Oh, good morning everybody. Happy Tuesday. I hit the button, Phil. Welcome to the morning show here on Stock Market TV. Spencer, JC, Steve, Alonso with you this morning. Kenny Glick was stopped by. Todd Sohn will stop by and yeah, I was just talking to Phil. I was like, you know, it's July, it's summer, there's really not a lot going on out there. I mean, there are things happening. I mean, we're near all-time highs. We're not at all-time highs anymore thanks to yesterday's epic selloff. Did you see that yesterday? That epic selloff in the indices. But yeah, it's just quiet out there, right? It's just quiet. I mean, there's tariff stuff and it's pretty much all that's going on. I mean, there's risk on, so that's cool. There's things to buy, but from a narrative standpoint, it's just super quiet, which JC probably loves, honestly, because there's just less noise and more charts. So, without further ado, let's bring on the guys. Let's see what's going on in their world today. And drop me a like, hit the thumbs up. Appreciate that. Here we go.
Epic selloff, Spencer.
Yeah. 79%.
Epic selloff, bro.
That's all right. That was a little facetious, but I did see, I'm not making this up, I did see a headline this morning that said that S&P futures were rallying after Monday's sell-off. So maybe they didn't use the word epic, but they did call it a sell-off.
I don't want to call anybody out.
Are these successful traders or are these professional noise makers?
Look, look, I'm just saying they use the word.
I added the word. I added epic. That was me.
Can you imagine getting an Ivy League degree just so they wake up every morning and just to make noise and distract investors from making money. Imagine that's your life.
These people suck. And people like you, Spencer Israel, coming out here talking about epic selloffs. S&Ps were down 75 basis points. Are you kidding me? Stock market's at all-time highs, bro.
Can you imagine? Imagine all that money getting an Ivy League education just to be a noise maker. Oh, I hope your family's proud of you.
Steve, what's up, man? Looking smart today with the specs. We like.
He actually does look smart.
I don't like it. I don't like it. I like the bull market shirt, you know? Hairy, you know, like just all over the place. Like I don't know this look. I don't know.
I got a haircut. One of the tougher things I think that you have to do when you move, find a new barber.
I think I already found one.
Good for you. I just found mine. It took me a year and a half. Based on what you're looking like, looks like you haven't found one yet. Looks like you maybe need another one.
Great job. Actually, great job. You're wrong. What I haven't found yet, though. And really, guys, I find myself missing New York this morning. We tried a bagel place down here. Rock hard. Rock hard bagels. I mean, the kind of hard you can't even bite through. Just terrible. Also, in South Florida, every Italian restaurant and bagel restaurant is from New York. None of them are from New York. I promise you, don't trust it. You can't trust it.
Interesting. That's just marketing, huh?
Yeah. It's disappointing.
Steve, can we talk about Steve Strazza's rich mahogany and some leatherbound books?
Lots of leatherbound books.
Excuse me. Somebody's a big deal.
Somebody's a big deal.
No, we're slowly getting there. The camera down again this morning. But we're working through the kinks. We're working through the kinks.
Spencer is real. You should be ashamed of yourself. I just want to reiterate that one more time. Epic selloff.
No, it was a little... I was being facetious. Spencer, I was being facetious. I was being facetious.
Look, I have a gold calculator, too. I just thought it goes with the mahogany.
Wow. Wow. It's very Trump of you.
Wow. The greatest calculator ever.
That's how you know Steve was once an accountant because he actually has a literal calculator. We all use our phones.
That's a calculator we need you using. Don't forget where you came from, Strazza. Don't forget where you came. I know you're crushing it this year. Very successful. You're a big deal.
Don't forget. Don't forget where you came from. All right. Don't sass me. I'm mad at you about last night.
Well, when you look at the results, I don't think you're going to be all that upset.
All right, let's stay at some Marcus.
All right, ladies and gentlemen, this morning we got the Dow futures doing nothing. Down 72 points. Is that an epic sell-off also? 16 basis points. Is that an epic selloff, Spencer?
No. No. We got S&Ps flat this morning, up two handles, 6278 for the S&P 500, coming off the highest monthly close and highest quarterly close in American history. NASDAQ 100 up 37 points today. That's pushing 23,000. We're getting close to that 23,000 mark, up 17 pips on the day. 30-year bond futures down a third of a percent, just under 113. Crude oil flat just under 68. Copper up a third of a percent, 504. Gold down a smidge, 3336. Silver flat this morning, just under 37 with the volatility index down back to 17 after that epic sell-off in the stock market last night. Over in funny money land, we got Bitcoin. Bitcoin pushing 109, up another 500 today. Highest weekly close of all time for Bitcoin, by the way, just a couple of nights ago. Ethereum up 1.4%, just under 2600 for the ETH. Over in Solana land, 151, 1.8% to the upside today. Total crypto market cap, Mr. Spencer Israel, 3.32 trillion. What stands out from this morning's futures after that epic selloff yesterday?
From this morning's futures, yeah, the fact that we've bounced and we've recovered from the epic selloff from yesterday stands out a little bit, right?
I think that the only thing epic was the rally coming into the first down day we've seen in what, nine days. That was pretty epic.
That is indeed pretty epic. You tell them, Strazzone.
You know, it was V-shaped recovery into a nice little multi-week continuation for most things and then a reaction rally out of the continuations and now most things are back at new all-time highs, frankly.
Oh, can we talk about slide two please because we talk about one of the most important sectors in America. Me, how I grew up, industrial. You don't have bull markets without financials. Steve, how he grew up is, you know, tech. These are the best companies, these are the greatest companies of all time, right? So we grew up a little differently. So we can go back and forth about which ones are more important, but they're both making all-time highs. Strazza.
I love seeing the banks back at new all-time highs. Shout out JP Morgan. The good ones already back. I mean, Morgan and Goldman look so good. I think Citi, Wells, they're breaking out of massive bases themselves. Bank of America probably follows. But I think you go down the cap scale now, JC, because it's nothing new that capital markets like the broker dealers and exchanges and even the data companies, it's nothing new that they're working. They've kind of been driving the strength. Insurance, I feel like, is always a bull market for insurance. Now, I think you're finally going to get that rotation and that buy-in from the crappier banks, frankly, community banks, the regional banks. They've been dealing with basically lending headwinds, right? The balance sheet problems. Remember the bank scare seems so long ago now, but that's been really holding regionals back. Do we have that overlay chart?
That shows the KBE KRE. Look at how closely the big banks and the big six is just, you know, the six big ones. Goldman, Morgan, JPM, Bank of America, Citi, Wells. They've followed each other, these two lines perfectly for my whole career. Then all of a sudden during the banking crisis, look what happened, right? Regional banks really, really started lagging and underperforming in a big way. Lower interest rates fix this. They settle this divergence. I think it totally closes. And there's a huge catch-up trade to be made in the regional banks.
You know, when you look at this chart and you see these guys dancing together. So, up at the top you got the All Star Charts big six bank index. So, this is equally weighted. JP Morgan, Citi, Bank of America, Wells, Goldman Sachs, and Morgan Stanley. Equally weighted. And then down below you got regional banks. Wow. They are dancing together. So, they have recently diverged in recent years. Are you betting, you two youths, are you betting that regional banks do not catch up and that this divergence that you're seeing between the big banks and the little banks is a new normal? Is that where you're betting on a new normal or are you betting on the reversion? Strazza, I know your answer. But I'm asking like the general, you know, the audience guys if you want to weigh in in the chat. Are you betting the regional banks are not going to catch up? Is that what you're betting? Tough bet. Tough bet. Steve Strazza, tell the folks why that would be so silly.
When lending conditions improve, the same way that these guys were held back and lending was a huge headwind for the past few years, when the interest rate environment starts to improve and liquidity environment starts to improve, that's just going to become tailwind and you're going to see beta in the opposite direction from these names and they're going to become the leaders.
And then are you looking at like the bellwethers of the regionals like the Regions Financials or like do you think it's all of them like the Brozarks making moves, you know?
Bank OZK, which is what they call it now, looks fantastic. I heard you talking about it last night. Wintrust looks good. There's a lot that look really good. We're actually, JC, funny you ask, we're doing a deep dive and that'll be out probably tomorrow. Doing a deep dive on the banks.
Spencer, can you drop the link for anybody who did not attend last night's monthly chart strategy session for All Star Charts? Wow, what a call. Rachel was in there. Rachel, shout out. Rachel's in the chat. Rachel saying it's the best call ever. Best call ever. What do you think about that, Strazza?
Was it really Rachel? What the hell is that?
That was Strazza taking the under there.
Trump Media, it could have been better, JC. Could have been better. Trump Media, by the way, always... Trump Media. What is going on? Files registration statement for crypto blue-chip ETF. That's funny. What does that mean exactly? What is a crypto blue-chip? Hold on. Custodied by crypto.com. The ETF is to launch later this year. So really, they can launch ETFs? Trump Media.
I mean, anybody can, right? I mean, these days any idiot is launching an ETF. I mean, I see idiots launching ETFs almost like on at least once a week. Like some of the worst humans I have ever seen in my life are launching ETFs.
And then they quickly get delisted when they suck. But nevertheless, there this in America. I don't know how it works in communist countries, but in this country, it doesn't matter how dumb you are, what an ass you might be, or how bad you are in this business, you can still launch an ETF in this country. Shout out to America.
But hold on. As much as I'm making fun of it, I actually love this. This is what we've been waiting for. All right. Listen to this. The Truth Social Crypto Bluechip ETF. That's just the name. Will hold Bitcoin, Ether, Solana, Cronos, and Ripple with 70% of its assets invested in Bitcoin, 15 in Ether, 8 in SOL, 5% in CRO, 2% in Ripple. Isn't this basically a cap-weighted index that we've been waiting for?
Wow. You make a good point here. You're making a good point, Strazza.
Is it all that rich mahogany that's giving you all this common sense? This is good.
It's hilarious. Hilarious that Trump Media is the ones launching it, but we've been waiting for this. That's probably a great vehicle and an excellent way to approach investing in crypto with a cap-weighted. It is a blue-chip ETF. Great name.
Is it like the S&P where it's buying more of the best ones and kicking out the worst ones? Is it going to be like that? Like rebalanced like that?
Yeah, that's not terrible. That's not terrible. You know, people are like, 'Oh, the market is designed to go up. It's manipulated to go up.' Yes.
Yes. That's exactly right. The S&P 500 is the greatest momentum strategy of all time. Why? Because it buys more of the best ones and less or none at all of the worst ones. And it just keeps doing that over and over again for decades at a time. Hence, line go up. So, yes, it's designed to go up. So, in crypto, I could see a similar situation.
So, are you giving a shout out to the Trump Media and Technology family out there? The, you know, Orange Julius or whatever they call the guy.
I think that's a great move.
Why does that ETF not exist already?
Is there... I'm waiting for...
Because they're busy launching new AI ETFs. That's why.
I'm waiting. Is there an actively managed crypto fund out there? I'm waiting for an actively managed crypto fund.
That should be a thing. We know people, limited partnerships. I don't know about ETFs though.
I'm talking about ETFs. I'm talking about stuff for normies like me, you know.
No, but you could go to companies. I think anybody, normies could go to investment managers these days and they'll take your money.
Yeah. I'm sure they will.
Yeah. Yeah. All right. I don't see anything else notable in terms of the newswire this morning, Spencer. I don't know if anything caught your fancy, but I don't even know anything.
Here's a great headline after JT's heart right here. What anti-woke funds and ESG have in common? I'll tell you the answer. They both suck. That's the conclusion, but I thought JC would appreciate that headline. No. There is nothing going on out there.
Dude, I was listening to Marc Andreessen last night and he was talking with that guy, Lonsdale, is that his name? The guy from, one of the co-founders, and they were at like, they were at the less communist Davos. You know how Davos turned into like this communism thing. So they're trying to do like an anti-communist Davos in America, I guess.
No, it's like a new thing. It's like a Reagan thing. And so they were talking about how impossible it is to get into good schools. Because like, you know, if you're like a white guy from the Midwest, you know, which Andre is, he's from Wisconsin. He's like there's zero chance they're going to let you in. Like they don't like white guys from the Midwest. And you know, they're talking about how, you know, you were talking about the ESG and the DEI and all this stuff. Like it's tough getting into these schools now apparently.
Oh, okay. I mean, I got... I mean, my kids' college fund, I got more money in my kids' college fund than like most... I got more money in the kids' college fund than I have in my fund.
What am I going to do with all this money if they can't get into any school?
I think even the public universities are very different today than they were just back when you and I were in college, Jason.
Yeah, it's so tough to be a straight white male. It is hard out there for people like me. So, please have sympathy.
Dude. So what was Spencer Israel or Steve Strazza for that matter? What was the best chart of the conference call last night? And Neo says, 'What is that stuff behind JC?' It's drugs.
I actually, fun fact, I've never done drugs in my entire...
Wait, I have feedback from last night's call, JC.
Well, don't ever believe me.
Yeah, I have feedback, too.
All right, give me the feedback. Go ahead, Spencer. Nobody asked you, Strazza.
Well, the theme of the call was all-time highs. There was a lot of charts, a lot of charts, okay, actually, the theme was stocks at all-time highs. A lot of charts at the beginning showing America and then a lot of charts at the end showing rest of the world. Quite a lot at or near all-time highs. But it left me wanting more. What I wanted was I wanted to see who is not at all-time highs. That's the question I was left with last night.
Well, Hong Kong is not at a new all-time high as we mentioned that.
Yeah, you mentioned that and you mentioned New Zealand off-handedly, but then... New Zealand. Yeah, I was just hating a little on Kiwi. But I'm curious who is not at all-time highs. That's my question after last night because so many... the Stockholm 30 index not quite at all-time highs. The Nifty 50 index in India not quite at all-time highs.
Russia, Russian stocks not quite at all-time highs yet either. You know, Mexico and Brazil hitting new all-time highs priced in local currency.
But not... not priced in dollars.
That's what I led off with.
I think you got to buy it here, Nick.
Nagayyama says Sweden, we suck. So Sweden, I guess... Sweden does not suck. These meatballs, bro. Notice how I have an Italian T-shirt on today.
I got to tell you, these Swedes might have better meatballs than the Italians.
That's the dumbest thing you ever said. Oh my god, they're awful. The meatballs shouldn't be sweet.
All right. Well, pretty good. These Swedish meatballs. Not bad. Not bad. The Norwegian is doing a nice job too, by the way. Shout out Norway. Norway. The Oslo index hitting new all-time highs, by the way.
I don't like the meatballs, but I am long. I love that base in the Krona. What about that Nikkei?
So anyway, back to the call from last night.
You don't like the Nikkei?
I am talking about the call last night. The Nikkei. It's not... You don't like that?
Can we throw up the new slide two there? I was thinking about this when JC was sort of... this is towards the end of the call. He was ripping through a bunch of international charts, probably at least a dozen. Like I said, most of them at or near all-time highs.
And it got a little repetitive and I was thinking about the conversation we had last week, which was that you could look at a chart at all-time highs and two people can think two very different things. One person can think that's good. The other person can think that's bad, right? And if your mindset is the latter, then there was a lot not to like on the call last night because there was a lot of charts going up and to the right. And I was just thinking about that framing a lot while JC was doing his thing because a lot of markets at or near all-time highs. And if you think that's a bad thing, then there's a lot to be fearful of right now.
Because if you think that new all-time highs are a bad thing, you suck at math.
My point was if you didn't know better and you were watching that call, there was a lot to make you worried, right? If you don't know that markets are at or near all-time highs, they're within... what is the S&P within? 10% of all-time high most of the time, right? So if you don't know things like that, then if you think markets are like gravity, to use the thing we said last week, then yeah, I mean, gosh, I can't imagine how scared you must be right now.
I just want to say how grateful I am for people who are bad at math. Like so grateful because if it wasn't for those kind of people that Spencer is talking about, people who think that new highs are a bad thing, right? If it wasn't for people like that, would we be as successful? You know, to quote the great Charlie Munger, shout out, rest in peace, Charlie Munger, one of the great closet technicians of all time. Charlie Munger turned over to Warren Buffett and said, 'Warren, if people weren't wrong so often, we wouldn't be so rich.' So, as grateful as Charlie Munger was, I'm right there with you, Charlie. Shout out, Charlie Munger.
Anyway, it was a great call last night. I did drop the link in the chat. I'll pin it there for the moment. Like 150 charts last night. It was crazy.
Can we talk about the Nikkei? Strazza really likes this one.
Yeah, I have some thoughts also just in the chat. Does... does Rit not offer crypto? Josh, we literally asked Michael Batnick about that on the guest segment yesterday. They do. It's just not in their default allocation, I guess. But they're happy... they have like a fund that buys crypto.
Yeah, they're happy to put you in crypto.
I think he just said it was not part of like the default allocation.
JC, have you seen Vietnam? I don't think we can end this conversation on international equities, right, without actually mentioning Vietnam.
Can we just talk about how much I love when Strazza calls it Vietnam?
Best country off of the April lows, actually.
Oh, dude, I don't know anybody who loves Vietnam as much as Steve Strazza.
Vietnam has arrived. It's about time. We've been waiting years for this, Sean and my friends out in Vietnam. And look at this. I mean, the performance... What the hell is this?
Oh, that's Kenny. That's Kenny.
That is not... There are rules. This isn't NOM. There are rules.
That's okay. Wait, Kenny's here. Wait, can we bring Kenny out because... this morning? We got Kenny Glick in the house. Then we got Todd Sohn in the house. Let's bring on Kenny.
Kenny Glick in the house. Hello sir.
Are you wearing a guayabera?
Where did you get a guayabera?
I'm on vacation every day now. What's up?
Hold on. Don't change the subject. Where did you get that guayabera?
I don't know. My wife bought it for me.
You need a pocket, by the way.
Oh, I don't... dude. I got a good guy. Little Havana. He's going to hook you up.
Good. Because the Cubans, the Cubans, they don't wear these suits with the ties. They wear guayaberas.
I was thinking for a second, will this shirt get past you? Nice. I like it. I like it.
So, listen. Kenny, wait. Kenny has to hop because his open house is starting in like two minutes, right? So, we want to get him off before then. So, real quick, what are you watching today? And what happened yesterday for you?
Well, what happened was, once again, I proved that you don't have to make money in the market. The company doesn't have to make money. So, WOLF is what I was talking about. WOLF, that's right, my friends. The bankrupt little chip stock that was at 40 cents on Thursday when there were takeover rumors abound. So, you know, again, momentum is your best friend in a bull market, and I love a bankrupt stock. So, again, I'm calling Enron today. Hopefully they could resurrect themselves and we'll start buying that stock. But, WOLF, yesterday we got involved at 166 and just for a goof, we held it overnight just to see what would happen. And here we are at 350. So, loving bankrupt stocks and I'm hoping NVTS comes along for the ride because the rumor is WOLF-NVTS combo taken over by Nvidia and I hope it happens because I own both. So, so far so good. So far so good.
All right, it is nine o'clock. Kenny is going live. Link is on the screen and in the chat. Open house all day today, all day tomorrow, all day Thursday. If you missed yesterday, use that link and the replays there as well. Kenny, enjoy the day and we'll have to check in on you in a little bit and see how things are going for you. Open house. So, everyone hit the bid. Go join Kenny.
Dude, the fact that you're letting everybody in there, good on you, Kenny. Good on you. Nice shirt, by the way. Well done, man.
I got another one. I'll bust it out tomorrow for you.
We got to get a pocket. I got a guy. His name is Pepe.
All right. All right, hit the bid open house, guys. Link in chat, pinned to the top right there.
That's right. I got a couple of Cuban Jews, too.
Cuban Jews. They got Cubans.
Yeah. I've heard of them. Pearlman married a Cuban. Fun fact.
Pearlman. Phil Pearlman. Dr. Phil is married to a Cuban.
Okay, that's wonderful. I don't know what to say to that. We got Todd Sohn in the house and he was kind enough to send over a few charts. All those charts, JC, are in the deck. If you scroll down, you'll see them. Let's bring him out. Bring him out.
JC, we've been friends for a long time. Make the call.
I mean, this is pretty professional, guys.
Nice show you got going here.
Todd Sohn, how are you, sir?
What's up, my man? How we doing, dude?
Couldn't be better. Got too much sun. Look at this tan, bro.
Little bit. Little bit. Wasn't in Miami. It's too hot. Miami is too hot this time of year.
Hey, I was telling you I was there last weekend. It was disgusting.
Did you go to Little Havana like I told you?
No. No. No. Too risky, dude.
Gringos go there. They're allowed. They're welcome. Just got to know what to order. I was only there for like 13, 14 hours and then I go up to Palm Beach.
Took the Brightline, which was good. Nice little train system they got there.
You think I've never taken that?
Free drinks, free food, comfortable chairs. Far better than Amtrak.
Yeah, low bar. It's brand new, too, so hard to screw that up. Amtrak's been there for a minute, right?
Yeah. Yeah, it was good. It was good.
Next time don't embarrass me next time, Todd. Go over to Little Havana. Ask for Maria. There's always a Maria there. Whenever you're in doubt, just go. Maria, is Maria here?
I was going to Sexy Fish.
Don't go to Sexy... If you go to Sexy Fish, go to the bathroom. You got to go to that. Dude, this is the nicest bathroom I've ever... Right. Strazza. Tell them.
It's the nicest bathroom.
Who's the James Bond actor? He's in there. He watches everybody pee.
It was Daniel Craig. Roger Moore.
Yeah. You've been traveling a lot, have you, Todd?
I've been all over the place.
Milwaukee, Miami, Louisville, Cincinnati, Palm Beach.
Cincinnati. What is in Cincinnati? What's your favorite city to conference in?
Well, this was not conferences. These were just meetings.
Okay. What's your favorite city to meet in?
New York. Because I don't have to go anywhere.
Cincinnati was lovely. I did see Yankees-Reds. Nice ballpark there.
Oh, nice.
Is Ken Griffey Jr. still on the Reds team?
Yeah, I wish there were some Griffey jerseys, though, so I appreciated that.
Nice. Nice. Todd, so there's this misconception out there that new all-time highs could potentially be a bad thing for stocks, right? People who think that the stock market is like physics. You want to share some information there?
Probabilistically speaking, new all-time highs beget new all-time highs.
Every once in a while, you get a new all-time high and you correct from there. That's how probabilities work. But I wouldn't fade them. Wouldn't fade them.
Let's see.
Is... what's the over/under on how long it takes Tony Dwyer to make a comeback? Has he already made a comeback?
He... isn't he doing something with his kids? His son is like a healthcare company or something like that.
We got to get him back. He's too good.
Something Tony Dwyer taught me a long time ago is that when your offense is on the field, call your offensive plays.
Yeah. Yeah. Exactly. Which is exactly the case right now.
Discretionary tech, financials, industrials.
You could just look at a performance chart and it shows you the risk appetite.
Not even yet. I mean, forget even just a simple performance chart. Just look at the charts themselves.
Yeah.
And we, you know, we said industrials. This doesn't include the transports, which you could talk me into them.
Yeah.
That's how Uber... Uber's a thing now.
Yeah, with Uber. Forget Uber. I'm talking like the traditional stuff. Road and rail. Maybe.
I think that's a great way to put it, Todd. Like even the bad stuff you look at these days, at least if it's offensive and it's like, okay. Yeah. Like you could... sure. I would dabble in it. You know, airlines making new three, four-month highs.
There you go. Airlines.
Does it get worse than airlines, dude? What a wild ride they've had since the election.
I see what you did there. Wild ride there.
Semiconductors are back. No doubt about that.
Do you trust this though?
Yeah, I listen, I trust it. I'm a little wary that... Okay, yeah, we have new all-time highs. The offense is powerful. I wonder how long before you start to see the sentiment data flip, right? There's very early signs of that in some of the work I've been doing. But I wouldn't call it a massive risk yet.
Do you think this breaks out or are we just retesting those former highs and then it falls apart and the whole thing's a scam and it's a bubble and all those things?
I don't think it's a scam or anything like that. You could talk me into a little pause. Maybe it's a little anxiety because you got rates perking up again, but I would buy that. I'd be doing it all those semis. I mean, my Nvidia broke out, Broadcom strong, TSM and all the other ones, the AMDs, Applied Materials, Microns, Lamb Research, all those look good.
Yeah, Wolfspeed 100% yesterday for some reason, even though it almost went bankrupt.
Oh, Todd, do corporate earnings or valuation mean anything? Not just in this market, in any market. There's no evidence at all that these valuations mean... You know, those rules have changed for that. It doesn't matter anymore.
It seems like the rules are always changing. Seems like that's not... always the rules always change. It's market structure. Market structure changes. But even in Korea, Hynix ticker 000660, I think is the ticker.
Tokyo Electron 8035 in Japan. Those are semiconductors.
You hear this, Strazza? Look at him rattling off these numbers. Well done.
The man knows Korean equity tickers off the top of...
Look at... Hey, look at KDEF. That's where it's at.
Forget European defense. That story is... We did that story already. Korean defense.
News. You got to defend Korea, baby. They got... Yeah, you got North Korea. You got China over there. I mean... So are these the big names, Todd? Is this basically what you're getting in something like EWY? And that Korean defense fund, you're getting some... the names you're naming off, like are these big Koreans?
Oh, the Hynix is the second biggest after Samsung.
Which Samsung I think has bottomed. So, it's pretty interesting to me that Korea has ripped without this massive move from Samsung. That's how you know underlying markets really in pretty good shape.
How come Samsung doesn't have a normal ADR? How come it only has OTC?
Yeah, believe me, that's one of... that's one of... when I wake up in the middle of the night I just ponder that. Why doesn't Samsung have a...
Why... throw up the news slide two there please and then we'll get charts. I know Todd brought some charts but since we're on the subject... talking Juan, little Juan, no big deal.
Yeah, maybe the currency helps here. But that's just part of investing in some of these international ETFs, like the currency is part of it. So as long as it's going up, okay, maybe... It's the Korea. The FX is driving it. That's like Argentina. The FX is driving it. Forget the equity.
What about Turkey? Think the FX is driving...
Korea. Yeah. Yeah. That's another one. But even if you look at the underlying stocks in Korea, okay, Samsung we think has bottomed. Hynix, the second largest, has really broken out. And then all these defense companies and robotics companies are doing really well. They're just kind of too small for us to... not necessarily for them not to matter, but they're just off the radar because they're much smaller than a lot of international stuff, but they're on fire.
This pattern, this little scoop pattern that you could see here in the Juan, that's been playing out all over the place in these emerging currencies. Like Brazilian real looked the same. Like when you see that little fail, like that little scoop, you buy it.
Yeah, love the scoop. Juan, Taiwan dollar. The yen is a tough one for me right now. Not sure what to make of that.
Dom. Yeah.
Todd, you got to go to Dom's Bogue. Spencer, can you drop the link in there on the chat for everybody when they visit New York City? Go to Dom's Bogue. My new favorite... Korean barbecue.
No. Is it in K-Town? Where is it?
He's been there one time.
K-Town, but it's off the beaten path. You have to cross Fifth Avenue. It's east of Fifth.
Yeah. Oh. Oh, you got to go an extra half a block. New K-Town.
I'm saying he's been there once and I've heard him talk about it on the morning show 10 times since.
I'm all about Grace Street.
No, I have not gone once. I've gone three times. I went once with my financial advisor. I went once with Pat and I went once with...
I brought Pat there. Yeah. Remember when I had three dinners that one night a few months ago or two? That was dinner number one.
Grace Street Cafe. Grace Street Cafe in K-Town. That's a spot for dessert.
Dude, there's so much good food on that street. It's like this little street. It's like one block. Well, one and a half now, I guess.
So good. I'll meet you there in Dom's Bogue.
