Let's bring in the man himself, the institution inside the institution, the great Peter Tuchman, the Einstein of Wall Street, a man of many titles.
And why not?
Thank you for being here.
I really appreciate it.
I love it.
Nothing better than the Friday afternoon close out a week that the vibes here are always amazing on a Friday.
You know what?
I've been coming here for 41 years.
I rarely ever miss a day.
Just because the energy in this room is spectacular.
Good days and bad days.
There aren't really any bad days because if you look back at it, every, every pullback, consolidation, selloff, even crash, has been a better buying opportunity, and everyone really needs to know that.
It's a little bit of a tidbit in the nooks and crannies of a market, but that is a fact.
It is time in the.
It's not timing the markets as we like to say.
So speaking about energy, I mean we're still waiting to see how the final volume looks, right?
I mean we're under a billion right now, but our kind of year to date average is between 12 to 14's been really nice for the dust we were hanging around 800, 900 for a while and so we've sort of gotten to the, we've gotten to a really nice threshold 12, 13. are good days.
That's good volume.
Overall, was this a surprise?
I mean, obviously we came off a losing week, but Jay Woods and I were just talking.
We saw energy outperform.
We saw technology outperform.
That tells us the kind of generals at the front of the pack kind of getting back into that leadership position, helping us to pull back closer to our previous what it does is it culminates a week of rotation in the marketplace, and some days in rotation are not positive days.
And indexes, some of them are negative days, right, because as you sell your outperformers and you buy some small cap midcap value, sometimes it's not necessary and you also have to realize that in an index there could be one or two stocks that can really sort of skew the direction.
A UNH or a Pfizer or a TripleM or an IBM and a Dow can skew everything as well as in the S&P.
So people need to look more into, as I always say, we look at advanced versus declines.
We look at actual rotation directionality of the market.
I think the last two days we've we've gotten back the enthusiasm.
We've got people who have sort of been patient buyers waiting for the market to come to them.
We've had two days in a row now after a bit of a sputter where the market has opened down, had a little bit of a sort of a jolt early morning, and then has spent the rest of the day trending and trend days are the trend is your friend.
Old Wall Street adage.
And when you have a day where you're going up in one direction, hopefully in up direction, and you pull back to moving averages, right, that builds foundation, that builds strength, those are constructive days for day traders.
Those are what we call the trend traders sometimes the best, the most profitable days because you stay in the trade until the trend breaks.
And if you look at the market, look at that graph, right, the trend, the market pulled back many times during the day.
But it never broke the trend.
If you look at the trend line on an exponential moving average, it never broke it.
And that's when you see people hop into the market because that gives confidence.
Yes, and that's a great way to end the week.
It certainly is.
Talk of technicals are always welcome here on the show.
We have to, we have to leave it there, but next week, please join us again because we've got several inflation prints.
We've got the big banks reporting quarterly results.
We have earnings and we have some economic data a lot of that I think is important.
We managed to get through these two.
Weeks of sort of in the corridor weeks without anything, not a lot of damage, a lot of constructive action, especially on the back of renewed geopolitical concerns.
We still shut them off of the market.
We did, and we did have a, we did reengage that breaking news thing.
Oh yeah, and then the oil up the market down engagement, and we got through those days.
Yes, we certainly did.
We took the pebble out of our shoe and we're on the up.
I love you, bud.
Enjoy your weekend.
Take care.
We'll see you again soon.
Nixon 5.
Nixon 5.0, we're going to say that for the next year straight.
