TOM LEE says "Three Jitters Emerged" (06/08) Stock Market Analysis

[00:00:00] Speaker 1: Blue cloud trading through the night. The chips are now leading the markets higher again, shaking off last week's big sell-off. Welcome to Power Lunch. I'm Kelly Evans with Brian Sullivan, who is in Washington, D.C. today. And the dip buyers are back in big tech. Tom Lee is here with the three things that matter most from here and where he sees the market headed next, Brian. [00:00:25] Speaker 2: And Kelly, the cook is leaving the kitchen at Apple. Tim Cook giving his last keynote to CEO for their biggest conference. Will he go out with a big AI bang and send that stock flying? Plus, now 100 days in, the Iran war at a critical point. After weeks of false starts and new missile attacks just this weekend, will the world get a real de-escalation? Fred Kemp of the Atlantic Council is here. Hi, everybody, and hope you certainly had a great weekend, which we know may have been tough after Friday's monster sell-off. And this may be a new week, but it kind of looks like the same old market. Yeah, the Dow may be a little bit lower right now, but tech stocks are rocking. The chip stocks that fell on Friday, they are soaring today. So given the market moves that we are seeing today, what do we make about what happened on Friday, which was the single largest point decline ever for the NASDAQ and some of the biggest percent declines since the March 2020 COVID panic? Well, here's what some are saying. Ed Yardeni calling the recent drop a, quote, rotation, not a correction. Morgan Stanley's Mike Wilson says a pullback was inevitable and ultimately healthy. But on the flip side, Bank of America's Savita Subramanian urging investors to take some profits, warning there are simply too many red flags now flying over U.S. stocks. We are guessing that your first guest today may disagree a bit or entirely with that statement. Joining us now is Fundstrat managing partner and CNBC contributor Tom Lee. Tom, good to chat with you. As best as you know or can tell, what happened on Friday and what happened today because those days, 48 trading hours apart are very, very different. [00:02:21] Speaker 3: Yeah, Brian, as you know, stocks have done well for some time. So I think there's a lot of people that are worried about the air gap below because so many stocks move so quickly. And then jitters emerged. I'd say three jitters emerged last week. The first is, you know, how strong is the AI trade, especially with some of the guidance that came out of Broadcom? The second, of course, is just the realization that Google is going to raise $80 billion plus SpaceX, $75 billion, OpenAI, maybe $100 billion, Anthropic, $75 billion, and then Meta, of course, filed as well. So there's a lot of equity being raised and asking the public to fund that. And the third is, of course, you know, the geopolitical tensions. I think people get generally nervous into a weekend and they're worried about whether there could be something happening in Iran. So I think those are the jitters. And as you know, we get these pullbacks, you know, in our opinion, and we commented over the weekend on this. I think it's a false narrative to think the bull market is in trouble. I think the bull market is still intact and in very good shape. [00:03:35] Speaker 1: Tom, it's Kelly here back at the studio. And one of the areas that's been obviously most under pressure is crypto. And I know that you say people shouldn't give, you know, throw in the towel. But I think it feels like a lot of the kind of buying velocity has simply left the space. And I'm not sure when it will ever return. [00:03:56] Speaker 3: Yes. I mean, Kelly, I think people are really disappointed by crypto this year because, number one, they didn't go up when AI was going up. But in some ways, crypto is a downstream story of AI because as AI capabilities go up, we already hear it from a lot of those AI researchers. It's going to increase the need for blockchain because that's the only way to prove and validate transactions and actually protect us from AI. Last week, I think that there were some high profile sort of, quote, AI security exploits, one that happened on the Orchid suite for Zcash. And that caused some panic. I don't know why it should have caused all of crypto to sell off. But keep in mind, AI exploits are happening at a rapid pace and an increasing pace across all the financial services. It's just that the publicly traded banks don't actually reveal the exploits. So I think that these attack surfaces are increasing everywhere, and we have to be mindful of that. And the third is, you know, Wall Street is still tokenizing. It's a big innovation, turning money into software, tokenizing equities in real estate. These are composability issues that only happen on blockchain. So to me, I think the crypto narrative is still in good shape, but you're right, the excitement and the FOMO has been in AI. [00:05:18] Speaker 2: You know, Tom, going back to the stock market, seeing some of the MAG-7 stocks down, the Dow is down just a touch. The NASDAQ 100 is still up 2%, but all the averages have come back. We'll likely end the day higher. But if we were to not, if the S&P were to end the day lower after the boom that we had for the first couple of hours today, would in any way that change the way that you look at this market? And if not, what would? [00:05:45] Speaker 3: Well, Brian, there is going to be a lot of tension in markets until June 12th, because I'd say there's a very large camp of our institutional investor clients that would say SpaceX is going to be the market top. So they're anticipating the markets to wobble. So what they're going to do is take profits and be cautious onto that date. But I'd say that history shows that the SpaceX IPO should not actually mark the market top. It's actually where a big IPO marks the top. So to us, I think it's actually misplaced concerns. There's still $7 trillion of cash on the sidelines, and we already know the book's been filled. High net worth clients have a lot of cash available to buy this IPO. So I think the market's going to not only absorb this IPO really well, but I think the market's going to do well post-IPO. [00:06:40] Speaker 1: If you only had a fixed amount of money, Tom, would you invest in these IPOs? [00:06:45] Speaker 3: These are some of the most important companies led by what they call N of 1 people. I mean, I don't know if there will be another Elon Musk in our generation. So for investors who have not owned Tesla, this is a chance for them to have exposure to Elon Musk and all of what he's envisioned. And again, the addressable market for AI and especially data center as you move into space is actually sizable. [00:07:15] Speaker 2: Yeah, I mean, what do you make of the SpaceX IPO, Tom? I mean, kind of to follow up on Kelly's point, fixed amount of money, would you invest? Okay, fine. But you were saying some of your clients are suggesting it might be the market top, and you disagree with that. But why are they saying that? Like, what is it about SpaceX that seems to be kind of enveloping the entire market's imagination? [00:07:39] Speaker 3: Yeah, Brian, there is some correct observation that an institutional investor could make, which is SpaceX is really a two-part public offering. There's the IPO, and it's going to be $75 billion. The second part is the unlock of the $1.7 trillion of shares that are held by private investors, many of which have made generational wealth, being seed investors. That unlocks six months later. Now, many people are going to look back to 99 and say, hey, when that unlock happened, then the market topped, because now you're releasing massive supply. One reason I think it's going to be less of a, quote, pumping up, but less of a sell everything after lockup expiration, is that these AI companies, including SpaceX, aren't fully funded. So they are going to try to maintain a cadence of information and a relationship with public markets to make sure they can access capital markets for the next five years. So I think that's why I'm not as bearish about these sizable IPOs and the subsequent lockup, which is six months later. So if someone's trying to call the top, they should be thinking six months out. But again, I'm not that bearish about that. [00:09:02] Speaker 2: Not that bearish about that, but I think you're right. The whole world watching SpaceX, watching Friday, and we're watching you, Tom Lee, and we appreciate it. Thank you very much. [00:09:12] Speaker 3: Thank you. [00:09:12] Speaker 4: Carl, thank you very much. Welcome to Cupertino, California, where in less than one hour, Apple will begin its most important annual event, its Worldwide Developers Conference. It's a critical moment for this company, and its outgoing CEO, Tim Cook, who presides over his last WWDC. Welcome to this special halftime report. I'm Scott Wachter. We are live today from Apple Park. The question hanging over this year's gathering, after two years of delays and disappointments, will Apple finally deliver on its AI strategy? And how will it be received by investors? Stock's been surging to new highs lately, close to another new high yet again today, which makes the events here all the more important. Our team is at the ready. Here on site, our Apple reporter, Mackenzie Segalos, star analyst, Dan Ives of Wedbush, CNBC contributor, Big Technologies, Alex Kantiewicz, is in San Francisco for us today, and the committee is standing by as well. Joe Cheranova, he's been aggressively buying Apple shares lately. Jim Laventhal and Brynn Talkington own the name as well. They are with us as well. We bring it out, and we welcome you live today to Cupertino. It's good to have you with us. Mack, it's great to have you. Dan, of course, great to have you here as well. Mack, why don't you tell us what you think we should expect today after what we suggest are two years' worth of delays and some would say disappointments? [00:10:37] Speaker 5: We're looking at a revamped Siri, and I'm thinking about this in four different buckets. They teamed up, Apple teamed up with Gemini, so we're going to see a Siri powered by Gemini. We're talking about capitalizing on this flywheel of data inside the iOS ecosystem, personal context, on-screen awareness, things that they pitched two years ago. Separately, multi-command support, we're talking about an agentic experience through Siri. Third, they're going to potentially open up Siri to other models. They've already had that relationship with open AI, potentially opening that even wider beyond Gemini, maybe anthropic, plug-in, whichever chatbot you prefer to use. And then a standalone Siri app, something that Apple previously said that they wouldn't do. This is something that would compete with ChachiBT. Of course, this is a big debut for John Ternus, now the incoming CEO, and he has to sell developers on Siri as the ideal platform to build these new agentic AI capabilities because they really need to get devs on side. [00:11:30] Speaker 4: Okay, so what you're telling me is today is going to be all about Siri. And we should have known as much by the invitation that Apple had sent out. It had a bit of a glow, I guess, to it, which some would say, you know, was pointing in these directions. Why has it taken so long? Why are we saying two years after they first talked about Apple intelligence are we at this moment today? [00:11:55] Speaker 5: And if you really want to backdate, it's 16 years since they acquired the company that became Siri. They were really first on this voice command tech. When you look at the delays of the last two years, a lot of it can be chalked up to management, right? We saw this huge changing of the guard in the AI team. And as much as we talk about the Vision Pro not succeeding in a commercial sense in terms of sales, we did see Mike Rockwell, the architect there, come in, take over this AI project under Craig Federighi, the software chief, bring in a lot of his Vision Pro team to help rebuild what's going on there. And we saw John Giandrea, the former AI chief, out, Amar Subramania in, who led engineering at Gemini. So just this really thoughtful reorg, Tim Cook reportedly more involved in this AI reboot than he had been in any other project in the last decade, really getting hands on, usually yields more to his lieutenants. And then the last thing that I'd say is that they gave up on this fight to be an LLM that's competitive, right? They are licensing this tech from Gemini reportedly for a billion dollars a year, which is nothing against the 20 billion that Google pays them for search. [00:12:57] Speaker 4: How does this match up with your expectations today? You say this is going to be a foundational moment for Apple's AI strategy today. [00:13:05] Speaker 6: Look, I mean, they essentially threw away the treadmill, threw away the whiteboard, and finally we're actually going to see Apple get in on the AI game. I mean, like, look, you could be late, but when you have 1.5 billion iPhones, 2.5 billion iOS devices, they are going to be the toll collector on the AI highway. And this is, it's a monumental day for Cook, hand in the baton, monumental day for Turnus. And I believe, Scott, when I think about what amount of AI is baked into the multiple, what's baked into the stock, I think it's minimal. And that just, it's our view, that's the opportunity here after, obviously, a few years' disappointment. [00:13:43] Speaker 4: There may be delays, there may be disappointment, as Dan said. The interesting part of this story, Joe, is that investors have largely given Apple the benefit of the doubt. As I said, the stock is right around a new high yet again. Believe it or not, it's added $1.6 trillion in market cap since last year's WWDC. Investors have just assumed that they were going to eventually get this right. Maybe that's in the stock at this point. You've been a big buyer, as I said, right off the top of the program consistently. We made a wall to show our viewers the prices and the dates in which you started accumulating this stock again in a pretty consistent manner. There it is. What has sold you on the idea that it was time to do what this wall suggests you have? [00:14:34] Speaker 7: So, Scott, I believe I'm getting in front of three things. First and foremost, most importantly, a tangible AI vision. It's been missing over the last two years. And as you correctly state, that's allowed investors the time to build positioning and really not be frustrated by the lack of delivery and still have an adequate performance. Secondarily, revenue growth is accelerating for this company. That's for sure. They're going to do 15 percent in 2026. That's up from 6 percent last year. And looking back three years ago, you're talking about flat revenue growth. And then thirdly, if you think about the momentum factor and you think about the momentum story in the market currently, Apple hasn't participated in that momentum story over the last 18 months. The two largest momentum ETFs are the MTUM and SPMO. Neither one of those momentum ETFs own Apple. So it's the rebuilding of positioning, and I think collectively, those are three catalysts that I'm getting in front of, and it's the reason why I've been buying it since the end of March. [00:15:48] Speaker 4: Dan, the stock's up 52 percent over the last year. Why do you think investors have been giving this company the benefit of the doubt? If I told you a year ago, we still don't have anything tangible on AI, and then we're going to meet a year later, and Apple's going to have added $1.6 trillion in market cap, you probably would have said you're crazy. [00:16:07] Speaker 6: Why have that? And it speaks to, you know, when we went to $400 price target, it's our view, and we've talked about it, is that the consumer has just started the AI path. So when you think about LLMs, where everything is today, 20 percent of the world is going to access AI, ultimately, through an Apple device. They had to get in on the game. Finally, they are, right? I mean, they basically ripped the Band-Aid off, and now we're here. And it comes down to monetization, I think, $75 to $100 per share that could get added because of AI. And then just to put some numbers around it, $100 billion of services, you start thinking about, could you get an incremental $15, $20 billion of services? That's why it is the sleeping giant. I think today is going to be a Jalen Brunson moment for Cook and Ternus. [00:16:52] Speaker 4: You're not the only one who thinks that. You know, Mac, Eric Woodring of Morgan Stanley says this event today has the chance to, quote, reframe Apple as an AI winner. He says the stock could be worth $365 to $385 if they get it right. They see upside past $400 to $440, he does, especially if they do what, Dan, I've suggested they can, sort of reignite growth, a new growth engine for their services business. [00:17:22] Speaker 5: I mean, they're already tracking for $124 billion in their services business this year, absent becoming the toll booth for consumer AI. I love how you put it. And so if you are able to capitalize on that, whether that is charging the model makers for being able to port into Siri or, potentially, this new AI app store that would be a dedicated home for these new models, it's something that they haven't been able to tap into yet. And what I will also say is that Apple has been big on its chip strategy in terms of on-device local inference. So winning at the edge, not having to rely on the cloud, that also helps them capitalize on their privacy flywheel, which is something that's always been a selling point with the consumer. [00:18:00] Speaker 4: I wonder, you know, Bryn, there's still a bit of skepticism around the strategy itself and whether whatever happens today, and we'll find out, as we said, in less than an hour, if it's truly going to be a needle mover. Moffett Nathanson is a bit more skeptical than the commentary you've heard from Ives and the one that I suggested from Eric Woodring. They say that today Apple needs to show, quote, evidence of a genuine step change, no more incremental moves, that they need to take a step up or a step forward in a big way to clearly define what their AI strategy is and make sure that investors truly see it and believe in it. [00:18:45] Speaker 8: I think that skepticism is healthy, and I think they will execute. First of all, when you look at the Apple, like I have the Apple, the new Apple, there's this action button, Scott, and you push the action button, and I have Gemini there right now, and it opens up and you just talk to it. But right now, it can't do anything inside of your phone. But when you think about who the AI winners are, you want to start with enterprise and you want to start with consumer. Without a doubt, Apple is the consumer winner. Every year, every week, we get how much Apple did we spend on our phone. Well, everyone's usage is going up because they're on their phone more doing different AI buckets. And so I just think this is their technology to win. We don't want an open AI phone. We don't want a meta phone. We're happy with our Apple phone, and I think it's going to continue to get stronger. And they had this huge moat. And so I just think that the skepticism is healthy, but I do think there's such good upside potential because, really, you just need to unlock Gemini so it can go into our phones and we can actually have it do things. And they already have the action button that you just sit there and just very easily could talk across. I will say the one risk, though, is for all of these apps that are advertised-based, if Apple executes, those apps are going to be, I think, in a host of trouble because we aren't going to go have to suffer through those ads because we're going to go directly to where we need using that action button that they have on the new phones right now. [00:20:10] Speaker 4: I saw you, you know, Dan, I've shaking your head in agreement, nodding your head in agreement in a lot of what Bryn was talking about. [00:20:17] Speaker 6: I think Bryn hit on an extremely important point in terms of open AI, trying to do the hardware, they're going down the phone. There's a better chance of me and the NBA than that, really, to be successful from the hardware. The thing about what Zuckerberg's done on meta, minimal strategy in terms of on the hardware. Apple has the moot. They have the 1.5 billion iPhones. Now, you don't have to be the best. And as you've talked about, that's not what they're trying to be. But now, they're actually in the game. And once you're in the game, the monetization of that, that's what's now going to start to get factored into it. [00:20:51] Speaker 4: Jimmy, you know, maybe the wild card in this story about the stock is the valuation. You know, it's above the historical average and probably by a lot at this point. And that has prohibited some of your committee members from buying the stock. They just can't get their arms around why Apple deserves to trade at the premium that it does. How would you address that? It's near 34.5 times forward. [00:21:18] Speaker 9: Yeah, you know, I think there's always this tension between the fundamental analysis, which I agree it is expensive, and then, on the other hand, listening to what the market is telling you as it's done nothing but go up over the last several quarters. Scott, I think the way to play that as a portfolio manager, many people agree with me, and we've talked about it on the show. Have a core position and have a trading position. My core position goes back to 2013. That's a $15 cost basis. That's unlikely that I will ever sell that. The trading position goes back about a year ago, post-Liberation Day, at $190 a share. Now, I will tell you, my squaring the circle with regards to valuation is that if the momentum gives out for any reason, if all of the praises that we've just heard about what may come today doesn't come to fruition, then it gives me an opportunity to at least reduce or maybe take out the trading position entirely. What you're hearing from me is somebody who has a market weight in the stock but is a little skeptical, both because of the valuation that you mentioned, 34 times earnings, 3.5 times peg ratio, and also a question after two years of kind of having Lucy pull the football away from Charlie Brown in terms of announcements, will this be the one that really, as Dan Ives says, changes the game as a step function up? Mark, it's been going up for the stock, so I'm happy, but I am skeptical. [00:22:42] Speaker 4: Joe, you have to be fully comfortable with where the stock's trading, quite obviously, if as we put the wall back up, this stock's been richly valued for a while now, and you continue to buy it. The wall that we made documents exactly along the way where you have continued to buy it. So do you not have any concerns at all about the valuation of shares? [00:23:05] Speaker 7: Don't have concern about the valuation. I don't see today as a make or break moment. If, in fact, today they don't deliver on exactly all these high expectations that myself and others have and the stock were to fall, I think that the investor base will do what it has done over the last two years. Give it the benefit of the doubt and be patient, because ultimately, they will deliver. They will give you the tangible AI product, and it will go directly in the hands of the consumer. And guess what? They're not spending what the other hyperscalers are to deliver that. So I foresee that they will deliver today. I also have been building this position, as I said, because I think people from a position standpoint have walked away. And I also believe that the revenue growth acceleration, in particular as it relates to China, is critically important, and that affords you the time to allow them to ultimately deliver on this tangible AI strategy. So today's not the make or break moment, I don't think. [00:24:12] Speaker 4: I want to take the other side of that, because I feel, I'll bring Dan Ives back in. I feel like this very much is a make or break moment. We've waited two years. People are frustrated with the delays. You use the word disappointments. The stock has added a tremendous amount of value since last year. We're at basically record high levels now. Do you think it's a make or break moment? [00:24:36] Speaker 6: Make or break moment, and I think Cook knows it, Turner's, developers know it. And we've been here the last few years where there was excitement, and that was ultimately, they never came through in the promise. Lasher sort of shrugged shoulders. There's a reason the baton's getting handed to turn us down. And now you look at it, China in a much, much better position than it was even a year ago, two years ago. Cook, 10% politician, 90% CEO. Now you're going to have the product. You combine it with the AI strategy. I think that's why we'll be sitting here, Apple have a four in front of us. [00:25:08] Speaker 4: Well, we'll talk more about the baton pass and the fact that the tech trade's getting a nice bounce. Because what happened on Thursday and Friday was just downright ugly, and many of the names that had led the NASDAQ lower are rebounding significantly today. I'm talking about the chip names, specifically the memory stocks. We can cycle through a bunch of those. Jensen Wong said over the weekend that the sell-off in tech is a buying opportunity. You had to figure that it was only a matter of time, Dan, before investors would look at the declines in those stocks and agree this. I mean, Thursday and Friday alone, the SMH was down 10%, right? Micron was down 20. Broadcom was down 19. And maybe that was the name that started this whole bit of unrest in the tech market in general. But what about the rebound today? Do we think that what we witnessed late last week was just a couple of days' worth of weakness, and the buyers are going to come in en masse and keep this trade humming along? What do you think? [00:26:05] Speaker 6: I think buyers are going to continue to be there. It's our view. Dips should be bought, especially in the memory super cycle. Everything we've seen in Korea, I mean, over the weekend our checks showed just even further tightening in Taiwan in terms of supply. You know, Jensen in between meals, you know, in Korea, I mean, he's inking deals left and right from SK to others. And it just speaks to our view. We are in third inning, one out, man on second, in terms of this game for AI. And that's why I think you're going to have these sell-offs. SpaceX, maybe it causes, you know, little white knuckles going into that this week in terms of, you know, sucking out some auction. I think that's the wrong narrative of some of these other names. You own the winners in this tech trade. We are still early days. And I think, look, think about it. Now Apple getting in on the AI game, consumer. That's just going to be the ripple effect, just like the godfather of AI, Jensen, is doing in Korea. [00:26:57] Speaker 4: You know, Bryn, Micron's target today, 1220. Just to show you what these stocks have done, how crazy they've gone, I just don't recall a time where you've had price targets get blown past so easily and so quickly. Wells had a 550 on Micron. That's so last week. 1220 is their new target. Marvell's going into the S&P 500 later this month. That stock has been sharply higher. Do you feel like that was just a couple of days of shakeout that we did whatever work we had to do in terms of the tech trade itself, clean it up a little bit, and just we're right back to feeling okay about it? [00:27:38] Speaker 8: Yeah, I mean, I think the water was boiling and we need to take the lid off and let some steam out. Okay, it's because we were just getting too frothy. You know, the Marvell to me when Jensen says this could be a trillion dollar company, that's absurd that it just goes up whatever 30%. It makes no sense. Okay. So just that needs to be, once again, take the lid off and let some steam come out. I do think, though, a lot of this is more about the analysts being so behind the eight ball. To me, going to 1,200 is not, it's 20% higher. It's why were they at 550 for so long? And so don't forget, these analysts follow price action. It's not the other way around. So when it was at 300, they said it was going to 1,000. That's relevant. But saying it's going to go 20% higher once it's already had this monster move, to me, is more about, I think these analysts have really just missed the huge revenue, the huge earnings growth, to Dan's point, as we are in this, like, third inning. And I think this inning lasts multiple more innings. But you do have to say, Scott, the technology is new. We're in very early innings, but don't confuse that with what's priced in. And so, to me, that's my balance. That's my true north, is just trying to balance between the innings of the technology versus the reality of what's priced into a lot of these stocks. [00:28:55] Speaker 4: Okay. All right. So Bryn, Joe, Jim, sticking around. AK, sticking around. Dan Ives is sticking around. We're going to take a break. We'll have much more coming up. SpaceX expected to begin trading at the end of the week. Leslie Pickers here with a look at how investors might be positioning ahead of that event. Maybe that's what we've seen a little bit, Leslie, in this market. [00:29:16] Speaker 10: Yeah, I think it's more than just a coincidence here, Scott. SpaceX is targeting about 30% of its $75 billion offering to go to retail investors. And that cohort may be behind some of the recent volatility in the equity markets that we've seen, as that cohort sells recent winners to free up cash. Now, recently, retail investors have been chasing the upside momentum in semiconductors, in hardware, in AI power names. Micron alone has seen $6.5 billion in net retail flows in the last month, helping drive that stock's 87% upside. Now, at the same time, you've got these U.S. equity levered ETF assets, which have reached an all-time high of more than $175 billion, concentrated largely in the NASDAQ 100, as well as semiconductors. BNP Paribas believes it's not a coincidence that the NASDAQ's worst day in over a year, last Friday, came a week before the biggest IPO of all time. And it may continue, the firm says, quote, selling flows in recent winners and levered products from retail to invest in SpaceX could be very large, according to BNP Paribas. The firm hypothesizes that retail plus passive flows into the IPO could be about $50 billion. If retail sells out of levered ETFs, that can create even more disproportionate pressure ahead of the IPO, just given the magnitude of leverage involved in those products, Scott. [00:30:41] Speaker 4: Okay, Leslie, thanks. That's a good look at that. Do you agree? Is that some of what we've seen in the NASDAQ late last week? [00:30:47] Speaker 6: Oh, yeah. I think that's, I don't know percent-wise, but, I mean, that- I think it's played a role. That definitely has played a role. And I think it caused some investors to be like, okay, maybe sell some of their, you know, massive winners, you know, in terms of what's going to happen in SpaceX. But I do not believe this is sucking oxygen out of this market. It's a near-term blip, and I think that's what we're seeing today in terms of the rebound. [00:31:08] Speaker 4: Alex, how do you think about this IPO? As it's about to come to market, how you think it may perform on Friday, which is going to be a really exciting day? [00:31:17] Speaker 11: Yeah, I think the valuation is definitely out of sync with reality. It's way too high. But I don't think that's going to be a problem for SpaceX. I think when you look at the hunger from retail to get into anything with momentum, joining Elon Musk's rocket company is about as good as it gets. So I expect them to have a very successful day on Friday, and I think that this stock is going to have a big pop at the very beginning. Bryn, how are you thinking about it? [00:31:45] Speaker 4: Going to buy some? [00:31:47] Speaker 8: Well, you know, we already own it in quite a few funds, but I thought it was interesting. I saw over the weekend, you know, Ron Barron, he's taking down a billion IPO price to go into his funds. So, you know, the long-term investors continue to stay in. I agree with Alex. I mean, on every metric, the valuation is insane. It will IPO like 30% more than Meta's valuation. And so that being said, there's a lot of excitement. It'll be historical. I do think between Google's raise of $85 billion, now this, if Meta does the same, we'll see. I mean, this is historical to have all of this happening at once, what type of indigestion. But I definitely think part of Friday, and also with crypto, is definitely people saying, I don't have to make it back the same way I lost it. I want to make some room for space so I can try to make some of that money back in this stock. So it will definitely be historic. It probably goes 2 plus, 2 to 2.5 trillion, which is insane on Friday. [00:32:48] Speaker 4: Yeah, it'll be exciting, as I said. We really can't wait just for the spectacle of the biggest IPO we've ever seen to hit the market, especially as we have some questions about parts of the tech trade, how it's received, some of the mechanics of positioning ahead of that, and then all of it to see how it plays out on that Friday. We want to hit some committee stocks that are on the move today. It's a big deal for Corning, Joe. You own the name. They strike this deal with Amazon to power data centers. What do you think? [00:33:17] Speaker 7: And this piggybacks with a prior deal with Meta. Scott, I think this is really speaking towards what the personality of the AI market is. It's about demand, and it's about supply. And you see the hyperscalers developing these relationships to secure supply. Optic fiber cable is critically important in that regard. That impacts positively Corning and also Marvell. [00:33:43] Speaker 4: Okay. Let's talk about airlines, because United Airlines says affluent, affluent passengers are still spending money. Global airlines have slashed their profit forecasts because of what's happening with the war and oil prices. Jim, you can go first. You own Delta. [00:33:59] Speaker 9: Well, I think you just answered the conundrum here, which is how can it possibly be that the one-year return on Delta is more than twice that of the S&P 500, even as West Texas Intermediate is 60% higher. The answer is the front of the plane is getting larger, and it remains full, and that's where these companies are making their money. But I think there's also an important point to be made here, which is that while 2026 estimates have come down for every airline, whether it's earnings or free cash flow, next year's estimates have stayed relatively consistent, which is a way of the market saying that it thinks the Strait of Hormuz, or at least the oil market, will return to some semblancy of normal before the year ends. That remains to be seen. So that's where this could get a little dicey, is the longer the Strait of Hormuz closes and oil reserves dwindle. That's what we've got to keep an eye on. [00:34:50] Speaker 4: I want to take a look at shares of Lilly, too. Joe, this company just continues to have successful trial results around weight loss, and the stock continues to react to it. [00:35:01] Speaker 7: Yeah, you have the initial shot, rather, and then you have these next-gen shots, and Eli Lilly is clearly the leader in that, protecting their market share, then also going out and utilizing the significant revenue growth that they're experiencing to fund diversification in their product line. This is a trillion-dollar company, well-deserved, trades like a biotech. I continue to see it moving higher. All right. Final thoughts, Dan Ives. [00:35:31] Speaker 6: A watershed moment for Apple and Cook, and I do not expect disappointment, excitement. Mack? [00:35:36] Speaker 5: Instilling confidence in developers. This is battle royale to get them to build on Siri and not on Microsoft or OpenAI. They need to convince them that this agentic plan is going to work. [00:35:46] Speaker 4: Let's do final trades, if we could. Joe, you have one? Old Dominion. All right. Thank you. Farmer Jim. [00:35:55] Speaker 9: Excellent mobile. It's going to be a long time before oil prices normalize. [00:36:00] Speaker 4: And, of course, NVIDIA is yours, Bryn. [00:36:03] Speaker 8: It is. Bouncing off the 50-day should go higher. [00:36:07] Speaker 4: Okay. So we'll follow everything that happens today here at Apple Park. The stock, Apple, is up 2%. We'll see you in a little bit. Kelly, thanks so much. Closing Bell is live today from Apple Park in Cupertino, California. Good afternoon. I'm Scott Wapner. The company's Worldwide Developers Conference has wrapped up. Did Apple finally deliver on its long-awaited AI strategy? That is the key question we will ask our experts over this final stretch. The stock, as you see, is on the move. It was higher. It is now in the red. We'll talk to shareholders today to find out, did Apple accomplish its goal today? Otherwise, the markets have had a pretty nice rebound from that tech-led selling late last week. The S&P and the NASDAQ are nice and positive. Russell's green as well. Many of the chip names hammered on Thursday and Friday have rebounded as well. Micron's good for about 10%. A lot of the names in that orbit are substantially higher today. We're now in the closing bell markets. Mike Santoli and Blue Line Capitals' Bill Baruch are here to break down these crucial moments of the trading day. Christina Parts and Nevelo's tracking the rebound in the chips today. They are significant. Michael, I'll begin with you. Was this one and done or two and done? We'll see, I suppose. [00:37:22] Speaker 12: We will see. I think today's showing is a little bit unpersuasive that it would just be one and done. There wasn't a whole lot of conviction behind this bounce attempt mentioned to you in the noon hour that the S&P had just kind of gone up to what you would consider the dead cat bounce level. The 20-day average didn't go up beyond it. We've faded since then. Breath has been worsening throughout the day. There's nothing particularly worrisome happening internally, I don't think. I mean, it's not as if, you know, the economically sensitive stocks are showing you any concern. It's much more about was that positioning jolt that we got on Friday sufficient to just sort of skim away some of the excesses or not? And is it on higher from there? So, obviously, there's a lot of, you know, cards are going to turn over this week on macro as well as this IPO. And I do think that the market's going to be kind of holding its opinions close until we get through that. [00:38:16] Speaker 4: I suspect you'll be investigating this further in about four minutes or so? [00:38:21] Speaker 12: For sure. And, in fact, we have a kind of noted bear on the AI trade for months now who's going to tell us what he's currently thinking about this little reset. [00:38:29] Speaker 4: All right. Good stuff. See you in the top of the hour in overtime. That's Mike Santoli. Christina, you've really been in the center of the action today. I mean, this is where the rebound has been most acute, right? A lot of these chip stocks, like the Microns of the world, which got hammered last week, really nice rebound. [00:38:46] Speaker 13: Which means every day or every time we see these stocks fall off, they get bought up. So, you're seeing a rebound across the board. Every stocks component, like you said, higher, recovering specifically from last Thursday and Friday's Broadcom-driven sell-off. Broadcom earnings are on Wednesday afternoon. Intel, though, leading the way today. The top S&P 500 performer up about 10% at the moment, 11% after the information reporting. Google and NVIDIA are evaluating Intel as a potential backup chip manufacturer to TSMC. Intel saying it doesn't really comment on customer engagements. Memory, also very strong. So, Micron, definitely moving higher, 8%, 9% higher after falling 13% just last Friday. Wells Fargo raising its price target to $1,220. And then you also have memory maker SanDisk and AI chip maker Cerebrus, both higher after Wall Street price target upgrade. Specifically, Cerebrus getting nine initiations today. And then rounding out all the movers, Marvell is set to join the S&P 500. And on June 22nd, so that is why those shares are higher. And KLA, it's a chip equipment manufacturer on pace for its best day since April 2025. The sector that led the sell-off, Scott, is now leading today's recovery. [00:40:01] Speaker 4: All right, certainly is. Christina, thank you very much for that. Bill Baruch, are you a believer in this bounce back today? [00:40:08] Speaker 14: Yeah, I think it kind of exacerbated to the downside. I think there was an explosion in put volume. You had a lot of leveraged ETFs selling. And, you know, I think that Broadcom, you know, kind of got that ball rolling. And it's also more profit-taking in tech. But I think we stabilize. And I think the rally can continue. [00:40:30] Speaker 4: I mean, there are some nonbelievers that we're just really going to have two days worth of shakeout and then it's all good. Now we got, I mean, a lot of those charts were straight up to the right, Bill. [00:40:42] Speaker 14: Yeah, you know, this is very similar looking back to August of last year. You had a non-farm payroll report August 1st. The S&P hadn't touched the 21-day moving average in a couple of months. We sold off very, very sharply on that Friday. And that was the low. And then the summer rally took hold. Same, similar move in October. Now, can we chop around a bit? I think the market does need to see a bit of a rotation, needs to see leadership. We've been leaning into health care and financials. I'd like to see those sectors that did well on Friday while tech was down continue to show up. And names like Eli Lilly, Berkshire, J.P. Morgan, Citi, a lot of those names, AbbVie, I think if they can do very well and show up, I think this rally is going to continue to move. I think today's a bit disappointing is you don't see the health care and the financials really continuing that. And it's just a bounce back in tech. [00:41:34] Speaker 4: Bill, give me 15 seconds on Apple, your big takeaway. You own the stock. They're slow playing it. [00:41:39] Speaker 14: The disappointment is no clear date this year. It's probably likely 2027. But you got Google's Gemini engine. You got NVIDIA chips. You got Apple's Siri intelligence and visual intelligence. It's exciting, but we've got to see it live. [00:41:55] Speaker 4: All right. All right. I appreciate that. Thanks for joining us, Bill Baruch. We'll wrap it up here from Apple Park in Cupertino, California. Another WWDC is in the books. Now we watch to see how the stock reacts in the weeks ahead. You can see we're green across the board other than the Dow. Nice bounce back for a lot of tech today. I'll see you tomorrow from One Market in San Francisco. [00:42:18] Speaker 15: Hey, everybody. Welcome to Blue Cloud Trading. I'm George. It's Monday, June 8th, and it's 647 p.m. Eastern time as I'm recording this video right now. We just saw some clips from CNBC, the halftime report, closing bell. Tom Lee was also on and, you know, talking about what happened, what transpired today. And as you can see, the Dow was actually down 0.16%. It gapped up a little bit. It didn't really do so well, right? NASDAQ gapped up, moved up slightly more, and then started the rest of the day from 11 a.m. Okay. It started to drop. You can see that downward channel. Same thing with the S&P 500. We had a gap up, a little bit of a sideways action. It moved up slightly more, and then it started to drop. The S&P 500 actually closed up just 0.30%. Russell 2000 did something similar, gapped up here, basically stayed around the area of where price had gapped up in the morning, the Russell 2000. It was up 0.87%. Now, interestingly enough, what you're seeing here in this little smaller aftermarket performance is stocks are actually dropping a little bit. You can see the red here in NVIDIA, Broadcom, Apple, Micron, Microsoft, AMD, Intel. Here's an article that just came out at 6.29 p.m. here on Monday, June 8th. Stock futures slip after the chip rebound lifts S&P 500 to winning day. It was a very bullish day overall in the early part of the day. So let's do this. We're going to go ahead and start covering. Let's see how the markets actually closed. So this is what it looked like at 4 p.m. when the markets actually did close. NVIDIA and a lot of the semiconductor stocks were up quite a bit. Microsoft was down. Apple was down 1.89. It closed down 1.89. Google and Meta were down, okay? The utilities stocks were in the red. Real estate was in the red. Basic materials mostly in the red here. But the consumer defensives, they were mixed. Industrials were mixed as well. You can see the healthcare stocks. There were some winners like Eli Lilly, UNH. But like Johnson & Johnson was down. AbbVie was down. And Tesla was actually closed up 4.59%. But what does this heat map look like now at this time after the close? Let's take a look at the aftermarket performance. That's the cool thing we can do here with Finviz Elite. So there you go. You can see that they're all dropping a little bit after hours. Now, QCOM does happen to be up 2.62 after hours. It doesn't necessarily mean that in the morning it's going to be all the indices here. I'm sorry, all these stocks are going to be down necessarily because it will also be the morning, you know, pre-market. Right before the market opens, there might be some more action there too. So, but this is not a very conclusive, you know, turnaround yet, okay? And so what we're going to do is take a look. Let's look at the groups. Let's see how the stock groups here. You can see technology was, in fact, up 1.68% for the day. Energy followed it up 0.94% and then consumer cyclical utilities were down 1.7% the most, followed by real estate. You look at the one-week performance, different picture. Healthcare, consumer defensive, real estate, energy, and financial are the top performers. And then on the bottom were basic materials, technology, communication services, and consumer cyclical. And here's the one-month performance with technology still in the lead, followed by healthcare and energy and financials. All right. Okay. So in this segment of the video, we're going to take a look at the ETFs that we have listed here, like the SPY, the Qs, the Dow, the Russell, gold, silver, oil, K, Bitcoin, Ethereum, copper, mags, the mag-7, ETF, SMH. We'll also take a look at approximately 14 stocks and ETFs mixed up in here that were discussed on today's episodes on CNBC, different shows. And then also we've got AMPG, which is a member's video. I'm sorry, a member's request. So AMPG also. So let's start off with the S&P 500, the SPY ETF. I want you guys to notice something really important here. This was Friday's action, right? Price had dropped. We talked about how price stalled right at the 26th period, the Kijinson. We're using the Ichimoku indicator. I said, you know, there's a good possibility that we may actually see a bounce here because of the fact that we stalled here. And there was a little bit of buying that happened. I mean, you'd have to zoom in a little bit to see that wick right there. But actually, that wick represents buying. And it happened towards the end of the day. Now, we gapped up in the morning here on Monday. And then the sellers pushed it down, right? As you know, here's the three-minute chart for the SPY. You can see the, so here we're on the 8th. I'll just show you real quick. This was the gap up right here. So the dotted red line that you see here represents the closing price on Friday. We got up to this level in the morning. And then you can see price didn't really move much. It just moved sideways and then even dropped more towards the end of the day on the three-minute chart. So that is not a conclusive breakout that we should be really celebrating, okay? We're basically on edge still. And, you know, the other thing also, you'll notice down below the directional movement index, the red line is still above that green line. And that's not a bullish signal here. So we're holding up above the support level. We'll see if we can maintain above that tomorrow. If we break under it and we start seeing this ADX moving up, that's when we have to be concerned. That white line is the ADX line. It represents momentum. Right now it's just moving sideways. And if we start seeing that move up while the red line is above the green line, like we did, I'll just show you guys an example back here. This is where the red line was above the green line. And if we look, we'll just go ahead and throw an arrow right here, okay? So you can see how when the ADX started to move up, we'll go straight up. We were inside the cloud and then price started to drop as the ADX was moving up. Now the second that the ADX started to drop, which happened right here in April, this was the tariff situation, by the way, the tariff announcement, remember? And then we've got that big move starting to happen here when price reversed course because the ADX was dropping. Price broke through the first barrier, first resistance level, which was the nine period, the Tenkinson, then it broke through this Kijinson and the 200-day with this big gap up. Then price broke through the Ichimoku cloud. So there's always going to be stages of resistance at price where it stalls, as you can see here, it stalled, right? And then once we break through, we now have clear, we have clarity, we can get through. We also have this resistance level here, the 697.84. But once we broke that as well, then there was even more clarity that this thing was probably going to continue to the upside. And guess what? It did. And we're still experiencing higher highs and higher lows with the S&P 500 on the daily chart. We have not taken out, the good news is, we have not taken out this low. Okay, the low from that candle, which is 731.53. That's a level I'd be watching very closely because if price gets under and closes under this level, and closes under the Kijinson, expect it to be a bigger drop. There's not a whole lot of support here between this level and the cloud. All right. You look at the weekly chart, we're still above the moving averages. Okay, it doesn't look super scary yet. Okay, but after all these weeks of up movement, we're now, you know, we're just taking a breather maybe, hopefully. And then on Friday, when the IPO comes out, you know, we'll see what happens for Elon Musk's and then on Friday, we'll see what happens for Elon Musk. And we'll see what happens for Elon Musk. We'll see what happens for Elon Musk. [00:50:57] Speaker ?: We'll see what happens for Elon Musk. [00:50:58] Speaker 15: We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. We'll see what happens for Elon Musk. Watch list to keep an eye on. Anyway, let's get into the rest of these, folks. Let's get through these. QQQ ETF, very similar situation here on the weekly and on the daily chart. It's in between the two moving averages. If this was a bullish candle, I'd say this would look more bullish because it would be a bullish Harami pattern. Let me just show you guys what that looks like here on the candle pattern reference sheet. The bullish Harami looks a little bit like this right here under the double candle patterns under the bullish column here. You'll see a large red candle followed by a small bullish one. In this case, we don't exactly have that. What we have is a red candle. So what that means is that, yeah, we did move up. We gapped up, but then the bears pushed it down below the opening price, which you can see here, you know, this is the green line is the opening price for the Q's. We've got underneath, under the cloud, too. And it's under the 200, too, by the way. Notice that. Anyway, that's the three-minute chart. All right, so let's go to the next one, Dow Jones. So what's to do? There's nothing to do. You just, this is more of a hold position. If you have a position in these, if you've already closed your position, I wouldn't be adding new positions just because the percentages have moved up. We're, we're not there yet. Nothing is conclusive here. The Dow Jones is still staying under the Tangenson, the nine period. After the drop and close under the nine period. The Russell 2000, same thing. Okay. Even though it was up 0.89%. The VIX dropped 13.11%. That's a good sign for the volatility to drop. Less fear in the market. But even with that said, it stayed above that 200 day in the moving averages, the nine and the 26. So even the VIX is like, hmm, you know, we might still see a potential pop if the markets start to decline again. And FEZ, the Euro Stocks 50 ETF, okay. Up 0.63% by the end of the day, but it stayed right under that Tangenson. And GLD up 0.25%, but stayed under the 399.20 resistance level, which it broke on Friday. See that prior low? We talked about that last week on Friday. Okay. And so the fact that we didn't break back above, that's also kind of a little bit concerning. What else is concerning is the ADX is still moving up while the red line is above the green line. Silver. Okay. This one also was up just 0.02% and it's still holding right at the 200 days. So that's good. I wouldn't be shorting it because of the fact that we're right on the support levels of the 60.37 level from March, I think that was March, let me just make sure, yeah, March 26th or so. And so we're still above that, we're still above the 200. That's the rising dotted yellow line that you see right there. But you know, it's not looking pretty for silver either because the ADX is moving up while the red line is up above the green line. If it breaks through these levels, that could be a problem. Next level of support is down here at 48.35, which could be another 25.5% for silver, okay? OilK, which is the ProShares K1 Free Crude Oil Strategy ETF, found support at the cloud again. In fact, I mentioned on Friday, because we were looking at the market after the close, right? And I looked at the after-hours action, the trading that was going on, and I noticed how the oil stocks were starting to like show a little strength. And in fact, you know what? It was one of those candles that you can see here, broke and closed above the Tenkinson. That's actually a pretty good sign. It's still under the 26 period. So the faster moving average is still under the slower one, but it's a good sign, right, for oil. You look at the weekly chart here. It's above the Tenkinson so far this week on Monday. We won't know what this looks like until Friday, of course, right? This might be short-lived, but oil is starting to move up slightly today. Bitcoin also moved up 5.13%, creating this three candle pattern, which is actually bullish, but it's still under the moving averages and under the cloud. They call this abandoned baby, which is a funny name. It's when you see a candle, all right, then you see a gap, all right, so price gaps down, separating the baby from the parents, okay, because it gaps up again the next day. And so that's a Japanese pattern. I'll show you guys what that looks like. Let's go to the bullish triple candle patterns here, and it's right here. So funny. So here's one of the parents. There's the baby. There's the other parent. There's the gap. There's the other gap. They try to make these easy to remember, like the bearish spinning top, for example, or the bullish spinning top. You know, the tweezer tops over here with the wicks are around the same length. Bearish harami, that's when you have a large green candle followed by a red candle. Harami stands for pregnant in Japanese. And you can see there's a body and there's a baby, right? So there's some interesting things. And there's dark cloud cover. And you have a large bullish candle followed by this equally sized red candle hovering above like a dark cloud. You got evening star. So the reverse, the opposite of the bullish abandon baby is the bearish abandon baby. And that happens after a move up. And you see a small little candle. And you see the gap on both sides. So that's what we have. Now, would I be jumping into that IBIT ETF? And the answer is no, because it's still under the cloud. According to the rules of Ichimoku, and that's what I basically follow when I'm trading, I'm not looking to enter positions when a stock or ETF is in a weakened state. Because it's hard to identify when that trend is going to end. The fact that we broke through that 3530 on Friday is not a good sign. We broke through this level, these levels. You can just see a support here, support here. And on Friday, we broke under it. Yes, we got back above, but the trend has occurred. The breakout has occurred. We might get a reversal. Who knows? But just be cautious. We're still under those moving averages. And here's the weekly chart as well, okay? ETH was up 7.09. That's Ethereum mini ETF. But, and that also kind of created a very similar type looking candle, where there was a gap up on both sides. And, but it's still under the moving averages. And it's still, this one actually stayed under the 1707 level, this prior low. So that's more bearish than Bitcoin, even though it's up 7.09%. Copper, COPX, that one gapped back up into the, into the symmetrical triangle. We had, what's interesting about copper is that we've had, now we've had two false breakouts at this point. There's so much confusion with this metal. So we had the first breakout here that lasted just one day, and there was no follow through. Right? We didn't see the next day price getting above it. And then over here, on Friday, we had a breakout under the symmetrical triangle, okay? And then a gap right back above, into the symmetrical triangle again. So it's kind of interesting what's happening here. I think that's very fascinating. We need to see follow through, essentially, you know? Okay, so MAGS7, that one is still dropping, still under this double top pattern. Not good for the MAGS7. It was only up 0.03% as an ETF. It's above the cloud, it's above the 200. It's just in a weaker state right now. As you can see, the ADX is moving up. That means momentum is increasing to the downside. But it did stall today a little bit right there. So we'll see if that can materialize into basically another attempt to try to break back in to this box. SMH is still stuck in between the two moving averages. We have a bullish Harami here. Large red candle followed by a small bullish candle. But it's under the Tenkins in the nine period. So I wouldn't be jumping into that either yet. And that was up 5%. So we saw the semiconductors move up, but again, we didn't see it happen with a lot of momentum or anything like that. The ADX is dropping still. The red line here on the directional movement index is still above the green line. So there's nothing to get too excited about here yet, in my opinion. And so just watch this market. Sometimes you just got to sit on your hands and wait a little bit and see what happens. All right. Now we're going to get into the stocks that were discussed on CNBC. On those clips that I shared with you guys, we're going to look at those specific stocks. Not all of them, but a good portion of them. 14 stocks and ETFs. So let's start off with the top ones. ODFL, which I like. It's Old Dominion Frightlines, Inc. It looks great on the daily chart. Prices above the moving averages and above this bullish cloud. Hitting all-time highs. And here's the weekly chart. [01:01:20] Speaker ?: All right. [01:01:21] Speaker 15: All-time highs for ODFL. You go back all the way back here to 2000, August 11th of 2000, it was just 40 cents a share or so. It's moved up 59,299%. It's at a level of $247 per share. This has done really well, this company. Impressed. It had a little pullback here back in 2024. But it recovered. Got back into the cloud. Got above that $200. And now it's off the races again. AMAT, Applied Materials, Inc. By the way, did I show you? That's the weekly chart. And here's the daily. All right. Very bullish on both timeframes. If a stock is bullish on both timeframes, with the Ichimoku, I give it a little blue flag on the side here. Just as a quick little signal. AMAT also looks good here, Applied Materials, Inc. It's in the Semiconductor Equipment and Materials. Unlike a lot of the other semiconductors, this one actually did much better because it actually gapped up above the Tenkins in the nine period here and continued moving up. It was up 8.64%. Again, the ADX is not moving up yet. So the momentum is not quite there. But we did have a nice bullish move today. Here's the weekly chart. Okay. Relatively steady overall. This was last week's candle. Created a shooting star type candle. But even that was a bullish shooting star. Meaning it wasn't a red candle. Now, let's get into some of these other ones like Nvidia. Okay. Let's look at this. On the weekly chart, we're in between the two moving averages right now. On the daily chart, we are under the moving averages. And you know what? We're also in a downward channel. So you can see that we have a lower high here. And we have a lower low here from this low. So that is what creates the downward channel. And it is still above the cloud. And it did move up 1.73%. But I would be very cautious with this. And one more thing I should mention is, see this low here? That level is 208. Let me see the exact level. 208.78 is the low. And we close under it at 208.64. So it might look like it's above it, but it's actually under that level. So that's not really bullish. If you ask me. XOM. Exxon is under the cloud. I'd skip that one too. Because even though it was up 1.22%, it's under the cloud. The rules of Ichimoku state you shouldn't be adding positions when prices under. Intel. Under the moving averages. Same thing. You don't want to be adding new positions when prices under the moving averages. It moved up 11.11%. It gapped up. Look at the candle that it formed. It's a reversal candle. Right under that. Tenkins and Cajunson. Which have merged, by the way. Broadcom. Under the moving averages here, but finding support of the cloud. So it's stuck in between this region here. And we have a red line above the green line. So I'd skip that one too. I wouldn't be adding positions here. I wouldn't be shorting it either. Granny stocks. Granny stocks. This is the GRNY ETF. This is Tom Lee's ETF. This one too. It's stuck in between the two moving averages. It was up 0.52%. But we don't have a buy signal here. Tesla. We have a bullish Harami. Remember the large rate candle, followed by a small bullish candle. Meaning pregnant, right? In Japanese. I would be adding positions. This is bullish, but the problem with this particular pattern here is the fact that we're still under these moving averages. Three of them to be exact. The 9, the 26, and the 200. So I wouldn't be adding positions here. And if you look at the weekly chart, we're still under the 26 as well. Meta is under the cloud on the weekly. It's under the cloud on the daily. I would not be adding positions on this one. Look, it's under that. It's declining 200-day moving average. And it's not looking pretty for Meta. Sandisk, on the other hand, on the daily chart, looks a lot more bullish. It's still under that 9 period. It was up 5.3%. We have a bullish Harami. It's more likely to pop. Look at that weekly chart. That weekly chart looks good, too. I like SNDK overall. It looks good. It just needs to get above that green line. The Tenkinson is at, let's see, 1687.68. QCOM dropped. Found support at the Keyginson, the 26 period, but still stuck in between the moving averages. I'd hold off on that one, too. LRCX is gapped up, created a bullish candle. Let's see. It closed at 324.45. And, which is one penny under the Tenkinson. Okay? Just one penny under. So it did not close above the Tenkinson today. So I wouldn't be adding positions there. DAL, which is Delta Airlines, is under the Tenkinson, the green line. No on that one. No on that one. It was down 1.52% as well. Bearish. I'm sorry. Bearish engulfing pattern right there. Small bullish candle followed by a large red candle that engulfs it. Eli Lilly. No on that one. Because of the two candles that have been forming here these last few days. On Friday and on Monday here. We got two shooting stars. These are not bullish candles. And when you have a breakout above a level of resistance and you get a reversal candle, that's not a good sign. Even though we were up. Okay? Up 1.45%. I would not trust this. Why is this a bearish candle? I mean, all you need to do is look at a three minute chart to see the action that occurred today. Let's do that. This is what it looked like today. So we had the gap up creating the price move up. Creating a false impression that this thing is strong at this point. It moved up slightly more and then spent the rest of the day getting sold. The rest of the day. Got it in the cloud, too. So, yeah. That's why it's not something I would jump into. And that's why you should never buy stocks just based on the percentages, folks. You know? You see a stock move up 11%. You're like, "Oh, that's great. That looks fantastic." And you look at the chart and you're like, "Oh, that does not look so great." Actually, on the three minute chart, look at that. Right? So you want, and again, on the daily chart, it doesn't look good either. All right. Next, we're going to look at AMPG. This is one of the stocks that was requested by one of our members. Amplitec. Group Inc. Now, on the weekly chart, I will say this, it looks good fundamentally. I'm sorry, technically. It looks very good. It broke through this prior high of $6.43 this week. And it's at $6.57 right now. So it looks good on the weekly. What else do I like about this particular pattern? It's a symmetrical triangle that was broken on the weekly chart. See that yellow diagonal line there and the yellow diagonal line right there? We broke through it on this candle, the week ending May 22nd, Friday, May 22nd. When it did break, it happened with very high volume, like a significant amount of volume. When I say a lot of volume, look at the volume here. It was approximately. There's a little box that populates over here. You'll see volume somewhere in the middle. So if I click there, you'll see it says VOL 65.6 million shares traded that day. The average is around 4 million, 385,000. That's the white line is the 50-day moving average for the volume. That's the average. Very, very low, right? The fact that that happened on the breakout was significant. Then the next couple of weeks, it also had a lot of volume as well. And it just kind of like created a little base, all right? And then popped this week again some more. Here's a daily chart that shows you exactly what's going on. Now, with all that said with the technicals, I just want to also mention the fact that this company is still not profitable. It still has a negative profit margin of 24.82%, all right? But the sales growth rate is really bullish. It's a 37.4% sales growth, which is good. The price of sales, 1.71, is actually a pretty attractive price to sales ratio for this specific industry, communication equipment and sector, technology sector. But because it's so volatile and it moves so much, 26% in one day, because of the price, right? It's just something that you don't want to be putting all your eggs into, right? You want to diversify your portfolio. On average, you want to have about 2% in any particular stock. On something like this, I would even put 0.5%, you know what I'm saying? Half a percent of your portfolio because it moves so much. That's just my thinking. It's up to you to do what you want to do, but I'm just giving you a heads up. When this thing does drop, it's going to be a doozy if it does drop. Right now, it's looking good. All right, guys. So that's going to do it for this video. Thank you for watching and thank you for supporting the channel. And, you know, we reached, like I said, 30,000 subscribers over the weekend, which is pretty insane. And if you go into the posts tab, you'll find a nice post that I basically share with everyone on the channel. And a little, I basically shared my watch list that I created this weekend. I thought to give back to you guys a little bit, I would share that. And if you guys end up wanting to see the member-only video that I posted, consider becoming a member. All right. I posted this on Sunday. I go over my entire portfolio. This one is a long one. It's a long video. It was a lot to talk about because of what was going on in the market. And let's see, how long was that video? I think it was like over one hour and 20 minutes or something like that. I can't remember exactly. But anyway, folks, have a great rest of the night. I will catch you all in the next video. I will catch you all in the next video. [01:11:36] Speaker ?: I will catch you all in the next video. I will catch you all in the next video. I will catch you all in the next video. I will catch you all in the next video. I will catch you all in the next video. I will catch you all in the next video. [01:11:40] Speaker 16: I will catch you all in the next video. [01:11:41] Speaker ?: I will catch you all in the next video. Bye. Bye.