THE MARKET’S NEXT BIG BETS

All right, time to rock and roll.

Welcome to this very special 10:40 edition of the JD Durkin show.

We are live on this.

What is today?

Thursday, July 2nd, here on the trading floor of the New York Stock Exchange.

Thank you for tuning in.

Uh, amazing jam-packed next hour-ish or so coming up on the show.

First and foremost, with my good friend Tony Edward of the Thinking Crypto Podcast.

Uh, he's also the author.

Author of the new book Rethinking Crypto.

Longtime friend of ours here at the New York Stock Exchange.

He'll be stopping by in the next few minutes.

We'll talk Bitcoin price action and much more.

Uh, and then longtime journalist and the founder at Ticker Take, the one and only John Ehrlichman will be swinging by.

He's also one of our favorites.

And then, of course, a personal favorite of mine, as well as the entire team here at launched.

Live now, the great Lou Bassinis.

He is the founder of the Big skinny, also a contributor at Fox Business.

What a jam-packed lineup as we head into our eventually here, our three-day holiday weekend.

We'll do a quick check of the market, see what investors have in store as we do inch closer by the minute to that 3-day holiday weekend.

Stocks in positive territory as of 10:40.

One on the dot.

The S&P 500 up 4.1%.

I'm going to move this way.

The Dow is up.

Let's call it 9.1%.

The New York Stock Exchange Composite Index is up a full 1%, and the small caps holding on to fractional, and I do mean fractional gains at this hour in positive territory, 1000%.

We'll take a look at the biggest sectors in the S&P 500.

What is up, what is down as we head into later trade of this Thursday.

Morning.

Healthcare, consumer staples, the second strongest sector, about energy continuing its strong gains.

We've also got utilities, materials, and financials all outperforming the broader S&P 500 and a bit of selling pressure.

The seller is getting louder in tech, consumer discretionary, as well as XLC, that's of course telecom stocks.

We turn our attention now to the Dow, which has been ripping after all-time highs and is currently at an all-time high on this Thursday morning.

Apple, the strongest performing name in the Dow this morning, followed then by Boeing, Amgen, Merck, and Johnson and Johnson.

Down to the bottom of the pack, we go for the Dow at this hour.

Cisco, Caterpillar, IBM, Nvidia, and JPMorgan are your Dow laggards.

And uh I want to get a sense on Google, which is the newest entrant, of course, to the Dow.

Shares of GOOGL in positive territory, 4.1%.

Speaking of Google, A quick look here at the MG 7 and see what's going on.

Apple, Amazon, Microsoft, and Alphabet are the strongest performing sectors in the Mag 7 or stocks rather, all in positive territory.

A little bit of selling pressure in Nvidia and Meta, and a lot of selling pressure on shares of Tesla currently in the red, 6.6%.

Looks like the airlines are mixed for this Thursday morning session.

The big banks are in mixed territory.

Oil and energy stocks, however, currently catching a.

Bid on this Thursday.

Looks like Chevron, the strongest performing stock there, CBX up 2%.

Uh, defense and aerospace also catching a bid, a strong tape so far today from Lockheed Martin, as well as Northrop Grumman.

Uh, over healthcare, biotech stocks also doing quite well as well with shares of Eli Lilly in positive territory, about 3%.

Uh, let me do a quick check with my producers.

Do we have Tony on standby, JJ?

What He'll be in in a second.

All right, we're gonna take a, uh, we're gonna take a quick look then.

Let's toss this package here.

There's a recent interview that I did with the great Caroline Pham, talk about my favorite guest.

She's been generous enough to join us here on Taking Stock from time to time.

She is now the chief legal officer and chief administrative officer at Moon Pay.

Take a look now at my recent one on one with Caroline Pham on taking stock.

Our favorite all-time taking stock guest is generous enough to return once again.

Caroline Pham, chief legal officer and chief administrative officer at Moon Pay.

Thanks for joining us once again.

It's great to see you.

Thank you so much.

I love coming on the show.

I feel like every day I have to ask an expert the latest on the Clarity Act and what you're following out of Washington.

Are we finally on the verge of mainstream bank participation in the space and A longtime DC veteran, what are you looking for out of this bill?

So we're definitely having, uh, banks participating in this space.

I mean, I've always said that 2026 is the year of institutional adoption.

Look, banks have been working on blockchain technology since 2015, 2016, 2017, 2018, and so right now with the regulatory clarity that's been in place at the agency level, that's created a great foundation for all the announcements since.

January, which is key to why we're launching Moon Pay Institutional, and then of course any additional regulatory clarity is going to be very welcome.

What other advantages out of the Clarity Act eventually passing the Senate, the House, and onto the desk of the president are you most looking forward to?

So I think what everybody's just really keen to have is a coming together of the minds and just let's all agree on what the rules of the road should be and then let's just go build.

Today was Jerome Powell's final press conference, we believe, as chairman of the central bank.

We get Kevin Warsh incoming soon.

How much does Fed leadership actually change the trajectory for the broader cryptocurrency space?

So I think the Fed leadership is going to be important for digital assets because a huge use case and value add for blockchain technology is what role it plays in collateral management for our markets.

So of course, previously I had worked on the tokenized collateral guidance when I was.

At the CFTC and just having the information there about how we should treat this innovation, which is going to allow for real-time settlement, that's going to make a big difference.

Capital rules, of course, are very important for financial institutions, so the Fed definitely has a big role to play.

You and I were talking a few minutes ago there about regulations, and I wonder how you see the different approaches in terms of stable coin regulation and legislation in the US versus the EU.

If people don't follow the differences too closely, what should they know?

So I think one of the key differences. about being cognizant of for stablecoins is, look, the EU came out first with MICA.

They had a 2 year implementation period for stablecoins.

Of course, the US came out with Genius Act, and the rulemaking is going to be in place, hopefully final by the end of this year.

I think what we're going to see is a shift towards the US approach.

So it's very possible that MECA is going to have to be amended or updated to then conform with the Genius Act approach.

Oh, that's fascinating.

We'll look out for those developments and more.

I want to ask you all about Moon Pay's new Fiat to stablecoin.

Virtual offerings are stablecoins becoming more and more a bit of a checking account?

How are you approaching that conversation?

Stablecoins are not a checking account, right?

And I think this was really clear when you look at sort of the OCC proposed rule where, uh, if you have something that is a lookalike checking account, a lookalike savings account, a looking a lookalike money market fund, that's not gonna be OK.

But something that's a merchant rewards program, I mean, we're used to that in financial services.

Think about your credit card rewards program, right?

Think about the miles you earn on your credit card.

Think about points that you can get, you can redeem or cashback.

All of these are really reasonable ways to think about the benefits that you could have in using stablecoins.

So I think we're really just seeing a modernization of the existing financial products that we love and use every day, you know, there's another example that I was told, which I think makes so much sense.

Stablecoins are almost like our modern day traveler's checks.

Some of your viewers may not know about traveler's checks, but back in the day you could travel anywhere in the world and you'd have traveler's checks, and it was denominated in US dollars, and that was, that was good as cash, right?

And so if you think about it.

Stablecoins are the same thing.

It's a bearer instrument.

That's also why it makes it so good for markets and for doing collateral management.

I am old enough to remember traveler's checks.

Uh, before I let you go, the acquisition of Israeli security firm Soat, I hope I'm pronouncing that correctly.

What does the deal say about Moon Pay's increasing pivot to institutions, if that's the right way to frame it?

So I think what's really unique about Moon Pay is Moon Pay started from the non-custodial space and it started from DeFi.

There are a lot of people who say that DeFi is not safe and not secure, and we are.

Proof that that's just not true.

We have 30 million users in 180 countries, and when you think about that and that we do settlements in 120 different fiat currencies, we do KYC, we do transaction monitoring, we do sanction screening, and we do SARS reporting.

So by taking our strength there in DFI, for any TRAD 5 that wants to access DFI liquidity but do it safely and securely, especially with all the hacks recently in the space or people thinking about quantum computing or people thinking about anthropics mythos that was released, that is why this acquisition of. was so key for us.

Ito Sofer and his team have built such a great thing.

They have the best in class secure key management used by exchanges and trading firms all over the world eToro, Flow Traders, Flow Desk, Bitco.

So we're really excited about what this means to anchor our institutional offering.

We really are bringing access to cross chain collateral mobility as well as deep high liquidity, and I was really excited all day and all week knowing that you were generous enough with your time to come back on the show.

The great Caroline fam, please come back and see us anytime.

It's nice to see you.

Thank you.

Thank you so much.

All right, my special thanks there to Caroline Pham from one terrific guest in the world of crypto to another, please welcome.

First time on the JD Durkin show, good friend of mine, Tony Edward, the founder of the Thinking Crypto podcast, also author of the book Rethinking Crypto.

Tony, I would say it has been far too long, but uh I saw you yesterday.

How are you doing, man?

Doing great.

Trying to stay cool in this heat wave, but it's good to see you again, dude, my man, like I, if, if you told me I had the opportunity to interview once a day, I would gladly take that opportunity.

So thanks for joining me today.

So, uh, producers, let's pull up some current crypto major price action at this hour here, Tone, uh, Bitcoin.

Don't call it a comeback.

It's up 2.7% right now, but it is holding on north of 61,000.

E is up about 5% and change, Solana, 4 and change.

This Bitcoin chart, man, you and I were looking at this yesterday.

It has reconsolidated.

Bitcoin has found a little bit new of a uh support level around 58, 59,000.

More broadly, what have you seen and what do you make of the way that Bitcoin has been performing as of late, Tony?

So, JD, it's a, there's a high probability that the bottom is in for the bear market, because we are seeing this counter trend rally.

You know, a lot of people were down on Bitcoin, saying it's dead again, right?

These are the narratives that appear at every bear market bottom.

So, I'm not guaranteeing that the bottom is completely in, but we are seeing a strong counter trend rally here, and I believe Bitcoin can move up to about $70,000 and we'll see how far this rally continues beyond that, if it has legs.

A big narrative that could help push the rally higher is the Claria.

Passing in the Senate this month, but I like what I'm seeing on the charts.

There are other signals that are flashing, that have flashed in previous bear market bottoms.

So, expect that, uh, Bitcoin will find some legs here, some strength because there's extreme fear and Bitcoin loves to do the opposite of the herd.

So, we'll talk about Clarity Act in just a second.

I'm gonna pull up my measurement tool here on trading View and get a sense.

We go back to these October highs to our poll down now.

51% is our polldown.

Now that we've had Tony, a few months behind us, we know the liquidation story, we know the forced selling story in and around October 10th.

How do you view those all-time highs for Bitcoin and how aggressively we came off those highs?

Yeah, you know, JD, the past bull market was very lackluster.

I was disappointed.

I'm a Bitcoin holder, I'm an old coin holder, but I think what happened was a confluence of factors.

You had the AI trade, which took a lot of mindshare as well as liquidity.

Plus you had precious metals like gold and silver.

They were doing really well, and again, that took liquidity and mindshare.

A lot of people were lining up to buy gold and silver and these things.

So crypto uh didn't get. the attention that it has gotten in the previous bull market.

However, I believe that's going to change in this upcoming bull cycle.

I believe crypto will be, uh, in the forefront again, especially with legislation and all the other things that are being set up by the Tradfi institutions.

And while we are down over 50% for Bitcoin, that is not as bad as what we've seen in previous bear markets where Bitcoin went down over 70%, sometimes over 80%.

So are you in the camp that says, at least for right now, there are other shiny things for investors to pay attention to.

Once upon a time, it may have been Bitcoin and the crypto majors, but Tony, we're in a world of memory stocks.

We got these high flying quantum names right now.

People are always going to rotate back and forth and ping pong between semiconductors or software names.

There are other splashier things to pay attention to.

And so for at least for now, uh, we're not going to be buyers of crypto.

We'll kind of let it linger in the background for a bit.

I believe it's important to diversify, and while the AI trade, as you alluded to in the quantum trade, are doing really well, remember, markets are cyclical, and they don't go up forever.

So, I believe the AI bubble, if you wanna call it that, is gonna start to lose some air soon, JD and you could see capital rotate out of those into crypto, especially as you have a strong narrative coming up for crypto with the Clarity Act.

You know, I'm laughing as I pull it up because as I said that, obviously, we just laid out that crypto is having a little bit.

Bit of a bounceback session today, but memory stocks are getting throttled, right?

Sandiskc is down 9%.

Micron, Western Dig pop over to the quantum names, Arkit's getting housed.

So money is going to work somewhere and oftentimes pulls out of these high beta names into something, uh, like the crypto majors, at least intraday.

OK, let's go over to Clarity Act.

We're gonna talk a little bit about politics on the show.

Man, I feel like, I mean, listen, you just heard my interview there with Caroline Pham.

She and I have been talking about this all year.

You and I have been talking.

About this all year.

Where are we and what still needs to happen to finally, dare I say, make the Clarity Act a reality?

We are in the final phase of the Clarity Act being able to make it out of the Senate, and it's very hard to move bills in the Senate.

Uh, but we're seeing progress.

The ball is rolling, there's dialogue happening, and despite Congress, uh, being on break right now, there's still a lot of dialogue happening with different agencies and much more.

Now, two major senators, Senator Thune and Lummis, said the bill is gonna make it to the Senate floor this month for a vote.

Will it pass?

That's where we're gonna have to wait and see.

Uh.

Something that is a headwind which appeared just a few days ago, is Trump's crypto disclosures.

A lot of Democrats are saying the president is making a lot of money off of crypto.

We're not gonna vote for this bill.

Now, they could find some sort of compromise, um, and the banks are also pushing back on the Clarity Act.

So, a lot of things to be ironed out here, but my hope is that this bill can make it out of the Senate.

It will then have to go to the House for them to approve it and then to President Trump to sign into law.

What are your, uh, we'll, we'll go back to the Trump thing in just a second.

Senator Lummas, um, what is your take on the, on, on how she has positioned herself largely as a crypto champion?

I remember when the senator from Wyoming got to Congress, she was one of the first people, she was early adopted.

In terms of how she talked about underlying blockchain technology, the opportunities in the broader crypto space, um, what have you made about how she has positioned the conversation on Capitol Hill and, and maybe been a big force to try and get some of these pieces of legislation done, Tony?

I'm very thankful for Senator Lummis.

She's very forward-thinking, you know, blockchain, crypto, this is just a technology.

It's not political.

It doesn't, it's not Democrat or Republican.

It's simply a technology like the internet that institutions and governments are gonna use to build the future rails for capital markets, the movement of value, and much more.

So, I'm thankful for her leadership and the tone she has set and Raising the bar high for other members of the Senate as well as the Congress.

And uh I, I, she's really a champion for Bitcoin and crypto, so I'm thankful for her leadership.

She is set, however, to retire from the US Senate after serving only one single term.

To be fair, a term in the Senate is 6 years.

You're already there for a while if you're a one-term senator, but she will not be seeking re-election.

OK, let's go over back to this Trump story.

OK, this is, this is a lot, dude.

You and I were talking about this yesterday.

US President Donald Trump reported over 1.4 billion.

Yeah, that's billion with a B in cryptocurrency-related income for 2025, largely driven by his family's venture, World Liberty Financial, plus royalties from his signature meme coin business.

That's not the type of story I ever thought I would say.

What do you make?

What is your take when you saw those headlines earlier this week, Tony?

JD, Donald Trump is a double-edged sword when it comes to crypto.

He's done a lot for the industry.

He helped to position the SEC to be more favorable for crypto in providing guidance and much more.

However, he has profited significantly off of this, uh, asset class and technology.

And the meme coin, I am absolutely not a fan of.

I don't believe any elected official should have something like that, and it's just a horrible look.

It's bad optics, and, uh, regardless of if you're in.

Crypto or not, these, these headlines are not going to bode well for crypto and the perception of crypto, and my hope is that he can start distancing himself from the meme coin specifically, because that is such a bad look, because meme coins have the reputation of rug poles and people getting scammed.

Well, if he was invested in just Bitcoin, for example, I don't think a lot of people would be up in arms because a lot of folks can access Bitcoin.

Bitcoin is a mature asset, very like. and much more.

But the meme coin, uh, item is really, really not good, and I hope that doesn't set a tone for future, uh, elected officials to have things like that.

Is this settlement fees?

You're you're, dude.

You're way smarter at this stuff than I am.

Help me understand because the average crypto holder is gonna say, well, wait a minute, we're down more than 50% off those October 10th highs.

I look at my own person, not me personally, but a, a would-be crypto investor would say, I'm looking at my crypto portfolio right now.

I'm getting throttled across the board.

How on earth does a sitting president make over a billion dollars in this space when I'm looking but nothing at red in my crypto portfolio?

Well, this started from when he was elected.

Uh, the meme coin was launched, I believe, a couple days before he went into office, correct.

So he started profiting from it from back then.

Plus you have World Liberty Financial, the company that was launched by his family and folks who are connected to him.

His sons, Eric and Donald Junior, they have American Bitcoin.

So there's different businesses here.

And it's been over a year since that meme coin's been live, so they've been pulling profits accordingly.

And if you look at the meme coins for both Trump and Melania, they're down over 95%.

It's, it's a horrible-looking charge, JD, um, and, and this is, again, horrible optics all around, and I hope the president can start to distance himself here.

Yes, he can push for legislation and clarity to make the US a leader.

But please stay away from having your own coins.

Uh, and, and none of this is explicit political commentary.

Excuse me, not from me and certainly not from you.

I will simply share what the editorial board of the New York Post wrote earlier this week.

Tony, perhaps you have seen this, uh, Hunter Biden style sleaze is just as slimy when the Trump boys do it.

That doesn't come from, you know, a more liberal-leaning editorial board.

That is the New York Post editorial board talking about their concerns on this.

Um, all right, let, let's talk Open USD.

I know you followed this one, you and I chatted about this a bit yesterday.

Black Rock, Visa, Mastercard, and others, uh.

Just backed Open USD.

What is that?

How big of a deal is it, Tony?

This is significant.

The Genius Act, which regulates stablecoins, was passed last year, of course.

Now we are seeing incredible innovation across the board from major institutions.

So this is a group stablecoin.

So you have a consortium of Tratfi institutions, some of the big ones.

So you mentioned BlackRock, Visa, and Mastercard, and they're all gonna share in the network benefits of.

That.

So, whether it be yield or fees, and this is gonna be in competition with established players.

So you have Circle USD, uh, that has been the leader here in the United States, and unfortunately, their stock dropped on the news of this announcement because there's a lot of backers of this new stablecoin.

Now, Circle does have a head start, um, but, you know, when you got BlackRock and these institutions with their reach and their network, they can push the stablecoin out to many, many customers and businesses and get a lot of adoption.

Plus, this competes with the Global Dollar Network, which is another consortium, Stablecoin, which was backed by Robinhood, Paxos, and other folks.

So, competition is heating up here.

So the circle chart producers, if we can pull out this is ticker symbol CRCL.

It's basically trading right back down where its original IPO price was.

That was after a massive pop after that IPO and it has, I wouldn't really say it's recently reconsolidated, but it has been retesting this recent support level around 67 to $68 a share.

Do you think, Tony, we're entering a bit of a stablecoin arms race between Wall Street and the broader ecosystem, or do you not necessarily see it as that particular type of dynamic?

I think you're spot on.

It is an arms race, and everybody and their uncle are trying to create a stablecoin, because, of course, there's a lot of benefits to that, getting the yield, the transaction fees, and this is the future, JD, um, you're gonna see many banks launch their own stablecoins.

Uh, this is how money is gonna be moved moving forward, whether people know it or not.

It's gonna be running in the pipeline behind the scenes, and it's gonna improve cross.

Border payments, uh, payments even domestically because you can move money 24/7, it settles instantly and there's transparency.

So, everyone is trying to launch some sort of stablecoin here.

Now, over time, there's gonna be consolidation, right?

Not, it's not, it's not possible for there to be a billion stablecoins out there.

So there's gonna probably be a handful that are gonna dominate the market over time.

Tony, what is the biggest story in the world of cryptocurrency that you think we are not talking enough about right now?

I believe the tokenization of assets.

We're seeing every major institution, even the New York Stock Exchange and in the NASDAQ, they are all looking to move to 24/7 markets, tokenizing assets.

Now, there's still a lot to be figured out there because what, what may happen in the interim of the transition is Two separate markets, tokenized version of, let's say, Tesla stock, but the traditional version of that stock.

Well, are you gonna have problems with prices and different liquidity models and much more?

So, I think the SEC is gonna be releasing some guidance soon, but JD, this is the future.

The market's all running on blockchain rails 24/7, 365, more of a global reach, and that is something folks should pay attention to.

What's up, dude?

I'm live on the show right now.

My producer Andrew from Taking Stock, not your bad, dude.

You're welcome to come crash the show anytime.

Let me wrap this show and I'll I'll come see you in a little bit.

That's how it goes when you do the show from the floor.

Um, Tony, my man, you've been very generous with your time.

Where can people go if they wanna find more of your stuff, especially your terrific book, my friend?

Oh, thank you.

Uh, they can go to Thincrypto.com.

The shows on YouTube and of course Spotify, Apple, or wherever you get your podcasts.

The great Tony Edward, my man.

Thank you for coming on to Taking Stock live in person yesterday.

Thank you for joining today's broadcast remote.

Take good care.

Anything fun planned for the 4th of July?

A little bit of fireworks, a little bit of, uh, grilling, and trying to stay cool in this heat wave.

Yeah, good.

Well, good luck with the last one.

We're all trying to do that to the best of our ability.

What's going on, guys?

Um, all right, no, no, you're good.

Uh, Tony Edward, thank you for joining us, but we'll talk to you again soon.

Thank you, JD.

Take care.

All right, our next guest also joins us live.

This is a man whose, uh, whose career I have a.

Tired from a distance for a very long time and I'm really excited to say over the last year or so here at the NYSC I've gotten to know him and I'm very grateful that he's joined us.

Journalist, founder of Ticker Take.

Please welcome John Ehrlichman.

John, can you hear me, brother?

I got you, JD.

It's a pleasure to be with you, and I love, I love the reality of the floor and just going.

Uh, where the wind takes you sometimes.

Hey, congrats on the show, by the way.

Thanks so much for having me.

I'm really grateful for those kind words.

Thank you.

And it's gonna get more chaotic because the team from Fox Business is doing special broadcast for America 250, so they're like right here.

And we, we had Maria Bartiromo back on the floor yesterday.

We got other broadcasts today, so it might get more hectic.

So.

Uh, let's get into it.

Um, you know, I, I, I was going through a lot of your, your great news, and I, I'll, I'll ask you in a little bit kind of about your process as a creator and a journalist because I think the work you do is really unmatched in our industry.

But I kind of want your take on broader markets, news of the day.

We've seen tech take a little bit of a hit here, John.

We've seen rotation.

The Bulls say, hey, that's healthy for a bull market.

Do you see these as healthy pullbacks or the start more broadly of something bigger?

I think overall, year to date, the performance has been a lot higher in some of these names than analysts were expecting six months ago.

Yeah, it's a great point, JD.

I, I, I fall into the more bullish camp, I think, and it's really, it's based on the data and the stats.

And I think that after the run-up we've seen, at least in some stocks, obviously, you know, eye-popping.

Turns for some companies, call it over the last year.

Uh, we know the usual suspects tied to AI.

Uh, rightly so, investors might get skeptical.

Um, but the thing is that we were in a bull market, we're still in a bull market.

And when you've got some of the trends that are playing out the way they are, generally speaking, not always.

We don't know.

The the future is sort of uh yet to be determined, but, you know, we just finished the quarter, you've talked about it.

Uh, a great quarter, best quarter since 2020.

Uh, I saw some of the great Ryan Dietrich research on this online in the last, uh, day or so from Carson about how if you go back, uh, over history, or at least to 1950 with the S&P when you have the kind of performance like what we've seen in the second quarter.

In the 3rd quarter, there's only been one negative print in all of that time, and there's never been a negative print in the 4th quarter.

So, um, there is the possibility when already most strategists on Wall Street are still predicting a higher finish for the S&P this year.

Historically, when you have the kind of performance we've seen for the broader market, it tends to bode well for the rest of the year.

I think coming back to your, your question, it's really a matter of what uh flavor investors choose.

I mean, uh, at least on tech, uh, it is fair to say that, you know, muscle, musclely names like Nvidia and Broadcom have actually trailed some of the new AI leaders like the memory companies.

So, you know, do investors gravitate towards Towards that?

Do they stick with these powerhouses in memory?

Do they look for, you know, something else that might be a little overlooked, like our latest episode on Tickertape is about value, um, and the concept that there are companies that actually have pretty reasonable valuations in what sometimes seems like an overheated market.

And I think sort of the direction of, of where people go, um, over the next six months is worth debating, but I'm, I'm in The camp that feels that we will end the year higher than where we are now.

Are you surprised with the, with the strength, the durability, the resilience, and the broader AI trade, because it's not just the key AI names.

It's certainly no longer just those handful of what we've affectionately called the MG or Magnificent Seven stocks.

It's these quantum names that are adjacent.

It's these real estate or industrial plays like a caterpillar that at times has been totally parabolic.

It's the memory stocks.

It's, you know, has there been parts of the AI trade that have most surprised you?

With how well they have done as they've gone along here in 2026.

Yeah, I mean, Caterpillar definitely surprised me.

Um, not that we have, it's, I mean, it's a, it's a name we've talked about many, many times on Tickertape.

Um, you know, I think the, the fact that you, you all of a sudden see a rush into unlocked opportunities in companies that might be newer or older, in some cases, that might be a surprise.

But, you know, the one thing is, like, I started my career during the dot-com boom, uh, and One thing that felt different then, I know we've heard it a few times during this cycle, is the difference in profits.

Uh, the profits right now and the predictions on where profits are going, which is a key determinant on valuations, even if some companies have eye-popping valuations right now, is very important.

And I keep looking at them, like every day, JD, I'm checking what's the projection for where the earnings story is gonna go with these companies.

And the ones that have had the biggest stock moves, not always true, but on average, are on pace for Exceptional profit growth in the next few years.

And so, you know, that, that is a key difference for me.

The semiconductor sector, you know, whether you wanna believe it or not, seems to be trying to paint a new narrative around what it means to invest in the chip economy, that it can be less cyclical if they've got so much demand that they've got to restructure the way they do deals to ensure that they have like a steady flow of business.

Most companies, are trying to sell the street on the idea that they have a good, durable book of business.

And I think the semis are trying to make that case right now.

And I think they're making a pretty good case, um, even though, you know, look, we're gonna look back, I'm sure, and say, oh my goodness, I can't believe we got this excited about this name or this excited about that name.

You mentioned Quantum.

I mean, we have an upcoming full-length quantum deep dive on ticker tape.

And I gotta every time I talk to the people in that particular part of the tech world, I'm blown away, JD.

I mean, like, they're painting a picture of, hey, you think AI is cool, wait till we add the quantum layer to that, and wait till Enterprise has the optionality of going from traditional compute to AI, um, uh, power to, uh, adding in some quantum lift to that.

Um, it's an exceptionally exciting time.

Uh, you know, I'm, I'm trying not to wear, uh, you know, rose-colored glasses here, but I do think that the transformation through technology is, uh, remarkable right now, and justifiably, people are looking into those, you know, investing themes.

And that's the key difference today than probably 10 years ago, 15 years ago.

Just the fact that investors are shifting their time horizons a little bit.

So the question becomes, do we care about what the company says after 3 months, after 1 quarter, if the hype is just, you know, that, if companies are building for the long term.

That, that's, that's a, that's more of a sort of philosophical question, but it's, it's, it's worth watching too.

Let's talk about John Ehrlichman and Ticker Take the brand.

My goodness, my man, what you have built, uh, reaching people where they are, helping to establish smarter investors.

Me and everyone else I know who, who loves and admires your work has followed along for a long time.

Um, I know you got a heart out, so I wanna get through as many of these as I can.

John, what is the biggest investing question that you get in your DMs from followers?

Well, it's 2, JD.

Uh, I get, what, what should I buy?

Like what should I invest in?

And then the other one I get is, How do I start investing?

And actually, one of the reasons I started Ticker Take was, I thought that was pretty profound, that people are willing to jump right into, what should I buy when they maybe haven't even thought about how they get started.

And the thing with Ticker Take is we really try to help people think.

Think like a pro.

We've had more than 100 episodes.

We've talked to a lot of really bright investors who we've met along the way.

And we just try to help people understand how those professionals, whether of value or growth or whatever they might be doing, how they approach investing and why.

And then, hopefully for investors, uh, new or long-timers, they can kind of look in the mirror and have a better uh understanding of who they might be, cause you have to answer that question before you figure out what you're gonna buy.

I love that.

John, how do you go about separating signal from noise when you personally are deciding which stories you want to pursue?

Mm, great one. well, Another reason I started Ticker Take JD was I found that there was a lot of hoopla in the mechanics of Wall Street that would often kick up when there was like a blast of news.

Earnings season is a great example of that.

So, I try to take a deeper look.

I think the best thing to do is try to figure out where you see opportunity long term.

This is a great trend moment, whether it's technology or demographics, right?

Aging.

Societies, or where are the power sources.

If you truly see yourself as a long-term investor, then try to think about where things are going.

You know, there's a really smart investor we've spoken to before, Michael Lee Chin, billionaire, self-made billionaire investor, who likes to predict where things are going, plan for that, and then to persevere, which means that you're gonna have to deal with some possible hits along the way or noise to your point, and you just stay on your path.

Uh, what is one story in the broader world of the markets, John Ehrlichman, you think we're not talking enough about?

Um, I would say that the um, The way by which the world is being, um, uh, changed through, um, demographics actually is probably the one that doesn't get enough, um, attention.

Because there's a lot of focus on, uh, geopolitics and how technology shifts into that.

There's a lot of talk about how AI is disrupting our life, but you've got aging populations around the world, uh, and you've got, uh, you gotta figure that out.

Uh.

Um, the healthcare industry has to figure that out.

Uh, uh, Big Pharma has to figure that out.

Um, the housing industry has to figure it out.

Um, there's a, there's a huge swath of area that we've actually talked with some smart thinkers about on that front.

It's just as big a theme as any of the others, so I'd say it just doesn't have the same.

There's no robots involved, though the robots might sort of help people if they're getting older and need an assistant in the house.

Uh, maybe it gets less attention because of that.

But I think that's a big one.

I got 30 seconds left with you, my man, John Ehrlichman.

Very grateful for your time today.

Where can people go if they want to see more of your great work?

Oh, thanks, JD.

Um, most of our work can be found through my name at John Ehrlichman on most social platforms and the Ticker Take name on YouTube.

If you search John Ehrlichman or Ticker Take with John Ehrlichman on YouTube, you'll find our episodes.

They come out weekly and sometimes we have extra editions, plus we're on all podcasts.

Calas as well.

John Ehrlichman, 11:15 on the dot.

I gave you my word.

I'd get you out of here.

Really grateful for your time.

All the best for the long holiday weekend, John.

We'll talk to you again soon.

Thanks, JD.

Same to you.

Appreciate the opportunity.

Take good care.

We got the great Lou Bassinis on deck.

He'll join us on the other side of this.

But first, take a look once again at a recent sit-down we did for our taking stock closing bell broadcast with Dina Jalpert recently, and we'll bring you an interview with Lou Bassinis on the other side.

For her take on today's tape and much more, let's welcome in our longtime friend Dina Jalbert, CEO of Align Advisory Services.

Very grateful for your time here today.

My pleasure.

First time you and I are talking though after a much hotter than expected CPI and PPI inflation print earlier this week.

Does that change the trajectory of the interest rate cut story this year?

I think so.

I mean, I think those numbers were disappointing to a lot of folks and so by Or two of that there's going to have to be some sort of correction, and I think with the new Fed chairman coming, it's probably on its way, so we'll see when, but I think it's going to open up a lot of money and there's going to be a lot of activity.

Dina, we know that CEOs inherently, they could be a bit more bearish than a lot of other analysts on Wall Street, people like Jamie Dimon in particular.

Do you get the sense that CEOs are increasingly a bit more concerned about where the economy is right now?

I think you're Larger cap, uh, CEOs are, um, because credit is still expensive and there's a lot of, uh, global uncertainty and macro, um, volatility, so volatility breeds apprehension and those CEOs, I think, are gonna step back and, and not invest as much, um, and, uh, we're gonna see returns down, but I think where you're going to actually see that money shift to is your middle market and that's actually gonna grow because they're gonna feed the acquisition upswing that those larger businesses are gonna have.

To have in order to grow because it's easier to buy it than build it.

What have you seen with regards to M&A activity, and are we set for an even furtherance of a rebound for M&A activity for the back half of 2026?

Yes, definitely.

I think there's a lot of pent up demand by buyers, both corporate and private and financial buyers.

I think there's a tremendous amount of backlog, but I think also we're going to see a lot of sellers more willing in the second half this year than they have.

In the last even 6 to 12 months, again, I think they were sitting on the sidelines worried about all this volatility.

I think they've seen what it is or isn't going to do to their balance sheets, and now they're ready to plow ahead.

They can't continue to sit and wait much longer.

So I think you're going to see the gap and the bridge between seller expectation and buyer appetite start to converge.

I want to get your take on software stocks.

You and I are taking a look here.

Pretty strong, all things considered crowd.

Flair, CrowdStrike, Data Dog, and Snowflake are down for the day, but more broadly, what do you make of the Sas apocalypse conversation?

Is it real or just maybe a little bit of a reset for the software stocks?

I think it's going to be more of a reset.

I think it is the age-old nice to haves versus need to haves.

And so I think the softwares that really bring efficiency and operational scale are the ones that are going to come through OK.

I think the ones that are the nice to haves that.

Don't deliver that scale operationally are going to be the ones that are going to struggle a little bit.

We're also talking about some potential mega IPOs.

There was a big one today elsewhere here on Wall Street.

What are you eyeing in terms of a name like SpaceX?

What does that mean for the state of the private market?

Yes, I mean the private markets have been thirsting to have a place to put.

AI infrastructure investment and they got one today, right?

So uh I think it just shows the thirst and the desire to for institutional investors and retail investors alike to invest in that sector and I think you're also going to see the the downstream effect of that cybersecurity, IT, AI, government, you know, aerospace and defense.

All interrelated within these organizations.

It's not just space or just AI or just tech.

I think you're going to see this whole ecosystem have a similar round of investment like we saw today.

Yes, maybe a bit of a restarting for risk appetite for retail and institutional investors alike.

I could chat with you all show unfortunately that's all the time I have.

Please come back and see us again soon.

The bassinets Special thanks there to Dina Jalpert for our recent appearance here on Taking Stock, and now the man himself, he is the founder of the Big Skinny.

He is a contributor at Fox Business and another member of the Launch Live Now family, the great Lou Bassinis.

Lou, welcome to the show, my man.

Nice to see you here today.

Good to be with you, my friend.

The brotherhood that keeps expanding, dude, how's things, man?

And before we, before the brotherhood that keeps expanding, I love, before we kind of get into the numbers, things good with you.

Most importantly here, any big Fourth of July plans?

No big Fourth of July plans.

I've got a 2 year old, so keeping him out of the heat and, uh, not sunburnt is the main objective of this celebration, man.

Dad of the year.

Well, it's great to have you, producers.

Let's get right into it here with Mr.

Bassinis.

Chart one, chip stocks.

I love this one, man.

It's a great chart you brought us.

You got the big skinny branding on it.

Chip stocks after a 6% 1 day decline, the data suggests chip selloffs maybe become buying opportunities.

What do you see in the data here, Lou?

Look, it's bold.

I say buy every chip dip until further notice.

It's not gonna be different this time.

The pattern is very clear.

You see it here in the data.

Every time we have a dramatic one day sell-off, uh, we had 2 this in the past month of June, and you've seen chips rebound from that.

Uh, even Micron back in March.

I mean, the data doesn't lie here.

If you like playing the odds and putting them in your favor, whether it's over the 1 week, 1 month, 3 months. or 6 months, chances are a dramatic sell-off is gonna be followed by a dramatic rally.

Uh, the last two times that we saw this in, in May and June, you're up 20 or 30%.

I'd love to play it, not with individual names.

Whether you like the SMH or the Sox ETF, that's the way to do it in my mind.

I like Sox over SMH a little bit better because it's not, uh, so market cap weighted like SMH.

Again, I think, uh, for anyone here listening in, whether it's in your 401k or your trading account, you can be very tactical on the days when the pannikins are taking over the headlines because chips are selling off as if AI is gonna stop, you know, crushing the markets and the growth all of a sudden overnight.

Just doesn't happen.

SOXX up 85% year to date.

It's 52 week gains, my man, 100.

And 41%.

Anything you think before we move on to the next chart that could derail that trade.

You know, John Ehrlichman and I were just talking.

One point I haven't made is that this is historically supposed to be the weak spot of the four-year cycle.

If you go back to Yale Hirsch and Jeffrey Hirsch, the stock traders almanac, they say, especially Q2, Q3, you get closer to that midterm election, things get shaky, but that has not been the way that things have gone so far.

It's not, and I would say July is seasonally really strong, so you might not get that trader's almanac uh reality coming into play until you get into August.

But I'd say this, the key red flag I'm looking for is hyper scales to dial back their capE spending, uh, you know, so the mag 7 guys saying forget it, we're not increasing, we're even just keeping where it is or dialing it back without.

Seeing profits coming from the, the investment.

So my thing is, right now we're planting the seeds of future profits with all this runaway capX.

Uh, we need to see that come to fruition before they start dialing back those investments.

If we don't, then Katie bar the door, you're gonna see a mass exodus from, uh, Mag 7 names and then a lot of these chip names.

But I don't see any sign or indication of that happening.

You look at the bookings and the demand out in the 2027 and even 2028.

On the chart too we go.

My man, prediction markets, they are here.

They seem here to stay, but maybe that part is up for somewhat of a debate.

You call prediction markets a great financial risk.

What is the danger, you think in these event contracts that are newly emerged?

We're trying to figure out the rules of the road and regulations.

What are a lot of people still missing?

Yeah, I think there's just not enough regulation here.

So if you look at the trading on the, on the stock market or options market, there is well established regulatory bodies that oversee this.

You're only just seeing now regulators come on the scene in the prediction markets when this started happening and opened up back in 2018, and you see here this is a prediction addiction.

You can bet on anything whether it's sports outcomes or how many times the president's gonna say the word huge in any given speech.

To me, that's just giving into our just degenerate tendencies to gamble on anything, cockroaches, if they're walking across the, you know, the floor of the stock exchange there.

Um, I think the thing that's insidious with prediction markets is it can become a hidden addiction.

You can fund it as much as you want.

There's no oversight.

You can use your credit card and you can gamble on just about anything that has no fundament.

Value in the world.

So I think regulations are gonna come in here hot and heavy, especially since we're seeing some allegations and outright examples of insider trading.

Um, all the hallmarks of activity that the regulators work to fight against on Wall Street needs to come in here.

So I'm sorry if Koshi or Polymarket are a sponsor.

I'm speaking on my own behalf, not on, not on yours.

These are my opinions, not anyone else's.

Hey, and I don't mind talking.

I got no sponsors on the show here yet, Lou, um.

But you know, it's interesting, you, you, you listen to representatives from both of those companies, and they sound very Mark Zuckerberg-ish, right?

If you go back to Mag7, Mark Zuckerberg back on Capitol Hill in the last 1015 years, what does he always say?

He goes to Capitol Hill and he says, Senator, I'm in favor of regulation.

We should be regulated, right?

There's, there's no, right?

And that's at least the tone and tenor that they say.

The devil's always more specifically in the details.

I think my concern with the prediction market space, everything you laid out is right.

I have a personal issue with, I think, some grimier event contracts, right?

Weighing in on celebrity divorces, military strikes.

That to me, those are entirely different conversations than.

What is the Fed going to do on monetary policy or QE or what color tie is Kevin Warsh going to be wearing?

To Totally agree.

It gets into areas that don't need to be speculated on whatsoever, and I just think it's a You know, the guys that are the doom and gloomers and always predicting the downfall of the US would point to this is how empires end is when you start predicting on marriages breaking up and you can trade capital on it.

I wouldn't go that far.

I just think this could be a bubble breaking that we don't understand that will have ramifications into the broader economy because so many people are gambling in these prediction markets, not investing like they think they are.

Yeah, I do find them fascinating research tools if there's a key question that you have, for instance, right now, the World Cup, I may build something on my show later on.

About event contract odds on who's gonna win the World Cup.

And I think it's interesting.

It's obviously doesn't exactly tell us who's gonna win the tournament on July 19th, but it gives us some sense about users on these platforms, how they're putting their money to work, given their expectations and what they see.

Uh, let's go on chart three, because I do want to talk biotech breakout with you here, my man.

You're telling people, or, uh, correct me if I'm wrong, you're telling investors largely by biotech over Bitcoin.

Do you see a breakout happening?

And if so, what makes this a bit different?

Yeah, so look, I've been banging the table on biotech for the better part of 6 to 9 months.

It's the only sector in the market that hasn't hit new all-time highs in this latest bull run, and we haven't seen those new highs since back in the COVID days.

And here's the key difference.

Big Pharma has a big problem in that they have to replace about $180 billion worth of revenue between now and 2030 that is coming off of.

Patent expirations.

There's only one way to do it.

You can't go develop new drugs in 4 years flat.

You got to go buy it and those companies that have been developing them for years that were trading, I mean, you rewind about 1 year and a half years ago, you had 2 to 300 names in the XBI or biotech sector that were trading below cash balances.

You're seeing the premiums come back into the space, take over.

Offers happening with regularity.

I, again, most people shy away from biotech because they don't understand the science or they don't like the binary risk.

I say you play it with the ETF again.

I prefer XBI over the traditional IBB which we show here in a technical help and handle breakout, um, because XBI has some of the smaller names in it that doesn't that don't show up, um, with regularity in IBB, but either way you slice it.

Tremendous developments and innovation happening here.

I don't care what's going on in the global economy with wars, interest rates, innovation never stops, and these biotech companies are the ones that are leading that charge.

Smart technical analysis, i.e. a reference to a cup and handle, that's the way to my heart, man.

Technicals are always welcome here on the show.

Uh, we got a few minutes left.

What do you see on small and microcap stocks happening right now?

Yeah, again, more breakouts, right?

So we finally are seeing small caps lead the way after lagging for 11 or 12 years against large cap.

I think broadly speaking, it's just risk on again, right?

Capitals flowing back into riskier areas of the market, but I think there's a domestic tailwind that comes here, uh, back half of the year, get the economy booming, you get domestic focused businesses like small caps that have, you know, 80% of the revenue or more coming from US companies.

It's a lot better of a business model than the S&P 500 that only has about 6.

60%.

So again, tactical trades via ETFs and then you can go find individual names in those key areas that uh can, can juice the returns even more.

Yeah, really interesting to hit the end of Q2 and say, hey, the S&P 500 is doing great.

It's up 78, 9%, but the small caps, dude, the Russell 2000 ripping 20% here so far, um.

The Fed.

You and I haven't talked about Kevin Warsh really very much.

Now a new chief in charge down there in DC.

Your expectations for what a Kevin Warsh-led central bank looks like, especially on the big question we always wait for.

We got another one coming up on, I believe it's Wednesday, July twenty-ninth, a Fed.

Decision day.

What is the top line monetary policy approach look like?

We know the Fed likes to say, hey, we're going to stay data dependent.

We don't want to get too over our skis.

He has not telegraphed a lot in his public comments so far, much like Jerome Powell, but more broadly, how are you thinking about this new look Fed for the remainder of the year?

Yeah, 24 hours ago, I would say there was no way he was hiking or cutting just because the data right now, whether you're looking at inflation being sticky from the war in Iran or the labor market seemed to be rip roaring after 3 months of above average growth.

This morning, we get that depressing print, right?

Well, I shouldn't say depressing.

It just wasn't favorable.

Uh, makes you question the strength of the labor market, how, you know, how fragile might it be.

So I think we come out of the next Fed meeting with just a whole, again, a whole lot of nothing, which to wash.

It gives him more credibility because now he's not caving to any pay lower rates 100 basis points from the president, but not overreacting and being hawkish because of the hotter than expected inflation print.

So, uh, no news is good news out of the out of the Fed right now, even though I think.

Some investors see this job print and they're thinking now cuts are back on the table, but I think it's paused until further notice.

You know, part of me kind of feels bad for W because he had, he has already had to, and he will continue to have to defend so many questions about Fed independence, not because of anything he has ever said, but because we all know what has been said by the man who put him in that position.

And we all know the somewhat transactional relationship, shall we say, about the relationships with the president and why the president did not like Jerome Powell, why the president tried to go after Lisa Cook.

I mean, he says it's about mortgage fraud, but a lot of people can read between the, the tea leaves there.

Um, and I, I, you know, there's a part.

Of where I feel like dude's just trying to start his new job, but he's gonna be battling back these maybe accusations or he has to be very defensive about Fed independence.

I would expect that line narrative to continue for at least the next few, uh, Fed meetings.

Um, yeah, agree with you.

No, I was gonna say totally agree with you.

I, I used to say that who in their right mind would want to be president of the United States?

I think Fed president, Fed Chair could probably be worse because you're gonna, you're never gonna appease everyone.

You're either gonna piss off the administration or investors.

There's no winning in that battle.

You know, and for everyone here, you know, for so many people, I should say in the Wall Street community who now can look back at Jerome Powell's tenure and say, all things considered, Jay was our.

Man, Jay had our backs.

Soft landing-ish, basically got us there.

And then for every two people who say that, there's a third person you and I can find, and we probably know them who say, yeah, but the whole transitory thing back from 2021 totally ruined his credibility.

So you're never gonna make everyone happy, and I agree with you there.

Um, Lou Bassinis, what is one investment lesson that you wish you had learned sooner in your career?

Position size, position size, position size.

Only invest in the same increments, cause you can't cherry pick the winners.

You end up if you try to go all in on one name, that one ends up being the loser, and you lose it all.

So, uh, I'd be much wealthier if I had done that earlier in my career, but uh, you figure it out eventually.

There's no better teacher than losing your own capital.

I love that.

What is one story in the markets, the economy, or finance you think we should be talking more about, Lou?

Oh man, that's a great one.

I would tell you we should be talking more about the fact that there's no recession anywhere in sight.

I think this gets brought up every 3 to 6 months.

We start seeing jobs wavering.

There's no signs underpinning the economy that we're gonna have a recession anytime soon.

More important, it's a matter of When, not if, but more importantly, it's gonna be a very dull one because we've continued to innovate throughout this.

So I think, uh, instead of trying to predict the recession, you should be focusing on where are some tactical opportunities to make more money in this bull market because a lot of people have gone broke trying to predict the top in the markets and they've been sitting on the sidelines.

Lou, what makes for a good story on the big skinny?

Uh, anything that's contrarian, I love to see where the herd's going and say, where's the data that that's gonna lead us somewhere else.

Uh, nothing better, you know, uh, great book, The Art of Contrarian Investing, Humphrey B.

Neil.

It's a short book, everyone should get it, and he says, When everyone thinks alike, everyone is likely to be wrong.

So that's been a guiding principle for me.

You talk about using prediction markets as the tell.

I think Google trends data is an amazing real-time tell on where everyone's running and where you should be running away from in many instances.

Lou Bassis, I got Taylor Craig and the amazing team from Launch Live now.

They want me to get your reaction to a bit of breaking news.

Uh, yeah, I, well, dude, that makes two of us cause I'm like, what are they gonna ask me to ask Lou?

Jersey Mike's filing to IPO right here at the New York Stock Exchange seeking an NYSE listing, ticker symbol expected to be JMKE.

I'm pulling up the tweets here in real time.

I don't know if you're a particularly like a big enthusiast of Jersey Mike's or it's more of a, a thought on the broader IPO landscape, but your thoughts?

Uh, I'm a Jersey boy and I'm gonna betray my heritage.

I'm not a Jersey Mike's fan necessarily, unless they went with the ticker GTL Jim Tan Laundry.

Then I could get behind it.

Uh, yeah, I don't, I'm not getting into fast casual stocks, not my cup of tea.

And I think IPOs in general, you're gonna see some great big ones, but wait, I've been advocating that for SpaceX, that mania.

Don't buy into the IPO FOMO.

You always get a chance to buy them much cheaper, I think within 6 months of them debuting at least 40 to 50% drawdowns.

Great businesses at great prices are what make great investments, not chasing the hype.

I just hope they bring Danny DeVito down here onto the trading floor when they IPO plus Eli Manning.

I mean, that would be a favorite for mine as a Giants season ticket holder.

I do like the commercials.

Yeah, DeVito is one guy you and I might be both taller than, that he might be the only guy on the floor.

So, Lou, you've been very grateful for your time and we're running after because we started the broadcast a few minutes late.

Where can people go if they want to see more of your stuff here, Lou?

Uh, the big skinny.com or right on X, where we serve up our insights, one headline that you should probably ignore, one chart you should absolutely pay attention to, and one insight that you can use to increase your bottom line.

It is a terrific brand.

It's it's just absolutely terrific content across the board, and uh I always love catching your hits, man, because we've got Fox Business on one of the TVs down here on the floor, and I can't tell you the frequency with which I'm walking the floor.

I'm prepping for a hit or something.

I'm like, oh, there's my boy Lou.

He's absolutely crushing, man.

I'm really grateful for your time today, Lou.

Thank you, dude.

Thankful for you and a pleasure always to join my friend.

Actually, before I let you go, confirm, you, you, uh, you're up at 2 o'clock today, is that right?

2 o'clock.

Yes, 2 p.m. we're going live with the big skinny where we're gonna be talking about the lag seven and why the bears are freaking out and we should be getting really bullish.

That's a really good one, not the mag 7, the lag 7.

Obviously the conversation's changed quite a bit.

Lou Bassinis, we'll do it again soon.

Thank you, man.

Love it.

Enjoy.

Enjoy the 4th.

Take good care of you as well, folks.

Thanks for watching today's edition of the JD Durkin Show, our, I think, 11th time that we've done this.

We will be back next Thursday, July 9th, 10:30 a.m.

Eastern, live from the trading floor of the New York Stock Exchange.

As always, my special thanks to the entire launch Live Now crew out in Brooklyn and the control room.

Shout out to broadcast.

Up on the 12th floor.

Tune in to the aforementioned Big skinny with the one and only Lou Bassinis today at 2 o'clock.

You don't want to miss it.

We get his take on much more in the markets as we ease into our 3-day holiday weekend.

All the best for a very happy 4th and don't forget to catch a new edition of Taking Stock later on today at 4 o'clock from the trading floor.

Thanks for watching.

We'll see you again soon.