Inflation Speeds Up, Economy Slows Down, Can Bitcoin Still Go Up? | Market Mavericks

Inflation Speeds Up, Economy Slows Down, Can Bitcoin Still Go Up? | Market Mavericks

hey everybody welcome back to Market
Mavericks yes there’s been a little
Hiatus but we got the Three Amigos back
together finally how are you guys doing
good hello doing great good man all
right so Scott Scott was out way
gallivanting all around the world you
know so it’s it’s not the mar Mavericks
without you buddy it’s my fault it
is know had to needle you a little on
that but uh just yeah of course I
deserve it but it’s it’s great to be
back guys and let’s get let’s without
further delay let’s get into some of
this action here so so I guess let’s
start with the economy um we got GDP
numbers out this morning Mike uh it was
a sharp drop from expectations I think
it was 1.6% versus 2.5% expected and I
was surprised initially to see yield
surging I was like oh this is weaker
data doesn’t this isn’t this a negative
can’t doesn’t the FED want to cut but
instead we saw yield surging can you
explain what’s going on here yeah I show
it on my screen right now and the GDP
annaly came out of 1.6% expected 2.5%
the first shocking thing about that to
me was
um one’s the last time we had GDP that
came out less than expected they they’ve
been up you know higher than expected of
course it’ll be revised now but on the
screen I’ll show you GDB price index was
3.1 versus expected 3.0 and the PCA um
price index was 3.7 versus 3.4 so much
higher inflation than expected so
stagflation is definitely not not good
for stocks it’s also at that stage where
everybody’s debating whether okay is
this just a bit of a correction to buy
or is this the bigger at least 10%
correction that some of us guilty here
have been looking for and I can dig into
that in a little bit or we can just
around sorry to jump in but just a quick
quick fire on this so so isn’t tomorrow
the pce data so what what pce data came
out today that that caused the market to
or yields to jump yeah this is this is
that’s right this is I’m showing you
screen that was one from the quarter
over quarter um GDP and it’s the high
related so hey tomorrow I’m showing you
how we have PC e the deflators expected
2.6% annual basis a lot of people watch
the month over month at. 3% um that’s
all the stuff we’re the core deflators
expected 2.7 that’s what we’re seeing
tomorrow tomorrow
basically and again correct me if I’m
wrong but basically what what’s going on
here is that the Market’s freaking out
because the economy is weakening but
inflation is still moving higher Mike
can we just really quickly explain
stagflation I just like to not take for
granted that everybody knows what we’re
talking about the last time we had
extended stagflation obviously was the
70s but you’re talking about basically
unemployment Rising that’s the part we
don’t have yet necessarily but high
unemployment inflation so prices rising
and slow growth so you have this
situation which is a B nightmare because
they can’t cut and they can’t raise
because both of those will push a lever
in the wrong direction for one of those
things so I just want to be clear to
people what the problem is if we have a
situation like that and just to even
explain even a little further so during
usually during inflationary periods you
have a strong economy so people are
making more money to offset the rising
prices right but in a stagflation every
period you’re your people are losing
jobs they’re making less money and
prices are going up so they can’t afford
those rises in prices and that’s why
stagl is so so so bad yeah it’s a key
thing that Scott said fed can’t tighten
or fed can’t ease you can’t ease in
stagflation because their job is to keep
interest rates um low and Unemployment
uh unemployment low so they’re stuck um
but it’s in my view it’s a blip it’s a
blip it’s all conting on one thing the
stock market has to go up and it’s not a
coincidence that we had this pretty
sharp rally in the stock market the last
12 months um up 26% Total return and
inflation sticky we had crude oil bounce
and inflation sticky and we also had all
the Fed rate Cuts coming out of the
market that’s just not coincidence it’s
the most I think it’s we’re at that
point and even some economists say where
the stock market is the most significant
it’s ever been in terms of
um um of inflation expectations and risk
on and animal spars I mean it’s just
completely directly correlating you need
the stock market to go down basically I
think for the FED to start easy this way
see yeah no I’m in the same camp with
that I think you get a 10% Plus
correction in the stock market and we
quickly see a rate cut that’s that’s at
least my guess but um but yeah it’s it’s
certainly going to be interesting with
the PC data tomorrow I mean Gold’s
pulled back off of its highs we’ve seen
Silver pull back off of its highs oil is
still holding relatively close to its
recent Highs but but we’ve seen you know
China is trying to get out of the the
hole that they’re in um where where do
we see are you thinking Mike that we’re
seeing this correction we’re already in
the midst of a 10 per correction are you
thinking yeah well I’m I’m biased let me
show a few charts on that um this is the
main one I think that matters it’s just
a chart the S&P 500 people seen it from
me before um and it is um basically
correcting potential we’re going to go
back to that Gap we left this is S&P
minis um and you know I most be and the
key thing has happened is Market started
rolling over we or went higher it’s
taking out all this fed easy and this is
fed fund Futures in one year it’s just
going back up towards par but also at
the same time Commodities are rolling
over so it’s all happening and there’s a
good reason for that it’s historic right
see almost a 20 almost a 20-year low in
volatility and this is one thing I show
you here if you take the vix volatility
index the 52 we moving average you minus
subtract out the t- Bel rate which shows
the high t- Bel rate see that bottoming
process here it’s extremely low that’s
an environment you say okay I don’t want
to be overweight equities when t- belts
are really high and volatility is really
low and how high and low is it it’s
probably bottoming like it was around
2018 when the last time it did that was
basically 2006 and seven that’s part of
the reason I think I I show you here
this gold um gold crude oil ratio is
going to pop up from around 30 to 60
it’s not a lot to expect you know 3,000
gold $50 crude oil um and this to me is
one of the key charts it’s showing
what’s happening we’re starting to see
that convergence where you put
the price of gold per ounce on the same
scale as S&P 500 they’re just stting to
converge a little S&P 500 this dip so
far is absolutely nothing on a big
picture it’s nothing it’s go ahead no no
I was going to say so so we’re talking
about a weakening economy and the big
question Scott is are you still holding
your TLT I am I am so I mean to me
that’s a longer term hedge position I
caught the bottom and I’m just not going
to get shaken out of it uh based on you
know day-to-day data or whatever it’s
not even something that I’ve been
tracking too closely now I got to look
at 87 so yeah I’m in at like 84 yeah
there was some profit to be taken there
but like I said it’s a hedge if we go
into a recession or or we get a great
reset probably be very very happy you
know that that holding that so not
particularly uh concerned yeah in fact
you know just just uh you know I
actually loaded the boat just in the
last week or so here as we’ve been down
in this lower range this have this
beautiful Channel and and really this is
a bullish pattern right I mean you could
call it a cup and handle pattern you
could call it I mean anything but
ultimately this trend line right here is
where where the key is at least on price
action so so I’m actually expecting TLT
to to make a push up here and I think
that jives with what you guys are saying
too in terms of potentially getting a
weaker economy as the stock market
starts pulling back I mean you think
about some of these losses in market cap
and last week Nvidia dropped $200
billion today meta I think at one point
it was down 200 billion now I don’t
think it’s
down huge drops and these are these are
massive positions in people’s portfolios
that were making them feel ridiculously
Rich so that they could spend thus
implying that inflation was going up and
now you have that re reversion kind of
thing going on so so it should be fun I
mean it’s it’s certain volatility is
starting to return the vix is not in the
20s yet but but certainly something that
I do expect in the not too distant
future all right so quickly turning our
attention Scott give us a rundown of
what is going on on bitcoin and in the
crypto markets where where are you
looking are so are you looking at a
bigger pullback than what we have right
now or is this bullish consolidation for
the next breakout yeah here’s here’s my
chart and I actually it’s funny I did a
stream this morning with Mike Alfred and
the title was 90 ,000 Bitcoin and we
were talking about how that was possible
you know in a few months and I don’t
think I’ve ever gotten angrier responses
about a bullish title and I’ve had much
more bullish titles than that which
indicates to me that people are really
already losing their patience with no
new all-time highs on a daily basis and
already thinking we have to go down and
already getting exceptionally bearish
and we see the Euphoria at the top of
ranges and the and the Panic at the
bottom of ranges but if you look at
Bitcoin since 17,000 I mean to me the
the bare Market ended at 25 the First
new high you know higher uh higher high
so just had big moves up consolidation
sideways sometimes for months big move
up consolidation sideways so until
proven otherwise this is a big move up
and we’re trading sideways in a range
and people are panicking every time you
get to the bottom of the range Tay’s old
his time it’s like Beauty and the Beast
I haven’t made a joke about it about it
on Twitter today I made this chart you
know wag me for those who don’t know is
we’re all gonna make it so every time
we’re to high we’re all going to make it
every time we’re to low it’s over high
of the range wag me low of the range
it’s over over and over and over again
and I can see it in the sentiment so
right now actually this morning I
literally got on and people were
panicking I said I’m kind of bullish and
it went up today I’m not saying that’s
the reason but you can set your clock to
the uh stupidity of Twitter and YouTube
trolls who are over emotional and uh you
know probably uh overleveraged or just
not exposed but I mean this is a nice
little higher low potential reversal
candle right now and we’ve had some bad
news right this should be this should be
a terrible candle if if meta drops 20 %
and we’re a tech stock we’re not this
should be a ter terrible candle if gold
is a Senor retracement we’re not this
should be a terrible candle with bad
economic data it’s not I don’t think it
matters on a day-to-day basis to be
clear I’m just saying Bitcoin just going
sideways we don’t need to figure it out
every day yeah yeah and I I saw that I
saw your Tweet about that too is that
it’s it’s not correlated anymore to risk
assets and I I think that’s an
interesting hypothesis it it sometimes
appears to be but I think it’s in this
interim period where you’re right I
think it’s it’s slowly
decoupling more yeah I just think
correlation has to be specified to a
time frame and people don’t do it so
it’s confusing same with bullish or
bearish right it’s on a time frame you
can be shorting something you’re bullish
on for a day if you think it’s going to
go up forever and it’s just very
confusing there’s times when it’s
correlated of course if you have big
events uh all correlations go to one and
then they you know unhinge once again
and for now I think it’s just kind of
chopping sideways so it’s it’s
about the big test and that is right now
Bitcoin is Bucking beta we have to that
I mean certainly lately and the key
levels I think about and I show this in
my chart is like 5,000 S&P 500 and
60,000 agree on bitcoin if if we get the
S&P 500 break below 5,000 and Bitcoin
stays above 60,000 that’s a could
significant sign that bitcoin’s bucking
um bucking beta that would be a good
sign but we still have to get through
the big test and all know they all off
from the record highs and as you said
earlier we expect we both expect Scott I
know about you expect that 10%
correction s sp5 but it’s nothing let’s
get through that and see how Bitcoin
responds right now that’s where it is
it’s to me that’s why I show you this
chart and this is autoscaled on these
bmark charts to you know I have to go
back you go back to like September 2021
it put these as the key support levels
right
now yeah interes yeah I was just going
to say and Gareth touched on this
earlier Mike but I I have the chart up
Gareth you just want to bring it I
literally was just wanted to calculate
so this is s S&P obviously SPX it seen
6% right at the bottom there a few days
ago so 5.91% but if you look at the cues
we’ve already gotten that 8% retracement
right so I I don’t think maybe I’m wrong
but I don’t think 10% is going to move
the needle with policy I think we’d
actually see need to see a much bigger
retracement if we’ve already gotten to
eight on Tech I think you got to be
talking about 15 or 20 for the te fed to
really take notice because this 8% on
Tech has kind of been a nothing Burger
as far as perception I think I think
most people don’t even know it’s down to
be honest they haven’t even probably
looked yeah no I actually think you’re
right about that especi especially tech
tech is is definitely more volatile and
I think it probably has to be down
closer to that 20 handle before it
really forces the FED of the hand the
hand of the FED to to cut rates so so in
terms of just going back to the crypto
side here you know a lot of these
altcoins have fallen like 40 50% from
their highs like is the altcoin bull
market not happening or did it happen
already because all I heard for the
longest time is just wait the altcoin
bull Market’s going to come and and then
these stocks drop 50% yeah I mean I I
think that we’ve had some uh you know I
think that we’ve definitely had
some individual big price moves still to
the upside even in the context of these
draw downs but I listen I’ve been
tweeting about it for a month I got was
getting the classic eviscerated I’m
trying to find it here you go right I
said this on March 18 and my opinion
hasn’t changed that’s five weeks ago I
have some concerns uh top signals I
would normally look for when I’m not
foming or present meme coins going
insane huge run on alt historically
overbought bearish Divergence is showing
across the board on high time frames and
Max greet so every single I would look
for when I’m uh not in the market was
there for a top when we were in the
70,000 right and that’s for altcoins as
well so none of this surprises me but I
will say now if we’re talking about
sentiment as I said we’ve seen a flip
the same Euphoria we have at 74 for all
of this I think we’re getting that same
Panic uh down here in the low 60s so I
think we’re going to start to see alts
move again and I think I haven’t looked
I mean I have this but I know that even
the memes had started pumpy again I’d
seen maybe it was yesterday the dog with
hat was up 20 or 30% or some of these
things so the second that there’s any
glimmer of hope the DG’s go right back
at it you know um but I think that
listen this was a very natural time with
the having and narratives for us to just
cool off and scare some people out of
the market you can’t go up forever and
you can’t let people win at the casino
which is what the mcoin market was and
is can’t win forever they got to get
washed out and then you got to get some
new
blood yeah absolutely um what what do
you guys think about the The Moves In
other Commodities so there’s there’s
Commodities like cocoa up insane amounts
there’s coffee that’s been on a bull run
I mean the moving coffee has been
actually incredible uh to the upside
kind of un not as talked about as C here
but we’ve had this huge breakout here
we’re getting a retrace I mean Mike are
you thinking like are these Commodities
all going to come crashing down or is
there some legs and further upside here
on something like coffee or or Coco Coco
will if history’s a guided did the same
thing to the peak in 1977 and took it
out this year it had some pretty good
technical signals that some of us are
all over that did really well but at
10,000 it’s going to break down coffee
it’s just a matter of time it’s how it’s
How Commodities work they’re not like
equities they go down because they want
go up they go up because they go down
they’re very autocorrelated I can show
you a little chart on Broad Commodities
I’m going to show you I think broad
commodity Market is significantly
peaking with 5% two notes that’s what I
show you in this chart we have the five
the the two note peing around 5% or
touching 5% to me that was the level
last year remember was the level that
yields Peak that’s when crude oil Peak
and that’s when Commodities Peak and
that’s the same thing I show you here
it’s like it’s all peaking right there
at that level and let’s look at the the
most significant commodity on the planet
WTI Crude manage money net positions
petroleum got to near 15% of open
interest those are hedge funds see the
last time it did that’s when crude oil
Peak last year at 95 now we have
management POS manag money net positions
peing about the same thing 15% of open
interest and crude O’s peaking at 87 so
I see that with two signs that
everything is potentially peing um and
there’s one key thing that’s happening
that’s the convergence the macro big
picture of cgb’s which is Chinese
government bonds with jgbs which is
Japanese government bonds and key thing
to look at is the the Chinese 10y note
yield at 2.26% it’s the lowest in our
database for about 20 years back to 2006
it’s collapsing it’s one of the best
indicators in the big picture of
deflationary recessionary forces from
the world’s most significant demand pole
source for Commodities so you can listen
to what they say the rules is you ignore
what they say it’s just particularly in
an autocratic Society has a vested
interest in telling the narrative and
watch what they do or watch surban yelds
Z Bon yelds typically don’t lie that’s a
sign of deflationary forces from from
China is the is the yield curve still
inverted or is it I mean is it I I think
it is still inverted but is it is it
starting to narrow at all I mean we know
that recessions usually are triggered
once that inversion un inverts right
yeah so it’s usually What’s happen so I
like to say if you look at the US 30
yield at 4.81 is what 25 basis points
less than fed funds around five and a
quarter 5 point three and then the or 10
know2 is about that much and then you
look at that at the next the rest of the
yield curve out to the rest of the world
the next largest country in the planet
in terms of GD GDP is China and their 10
year note yield is 2.26% that’s half of
our TBO rate that’s a pretty significant
global economic sign for deflation and
recession yes it’s been delayed
significantly so partly because of one
reason fiscal massive M fiscal stimulus
in the the US and of course we’ve had
this little wealth effect pick up in the
stock market but that’s where I think
everything tilts over I’ve never seen
the inordinate burden of the US Stock
Market going up more significant than
now ever meaning the stock market has to
go up Al otherwise if the US Stock
Market tilts lower those deflationary
dominoes start trickling down hard and
curve shows it Commodities show it um
and everything else is kind of holding
and waiting on that so so what are for
both of you guys like what are some of
the biggest risks right now um you know
I happen to just bring up the dollar Yen
chart um holy cow I mean talk about a
breakout out of a long a big wedge going
back to early 2022 here but I mean like
what do you guys see is like the
potential Black Swan situations is is
and and maybe maybe Mike you could even
explain to the viewers like why is the
dollar Yen going up like this is that a
negative and if so why is it a negative
so I’m I want to start with that it’s
it’s the Unstoppable force of the
strengthening dollar that is breaking
things on a global basis so first look
at us interest rates 5% virtually every
other country in the world there below
that in fact they can’t wait to cut in
Europe why can’t they because they have
the US interest rates are so high
they’re currencies are going to collapse
the dollar is Unstoppable at the moment
then you go to to things like cryptos
you can see the dollar has been adopted
so to me that’s the problem is the
dollar is too strong and that’s the
history of the dollar now people put put
has just declined over time it has over
versus gold and Bitcoin but versus a
basket of other Fiat currencies
particularly the Yen the dollar just
goes up and that’s the problem for the
whole world to me and I I’ll I I’ll
trigger over to what’s the biggest
problem with that is that’s part of the
lose lose for alus assets you see that
chart what’s been really been driving
the strength in the dollar since the
2011 bottom or so is is the
outperformance of US Stock Market now
the US Stock Market is at the highest
ever versus the msci XU
it’s the highest ever it’s 25y year High
versus Commodities and there’s the
problem the US Stock Market basically
has to start underperforming Oro down
for the dollar to go down which is the
lose lose for all risk assets and that’s
what you show there is now the Japanese
well that’s S&P 500 but the Japanese
have to intervene their economy their
their currency collaps and just think of
the price of crude oil in their country
as like doubled this year and they’re
very much deand pull importer of
Commodities everything’s getting
expensive in terms of things they have
to import because their currency is um
melting yeah yeah what I just brought up
here is the S&P versus the hangang and
you can see the Divergence there is just
Inc I mean that is incredible that
Divergence in those two stock markets
and now now would you say that there’s a
potential for a reversion here where the
stock the S&P Falls and and the hangsang
let’s say rallies and then kind of in
the middle well the Japan the the
Japanese have been significant buyers of
ETFs in Japan and there’s very little
reason that China should not do do the
same in fact we had there was recent a
trillions episode was is our ETF um
podcast ja the Chinese will start buying
their own why not I mean they should
that’s how they’re going to help solve
that problem that’s what you fully
expect that so I fully expect to have a
tradeable bounce in things in like the
HSI the Japanese the Chinese are
probably already buying their own bonds
um I mean and they’re probably buying
copper they’re certainly buying gold
yeah gold why not stocks you got mean
look what so they’re in a severe
deflationary Force you can’t really see
in their data but in they like you see
there in stock market you have it and
that’s how did the US end the
significant deflation of 30s we the base
versus um
gold
yeah oh wow um all right Scott so give
me give me some of your risk factors
like what’s what are some risk factors
for the economy and maybe even for
crypto like I mean all right so so
potential 990,000 on on bitcoin what
could derail that I think there’s a lot
of things that could derail that as I
said you’re you’re uncorrelated till
you’re not so if we see some sort of
Black Swan with uh the economy I think
that obviously that could put some
pressure on it I think you know if
there’s a I always joke that you know
the best marketing for Bitcoin the best
thing for prices is higher prices right
so but but that goes the other way too
right so like if we start to break and
close candles below 60 you start to see
those new ETF entrance start to sell off
a bit maybe we you know push down into
the low 50s High 40s nothing would
surprise me 30 40% retraces but listen I
don’t think there’s anything glaring
right now within the crypto sphere
itself that could send us much lower or
stop the cycle but that doesn’t mean
that I don’t have strong opinions
loosely held and that something could
change that I mean listen if we
literally enter a period of stagflation
here um and that becomes very clear you
know I have my doubts about the data
presented and whether it’s real or not
ever at this point um but I think it’s
going to take a hell of a lot of
headwinds to stop
Bitcoin with the narrative even if it’s
just animal spirits of the having an
ETFs in an election year you know before
potentially the end of the year or or q1
next time I kind of feel like I honestly
my my my case now it’s one I made before
is like maybe it’s just really boring
for a few months and that includes some
lower prices and some higher prices but
I also wouldn’t be surprised to see that
20% correction in the stock market
through the summer when it’s not a huge
risk for the election and then all of a
sudden we ramp up and are talking about
a stock market pump in September October
and November just in time for the
election so I think we could see some
real Shenanigans in the next uh six
months for sure do you guys do either of
you guys view the elections as being a
potential Black Swan like is there
something that could happen that would
freak the markets out I mean and I’m not
saying which candidate wins I mean I’m
just saying like are there repercussions
from something I mean we saw you know
January 6 we saw other things like that
or or is this more of just something to
get through and then then start looking
at other factors like the Japanese the
the dollar Yen and these are the other
bigger more important things remember
Chad something like that a contested
election is a big problem I think it’s
more the ladder it’s something to get
through um and the key question we had
at the Gren and check and app for in
Miami and my my panel was okay is gonna
be is there gonna be Trump 2.0 what do
that mean and polls are kind of heading
that way
still
yeah I mean I don’t think that there’s
I think it’s going to be a wild time
right uh between between Ai and lack of
trust in media and government and
inevitably people questioning the
election results but I also think that’s
what’s priced in now I think we become
such a nonsensical society and that the
market just shrugs most things off and
continues on because it’s always
nonsense so yeah uh I I more think it’s
something to get through and then we’ll
see I mean here the other Black Swan
just in the World obviously is maybe
Mike can push back I don’t know but the
I mean a trillion dollars every hundred
days added to the debt seems uh
unsustainable and it seems like they’re
just quietly trying to keep doing that
in the background to keep uh things
propped up but that that that rent comes
due eventually and they’re going to have
to refinance that debt and I cannot
comprehend how they’re going to do that
yeah and think about don’t know maybe
I’m I’m not a macro econom an economist
I don’t know but it just you mean you
don’t believe in modern monetary Theory
no I’m not a big mmt guy well that that
was part of what I heard came out today
when we saw these stagflation type
numbers and people are saying well what
do you expect when the econom is
completely dependent on government
fiscal fiscal stimulus for survival at
the same time it’s keeping the FED um
tightening or keeping the FED tight um
that’s a just a poor trajectory and
that’s obviously what favors gold and
Bitcoin and and like you said but what I
see going ahead is tremendous trading
opportunities and the things I see from
very low volatility very high interest
rates and yields plunging in the rest of
the world it’s becoming less of a buy
hold Buy and Hold for risk assets K one
more question and this just popped into
my mind but we’ve seen earnings coming
out right pretty much every day today
after the close me um Google alphabet
and and Microsoft Intel’s reporting uh
yesterday we had meta obviously um and
and we we’ve seen a lot of good earnings
that are beating estimates and then the
guidance is very very weak is that an
indicator of something bigger on the
horizon or are these companies like just
talking down their numbers so that next
quarter they can beat him by a mile
again and again I ask that because we’re
all kind of watching to see are we going
to have a recession later this year
maybe this is an indicator that that
could be
happening is that like when golfers uh
go and they juice up their handicap and
play really badly before a tournament so
that they can come higher handicap yeah
that’s so the CEOs can get their bonuses
and make themselves look even better I
don’t know
what you think of that
[Music]
yeah got that your you go ahead I no I
mean I I think anything’s possible think
Mike’s in a trade he all of a sudden got
very focused on something no I’m
actually trying to scale this I was
trying to see if if this month is an
outside month down the S&P 500 it is in
e- minis but the actual index did not
take out last weeks last month’s high
and still below um the last month’s low
kind of playing with it signals that
usually will watch and they work great
until you trade trade them and then they
don’t work anymore Goa all right so
Scott so to you then do you think do you
think that any of these weak um you know
guidance things are anything more than
than CEOs talking down their numbers do
you think there’s something to it well I
do think it’s interesting that meta
dropped 20% because early allegedly
because Zuckerberg showed up and said
we’re spending more on AI than we
anticipated and that was the reason and
if you remember the way that meta really
finally bottomed was not because they
showed more profit potential or because
the business was growing it’s because
they cut a ton of jobs part of my
French and basically you know the best
way to make money is to save money
mentality and so it’s that they’re
spending more on something that I think
everyone actually objectively thinks
they should spend more on being that AI
is the future and That Rocks the stock
20% so I think to to some degree when
you just dig under the hood of these
things the companies maybe aren’t doing
that much better and the stocks are
moving based on how much they’re
spending or not spending uh over any
period of time and that to me just gives
me a bit of pause I don’t think that’s
the best way to value a stock yeah no I
agree and in fact IBM describing you’re
describing froy stocks yeah exactly and
I was just going to point out that IBM
missed guidance by a little bit but then
they announced a buying out of of
another company which again the idea
that seemed to really be a negative as
they’re obviously spending billions of
dollars to buy this another expenditure
right so so just interesting things
there and then we can’t forget you
pootle man I mean I don’t know how many
of us eat there but that they just that
stock just keeps going up and up and up
a lot of burritos being sold yeah that
is a lot of burritos a lot of stomach I
would I would love to see the uh stock
for Pepto Bismol if that’s uh following
uh the chipot but cool guys all right
well I think that’s a great place to end
it with a burrito blowout so let’s uh
let’s call it a week here or uh Market
Mavericks I thank you guys uh socials
are at the bottom guys make sure to
follow everyone here you guys are
awesome always bring the aame here for
our our amigo group here and hopefully I
I’m not going to guarantee it folks but
I’m hoping we’re back next Thursday
we’ll check in Scott this I’m back I’m
back for sure next Thursday you guys
choose to do I can’t help all right guys
thank you so much for tuning in we’ll
see you all soon take care bye

Welcome to the ‘Market Mavericks’ Show, where action-packed analysis meets profitable trade setups, led by three of the world’s foremost chart technicians. This is your front-row seat to the fast-paced world of trading and investing, stocks, crypto, commodities, and more.

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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.