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Explore the latest market trends and predictions with expert financial insights from Jay Woods, Chief Global Strategist at Freedom Capital Markets.

Join James Connor as he discusses the current markets with Jay Woods. In this episode, Jay shares invaluable insights on the stock market’s future, the evolving role of the New York Stock Exchange, and the implications of Jay Powell’s recent comments on interest rates. Did you like this episode? Like, subscribe and hit the notification bell to be informed when we drop new content. Let us know what you want to see more of in the comments!

Jay Woods  0:00  
Typical Jerome Powell he doesn't really give us anything exciting. He likes to telegraph things. He's not always, you know on time when it comes to rate cuts, he was late to the party remember transitionary inflation. This time, I thought he had an opportunity to set the stage and be a little more dovish and tone for that September. Yes, September cut and maybe even give us a July 31 Cut. That didn't happen. He kept with the same boring tune data dependent, the data is trending slowly in the right direction, but not at the speed that they want it to. I was hoping for a little more.

James Connor  0:39  
Hi, and welcome to wealthion I'm James Connor. Well, here we are in q3 and the s&p and the Nasdaq continue to make new highs every other day. We're going to start seeing q2 numbers coming out in earnest here in the coming days and weeks. We also have a Fed meeting coming up on July the 31st, though there's a lot of information to digest. And to help make sense of all this and where the markets might be going. My guest today is Jay Wood's chief global strategist at Freedom capital markets.

Jay, thank you very much for joining us today. How are things in New York?

Jay Woods  1:14  
Things are great. Thanks for having me. Yeah, we got a lot of exciting things to look forward to. So I can't wait to talk to you about.

James Connor  1:19  
So Jay, you are currently in your office, but you are one of the few remaining people down on the floor of the New York Stock Exchange. Why don't you give us a little bit of history about that. And how many people still work on the floor of the New York Stock Exchange?

Jay Woods  1:32  
Yeah, I been there. I was started in New York Stock Exchange 32 years ago next week. And there were 5000 people, it was vibrant, yelling, screaming auction market, I was a big part of that. And then I was a big part of the evolution or some people say the De-evolution as we lost that human element. So I've been able to transition through those times, and pivot in my career. But the floor is not what it once was, is not that vibrant, crazy place. But it still holds a very special place in my heart is my home. And, you know, home to our team down there freedom, as well as our team up here on the desk where I'm talking to you from today. And yeah, the exchange continues to evolve. And unfortunately, because of technology, you don't need 5000 yelling and screaming people to auction and bid and offer every single share that trades. So we've seen the amount of people that headcount shrink, but those people down there, they still have a valid, valuable role. Having human judgment appointed Sal, I think, is the most important thing you can have, especially during turbulent times. So the NYSC is is a great showcase for our listed companies and those bells. And it's iconic. But the people that still work there, they they have a valuable role. And I don't want to, you know, poopoo that, even though there aren't as many as there used to be.

James Connor  2:50  
I can't believe there was 5000 people at the peak, if you were to guess how many people work on the floor now. 

Jay Woods  2:56  
How many people? I think the floor staff is just about 400. So we're it's been about a 90, 95% haircut. To put into perspective, when I was with Goldman Sachs during most of my career 2000 to 2014. We had 330 employees as market makers. When Goldman left the operation in 2014, you add technology increasing and then a financial crisis. There were major layoffs. And we know what happened with bear and Lehman Brothers. We went from 330 people down to 15. So I was able to adapt and adjust and change and survive. But now we've been able to pivot and I get to talk about the market talking about some of those great experiences and still get to hang my hat or in this case, my smock down at the trading post down at the New York Stock Exchange. So it's still still a great place.

James Connor  3:47  
Yeah, I used to love going down to the viewer gallery just watching and observing everything. It was quite exciting.

Jay Woods  3:54  
Well, we have to have you down. You have an open invite to come down to the floor, and maybe we do an interview live down there. 

James Connor  4:00  
Great idea. Great idea. So let's start talking about what's happening in the markets. There's a lot going on here in the coming weeks. Jay Powell has been speaking we have CPI numbers coming out. We also have the banks are going to be the first to report her on I believe on Friday. Right before we jump into all of that the first part of this year the first half of the year has been remarkable to say the least. The s&p is up 18%, The NASDAQ was up 20. What has surprised you the most about the first half of 2024. 

Jay Woods  4:31  
Um, I don't know if it's a surprise I'd say the disappointment would be the lack of the breath expanding I thought that the rustle would join the party a little bit. We haven't gotten that elusive cut I didn't think we would have six I don't know where that number came from in the beginning of the year. But um you know, the first five months of the year we had five different sectors SMP select Spyder sectors lead and then technology led again in the six and we become more Okay, there are seven stocks doing most of the heavy lifting a narrative that we saw in 2023 that I thought we were trying to avoid. And we started avoiding that at the October 27, low last year when the Russell went up remarkable 27% over, you know, 12 weeks time, and then it faded, it hasn't given back any of those gains, but it's still 17% off, its high. So unfortunately, we're still being lifted on the shoulders of giants. But those giants are what you want to see lead in a bull market, technology stocks, innovative stocks. And then you mentioned and we'll talk about this, the financials, financials are the third leading sector up over 10% year to date, and they kick off earnings season and I'm looking for them to guide and hopefully lift some of the other boats that are stuck in the tide that hasn't taken them up yet, either.

James Connor  5:51  
Yeah, you're right. When you were talking about the interest rates and the number of interest rates we were looking for, at the beginning of the year, the only other narrative that's gotten more attention this year than AI has been when the Fed is going to cut and how many times they're going to cut. So why don't we go with that Jerome Powell, he's been very active this week. He's speaking in front of the Senate Banking Committee on also the House Finance Committee. Sounds like his comments have been somewhat positive. He's happy with a slowdown that we're seeing in inflation and also a slowing of the labor market. The June number came in at 4.1%, the highest since November of 2021. Believe it or not, so it looks like the economy is slowing down. Well, what are your views on the comments that we've seen from Jerome Powell this week? 

Jay Woods  6:37  
Yeah, typical Jerome Powell. He doesn't really give us anything exciting. He likes to telegraph things. He's not always, you know, on time, when it comes to rate cuts, he was late to the party, remember, transitionary inflation. This time, I thought he had an opportunity to set the stage and be a little more dovish, and tone for that September, yes, September cut, and maybe even give us a July 31 Cut. That didn't happen. He kept with the same boring tune data dependent, the data is trending slowly in the right direction, but not at the speed that they wanted to. I was hoping for a little more. And what this event ended up being is what it typically is. It's a semi annual event where he testifies in front of Congress, and the congressional leaders get their sound bites, like Elizabeth Warren had some great sound bites to send back to his constituents and they get the yell and scream. They put their political slant on their questions to him, and he dodges every single one masterfully, telling us, we're on the right path, things are going right. But he's not going to give us a definitive, we are cutting this time we were cutting this much. He said we're on the right path, things are progressing, and we're going to still take it one data point at a time. Boring, but I'll tell you who likes it, the market likes it because we're seeing s&p 538 high I believe today, if we can close up when we tape this, so things are going well and that CPI number when that comes out that just shake things up. Because of all the economic data points over the last two years. That's the one that's caused the most volatility. You know, fed meetings do cause volatility, but nothing like the CPI. We haven't had a 2% drawdown in 345 days now. That's a pretty long stretch. Let's see if we can continue. But the CPI is what everyone's watching for. It's expected to continue to trend down was 3.3%. Last time economists are looking for 3.1% We get a number in line, God forbid it goes lower than that 3.1% Cut. There's no reason not to cut. Everything is going the right way. You mentioned unemployment is slowly trending up, not what you want to hear. But that is the narrative of a soft landing. All right, the labor markets cooling and the inflation numbers are coming down. So right now he's guiding it. We're trying to land softly, but he's not putting that first rate cut out there for us just yet. 

James Connor  9:02  
So you made mention of the fact that the next meeting is on July the 31st. And it sounds like you don't think they're going to cut then.

Jay Woods  9:09  
It doesn't seem that way. Jay Powell had the opportunity to telegraph it. He may speak again after the CPI number. But, you know, given his history, you know what's coming the only time he went off script was when he had to lead to the Wall Street Journal and Tim Rose to be exact that we were going to hike when he said we don't need to hike where I believe the hike was three quarters of a point and they were looking to hike maybe a quarter or a half a percentage. And two days before the meeting all of a sudden the journal gets a story. So he didn't surprise the markets. I remember I'm old enough to remember Greenspan and he never knew exactly what he was going to come out with. You had his little briefcase indicator if it was sticker, Oh, no, we're cutting it was thin. Nothing's gonna happen. Jay Powell Telegraph's everything he's very boring. Very, you know I'm straight laced and saying things are going in the right direction. But, you know, we will still wait for the next data point. So I don't expect the July cut. I didn't expect one. But at the table that he was there, he could have set it up. So I think September there's a 75% chance of a cut. And if they're going to do it, forget the election, forget politics. Jay Powell does not care. They'll probably cut for a quarter point in September.

James Connor  10:25  
Interesting, interesting. And so I guess the next time they get together, or Jay Powell is going to be in Jackson Hole in August. Do you think he's going to be setting the table then for cut in September?

Jay Woods  10:36  
Jackson Hole I remember two years ago where he crushed the market, because the market was rallying as he saying we are raising rates, and he threw a bucket of cold water on the market. And if you look at it, that was the high and we trended lower until the October bottom. But Jackson Hole has always has potential for him to say something crazy watch. This is a fun fact for your watch where he talks when he's at Jackson Hole. It's a beautiful bucolic setting. The time he had negative things to say he was in a bunker with a panel wall like a horrible background like mine right now. And in when he had something rosy to say he was outside and it was beautiful. It was nice. So that that could be to tell but Jackson Hole is a little waves off one foot, let's get through the CPI as he's dated. Now I'm going to be boring like him. We're data dependent one data point at a time. Let's see the CPI and the PPI and go from there. But I think the way the trends are going and he should be set up for a cut in September.

James Connor  11:37  
So you made mention to the fact that the banks are reporting this Friday, JP Morgan, Wells Fargo and Citi and I have to admit I'm really surprised by the outperformance of the banks. JP Morgan is up over 12% I believe cities up over 30% But what are your thoughts on these banks? And are they going to continue to outperform this year?

Jay Woods  11:56  
Yeah, yeah, I do think they're gonna continue to outperform and it's weird because if you look at the backdrop, okay, higher for longer they're they're able to navigate those waters. The IPO and the deal market have been kind of like it they continue to trend higher. Let's watch JP Morgan first Jamie Dimon kicking us off as the official start to earnings season. Here's a fun fact for you. The last six times they've reported earnings, they beaten but the stock is traded lower. Why do they trade lower? Because Jamie Dimon and I love this about Jamie Dimon. He always is worried about the next headwind. The worst case scenario he doesn't spike the football. They're making all time new highs before earnings. Right now the stock is technically broken out as have a few other stocks in the sector. And as a technician, I watch price action and price action is telling me we have another like to go higher. But JP Morgan is going to set the table Jamie diamonds comments will be very interesting to watch. He's usually going to tell us what could go wrong. Instead of be rosy about the economy. I don't expect that to change. And then you have city at BlackRock, you have wells on Friday and Goldman Morgan next week. And if you look at the price action in these stocks, and then the XL F and I'll give you another fun stat the XL f that is the financial ETF that tracks the biggest financial companies in the world. Berkshire being their number one holding then JP Morgan and Goldman and Morgan, Visa, MasterCard, the XLS has been around for 25 years, it's only been up 15 times. So 10 times, it's actually been down for the year. Of those 15 times it's up, it's up an average of 21%. Financials tend to be streaky, they tend to go on runs that last 18 to 27 months. And this run is basically been eight months, nine months since the October lows, and I think they have another like to go higher the price action setting the table for that if we get a rate cut, maybe two, we'll probably see them start to lead. So the financials to me, I think the setups are there in the big banks, the regionals that's a different story, they've struggled to come back. And there are a lot more things on the balance sheet they have to worry about where the big banks have been able to capitalize on things, they pass the stress tests with flying colors. So I expect financials to have a good start to the earnings season. And that could be great for the broader market.

James Connor  14:21  
And you brought up a good point about these regional banks. Many of them have had ongoing problems here in the last couple of years. A lot of it due to just excess loan loss provisions and also troubles with the with housing etc. Now I'm surprised these US banks are doing so well JP JP Morgan City, and especially with a slowing economy like you would get you would have to think or I would think anyway that the US consumer is starting to feel some pain and they're not spending as much maybe they can't make their house payments. Maybe they can't make their current car payments. And then when you look at the commercial side of the real estate market, there too we have a lot of issues. What are your thoughts on that?

Jay Woods  15:01  
yeah, well, you mentioned the consumer and the consumer has gotten selected. We haven't seen it have ramifications yet in say the financial sector, but we see it in select companies in the staples in the discretionary, where you have stocks like Nike that are getting pummeled. But you have you know, you just look at food stocks, you look at Chipotle continues to do well, Shake Shack did well, McDonald's did it, they're coming back. They're all now, you know, coming up and changing the way they have to adjust to the consumer who started to get selective. We see the cost pros of the world the Walmart's doing well, the target's struggle, those dollar stores have been struggling. So the consumer has been very selective and how they choose. We haven't seen it have that broad approach. But if you were to say, the consumer investor, the investor has been selective, as far as the financials, they choose to be behind. And they believe the big banks are diversified enough to withstand some of the pressures that the regional banks cannot withstand, when you have no refinancing going on, because mortgage rates continue to be at these ridiculous levels, commercial loans coming due, that could be a problem for the regionals. And then of course, we had three, I think, maybe four that failed over the last 18 months, going back to a year ago, March. And that's still, you know, people still have a recency bias to it. And we haven't seen these banks break back above those levels. PNC's looking very interesting. They're starting to make new highs, but they still have a long way to go to get back to where we were pre regional crisis. 

James Connor  16:36  
I'm looking forward to this $5 meal plan that McDonald's has coming up. 

Jay Woods  16:40  
Me too. I know, this is exciting. I haven't been in years. But hey, $5 in a Burger King is doing something similar. Wendy's, I saw commercial, they have this chicken nugget, new chicken nugget flavor, parmesan and garlic. And yeah, I mean, they're competing now to win the consumer who is getting selective. So we're seeing it and then we're seeing it in stocks. People still want to be in technology. And they're afraid to go into other areas right now, because the growth isn't consistent in those areas. 

James Connor  17:11  
One of the interesting things about the the markets always but there's a lot of cross currents going on in the markets right now. And you touched on how well Chipotle is doing also Shake Shack, they're doing very well. But then when you look at McDonald's and Starbucks, they're not doing well, both of those companies have said that the consumer is spending less, and they're being hurt by this current economic condition. And it's kind of interesting to see these different restaurant companies with different results and different comments about how well the consumers doing.

Jay Woods  17:41  
Yeah, without a doubt, and I think Starbucks was the poster child for the beginning of this. I mean, you know, as a New Yorker, you get your, your a Tim Hortons guy, I assume, you know, Mr. Toronto, oh, our Starbucks, we go in there, and I'm not paying $6 For my iced coffee, I can go cheaper. And where did we see what stock went up Dutch Bros. New coffee chain that went public two years ago that stocks doing all right. So the consumer is, you know, striking back at the Starbucks is of the world of the McDonald's of the world. And now we're seeing it in Nike. And now there's a lot of pressure on the executives at these firms to turn the ship around. And what did Nike do? They're bringing back some old timers to help them out. You know, Starbucks, they always talk about bringing Mr. Schultz back for what I think the third or fourth time, you know, they may have to shake things up at these companies. And that's all based on a pickle consumer that, you know, during COVID, those prices went up. And now you know what, we need a little help.

James Connor  18:42  
So I want to get your thoughts on the broader indices now. The s&p on the NASDAQ, they're doing very well. It's like they're making new highs every day or every other day. What's your sense here in the coming months? Do they continue to grind higher?

Jay Woods  18:54  
I think they do. But I think there's some volatile times ahead. All right, first of all, the elephant in the room is the election and we have in the United States, we're going to have one heck of an election, it's already off to a glorious start. We still don't know who the final candidate may be on the Democratic side. Hey, we don't even know if the Republican candidate may make it. It looks like he will. But during election cycles, you will get pocket the volatility heading into that election. But once you get to the election, you tend to finish the year strongly the fourth quarter and election cycle, we get a decision. We get decisiveness. You know, let's go back to 2016 in the US controversial election, but everyone thought Clinton was going to wait it was Trump and the future that night, we're down dramatically. We opened lower, we went higher. We kept going to the end of the year. 2020 Another controversial election, one that some people still deny, but I can't deny price action price action bottom on election day, and we went higher. We even made a new high two days after the January 6 riots. So the politics while they'll make headlines, I tell my you know I tell coach numbers here. Just put on your mouse, you want to block it out, you want to focus on the action. And historically the trends are set up that we do well. But before we get to that November election, yes, August, September, the two worst months of the year, the last 10 years, August, September have only been up four times, and they're down a little average. I think it's 1.7%. I had my intern doing that research for me. I have not verified his work yet. But I just know that always is September from a seasonal pattern, the two worst performing months of the year, October one of the most volatile months of the year, we get most of our bottoms happen in October. And I think the stage is set. You asked about the s&p and the Nasdaq both having tremendous years. All right, we get an average of three 5% pull backs a year in the major index, the s&p 500 we get an average of one 10% correction. We have not had a day where we've gotten to down 2% in 345 days, I think there are going to be pockets where you're going to get that pullback they tend to happen in August. I don't know why. But you know, maybe it's because everyone's going away. No one's paying attention. But I think a 5% retracement that will be normal, we'll get you back to you know 50 to 50 5300 in the s&p 500 as we crossed 5600. As we tape this, that will sound dramatic, we'll make headlines. But as someone that follows long term patterns and long term trends, these are normal occurrences. But when it happens with the backdrop of political rhetoric, then it takes on New headlines. But I think we are going to see some earnings guide us and people will be selective of where we go. I still think the financial should be in good shape. But there will be pockets and when stocks have missed or not guided while we saw this in the software stocks, when they haven't had a good AI story in the software stocks, they get punished. Now they're rebounding. They're coming back pretty nicely. But we've seen some extreme volatility around earnings, especially in the tech sector, when they don't perform up to standards. Look at Intel. Look at what Adobe did look at Palo Alto Networks that are coming back. But man were they beaten down for you know, weak or average guidance compared to some of their peers? 

James Connor  22:16  
Well, if you are underperforming, all you have to do is that adopt a AI strategy like Apple did it was down on the year or flat on the year and now look at it. I think it's up over 20% on the year.

Jay Woods  22:26  
Not only did they adopted a stall that initials AI, Apple intelligence is absolutely brilliant. And then every AI strategy, they import into their phones, so they have to improve Siri. And we all know that it will be on a next generation iPhone. So it to me that that play was brilliant, because the normal upgrade cycle will now be enhanced because people want that AI technology. Now let's see how it works. That's the big question. But the anticipation of it is tremendous. And that's why Apple is making new all time highs. 

James Connor  23:01  
So I don't want to talk too much about AI. I've heard so much about it. And I'm sick of it. I'm sure everybody else's. But I want to get your thoughts on Tesla. Here's another stock that was massively underperforming. And then just here in the last four weeks of cars series bid. It looks like there might be a massive short cover going on. What are your thoughts on Tesla 45% Since June the 24th

Jay Woods  23:23  
It's up at these up 90% From April the 24th. It's crazy. Tesla is a stock that is so tough to trade to judge it has a cult like following. Then when you think it's an auto company, he comes out with something innovative, you cannot second guess Elon Musk I know he he has a cold like following. When I talk negatively about Tesla I get more hate mail and negative social media than ever before. The run has been tremendous as of 12 days in a row. The RSI relative strength index is at one of its highest levels we've ever seen well above 85. Now I haven't looked into days. Usually that means we are starting to reach an inflection point and we should get a turnaround. What Tesla is waiting for now. Earnings on the 23rd of July and then the big event August 8, their auto you know the automation in the robo taxi events. People really believe that he is going to come through and deliver with his next technology advancement. It's not about selling the amount of cars it's not about the deliveries which did exceed expectations which were lower than a year before. People don't realize that the Tesla bulls are all in right now. There's so much momentum in this stock. But when it fades it's going to be quickly. But Tesla is a stock that is one of those hardest one of the hardest stocks for a fundamental analysts to look at the numbers and justify the moves that we see in this stock as a technician. We saw it break out Have an inverted head and shoulders pattern. It had a nice run, and it's still continuing. That's what's, you know, impressing me about this run. It's up 90% Since April 42%, as you said, since June, you know, if I was in it, and I caught this run, I'd be taking profits.

James Connor  25:16  
So I just want to summarize a few of the points you made you think we're gonna get a rate cut in September. Overall in the markets, you're positive, you don't see any negatives, you might we might get a 5% pullback, but nothing more than that. We're going to continue to grind higher. If there was one potential risk or maybe a potential Black Swan to the markets and the economy. What do you think it would be? 

Jay Woods  25:41  
Yeah, geopolitical concerns are always that Black Swan and I don't like to come on shows and try to be that negative and make that call. I'm not gonna make that call. Oh, yeah, China is gonna invite in Taiwan, that could happen. We know that there have been threats in the past. I don't think it will happen in the election cycle. We've seen Russia get more aggressive with Ukraine lately. We've had conflicts obviously, in Israel. If something was to escalate, that will definitely spook the markets. It always does. The Black Swan event would be some economic data point that just shocks us. And Jay Powell has to make a pivot. He could be too late to cut rates and unemployment all of a sudden starts to surge, a little more than expected, that could cause some fear in the markets. Because usually, when you cut, you're cutting for negative reason. And you're not cutting it all time highs. But given the setup, we're in a small cut, you know, we had the highest amount of raise rates, rate raises in the shortest period of time in our history. So a cut would be normal to me, but the swan event would be a huge spike in unemployment. We didn't see coming some geopolitical event. But I don't think the election is setting us up for any major surprise, even if Biden was not to be the candidate. The market may move on that news, but I don't think it matters. What do you want to watch for when you're watching the election or specific sectors? What sectors will do well under Trump? What sectors won't In fact, I think Tesla could be a Donald Trump proxy, because his relationship with Elon Musk has gotten to a point where they're they're pretty chummy. And they're going to try to work together. I don't know how TJ tea and Twitter will Jive together if he makes it back to the White House. But overall, there are going to be positives for each administration. And we got to see, and I'll do a deeper dive as we get closer to the election. What sectors will benefit? I think you're going to see defense stocks do well under Trump administration. People think energy stocks, they didn't the last time I'm not going to fall for it this time. And a stock like Tesla and people you look at the CEOs that he has good relationships with, I think the financial industry will do well under Trump. deregulation, you'll see more deals, you won't see people blocking a Jet Blue and a spirit deal under a Trump administration, under a Biden administration, watch the infrastructure stocks, industrial stocks, he has put a lot of money into that. I think we'll continue that path going forward.

James Connor  28:13  
Now, you touched on energy. And I want to get your thoughts on that because it's been hanging around this $80 level, which is quite surprising in my mind, given the what's going on in the Middle East. And just this time of year, typically the oil price goes higher as we head into the summer months, but it really hasn't been what are your thoughts on oil? Do you think it stays around this seven $80 range or a threat that it might go to 100 bucks?

Jay Woods  28:39  
Yeah, I think it stays in this range. The one the things that should have taken us higher have not we you know, any geopolitical concern, we'll get an intraday move or a couple day move and then we then we fade right back in. Like I said, Trump, everyone thought energy stocks, they rally into his presidency, and they were horrible when he was in office. They did rally towards the end of his term. Right now energy is an area to avoid. I think people do see it as an opportunity because it has pulled back. But given some of the recent events, not seeing it, join the party or make it back from its recent downtrend, is a little concerning. And I think there are better places like financials that you want to go into, like health care, that is stabilized. Some of these sectors had nice runs at the end of last year, early this year, and they've just pulled back they've stabilized they haven't gone down energy. Looks a little broken to me and I think it has more work before we see the lift off. And I don't think a Trump election is going to help energy and Biden is really not going to do much for it either.

James Connor  29:44  
And do you have any thoughts on Bitcoin or gold?

Jay Woods  29:48  
Well, gold is one of those head scratchers. I am not a gold bug. I'm not a gold expert. It has a tremendous role in taking leads broken out long term. It looks fantastic. Stick to the inverse relationship that hedge. You know, I thought Bitcoin was supposed to be a hedge when technology wasn't doing well. But now five of the max seven if only in the video is almost there again, six of them are making all time highs and Bitcoin is breaking down. I think Bitcoin will do well under both administrations, Biden has done some things to make it friendlier. Trump is now on the Bitcoin bandwagon as well. But no, we don't follow. You know, cryptocurrency here at Freedom. So what I look at is I look at the technicals and I know it's broken down, you want to see Bitcoin recapture 57,000. And then you could possibly have a leg higher into the mid 60s. But overall, for people that said, this was the inflationary hedge. He never is active consistently for me to give it much credence. As far as gold goes, gold looks fantastic. Copper looks great. You're seeing a lot of these, you know, materials that will be part of the AI story that helped build the infrastructure like a copper like uranium doing well. And then I think the utilities, there is a story there, they're going to need that power. They had a nice little run up, they pulled back, they're probably set to rally as well, if we can broaden this rally out into your end, like I think we will.

James Connor  31:17  
Yes, Bitcoin is interesting, because we were always told it was a risk on type of trade, and we definitely have a risk on market right now just keeps ripping higher, but Bitcoin keeps going lower. So it's going to be interesting to see what comes to that.

Jay Woods  31:29  
Yeah, no doubt, no doubt.

James Connor  31:32  
Jay, as we wrap up, if someone would like to learn more about you, or get your thoughts on the markets, where can they go?

Jay Woods  31:38  
Oh, well, I write a weekly newsletter. You can go to and search for that. Or you can follow me on Twitter. It's Jay Woods 3, and the pinned tweet, the pinned tweet, the first tweet you see is a way to subscribe to the newsletter. So every Monday I come out with my market thoughts what we have to watch out for. So this week, we said, hey, its earnings season, we're watching Delta Pepsi, JP Morgan, we're watching the CPI, we're watching the Powell testimony is a good way to just prepare for what everyone's going to be talking about this week. Next week. Well, we're going to be full fledged earnings season, we're gonna go into that we're gonna see how the CPI reacts. And now the stage is set. And then we'll be talking about some seasonal factors in the next few weeks. Because August and September tend to be those crazy months, I don't expect that to change. And then, you know, we'll throw in some fun facts. I don't like to do a deep dive in politics. But if one candidate is looking to help one industry better than another, we'll focus on the economic angle of that candidate. And I'll let the political stations talk politics.

James Connor  32:44  
Well, that's great. I really enjoyed hearing about your time on the floor of the New York Stock Exchange, I still can't believe there was 5000 people there. 

Jay Woods  32:52  
There were and there was no place in the world like it, the camaraderie, the life lessons you would learn being side by side on top of those people were some of the things that have shaped me to where I am today. And, you know, I'm very proud to be small part of that great community 232 years as an exchange, been in that building since 1903. And I've been there for 32 years. And I hope to be there a little bit longer, because it's a great place. And I hope I can welcome you in the wealthy on team down there. And maybe we can talk live from the floor next time.

James Connor  33:28  
I would love to do that. Once again. Thank you.

Jay Woods  33:31  
Thank you. Great joining you. 

James Connor  33:33  
Well, I hope you enjoyed that discussion with Jay woods and it provides you with some insights on what to expect in the coming weeks and months with the financial markets. If you're trying to figure out how to prepare for your financial future, consider having a discussion with a wealthion endorsed financial advisor After providing some basic information, we'll fail we'll put you in touch with a vetted advisor. There's no obligation whatsoever work with these advisors. It's a free service that wealthy on offers to all of its viewers. If you have any suggestions on who else you would like to see on the channel or any other topics you would like to see discussed. Please let us know in the show notes below. Once again, thank you for making time with us today and I look forward to seeing you again soon.

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