatively, have a lot of margin of safety, in my view, on them all. [00:29:51] Scott Wapner: Do you feel like the stock moves? So many are straight up and to the right. Are those justified moves? Was there some degree of euphoria? Did you start to sense a little uncomfortability? Are you looking at this? You're like, man, this sort of, this may not be a repeat of the late 90s, but parts of it are rhyming. [00:30:13] Speaker 6: Do you feel any of that? Surely. You know, look, April and May were, you know, we've been in business for almost 16 years at Light Street Capital. April and May, I think, were our two best months ever, back-to-back. And, yeah, that makes you, that wakes you up a little bit. And, you know, surely we like to make money. But you have to say, okay, what's getting overdone here? Where can we take some profits? What other stocks have been left behind as well? You look at software, it's been a huge sell-off area. So there are some stranded, you know, great companies there. Are you a buyer there? Are you looking to buy some software stocks? On the margin, we're buyers in the infrastructure category specifically, yes. And a few applications companies. If I'm buying an applications company, I'd prefer it to have a business model where it gets paid on consumption rather than on seats. [00:31:07] Scott Wapner: Do you think too many of the software companies were unfairly punished? Or are many in that universe that pulled back significantly deserving of having done that? [00:31:17] Speaker 6: It's a great question. You know, I think it's a mix of both. It's hard to give a, you know, blanket answer for so many different companies. But in general, yes, I think the companies have been beat up too much on this concept that, well, eventually AI kills them. It's, you know, we've lived through, as a software investor, a huge transition from license maintenance over to SaaS subscription model. And, you know, I think there's a blueprint for how these companies can transition. It's not painless and it's a five-year plus, probably 10-year transition for the strong incumbents. But if you're a great incumbent with a great set of customers and you bring them value and you really know your customer, know their businesses, you're going to be able to deliver AI value to them through your products. [00:32:04] Scott Wapner: How are you judging the hyperscalers now, the mega caps? We've had some interesting buying today, right? Meta is now green. Amazon and Alphabet are now green. I mean, investors don't seem inclined to push these things too much lower, right? They're not going to let them go too much lower. You've got to figure that, you know, the dip buyers were going to emerge at some point. Which do you like the best out of the group of what you would say are those mega cap, the hyperscalers? [00:32:30] Speaker 6: The two we like the best are Google and Amazon. Both of those companies, or Alphabet and Amazon, to use the new name. Sure. You know, I think the advantage that both have is they're, you know, vertically integrated. Both companies have tremendous businesses in creating cloud infrastructure for very large customer bases. Google's gaining a lot of share there. Both with partners make their own semiconductors. Google has first deployed their TPU 10 years ago. And Amazon, their Terranium chips, five years ago. So they have arguably a potential cost advantage there. And that's a huge, as well as supply, advantage for those companies going forward. So we like those two the best. [00:33:23] Scott Wapner: You say you're skeptical of meta. Yes. That's in your notes today. [00:33:27] Speaker 6: Yeah. Why so? Well, if you look at it, the long-term opportunity is to serve big enterprises, I think, in terms of AI. You look at SpaceX's S1. If you take a gander at that, you'll see the size that Elon thinks that the enterprise AI market is. And meta's not in that business today. So they not only have to build one of the world's greatest AI infrastructures and intellectual property around the model, then they have to go out and do the go-to-market with all these enterprises and solve problems for them. You know, if you're betting your company and your career on, you know, your career on one of those players, are you going to go to meta that's new to the game or are you going to go to Amazon or Google for their cloud services? I think you're probably going to go to the guys that are known for those businesses. [00:34:24] Scott Wapner: So bottom line, this trend is still intact. There's nothing, you're no wavering. There's no wavering on your part at all. Earnings are so durable that this is all good. This is whatever's happening in the market now. It's just a bit of a rotating around into other areas of the market, trying to, you know, just assess which names maybe got a little overheated. [00:34:43] Speaker 6: I think that's mostly right. I mean, look, we're going to have pullbacks. Things can't go up forever, certainly at the rate they were going up. But, you know, look, when I look at the next 10 years, next five years, next three years, I'm even more certain about those nearer term, you know, two to three-year opportunities. And so, yes, we see these pullbacks as buying opportunities. That said, we have to, like everyone, protect a little bit of capital here and there. [00:35:10] Scott Wapner: All right, I think people are trying to do that. It's good seeing you in person. Thanks for coming by One Market. [00:35:15] Speaker 6: Yeah, sure. [00:35:15] Scott Wapner: That's Glenn Cacher joining us right here on set. Sarah Malek sitting next to me here at One Market in San Francisco. Hi, it's nice to see you. Good to see you. What are your thoughts on this market? [00:35:23] Speaker 7: Well, the market's mantra has been buy the dip, and that's what we saw today. If you take a step back to Friday, it was that blowout payrolls number that made the markets nervous because good news became bad news and the odds of a Fed rate cut were basically thrown off the table because of that. [00:35:38] Scott Wapner: Rates backed up, right, and the market gets a little, unnerved by moves in the bond market now. [00:35:44] Speaker 7: Exactly. And so what the market's wondering right now is what is the next catalyst after this huge rally that we've seen since the end of March? There's not a lot of catalysts over the next couple of months. What we're looking towards, though, is tomorrow CPI. Headline will be ugly, but core CPI could come in a little softer. That could help settle the market. We're following earnings growth, but first quarter earnings growth is basically behind us. But if you look at full year 2026, we expect 20% earnings growth for the year. And that in itself should be why the market, people will continue to buy these dips and markets should eventually move higher again, led by technology. [00:36:17] Scott Wapner: That's why we got here in the first place, isn't it? We were able to look away from rising oil prices and backing up yields because the earnings story has been so powerful. And as you said, expectations are still that, you know, we're going to deliver 20% growth, you said, for the year. But in this, you know, the quarters to come here are going to be really strong, too, and probably led once again by tech. [00:36:40] Speaker 7: Yeah, there's been three factors here. AI momentum, an assumption that the war will end at a certain point in time so that that inflation data will continue to move behind us. And other strong economic data. We're also seeing manufacturing data pick up, and that's helping this market rotation. My view, though, is that market rotation is a bonus, but it's not a necessary ingredient for this bull market to continue because if you look at that earnings growth, it's still very concentrated in those tech stocks, and they should lead us higher. [00:37:06] Scott Wapner: Oh, so you still think tech's going to lead? [00:37:07] Speaker 7: We've been bullish on tech the whole year, and we haven't backed off on that because if you look at that earnings growth, it is very much led by tech. The earnings momentum is there. AI momentum is there. And then you're going to have these IPOs coming very closely watched, but that's going to continue to bring this euphoria to the tech market. [00:37:22] Scott Wapner: Any concerns about all the supply coming on the market being digested? [00:37:26] Speaker 7: I am concerned of what's going to source that supply. Secondarily, if you look at historical tech IPOs, right after the IPO, performance is not always broadly positive. It can be somewhat mixed for a while. Even looking at meta, when it went public, it actually was not a strong stock for a while, but, of course, it's been a great stock over the long term. And that summarizes really tech demand versus supply. In the tech space, you're going to have these gluts of supply and spending coming on, so everyone races to get the most market share. Demand isn't always going to match that supply, and that's why you see the volatility in the stock. [00:37:56] Scott Wapner: Sarah, I appreciate you being here. Thanks so much. That's Naveen Sarah Malik. Bells are ringing. Different complexion to the market as we head towards the close. We'll still be red in tech. The Dow's going to go out green. We'll see you tomorrow. [00:38:06] Speaker 8: Hey, everybody. Welcome to Blue Cloud Trading. I'm George. It's Tuesday, June 9th. It's 5.34 p.m. Eastern Time as I'm recording this video. And what we're going to do is cover a number of stocks and ETFs that were discussed on today's episode of the Halftime Report and Closing Bell. We saw some clips earlier in the video, and so now we're going to cover those in a few moments. But before we do, I just want to show you guys what happened today in the markets. The Dow Jones actually ended up closing up 0.17%. You can see here in the early morning, it started moving up, and then it dropped. And then around 1 p.m., it started to recover, basically very close to the prior day's close, so only up 0.17%. The NASDAQ also gapped up in the morning here and then continued dropping in this little downward channel. Things started to reverse here around 1 p.m., as you can see. It started moving up, but it was still down 0.97% by the end of the day. The S&P 500 also did something similar, gapping up in the early morning, then dropping, and then recovering a little bit, down just 0.26%. And the Russell 2000 was up the most, just 0.32%. Same thing, gapped up in the morning, dropped. Around 1 p.m., started to recover. So let's look at the heat map here and see what happened to the individual stocks within the S&P 500 and the sectors. You see utilities did well, real estate, basic materials did okay. Consumer Defensive, most of those stocks did okay, minus Walmart and Costco, which was down slightly. The energy stocks declined today. The healthcare stocks did really well, except for Eli Lilly, which was down 0.39%, and Gilead down 2.03%. Amgen was down slightly, Merck was down slightly. Tesla, now we start looking at the consumer cyclical, like Tesla, that was down 3%. Amazon down 0.42%, but the majority of the smaller companies did actually pretty good in the consumer cyclical sector. Same thing with the industrial stocks, all right, the majority. And the financials did pretty well today, okay, except for Morgan Stanley and Goldman Sachs, that closed down. And then look at the red here in the technology. Now, the brighter the color, all right, that means that signifies a negative 3% loss here. If it's this color that you see here, it's a negative point, I'm sorry, negative 2%, and if it's a darker red, it's negative 1. So you can kind of get a sense of the decline in all these stocks here. So let's look also at what's going on post-market. This is after-market performance. And you can see the semiconductor stocks are still dropping a little bit. The energy stocks seem to be moving up slightly. Slightly, not a whole lot yet. Meta was up slightly, and Netflix up slightly. So let's take a look at the sectors here under groups. We're going to click on the one-day performance here. You'll see real estate, right? Real estate is the number one performer, up 2.22%. Healthcare, industrials, utilities, consumer defensive, and financials. Basic materials did well, too. Technology and energy, down the most, okay? Down 1.69% for technology, down 1.46% for energy. Looking at the one-week performance, healthcare is the lead, followed by real estate, consumer defensives, and financial. And then we've got technology at the bottom, followed by basic materials, and consumer cyclical. So, and look at the one-month performance. Healthcare is taking the lead here. So, that's interesting. Now, what we want to do is take a look at the charts, and that's important. We're going to get a sense of what's happening here in these markets. We're going to start off with the index ETFs, all right? Like the SPY, the QQQ, the Dow, the Eurostox, FEZ, oil, Bitcoin, silver, gold, the semiconductor ETF, SMH, the MAG7 ETF. And then we'll take a look at about 23 stocks and ETFs, all mixed up in here, that were discussed on the shows earlier today. And including Google, we've got some big names like AVI, and NVIDIA, QCOM, Cisco. We'll look at those. And then we also have six stocks, a mixture of stocks and ETFs in here from our members. So, they basically requested these to be reviewed. And that's one of the cool things. If you become a member, you can do the same thing. So, let's go ahead, and I'll talk about the membership at the end of the video today. So, definitely stay tuned for that at the end. But before we get started, guys, let's start off with FEZ. And the reason I've got FEZ here at the top is because it was actually up the most out of the ETFs here, the index ETFs. So, like the SPY was down, the Qs was down, the Dow was only up 0.1%. The Russell IWM was only up 0.31%. But look at the FEZ, the Eurostox, 50, up 0.58%. It held up above the green line, which is the Tenkinson. That's the nine period, the midpoint to the last nine periods. And we also have a bullish cloud with the SankoSpan A above the SankoSpan B, the light-colored blue line above the purple one. We're above that 200A. We're above the 26 period, the red line that you see here. That's the midpoint of the last 26 periods. And if you look to the left here, that's the Chikuspan, or the current price projected 26 periods into the past in aligned form. And if that white line is above the candle 26 periods ago, that's very bullish. We're using the Ichimoku indicator. What that stands for is at a glance, we can quickly assess the strength of the trend, whether the chart is bullish or bearish, and we can find out the strength. Now, it's not just the daily chart that I'll be looking at, but also the weekly chart in order to assess the strength. And if the chart, the stock or ETF meets both the weekly and the daily chart, as far as looking bullish, then it will get a blue flag on the left-hand side. As you can see, out of the 14, it's just FEZ, unfortunately. It's looking bullish on both time frames. So here's the weekly chart for FEZ. We've got the bullish cloud. The moving averages also have to be in the correct order, meaning that the faster moving average, the 9, has to be above the 26. And we, again, we need that white line above the candle, and we need price to be above all these moving averages, including the Ichimoku cloud for an uptrend and a strong uptrend. Now, there is one issue with FEZ, and that's the fact that it has not cleared above this $69.44 level, which is based on this candle here. And if we switch it to a monthly chart, that's the all-time highs right there. It's based on Friday, February 27th, 2026, that candle. And so $69.44 is what we need to get above. And once we do, I think we're going to see a continuation to the upside. Now, right now, as you can see here, we're just consolidating still. The SPY on the weekly chart, you can see the second red candle here that's been forming here this week. On the daily chart, we've got three red candles, and we did drop quite a bit today in the S&P 500. The low here was around $7.22.59 for the SPY. And then do you see this long wick that was created? That represents a lot of buying that happened towards the end of the day, the afternoon. And finally, the price. So here was the opening price, the body. There's the closing price, okay? That's how you know you get an opening price here and the closing price down here. That creates the body. If it's red, you know that this was the open price. If it's a light color blue like you see here, that's the open price, and that's the closing price, the top. So visually, we can determine exactly what transpired on this day, the day before, the day before that, right? Like Friday, June 5th, here was the opening price. You saw how it dropped, found support at the 26th period, okay? Gapped up in the morning yesterday on Monday, dropped, found support at the Kegensen. Basically, gapped up again this morning and dropped a lot before recovering. It didn't quite make it above the Kegensen here, the 26th period on the daily chart. So, but this is actually a bullish candle. It's called a bullish hammer. And let me just show you real quick. If you come to my Twitter page, which is handle is at BlueCloudTrader, and you scroll down a little bit, and you click, make sure to hit the follow button there, the link. Hit highlights. Once you hit the highlights and scroll down, you will find this, the candle pattern reference sheet. Let's click on it. You can download it as well, by the way. So let's look at that bullish candle that I just talked about. It's under the single candle patterns, and we're going to see a lot of that today. That's why I'm bringing this up right now. So do you see that long wick in the small little body right there? If you see that candle after a drop, that's very bullish, and they call that a hammer. If you see that exact same candle after a move up, it's called a hanging man, okay? And if price gets under the low of that wick here, it's more likely to drop. If it gets above the high here, it's more likely to continue. So tomorrow is going to be a very interesting day. We need to see what happens. I think we're still in a state where there's uncertainty, but today's action was quite revealing as far as that there are still a lot of buyers, and there's still a battle that's taking place between the buyers and the sellers. We can see that on the three-minute chart. So here we were gapping up in the morning. There's the opening price, the dotted green line. It moved up a little bit and then continued dropping, as I showed you guys. And then around 1 o'clock, right, it was around literally this point right here, 1 p.m. exactly, almost right on time, right, the buying started to occur, and they started pushing the price up. Hit the 200-day on the three-minute chart. We're looking at a three-minute chart in here. You can see the time progressing throughout the day. And then it dropped and then recovered again, getting above the 200-day on the three-minute chart at four, basically the last three minutes of the day. Okay, let's take a look at the QQQ ETF. We'll start off here with the weekly chart. Just a reminder that we are still technically above the moving averages on the weekly chart, above the Tenkinson, Keygenson, and above the cloud. So we still have been in a nice, strong uptrend. But this is, there's weakness here, bearish engulfing pattern, and it's just uncertainty. Here's the daily chart. Again, very similar. Hammer candle. Yeah, I mean, it dropped down to these levels under the support level and then came right back above. That support level, 695.25, is based on this prior low, that little candle, from May 19, 2026. So that's a good sign. Let's see if this can continue. I'm not, I'm still not crazy about entry here until I see some more evidence and price getting above the highs here, above that 722, especially, 03. The Dow Jones, also DIA ETF dropped, touched the 26 period like it did back here and then recovered. So that's another thing that is really interesting and optimistic, I suppose, about today's action that we saw. The fact that we, there was a lot of pessimism in the early part of the day, and then the buyers stepped in, pushed, you know, they're battling it out, basically. And so we'll see if it can hold up here and continue. Once we, if we get it closed under that 26 period, that's when we're in trouble, in my opinion. The Russell 2000 did something similar here, right? So it basically came under, it pierced underneath that 26 period and then closed above it. But still technically, it closed under the nine period. The VIX, it was up 4.49%. So there's a little bit more fear today in the market. But then again, long wig at the top represents the fear started dropping towards the end of the day. Here's a three minute chart. So again, as the VIX drops at 1 p.m., as you can see right there, it started happening at exactly 1 p.m., got under the Tenkinson and started dropping. The market was moving up. It does the inverse reaction, essentially, when you're looking at that volatility index. Gold, let's look at gold on the daily chart. Another bearish day today for gold, staying under the 399.20, down 1.64% under the 200-day. It's not looking pretty for gold. The ADX is starting to move up a little bit. Here's a weekly chart. The only positive I can say is that we're still technically above the cloud on the weekly chart. And that is something, but we did break under this low. And we've got now a series of lower highs and lower lows, even on the weekly chart, for gold. So just be cautious, right? You need to start managing your portfolio. One of the things I'm doing is hedging some of the gold positions that I have. And you can find out about that if you become a member. Again, I'll talk about that later at the end of this video. What about silver, guys? Here it is. It's dropping also down 4.17% today. Here's a weekly chart. Here's a daily chart. Also, where it was holding up yesterday and the day before, and I talked about that 200 right there in the $60.37 level, today we're seeing more weakness. ADX is starting to move up. You know? And so, yeah, not good. Not good. Not good. I'm curious to see how is this doing post-market. This little button here. Kind of moved up slightly after hours, but yeah, a little bit concerning. Anyway, Oil K. The K1 free crude oil strategy ETF is still basically in consolidation zone here, but it's actually entered the cloud. So that is not bullish by any means. I wouldn't be adding positions here in this ETF. Bitcoin is continuing now to drop back under the $35.30 level. Yesterday, it gapped up. Today, it gapped down. I think there's, again, another battle happening here between the bulls and the bears, and so we don't know what's going to happen, but the overall trend is bearish, and we know that because we're currently under the Ichimoku cloud. We're under the moving averages, and we're under the 200-day moving average, and we've been in a decline for a while, since back here, October of 2025, where IBIT has dropped 51.2%. Oops, sorry. Ethereum. Also, down 1.69%. Short-lived little gap up here. Didn't last much, did it? And the ADX is still moving up. That means the momentum is still to the downside here for Ethereum. Copper, interestingly enough, still declining. Now, yesterday when I drew, when I was looking at this chart, I think I had accidentally, I think the trend line was slightly lower, and so it was kind of looking like there was a break here, and then it was holding up above this level, but the reality is that I had to look at that a little bit closer, and when we touch the low, the absolute low of this candle here, you'll notice that it actually did, yesterday, close onto that trend line as well. So what we have is a drop that's closed under this symmetrical triangle on the copper, and staying under that trend line. That's not a good sign. Now, the only positive is a little bit of buying that happened at the end of the day. So, again, three-minute chart shows us, just like the stock market, where it started to recover at 1 p.m., so did the copper miners ETF, COPX. So that could transpire into another leg up, but we have to wait for tomorrow to see. Here's the MAG7 on the three-minute. Again, same thing, also the big drop in exactly 1 p.m., like they timed it, right? It's almost like a coordinated effort by unknown characters or individuals, maybe. Who knows, right? You never know what pushes the market up. We know it's big money that tends to do that, right? And they start pushing the price up, but it's interesting that happened at exactly 1 p.m. Now, is it because there's a lot of traders coming back from lunch, and they start trading at exactly 1 p.m.? So it's just very, you know, I'm thinking of it from more of a conspiracy factor, right? SMH. So MAG7, let's look at that on the weekly chart. Here it is on the weekly. It dropped down. It's still under the tangents in here on the daily chart. It is under the moving averages, touched the 200, and recovered a little bit. A little bit of buying here. I don't know. Again, it's interesting that it stalled, and we'll have to see if there will be a follow-through to the upside after that little buying that happened. SMH did the same thing here. You know, the long wick, again, representing that buying. Here's a three-minute chart. You can see 1 p.m. Starting to move up. All right. Now that we have that out of the way, and we are still holding up on the daily chart above the 26 period, and the weekly chart still looks really bullish for the semiconductors, guys. We are, in fact, back above this 581.17 level, which is interesting, too. So, you know, we just have to wait and see. But I wouldn't be getting ultra bullish here. We're kind of feeling, it's feeling a little toppy still. CNBC. These are the stocks and ETFs. There's 23 of them in here that I covered, not all of them. And out of those 23 stocks and ETFs, there's just three that meet the criteria of the Ichimoku indicator where they're bullish on both the weekly and daily time frame. Let's look at TSM to start off. Here it is in the weekly chart. That's a very bullish chart. This is exactly what you're looking for. I think that you can all see what I'm talking about. At a glance, it doesn't take a wizard here to recognize that this is a strong uptrend. Price is above the moving averages. The green line is above the red line. Price is above the Ichimoku cloud. The Sanctuary Span A is above the Sanctuary Span B. And the Chico Span is above price. All five of those lines. There's five lines to the Ichimoku indicator. And just remember, the way that the cloud, the reason it's projected into the future is the way that they originally created it. It takes the midpoint of the two moving averages, the 9 and the 26. So if you take that midpoint right here, you project that out 26 periods into the future, that's where you'll find the Sanctuary Span A. The Sanctuary Span B is derived by taking the midpoint of the last 52 periods and then projecting it into the future versus right under the candle or above it, making it a very unique indicator. And this is an indicator that was initially incepted in the late 1930s in Japan. It was published in the late 1960s and is still used by many financial institutions today. So let's look at the daily chart on this Morgan's, I'm sorry, the Taiwan Semiconductor stock. It dropped by the end of the day. It does look like it closed. Did it close under? Let's see, 427.92. No, it stayed above. I take that back. 427.92 and the Tenkinson was at 427.84. So it did close above, hence it gets the blue flag, okay? Morgan Stanley on the daily chart. You can see it's above the moving averages, above the cloud on the daily and on the weekly chart. Everything looks good. The ADX is moving up strongly on the weekly chart. On the daily chart, of course, you can see that little pullback here that we've had recently. And the ADX lost a little bit of that momentum. So we'll see if this can recover and start moving back up again. But I wouldn't be adding positions quite yet. Merck also pulled back a little bit here. ADX is still dropping, but it's still above the moving averages. The cloud is bullish on the daily and on the weekly chart. Now, the rest of these, there's something off technically. So let's go through these. We're going to start them off with a daily chart, XLK. We can see why that's the case here. We're in between the two moving averages. We're in what I call equilibrium zone here when you're stuck in between. And we got the hammer, the high volume, but it's looking bearish with the directional movement index. We have to be very careful here. I would not be adding positions just based on this candle. We need to see follow through tomorrow. DRAM, Roundhill Memory ETF. This one got above. It gapped up above the nine period, but then closed under it by the end of the day. IGV, the software index fund. This is still dropping down 2.78% under the moving averages, under the 200-day, the software index fund. CBOE is the Global Markets, Inc. financial services sector. All right. This one has found some support at that 200-day. All right. It's for multiple days now, but it's still under the cloud and under the moving averages, so I wouldn't be touching that one either. AbbVie looks more bullish. You can see that it was up 1.05%, bounced off the 200, bounced off that Tenkinson on the daily. But what does the weekly look like? Well, not so great. We've got the faster moving average under this lower one, and the cloud is bearish. Sinkspan A is under Sinkspan B, so I would not be adding positions. And by the way, if you look at the actual, if you were just looking at this from a technical, without the Ichimoku indicator, you'll notice that we have a lower high here from the prior high, a lower low here from the prior low. So the indicator is doing a good job at identifying what's happening with price action, obviously, right? Look at the Chiku Span. That's not above price. And so you don't want to be adding positions here yet, in my opinion. The daily chart, again, does look bullish. But in my opinion, it makes sense to wait for the weekly to also confirm. It just increases your odds that your trade is going to be a winner. We want more winning trades than losing trades, and we want to increase our odds and get an edge, a slight edge. Even a slight edge helps. Shake Shack. Josh Brown is still holding on to this one. Now, this is a weekly chart that we're looking at. Again, indicative of the cloud itself is bearish. We've got the Sinkspan A. The light-colored blue line is under the purple one. The Tenkenten is under Keyeson right there. We're under the 200-day. We have a lower high here from the prior high, right? We had a double top, which is a reversal pattern. We closed under this low of 72.93, and it's continued to drop. Now, it found some support at this 52.01 level, which is the reason it's purple is because I identify the trend lines and support levels based on timeframes. So, for example, the blue one is a weekly, based on the weekly chart. You can see right there. The monthly is purple. So, let's look at that. And the red one is daily. So, let's go to the monthly. And here is the candle that I basically, the low of that candle, which goes all the way back to March 31st of 2023. So, you can see how the reason that's significant is because price held above it here, held up above it this, the third, three months, you know, the second month after that, came to that level and bounced off of it. And now it's retesting it again, that same 52.01 level. Now, is that a buy signal? It's not. It just means that I would not be shorting it at this point. So, if you have been shorting this stock, now is the time to exit your position, close your position, take your profits, because it's more likely to bounce a little bit here. I can't say 100%, but I'm just saying this is a support level that needs to be respected. And if it gets under that 52.01, then, okay, I'll bet it's off. At that point, it's probably going to come down to the next level, which is down here at the 41, somewhere around that level. Let me see. The low there is $40.83. Yeah. So, that's a big drop. We're talking about a potential, another drop of about 29% or so. All right, guys, let's continue here. So, obviously, Shake Shack is not, this is not the time to get in. It just makes sense to wait it out. Okay. Cisco. Look at this chart. Let's start off the weekly chart. So, you can see that it's been moving up. Since it broke the Ichimoku cloud from above, right, right there, got above that cloud, it's moved up 125.59%. That took place back here on September 27th, 2024. So, if you're a long-term investor and you don't want to be trading daily, okay, like I do, I'm a more active trader, and you just want to use that weekly chart, you can certainly do that. Okay. I'll have some information on the charting platform that I'm using here at the end of this video, too, with a $25 coupon that you'll find in the description section of the video. But, yeah, weekly chart, you can see here, very bullish. Now, the problem is, right at these levels, it's starting to get very toppy for Cisco. We have a shooting star. That's a reversal candle. We have a red spinning top. You know, but until price sort of gets under these lows here, I think that you're still relatively safe. Okay. But if it starts to break down, expect it to drop to these moving averages. And how far are those moving averages? They're about 14% to 15% away from where we currently are. And let's look at the daily chart. You can see here it's dropped a little bit, right? We've had this drop recently. Down 3.05% today. What's it look like post-market? Let's see. Slightly lower. All right? Just slightly lower. So, QCOM is also declining. Down 5.67% here. Also looking a little bit toppy up here on the daily chart. Here's the weekly chart. It pulled back. It touched the moving averages and bounced. So, that's good. This is the weekly chart that we're looking at. Weekly candle. This candle is still forming, though. So, we won't know what that looks like until Friday. In the daily chart, we have a sort of like a hammer type candle with that long wick. We came down to this low. You can see the, if I just highlight this, you can see the cross. The cross here is their reach very close to the low of where we are today. So, we'll see what happens tomorrow, of course. NVIDIA, another hammer candle. Once it came down to the cloud, found some support down in this area, and the buyer stepped in. Here's the three-minute chart for NVIDIA. Again, it was around that 1 p.m. time frame. Everything collectively started moving up. And we broke above, on the three-minute chart, we broke above this high here. Okay. And then we, it just kept on rising. Came down, created a higher low here from this low. And then we broke this high. So, we're technically starting to create an uptrend in the three-minute time frame. You know, you can't take that to heart. It's a very short time frame. So, we have to pay attention more, I think, to the daily charts so that we have a better assessment of what's going to happen. But it is bullishness towards the end of the day, and we might see follow through tomorrow. That's all I can say. No guarantees. PLD, Prologis, nice chart, broke through the 145.44 level. That's a weekly level. And came up to that 147.93 from this candle here, that high, which is from May 26th, installed. So, once we break through that, you'll be hitting all-time highs here. Oh, no, you won't. I take that back. There's some highs back here at the 175 level or so, somewhere around that level. So, expect it to continue if it can break through that 147.93. But we have resistance right there. Here's a weekly chart. Overall, it looks pretty bullish. Let's keep going. Let's take a look at APO. That's Apollo Asset Management. Under the cloud, on the weekly chart, that's not good. But above it on the daily, but the moving averages are not in the correct order. So, I would hold off on Apollo Management. XLB is inside the cloud in the daily. So, you want to hold off on that one, too. That's the materials sector ETF, XLB. So, R is Sincora, Inc. Healthcare sector, medical distribution. On the daily chart, you can see that we had a big gap here, May 6th. And then, since that date, since May 6th, the stock has moved up about 14.5%. So, that's very bullish. But we're still under the cloud. So, nothing to do, really. Eli Lilly, on the other hand, is above the cloud. It broke through. So, now, once that happens, the sentiment changes, the bullishness, you know, there's more bullishness here, there's more interest, there's more demand, and price continues to move up. And you can see that it broke through that 11.33 level based on that high of January 8th, 2026. We're hitting all-time highs here with Eli Lilly, pretty much. I'm not crazy about these reversal candles, though, these last few days. And it was down 0.46% today. That's the daily chart. And if you look at the weekly chart, the reason it didn't get a blue flag and everything is because the two moving averages here have merged on the weekly. Overall, it's very bullish. Don't get me wrong. But the fact that they've merged and they haven't separated yet, I mean, it just shows it's not quite there on the weekly. Add to the fact that when it did finally break this level of resistance, based on that candle here, the candle's still not a particularly bullish candle. We want to see strength here. We don't want to see weakness as it breaks through. Because we'll know what this looks like by Friday afternoon. I would probably hold off until Friday afternoon before making any decision on Eli Lilly, if you're thinking about this one, so that you have a better sense of where this candle is going to be. Think of that 1133.95 level. ILMN Illumina is above the moving averages here. It's above this 155.53 level. It's above the 200. But we had a shooting star yesterday on Monday. I'm sorry, Friday. I take that back. So we're looking at a weekly chart. This was Friday. And we're still holding up above that level. Here's a daily chart. Pullback. This gives you a little bit of a sense of hope here that this thing is going to bounce after the pullback. This is what you consider a very healthy pullback. Three days drop after this excessive buying. Take a breather. All right. And then, you know, going back to this candle from January 22nd of 2026, 155.53 was a high there. We basically came right to it and bounced. It's very interesting how these levels are being observed and utilized for traders, right? So you can see how easy. It's not that difficult, folks. All you got to do is go back in time and see where the prior high is. Throw a trend line on there. It's not that difficult to do. You can just, if you're using this platform, you come over here. You see this little thing in the horizontal line. You grab it. You click on it. And boom. Just like that. And the high of that candle is 177.22. Sometimes it's a little magnet thing, so it will sometimes stick. But you might have to make it, hit the edit button and just type in 177.22 as a daily level of resistance. So that's where it might, if it starts to bounce here and we get above the high of this candle, expect it to come up to that level. And just that move alone would be almost 10% to reach that next target. And you never know. It might just break right through it and then continue to the upside. XLV. Okay. We had a couple of bearish reversal candles here shooting stars. They don't always materialize into something negative. But we had a bullish day today, up 1.26% for the healthcare sector. But it did not close above this level here for XLV, above the high. Right. So it's kind of building a base now. And so I'd hold off on this particular ETF. There's the daily chart. It looks pretty bullish overall. You look at the weekly, though, and the faster moving average is still under the slower one. So that's one negative thing. Broadcom is on the weekly chart under the moving average here. The Tankinson, under this high, in the daily chart, it's finding some support at the cloud. So we might get a bounce soon, hopefully, too. L-O-H-A. Now, this one, you know, this went public on Thursday, May 14th. There's not enough data for the Ichimoku indicator to actually plot on the charts, on the daily chart. And if you go to the weekly chart, there's even less. It's just the nine period there. It's starting to form. So what do you do in a situation like this? If you want to trade something that just went public recently, for example, you know, whenever an IPO comes out, you switch it to the shortest time frame that works. In this case, because it has been around for a little bit, if you go to a four-hour time frame, it's starting to, like, develop more. You go to a two-hour time frame, you have more data here, maybe a one-hour. You can see the cloud is starting to, like, materialize on the one-hour chart. And you can see that we have a higher low here from the prior one. We also broke on the one-hour above this prior high. So it looks more bullish than anything else. Google, on the weekly chart, is stalling at the Tenkinson. That's a good sign. After this pullback, we might see a bounce. It was up 0.26%. Here's a daily chart. Under the moving averages, cheap spin is underpriced. So you don't want to do anything here. I mean, we are at a support level in the weekly, but we don't have confirmation that this is going to hold. It doesn't always hold just because it comes to that level. You can see right here, it broke under that level here and dropped. So we might see that. We'll have to wait. And we need to see some bullishness break above that, 382.77, which is based on this low here. We've got Meta still under the cloud. Nothing interesting happening here with this one either. Okay, there's the daily chart and here's the weekly, also under the cloud. And that's the stocks from the CNBC. Let's take a look at the stocks that were requested by our members. I'm sorry, SCHH, which is the Schwab US REIT ETF. Here's the weekly chart and here's the daily. And so, yeah, we talked about that in the members only video. I shared stocks and ETFs that were looking pretty strong, specific industries. If you guys want to check that out again, I'll talk about that at the end. SCHH, SCHH looks great here on the daily chart. The only negative I would say is that the moving averages have merged on the daily chart. But the fact that we're above Tenkinson and Kegenson is a good sign. You look at the directional movement index, that's starting to creep up a little bit right there. That's bullish too. And Chico Span is above price. Here's the weekly chart. Also looking very bullish. Very bullish for SCHH. What about CAMT, Camtech Limited? This is the semiconductor equipment and materials ETF. I'm sorry, stock in the technology sector. And it's pulled back and finding some support at the 26th period for multiple weeks now. One, two, three, four weeks in a row holding up above that 26th period. On the daily chart, we're under the cloud. We've got a lower high. And so we have to be really careful. If we get under the low of this candle, all right, around 147 or so, that could be very negative. The next level of support would be the 137, which is the 200-day. Let's take a look at JEPQ. That's the JPMorgan NASDAQ equity premium income ETF. It got hit pretty hard, as you can see here, on Friday, June 5th, right? We basically dropped a little bit and then continue to dropping. And I mean, it's very interesting, the pattern that we're seeing right here. If you look at just the body, right, which is the opening price and the closing price, we're actually just kind of staying within this range right now, just looking at that. This, of course, the WIC represents how low we went today. But we actually closed above Friday's close, right? But we did close lower than yesterday's closing price. So we're kind of stuck. That's what I'm saying. We don't have any conclusive evidence here that this thing is definitely going to drop to the downside. And this is a little bit of optimism, this long WIC. I don't like the Directional Movement Index, but that also was, you know, that momentum is based on the big drop that we saw here. Ultimately, it's price action that you really want to follow. And, yeah, let's keep going. So that's the daily chart. Here's the weekly chart holding up above the Keyginson, but under the Tenkinson. SCHD, this is the Schwab U.S. Dividend Equity ETF. And this, too, on the weekly chart looks very bullish. It's holding up above the 3213 still. All right. And on the daily chart, it's right under the Tenkinson. So it looks like it wants to pop again. You can see the Chico spin is above price here. And this level of 3213 is based on this prior high, this candle here. Dropped, came back to it, found some resistance here, popped through it, came down, found support. Because whenever price gets, basically breaks through that resistance like it did right here, that same exact level now becomes a level of support for price. And we're seeing it over and over again. All we need to do now is see price get above the Tenkinson on some higher volume and then hopefully also break through this consolidation area here. And then you've got something. Let's take a look at OMA. That's the, oh, I'm sorry, O-M-A-H, which is the Vista Shares Target 15 Berkshire Select Income ETF. Let's look at this. Start off the weekly chart. It's currently under the Ichimoku cloud. So, as you know, the rules of Ichimoku, you don't want to be adding positions in this. If you are managing it, though, and you're looking at the daily chart, we have started to rebound a little bit from this low from Wednesday of last week. We've moved up 0.84% here. But we're still into the Tenkinson. We're still into the 200. And it's above the cloud on the daily chart. So, you know, you can determine if you want to hold on and see if this thing can recover here. Because a lot of times, price will come to the cloud, find support, and then bounce off of it. You know, this could be potentially a short leg down. The longer leg was up, right? So, you can see the big move here. We broke the resistance level here. So, we have a higher high. That's important. Now, we've dropped. We might be creating a higher low from the prior low. And if price can get above this little consolidation area, it can create another leg up. All right. It's not a very volatile ETF. It's a beta. Beta is 0.26. All right. Let's take a look at PFGC, which is Performance Food Group Company. And let's go ahead and throw the weekly chart on there and see what that looks like. All right. Let's make the volume bars go down a little bit here. There we go. So, what we're looking at here is a cloud that is still bearish. But the single span A is moving up. And that's a good sign. Basically, it's telling us, like, okay, it wants to get back above that single span B level. Another positive thing I'm seeing here on the weekly chart is the positive crossover. The Tenkinson crossed above the Kegensen last week. Today, we're currently above the cloud. But this candle has not closed yet. We won't know what that looks like until Friday. We are stalling at a prior high, this candle, the 99.86 level. So, that's another thing that you have to contend with. And if we look at the daily chart, all right, you can see it a lot more clearly. So, that's what I would wait for is maybe even wait until Friday to conclude to get some confirmation that this candle here will, in fact, close above 99.86. But it is on its way. I mean, from these lows here on the weekly chart, it's already moved up 23.5%. So, it's looking good. And, folks, that's going to do it for this video. Now, let's take a quick look at how you can get access to some other content that I create, like the members-only video. I do this each weekend. I share my entire portfolio. I basically do a very thorough analysis of all the sectors, all the industries within those sectors to identify the strongest ones. And then, from there, I wheedle it down even further to find the strongest stocks within the strongest industries. And what's important about that is that I'm looking for the most optimal stocks based on the technicals on both the weekly and daily time frame of the Ichimoku indicator because that's my system. That's what works for me. And I basically did share that watch list that I came up with in the posts section, right, this week as a thank you for us all reaching 30,000 subscribers over the weekend. And, in fact, we've already hit 30,300 in just a few days, which is insane. So, it was a huge jump. Based on this video, we hit 44,000 views on that one. So, I think that's what kind of catapulted the subscriber base up. And so, what you want to do, if you're interested in seeing this video and the prior ones, you'll have access to the prior ones as well. What you need to do is click the following. Hit the, actually, we'll go to the next page here. Oops. Click on this right here. Do you see this link? Click on that. Whoops. My bad. Yeah, there it is. Okay, good. Now, from here, you can see there's three different tiers. Blue Cloud Supporter. All right, this is free right now temporarily. You can request a stock or ETF be analyzed on an upcoming video under Blue Cloud Supporter. One per month. Under Blue Cloud Trader, this is where you get access to the exclusive member-only videos. So, you'll be able to view those this weekend and the prior ones. You'll also get, you know, to request up to two stocks or ETFs each month to be analyzed on an upcoming video. What about Blue Cloud Legend? That's the third level, the highest level that you can select. You'll get, basically, those member-only videos. You'll get to request up to three stocks or ETFs per month. You'll get access to some of the day trading videos that I've recorded. And you'll get daily stock and ETF trade updates. That's the most important thing, I think, because I'm sharing the trades each day before the market closes. The stocks that I've added, sometimes from the watch list, sometimes from my proprietary scanner that I do each day. And I share those results as well with Legend-level members. So, you know, you may want to consider becoming a member. Because once you do, then you'll be able to access those posts by clicking on the membership tab. You'll see them below, all right? I'm not going to show you, obviously. So, let's see. What else? The other thing, right next to this, where it says, Welcome to Blue Cloud Trading, if you click on More, find out about my channel. If you scroll down a little bit, this is where all the links are. So, if you want that Twitter link that has the charts, I'm sorry, the candlestick patterns that I showed you guys earlier. Click on this right here. Finviz Elite, that would be this platform. If you guys like this, right? You'll find that link right there. Maybe you like the software that I'm using, the trading software, TC2000, this. I recommend it strongly. I think it's important to know what's going on in your trades. The best way to do that is to visually keep check on them, even if it's once a week, over the weekends. They do have three different pricing structures. So, what you would have to do is add your email in this box. And as you can see here, yes, I would like to receive email related to TC products. Scroll down. You can download it for TC for Windows. Get it on Google Play, it looks like here. These are some new things downloaded. Coming soon. Download it on the App Store. That's good. Run it on Web or Mac. You'll receive a $25 coupon towards your TC2000 service, courtesy of Blue Cloud Trading. As long as you haven't used this service in the last 12 months, you'll get that coupon. With that coupon, you can actually try it out for free. So, if you go to Pricing here, select Software Plans and Data, and click on Monthly, you'll see that the basic is $24.99. So, there you go. You can try it out for free for one month, the basic. Would I recommend that you actually try out the premium that first month? I would, because there's a lot more features that you'll get access to. For example, if you want to get real-time scanning and sorting, that's a good one. Instantly scan and fill up with thousands of stocks in real-time from indicators, formulas, and chart data. Most watch and trending stocks. Morning pre-buzz. Chart drawing tools. So, you can draw those trend lines. That's important. The Easy Scan Wizard. That's great. Select indicators from the library. Then, the wizard will help, you know, help you build conditions so that you can scan and find those stocks that you're looking for. This is a really comprehensive software plan, guys. Software program. You can create personal criteria formulas. Write your own formulas and conditions to chart, filter, and sort. Multi-monitor support. Maybe you want to have multiple monitors. You can do that with the premium, $49.99 a month. History columns. And then, the other thing is you can also create alerts under that premium, where you can't do it under the basic. If you want even more stuff, like the premium plus, then you can get real-time market gauges, 1,000 alerts, intraday performance columns, all these other different things here. And if you want real-time, you know, optional data feeds, you know, for real-time U.S. indices options, you can see all the stuff that you can do. Now, one other thing about TC2000. This can also become your trading platform if you want to use them as your, for your brokerage account, you know, open up a brokerage account. And why trade with TC2000? You click on that. The main reason I like it and the reason I trade through it is because it routes everything through Interactive Brokers Smart Routing. The IB Smart Routing. They're partners with Interactive Brokers, one of the most respected firms. You know, they've got highly competitive margin rates. And you can trade right off the charts, which is fantastic. So, again, if you click here, you can see how I could select, for example, if I wanted to buy PFGC, I would just click the Buy button. All right? And you can see Buy PFGC, Buy BFGC at Market, Buy to Open Call, Buy PFGC at a Trendline. All right? Do you see that part? That's an interesting part, right? So, let's assume that I wanted to buy PFGC when price. Listen, let me do this just to show you. I'm going to go ahead and duplicate that line, move it slightly above. Let's say 102. Let's just say 102.64. And I want to buy at that trendline. So, what you would do is hit Buy, Buy PFGC at Trendline. All right? Then you select at that trendline. And there's the order. It automatically creates it. Now, from here, you can select how many shares you want to do. Okay? You can see the pop out of the ticket. And then you just click the Buy button. If you want to cancel it, you just hit the X button and it takes it away. It's really simple. And so, trading off the charts, very helpful. And so, when I'm day trading, if I have, you know, in the past, when you'll see me, some of the trades that I've placed as a Legend Level member in those day trading videos, you'll see how that works a little bit more in depth. So, anyway, what else should I tell you? That's all I got for you for today. I hope you all had a good day in the markets. And let's see what happens tomorrow. It's going to be a doozy, I think. We're going to know one way or another if it's going to be, I think tomorrow is going to be the day that we figure out exactly where the markets are heading, at least for the technology stocks. Are they going to rebound or are they going to drop further? Tomorrow is going to be the day, I think, where we'll find out. Let's see if I'm correct about that. And I will catch you all in the next video. [01:29:39] Speaker 1: The Ichimoku's guiding light. [01:29:54] Speaker 8: Blue cloud trading through the night. [01:29:58] Speaker ?: Ooh. The Ichimoku's guiding light.