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Record Highs, Oil Collapse… Opportunity or Setup? · The Jon Sanchez Show

• Jon G. Sanchez, CEO: Good Friday afternoon to you. Welcome to the Jon Sanchez Show on News Talk which it's a pleasure to be with you. It's a pleasure to have this week over. And what a week it was. You I was reflecting back on what I call the yesteryear, right? The years of 2099, all great, you know, time when the dot com era was going on. And I remember so well sitting behind this microphone each and every day and saying, my gosh. Another record was set today. ⁓ my gosh, look at all the stocks that split today. Look at this, look at that. In other words, we would go into every weekend, it seemed like without clockwork, just giddy because of the strength of the stock market. And folks, today felt exactly the same way. This market could do no wrong whatsoever today. And it was amazing to watch, a Friday that felt like a 99, 2000 IE.com era. after everything that has happened, everything that we've gone through. And so today, what I'm gonna do is I, of course, it's Friday, so we're gonna talk about a lot of different things. But most importantly, we're gonna recap the week on Wall Street talk about what happened today. The headlines that drove this market at our best level that I saw, I didn't have a chance to go back and see the actual high, but were up about 1,150 points right around there at our best level on the Dow Jones Industrial Average. Didn't close there. closed up 869, but you know what, close enough, we'll take it. But we have to ask ourselves, realistic this market ⁓ gain, only of today, but of course of the week? Well, if you haven't heard, let me bring you up to date on what happened this morning. We had prices tumble, but they don't tumble on their own. There has to be news behind that. Well, the news came out today, this morning, was posted on X by the Iranian foreign minister that said the Strait of Hormuz will reopen to commercial traffic for the remainder of the US-Iran ceasefire. But here's a little caveat. That Iran-US ceasefire is set to expire Tuesday. Additionally, the Wall Street Journal then came out and reported that the next round of talks between the two nations is likely to take place on Monday back in Pakistan. Then the president came out and said that Iran has indefinitely suspended their nuclear program. And also remember we have the ceasefire that started at 5 p.m. Eastern Standard Time yesterday between Lebanon and Israel. So you had all these factors come together, but this one where the Strait of Hormuz is open, that was the catalyst that drove this market higher and oil prices tumbled. it was remarkable to see the strength in some of the names that are directly attributed. I gotta laugh. thing was watching some of the the traffic in the sea of Hormuz in cruise line Made it through the Strait of Hormuz ⁓ now headlines did not say if it was going in or if it was coming out I'm gonna assume it was coming out But it was just strange to you know see a cruise involved in the Strait of Hormuz right all you think is oil traffic But there's a lot more than that obviously So let me tell you what this market did, and then I wanna get to the oil price situation. So with that news that I just shared with you, we closed at a record level, first of all, for the S &P 500, a record for the NASDAQ, and a record for the Russell 2000. So three out of the four ain't bad, as the saying goes. But as I said, the Dow rose 869 points, 1.79 % to close at 49,447. The NASDAQ gained 366 points, 1.52%, to close at 24,468. And the S &P higher by 85 points, 1.2%, closing at 7,126. And then we move it over to the little guys, the Russell 2000. Percentage-wise, it was the best performer, no surprise there. It's a smaller index, much more volatile. A 2.11 % gain to close at a record of 2,776, up 57 points. But now we get to the real catalyst. the oil price situation. Listen to this. $10.49 is how much oil declined today. $10.49, 11.1 % to $84.22 a barrel. Absolutely remarkable. $84.22. Then we move to gold, it was strong. $74.70 rise, 4,882.50 an ounce. And to add to the perfection of the day, the bond market, the yields plummeted down six basis points on the 10-year treasury till you'll close a four and a quarter percent, down seven basis points for the week. Now you would imagine this market has just been so easy to predict as far as what areas of the market go up when another area goes down. Oil goes down, what do you think comes to mind? You bet, start with the airlines. Listen to some of these numbers. Cruise lines and airlines, I'm gonna throw those together. So United Airlines surging $6.75 today, 7.1 % to 101.78. Royal Caribbean Cruise Lines up $19.53, 7.34%. closing at $285.48. amazing there. The ETF that tracks the US home construction surging 4.6%. Why? Because again, interest rate sensitive. Those interest rates, as I interest rates down, home prices, or home stocks up. Now, let's talk about interest rates for just a second. Chicago Mercantile Exchange, the CME as we call it, the FedWatch tool that I always mentioned regarding the probability of interest rate cuts, now assigns a 50 % probability to an interest rate cut of at least a quarter percent at the December meeting. That is up from 30 % yesterday. once again, you see how important oil is to all aspects, like the analogy I've always given during this conflict. It's the octopus that has tentacles everywhere. Right? Now why did odds increase of an interest rate cut? Once again, because oil prices are part of the inflation the CPI. So if oil comes down, then we should see inflation comes down, which makes the Fed feel a lot better and more probable of giving us an interest rate cut. We also had one Fed member today hint that if oil prices come down, he would more likely, he's only speaking for himself, to vote for interest rate cut. So you see, you had the stars line up today absolutely perfectly. Bond yields down, gold prices up, stock market up, oil prices down. It was a perfect day. Let's go back to some of the big movers today. Apple, star performer today of the Mag7. $6.83 rise 2.59 % to $2.7023. News came out early this morning from Reuters reporting that China's, or that iPhone's China iPhone shipments increased 20 % in the first quarter. And remember, there'd been a lot of rumors that Apple was really struggling in China. So this came as really a breath of fresh air. Now, one of the few stocks today that was down, and it started on this show after hours yesterday, actually about two hours before the show, but I mentioned it on the show, and that was Netflix. Stock finished the day down $10.48, 9.72 % to 97.31. Again, they had good earnings numbers, but they issued a rather lackluster second quarter guidance. And then Reed Hastings, co-founder of Netflix, stepping down from the board. So that got some pressure. But many analysts came out today and said the stock is a buy at this level. Google was strong. $6.63 increase, 1.99 % to $3.3940. And Meta, $11.68 increase, 1.73 % to $688.50. Now, with all of these gains of the week, where do we sit? Oh. man how fast things change in this market. Listen to these numbers now. The Dow is still our laggard, up just 2.9 % year to date. We move it over to the NASDAQ, higher by 5.3 % year to date. The S &P 500, a 4.1 % increase. And the Russell 2000, up 11.9 % year to date. But what I never really mentioned, I'm gonna now because this should be a portion of the allocation in your portfolio. That's the S &P mid-cap 400, the mid-caps. That sector, that group, that index, up 10.3 % year to date. So again, it goes the Russell up 11.9, mid-caps up 10.3, NASDAQ up 5.3, S &P up 4.1, and the Dow up 2.9. So again, how amazing it is to see things change the way that they did. But as always, have to be cautious. We can't get excited like an amateur investor does. We need to be a professional. And we need to sit back and say, okay, things look good. Some of the risk has come out of this market. It's now become a risk on market, not a risk off. But risk doesn't disappear just because there's a bull market. It actually builds what I call quietly on the back end. Because as quickly as oil prices came down today, they could rise. We don't know, of course, what deadlines lurk around the corner. Or maybe the talks don't pan out again this weekend. But regardless, if you stuck to one strategy that I've emphasized over and over again for the last six weeks. You did just fine, and that is diversification. As basic as that sounds, diversification has been your savior. Not timing and getting out of the market, which I am a big fan of in certain situations, but I never once said to do that. What I did say is diversify the portfolio from day one. And hopefully you did that, and you're benefiting, and you can go into the weekend going, made it through that storm. All right, I'm just getting started. We'll come back. I'll continue to move through really what this market is telling us right now is a wrap up. How about wrap up the week on Wall Street? Let's turn it over to Kristen Snow for Right Now Traffic Center. At least I got your name right, Kristen. I screwed up my own. Welcome back to the Jon Sanchez Show on Newstalk 780K, which happy record setting Friday to all of you. Once again, we finished up 868 on the Dow. The NASDAQ gained 365 and the S &P higher by 85 points, Russell 2000 at 57. Once again, a record setting day for the S &P, the NASDAQ, and the Russell 2000. All right, I wanna go a little bit deeper into today's headlines that drove this market higher. Here's a stat. I mentioned this yesterday, but obviously with another big gain in the NASDAQ today. We need to mention it again. The NASDAQ has now posted its longest winning streak going all the way back to 1992. Can you believe that? Going all the way back to 1992. So it's just, again, very, very remarkable. And I've used this analogy so many times these last few weeks that this market is just the little engine that could. Just the little engine that could just would not give up. Now, before I get back to the headlines of the day that drove this market higher and once again oil prices tumbling $10.49 to $84.22. Let's hit the weekly numbers speaking of which because again, a very incredible week again. Remember we had another strong one last week. So the Dow Jones Industrial Average for the week up 3.2%. The S &P gained 4.5 and the NASDAQ advanced 6.8%. Now many are saying the easy money has already been made. A lot of those comments came out yesterday when we set these records. But here we are today. So I would take that with a grain of salt. No one knows. No one knows. You just got to play the momentum, stay diversified. That's, again, the way to survive. once again, I want to go into a little bit more detail about what happened. So I mentioned last report, or last segment, on X this morning, ⁓ the Iranian minister wrote the following, in line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire. Okay, now I wanna stop right there because no one's paying attention to that side of it. And what I'm wondering in my mind, could this be a trick by Iran to make everybody feel everything is cool? It's all good, open it up, everything's fine. But now we're down to, well, let's see, there would be what, eight days left in that ceasefire between Israel. in Lebanon. It's not very long, just obviously a little more than a week. But again, that part didn't catch a lot of attention today, but it did in my mind. Okay, so back to what he said. In line with the ceasefire of Lebanon, the passage of all commercial vessels through the Strait is declared completely open for the remainder of the ceasefire the coordinated route as already announced by ports and maritime organizations of the Islamic Republic of Iran. And that ceasefire came out at 5 p.m. Thursday. Okay, 10-day ceasefire. Now, again, to recap what happened, oil prices tumbled as soon as that news hit the wires. Now, want to share with you what the president had to say on True Social in a post. He said in the post, he said a couple different things here. He said, first thing, the US Navy's blockade of Iranian ports will remain in full force. Now, the reason I'm bringing that up, just minutes after the stock market closed. OK, so I'm going share that with you again. Trump said the US Navy's blockade of Iranian ports. This isn't the Strait, these are the ports. many of those in the Strait, by the way, because got the Persian Gulf and you got the Gulf of there. So Iran came out a few minutes after the stock market closed and said, if those ports remain closed or blockaded, deals off far as the Strait being open. So that's something we're going to have to watch over the weekend. Don't know if that again was just a threat, but I thought it was kind of ironic. Like I said, it came out literally just minutes after the stock market closed. But Trump again said, the US Navy's blockade of Iranian ports will remain in full force until a peace agreement with Tehran has been reached. Adding that all in capitals, this process should go very quickly and that most of the points are already negotiated. An Iranian news agency reported that ships and cargo linked to the nation won't be allowed to move through, for instance. news agency reported that the strait will be closed if the US blockade persists. So you see, once the way it's been through this whole thing, we say one thing, they say another thing. We've got the power, so it tends to be leaning more towards what we say goes and what they say doesn't. But I have to be honest with you. I sit back and I watch this and observe this and everything all day long and to share this with you. And I still keep, I'm gonna come back to what I've said so many times during this conflict. It's too easy. It's too easy. Yes, their country has been devastated our military. God bless our military. But at the same time, we know the type of people they are. They don't forgive and forget. They really don't. They'll you get your guard down and then they'll come back and hit you when you're not expecting it. And please forgive me for saying this, but I need to bring it to your attention. I still honestly feel, geez, we just got a headline. Bear with me. Video shows ships turning away from the Strait of Hormuz as confusion reigns over whether the sea lane is really open. So CNBC just posted this. me just go through it very quickly here. Number of tankers and cargo ships to try to exit the Strait today via the route designated by Iran ⁓ ⁓ Island, but then suddenly turned back, said Matt Smith, director of commanding research at Kepler. They've clearly not been given the approval to pass through. Commercial ships must follow our route designated by Tehran and coordinated with its military," a source close to the Iran Supreme National Security Council said to same Tasmanin news agency in Iran. Ships are not allowed to pass if they or their cargoes are linked to hostile nations, according to the report. It's unclear whether there's a dramatic change here, said Tomer Ranin, a maritime risk analyst for Lloyd's List Intelligence. Iran still wants ships to transit through its territorial waters. Trump, meanwhile, said the US naval blockade of Iran's remains in place. The trans threatened to close the strait if the blockade is not lifted. So there's what I just mentioned. There's exactly my point, right? And where I was going with this whole thing. just, you don't know. Things can change literally, like it just did a second ago. Had the market been open, most likely things would not have gone so well. That new story was just broke. So that's something now that we got to. deal with over the weekend and see what happens. But anyways, back to my point. And again, forgive me for saying this, but I've got to share my heart with you. am shocked that with devastation that we have inflicted upon Iran, that more damage has not been done, first of all, to countries ⁓ that allies to us, like UAE and Saudi and Qatar, et cetera, ⁓ that damage hasn't been done by Iran against those countries. But more importantly, what keeps me up at night is an Iranian cell whether it's here in the US, and we know there's all kinds of them here in the US, or anywhere else in the world, that all of a sudden, when our guard is down, where we're smiling at the gas pump, where we're smiling that Trump says everything is gonna be fine, and then all of a sudden one of these cells do something devastating against Americans or others the world. Have you thought about that? I mean, Don't you agree with me that it seems kind of strange that there's really been no retaliation from a terrorist standpoint during this whole conflict? To me, it has been, and it worries the hell out of me because again, they hit you when your guard is down. mean, God look at 9-11, ⁓ right? one was expecting anything like that. Look at other terrorist events. They happen when you least expect it, and that scares me. But again, that's my job is to worry about our clients' money, right? what I do. And so we at that and go, okay, it's just another one of those things that we've got to concern ourselves with. ⁓ But think once again, this weekend is going to be very critical. Again, going to Pakistan, the talks are supposed to continue. I just, think probably the most important takeaway of this segment that I want you to have is don't let your guard down, right? Don't think that everything is going to be perfect going forward. I think all of you are smart enough and mature enough to know that. that anything can change at a moment's notice, such as the headline I just shared with you. And you gotta be prepared to react in whatever is comfortable with you, right? Whether it's going to cash, whether it's being defensive, whether it's buying on the dips, whatever it is that is appropriate for you and your risk tolerance. Just don't be stagnant, don't have your head in sand, no pun intended, and ready to make a whenever it is necessary. All right, let's come back and recap the week on Wall Street. What did we go through? What's this market telling us? First, let's turn it over to Jack Saban. He's got news, and weather. Welcome back to the Jon Sanchez Show on Newstalk 780-KOH. What a day we had in the markets today. Then we'll recap that. Then we're gonna get into, let's just call it some strategies. We wrap up the week on Wall Street. Once again, if you just joined us, it was a heck of a day today. Dow Jones Industrial Average closed higher by 869 points, 1.79%. NASDAQ Tour Record closed at 24,468, up 366 points, 1.52%. And the S &P record finished there, closing at 7,126, S &P up 85 points. 1.2 % and the Russell 2000, a 2.11 % increase. Oil tumbling $10.49, 11.1 % to 84.22 a barrel. You know, it was funny when I was doing my stock updates this morning with Ross Mitchell, he posed the question, he goes, how come it takes so much longer for the gas prices to fall than it does for them to rise? And I had to laugh and I thought, you know, that's a great question. It brought me back, I can't even remember what year it was, the last time we had some huge spikes in oil and I talked to some clients that are in the retail business, they own some, I won't say what brand, but some convenience marts that sell gas and stuff and they explain it really easily and it makes perfect sense. So maybe this is a question you have on your mind. So let's say last week when prices were significantly higher. they had to fill up their tanks, right? Those tanks that you see in the ground, right? When you pull up to your favorite gas station. And let's just say, I don't know, it's 10,000 gallons, right? It's decent size one. So let's say they were bone dry and they had to fill up 10,000 gallons at, I don't know, pick a price, $6 a gallon. Okay? So they just spent a whole bunch of money, $6 a gallon. Now, here we are today with these oil prices plummeting and you would expect that that retailer would drop his or her price to the current levels, but that's not how it works. Because they just outlaid a massive check to the refiner for that is 10,000 gallons of fuel at $6 a gallon. They have to recoup that cost, or at least they want to. So what they tend to do is to keep that price as high as they can for as long as they can. So now, Let's just hypothetically say the wholesale cost of gas is $5 a gallon. Well, the guy down the street, just through dumb luck, maybe his tanks ran dry this morning. And his wholesaler said, hey, we're now down to $5 a gallon. He's like, get this trucks out here as quickly as possible. So now his cost is $5 a gallon. The guy down the street that had to fill up his tanks last week is at $6 a gallon. Who do you think is gonna have the most competitive price? Well, obviously the guy they just had to fill up today. So what happens to the guy down the street? He either says, okay, I've got two choices. Either I'm gonna try to keep my prices as high as I can, as long as I can, to recoup that $6 that I paid. My second option, of course, which is what every one of these retail stores wanna do, they wanna get you in the store. Gas stations don't make a lot of money on a, I mean, it's literally one to two cents a gallon if they're lucky. If they're lucky when things are going know, perfect one to two cents a gallon they make on you the gas pump. ⁓ make all their money, of course, marking products up inside the store, 15, 20 percent, if not more. So they want to get you into the store. So back to the guy that paid the six dollars a gallon. He's to basically try keep his prices as high as he possibly can. But you and I both know what do we do when we're shoppers? We drive down the street, we go, who's got the cheapest price? ⁓ that guy. That's where I'm going. Right. I learned that lesson that bit me really bad. I won't say what national retail gasoline station that I used to go to years ago. And I would do that because they always would have the cheapest price. Well, dumb me. That gas or that diesel, because I drive diesel trucks, came back to bite me after I hit with a, I don't know, $6,000, $7,000 repair bill for my fuel injectors that were all clogged because of using poor fuel. Lesson that I learned, it's I don't care what I have to pay at the pump. I want quality because in the long run, taking my truck to a diesel mechanic to get new injectors or whatever problems poor fuel charges or causes far outweighs saving a few cents a gallon. So there's my little tidbit there. But anyways, that's why your retailer doesn't move as fast as you think. Now, going up, hey, obviously different story, right? If they paid, you know, whatever, $4 a gallon before the conflict started. and now prices are at $6 a gallon wholesale, you better believe they're going to jump up their price, even though they did not pay the higher price, right? They got that 10,000 gallons sitting in the ground at $4, and maybe that equated to, I don't know, whatever, $3.50 a gallon, what they charge us at the pump. Well, the guy down the street, just the opposite of the story I just said, he now has to put gas in the ground, his 10,000 gallons, he's paying a higher wholesale cost, so he has to put up his prices. Well, the guy that bought it before the conflict began, he's like, oh, Joe down the street just raises prices to $4 a gallon. You know what, I'm raising mine to $4 a gallon. We all see the game that's played, but I thought that was a great question that Ross posed to me, and I wanted to share that with you, because again, something each and every one of us deal with. Okay, now, let's go back to what we need to be doing at this point. So, I wanna kind of spend the... rest of the show talking about this. again, ⁓ notice what I do with you and that is when we have big days, I tell you don't get too excited. When we have down days, I tell you not to get too excited. That's we professionals manage money. We do not let our emotions get involved emotions will kill you in the stock market. They will absolutely kill you. And I'll tell you, younger, earlier in my man, I would have been talking 90 miles hour faster than I normally do. because I would have been so excited about today's run up. But as you age and get a little bit more mature and definitely a lot more experience and a lot more gray hairs, you go, all right, been down this path, seen this game before, let's just kind of chill out on this a little bit and just take it with a grain of salt. It's like down days, you got to take up days with a grain of salt. here we are, as I said, three out of our four major averages are at record levels. Not to take much for the Dow. I forget exactly where we were on the Dow, it's 50,000 something. And ⁓ again, closed at 49,447. mean, theoretically, this continues next week, we can see the Dow record areas. As I've said many times, when we hit records, it scares the heck out of me. Because yes, it can continue to go higher, but it's also an excuse for the traders. You the ones on the other side of the trade that bash your portfolio while you're hard at work, it's an excuse for them. like, market's overvalued, market's too high, market's this, market's that, and while you're hard at work, they slam the market and there goes your portfolio. So. Even though we're at highs on three out of the major averages, that doesn't mean everybody's making money, right? Who are the ones that, in my opinion, that are not making money? It's those that have a random portfolio, right? They got a little bit of this, a little bit of that, but no congruence to the portfolio. They also don't rebalance. So they may still be owning the exact same thing that they did before the conflict began. Now, once again, remember, use the old analogy. If you... If you bought a stock, let's use a stock as an example, and it went up 10%, and then it drops 10%, how much do you have to make to get back your 10 %? People go, oh, I got to make 10%. No, you don't. You got to make about almost 11%, right, just the way the math works out. Well, if it's a bigger drop like we experienced, if you go 15%, 20%, because remember, we were down 20 % at our worst level on some of the averages. You got to make a lot back. So those that rebalanced, they don't have that much to make back. Those that had concentrated or just kind of a, like I said, a portfolio that really wasn't well positioned, they've got a long ways to go to come back. So they need more days like this. But most importantly, the takeaway that I want to emphasize also is the ones that aren't making money are the ones that are not taking profits. You see, when you get into conflicts like this and you have these massive moves up and these massive moves down, and then all of a sudden everything is just great and the president's saying everything's great and... Iran's saying everything is great and that's the time you take profits, folks. That's the time you take profits. There is nothing wrong. You gotta be careful of, obviously, taxes if you do this in taxable account, but there is nothing wrong. If you are in some positions that have really run up these last few days, last few weeks, and I'm talking probably north of, 20 % you've made on your money, take the profit. You can always get back in. And what we like to do is take a profit like that. And then instead of saying, geez, our with the highs, we got to wait for a pullback. Let the market tell you, right? Quit trying to predict the market. React to the market. And dollar cost average back in. So let's say you bought, you know, I'll just pick Amazon. So you bought Amazon and you you bought it at, I'm just going to pick a number, $200. And now it's at $220. And I know it's not. Just to use my example. Take the profit. And then if you still think Amazon is great, dollar cost average in. Let's say you made, you know, 100,000 bucks on it. Take 5,000 of that $100,000 profit and buy a little bit more. But it's a brand new fresh position. That way if the market does pull back on you, you're only down a few percent versus seeing this 20 % gain that you just got to maybe a loss. Because that's what can happen when these markets are at these levels like this. Big abrupt moves on the downside. The hedge funds, the institutions, they need to book profits, right? Their clients are not paying them. because they can say, hey, guess what, on April the, what's today, April 17th, your portfolio was up 20 % from the lows. People don't give a damn about that, whether they care about, how much money did you make me? What's the realized gain? So play the same game as the big boys, right? If you got a profit, take it. If you like the position still, just slowly work your way back into it. Let's wrap it up with Chris and Snow in the Right Now Traffic Center. Welcome back to the Jon Sanchez Show on News Talk which I want you to go into the weekend smiling, all right? We accomplished a lot. We've been through a lot together. My 20-some odd years of being with you, 25 I think it's been now, but here recently we've accomplished a lot. You and I spent some time behind this microphone, you in your car or your office or online, wherever it may be, YouTube, et cetera. You were scared to death. You're wondering what in the world's going on when all this conflict was Terrifying times, right? But we stuck together as a family and we need to continue to stick together. But at the same time, we need to follow some rules. So I've got a couple, I using the word rule, I don't know. How about pieces of advice? That sounds a little bit better for a Friday. A couple pieces of advice I want you to think about. I want you to smile and be happy going into the weekend, because hopefully you made some money in the market this week. But here's a couple things I want you to think about. Number one, what could go wrong Right, this is what we always have to ask ourselves. That's what we professionals always do. What can go wrong? First thing, the ceasefire could fail. There's no doubt about it. Trump can say all he wants. We saw the headlines or we heard the headlines just a moment ago that I shared with you. Things can change in a moment. We hope it doesn't. But the ceasefire could fail, right? We got some critical deadlines coming up here in the next week. Obviously, if the ceasefire fails, here comes the other result. Oil prices could spike right back to where they were. I mean, Really, 84.22 a barrel, when we're up to what, 112, 115? We've seen how fast that can go up and how fast that can go down. Once again, today it lost $10.49. But if something goes wrong, they could spike again, and obviously you'd see a negative reaction in the stock market. One that's a little bit further out, I shared with you earlier in the show, the Fed of course saying that, or the Fed watch tools indicating the slight probability of an interest rate to cut. by December. mean, December is still a long ways away and no one really knows at this point. But the Fed could stay tighter for longer. What can happen if this market, let's say we're going to sell off here soon. There's no doubt. That's why I'm urging you take some profit. Just watch the taxes. But I'm urging you to take some profits because what's going to happen when the headlines are not there every day, you're going to see this market go into profit taking mode. That's what the professionals are going to do. Be ahead of them. Be better than the pros. But the Fed could stay higher for longer. That's going to be the next thing, right? We're in earnings season. Things are going good on the earnings side of things. But if we don't have any headlines, positive headlines, they're going to start taking profits. We're going to go down. And that's just the way it always works. And the excuse they're going to use is the Fed's going to stay higher for longer. The market, the last point I want to mention, the market is pricing in perfection. It wants perfection right now. It'll never get it. but it's pricing it in, hence the record levels that we're at. So the bottom line is cautious, take profits, not saying get out of the market, but be smart. This is a time you really, really have to pay attention to your portfolio. If not, if you don't have the expertise, the time, et cetera, to do it, please call our office. We'd love the opportunity to do that for you. 775-800-1801 or an appointment online with me at sanchezgaunt.com. God bless, a great weekend. Thanks for being with me. We'll see you on Monday on The Jon Sanchez Show. Take care.