Ep. 291 Why Minervini Calls Volatility A Rare Moment For This Market
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Hello and welcome to another episode of the investing with IBD podcast. It's Justin Nielsen here, your host, and it is October 16th. It's a Wednesday and we are live as we are typically on a 2 p.m. Pacific or 5 p.m. Eastern on the Wednesdays. So thank you for joining us. Those of you that are joining us live, but also remember we always archive these shows so you can always hit like you can hit subscribe and these are always available for you, uh,

anytime you want to review them over and over again. And I have a feeling this is going to be one that you want to review. So not only is Arusha Paris joining me, of course, he's a portfolio manager over at O'Neill Global Advisors. How are you doing, Arusha? I'm doing well, and it's great to have our good friend, Mark Minervini, back on the show. Looking forward to it.

Absolutely. So Mark Minervini, he, of course, is a two-time investing champion, U.S. investing champion, the founder of Minervini Private Access, and also the author of a number of great books. If you haven't gotten them, I mean, there's

not just about trading, but also just about the mindset of a champion. Those are some great books to be checking out. You can get those on Amazon. Well worth the reads. One of those that you want to probably, a few of those that you want to read over and over again, but welcome back to the show, Mark. Hey, thanks for having me back. Nice to be with you guys.

Absolutely. Always a pleasure. So let's get right into it. I mean, we had our pre-show huddle on Monday, and one of the things we were talking about is, hey, there's a little extra volatility in this market. And then lo and behold, Tuesday happens and it's like, oh, was that what you were talking about, Mark? So we got a little bit.

of a taste of that as ASML came out with its earnings a little early, a little surprise during the market hours and really kind of took down a lot of things with it. But what do you make of the market right now, Mark? We just kind of have to get our bearings here. Yeah. So I think some of the jitters are the presidential election coming up. It's a pretty, as you know, it's a

Pretty wacky cast of characters that we have going on here and a pretty contentious election and very close. I think there's a lot of uncertainty here as to who's going to actually win the election. Although, you know, when you look at the presidential cycle, it's actually it's a bullish situation.

environment, the last six months of the preceding year, the prior year, and then going into that next year, the first six months of that 12 month window. I think we have a chart of that actually that I sent you guys and we could take a look at that, how it looks as far as the tendencies of the market. And they tend to be bullish.

Also, if you look at seasonality, the decennial seasonality, all those right now are fairly bullish. So,

Again, you can see there that middle portion and that strong uptrend. And you don't really look at levels. When you look at tendencies like seasonality and things like that, you look at the direction and the angle of the trend when you look at those, because those are all basically average, looking all the way back and averaging all those cycles. But you can see also with the just with the.

at the end of the year, you get a rally. So we could be looking still at higher prices, although it's starting to stall out in the names like the NVIDIAs and so forth. Netflix looked like it was going to break out. Now it's pulled back for several days. It looks like there's a rotation here today. The Russell was up nicely, about 1.6%. So we're seeing that shift. I know, Rusha, we talked about this. We've been talking about this for a long, long time, years and years of, you know,

hoping that we get some mid caps and small caps, which would be a very healthy market. And at some point, that's going to happen. So actually, so Mark, let's... I want to come back to the...

Let's describe this chart real quick that you went through, because I just for those that are listening, I want to make sure they kind of understand what we're looking at. We've got a thick blue line here that you've done a composite of what happens typically throughout the year. And then you've got a yellow dashed line that kind of shows what the S&P 500 is doing up through October, October 11th of this year.

here and it's tracking pretty close. I think the one difference is that usually you get a kind of a rough May while we had a very strong May and into June.

But overall, you know, tracking pretty good. The other thing that kind of ventured off a little bit different was September and October. We've been really kind of bucking the trend there. So anything extra to kind of share on that? Well, I think that's a good point that you're noticing on the chart. And I think that that has been sort of a theme of the market anticipating.

Like I said, you know, I think the last time I was on with you guys that the rate cut was the most anticipated rate cut probably in history. And I think the market's doing a better job these days of discounting events. So and, you know, again, that can that's the buy the buy the rumor, sell the news. Although so far, you know, we're still holding up quite well, you know,

you know, in the face of that first decline in interest rates, which tends to be also tends to be bullish.

So, Mark, actually, maybe what we should do now is just go to the overall markets. And Mike, maybe you can pull up the charts, the market surge charts there. And let's take a look at what we can start off with the NASDAQ and then we'll go to the mid caps and the small caps. Also, you know, Justin, you did talk about volatility and I kind of gave a segue there and didn't really answer your question about the volatility. I don't know if you still want to touch upon that.

Are we losing Justin? We might have lost Justin. We're getting pixelated. Like I said before, I'm the one with the nice clear camera so you can see all the bumps and scratches on my old face. Yeah, yeah, exactly. You guys got the pixelated nice. Mark, you hear me though, right?

I hear you, yes. Okay, so while we get Justin back on, let's go to the market search charts and we'll walk through just kind of the overall market and then go to the mid-caps and small caps. So we have the NASDAQ up here. And one thing that's kind of in the back of my mind, and it is going off of the seasonality too, is we were expecting that the September and October kind of correction there or pullback and then setting up for that year-end rally.

And then, of course, there's all these other wall, you know, all these other things to worry about. Right. All the geopolitical stuff that's going on around the world. And yet here's a market consistently hitting new highs. So, you know, are you taking that into account? What is that telling you just about kind of the how strong this market is or just the environment?

So I learned a long time ago to, you know, that I have to buy the setups when they break out, even when I'm scared to death. And regardless of what the environment is, I can go all the way back to the Gulf War in 1990. I was scared to death and there was oil was hitting these all time highs. And, you know, Saddam Hussein has the biggest power.

fourth largest army in the world, thousand tanks. It's going to be World War III. And stocks are breaking out of bases left and right. And I made a bunch of money and learned my first lesson of

paying attention to the leaders and that you mean you can fast forward all the way to covid you know where you know mark ritchie many of the viewers know mark ritchie and my assistant mark ritchie and brandon um you know he called me up and said hey what are we going to do here you know it's like the end of the world there's a pandemic um you know but we're seeing stocks they're setting up i said we're buying them we're buying the stocks and if they don't work we get stopped out but we're we're gonna we're gonna believe we're gonna believe the stocks so you know i

And quite frankly, you know, that's why there's a slogan, you know, the market climbs a wall of worry. And we've got a lot of we've got a lot of things to be concerned about right now is specifically geopolitically.

Yeah, so the S&P here right near 52-week highs. The NASDAQ is starting to get better. Let's go over to the mid-caps, Mark, and talk a little bit about what you're seeing there. And I'll switch over to the weekly chart, too. Yeah, we actually bought some IWR, MDY, the mid-cap indexes. They're doing a little bit better than the small caps. So today, the Russell definitely had a pretty good showing. So it looks like money is rotating well.

From the mega caps, I think it's going to do it slowly and begrudgingly, and you may not get that big, massive shift until you start getting some real momentum in those new areas. That's going to take time before people give up on the technology.

the stocks that have been leading for decades now and start moving into areas that have underperformed for so long. But at some point, we're going to see a bull market in small and mid caps, and we're going to see an underperformance in the areas that have done so well.

So I've been keying in on the IBD 50 and even the mutual fund index. And if you look at the IBD mutual fund index, the IBD 50 really is are the type of stocks that I traffic in. And you can see it's pretty much, you know, just tried to bottom out here not too long ago and really hasn't gotten a whole lot of momentum to the upside. So you may still be feeling maybe some pressure or not doing as well as maybe you think you should be doing. But

That would be normal if you're trading the type of stocks that maybe, you know, the cancel type names, type of names that I would trade in. You still may have to wait and be patient. People say, well, how long, you know, do you stay in cash? You know, if you don't find setups, the answer is as long as it takes, you know, until I see the setups. And if they're not working and getting back to Justin, we're going to definitely get on volatility because it's really important to discuss. We're seeing an elevated level of volatility on the VIX right now.

And we're also seeing some volatility around the breakouts. And so this...

This is where you could get a market that does well. I always say you can jump on a horse and your goal is to get from one side of the corral to the other. But if he bucks you off after three steps and then runs to the other side, it doesn't really matter that the horse got over there. You look at a stock, you go, oh, yeah, I was in that. And now it's doubled. But you have to be able to stay on board. And that's where the risk management comes in. So.

These higher volatility environments are much more difficult to stay on the horse. And that's the key. You got to manage that risk. So maybe let's go into that. And then we can show, when Justin gets back on, we can show the charts that you shared with us too. But I have the VIX up here on market surge. Just talk about just kind of the unusual environment that you're seeing here with the VIX.

So, yeah, so I don't know what chart you're actually showing, but the one that there's two that really drive it home are the ones that I gave you that show the VIX chart.

And the levels of low volatility when you have those rallies. And it really underlines sort of the environment that I look to get aggressive in. And that's what I call an easy dollar environment where it just simply means that you're in a lockout type rally where the market goes up with very little volatility. You get you get a lot of alpha with low standard deviation. And that's what I'm looking for in individual stocks. That's that's what I'm looking for in the market. High alpha, low standard deviation.

So, and again, I don't know if you can bring that up. We're bringing it up right now. And you'll see, you know, these low...

periods of volatility coincide with these very nice uptrending periods in the market that in the news might call it easy dollars because it's it's it's it's very easy to make money. And I would rather focus on times where I'm getting easy dollars as opposed to fighting for pennies and getting I call a hard penny environment versus an easy dollar.

Hard penny environments, yeah, you can make money. I'd say we're in probably right now, in some areas you might be in an easy dollar environment, but I still think it's not a full-fledged easy dollar environment. It's still hard penny to a certain degree. So do we have that chart up? Yep, we have the chart up. Yeah, so you can see those low, actually I got it right here, I think I can pull it up. Yeah, there it is. You see those low volatility environments?

And you can see those nice uptrending periods where there's not much downside. I remember reading news saying, oh, you know, the market has the S&P hasn't gone down more than one percent in 44 days or whatever. And that's the type of environment that you'll see with that. But now if you bring up the other chart that shows the two periods where right now with the VIX, I think

We came down a little bit. We were below 20 now, but we were just above that 20 level. If you go back and you look at that correction that we had, we had a 10 percent pullback in the market. And you see the VIX bottomed around that level, around the 20 some odd level, which will normally happen. The volatility will move up when you have a pullback in the market and corrections. But this is really strange because you can see now we're hitting new highs and the VIX is at those correction levels.

That's very odd. That's crazy. That's very interesting. Yeah, I haven't seen that very many times if ever in my entire career. 41 years of doing this. You very seldom ever see where volatility is high around the highs like this. So that's creating a little bit of difficulty. Now,

This could change. What you could what can happen is you get a rotation and you get a bull market in, say, mid caps or small caps. And that's where the alpha is in the low standard deviation while you're getting volatility, maybe in some other areas. And it becomes more of like a stealth bull market or a stealth continuation of the bull market.

So I'd like to see – for me to get really aggressive, I'd like to see volatility come down. And I'm not just looking at it from the indexes. I'm looking from the individual stocks around breakout. Shaq is a perfect example. If you bring up SHAK, Shake Shack. Yeah, so Mike, maybe switch back to the –

the markets are chart. It's a stock that I, you know, just bought recently, um, purchased it on a couple, couple of dates, you know, right. You can see it's a pretty good size base. Um, looks like they're finally going to earn some money. This company has been for a long time after the IPO, it just couldn't get out of its own way. Finally, it looks like it's getting an uptrend, but there's some volatility. If you, if you look at it, particularly if you look on the daily, you can see it came out when it's a new high ground. Uh,

Made a 52 week high, broke out of the base, and then you get this big outside day. So that's the type of volatility that's still in the market right now. And if you're real tight on your risk and you're using tight stops, that could that could cut you up and eat you up quite a bit. So now some people say, well, you know, you adjust for the volatility, use like an ATR, right? It's more volatile. So you widen your stop.

I find that to work at times, but over time, it ends up biting you and the volatility ends up getting you. So there's a couple of ways you can respond to volatility. One is by...

by widening your stop, giving it more room, more for fluctuation. But now you're taking bigger losses. So now you can't be wrong as many times before risk of ruin. Risk of ruin, you have a string of losses. Now you can get yourself into trouble. So you can position size smaller. The problem there is now when you're right,

you're not sized. You don't have any size on. So I want to be in big positions when I'm right. I want to be in small positions when I'm wrong. I don't want to be in small positions when I'm right. So

I do it just the opposite. When the volatility picks up, I actually tighten my stop and I and I and I miss stocks. I miss some stocks and some stocks shake, shake around and and knock me out and turn around and go up and I'm not in them. But I have multiple chances to get it right with the same amount of loss that I would take in just maybe one stock.

wider ATR play, if you want to call it for lack of a better explanation. And I'm sized. I got size on. I think I want to take a big position. So now when I'm right,

I get paid when I'm wrong. I'm taking the small losses and I'm giving myself, I'm building in some failure. I'm giving myself multiple chances to get it right because I'm going to get whipped around more often. So I take a very counterintuitive approach to volatility. So it's kind of interesting because the math works out the same, right? You're using two levers, you know, your position size and your, your, your stop loss. Those are your levers and you can make the math work the same, but

The odds of you getting shaken out or, you know, again, as you said, how it works. Yes, but it works the same on the risk, not on the reward. On the reward, it's much better. See, the difference is, is it works the same. But under my scenario, I've created asymmetric leverage where the downside is the same, but the upside is not because now I have big positions on when I'm right.

So now what I've done is I've kept the risk the same, but I've gotten the big positions on the right side of the curve. So now I've created a lopsided bell curve. Now it's asymmetric. So kind of looking again at this Shake Shack example, I think maybe something that's been frustrating some folks is, again, sometimes you have these breakouts and then you immediately have a shakeout and you're just like, oh, what do I do? Or

The feeling of rotation. I mean, July was, it just seemed like there was this rotation to small caps and that was true for like maybe two weeks. And then, but the small caps kind of fell apart. So are there kind of, you know, timelines that you use? I mean, when, when the rotations are happening this fast, are there any adjustments you make in that regard? Well, I mean, you know, if you're referring to like time stops, but,

Look, as long as the chart is holding up and there's not we've actually have a software. It's called Monalert on our platform where it looks for abnormal and normal activity. And as long as things are normal, we're not getting what I call violations. So my second book, Think and Trade Like a Champion, I talk about.

confirmations and violations. And I basically point out, spell out the various things that I look for to make sure that the stock is acting. This goes all the way back to Jesse Livermore. Jesse Livermore said, don't be afraid if the stock's acting normal, so you stick with it. But if it's not, be very afraid. So I spent my whole career understanding these reference points of when a stock is acting normal and when it's acting abnormal. As a matter of fact,

This goes right back to Bill O'Neill. Bill O'Neill drove this home with me. And abnormal price action, widening volatility around those pivots, that's misbehavior. That's misbehavior, right? So we punt the stock. But as long as they're holding up and they're setting up properly, Bill said, if you're

you don't have to know what the market's going to do. You just have to know what it's done. That was the, that was the quote that was, you know, it was really, you know, it was a couple of quotes, a couple of things that Bill said, a couple to me personally, that when I met him and some that I read, of course, that were literally, I built a career on and that's one of them, you know? So knowing when things are now, right now,

This is still like Shaq's not acting completely so abnormally here where we're going to punt the position. We're going to be out of it. We're going to give up on it. Sometimes we get knocked out of it, but it still holds up where it can reset and we can rebuy it. And then there's other times where it falls apart so much where we know we're not going to be buying that for quite a while. It might be months before it rebuilds.

sort of like an athlete. You get a sprained ankle, you're back on the field maybe in a week or two. You get a compound fracture, you get a concussion, it's going to be months. So same thing with analyzing the stocks. Your business deploys AI pilots everywhere. But are they going anywhere? Or are they stuck in silos, exhausting resources, unable to scale? Maybe you don't need hundreds of AI pilots. You need a holistic strategy.

IBM has 65,000 consultants with Gen AI expertise who can help you design, integrate, and optimize AI solutions. So you're not just deploying AI, you're scaling it across your business. Learn more at ibm.com slash consulting. IBM, let's create. So Mark, with Shake Shack here on that day where it tried to break out and it came back in pretty hard, that's in many ways a squat there, right? Yeah.

how do you handle squats? Maybe walk us through that. Cause I remember when going through the master trader program a number of years ago, you were talking about this and I thought it was really, really interesting. Well,

Well, that's a squat, but it's a little more because you've got a big outside day. You know, that's a little bit bigger pickup involved. But still, this is what we call the megaphone. The megaphone starts forming as opposed to where you're just, you know, you're breaking out and you've got the upside, you've got limited downside, and you're getting that alpha, low standard deviation. You start going back and forth. Now it looks like, yeah, it looks like from a little tight entry, it starts widening. Call it the megaphone effect. I don't like the megaphone after I purchase.

So but it hasn't fallen apart, broken apart, and it's still OK. Does it mean that it might not have more volatility and stop me out? And I maybe have to. And this is where I said, right, I want to give myself several tries. Right. So I keep my stops tighter and but I don't take my position sizes down. I can still go in there maybe a few more times to get it right. And the loss is the same.

But I'm still position size and having those larger position sizes as opposed to, you know, maybe widening the stop and saying, I'm going to give it more room, take a bigger loss and I'll adjust my position size. Now, Justin, we're going back to where you said it's exactly the same. There's no difference. So except now you've got you can get yourself in the hole with big losses. So why would you do that?

Yeah. So I want to kind of get back to some of the points that you were making about volatility, because you had another slide that was kind of talking about GDP. And this was a really good point that you were making in terms of kind of a shift that we've had here. So I'm going to pull up this slide about what you're calling the Goldilocks economy right now.

Right. So, I mean, this is certainly not my term. It's been thrown around for a long, long time. But it's very interesting that volatility in so many different forms is not a healthy condition for the market, if you will. If you take a look, and we've shown this, I think, before. I certainly have shown this on other presentations. But the

The real sustainable periods in the market, the sustainable markets, the long-term, the secular markets happen during periods of low economic volatility where you get a moderate sustainable rate of growth. Not too hot, not too cold. Cold, of course, you start going negative growth. You're in recession. Right.

and you start getting up four, five, 6%, especially five to 6% or higher, that's getting into overheating and getting into inflationary levels. So when you can stay in that very tight range, again, the market doesn't like high volatility, even when it comes with economic statistics. When you look at real GDP, that two, three, 4%, two, 3% is a sweet spot that we're in that now. And as long as we can maintain that,

Bull market go on for a long time and you can get overvalued because right now valuation is not low and sentiment is pretty frothy, but that will take care of itself. As long as you're growing, the economy is growing. You'll you'll have more and more companies that will come on online as far as.

in their own cycle and be delivering earnings and will be under looked because we have so many companies in a stock market that not everything could be efficiently followed. And they'll be merchandise, especially when you've got an entire area like the mid caps and small caps that have been ignored for a decade or more. I assure you there's some value there.

And that's where that could keep this going. But if you fall into a recession, well, that's a different story. And that's that's where the concern is right now, that the Fed is behind the curve and we're going to slip into a recession as opposed to a soft landing.

Yeah, but in the end, it's kind of like the beginning of 2023 when the most expected recession, we were all 100% sure that our recession is going to happen. I mean, the beauty is we're going to see it in the stocks and you kind of alluded to this, Mark.

There are tons of setups. It's been a long time that I've seen so many stocks setting up and how broad based it is, too. Oh, there's tons of setups. If you're short term trading, you know, the quick pops, you're making a fortune right now because there's so many stocks breaking out. There's not a lot of follow through and big moves. That's true.

So the shorter term the the swing trade there's that I look at it as a couple levels of swing trade There's that real short term is day trading has really short term trading and then there's sort of two stages of swing trading the swing traders that trade the 8 9 10 12 percent moves and then the ones that trade the 20 30 You know 40 50 percent moves and then you go into longer term investing if you will so I think if you're in that shorter term that first

date short-term traders to, you know, the eight to 10% traders, you're killing it right now. Um, you know what I also wanted to kind of address, you mentioned a little while ago about that, uh, frothiness, you know, there, there's some kind of higher valuations, um,

Are we at those frothy levels? I'm going to just go ahead and I'm going to pull up the bulls and bears from Investors Intelligence on the psychological market indicators from investors.com. And I believe the reading came out today, so this hasn't been updated. Bulls are at about 57%. Right now it shows 53 on this chart. So where are we at in terms of some of that sentiment?

So investors intelligence bulls numbers came out today about 50, a little over 57%. When you get a 55% or above, that's sort of like the warning track, you know, on a baseball field, the walls behind you, you know, so you got to be careful. But we get above 60, that's getting into the,

the danger zone and you start getting around 65 or higher, that's really, really frothy on that one particular indicator. I look at sentiment in a number of ways, three different ways. I look at what people say that surveys like this, other people do that's put ratios, things like that. And puts are put ratios are down right now. There's not a lot of put buying. There's not a lot of fear there, but it's not a really, uh,

suppressed levels. So it's sustainable. And then you look at what the market's actually doing, and that's looking at the volatility in the VIX, and that's showing some fear here too. So taking that all into account, we're not super frothy. There's another thing I look at for longer term, that's margin debt, which is not super frothy either, although it's in the mid, sort of like the sentiment, it's up in the upper levels. And then IPOs and secondaries.

So, and when you get, and I haven't seen like a real frothy IPO. That's when you really get into those blow off phases, you know, yeah, real. Like 2021 with all the SPACs and everything like that, right? No, that was about as easy as they ever come to that. That was, I literally gave a cell signal that on the day of the high of the NASDAQ, that was really had every sign that you could possibly, if I, that was the one time where I said to myself, if I'm wrong this time, I need to just hang it up and

Call it a day. 40 years of experience all mean nothing. But yeah, yeah. So and that was the same

In the 1990 bull market, you know, that topped in 2000, froth. There's tons of froth. So many companies coming public, so many secondaries being. And you can also look at stock splits when there's an excessive number of stock splits. If you take all that in consideration, and that's sort of the overall sentiment picture, looking at all that right now, you know, we're not at like super nosebleed danger levels.

Just as a quick follow-up on that margin debt issue, that's something that I've studied and I really think there's something there. But I wonder with all of the leveraged ETFs now, leveraged stocks, more option activity, the

There's just zero DTE now. There's so many different ways that people are kind of getting leveraged. Do you think that's potentially making the margin debt

So what you're saying is what a lot of people have said, you know, that some of these readings are skewed and they're not reflecting. And that's also in sort of like options where you get OEX options and a lot of hedging. So you tend to want to look at when you look at the data, you want to look at stock only data if you can, if you can, if you can isolate it, even like put call ratios. I like to look. I want to look at the stock only data.

puts as opposed to I don't want to look at index puts because like you said, there's there's hedging that goes on. There is a lot of hedging and there's so to a certain degree. Yes. But this is why you don't hang your hat on anyone. There's no magic indicator. You got to look at the weight of evidence. And when it really comes down to it, then you have to use what I call differential disclosure. Is it if everything's so bullish, everything's so great. Are stocks setting up? Are they breaking out of basis? You know, this goes again back to O'Neill.

with a sentence that was life-changing for me and I built a career on. I'm never gonna buy a stock

If the earnings are great, the sales are great, the management's wonderful, it's the best brand in the world, it's the biggest company in the world, I'm not buying that stock unless the chart confirms that. Because O'Neill said, you know, if the company's so great and the management's so great and the earnings are so big, why has the stock got a 33 relative strength at hitting the lows? That doesn't make sense. That's what I call differential disclosure. I talk about this in all my books where, and differential disclosure is just, it's a, it's a,

It's a forensic accounting term where you look at what's reported to shareholders and what's reported to the SEC and what is on the tax returns. And you'll look and see if there's discrepancies. All right. You should be should be pretty much saying the same things to the SEC as you're saying to the shareholders what you're saying in your annual report. But sometimes there's these discrepancies because there's there to the SEC. There's very strict guidelines, but you can say just about anything in your annual report. So, you know, or they're, you know, they claim to be making a lot of money, but they're not paying any taxes.

So these are the type of things. I don't use differential disclosure in that way. I use it in a way where I look at the chart and the chart has to agree with the fundamentals.

Mark, you touched on something, especially when we saw it in 2021 and 2022, just that froth in IPOs. And then everything just died. All the IPOs kind of disappeared. Yes. I feel like over the last, really over the last few months, and now they're starting to work again, there are more IPOs starting to set up.

Yeah, it's still pretty limited. Right. But I it seems like that environment for IPOs is starting to change. They're starting to get more interesting and more new merchandise is coming into the market. You know, what is that telling you? And, you know, maybe talk a little bit about that.

it's, it's a healthy sign and also MNA activity. So MNA activity was completely dead. Um, yeah, it really, it really just was like, there was none. And now that's starting to come back to now when that, when there's tons of MNA activity and there's a

lots and lots of IPOs. And you see, you know, the number of IPOs may be over, you know, four week averages at the highest level it's been. That's when you have to start looking at that. You know, it's getting frothy. That's when you start putting it all together. Now the sentiment numbers are up there, the margin debt, all those things will start to, uh, we'll, we'll start to converge around each other. Um, and that's where you start seeing the signs for a larger, uh,

at least a cyclical bear market and potentially a secular bear market. Those are the longer term signals. But right now, I think increased and improved IPO activity is a positive sign. And yeah, you're absolutely right. I'm seeing more IPO activity. I'd like to see even more. So kind of on that note, something that I keep on hearing rumblings about is

Again, just in the same way that we were talking about the margin debt kind of being, is it different now? Is the IPO market a little different because you're seeing private equity kind of extend kind of the lifetime before the IPO. And some of these IPOs are coming out with these much larger valuations. Do you think that kind of changes the equation a little bit as an indicator?

I mean, as far as the valuation is concerned, I mean, look, that that's a function of the market. You know, this is a business, you know, and when things are going really good, they get a higher valuation, you know, and when things are not going very well and you're in bear markets. And that's why David Ryan and I often would say, you know, we we love to find IPOs that are IPO bases coming out in bear markets or right at the beginning of a bull market. They're they're they're priced better just simply by default because they just can't command a higher price.

So, you know, like the watch market, you know, the watch market was hot. It was paying $30,000 over list for a Rolex. And now that's come down right now. Now it's come down. So it's just that's because they can get it at that time. The demand is there. So I think it's I think it's dynamic. It's a it's a moving target, you know, but I don't think things have changed so much where you got to throw it out the window. And the IPO data is not, you know, legitimate. Mm hmm.

Well, you know what? I'm looking at the YouTube comments and a few people were kind of wanting a little bit more detail on your thoughts on IWM, the small cap market. So thanks for pointing that out on YouTube. So maybe you talked a little bit about the weekly chart and how the IWM, the small caps is kind of showing, again, there have been a lot of kind of false starts here, but how do you know

When it's actually like, oh, this time it's for real. I think the mid caps are, I think are doing better. Yeah. So we'll go to MDY for that. I think the mid caps are, are where I would look first. I mean, I would look for wherever they're setting up. I would really start looking,

screening and because I know a lot of people were just really stuck on the mag seven and the mega caps. And and that's really run its course quite, you know, quite frankly. I think you just have to start looking at selectively the mid caps and the small caps. I wouldn't get hung up in the indexes as much as the individual stocks.

But the IWM is lagging. The MDY, the MDY is lagging. You know, the NASDAQ or the S&P until just recently. So it looks like it's trying to turn the corner here. But I think it's going to still take time before we get the confidence to go into the micro caps. They're really small. The kind of stock and quite frankly, if you know the people who do that well, it's someone like Turner. You know, Turner has a micro cap fund. There's, you know,

you know, I just, you'll see those funds also start to perform. Yeah. And, and, and just one other thing on the breadth issue, because you did mention the advanced decline line. One of the things we often look at is RSP, which is the equal weighted S and P 500. Now, of course, this is still mega cap. So it's, it's, it's not dipping into that small cap, but do you, do you ever look at this as well, kind of as a breadth measure?

I don't think it's, I mean, it's great that, you know, the equally weighted will take out that capitalization weighting, of course. And that gives it a better look at to what is happening on average across the board, but not for breadth. For breadth, I'm looking at percentage of stocks above their moving averages versus where the market is. If you got the index,

There's been times where the NASDAQ is way above its 200-day moving average, and there's 38% of stocks above their 200-day moving average. I've never seen the market survive that without correcting.

So so these are, you know, or even the 50 day, you know, you're way above the 50 day and you're and you've got less than 50 percent of the stocks above the 50 day advance. The client line goes back. You know, it's one of the oldest, most followed, probably, you know, confirming indicators in the stock market. It tends to top.

ahead of the market by a number of months so it's always a good sign but we have more of a two-tier market now the nasdaq and the nisey are really the nasdaq really is almost like the the lead market when i first started nasdaq stocks were like just garbage no no yeah they were they were nobody you know it was it was the garbage stocks and the nyse was the quality names um

And then it sort of kind of came where they got respect and the NASDAQ became more legitimate, if you will. Now it's gone to where, you know, it seems like the NASDAQ might even have more, you know, more credibility than the than the NYSE. So but but the NASDAQ advanced the client line is not doing very well. And so.

Right. And also the NASDAQ itself is and even the S&P 500 is weighted by a few names. So it's really not telling the picture. So by looking at the equally weighted, that gives you a better idea. But for breadth, you know, I tend to look at I like to look at the indexes versus the percentage of above their moving averages. And that tells me and I'm looking especially the $200.

The 200-day is a long-term moving average. And I want to see, I don't want to see the market up in an uptrend way above and frothy signs of sentiment when there's 35% of the stocks above the 200-day in the underlying index.

Yeah, and you were talking about this in 2021. You were highlighting that for months, and then finally everything broke in 2022. That was a classic, classic setup where you had froth. The market went up in an accelerated rate of advance.

You had lots of stocks that were extended. The investors intelligence was way up. It was in, I forget what it was, maybe 65%. It was way up. The bulls were way up. All the sentiment indicators were frothy. And you had the NASDAQ way above the 200-day, and there was less than 40% of stocks. That was a perfect storm. It couldn't be any better. Well, and then you also had GameStop.

It's a cherry on the top, right? That's right. Game stock took Gabe Plotkin out of the game. Right, exactly. So, Mark, let's go into your Strategy 33 model here and walk us through this and what this is telling you right now. So some of these models, you know, people make and they back test stuff and then they find out what works. This is actually a model that the components of it, I've literally been following since the 1980s.

So we put them together and it's really sort of been followed in real time, but as separate components. And then what we did was put them together as sort of a confirmer to really understand

Take out as many whipsaws as we can and have it be as long-term oriented as possible. And you'll see that 1990 went on a bicycle and stayed on a bicycle for like 10 years to the entire bull market. So it's done a really good job. If you've got 401k money and you're trading the S&P 500, it's specifically for the S&P 500 too, just to make that clear. It's not for the NASDAQ. It's not for individual stocks. It's specifically for timing the S&P 500. The goal of it is to...

is to equal the S and P 500 on the upside, but to avoid the big drawdowns. And that's where we pick up the alpha. That's where we pick up the outperformance and the drawdowns have been much, much less than the S and P 500. And then the upside, um, you know, we'll get that risk adjusted, uh,

And actually, it's actually beat the S&P 500. But even if it matched it and you didn't have drawdowns, it's a home run. But this is something that we have, you know, our members can access on a daily basis. If they want to trade their 401ks, this is the advisor. We tried to make something where you basically, you have a

objective advisor and you're not paying any fees. And this will, I think this will manage your, your 401k probably better than 95% of all the advisors out there.

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So maybe we can kind of switch to some stocks now. You said that...

There have been a lot of setups. Now, a lot of things have already kind of taken off. I mean, geez, there's a whole host of them and in different industries. So maybe you could share with our listeners some of the things that are top of mind for you right now that you're following. A lot of the stocks that they know that,

have already moved out of their respective bases and we've bought a lot of names in the past, you know, several months or so. So it's getting less and less. Our focus list, we have each week we put out a focus list of the names that are either immediately viable or could be viable that week. And these lists were huge. As Arusha was saying, there's lots and lots of setups.

It's contracted a bit this last week, this last couple days. A lot of stocks are getting extended. I'm actually selling some names right now. But I bought Texas Roadhouse just the last few days. I bought that and I sold Breaker International. So I rolled out of EAT, getting a little excited, nice profit in that. And I rolled into something that hasn't moved as much yet, like a Texas Roadhouse. So Mark, let me just stop you there for a second. Let's just...

Walk through the Brinker International for everyone watching, because I think it's a classic VCP, classic cup with handle. And you're selling it when you're hitting the 20%. Just walk us through what you were doing here. First of all, let me just say that I almost always sell too soon. Yeah, my winners, I sell winners and they go up much more.

Sometimes they don't, but I'm not really concerned with that. I just want to make more than I risked and do it over and over and make a good size profit. So, you know, if we can make a swing trade in a few weeks or a few months and we're up 20, 25, 30 percent, usually I'm at the very least reducing it and then free rolling it for a bigger move or I'm punting it altogether.

This is one I probably should hold a little piece of maybe longer. I decided to rotate out and sell into the strength. I'm almost always, if I get the opportunity and I'm fortunate enough, I sell into strength. So, yeah, just selling it at the strength up. I think we're up 25 percent on it and then rolling some money over into something like a Texas roadhouse. Uber is another one where we just sold into strength. You know, good news, I guess. Right.

Yeah, but it got extended on that gap, so it was a good time to lighten up. We did not sell the whole position. We lightened up on it. And this is one that I would still maybe consider this if it pulls back. It just came out of the base. I would still consider maybe an Uber to be a purchase, but not here. Right now, it's too extended. But we were buying this a couple months back coming off –

when it started turning up not that very last time but the time but yeah somewhere around there i can't yeah i'm assuming that is around uh yeah um well you can click on the little there's a little push pin icon i don't know if you you can do it on if you're using your ipad but

Yeah, I think it's... Yeah, yeah, okay, it got bigger. That's good, yeah. Yeah, yeah, actually, right. Yeah, we're buying some right there. And then, actually, when it pulled back to that $71.90 as it turned up there, we added to the position. Okay, like the bullpen back high, right? Yeah, we added to the... It started turning up there, we added to the position, and then we just sold some. We trimmed it...

significantly into that big gap right around the highs. Yeah. So that that's, but that's one that just, you see, it's just coming out of a big base. Right. So I would still, you know, maybe consider that if it can, if it can reset. Did you watch the Tesla event? Was there, I mean, certainly one of the things that, you know, was the recent catalyst was, oh, okay. You know, as, as Uber, the robo position for that, right. Yeah. What was, what was your take on it?

I don't really, to be honest with you, I wasn't really paying much close attention as much as I was paying attention to what the stocks were doing based on that. But, I mean, I'm all for autonomous driving. I love autonomous driving. And this is coming from someone who likes to drive. This is coming from someone who drives race cars and loves to drive. I hate to drive on the regular roads, though. I love to drive on a race track.

if you can't, if you can't go one 90, then you're not interested. Right. True. True. Well, I would say everyone should go on Mark's, uh, on his ex, uh, feed. And when, when Mark posts the videos of him driving on the racetrack, it is pretty wild. Yeah. And just for people that don't know that can be found at, at Mark Minervini, uh, for, for X, um,

a great follow. You, you really give a lot of great information, um, on a regular basis to kind of help guide folks and, um,

And, you know, I also like that you, you know, you're kind of almost troll proof. But Mark, I think this is a perfect, Tesla is a perfect example of, yeah, they're doing a lot of innovative stuff. It's pretty exciting with all the autonomous driving and the roadway taxi maybe eventually coming up. But the chart isn't necessarily perfect.

confirming that it's, it's ready to go now. Right? No. And that's what I'm saying that you still, you could be patient here. It's not one that you really have to like get, you know, to jump on too quickly here. I mean, we, we definitely bought this one. This would be a bottom fishing to me for me. This, this, this would be my way of bottom fishing. You know, this is about as low that I'll ever buy it, uh, coming off of a bottom. Um, but, um,

But yeah, you know, this is one that still could could take time. Like we go back and, you know, we don't have the chart, but I always bring up LinkedIn because LinkedIn went IPO and then it had a huge correction. Even Facebook had a huge correction after it went IPO. There's price, no, very lofty. And then it takes it.

Yeah. And then from there, boom, it's off to the races. And even from there, you've had big corrections. Even Amazon went down 90 percent back after it made its big move in the 1990s. Yeah. I mean, that's a huge, huge decline. So, you know, it sometimes takes time. It takes time. These stocks, they come IPO, they go through volatile periods and then they get back on track. Shaq is one that I was hoping is is.

It's one of those that see it went IPO. It couldn't get out of its own way. It corrected and it's been moving sideways. This reminds me somewhat of a LinkedIn where now it's tightened up a bit. It's gone into what I look for a stage two uptrend.

And this is where, you know, I would initially be getting interested in it. And if it doesn't work and, you know, maybe it's not time, it might be at a higher price. It might take a little bit more time to get that momentum and to get it really where where there's some appetite for it. Now, I'll mention another one. I got another bottom fishing one. That's always. Oh, yeah. Yeah.

Ollie's is a – this would be another sort of bottom fishing that I would call it bottom fishing, although it's not the bottom. But it's just starting to get into an uptrend. The relative strength is still low. But Ollie's is a really well-managed company. This is something that David and I know a lot about. As a matter of fact, when he came to Myrtle Beach for the Master Trader program, he jumped in the car and he's like, take me to Ollie's. Yeah, I went on a road trip with him too when I went to the Master Trader with David to Ollie's. Oh, you went to Tractor Supply, I think.

No, no, I went with David, David, all these David, Mark Ritchie and I, we all, we all hopped in the car and went out and I watched them just observe purchase stuff. Yeah. This is how David Ryan shows you a good time. It was great.

Just so you know, if you counted on me from going to a store and deciding whether it was a good stock or not, you'd end up with a cup in your hand begging on the street. There's anything I like. So I try to never – I don't even look at the underlying – because I think it was on the show or maybe it was on IBD Live. Remember I said Cava? It has to work because I hate it. I hate the place. Of course, it turned out great. The stock's great. Yeah.

I was going to ask you because you mentioned, you know, Shake Shack and Texas Roadhouse. And I hate Shake Shack, too. So I don't like Shake Shack either. So that's a good sign. So I mean, Kava, of course, is and I do have a position and I do have a position in Kava. But is this is this one you're continuing to watch or is it like, you know what? If I'm not going to eat there, I'm not going to buy it. No, no, I'm not like that at all. As a matter of fact, I'm just the opposite. If I'm not going to eat there, I'm going to I'm going to consider it.

Because you know your taste. The more I read it, the more I'm going to look at it and say there must be something here. I am the anti-average Joe. Like what most people like, I don't like. It's that simple. And so I realize that. But I don't get into looking at

the product and seeing if I like the product or not. I don't care if I like the product. I care if they're selling the product to somebody else who likes the product. So if they're making it work and the earnings are, you know, the earnings are there, the sales are there. And even if the earnings of the sales aren't there, if the stock is showing great relative strength coming out of the base and it's powerful enough, something's going on. I mean, it's, you know, something's going on. So I let the stock pick me. I don't pick the stocks.

certainly not by the, by the, uh, going and doing the Peter Lynch method. Yeah. Now, one of the things, I mean, you've talked about a lot of different areas here. Um, you haven't really talked about tech, uh, you know, semiconductors, AI, that's, you know, kind of what, and even to a degree, I mean, you know, today it was kind of almost about the nuclear, uh, you know, Amazon, uh, had, had a deal, you know, with the small nuclear things. Um,

John Najarian was on a few weeks ago and he was talking about one of these SMRs, another. So there's kind of almost like this AI related. So not only the chips, but there's the infrastructure in terms of the energy plays. I mean, heck, XLU, the utility sector, SPDR ETF has been one of the kind of standout areas for a while, which is not normally what you see with the market at highs.

that XLU would be at highs too. So what's your kind of take on the AI and, you know, capitalizing on that? Well, first of all, I go wherever the setups are. So if their setups are there, if it's in tech, it's in tech. If it's in retail, wherever it is, that's where I'm going to go. As far as AI is concerned, I personally, my feeling on AI is that it's,

Really, there's an incredible amount, so much exuberance for it. I think it can't possibly, like open AI or something, I don't think it can possibly come out and be a successful IPO for very long. It's like, to me, it's a Facebook, where it's so anticipated, everybody wants to own it, that it probably is going to be a non-event or a very short term. I think AI is old. There's just too much optimism for it right now. I don't think it's nearly as...

I don't think it's as good as it's at least right now. You know, I don't think it's as, I'm not as bullish on it as I think a lot of people, although it's very cool. And, you know, we're, we've got an AI right now that we've been developing for the last year and we're going to be releasing it next year. Um, it's Minervini AI. It reads the charts. It's, it tells you what's going. It's pretty, it's pretty cool. Uh,

But it's not magical. It's, you know, it's not. I haven't seen it to be this, you know, unbelievable holy grail that everybody's making it out to be. And I think even if it is, it doesn't matter. Even if something is great, it's how much premium is on it. You know, what the market's a discounting mechanism. So let's just say, OK, the earnings are going to be

Bigger than any other company that's going to go on for 10 years. Well, if they're pricing in 20 years of earnings, then it's going to go down. So it's really what the market's pricing in. I think I think AI is being priced in. But there's areas like AMSC today. We actually put it on our focus list.

Just before it took off. I don't know. Did it end up closing up big? I didn't look at it. Yeah. American superconductor. Yeah. What did it close? It closed right. Twenty six. Thirty nine. Ten or twelve percent or even more. Right. Yeah. Thirteen percent. So this one, we actually put this on today. I didn't buy it, though, but we put it on our focus list. I normally won't put something like this because the 50 percent correction, it's very close to

But for a trade, this held up so well with that tech news that was so bad and a lot of stocks got hammered. And this stock just stayed tight. It felt like it just wanted to go. So put it on for a trade. I probably just would just sell if I did buy it. I would probably just sell it at the strength in a couple of days. If I got it was up 13, 15 percent in a few days. But yeah, so the tech area.

You know, NVIDIA is the leader, you know, and when if NVIDIA falters, you know, then, you know, the whole market has to come after that, I would think. But still, you see NVIDIA still said, you know, sitting in a base there. NVIDIA basically is a NASDAQ now, too. So, you know, these stocks are they're the market, you know? Yeah. So you're getting NVIDIA.

you're going to get market returns most likely. You may get a little bit of leverage, but you're going to just get market returns. You've got to realize as these companies get bigger and they become stalwarts, they're just becoming market performers, and you're not going to outperform the market in market stocks.

So this is where you have to start looking for the next NVIDIAs, the companies that you don't know. You didn't know NVIDIA. It's 15, 20 years ago. Nobody knew a lot of these companies. And I was buying Amazon in 1997, Yahoo in 1997. I was buying Dick's Sporting Goods in the early 2000s, whatever it is, all these names, even Microsoft. I was buying Microsoft in the late 80s, early 90s. Nobody knew Microsoft. Very few people knew who Microsoft was.

or Home Depot and Costco. Costco wholesale. I was buying Costco in 1991. During the Iraq War, right? During the Iraq War, yeah. It was one of the big couple handles that was breaking out. Yeah, January 15th, everything broke out. And right as we went to war, everything broke out. Investors Business Daily ran a front page story. It said, cup with handles proliferate. And everything broke out of these big cup with handles.

But those companies were mid-cap companies that very few people knew. So that's what you have to look for now going forward. Yeah. And, you know, to your point earlier, I mean, Facebook was well anticipated when it came out. Didn't do much for a year. But when it finally did something, it was when...

They basically showed the market, hey, we know how to monetize this. Well, you'll see the earnings. If you look at the earnings of Facebook, when it wasn't doing well, there were losses. Then the earnings started coming in and they came in very strong. And they had, if you do a rolling two quarter average,

post after the first year, that correction when it started. Yeah. As it started moving right up that right side there, that's where the earnings came in and they and they started coming in strong. And so they delivered the goods. This is another thing. You know, if you read O'Neill's book, you read my books, you'll see that you don't have to guess. You don't have to predict when the earnings are coming in because 75 percent of the stocks that do well in the market, the earnings are already on the table for several quarters.

So don't think you have to guess. Demand that you have everything on the table. A couple other stuff. ITRI. Yeah, well, Mark, just very quickly here. So I went back for Meta back to 2013, and I highlighted that's when the earnings came in for mobile. And that's when, oh, they've got this figured out. Yeah, it was only up 29, almost 30% in one day.

750% volume. That's when Wall Street was like, okay, the earnings are here. Let's grab as many shares as we can. I'm getting old and I'm definitely not as good as I used to be, but I have a Rolodex in here for precedence that goes back to the early 1900s. So a couple of the stocks, I mean, Bitcoin also has been now

moving sideways for a while, this could be getting ready to move. I still think there might be a little more work needed, but that's a nice consolidation. I'd like to see that maybe tighten up a bit more and come out from there. It's CORZ is one that we own. It's a lower price. That's sort of a leverage off of Bitcoin or off of crypto. ITRI is one that I'll just give you a few that are still in basis that we either own or

We're looking at ITRI. Actually, we own some ITRI. I said, Shaq, Sweetgreen. I just saw it was just in Charlotte, North Carolina, actually at NASCAR. And and I saw Sweetgreen for the first time. Unfortunately, I couldn't go in because it was at 11 o'clock at night. I just walked by it. But they had some interesting that's some interesting sort of conveyor belt.

way of like distributing the food or something. It looked very industrial. It's exactly like Chipotle, so it's solid. Madison Square Garden, MSGE. It's a great franchise worth a lot of money. I guess that's a reorg because there was already a stock prior to this, so I don't know how it looks like. I think they spun off Sphere.

I don't know. Yeah. So I think sphere, they, they, they might've used that to spin it off. Yeah. Something like that. But, but yeah. So, and, and usually companies, you know, when you spin offs, usually want to look at the spinoffs because the companies will spin off their best divisions. Um,

Um, and sometimes, I mean, sometimes they get rid of their worst divisions, but usually they, they, they can't spend those off because they're no good. Uh, but they'll spend off their, their, their, their better division sphere is another one. You know, I've been looking at that and waiting for, uh, waiting for that to maybe set up that that's putting in a big base. Um, uh, that, that's a pretty, you know, that, that sphere is like, you know, it's wonder of the world. Um, yeah.

So, uh, um, at Schwab, I was short and I covered, and then I just reshorted it today. Um, on the pop, if you look at it daily, it popped, um,

Yeah, had an earnings gap there. I shortened. I'm keeping a pretty tight leash on it. Just a couple percent above those recent highs. If it doesn't just come in, I'm out. So why did you short this one? It was just going into a lot of supply? A lot of volatility going into supply. If it's going to come off, this is it. You see right where it collapsed there. You look at a longer-term chart. You look at a weekly. That's what I call a ledge. I would have much rather had it just come off on the ledge. I don't like this rallying.

But I think for a trade, you know, it may come in here. So, again, the rally definitely was strong. And I got it. That's why I said I'm going to keep it on a very, very tight leash. I'm probably going to be wrong on Schwab. But keep in mind, you know, I've made about one tenth of one percent of my wealth from shorting.

So it's not something that I do very often. I do very well. So that's probably it. And you're keeping your loss tight on that. Very tight. Yeah, a couple percent. Yeah, a couple percent. So again, yeah. So that, I mean, that's, oh, D-U-O-L. That's, so this D-U-O-L, yeah.

is interesting. I just started learning about it a little bit, but I don't know if, do you remember baby Einstein? I don't know if you remember. Oh, I remember that. Yep. I played that for my oldest daughter. So this was, this could be a very lucrative baby. Einstein had a CD that there was like, there was music to pictures and the ladies sold it for $400 million. Yeah. That like really made me realize like this space of what's available there. Um,

I still hear that Mozart playing in my head sometimes. Yeah, yeah, yeah. Yeah, same thing here for my daughter. So that kind of that kind of, you know, rang in my head when I when I saw this. Now, it just went, you can see after its IPO, it just hit new high ground. I love IPOs that hit new high ground and are coming out of bases.

This goes back to Livermore. If you pick up How to Trade in Stocks by Jesse Livermore, a little book, I don't know, 80, 100 pages, one of my favorite books. He talks about IPOs when they hit a new high. It's amazing on how that tactic is still true today, 100 years later. So I always look at IPOs, especially if they're coming out of a base, a

And this, again, has that sort of LinkedIn look or Facebook where it goes public, has the big correction, then comes back. Now, when I want to start looking at this is when it hits that new high ground or very close to that new high ground coming out of the base. And you've got what I call a power play. It's sort of a high-tight flag. This isn't really coming off of the lows, but it did double in a short period of time. The thing that's really interesting, I think impressive, if you will, is that it only pulled

back, I think that pullback is like 7% or 8%. Yeah, it's tiny. After the stock went up 100% now, that means there's no selling at all. There's no supply. Now, that can change. That could change tomorrow and the winds can change and some seller can come out of the woodwork of some big fund that wants to unload. But after a stock goes up 100% and it doesn't come back 8%, I'm usually, if that consolidates for a few weeks, I'm usually a buyer if it moves up.

and breaks out because it's just showing such incredible power at saying something's going on there. Just a matter of whether it's going to continue or not. Yeah.

Well, Mark, you've really shared a lot of great ideas. And I think, you know, more importantly, you've put it in the context of history. Um, you know, that's, that's really important. And, you know, speaking of which I want to kind of just, you know, do a quick plug because you do have a master trading program coming up soon. And, uh, this is, this is just, I mean, it's, it's a, it's a great thing. I know Arush has been there. I know Scott's been there. Um,

you know, November 2nd through 3rd. Uh, I, so it's, it's what two weekends. I don't think we're going to be able to have anybody come anymore. So, so yeah, we've got the November 2nd through 3rd and then the 9th through 11th. Yeah. That's coming up. Yeah. It's only a couple of weeks. Yeah. Yeah. So it's online. Uh,

Uh, you know, and you have Mark Ritchie, uh, the second, who is your, uh, you know, uh, my co-instructor co-instructor. And, you know, he's been, Ryan was my co-instructor at the master trader program for, I think seven or eight years. Right. Yeah. And Mark is incredible. Um, he's, uh, you know, he,

knows the strategy better than just about anybody. And he attended your first one too, right? The very first Master Trader. I know we've said this before and some people have heard this, but it's still really impressive that Brandon Hedgepath and Mark Ritchie, who a lot of people are getting to know now because of shows like this and so forth, are my two assistants who work for me now for a number of years. But they came to my very first Master Trader program in 2010. And Brandon was a 20...

I don't know, 21, 22 or 20 year old kid who sold his car to pay for it. And they went from about a $50,000 trading account to now they managed 25 million of their own money. And they, and they, and they work for me. They're my, they're my right hand, right hand to men on a daily basis. Yeah. They're amazing. And so Mark will be my, there's an interview on, on Twitter that I just posted. That was with, uh, that we did with, uh,

the TraderLion conference where we, myself, Mark and Brandon did a, did an interview together, a group interview. And it's, it's, you could listen to those guys. They're, they're really sharp.

Yeah, so definitely something that people can check out. It is coming up. And again, a lot of a lot of folks talk very highly about all of the learning lessons there. And again, not just about current stocks. It's really about that kind of history. You go through so many charts, the patterns and really kind of drum that home for folks so that they can recognize those future winners in the future, because that's really what it's all about.

Yeah. And I don't know if the market surge, of course, previously, Marketsmith has been our sponsor for, I don't even know how many years now, probably eight years or so. But I don't think that I think we're the only outside outside unaffiliated seminar that they've ever sponsored. So we're happy to have market surge as a sponsor. And we even go over the market surge platform. That's one of the things that we do at the Master Trader Program. And Arusha used to come and be the

come every year and teach me something about after using it for 30 years that I still didn't know. It was great. And I was always impressed with how well Mark knew it. I was like, Mark, you don't need me. And you also, you also work together to kind of get that Minervini trend in market surge. That's right. That kind of get, you know, kind of share with the market surge folks, some of the screens that you use. And, you know, there's, there's a number of Minervini specific screens in market surge now because of that partnership that we've had. So,

So we certainly appreciate that partnership. And again, you know, can't speak highly enough about your program and what folks learn. Of course, you also have the books and your Twitter or X account, as we mentioned before, at Mark Minervini. And if you need to register for the Master Trader program, it's 4stocktraders.com. 4stocktraders.com. Yeah, number 4stocktraders.com. Perfect.

Perfect. Well, Mark, it's always a pleasure having you on. I think you're going to be on IBD Live later on this month. So people should definitely check that out because, you know, it's going to be another, you know, great, great learning lesson from you when we have you on IBD Live later on this month. So thanks a lot for coming and sharing your knowledge. Really appreciate it. Hey, thanks for having me. It's always fun. I appreciate you having me on.

Yeah, absolutely. That's going to wrap it up for us this week. Thank you so much for joining us and thank you for all those YouTube comments. Really great stuff that I got from there. And we covered a lot of stocks that folks were asking about. So well done on Mark's part. Make sure you tune in next week because we've got John Kosar coming back to the show. John, of course, he's been on a number of times. He is the founder of Asbury Research, has some great stuff on terms of the...

a SIF model and his Asbury six. So really interesting things in terms of the way he looks at the market, very in tune with the strength based system that we use. So it'll be great to have John on again. So that wraps it up for us this week. We'll see you all next time. Thanks for watching.

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