Is This The "Trump Put" Markets Have Been Waiting For?
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On the Tape.

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Welcome to the Monday Risk Reversal Podcast. I'm Dan Nathan, joined by Guy Adami. Guy, good morning. Yo, what's up? We had great conversations last week that we'll carry over into this week, Dan Nathan. Yeah, we had a lot of stuff. Rosie David Rosenberg of Rosenberg Research, that dropped on Friday morning. We had Jeff Richards on Thursday of Notable Capital. And we had Marco Kalanovic, the former head strategist at JPMorgan. All of them, Guy, are in the Risk Reversal feed. And there's probably a few...

of me and you just going back and forth a little bit. But when you said what is up, the stock market is up today. Yields are up a little bit today. Your gold's up a little bit. The VIX is down. You know, so we get this news over the weekend. We're going to hit all that as it relates to tariffs. We definitely want to take a look back and just some of the names that reported earnings Thursday night and how those stocks performed.

traded. There's some movement by research analysts upgrading some stuff, downgrading the others. And then Mike Wilson of Morgan Stanley talking about a tradable rally. I think last Monday he was kind of in that camp. 5500 was the level in the S&P that it had to hold. Let's talk about the tariff stuff really quickly, because, again, I don't think anything is official out of the Trump administration. I think late last week Trump tweeted something about April 2nd still as

America Liberation Day. I think you and I were both in the camp over the last month or so that the likelihood of him pulling back from the worst case scenarios is probably better than expected. My view all along has been like whatever you think the base case is as it relates to tariffs, that's probably what we end up with. And you know, the last thing guy, there was all this debate whether there was a Trump put in the market. I think we just saw it. My sense is and I think

you're spot on in terms of identifying that Trump put, as much as they say they're more focused on

bond yields and rates, I think obviously the stock market has to be something they're looking at as well. And we've said for a while, sort of that level we traded down to, which was the level that we started off late October into November around election was going to be sort of a, I don't know, a bit of a focal point in terms of we don't want the market to get much lower than that. So if that's your base, my instincts were they were going to do anything they could to sort of assuage your concerns

of market participants around those levels. In other words, say what they needed to say to get the market to bounce. And I think that's pretty much what you saw in terms of what they said about the tariffs, sort of a diluted version of the tariffs, I guess is my takeaway. Now, the next question will be, well, why are rates higher on the back of that?

I would submit they're probably higher because as the market went lower, there was a flight to quality in the form of the bond market. And now that these tariffs are seemingly going to have less teeth to them that the market thought,

flight back into risk assets, flight out of the bond market yields higher. I mean, that might be simplistic, but I think that's what's probably going on. Yeah. So you mentioned that November 5th date in the S&P 500. So not only did we round trip that at the lows, we got down to what, 5565 or something like that. And to your point, that kind of 5500 number or so is something that has been

technical level that a lot of folks actually the the low guy was 5504 intraday so we're about four percent off of that you know it's interesting when you talk about you know the the round trip from the elections you know the January low intraday was just below 5800 the S&P right now as we're talking is kind of 5733 or so and the close on November 5th was 5782 and you know that

gap that we had on the earnings or excuse me, on the election day. Right. That seems to be like a pretty interesting, you know, resistance level. So let's see what happens when we get there. I want to go to, you know, Mike Wilson. So he's talking about a tradable rally. Like I said before, you know, he thought that was kind of getting to the point

last week, but he's also talking about a re-rotation into the Magnificent Seven. We call it the fateful eight. I know you do. And when you think about that, he's talking about seasonality. He's talking about a weak dollar. He's talking about yields that are low. And then he's talking about EPS revisions for the Mag Seven. So again, that's yet to be seen over the last six to nine months. We haven't seen revisions higher in most of the Mag Seven. So

Thoughts on a tradable rally? Because right now, I think you and I are both in agreement. When you have an S&P that gaps up on a Monday without, you know, listen, there's no confirmed news of the tariff stuff. You better hold right here.

Yeah, listen, Mike Wilson, obviously every time he speaks, you want to take notice. You don't have to agree with him, but I think you have to respect the man's opinion. And it's something we talked about last week. We thought we potentially could have seen a bit of a tradable bottom in the form of those levels that you just mentioned for a number of different reasons.

And then we thought we could maybe trade up to the uptrend line in the market in terms of the S&P that had been broken to the downside. And that's seemingly what's going on here. I mean, I think a logical place, if I'm playing a little stock market here, for the market to sort of peter out would be about 5850 or so. And that lines up with the sort of the lows that we saw yesterday.

back in January before we bounced up to a new all-time high. So it makes sense. The market clearly was probably oversold in the short term. The VIX remained above 20 for, I think, close to 15 or so trading days. We're obviously below it now. I think this is lowest the VIX has seen since early March. So

A lot of things make sense, but I will say that what I think we're seeing here is one of these countertrend rallies off a market that I think is in the collective going lower at some point later, probably not this month as the month comes to an end, but as we get into April for sure.

Yeah. Do you believe in that sort of seasonality thing? I mean, obviously it hasn't been a great quarter for the S&P 500. And, you know, for all intents and purposes, I think you and I would agree that, you know, a little bit of the froth taking out of the market, especially when you see the S&P at its lows down 10%. We talked about all of the fateful eight were down more than 20% at their lows. So you had the prior leadership lead to the downside, and then you had them massively outperform versus the broad majority.

market here. You know, it's interesting because on a day like today, you know, Microsoft and Apple don't trade particularly well relative to, let's say, an Amazon that's up 2%. Meta's up 3.5% or so. Tesla is up nearly 6%. Tesla's had a heck of a couple-day rally. I think it's up about 11% or so. And they're going to have, at the end of the month, they're going to have Q1 deliveries.

So we talked about Tesla, I think, last week at length. Well, obviously, we talk about it every week at length. But last week in terms of, again, a tradable level, we talked about, I thought 240 or so was going to be support. We got obviously lower than that. But we had said a number of times, if you're playing it from the short side, you're probably pushing against something that's

probably not there and i thought you could see a bounce all the way to 285 and i'll stand by that i mean as we're sitting here right now at two what 62 or 263 you know i think it's reasonable to see it bounce back to those levels pretty easily and then probably continue that downward trajectory that we've seen in the form of maybe those delivery numbers but i think you would submit as well

so much of the bad news in terms of deliveries is probably baked into this move lower than if they just come in in line or even slightly better you know there's probably another lake higher in the name yeah you and i mentioned that um last week we just didn't think it was a good press considering all the bad news i mean there was there was a day last week guy where we were stacking up the negative headlines from across you know the markets and we're like holy shit i mean that's

So that's a lot going on there. So it'll be interesting to see though if the Mag 7 can continue the outperformance to the upside, the way it outperformed to the downside. But that's also important to me because it really can't get going. I just don't see the market kind of having a whole heck of a lot of steam to the upside above 5800. Guy, on days like today where there is a sea of green on my fact set.

I always think it's interesting to kind of look at what is not participating So a couple things right here some of the defensive sectors that is not really gonna surprise you you see, you know AT&T and Verizon they're down a little bit but they're red you see a bunch of pharma stuff that is Red I'm looking at Chinese equities that are down. I'm looking at Baba PDD k-web is down a little bit and then some of the the

the EVs out of China, Xpen, NIO and BYD. Anything on China equities that you would expect? Because again, the tariff stuff obviously affects the narrative as it relates to China and they're kind of in the stock market.

Yeah, we're getting a little bit. Listen, I mean, I think my views on the FXI and some of these individual names are probably should be well known at least. And obviously with the FXI coming off a little bit from these recent highs, I think the FXI traded as high as 39 or so, maybe 38 and three quarters.

I guess it makes sense. But as I said a number of times, you're at levels in the FXI we haven't seen in probably three years. And I think what we're going to see is this stair-step thing, two steps higher, one step lower, or three and two, whatever you want to look at. So I think the sell-offs make a little bit of sense here. But just me personally, I don't think the move higher in these Chinese equities ETFs are over by any stretch of the imagination. Yeah. So a couple of weeks ago on Fast Money, we had Carter on.

- Our producers who you like to say like to produce segments, that's kind of what, you know, it's kind of in the name a little bit. There was one day in the afternoon after we did our rundown or our call at 12:30, you know, based on what we were saying, you know, the producers come back and say, "Hey, what's one name?

or one sector that might getting you think that the sell-off is kind of getting long in the tooth and that you would like to lead to the upside. Mine was these KKR, Apollo. I think I said Apollo in particular because, again, they were down 30% from their recent all-time highs. I mean, a very precipitous drop. And some were down more. KKR went from like 170 to 105. And literally, that was a month.

I mean, like, think about that. Right. And so to me, a bounce in that sector would show some sort of stabilization, stabilization as you think about just a whole host of the issues coming into this year. You know, you're talking about a better deal environment, you know, a better environment for financial companies, maybe a yield curve that was more favorable to these sorts of companies. So the fact that folks were so willing to sell the hell out of these stocks, now you have Apollo.

and you have Blackstone up double digits, KKR is up double digits. I just think that price action is pretty interesting to me because I think that's the riskier play as it relates to financials, money centers, or even the investment banks. Well, you mentioned KKR. I think it traded at 170 at the end of January. And that was a straight line lower to about 105 or so. I think we traded down to...

a few weeks or so ago now we're bouncing but i think your point is well taken it probably took kkr six or seven months to make the move from 105 to 170 it took basically a month to give the entire thing back and that's to me that's problematic i mean it suggests that a lot of these stocks are sort of built in sand a little bit you can see how vulnerable they are the downside

But if people even remotely think you're getting the all clear sign, they're going to start to nibble, if not sort of gobble back these names that have been sold off in a very meaningful way. And obviously the names you mentioned, KKR, Blackstone, Apollo, Thor Carlisle group in there as well. They sort of fit that bill. The question is how long you want to play this game of chicken. I think it can last again, you know, 58, 35 to 58, 50 in the S and P, which is about a hundred or so handles higher than where we're currently trading and

That to me is a level that's going to be pretty significant resistance. And I think there's a relatively good chance we get there.

Question is what happens to some of these underlying stocks along the way and how long do you want to sort of play that game of musical chairs? Yeah. And so another thing I just mentioned, I like to see what's acting poorly on days like this or vice versa, you know, on a big down day, what's acting well, you know, a name that you had been talking about. I know you liked before its earnings when they came out in early February was the Pinterest. Is that what you call it? The Pinterest or, or you just, or you were the,

want to go back every time we don't have this capability maybe maybe jacob can do this um you know every time you mention that on cnbc's fast money the producers just they have it ready to go um you know your your i guess it was gonna say your pinterest page you know what i mean that sort of thing from i think it was from like 2013 or something like that um so when we think about the gap that this stock had um after its q4 earnings it kept up

20%. Early February. Yeah, early February. And then it quickly gave it all back. It filled in the entire gap. Now, you could say the market had a pretty difficult time over that period, but it went from like 141 down to like 132 or so. A 30. Yeah.

30. yeah well no one in front of it yeah i mean so oh it went down to like 32 did i say 132. yeah no that's okay but yeah it went from like 32 to 45 i think ish yeah and then gave the entire move back yeah so on days like today i i find it kind of interesting because if the fundamentals are intact right if nothing really um you know

you know, got that much worse over the last kind of five or six weeks or so. You might think that this is not a bad level in a name like this guy. Yeah. And, you know, maybe it only got a little north of 40, but your point is taken. I mean, the stock gap, it was a pretty, probably the biggest gap we've seen to the upside since the spring of 2024, when it had a similar move, I think from 35 to about 43 or so. So it's not like we haven't seen moves like this

before in the name and if you go back and look you know that move subsequently was given back into the middle of summer and then we built on it again so we've seen sort of fits and starts in pinterest but you know if you're looking to sort of if you're looking for a name that's probably at levels where it makes sense to sort of dip your toe again i think pinterest is a great name to sort of pull out of thin air right here

- Yeah, and I also think it's a great example that investors obviously were hesitant into the print and you had that 20% gap. And then since then, like at the lows recently was down about 25% or so. It just shows you like the chase that we were in, even back in January for Decent Stories and then how quickly, and we call it in the business kind of weak hands, right? So if you're chasing this thing up, it wouldn't take a whole heck of a lot for you to kind of puke it out.

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On Friday, after earnings, we had Nike, which gapped to five-year lows nearly. I mean, you have to go back to the COVID low after their earnings. FedEx was at 52-week lows, a big move to the downside. And then Micron. Let's take them in that order. Nike, a lot of Nike problems. We know there's a new CEO. I also think it's interesting that Lulu is going to report later this week or so. Guy, is this thing... Listen...

not just the company problems that we have. We have discretionary spending problems. We also have China problems, right? Tariffs and the like here. I mean, I got to tell you, man, we were talking about it last week. We couldn't find a good reason to buy the stock into the print. But we also said if you get this thing with a six handle, you know what I mean? It might make some sense. I think you'd have to draw a line in the sand at the March 2020 lows where you want to start buying the stock.

And I think if I'm not mistaken, the March 2020 lows, and you probably have it in front of you so you can pick it up, is probably around $60 or so. Maybe even we breached $60. So let's just talk about Nike real quick. And I think we've done a decent job with this name. A stock that made an all-time high, I want to say in the fall of 2021-ish, right, around $178 or thereabouts.

Think about where we are now. Sub-70 was pretty remarkable. So this has had a really rough few years. And obviously, this was not tariffs for the majority of this. Now, I think to a certain extent, that's probably out there in the ether. But

Nike, 50% of their revenues come from North America, pretty saturated market now with seemingly a lot of competition. Their China business, though, has been deteriorating. And my sense, it's going to continue to do so. So any growth driver you're hoping to get from China, I don't think is there. Then it just comes down to a certain point, valuation, inflation.

And the competition, it's been out there. And there is competition in a meaningful way. And this is now a four-year situation where the stock has given it up. I think you're right to point out there will be a level to buy this stock. But even at 67.5, which is where we're trading it right now, I don't think we're there yet. Now, if you have a longer view, if you think, you know what, I'll risk 7, 10,

$15 even potentially to the downside to look for a move back up to, you know, the mid 120s, 130s. Okay. I mean, if you think that's got it in the tank, but, you know, I think that just in my opinion, in terms of the stock,

I think the sort of the go-go glory days of Nike are probably over for quite some time. Yeah, we've talked about a lot of competition there. You know, On is one of the big ones. Hoka. There's a whole host of names that are really kind of taking some of their share as it relates to footwear. And to your point about levels, Guy, so the stock started 2018 at $60,000.

And then it proceeded to go as high as, let's say, 105 into COVID. And then it went from 105 to 60, had a V bottom, but 60 to 180, okay, over the next almost two years or so. And since that high at 180 in late 21, God, you had those numbers, you had those levels kind of nailed, you know, it's gone down 65% or something like that.

So, you know, I would have liked to have seen that thing absolutely puked. You know what I mean? A massive, massive volume day kind of kiss 60 or so. And then, you know, like that thing, if you had the ability to dollar cost average, that would make some sense to me. And, you know, the sentiment couldn't be worse. The competitive stuff, the discretionary spend, you know, all the other things. But to me, this one's getting a little close. All right.

FedEx, I know you're going to say a lot of FedEx's problems are FedEx induced, but there was also a lot of case to be made that just kind of their industrial business wasn't doing particularly well. So there's some macro stuff going on there, too. No, I mean, it's clearly macro stuff going on. If you listen to the commentary, it suggests everything we've been talking about now for a while in terms of the macro industry.

in terms of the slowdown that they're probably seeing. But a lot of it, again, is self-inflicted wounds. Now, this is, to me, a pretty interesting situation because you can obviously make a pretty compelling case for FedEx over the last few years just on valuation alone. And sometimes that's worked.

worked other times it hasn't we're in sort of that it hasn't worked period of time but now you look at this stock um it's starting to roll over a little bit here and I think you got to be concerned I think we traded down to 230 or so last week we're bouncing a little bit here you know if we were to sort of break 225 Dan which was I think the support we saw back in October of 2023

Then you're saying, Hmm, what's going on here in FedEx and how low can it possibly go? And I would submit it could probably get into the mid one nineties or so. So to me, you know, you're pretty, I mean, we've given ourselves a bit of a reprieve today, but you're huge technical support levels. I think. All right. Last one that reported last week or on Thursday night was micron stock was down. Um,

This is also one that you and I thought that, you know, couldn't find too many good reasons, you know, for this thing to rally. And I think the takeaway, and I suspect you were on CNBC's Fast Money Thursday night as the results were coming out. I think it was trading up a little bit at first. And then as, you know, folks were kind of digging in to just some of the numbers. I mean, their gross margin was really bad in the quarter. The guidance was really bad. They were talking about low yields and their high bandwidth.

memory though that's the sort of memory that goes into ai servers and then nand um you know was bad um so down 18 percent um year over year on the pricing there so it doesn't seem like a whole heck of a lot you say it all the time it's a very cyclical business but you would think that secular shift into ai servers would have been the thing that would keep this thing to

But we also talked about, you know, in early 23, the stock was trading 58 bucks and then it had that crazy move in early 24. It nearly got to 160. So here we are at 97 and a half or so a cheap stock. You know, I get it. It's also very near guy, the 2021 and 2022 highs, which served as, you know, maybe that's somewhat support because it was resistance in the years prior.

Yeah, you know, I was surprised. The knee-jerk reaction in Micron was higher, and it sort of left me scratching my head a bit. But I think the market learned its lesson from the last couple of quarters, where you had those significant moves higher, only to give the entire thing back, and more so over the next couple of weeks. So maybe this time, the market just sort of got ahead of things that was sort of inevitable. If you look

I mean, 97, 98, a hundred dollars. I mean, this is where the stock has been going sideways since I want to say, I don't know, July of last year or so you've had some moves higher, some moves lower, but this seems to be sort of the equilibrium price. Again, you mentioned people talk about micron evaluation. It's always going to look cheap. But,

But when you are a cyclical commoditized company, when you look cheap is typically the times to avoid it. And I think you're probably in one of those times. That quarter and that guidance does not suggest to me you're going to see a huge move higher in the near future in Micron. Yeah, no doubt. So Micron is one of the big customers is Dell. I'm looking right here to see if they sell into Supermicro.

They must do. I can't imagine. Like, obviously, there's competition as it relates to Samsung and the like. But Supermicro guy downgraded at Goldman Sachs this morning. It's trading down about 25. Actually downgraded to a sell, which is not something you see too frequently here. And, you know, one of the things that interests me about like a Supermicro and really kind of, you know, kind of drawing the line between.

Micron and what we've heard from Dell and the hyperscalers in general and NVIDIA, generally the kind of malaise in and around the news flows there. This CoreWeave, which is meant to go public, a $32 billion deal. And we don't have to get into that. But to me, CoreWeave, obviously, they don't own the data centers, but they buy a whole heck of a lot of

Nvidia GPUs and then they run them out. Microsoft is a 62% customer. But I do think it's interesting that Goldman goes to a sell in Supermicro here. Just give me the way you're thinking about the psychology in and around this trade. Because I do believe that CoreWeave has the potential to be a very, very important footnote as we think about this kind of AI trade. Yeah, well, there's a lot of hair around the Supermicro trade for quite some time. I mean, I think it was this time

last year, if I'm not mistaken, you saw a stock go north of $110 or so, and everybody was sort of in the super micro camp. And then obviously, they get that short sell report that sort of punched some holes in the story. And then they've sort of gone from there. I mean, for Goldman to come out with a sell is pretty interesting. If you had watched Fast Money in January, and I was saying it for a while, and I missed

I was close. You know, I thought this stock would get up to 72 or so on the back of nothing other than short covering and some hope. And then you sell it again. I think I want to say we got up to maybe 62 or so in the middle of February. And then obviously, you know,

We're starting to do the fade. And I think it continues to fade. I'm not suggesting people should trade it from the short side because you can see what happens with names like this on the short covering rallies. But this is a stock that was everybody's darling a year or so ago. Now the bloom is off the rose. The question to your point, though, is there any sort of

knock-on effects there are any companies that sort of find themselves in the crosshairs or in sort of tangentially in terms of what super micro does you mentioned dell but i mean i think there's some nvidia um concerns potentially around this as well all right this is an interesting one i love it when a brokerage house will upgrade one stock and then downgrade the competitor or vice versa so this is boeing and this is one again i i don't i'm not trying to toot your horn here guy we've done a

uh, on the pod today here, but Boeing is a name, um, that you kind of would like, you talked about this secondary, I'll let you kind of get into the levels a little bit. And it felt like that was sort of a, uh, you know, a bottom. There was a big, uh, I was a big holder that was just kind of puking it out very near the lows. And I think that might've been, you know, below one 40 back in, in the fall or so. And the stock's been really volatile just over the last month or so. So Milius research, they upgrade Boeing and downgrade Lockheed and, uh,

Boeing won this next-gen fighter deal, and Lockheed obviously lost it. So thoughts here, because Boeing has gone from, I want to say, 147. 186 to 145 or something. We're going to get down to, I think, recently. Yeah, just recently it was 146-ish or something like that. 146-ish. And now here we are at 182 again. So the volatility is extraordinary. You know, we had Stephanie Link on the On the Tape podcast a month and a half or two months ago, I think,

And Boeing is one of the names she really thinks can perform well. And I agree with her that day, and I continue to agree with her. I will tell you, I didn't see that move from 185 to 146 coming. I don't think a lot of people did, and it was dramatic. But we've gotten the entire thing back pretty much, and I think we're going to continue to build on this. And I think the price target I saw was 205, and I don't think that's unreasonable at all. And I'll say again,

And I've said this about a number of companies. A move to 205 does not suggest that Boeing is fixed by any stretch of imagination, but you can see this sort of levitation on the back of the lack of negative news, which I think you're going to see for a period of time. All right. And then on earnings this week, there's not a whole heck of a lot. I mentioned Lulu before. I think KBH, you know,

is after the close today, you know, home builders have not had a particularly good run. You know, even with yields coming down, right, the 10-year yield, you would have thought they would have acted a little bit better. All right, let's kind of put a bow on this whole tariff situation, guys. So April 2nd, that's...

you know, next, yeah, it's next week. So they're talking about kind of narrowing the sort of, you know, getting a bit more targeted on the tariffs. And it'll be fascinating to see if they just basically come to some BS deal. And when I say BS, it's more like they kind of created the situation on their own, you know, if you think about it. And so the idea that they can pull it back and have some sort of announcement that looks, you know, like they kind of made,

know mexico and canada bow to their wills and we we've seen that a bit you know you see what happened with they're targeting the east coast universities targeting some of these law firms you know they love it when they get these folks to come and grovel and get so i i think that there's the potential for that sort of scenario and under that scenario my question to you is does the stock market keep running

Well, you know, it's, you know, what you're saying basically is, you know, they create a problem and they solve the problem they created. And does the stock market keep running on the back of it? If magically, you know, they back off on these tariffs, but again,

Yeah, I think the answer is maybe, but I think there's a more structural problem here. It's not just tariffs in terms of some of the market's woes. There are other things going on as well. I mean, that's obviously the headline, and that's everything that people are going to run with, which I get. But if it was just tariffs, I'd be a little more optimistic, but it's not. There are a lot of other structural things. But there's also that, if you recall the movie, A Bronx Tale,

when Collagido was running around trying to get this guy who owed him money to sort of pay him back. And then if you remember, Sonny grabbed him and said, how much does this guy owe you? And he said, 20 bucks or whatever it was. Probably a lot of money in the 1960s. He said, for 20 bucks, this guy is out of your life forever. So just let it go. Forget about him. What is he to you? And it's going to be,

potentially wind up their way with tariffs. You know, if China, Mexico, Canada, you know, if they acquiesce just to get the administration off their back in some small way, that might be a win for everybody. And I think that's sort of what we're working towards. Yeah. And the flip side of that guy, just to kind of one up you on the Bronx tale, you know, that scene where Sonny's in the in the bar and, you know, all those bikers come in acting like they can't live.

Yeah. So, you know, these guys are getting all tough and Sonny, you know, is trying to be nice, trying to buy him a drink here, maybe chill those guys out a little bit. But then he walks over the door when they, you know, they don't seem to care too much for his hospitality. He closed the door. He looks at him and he goes, now is you can't leave. And then all his guys come out with like baseball bats and everything like that. I feel like that could be the stock market. If you get a couple of those headlines, you know what I mean? Maybe we find ourselves on the way back. You know, that being said, I,

I just think the thing, and we've asked a lot of guests, this guy over the last few weeks, a lot of the strategists, what is the thing that causes the economy to inflect higher, right? Because over the last couple months, we've just heard the recession, recession, recession. And sometimes that's purely psychological. That's the way a lot of market participants felt into 2023. So just like we kind of got really,

negative in a very short period of time. You know what I mean about the markets? It could go the other way too. So I guess we'll leave it at that. We started the show talking about some of the great conversations we had in the feed from last week. We're also gearing up for a couple of good ones. I speak to Gene Munster later this afternoon. We're going to talk all things tech, really kind of focus on a little bit of what we might hear. We're almost in Q1 earnings season, guy, just in a few weeks or so at the end

of april we're going to get all the big ones so he and i are going to give uh just a little rundown about expectations there especially when you think about what mike wilson said this morning about the positive earnings um you know revisions you know so i don't know if that's going to happen but let's kind of see who's set up to do that and then you and i are going to sit down with brian belsky of bmo that's always a fun conversation with brian

all right i enjoy i enjoy him he's colorful if nothing else yeah so that drops um on friday morning guy and i are going to be here all week monday through thursday 11 a.m that is going to be the market call so we look forward to y'all being back here guy dami let's trade them well here today