Latest / The Jon Sanchez Show / Iran and the Fed: What it means for your money right now
Transcript
- Jon G. Sanchez, CEO: I'm gonna break the major asset categories and tell you what I think is going on with each of these areas. And what I mean by that is, obviously the stock market, the bond market, the precious metals, and of course, oil. ⁓ Those are your four major asset categories. And obviously we don't need to touch on cash, which would really be the fifth one. And I think it really would me to just explain what we're seeing going on in each of these major four areas. And so I want you to kind of visualize something with me. And that is, let's say we've got a puzzle that we just poured it out of a box under our kitchen table. And it's got four pieces. Those four pieces I just mentioned, stock market, bond market, commodities, then meaning precious metals and then the oil side of it. And we've got to put those pieces together. We've got to get a clear picture as to what is going on right now because there's a lot of confusion. And I've to be somewhat direct but not too forceful with all of you in the last, definitely this week, not the week's past, as this Iran. situation has unfolded. And I keep saying, folks, if we hit this hundred dollar oil and it holds there, we're going to be in for some trouble. And my theory, my hypothesis came true today. didn't close there. We closed at 98.12 a barrel up two dollars and forty one cents. But if you were in front of your computer like I am for 14 hours out of the day, if not more, you can see almost tick by tick as oil prices go up, the stock market goes down. Earlier We actually went slightly positive. I mean, a couple points just for a brief period of time when oil went negative. But with this gain of oil today, it smacked the market around. Dow lost 444 points, 0.96%. 45,577. NASDAQ down 443 points. Yes, 443 points on the NASDAQ. 2.01 % loss. Closed at 21,647. And the S &P down the century mark, down 100 points. 1.51 % to close at 6,506. Russell 2000, the worst performer, the small caps, down 2.26%. That was a 56-point loss to 2,438. So as you see, all of the areas, all the sectors, all the major averages, they're all getting beat up. That's how serious this oil situation is. So we need to break it down. We need to get these pieces of the puzzle that are scattered on our kitchen table right now. And by the time this show ends, at about 357 and some change. I want to give you a clear picture. We're to have that puzzle put together. before I get to that, I need to bring to you some breaking news that just happened literally moments before the began. And here's what it is. I'm gonna talk to you about Elon Musk. got dealt some pretty bad news today. Now you gotta put this in retrospect before I tell you the damages court has hit him with, or the jury. And remember, of course, his net worth, which he probably can take this money out of petty cash. But here's the situation. Today a jury in California found that Elon Musk misled Twitter shareholders during the run-up to his $44 billion acquisition of the social media company, according to a verdict issued today. Total damages could reach up to $2.6 billion, the attorneys for the plaintiff said. The class action lawsuit, which is called Pampina versus Musk, was originally filed October of 2022, after Musk completed his purchase of Twitter for $54.20 a share. He later renamed the company X before merging it with his AI company XAI, and then with SpaceX, reusable rocket manufacturer. Quote, this is a great example of what you cannot do to the average investor. People that have 401Ks, kids, pension funds, teachers, firemen, nurses. That's according to Joseph Cochet, ⁓ attorney for the Twitter investors. That's what he told CNBC at the San Francisco courthouse. Quote, that's what this case was all about. This was not about Musk. It was about the whole operation. attorneys for Musk declined comment. After Musk bid to buy Twitter in April of 2022, his sentiment towards the deal, if you guys remember this, quickly soured as he cast doubt on the company's claim level of bots, spam, and fake accounts on its platform. Musk wrote in a tweet the following month that his acquisition was, temporarily on hold until Twitter's CEO could prove its inauthentic account levels were around 5%, reported by the company's SEC filings. and additional comments sent shares of Twitter sliding by almost 10 % in one day. Former Twitter shareholders, including retail investors and option traders, argued that Musk's flip-flopping amounted to a scheme to pressure the company's board to sell it to him for a lower price than the original offer. They he was motivated by stock price declines in Tesla, which would require him to sell even more shares in the automaker than he had intended in order to finance the buyout. The plaintiffs in the class action lawsuit said they were sold shares below $54.20 following an in-response to Musk post and comments during press interviews. Musk attorneys argue that their clients' remarks were based on well-founded concerns about bots, spams, and fake accounts on Twitter and did not amount to securities fraud or a scheme to depress the company's stock price. While the verdict marks a stinging rebuke from Musk, the financial implications are minimal. considering his net worth, which currently sits, sorry, here's the number. I didn't have a chance to read this article yet. His net worth sitting around $650 billion. Okay, so he turns around and writes a check for 2.6 billion. You know the way this is gonna work, They're gonna appeal it, am bottom line sure. And then they'll come to some settlement, probably half of that amount. That's typically what happens in cases like this. So immediately I went to the after hours action in Twitter. And really the stock is not doing much. Let me get you a fresh quote here real quickly. But yeah, just a few moments ago, was, like I said, it was not even really budgeting the after hour session. And so I think everyone's going to kind of look at this and go, oh, OK, big deal. What is this? Yeah, matter of fact, it was as the music was playing to start the show, it was up a little over $4. Now, that's now to us all talking about. It's now about $5.03. Go figure, 1.37%. Talk about a Teflon-coated stock, right? No other company could do this. So stock's at $5.03. $3.72.99 is where Tesla's Closed today at $3.6796, down $12.34, a 3.24 % decline. So we'll see what ends up happening with this. But like I said, this is breaking news. It just happened a few moments ago, right when the show started. we need to go to ⁓ other situations that happened today. Besides oil prices rising, this market really took a leg down on us when the president said, I do not want to do a ceasefire with Iran. Now again, I hate reading stories, but I gotta read this to you because there's so many details. Trump told reporters today that he's not interested in a ceasefire. Quote, we can have dialogue, but I don't wanna do a ceasefire, he said from the White House South Lawn before departing for Florida. You know, don't have to do a ceasefire when you're literally obliterating the other side. They don't have a Navy, they don't have an Air Force, they don't have any equipment, he continued. His comments came nearly three weeks after the US-Israel war began, turned into blah, blah, blah, blah. ⁓ Earlier Friday, ⁓ today, Trump said in a phone call with MS Now's Stephanie Rule that US could end the war ⁓ right but he planned to press on with the offensive. He says, quote, think we've won. All they're doing is blocking up the Strait of Hormuz. ⁓ That's But from a military standpoint, they're finished. Iran has blocked off the Strait, a critical channel for oil and other goods since the start of the war. Trump has blasted now, but did he blast NATO even more today? in an attempt to recruit additional support to help open the strait, which again, he said today, doesn't matter to the US. Let's see, another comment, let's see, he said, it's simply a military maneuver. It's relatively safe, he said, meaning going through the strait. But you need a lot of help in the sense of you need ships, you need volume. And NATO could help us, but they so far haven't gone or haven't had the courage to do so. He also called on China and Japan to get involved the day after Chinese Prime Minister with him at the White House. Trump said earlier this week that he would not put boots on the ground in Iran, which different than whatever analysts that I'm following is saying, meaning military analysts. Multiple news reported today that the Pentagon is sending up to 2,500 Marines to the Middle East, the second such deployment in the last week. So once again, as been telling you all week long, 5,000 Marines heading towards the Middle East. They're not saying Iran specifically. They're just saying the Middle East. Again, as I've said, and I hate to say this because my goodness, it scares the heck out of me thinking there's going to be boots on the ground. It's a whole different war, a different war, a whole different stock market reaction if that happens. If we start to see US boots on the ground in the Middle East, it's going to be a bad situation. That's again, going to drive those oil prices higher. It's going to drive the stock market lower. So you got to watch that in your strategies of your portfolio. Okay, we're just getting started. You're up to date on the breaking news. come back. We'll go into more details of today's market action. First, let's turn it over to Kristin Snow. She's in the Right Now Traffic Center. Hello, Kristin. The Jon Sanchez Show on New Stock 780 KOH. Happy Friday. I we are all anxious to get the weekend started. It been a long, tough week for investors by all means. right, once again, I'm going to be focusing on the four major asset categories, stocks, bonds, precious metals, and course, oil. All right? But before do, I want to kind of give an update on what happened today and go into a little bit more detail with you. All right. So as I said, we lost 443 on the Dow, 0.96 % loss to 45,577. Nasdaq down 443, 2.01%. S &P down 100, 1.51%. Russell 2000 down 2.26%. I ran out of time during the break. I was able to calculate two of the major averages. I wanted to see how far off the 52-week high we currently are after today's loss. So just to give you a perspective, the Dow hit its 52-week high on February 10th, not too long ago of this year, 50,512 was our 52 week high. Today again, we closed at 45,577. So this is what I was saying, I think it was yesterday or the day before on the show. Yeah, it was yesterday, now I remember. You gotta be careful in these type of markets from the standpoint where again, you have a day where you're down a couple hundred, maybe a day where you're up, another day where you're down three or 400. people aren't paying attention and this can add up really quickly. That's why I wanted to run these numbers and I'll do the S &P and the Russell 2000 after the bottom of the hour break and we'll cover that one. here's again as I was saying, so the Dow is down 4,935 points from that 52 week high on February the 10th. That equates to a 9.76 % loss just since February 10th. See what I mean about it sneaking up? The NASDAQ has lost 2,372 points from its 52-week high, was last year, October 19th, when it was at 24,019. Again, we're at 21,647. So again, 2,372 point loss, 9.8%. The Russell 2000 today, with its loss of 56 points, has now entered into correction territory. down 10%. Okay, so now what's important about this? Here's a little trick for you. The traders, the algorithms, et cetera, draw lines in the sand. When I say that, mean those are called support levels of the market. Okay, that's a chart pattern. So here where are coming up against this 10 % correction, right? So remember, because we haven't had to talk about this in quite some time, remember, down 10 from the previous high is a correction, down 20 % from the previous high is a ⁓ bear market. We don't want to get there. But we're at a critical juncture starting the trading week next week. With these averages, so three out of the four I didn't calculate the S &P is probably going to be about the same, but I'll do it during the break. With all three of these major averages, one of them already in correction territory, again the Russell 2000 small cap index, but with the Dow down 9.76%, the NASDAQ down 9.8%, we're basically there. So now what does this mean for you? If we hit 10 % generally, Generally, what happens? The market will try to hold that. The algorithms will try to hold that. The traders will try to hold that. If it doesn't hold, and many times you'll hit it, and then it'll bounce up a little bit, and then they'll try hitting it again, bringing it back down. If it breaks through that 10 % decline, my experience doing this for almost 37 years is very good likelihood that we're heading to a 20 % correction, or what we call a bear market. Because it takes a lot for the market to drop 10%, theoretically. But it doesn't take much go from 10 % to 20%. That first 10 % loss is a lot harder than the next 10 % loss. So that's what I want you to be thinking about over the weekend. And when you look at your portfolios, is where you are? Because once we're there. And that Russell 2000 correction territory down 10 % today, I said to myself, all right, there we go. the first one. So you take this ⁓ then you add in my as I've said numerous times this week, that if we hit that $100 oil mark, not intraday, but we close there for one to two days, that could be that next leg down from down 10 down to 20. Now what do you do if that happens? Well, of course, I'll address it with you on the show so you don't wanna miss anything. But you don't panic. Right? we forget about, the market at least once a year will have a 10 % correction. Good markets, bad markets, et cetera. It is the norm. Is it painful? Absolutely. ⁓ it require you to panic and dump and go, ⁓ my God, the world's coming down in? Absolutely not. Hopefully you've been heeding my advice. You have a diversified portfolio. You got a little bit in a lot of different areas. You got some things that are non-correlated to one another in the portfolio, whether it's from an asset class standpoint ⁓ or a certain you know, holding standpoint, and you ride out the storm. Again, where we gotta be careful, I wanna put a little asterisk, but when I say ride out the storm, where we gotta be very though is this. If we significantly run above the $100 mark oil, and if we see boots on the ground, then I'd say at that point, you better get defensive if you haven't done it ahead of time. So we're at a very critical juncture, right? It's like two highways coming together at an intersection. Where are we? We can go either direction. We can go left, we can go right, we can go straight. Or of course, we can go backwards. And those are the parameters that are being set up right now in the market of, again, oil, potential boots on the ground, so on and so forth. So a tough one right now. And that's why, again, when I come back from this break, I'm going to start breaking things down. I'm going move over to the bonds. I think I've told you enough about my concerns on the stock side of things. We'll move over to the bonds. We'll go to gold and silver. And then we'll go to the oil side of things to wrap things up on the show. Let's turn it over to Jack Saban. He's got news, traffic, and weather. Hey Jack. Come back to the Jon Sanchez show on Newstalk 780k which alright we're wrapping up the week on Wall Street and Lord knows there's enough things to talk about. I'm trying to squeeze them all in for you so you have a good picture. Like I said, we have this analogy beginning of the show. We got some puzzle pieces on the kitchen table here in a few minutes. Hopefully we'll have all those pieces put together and you have a much clearer picture. What's going on? Alright, once again we lost 444 on the Dow. The Nasdaq gave up 443 points. 2 % loss there. Dow almost 1 % decline. S &P down 100 points, 1.5%. Russell 2000 down 2.26%. All right, before I get to my three out of four asset classes, I think I've talked to you enough about the stock market side of things and my concerns and ⁓ ideas and things there. I want to throw this out there. You know, one thing that we as portfolio managers do not like to see is when major asset classes go down at same time. And we were seeing that now. We saw it today. And I'm talking the stock market going down and the bond market down, right? Not the way it was designed, right? Bonds should be a safe haven. should come in and buy the bonds when they're nervous about the stock market. ⁓ of course, drives bond yields down. Remember my Teeter-Totter philosophy. Bonds go up, yields come down. Bond prices go down, yields go up. ⁓ That's we saw today. Ten-year treasury today, up 11 basis points, 435 yield. 10 basis point increase for the week. Another substantial, think, if I remember right, think last week was 13 basis points. I mean, It just keeps going and going and going. That obviously results in higher mortgage rates and other types of loans bad for the consumer, you and I. So we don't like to see this working. They should work in opposite directions. We don't like to see them work in tandem. Gold today was down $4.50, $4,534.36 an ounce. I'll come back and talk about this. I just want to hit this headline. This is the worst week for gold going back to, I think, about 1980, right around there, if I remember right. 1983, year after I graduated Wooster, matter of fact. so obviously, gold has had a heck of a run up the last few months, but very rapidly starting to it back here. down $4.50 there. Now, thing I did not get a chance to mention in to the other action that experienced today that drove those oil prices up over $2 is Iran a force Now if you're what that is, this is a major, major headline. What force majeure in this means is basically Iran saying, and I'm paraphrasing, we cannot fulfill our obligations to deliver oil to those that we have contracts with because there are events going on outside the scope of our control, meaning the Strait of Hormuz being closed. Okay, so what does that mean? It means they can't guarantee their production, they can't guarantee their exports, can't guarantee the various contracts that they have of the war-related disruptions. So what this mean? Well, this means, of course, Smaller supply of oil, demand still remains the same. And so it was very ironic. It didn't get a lot of press coverage, but I think it's a major, major news headline today that we need to be cognizant about, okay? that happened today, all right? Now, let's get to ⁓ bond market side of things. Because we need to talk about this next asset category. ⁓ I said a moment ago, let's go back to the basics. Bonds should have gone up, or they should be going up. Instead, we're seeing them go down. The one question I am getting from people is this. Why in the world are bond prices going up, I'm sorry, bond prices going down and yields going up? For exactly what I just said a few moments ago. Wait a minute here, you know, I've been investing for a long time and that's not the way it works. The markets get choppy, what do we do? We buy bonds, yields go down. But instead the market's been choppy and bonds have been going down and yields going up. What the world's going on? Well, here's another reflection of course of this week. We had the Fed interest rate decision on Wednesday, right? And as you've heard me discuss on Wednesday, the entire show, if you missed it, please pick up the podcast or YouTube. Wall Street's perception was the Fed is in absolutely no hurry to give us our interest rate cut that we were so highly anticipated coming into this year before this war broke out. Again, the Street's takeaway is we're gonna get one cut this year and it's not gonna be till the end of the year, probably around December. hedged that a little bit with you and I've said, ⁓ Warsh, if he gets confirmed by the Senate. he can come in and if he can convince the FOMC members, he can do an emergency rate cut for whatever rationale that he says. know, doggone well, the day that he's sworn in, Trump's going to be on the phone with him or I'm sure they've already planned it ahead of time saying, you better, you better, you better give me that interest rate cut right away. That could change things. But, you know, if worse wasn't there and Chairman Powell remained on the job, which he may for a while if this confirmation gets drug out, again. Powell made it very clear this week. Fed's in absolutely no hurry to raise rates. I'm sorry, to cut rates. So therefore, back to the bonds. So why are bonds going down in market turmoil? Because bond traders are going, uh-oh, we see inflation raising its ugly head. Remember the other things I covered this week, specifically the most recent, the PPI report. Double expectations, more than double. We're looking for 3 tenths of a percent increase in wholesale inflation month over month. This was February's data. Instead, it was 8 tenths of a percent. So remember, that's what caused the volatility that day. So the are going, again, all the data is showing us that inflation is rising. We know that inflation is going to rise significantly if these oil prices remain through the month of March, right? the critical next, I'll use the term again, line in the sand. If these oil prices can subdue by the end of this month, we're gonna be okay as far as inflation. ⁓ if oil prices continue at these levels or higher, so really anything above roughly about $70, $75 a barrel, if they are higher than that by the end of this month, that's then going to transpire into the wholesale as well as retail level of inflation, the FEDS, PCE, et cetera. Then you're really gonna have some problems, because now these higher oil prices, which remember, represent somewhere between four to six percent of the CPI calculation, the retail level of inflation calculation. if we see that, that's when again, we're see the actual inflationary reports coming in showing these higher numbers. So we got higher numbers without oil prices being up there. Now if we actually get higher oil prices, you're really going to see those inflationary numbers accelerate. So that's one of the big downsides that we got to look at. back to the bond market. So you understand why bonds are going down and interest are going up when they shouldn't be in this type of environment. So as I today 11 basis point increase on the 10-year, 439 was our yield. For the week, up 10 basis points. This is a trend that we're seeing right now. We're seeing 10-year bond levels and other bond levels that we haven't seen in years. I wanna go back to the whole curve, because I wanna emphasize something. much everything other than the 30-year bond, so way out there, and that should be the way it works. The farther out you go on the curve, meaning the maturity, the less it should move. So that 30-year was only up five basis points for the week. But listen to these shorter end ones. The two-year was up 16 basis points for the week. Same with the three-year, 16 basis points. The five-year up 14 basis points. And like I said, the 10 year up 10 basis points. So the bottom market is not acting like it should because of fear of inflation. The other major issue that's putting a bit of a headwind on this market. Now let's go back to the gold side of things. Like I said, one of the worst weeks that we've had going all the way back to 1983. Why isn't the precious metal performing? Again, we've had a heck of a run up. There's no discounting that. But once again, if you look at where we were before this war started and where we are now, You know, you're going to get a better picture. So let me pull up a quick chart here. I want to see something. Where did we peek out? We peeked out, looks like on January 28th at 5,318 was our closing on gold. So it opened that day, actually hit the high that day of 5,586, my goodness. But yeah, so let's just call it the 5,300 level. $5,300. So here we are at $4,534. So we've lost north of $700 per ounce on gold. Now, let's go back to this time last year. We were trading just about $3,000 and some change, $3,035 on April the 4th. So you see how far we ran up. now, I mean, you want to look at something interesting? Don't do it if you own gold because you're going to fall out of your chair. But if you want to look at something interesting, Pull up a chart of gold and look and see what it looks like. It's like the face of Slide Mountain. It's just straight down, just down. So is it going down? Same exact as bonds. Traders do not want to own gold in a higher inflationary environment. All remember, there's a million reasons people love gold. There's a million reasons people hate gold. But no matter what side of the fence you're on, just remember this. Gold doesn't pay you anything while you hold it. Right, you're holding it on the hopes and prayers of appreciation. But you're not collecting a dividend like you are on a bond or a stock or something along those lines. So once again, you erode your purchasing power. If you put $1,000 into gold, you know, a few months ago when it was at 5,000, you've lost obviously on the price of gold per ounce, but also you've lost your purchasing power because inflation is going up. So agree with it, disagree with it, I'm just saying. That's exactly why gold prices are coming down right now. It's the same exact rationale for the bonds. can get into the currency side of things. Dollars stronger, but the dollars actually weakened a little bit here recently. So I'm not going to throw that in there. That's always one of the number one drivers of gold prices. But now, where we sit. All right, when come back, I'm going to wrap things up with the oil situation. What are we looking at there? Let's first wrap it up, however, with the wonderful Kristen Snow. She's in the Right Now Traffic Center. Hello, Kristen. Welcome back to the Jon Sanchez Show on New Stock which all right, we've been recapping what's breaking actually by breaking down the four major asset categories, the stock market, the bond market, precious metals. And now we're back down to our final area. That is, of course, oil prices. And I know you're so tired of hearing about them, but I got to talk about them. There's just so many things going on and it's influencing your portfolio. All let's go back to the day the missiles began flying in Iran. We launched them February 28th. So here we are, March the 20th. That was a Saturday, of course, the 28th. So our first trading day was March the 2nd. That day, oil closed at $74.56 a barrel. Again, today, we closed at $98.12. Watching it right now, it just picks up a little bit of after hours. It's at 98.81. So we go from 74. So what are we talking, $24 and some change? that oil has gone up in less than a Pretty severe, isn't it? This is the issue that we are facing. Now, if you're new to the markets or maybe you've been around a while, I think it warrants me saying, OK, what's all the problem about? Well, once again, it all comes down to you and I from a consumer standpoint. And it comes down to businesses that rely upon it. So I told you at the beginning of show, I'm not going to go through that again. $100 oil. which we've hit a few times and you've seen what's happened in the market when we do hit that $100, the line in the sand, that's where we've got to watch it very closely. So we've got a couple bucks to go, which is in the trading. ⁓ We're a of big movements in oil prices, I've noticed, from Sunday night till Monday morning when the stock market opens. Oil, of course, almost 24-7. I'm fearful that Monday morning, we could see this oil back above that $100 mark, and that could put some severe pressure on the stock market. Again, we've hit it numerous times, but rarely are we closing there, and that's gonna be the key of this. So, again, back to what happened this week as far as the Strait of Hormuz, ⁓ president called out to all the allies and said, basically, come us. We need minesweepers, we need this, we need that. And to knowledge, think, what country it? Was it UK? One country said, okay, ⁓ we'll come help, Give us a little bit of time. So he's very upset about that. Now he's saying, we don't need any of you. Remember this time last week, it was all about the strategic petroleum reserve, right? 400 million barrels being let out by, was it 32 countries? take on it was about 172 million barrels over a four month time period. That has not, I told you this was gonna happen. ⁓ has done nothing to keep these oil prices down, at least from what we can see. Who knows where it would be if maybe they didn't announce this. But as I gave you the analogy when that SPR 400 million barrel story broke, said, it's like spitting in the wind. 20 of not getting oil coming through the Strait of Hormuz. That's what it is. So we have real NATO help coming direction for the Strait of Hormuz. A few more ships are starting to move through. But CNBC keeps popping this And don't understand why they keep bringing this as breaking news. But happened again when I was doing my last segment with you. The story broke again about quarter to one our time today where is saying, again, as showed you at the beginning of show, ⁓ he doesn't an Iranian war ceasefire, but he's considering winding down military operations. I've dug deep in at every break that we have today. I'm digging deep. I can't find what really is meant by that. So you don't want to ceasefire, but you plan on winding down the military side. If you don't have the military side, then what's gonna happen? So obviously have to kind of read in between the lines sometimes with him to figure out what he really means. But I guess we could say that would be a positive. What would happen if he did wind down the wharf? We wake up Monday morning and he's like, okay, military options or action is over. Well, first thing is there's gonna be a lot of critics out there going, well, we've lost a lot of lives and we've spent a whole bunch of money. and what did we get out of it? So that'd be a significant amount of criticism towards him. we'll see, but yeah, that one's got me puzzled. And like I said, CNBC some reason keeps running. I keep deleting it they keep running this headline that he doesn't to cease fire, but yet he wants to wind down military operations. So maybe time will over the weekend what exactly has been But back to the oil side of things. So it is the driving As as priorities of market concerns now, it is oil, it is the Fed. and then it's everything else. pretty much know now after the Fed interest rate decision this week what's gonna happen. I we can kind of go from the Fed being the number two worry, we move that down because again, things are pretty crystal clear. The Fed's not gonna come to the rescue of this market unless they do an emergency cut, which boy, I you, a lot of bad things would have to happen that hope and pray ⁓ do not them to initiate an interest rate cut. So the bottom with a few moments remaining, what do you do right now? First thing you do is you again if you're self managing your money or you just have a 401k got to take a look at your allocation. You got to make sure you're diversified. You got to make sure you're in a lot of different areas. Don't have a lot of money in any one certain position. Institutional 2 to 3 percent is a good number. So you know that's that's kind of a rule of thumb. Make sure you're diversified. You got to careful about bonds and gold as a safe haven right now. Obviously they're moving down just like the stock market is. And once again. This is the time you have to sit back and go, what is my true risk tolerance on this? Am I in too much risk? Do I not have enough risk? And what's my buy list? You always want to have that buy list ready in market terminal situations like that. Bottom line is, get some rest this weekend. We'll be back next week. We'll handle it day by day, hour by hour as we do each and every day. I sincerely appreciate it allowing me to be a part of all of your lives. If we can help you, please give our office a call at 775-800-1801 or online at sanchezgaunt.com. God bless, have a great weekend.