How The Midterms Will Affect The Stock Market — Chart Summit

[00:00:00] Spencer Israel: Mic check! Mic check! One, two, three. We're live. Good morning, everybody. Happy Wednesday. This is Chart Summit, Fall 2026 edition. I'm Spencer Israel, Stock Market TV. I've got JC Perrette in the house. I've got Steve Strauss in the house. We got a big day planned. If you're watching us on our website in the chat, hello. If you're watching us on YouTube, enjoy it for now because in a half hour, the YouTube stream getting cut off. That's right. At nine o'clock Eastern time, we're cutting the YouTube feed. We're going onto our website all day long. We have like eight hours of content planned. Let me see if I can get the agenda up on the screen. Yeah, there it is. Stacked. Okay. Steve Strauss is giving a presentation. The entire analyst team giving presentations. Brian Shannon, Anne-Marie Band, Katie Stockton, Kenny Click will be here. Man, who am I missing? I'm missing Todd Gordon, Jeff Mackey, David Keller, Steven Weitzel, Herb Greenberg. Plus, we're doing some bonus content tomorrow. So a lot going on today. But for the next half hour, let's just talk about it. We'll talk about the reaction to last night. Actually, there is something that happened last night that I want to bring on JC to discuss. So JC, good morning, sir. Morning, good morning. [00:02:02] JC Perrette: Happy Charge Summit. [00:02:03] Spencer Israel: You know what I'm about to say, I think. I hope you do. [00:02:07] JC Perrette: I have no idea what's about to come out of your mouth. [00:02:09] Spencer Israel: We had a very big event happen last night after endless amounts of polling and projections and guesswork. And we finally got the answer to our question. And the question is, how is the college football playoff shaking out? Congrats to Miami, JC. [00:02:34] JC Perrette: I see what you did there. I see what you did there, Spencer. Another one. [00:02:37] Spencer Israel: Congrats to Miami. [00:02:38] JC Perrette: See what you did there. Yeah, you know, this doesn't matter. This is kind of like looking at monthly candlesticks in the middle of the month. Right. Or like, you know, like last night, people were like, oh, my God, futures are crashing. And what was my exact words? My exact words was that, in my experience, I've been at this over a couple of decades now, the futures market is not the best indicator of the future. Right. And so while the futures were crashing and Spencer's like, S&P's are down half a percent. Crashing is not probably not the best word. And you were right. But that's not the point. And so here we are with the Dow up a thousand points. So when you talk about sell the rumor, buy the news, I don't know if you guys have ever heard that. But this is that, right? This seems to be that. I guess we'll see what happens. But it certainly smells like a sell the rumor, buy the news. You know, Democrats sweeping is going to be terrible for tech companies. And it's so bad for everybody. Bah, bah, bah, the Dems. Everybody already knew that, right? And that was sort of like, like it was already priced in, you know. So we were looking at some positive catalysts that could come out of there. Like maybe it's not a Democratic sweep. And, you know, maybe there's something positive coming out of the Republicans. And it turns out not to be the end of the world. Or it's already priced in. And so now they could buy them up. And that's exactly what they're doing. They're coming in here. They're buying them. Not so much the NASDAQ. NASDAQ's up 40 bivs. But the Dow's up. Dow's up a G note. [00:04:15] Steve Strauss: Well, depends what stocks, right? Because data centers, defense, anything Republican. We talk about these. We have our patriotic index. Tesla. Tesla's down. Palantir, right? Musk and Karp getting crushed here. [00:04:32] JC Perrette: And why do you think? Because now they're going to do whatever they can. To make their lives a living hell instead of letting them operate. [00:04:37] Spencer Israel: This is why. Right here. This tweet from Sony was why. [00:04:39] Steve Strauss: Show me. Can you zoom in there? Yeah. This is why Caterpillar getting hit again today. [00:04:44] Spencer Israel: So there was a bunch of AI slash data center measures on various ballots across the country. And voters resoundingly rejected any advancement building data centers anywhere near them, essentially. So the. [00:05:02] JC Perrette: Regardless of their political party, right? [00:05:04] Spencer Israel: What? Mm-hmm. [00:05:06] JC Perrette: This is regardless of their political affiliation. Right. [00:05:08] Spencer Israel: These are ballot measures. [00:05:09] JC Perrette: Yeah. [00:05:09] Spencer Israel: That are asking various questions like, can we think about building a data center here? Can we build a data center here? Can we study building a data center here? And 33 out of 34 said, no, you cannot, actually. Except for North Dakota. Don't do that in my backyard. So. [00:05:28] JC Perrette: Right. Except for North Dakota. [00:05:30] Spencer Israel: That is why the data center AI trade is down this morning. [00:05:36] Steve Strauss: Meanwhile, you have stuff like solar and healthcare, healthcare plans up big. Gold and silver having a day. [00:05:44] JC Perrette: Gold and silver having a day, man. Silver finding support right at that former resistance. [00:05:49] Steve Strauss: Gold with a little scoop move. Love to see it. [00:05:52] JC Perrette: A little scoop and score. Speaking of scoop moves, can we get a slide six and seven? Why don't you start with seven? Six, seven. Okay. You know, somebody, somebody said, you know, wait till these kids find out what six, seven actually means. You start work at six, you finish at seven, and you do that till you're 67. I thought that was funny. Or sad, you know. So a little scoop and score here, Coinbase looking to complete a historic top. This is the bellwether for all things cryptocurrencies. This is the company that did everything right. Brian Armstrong working with the SEC, the CFTC, lobbying in DC, just in America, you know, sent relatively centralized, all those things. If anybody's going to win, it's going to be Coinbase. And if Coinbase can't win, then nobody's going to win. It's really the theory here. So zoom in on the next chart there. Go to slide six, actually. [00:06:50] Steve Strauss: Have you decided if you want to buy calls or puts here yet? [00:06:54] JC Perrette: Well, I agreed with you guys that you sell the puts and you buy the calls. [00:06:58] Steve Strauss: Nobody said that. No one suggested doing that. [00:07:01] JC Perrette: Well, I said that a few times a couple of days ago, and nobody said otherwise. [00:07:05] Steve Strauss: Yeah, I would never sell puts in a pattern like this. It's a good way to blow up an account. I'm trying to make a lot of money, JC, not lose a lot of money. [00:07:11] JC Perrette: What if you buy some out of the money puts then? What if you buy some out of the money puts? [00:07:15] Steve Strauss: I think maybe you buy some out of the money calls on some green shoots here for crypto. [00:07:20] JC Perrette: Yeah. These Neuro, what are they called? Neuro clouds? Neuro clouds. Neuro clouds. Is it time to buy? Is there a Neocloud ETF? Yeah, right? [00:07:34] Steve Strauss: They're getting crushed today. [00:07:35] JC Perrette: Are they? [00:07:36] Steve Strauss: Spencer just explained to you. I don't actually know, JC. Oracle, all the usual suspects. [00:07:42] JC Perrette: So then Neocloud, so then these former crypto stocks are now AI stocks. So what crypto stocks do we own? Like MicroStrategy? [00:07:51] Steve Strauss: Well, Coinbase is never a Neocloud or any of that. They're a platform. Right. [00:07:59] JC Perrette: So Coinbase is it? There's no other alternatives. You buy Coinbase and shut up? [00:08:04] Steve Strauss: Well, there's crypto stocks and then there's AI stocks. [00:08:08] JC Perrette: What do you consider a crypto stock? [00:08:10] Steve Strauss: Coinbase. There used to be a lot more. Any of the treasury companies? Galaxy, Robinhood would be these days. Galaxy, Robinhood. Okay. Circle. [00:08:18] Spencer Israel: Yeah. The treasury codes and the exchanges, but there are no more miners. [00:08:22] JC Perrette: Dude, Galaxy is down 8% today. [00:08:25] Steve Strauss: Yeah, it's not, it doesn't look good for crypto here. Hasn't been. [00:08:31] JC Perrette: Coinbase looking okay. [00:08:34] Spencer Israel: There are things that bring me great comfort. One of them is the immediate reaction to elections in markets, in things like solar stocks, for example. Yeah. Which you can always count on. If the Democrats win, you can count on solar going up. And if they lose, you can count on solar going down and chase that move. Same with cannabis to an extent, although it's kind of dead. I have to admit, I was a little bit disappointed. I am disappointed in the reaction to the gun maker, the gun stocks this morning. There were two of them. RGR, SWBI. Private presence. They're up a little bit, but I would have thought they'd be up more, to be frank. [00:09:12] JC Perrette: The gun stocks would be up more? [00:09:14] Spencer Israel: Yes. [00:09:14] JC Perrette: Why is that? [00:09:16] Spencer Israel: No, they'd be up because people are going to be afraid. [00:09:19] Steve Strauss: Oh, they buy the guns because they're afraid of the Democrats. Right. Yeah, yeah, yeah, yeah. But they're not doing that. [00:09:24] Spencer Israel: They're not. [00:09:25] Steve Strauss: It's so funny. [00:09:26] JC Perrette: And then what about the jail stocks? They want to take everybody out. No, I looked at that one last night, JC. Oh, it is down. [00:09:31] Spencer Israel: Actually, it is down. It's down to 6%. Yeah. [00:09:35] JC Perrette: So we don't need jails anymore? Everybody's allowed to commit crimes, and we're not going to punish them? [00:09:39] Steve Strauss: Well, no, that's mostly about the immigration policy. Yeah, because immigrants are the prisoners? Well, if there's less masked men running around immigrant communities and snatching people up and putting them in jail, then the private prisons do less well. [00:09:58] Spencer Israel: These reactions are meaningless. They're just funny. They're just funny. Right? That's all they are. [00:10:02] JC Perrette: I mean, I don't know about meaningless. Galaxy's down 8%. Geo, which is the prisons, is down 7%. Like, I mean, that's not nothing. [00:10:10] Steve Strauss: Hey, public announcement for everybody. Blue Wave. Pretty bad. Read some of these headlines. Crazy. Some of these Wall Street Journal headlines. Hilarious, right? Throw me in. Republicans still swept in Florida. Anybody who wants to is still free to move here. Dude. Okay? You can't touch Florida. Florida is... Was there a chance that that wasn't going to be the case? Some were shockingly close. Really? Way too close. But they still swept the five. And what about Texas? That was crazy. Purple. They got a governor. A Democratic governor. [00:10:45] Spencer Israel: Florida is a beast unto itself. Can't touch it. [00:10:50] Steve Strauss: Florida holds strong. [00:10:51] JC Perrette: But it got a little close there. A little close for comfort there for you? [00:10:54] Steve Strauss: Oh, yeah. [00:10:54] JC Perrette: Very close. [00:10:55] Steve Strauss: Very close. Several days. [00:10:57] Spencer Israel: Anyway. That would be something. We should talk about just the buy the dip. That's happened. I mean, markets are green, right? The S&P's flipped overnight. Everything flipped overnight, right? [00:11:11] Steve Strauss: That's exactly what JC said. It's buy the rumor, sell the news, right? The market discounted this. Stocks have been selling off. It's been terrible out here for AI stocks, data center stocks. They did all the selling ahead of it. [00:11:23] Spencer Israel: Yeah. The risk was to the upside, but we didn't get the risk, right? So, yes, this is what we all thought. This is what the market thought was going to happen, and it happened. [00:11:36] Steve Strauss: Yeah. And it was already priced in. So, now you're getting the relief rally. [00:11:42] Spencer Israel: Sure. I buy that. Yeah. [00:11:43] JC Perrette: That was up 1,000 points today. What do you think the Dow... Let's play a game. What do you think the Dow is going to be up at the end of the day at 4 p.m. Eastern Standard Time today? Where do you think the Dow is going to be? [00:11:54] Steve Strauss: No clue, dog. [00:11:54] Spencer Israel: Well, it's up 1,000 points right now. Whatever you're going to say, I'll bet the under, because I, you know... Yeah. [00:12:06] Steve Strauss: This is sketchy. I wonder if this move holds throughout the day. Semiconductors are getting slugged again. [00:12:12] JC Perrette: Semi's down 1%. Throw up slide... Throw up slide 5. So, this is the one that's got my attention this morning. This is a big one. This is very big. You think they hold, or they complete this massive top and semiconductors come tumbling down? [00:12:34] Steve Strauss: I don't know, but it's a big deal. It is a big deal. [00:12:39] JC Perrette: I don't have a horse in the race. I don't know any semiconductors. But I do think it has a lot of broader market implications. Would you agree with that? [00:12:48] Steve Strauss: Yeah. Yeah. Big level. I don't think bulls want to see this completing a top. [00:12:55] JC Perrette: I mean, I'm really interested in buying semis here. I really, really am. Okay. [00:13:00] Steve Strauss: But you didn't own any... You don't own any now? [00:13:05] JC Perrette: I haven't had a semiconductor. I couldn't tell you the last time I traded a semiconductor. [00:13:08] Steve Strauss: Dude, where have you been? Been the best stocks this year. All right. [00:13:13] JC Perrette: I haven't been in semiconductors or any of these Dells or Sandus since the spring. I haven't been in any of them. So, I... [00:13:20] Spencer Israel: Steve, neither do you, right? [00:13:24] Steve Strauss: I had some in the long-term account. We've just been weeding out. [00:13:26] JC Perrette: I was telling you yesterday. Yeah. Yeah, I mean, I'm sure there's some semiconductors in my kid's 529 plans. Sure. But as far as, like, you know, tactical, you know, positions and portfolios that I move around, no. Nothing. I haven't touched any of these things in forever. I was thinking about buying that Dell and you were like, oh, it looks a little shady. I wouldn't touch it. And I agreed with you and I didn't touch it. That was probably the close... Remember that little consolidation and breakout in Dell that we talked about? That was probably as close as I came to buying any of those things. You were right. Thank you, by the way, for that. You kept me out of that trade. Sure. Yeah. Yeah, I mean, I'm just... But I'm interested. I'm interested, number one, because this is key support. Number two, I'm interested for what you just said. There's broader implications. Can you tell me more about what that means to you, broader implications? [00:14:13] Steve Strauss: Well, these are your market leaders. These are the best stocks. These are the poster children of the AI revolution, right? So I think if you lose that leadership, sideways would be fine. Prolonged corrective wave, I think that's fine. So you get some sort of reset and they become the best stocks again in the future. But if you lose them and the biggest, best tech stocks or growth stocks around the world are entering new downtrends, I think it's just a tougher environment to make money in anything else. And that big question, like we were talking about yesterday, that'll be looming over traders and investors' heads is, does the rest of the market catch down? [00:14:50] Spencer Israel: Yeah, that is the question. The question is not, what do we think about the midterms and the results? No, no, we're past it. It happened. It's over. It was a blip on the radar. [00:15:01] JC Perrette: Yeah, what happened was what everybody expected to happen. Right. So there's no news here, except the Florida thing. [00:15:06] Spencer Israel: Is Florida the biggest news? Matt Water tweeted even this morning, like there are bigger macro storylines as far as markets go, way bigger macro storylines than the election. Right. So this is, you know, this was an event. It's over. It was a wave. The wave is now behind us. Right. And we can go back to looking forward on what matters, which is what the hell is going to happen to the semis. That's it. [00:15:35] JC Perrette: And I just want to give a, I want to give a big shout out to, uh, to just, uh, Americans across the country and, uh, earthlings around the world that we don't have to deal with this shit for another two years. Thank God. Yeah. You know, and it's going to be, and you know, it's going to be nasty and the commercials are going to suck. Like Straza's always complaining about. There's got to be ways that you could pay a little extra to not get those commercials, Straza. [00:15:59] Steve Strauss: Yeah, but they're, but they're funny. [00:16:01] JC Perrette: Oh, so you got it. Got it. So you save the money and laugh. [00:16:04] Steve Strauss: We laugh out loud. Got it. We laugh out loud. Political commercials. [00:16:07] JC Perrette: But the good thing is we don't have to deal with this anymore. So like, if you're like one of these journalists that like your whole compensation is based off of you distracting, uh, people in the country with whatever nonsense you want to say, like, that's your job. Like great, you know, you can go away now for a couple of years and nobody's going to miss you. [00:16:29] Spencer Israel: No, we can go, we can go back to forgetting about this, which is, which is, which we like to do. [00:16:35] JC Perrette: And we can talk, Tars talking about the Fed again. Yes. We got a CPI coming or something? [00:16:43] Spencer Israel: JC, we don't have a Fed for like seven weeks. You're good, bro. [00:16:48] JC Perrette: Oh, man. But we got a CPI. Doesn't that come out in the beginning of the month? Or is that an NFP? I, I, I can't, I can't. [00:16:54] Spencer Israel: Now there's one more meeting at the end of the year. You got time. [00:16:57] JC Perrette: One more meeting. But what do we have this week? Isn't this the first Friday of the month? [00:17:02] Spencer Israel: Yeah. Wow. [00:17:02] JC Perrette: Isn't this the non-fire payrolls? [00:17:05] Spencer Israel: We have a jobs number on Friday. [00:17:06] JC Perrette: How am I doing? How am I doing? Come on. Are you guys impressed? [00:17:09] Steve Strauss: You guys are a little impressed. Very good. [00:17:11] JC Perrette: Spencer's definitely impressed. [00:17:13] Steve Strauss: A couple of folks in the chat calling out this nasty reversal in AMD. They dropped a hot one last night. A really good report. How hot one did they drop? And the market liked it at first. The market was, was with it. And now, uh-uh. By the way, futures were down like 2% last night at first. We talked about how, well, in the trading room yesterday, we were talking about how, like, good chance you get a knee jerk to the downside here this morning. It kind of happened last night. I don't know if it's enough. [00:17:40] JC Perrette: No, it definitely did. It was down pretty hard last night. You look at those candles overnight. It's pretty nasty out there. [00:17:45] Steve Strauss: I think the market's still on rollover alert. Look for, if the other groups that are up today and look good pre-market, start following tech lower. I don't like that. [00:17:55] JC Perrette: Listen, it's not as dramatic as, uh, 2016. But I remember 2016, like it was yesterday, and they knocked him down after the election when they realized that the, uh, reality TV guy was gonna, was gonna win and not Hillary Clinton, uh, who had the best, greatest qualifications for a presidential candidate in American history. And she lost to the reality TV guy, and then the market sold off. Remember that, Whipsaw? [00:18:23] Steve Strauss: That was 10 years ago. [00:18:24] JC Perrette: That was 10 years ago. That was exactly 10 years ago. I remember right where I was sitting. Sonoma Valley, California. What a great place. [00:18:32] Steve Strauss: Yeah. I was in both of them. [00:18:33] JC Perrette: And you know, I didn't buy the Futures. I was downstairs. I had a little wine. And I was like, you know, you can't be trading after a couple glasses of wine. And so I was gonna go upstairs and buy Futures. And I didn't. And I've regretted it ever since. [00:18:47] Spencer Israel: Uh, I mean, I was already long. [00:18:49] JC Perrette: Like, you know, we were bullish. [00:18:50] Spencer Israel: How many people, how many people were looking at the, uh, the overnight markets or the hyperliquids or anything like that last night, um, late into the night? [00:19:00] Speaker ?: Yeah. [00:19:01] Spencer Israel: Yeah. [00:19:02] Steve Strauss: Yeah. I was Zillowing and watching Futures. [00:19:05] JC Perrette: And then what is it about Zillow that you like so much? [00:19:08] Steve Strauss: I just doom scroll. I like, I love looking at houses. [00:19:12] JC Perrette: Random cities or specific. [00:19:14] Steve Strauss: I've been looking in Miami. Really like thinking like Key Largo. It might be okay. Like, I don't know, man. Dude, the Grove is hot these days. I know. I, we'll see. We'll see. I just like looking, JC. You know? [00:19:28] JC Perrette: I hate real estate. [00:19:29] Steve Strauss: Love it. [00:19:31] JC Perrette: I hate it. [00:19:32] Steve Strauss: We're going down two weeks. We're gonna, we're gonna, we're gonna hit some, hit some houses in the middle keys. [00:19:37] JC Perrette: Dude, I can't wait to sell all my real estate and just like live like a nomad. [00:19:41] Steve Strauss: Come on, meet me in Duck Key. We'll get a boat. We'll become, we'll become like boat people. We'll get good at fishing and stuff. [00:19:48] JC Perrette: Dude, Duck Key is where it's at. That's where it's at. You don't, you don't got to tell me. [00:19:51] Steve Strauss: I'll find, I'll find you a house. I'll find you a house. [00:19:54] JC Perrette: Dude, when I was younger, we'd drive down to Key West and we'd go past Duck Key and I'd be like, one day. One day. Even the bridge is nice, right? [00:20:03] Steve Strauss: There's some good ones listed right now in the Duck Key. Duck Key is sick. [00:20:06] JC Perrette: But what am I going to do down there, dude? [00:20:08] Steve Strauss: Oh, I just told you. Fish, golf, come on. It'll be a blast. Let's go. There's no golf courses near there, are there? Yeah, live on one in Key West. [00:20:16] JC Perrette: No. [00:20:16] Steve Strauss: It'll be about 30 minutes, 40 minutes. [00:20:19] JC Perrette: I don't even play golf. [00:20:20] Steve Strauss: Huh? [00:20:21] JC Perrette: I don't even play golf. And there's no restaurants. [00:20:23] Steve Strauss: Me neither anymore. These days. [00:20:25] JC Perrette: You're in the middle of nowhere. There's no restaurants. [00:20:28] Steve Strauss: No, there's great food. Stop. Oh, speaking of great food, guess what I got on its way? What? Delivery today. Joe's Stone Crabs. [00:20:36] JC Perrette: Oh, it's Stone Crab season officially. [00:20:38] Steve Strauss: I had a- [00:20:39] JC Perrette: You know how you know it's Stone Crab season? [00:20:41] Steve Strauss: Yeah. What? No. How do you know? Because it's October. [00:20:44] JC Perrette: When it's not baseball season. Oh. Oh, yeah. Once baseball season starts, you can't be eating Stone Crabs. That's a good one, right? But you want to be. [00:20:54] Spencer Israel: I'm bringing it back. Obviously. There's a lot of pain out there in tech this morning. Datadog is getting cracked down 12%. They reported this morning. More of the same. And here's the thing, though. It was like, it was a beat and a raise, right? So maybe they said something on the call that I don't know about. But, you know, headline numbers are good. And the reaction is not, which tells you all you need to know, right? Well, Skyworks Solutions, same exact thing, right? [00:21:20] Steve Strauss: I mean, Spencer, keep going on down the list. They reported last night. [00:21:24] Spencer Israel: It was a beat and a beat on the guidance. Who else did we have here? We had a hot eight reported this morning. I don't care about them. But it's down 12%. Yeah. There is real tech pain this morning. [00:21:43] JC Perrette: Well, I just want to say a couple things since it's charge summit today. [00:21:47] Spencer Israel: Yeah. [00:21:48] JC Perrette: I went back and I was wondering when was the first charge summit that we did. You know what it was, Steve? 2017. The first charge summit was not the Breckenridge 2019. We did two prior. [00:22:00] Steve Strauss: It was online the year before? [00:22:01] JC Perrette: It was online the first two years. 2017 was the first one. That was nine years ago was the first charge summit. So I just want to thank, you know, all the presenters that you're going to see today. I want to thank all the presenters that have been at charge summits in the past. I want to give a big, big shout out to all of you. Everybody who's signed up for charge summit. If you haven't signed up for it, if you, you know, it's, it's, it's in there. If you're in here watching, you've signed up Spencer or no, you're in here watching. [00:22:28] Spencer Israel: Possibly there are some folks watching on YouTube. And if you're watching on YouTube, you have seven minutes to register. Use the link in the chat or description. [00:22:36] JC Perrette: Listen, you're in for quite the treat. We got, we got Jeff Mackey in the house. He's going to bring it home. I got Dylan. Dylan's coming in. You got the analysts round table discussion. You got Steve Straza. You got Herb Greenberg coming in hot today. Steven Weitzel is going to be here. Uh, I mean, we got, I mean, we got a crew. Katie Stockton and I had a great conversation. We recorded it yesterday. That'll be published today. Sam Gatlin in the house. Todd Gordon in the house. David Caller is here. Ann Marie Baird. Uh, I mean, man, we got, um, we got quite the crew. Fonz, Sean. I mean, you are, you know, some people, you know, that no charge summit are like, oh yeah, this is going to be sick. Some people really don't know how good this is going to be. And I don't like to like over promise and over deliver. I'm going to tell you right now, this will be the greatest group of presenters you've ever seen in your entire life. And I'm not afraid to say that. And you know what? They're going to over deliver on what I'm promising. I swear to God, they're that good. I'm not even like, I'm not even exaggerating. They are that good. So you are, you are in for quite the treat. I know the first presentation today, uh, I, I get, I did a little, uh, a little how you doing yesterday. Uh, but we got the 10 X portfolio with a one Steven Straza, Steve Straza. Steve Straza, are you junior officially or no? [00:24:03] Steve Strauss: No, Bill, Bill, Bill makes a good point here. Um, the stone crab at Joe's is ridiculously expensive. You can get it for half the price at keys, fresh seafood, and they actually supply Joe's good friends with the people over there. Captain's top Island. Huh? I did. I did Joe's because I had a gold belly gift certificate that was expiring. And what else am I going to order? [00:24:24] JC Perrette: Yeah. But you want to know something? The experience at Joe's, let me tell you something. Let me tell you something. And we'll, we'll get into the charts. And this is really important guys, because there's people who don't know. [00:24:33] Spencer Israel: Very important. [00:24:34] JC Perrette: They don't know about stone crowds. They don't know about Miami. They think they know. Uh, they kind of have half-assed it. They might know a little bit, but let me tell you somebody, as somebody who's done this plenty of times, you show up to Joe's and you sit at the bar. Don't get a table. No, no, no. You sit at the bar at Joe's stone crab. And if there aren't any chairs available, you wait for one to become available. [00:24:57] Spencer Israel: I'm writing this down. Hold on. [00:24:58] JC Perrette: Use common sense. Don't show up on a Saturday night trying to get a seat at the bar. Use common sense on when you go. [00:25:04] Speaker ?: Yeah. [00:25:04] JC Perrette: You sit at the bar. [00:25:05] Steve Strauss: And, and this, in my opinion, I told the whole story to the trading room yesterday about Joe's stone crab because they created their own category, right? Stone crabs, I think are the most unique food to South Florida. Like this is the most special thing that we do. And a lot of people don't know this. You can't catch them anywhere. You can't. They're not in Miami either. They're in the lower keys and that's it. Nowhere else in the world. Right? So Joe's found that beautiful thing on the bottom of the ocean and brought it to all of us. And now they're the market maker for, for the entire global stone crab market. They're shipping these things to Japan all over the world so that everybody can enjoy this beautiful delicacy of the Florida keys. [00:25:44] JC Perrette: All right, Straz, I'll finish up. You go get ready for your big presentation. [00:25:48] Spencer Israel: We, we should have mentioned this in the marketing. [00:25:51] JC Perrette: Sit at the bar. And then when you order, and then you have to get the key lime pie. Because if you don't get the key lime pie, what are you even doing? You got to get the key lime pie and you want to get the Hungarian tokay to go with it. Hungarian tokay. [00:26:02] Steve Strauss: The fried chicken is great too. [00:26:03] Spencer Israel: I don't know why we didn't mention this in any of the marketing. You, you really come for the charts and you stay for the food recommendations and the, the, the stone crab analysis. It's top, really top match. [00:26:12] JC Perrette: You sit at the bar, like a gentleman. No, it's nice. You know how many times Morgan and I have done that? We've had lovely experiences there and the bartenders have been working there for a zillion years and then you'll get like the local cops will come in, sit down, you know, like, like cops love showing up there. Cause I think that they're always allowed in. There's like a little, there's something there. Every time I'm there, I'm hanging out with cops. Yeah. Something's going on there. [00:26:34] Spencer Israel: So, so anyway, I mean, I think we're all kind of in agreement that what ultimately matters today is what the hell happens to SMH or the socks and any of the large components with, [00:26:48] JC Perrette: with, yeah, home construction too, is on my radar. That has been, uh, you know, that has been, um, a big, uh, uh, putting a big hurting on the market is home construction. I think, uh, not great for the bull case and, uh, home construction has really been coming back hard. It's up three and a half percent today. Nobody in their right mind is expecting the United States to have a housing boom. Uh, I think that we are at the start of what could potentially be one of the greatest housing booms in American history. And when I tell people that not only do they disagree, they get visibly upset about it. Um, I don't know why people are so angry that they don't want a housing boom, or maybe they don't think is happening. I don't know, but there are a lot of signs pointing to look out here comes housing back with a vengeance. Um, I don't know if it's a Republican thing, a Democrat thing. I don't think it's either. Really? I think it's a sentiment thing. Everybody just assumes that consumers are broke and can't afford anything and housing's a disaster. And, uh, I'll take the other side of that. I'll take the other side. [00:27:57] Spencer Israel: I think it's also just tradable lows, like tradable lows in the, in the Russell tradable [00:28:02] JC Perrette: rotation, rotation, rotation. It's the lifeblood of a bull market. And if the dollar rolls over here, holy shit, you could get a 60% rally in silver 50, 60% [00:28:14] Spencer Israel: and silver from here, all eyes on the silver morning, um, you know, I'll drop it in the [00:28:24] JC Perrette: chat in just a second. So silver right here, right now. And this dollar rolls over, forget about it here. [00:28:33] Spencer Israel: Throw up the new slide for the same story tradable low, tradable low. [00:28:39] JC Perrette: No question. [00:28:39] Spencer Israel: But the difference is silver's tradable low was from yesterday, you know, other, other things have, you know, more firmer tradable lows, maybe put up the, uh, yeah, this was [00:28:52] JC Perrette: more dramatic. I mean, it lost half its value silver in the last nine months, half its value. Silver is a market that is in the midst of a crash. Gold is a market that is in the midst of a crash. Gold is down, lost a third of its value in nine months. Silver got more than cut in half in nine months. When you talk about market crashes, the crashes are in precious metals. We are still in the midst of a crash. And as somebody who's traded through plenty of crashes, studied every crash ever, I can assure you that the biggest, strongest rallies of all time come during market crashes. And so here we are. Yeah. So if you, I've been, I've been, if you, if you've been a bag holder, uh, in precious metals, unfortunately, uh, I think you're going to get a chance to fade, uh, some strength. So do the right thing, I suppose. Um, and if you stayed away from these things, uh, then I think there's a, there's an opportunity here. If the dollar rolls over, and I think it very well could here, it very, very well could do the river you're going to see in precious metals is going to be off the charts. [00:30:04] Spencer Israel: Let's also remember, you know, the historical data and what that tells us, which is more often than not markets are higher a year after the, I mean, markets are higher more often than not three quarters of the time they're higher just in general, but after the midterms, right, especially so they're higher three, about three quarters of the time, um, in the [00:30:25] JC Perrette: average return, the average return going back a hundred years from the midterm election low to the pre-election high, which is this year's low to next year's high. The average return for the Dow is 50%. You know how much we're up off the lows? 14. Well, 16 after today. But yes, just for perspective, the average return, I think it's 46%. It's almost 50% from the lows in the midterm year to the highs were up 16% from the lows on March the 30th. Okay. So I don't know another 30% of upside, uh, just to get to the average. So it sounds like a lot. Sounds like a lot. That's one of the craziest stats. Uh, you know, I get stats every day in the market, as you guys know, but that one in particular, um, that's a really crazy stat. It's almost 50% return on average. [00:31:18] Spencer Israel: So if you're, if you're, uh, if you're on the doom and gloom train this morning, zoom out, right. Um, and think about what has happened in the past. Uh, of course that could all change. You know, if, if, if nobody wants to buy semi-concer stocks, then that's what JC said is not going to happen. Probably right. What JC just said. So I guess we'll see. Uh, okay. [00:31:41] JC Perrette: What the Dow is going to be up another 30% if they don't buy semis. [00:31:45] Spencer Israel: Yeah. That's not. [00:31:46] JC Perrette: How many semi-stocks are in that? All right. [00:31:47] Spencer Israel: Well, I, I guess I meant like the overall market is what I was referring to. Um, I suppose the Dow could that, but that would be a weird divergence. Um, okay. [00:31:57] JC Perrette: The Dow would massively outperform the NASDAQ like it's doing today. [00:32:01] Spencer Israel: Yeah. Well, it's, I mean, they're all up today. [00:32:04] JC Perrette: So yeah, the NASDAQ is lagging up a quarter of a percent. I see that. The Dow's up more than four times that. Sorry. Yeah. Bad math. [00:32:15] Spencer Israel: More than eight times that. Um, let's do this. I'm going to cut the feed on YouTube. If you're watching us on YouTube, uh, there is a link in the chat and in the description to register, get the free watch link for the chart summit. I'm cutting the feed right now. So the stream will end on YouTube. If you're watching us on our site, great. We're staying live all day.