The Weekly Trend
The Weekly Trend
Episode 249: The Best of Days and the Worst of Days
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In this week's episode, David and Ian talk about the large up day witnessed on Wednesday and the lack of follow through later in the week, the strength out of Gold, weakness out of Silver, how Bitcoin is holding up relatively well, and how previously strong areas of the market are faring now.
Welcome back to the Weekly Trend Podcast. Today is Friday, April 11th, 2025 s and P 500, currently sitting at 52 77. I'm David Darling. I'm here with Ian McMillan, as always, plenty to cover this week, weeks more than others,
ian_1_04-11-2025_114841Yeah.
david_1_04-11-2025_104839Plenty to cover this week.
ian_1_04-11-2025_114841Yeah, quite the interesting week. Both directions. I don't know if we were really changed much over the week, but we sure went a lot of different places, basically where we were last Friday. At the open, and yet we had a 10% update. David,
david_1_04-11-2025_104839Yeah.
ian_1_04-11-2025_114841so you're telling me we are up 10% in a single day, which correct me if I'm wrong, you might have seen different stuff than it's only happened twice, is that correct? October, 2008 And. During the Covid.
david_1_04-11-2025_104839Yeah, moves like moves, like what we saw on Wednesday. Ironically, or enough are typically not what you see
ian_1_04-11-2025_114841Yeah, and neither of those are at the bottom.
david_1_04-11-2025_104839Right?
ian_1_04-11-2025_114841That was like mid-March Covid.
david_1_04-11-2025_104839And that goes back to what we talked about last week for our listeners is that the best days in the market typically are surrounded by the worst days and our hallmarks of downtrending markets. So we remain below a 200 day moving average. I mean, great, you know, great day Wednesday,
ian_1_04-11-2025_114841Yes.
david_1_04-11-2025_104839not nine, nine, 10%. I mean, that's a return you typically see in a year, but hasn't really fixed anything at this point. Could we move higher from here? Absolutely.
ian_1_04-11-2025_114841Well, if we're down 20% and then we were up 10, so I guess we made half of it back
david_1_04-11-2025_104839Yeah.
ian_1_04-11-2025_114841for a little bit. Right.
david_1_04-11-2025_104839Yeah. That's how
ian_1_04-11-2025_114841That's how that ma, that's how that works.
david_1_04-11-2025_104839Yeah. If, if you have a hundred dollars and it drops 20% and you have 80 and it goes up 10%, well, you only got eight bucks back, so you're still down 12%. Math is hard,
ian_1_04-11-2025_114841It is tough.
david_1_04-11-2025_104839confuses people.
ian_1_04-11-2025_114841What did have a good week? Anything that's had a good week.
david_1_04-11-2025_104839Yeah, I think we seen strength continue for gold.
ian_1_04-11-2025_114841Cold.
david_1_04-11-2025_104839gold miners now participating, which you kinda like to see those, those two work together.
ian_1_04-11-2025_114841What's silver?
david_1_04-11-2025_104839Silver,
ian_1_04-11-2025_114841God,
david_1_04-11-2025_104839I
ian_1_04-11-2025_114841no. What's up with it?
david_1_04-11-2025_104839don't know.
ian_1_04-11-2025_114841I don't know either. I. But yeah, not gold's in a heck of an uptrend. I think we even hit new highs today or yesterday. But silver just continues to not do anything.
david_1_04-11-2025_104839Right. You've got, you've highlighted it during some of our internal work, the strength out of aerospace and defense. Last week we talked about strength outta home builders. That's since faded and correlations are moving towards one. I mean, that. The average correlation of the s and p 500, according to Andrew Thrasher, is now 0.91. That's pretty high correlation when all things start moving in the same direction. You know, s and p is down about 14% from the highs, but you've got close to 60% of stocks inside the s and p are 20% off their highs.
ian_1_04-11-2025_114841Hmm. Yeah, there's been a lot of damage done out there.
david_1_04-11-2025_104839Mm-hmm.
ian_1_04-11-2025_114841If you had to, if you had to be a hundred percent long, anything you're buying this week or adding to.
david_1_04-11-2025_104839Adding two, I think it would be gold. I think you could own Spain, maybe Argentina. Maybe some aerospace and defense.
ian_1_04-11-2025_114841I thought that was interesting.
david_1_04-11-2025_104839Yeah.
ian_1_04-11-2025_114841I'd say every, everything at this point, staples, utilities, insurance, that's kind of all took a. Thump on the head. Finally especially insurance. Insurance had been so strong, but as far as what's making new relative highs, yeah, the arrow space, which was strong before all this, right?
david_1_04-11-2025_104839Mm-hmm.
ian_1_04-11-2025_114841Gold was strong before all this. Both of those have held up well, sports betting. In gaming,
david_1_04-11-2025_104839Yep.
ian_1_04-11-2025_114841those were relative leaders before the sell off over the last month or so, whenever couple, I don't know, six weeks, however long it's been going on, and even in the midst of this, those stocks and sub industries continue to find their way to new route of highs.
david_1_04-11-2025_104839Right. And it's interesting, right? You talk about relative performance and there are things that are holding up. You know, you talk about Argentina holding up well on a relative basis, but really until Argentina gets back above using a RGT above 81, do you really wanna have any type of absolute exposure? And so you still have some. Broken charts out there. And when I say broken, I just mean sellers have control. Not mad about that. That's just the reality of markets We're in price discovery mode. It's, it's about finding when buyers are gonna show up and maybe we got that this week. Maybe this was the start of some type of sustainable low broad markets. We'll see. But the fact that we haven't followed through on what happened on Wednesday, you know, we're sitting below Wednesday prices technicians would call it days, right? So the price action that's happened since Wednesday has been inside the price action that happened on Wednesday. Not really conclusive
ian_1_04-11-2025_114841Nope.
david_1_04-11-2025_104839at this point.
ian_1_04-11-2025_114841Didn't lead to, yeah, to, to your point. Nothing substantial yet. Coming out of that.
david_1_04-11-2025_104839What do you think about China?
ian_1_04-11-2025_114841Oof. Yeah. Boy, they got as much volatility going on over there as we do. Definitely took a hit. I mean, had a pretty good start to the year on a relative basis. So the relative charts on most of these, I'm looking at FXI. If you look at a GXC man, it's not terrible. I. Around the 200 day on an absolute basis. Lot of, a lot of beta there though.
david_1_04-11-2025_104839Mm-hmm. When I, you look at things like broad semiconductors, so not a cap weighted SMH, but something more like an XSD and on a relative basis, still very broken. Semiconductors on a cap weighted basis using SMH, to reclaim an important level that goes back, you know, to 20, early 2024. Haven't seen that yet. And really when you think about cap weighted, Nvidia does need to hold 98 bucks in order to hold that
ian_1_04-11-2025_114841Yes.
david_1_04-11-2025_104839complex up. While, while everyone's focused on equities, I mean, we're sitting at a rate of change, a negative rate of change on treasuries, long duration treasuries that we haven't seen since the late nineties
ian_1_04-11-2025_114841Wow.
david_1_04-11-2025_104839using treasury futures. And
ian_1_04-11-2025_114841Okay.
david_1_04-11-2025_104839Triple C credit spreads moving higher. Junk bonds need to hold here. There's some signs of credit stress out there. And we're fans of highlighting that many times the credit markets know much more than the equity markets. And so you need to pay attention to these things. You need to pay attention to what is, what are junk bonds versus, you know, intermediate treasuries doing what are Triple C credit spreads doing? What are US treasuries doing? Doing, yes, they were, they were green on Wednesday, but. For the week using something like TLT down 7%.
ian_1_04-11-2025_114841And we've got 30 year treasure yields. I mean, back up a little bit off the highs today, but back where we were in January.
david_1_04-11-2025_104839Mm-hmm.
ian_1_04-11-2025_114841I mean, we aren't too far from all time highs on long-term treasury rates.
david_1_04-11-2025_104839Well, when you say all time highs, you, you just mean like
ian_1_04-11-2025_114841I, I, should I, you're right. I should take that back. Clearly not all time highs multi-year highs.
david_1_04-11-2025_104839Yeah. Decade, 15 years.
ian_1_04-11-2025_114841You're right. Thank you for correcting me. We're definitely nowhere close.
david_1_04-11-2025_104839We're not close to the vol voller years of late seventies, early eighties, where you know you're sitting up near 15, 16%. But to your point, yields haven't responded in the way that you would quote unquote think based on the equity environment.
ian_1_04-11-2025_114841No.
david_1_04-11-2025_104839And the equity environment. This is one of those environments where you really have to be careful with your process. You stay disciplined to it. But with a VIX up in the forties and fifties, a two and a half, 3% move in the market, either direction, perfectly normal. It's just gonna be the reality of the situation until we see volatility. Cool off. Vix go to a hundred. That's highly unlikely. It's very hard for like that. 'cause it works more as an oscillator. But until we have volatility cool off, you're gonna see these two and a half, 3% moves in price, either which way?
ian_1_04-11-2025_114841I agree, and I think that's what they can happen both ways. I think that's. The important thing to take away from this Wednesdays feel good, but
david_1_04-11-2025_104839yeah, Wednesdays do feel good. And that goes back to, you know, buy and hold. People like to say, oh, you, if you, if you're out of the market, then you're gonna miss some of the best days in the market. Yeah. Well, you're also gonna miss some of the worst days.
ian_1_04-11-2025_114841yep. Sorry, I missed Wednesday.
david_1_04-11-2025_104839Yep,
ian_1_04-11-2025_114841Didn't make any money on Wednesday, to be honest.
david_1_04-11-2025_104839yep.
ian_1_04-11-2025_114841It was cool though.
david_1_04-11-2025_104839It was, but all the days that is surrounding it are what's been impacting negative returns for the market as a whole this year. Especially for domestic. I should clarify that domestic equities and foreign equities weren't. Immune to selling last week. Some
ian_1_04-11-2025_114841Yeah.
david_1_04-11-2025_104839up better than others this week. But you have a, you do have a market environment where gold is rising. Rates are rising. You now have a dollar trade weighted dollar using DXY, near 100, which is the bottom of the range that's existed since 2023. And if that breaks, that will be interesting to see what dynamics change. We have oil. Oil did not respond like equities this week trying to get back above 65. I think that's, that's one to pay attention to is yes, it had a nice Wednesday, but again, not having. Technicians would call it follow through. We had Wednesday, and what you'd like to see is follow through to the upside to confirm that low, and we haven't seen it yet.
ian_1_04-11-2025_114841So are we, are we squarely back in a weak dollar, weak US stocks regime, then
david_1_04-11-2025_104839maybe
ian_1_04-11-2025_114841it seems that way.
david_1_04-11-2025_104839right.
ian_1_04-11-2025_114841And that'll change at some point. Could be in a month, could be a few years. We'll go back to, oh, a week dollar. So good for stocks.
david_1_04-11-2025_104839I mean the trade weight, a dollar since the start of the year, you know, since January, just a little bit after the start of the year, the trade weight, a dollars down around 10%.
ian_1_04-11-2025_114841Wow.
david_1_04-11-2025_104839So we'll see. I mean, what, what's, what are some levels you'd like to see buyers, demand in this market reclaim to say, okay, maybe we do have a sustainable bottom on our hands. Is there any important levels using whatever metric you want that
ian_1_04-11-2025_114841I mean, I know last week we talked about the July 20, 24 highs, the 200 day, I mean, now we're getting pretty far away from a lot of that stuff. Did hold the. August 5th lows, which is a start. But see now we're getting a 200 day that's rolling over. Man, that happened quick. That's what two weeks of this will do to your moving averages though.
david_1_04-11-2025_104839Right.
ian_1_04-11-2025_114841So that's now going to become a. headwind. But if we go low, I mean, it'll always be, I guess, a signal. I do like we held the August 5th lows that we mentioned. I don't know, like the 200 day feels, let me figure out the best way to say it. The 200 day feels far away to sit here and say, well, that's what I would wait for. That's too much cushion. But that is where, that's mentally where we're at. I mean, not mentally, that's. That's our signal. So I don't feel a massive need to like, I don't know, perfectly time the bottom. I'm glad to have that mental relief that, yeah, we could wait for the 200 day and let's say we did get some type of Vbo ish. I know it just doesn't really affect us. We're out, where we're back in, where we got out. So it's all just a moot trade. So I think, yeah, for me it's still the 200 day, the July 20, 24 highs. Even these like September 20, 24 lows, what is that? September 6th, which. We poked through on Wednesday. Haven't been able to keep that though, so those would be mine.
david_1_04-11-2025_104839yeah, the, the volume weighted average price on
ian_1_04-11-2025_114841Hmm.
david_1_04-11-2025_104839s and p. So our listeners would remember us talking about the breath thrust that happened back in late October, early November of 2023.
ian_1_04-11-2025_114841Mm-hmm.
david_1_04-11-2025_104839And we had had a good ride in trend that we fully participated in aggressively until Feb, really February of this year. And the view, the volume weighted average price from that low, that October 23 low. It's still overhead at 54 13, and then the volume weighted average price from the all time high back in mid late February is at 56, 55, and those are both below the 200 days. So you still, you still have to get those levels to confirm that the broad market has strength. This is all happening with a backdrop of pretty negative breath.
ian_1_04-11-2025_114841Yeah. I would like to change my answer to, I think the anchored VOP from all time highs is gonna be a good. And we got rejected. Right at, so you mentioned the one from the October 30th, 2023 lows.
david_1_04-11-2025_104839Yep.
ian_1_04-11-2025_114841I mean, we got rejected there too. On went, well, not we closed above it, but in the grand scheme of this price, you know, we, we didn't hold it. So I guess I'll call that kind of a rejection.
david_1_04-11-2025_104839Yeah, so I think, I think you need to clear 5,400 to give round numbers 56 50 to prove that buyers have control of this market. I realize, I real, I fully realize the financial media narrative out there is tariffs. Tariffs, tariffs, tariffs, tariffs, tariffs, all that. And that supposedly they've been paused. I, I get all that, but if tariffs are paused and we continue to correct for the next six to 18 months. There might be another narrative here, and we just don't know what that is yet. You can't wait for the narrative in order to make your decision, you have to use price for that, is what makes technical analysis so powerful. imagine making investment decisions without it. It's why we do for our clients. And so these, these important levels that we're talking about really do. They are markers on the highway. There are lines in the sand, whoever you want to de market that we have to clear to prove that buyers have control. And there's times when the market is innocent until proven guilty, you know, in an uptrend. And right now we're in a market that's guilty until proven innocent. And we're not, this market's not innocent until we're above those levels. Even just to start.
ian_1_04-11-2025_114841I mean, if you were a football coach. And your quarterback came to you and said, coach, what can I do to prove to you that I can score, that I can get to the end zone? I said, well, first you gotta get past midfield.
david_1_04-11-2025_104839Yep.
ian_1_04-11-2025_114841Then you gotta get to the 40 and then the 30, and then so forth. And it's exact same thing with a chart. You're never gonna get to an end zone if you ne if you don't get past the 30 yard line it,
david_1_04-11-2025_104839Right.
ian_1_04-11-2025_114841literally cannot happen.
david_1_04-11-2025_104839Yep,
ian_1_04-11-2025_114841Same thing with price.
david_1_04-11-2025_104839exactly. Buyers have to prove that they have control of this market and right now they don't. And I, and I wish, you know, 'cause a, a lot of times investors are searching for information 'cause they're trying to look for an edge or, you know, they don't know what's going on in the market. Well, the hard facts is no one knows what's going on. No one can tell you where price is gonna be a week from now. A month from now, six months from now, all you can be is a Bayesian statistician and take in the most recent information, weigh a little bit more than you do the prior information. That current information needs to surpass the prior information that we just highlighted. 5456 50, the 200 day moving averages. Those would be your. 40, 50, 30 yard lines on the way to scoring a touchdown. You, you can't get to new highs until you clear those. I wish I had
ian_1_04-11-2025_114841got an opinion.
david_1_04-11-2025_104839yeah, I, I wish I had a, a sexier answer to give you, but those are the facts
ian_1_04-11-2025_114841So you weren't, you weren't stressed out on Wednesday watching the market rip higher as you sat on the side of the road
david_1_04-11-2025_104839Nope.
ian_1_04-11-2025_114841on the shoulder.
david_1_04-11-2025_104839Nope.
ian_1_04-11-2025_114841And I think there's a lot of freedom in that. There's a lot of freedom in that, Dave.
david_1_04-11-2025_104839well, and if this turns out to be a relief bounce, like a bounce and not a sustainable bottom, those are two different things. It's only a relief. If you were positioned a certain way that was causing pain to begin with, if you weren't positioned in a way that causes pain, I suppose you could have fomo, fear of missing out, but it's a little bit like watching someone drive past during a snowstorm on the highway at 70 miles an hour and thinking, man, I really wish I could be driving that fast. Well, that might carry some risks to it. That's, that's where we continue to be in a risk off market. Don't need to participate at this time. There will be plenty of opportunity. I'm, I'm not saying that this downtrend continues forever. Nor do I want that, but at this time it's about preserving capital and opportunity will present itself. There will be a time where. There is no snowstorm, there is no sellers in control, and we can participate in the market again and take advantage of momentum. I can't tell you when that will be, but I know that I'm thankful for our current era where we can be in something like T-Bills that gets, you know, between four, four and a half percent. There were eras where that was more like one or 2%, so at least we can get some return. sellers have control of equities until that time shows itself to get involved again, and we will, there will be a day. I just can't tell you when it will be anything else? What about like crypto, you know, last week?
ian_1_04-11-2025_114841is, I mean, yeah, it's held up, but there's been, I think Fair commentary. Now some will say, well, Ian, you know, we're down from 1 0 9 all the way to 74. That's a pretty big percentage drop. It's probably like 30%
david_1_04-11-2025_104839You are talking about
ian_1_04-11-2025_114841Bitcoin. Yeah. And so lots more than stocks have gone down. Yes. I get that. And this is hard to explain verbally. But in the context of price, actions actually held out pretty well.
david_1_04-11-2025_104839Great. Well, it. The way we could explain is if you just take the price of Bitcoin divided by the price in S of S and P, it's held up really well.
ian_1_04-11-2025_114841And typically it is an asset that is the first to be thrown outta the portfolio due to its high beta risk on kind of. Attitude that it has. But yeah, it was really held up. Now we're still below 92, so that's definitely the big line in the sand. We gotta get back up above 91, 92, that neck line. But I mean, we haven't even gone down to test the 21. What is that? It's like 64,000 ish.
david_1_04-11-2025_104839On Bitcoin? Yeah.
ian_1_04-11-2025_114841Yeah.
david_1_04-11-2025_104839Yeah. I haven't gotten there yet. So holding up so far. And so you could say in some regard, it hasn't succumbeded necessarily to correlations. Go to one. So maybe there's more pain yet ahead the market. Time will tell. And when you look across entire crypto space, you know it, for most of the last part of last year and beginning of this year, it was really the alt coins and coins that were really getting hit hard. And then, then Bitcoin followed, you know, Ethereum's down. So it's not like, it's not in a correction, you know, you still have bitcoin. Below a 200 day moving average. So it's not, it's definitely not outta the woods by any means. But it is interesting to note the relative strength there in the current environment.
ian_1_04-11-2025_114841What about your fart coin? How's fart coin doing? Dave?
david_1_04-11-2025_104839Well, I guess Farco had a really great week.
ian_1_04-11-2025_114841Great earnings report. It's up 16% today. I.
david_1_04-11-2025_104839yeah, it's what a world we live in, that that's such a thing. That such a thing exists,
ian_1_04-11-2025_114841That's not me and Dave being silly. There is, there's a crypto called Farco. There's actually way worse crypto names out there,
david_1_04-11-2025_104839right?
ian_1_04-11-2025_114841That we can't talk about. Probably get in trouble with the FCC,
david_1_04-11-2025_104839Yeah.
ian_1_04-11-2025_114841But you can peruse them. If you choose, they are fascinating. Just another, just another asset. No value, just supply and demand. Silly, but pretty cool at the same time.
david_1_04-11-2025_104839and I, I think, I think it is notable that gold coins are better than Bitcoins. They're in an uptrend. You know, those two factions would probably argue with each other as far as store of value, and right now, gold is winning that. Argument, whatever the backdrop dynamics are. Fundamentally, Bryce is showing us that there's more demand for gold than there is for Bitcoin.
ian_1_04-11-2025_114841You know, they just sold, it's one of the last ones in our area, family owned operation, store value, and the guy just sold is a couple of blocks down
david_1_04-11-2025_104839Couple blocks down
ian_1_04-11-2025_114841and they're gonna put up a gas station. No more store of value.
david_1_04-11-2025_104839Yeah.
ian_1_04-11-2025_114841He was a good guy. His daughter ran it for the last couple years, took over of the family business, but
david_1_04-11-2025_104839Can you imagine the trinkets in there?
ian_1_04-11-2025_114841they were cool.
david_1_04-11-2025_104839Mm-hmm. So it's not, it's not a complete disaster everywhere you've got, you know, Bitcoin holding up gold, doing very well. I. Some areas internationally doing well. One thing that is really peaking my interest lately is the move in Japanese yen and what the nikai is doing. I mean, a nikai is pretty major market. Even the ds, which is highly correlated to US markets not exactly confidence building
ian_1_04-11-2025_114841No.
david_1_04-11-2025_104839on what's going on here. And isn't it interesting that the Nik. Price formation that took place. Basically, let's call it from February of 24 through February of this year, March of this year, if that's all distribution the fact that it took place right at the 1989 highs.
ian_1_04-11-2025_114841Mm-hmm.
david_1_04-11-2025_104839What a feather in the cap for technicians that behaviors, behaviors matter. Behaviors repeat. You get back to an area that had been a high before 35 years ago. I mean that, that's pretty substantial. It'll be interesting to
ian_1_04-11-2025_114841Yeah. Looking back on that, I mean, this is real. We had a failed breakout, much shorter term back in July of last year, and that is now, that's on a daily chart and now on a monthly chart we have, and I put it in the same. C the same category using your 1989 highs. We'll see where this ends up. Maybe we're building a range here. But yeah, I think it's fascinating to see kind of those things that ha and you're like, I remember that happening last year. And you're like, okay, well I guess we won't be buying Japan anytime soon. And here we are almost a year later, and kind of what it's evolved into.
david_1_04-11-2025_104839Right.
ian_1_04-11-2025_114841A lot. Dollar weighted Japan. How's that doing? I guess maybe even worse now with the dollar down.
david_1_04-11-2025_104839Like, like EW, like EWJ, like that.
ian_1_04-11-2025_114841Yeah. I don't know enough about, but that with a weaker dollar would make EWJ underperform. Right.
david_1_04-11-2025_104839Oh yeah, there's currency hedged, and then there's pricing in dollars.
ian_1_04-11-2025_114841So, which ones? Well, let's put 'em together.
david_1_04-11-2025_104839See, that's the beauty. That's the beauty of technical analysis is you could say, okay, let's look at.
ian_1_04-11-2025_114841So EWJ is stronger with a weaker dollar.
david_1_04-11-2025_104839Yep. Well, and that makes sense based on what you're seeing out of the yen versus dollar, I mean, the yen, the yen versus dollar has been strong since the start of the year.
ian_1_04-11-2025_114841Yeah,
david_1_04-11-2025_104839see that, until you see that pause or lower again, you'll continue to see that type of relationship.
ian_1_04-11-2025_114841a lot of, a lot of talk on the yin and we're back to where we were on those. August 5th, that kind of August 5th shakeout market low.
david_1_04-11-2025_104839Mm-hmm.
ian_1_04-11-2025_114841So a big mental area there. Point.
david_1_04-11-2025_104839people listening to this are wondering why these guys spending so much time on the yen in Japan, it's just because of the strong relationship. That you typically see between the yen and markets is that if you see a weak yen, it, it can tend to be a a harbinger of like risk on, but when you see
ian_1_04-11-2025_114841Yeah.
david_1_04-11-2025_104839yen, that's a flight to, to safety. And I do think it's a little bit notable that markets, you know, made new highs and. You know, what was that? February? Meanwhile, the yen was making a low.
ian_1_04-11-2025_114841Mm-hmm.
david_1_04-11-2025_104839there.
ian_1_04-11-2025_114841That's a good point.
david_1_04-11-2025_104839And so do we have further correcting to do again? I don't know. All I know is that the information that we have at hand right now is it's a risk off market. Sellers have control. Until that changes don't need to be involved. Someday we'll be involved again. I'll be excited about that. Clients like it when
ian_1_04-11-2025_114841Are getting tired from all the twi.
david_1_04-11-2025_104839Mm-hmm. Anything else you want to cover?
ian_1_04-11-2025_114841There's not.
david_1_04-11-2025_104839Well then this would be a good time to highlight the supporter of this podcast, the Adaptive Select ETF, listed on the NYSC. Ticker A DPV, which helps investors access two of the most prevalent factors in markets, momentum and relative strength proprietary identification methods. The adapt to select ETF attempts to own the strongest 25 large cap stocks when the market is in an uptrend. since not all market environments are the same, to select seeks to prevent extended declines by moving to short term treasury bills and cash. During long-term market downtrends, investors can find out more including how to invest in AD PV by visiting ad pv etf.com or calling 1-833-880-FIVE 200. Investing involves risk, including possible loss of principal ad pvs distributed by Quasar distributors LLC. Well, Ian, I appreciate you doing this again with me this week to be determined whether we're doing anything next week. Good Friday, market's closed. We may or may not do a podcast. We wanna wish everybody a, a wonderful Palm Sunday, this upcoming Sunday, and then you go into Holy Week and you've got Easter the following week. So if we don't see you next week, don't worry. We'll be back in two weeks and you have a wonderful Easter. otherwise, we appreciate you listening. Give us a high ranking on your platform of choice and share it with your friends. We appreciate it.
ian_1_04-11-2025_114841Have a great weekend everyone.