Episode 308: Who Let the S&P Out?

In this week's episode, Ian and Kevin discuss the S&P 500 getting above 7600, areas of the market that have led so far out of the range, precious metals, precious metals miners, fixed income, and credit spreads. 

Transcript

Ian McMillan 0:55

Welcome back to the Weekly Trend podcast. Today is August 7th, 2026. S&P sitting at, drum roll, da, da, da, da, da, da, da, 7748 My name is Ian McMillan, and today I'm joined by our analyst. Senior analyst, is that your technical title? Are you just, like, a senior analyst, Kevin?

Kevin 1:24

it should say only analyst, I guess, would be the correct way to

Ian McMillan 1:28

You are.

Kevin 1:29

The only,

Ian McMillan 1:30

That's true. That's true. We don't really have a junior or senior

Kevin 1:34

Yeah, actually I think it's like lead, I think technically. Lead analyst.

Ian McMillan 1:38

lead fits. If you're the one and only, you're the lead

Kevin 1:42

I lead myself Oh, yeah.

Ian McMillan 1:44

7748, Kevin. We made it, dude. It is above 7,600.

Kevin 1:50

in

Ian McMillan 1:50

We've made it. Took about three months

Kevin 1:54

like three years

Ian McMillan 1:56

Decent. We haven't gone back to visit 7,600. Not that I want that, I don't. But holding up pretty well. Monday, it was a quick, it was a quick... I guess you can call it four days, basically from the bottom of the range,

Kevin 2:16

Me too though. I mean, by basically by

Ian McMillan 2:19

7,300 last Wednesday All the way to the top of the range by Monday, and then a big, big candle Tuesday. Kinda hung out here on seventy-seven fifties, seventy-seven forties. So we'll see.

Kevin 2:39

Yeah, I remember,

Ian McMillan 2:40

But it's a big, it's a big box to check

Kevin 2:43

Yeah. And I remember talking Friday too that when we were on here, like, depending on how candle that day closed, like whether or not we really think we're getting out of this range. And I mean, really, we were at the highs of the day probably up until like, fifteen minutes to close, maybe even less than that. It came back a little bit, but

Ian McMillan 3:02

Yep

Kevin 3:03

kinda had that feeling like, man, are we gonna do this right away next week? Cause earlier I was thinking... Or no, I was probably thinking that after Monday, I'm like, we're gonna close at seventy-six hundred, like even in gap down Monday, and the total opposite happened. Which is good. You gotta

Ian McMillan 3:19

Yeah

Kevin 3:20

hedge sometimes But

Ian McMillan 3:22

You can? You do? Unfortunately, so a- yeah, so S&P all-time highs. Russell it depends on how you wanna look at it. I guess it did get all-time closing highs on Tuesday

Kevin 3:37

Not an intraday high.

Ian McMillan 3:38

say we're like above

Kevin 3:40

like the previous intraday high from beginning of July

Ian McMillan 3:44

Nasdaq not there Nasdaq it depends on how you wanna draw, draw your rated trend, how you wanna draw your overhead resistance. You could say, right, if you took the highs from June 3rd June 15th June 22nd August 5th, which is Wednesday. And you could argue we have not broken the rate of trend. We went a little bit shorter term June 30th And then July 10th and July 15th. Depends on where you wanna draw your line. Yeah, I don't Tech definitely had the biggest hole to get out of from a like price behavior standpoint They definitely dug themselves the deepest hole. They have had some good moves, but yeah, like a semiconductors, I don't I don't-- I'm not quite convinced that we're going back to semiconductors

Kevin 4:37

The whole AI push with semi and storage and all that stuff

Ian McMillan 4:41

Yeah, it just see... Or what, what semiconductors are we gonna pick, right? It's gonna be Nvidia and the large caps, or is it gonna be all the other random stuff

Kevin 4:52

'Cause before it was basically everything but Nvidia, I think it felt like, and now it's more so like Nvidia's the one kinda leading the way for

Ian McMillan 5:02

I feel like we had a little off the April lows. We had a little bit better start. Maybe I'm being super picky. I think they've broken their rate of trend, but are they gonna be a leader

Kevin 5:14

That's the question, right?

Ian McMillan 5:16

They're not, they're not one of the clear ones. But I do think we have some Areas, right? Okay, if this is our next leg And we're three to four days into it What would you say are the sub-industries that have provided the most evidence that they could be the next short to intermediate term leaders

Kevin 5:46

Yeah, I mean, really it was kind of growth that led us out of the range. So I mean, you know, kind of the areas we were talking about earlier this week

Ian McMillan 5:54

Definitely growth.

Kevin 5:56

Like on the software

Ian McMillan 5:56

This was not banks

Kevin 5:57

like cybersecurity you know, like cloud computing FANGs, so like your FANG stocks, and even, even, you know, MAGS has done well. I mean, there were some things, like if you look at some relative charts where, I mean, they kinda got left out of some of the adjustments we made there. I would say that, like your, a lot of your AI stuff, like Chat, AIS, things like that, which look...

Ian McMillan 6:21

Yeah, chat had a big move. God, some of this stuff.

Kevin 6:24

it's...

Ian McMillan 6:25

Like cloud computing, that was real- really quick back to the top of the range

Kevin 6:31

But here's... The problem with all

Ian McMillan 6:34

yeah, and then I look at like,

Kevin 6:35

yeah, you're really not out of the woods yet necessarily for a lot of this stuff though, right? Like yeah, it let us out of the range, but I don't know that we're like free and clear to where you can... I mean, you can never lock it in, right? But I, I don't know if I feel comfortable locking it in that yeah, this is gonna be growth again, and like specifically the, you know.

Ian McMillan 6:54

Same stuff.

Kevin 6:55

'Cause I mean

Ian McMillan 6:56

Yeah, like I don't know if I'm buying AIS. DRAM, which was a, such a hot ETF during the last run took in billions. I think there's still a, yeah, 25 billion, which is amazing for an ETF that debuted April 6th. So like that stuff, that type of stuff, yes, it's off its lows, but it's really lackluster compared to some other things. Now, maybe that changes Monday and like if you look at DRAM or ga- gapping up above 55 and it's off to the races. But

Kevin 7:31

I mean, you kind of brought this up too, right? Like some of those areas really dug themselves kind of a bigger hole. So I mean, it, it's just not... Right? It's not as clean of a look as something like, cybersecurity or something like that that's out to all-time highs or some of these other areas. But like even FANGs, are kinda trying to work through those June highs still. I mean, that's kinda where we got turned back a couple of days

Ian McMillan 7:54

Yeah

Kevin 7:55

Like MAGS themselves, even quite gotten to those June highs yet.

Ian McMillan 8:00

I feel like internet had a decent reaction, like FDN. PNQI, now those relatives are tough. XSW, again, tougher re- It's back above a 200-day on the relative. Shorter term XSW. So see, software, it's just been such a mess for couple years now kind of lost solar I could see it bouncing here. Yeah, I'm with you. I think

Kevin 8:28

Yeah, I mean, like June

Ian McMillan 8:29

the cloud computing

Kevin 8:30

some of those June highs, know, like some of these things are there, trying to work through them. We're not quite there yet. I mean, I don't think

Ian McMillan 8:37

Maybe biotech? I biotech.

Kevin 8:41

Yeah.

Ian McMillan 8:42

That's

Kevin 8:43

a tough one to bet on

Ian McMillan 8:44

Decent?

Kevin 8:45

I mean, that's the thing there too, like

Ian McMillan 8:47

Definitely

Kevin 8:48

turned back, kinda like we were talking about a couple weeks ago. I mean, that, that was pretty convincing rejection. You know, in an area that made sense. Kinda those twenty-two, twenty-three relative highs

Ian McMillan 8:58

All right. I'm rolling my eyes if you can feel it through the podcast audio. But

Kevin 9:06

Hmm. Your white whale?

Ian McMillan 9:07

we have... They've perked up again The miners

Kevin 9:13

Yeah, and really all the miners. I mean,

Ian McMillan 9:16

All of them, and they're all huge move Okay. Yeah so you've got... Okay, like a

Kevin 9:23

Угу

Ian McMillan 9:25

we'll use this as an example. So off the Monday, so we're talking about Monday lows, four days ago, 24%.

Kevin 9:34

Yeah, three out of the last four days gaps up, not small gaps either really

Ian McMillan 9:40

No. And so you've... They looked pretty rough coming into this week. They were kind of basing out.

Kevin 9:48

sige, jeg mener,

Ian McMillan 9:50

see that. I could see, like they've been flat for most of June and July And then big move. And then so they break the rate of trend from the, what was that? Like late February? Yeah. Late February We're back above a 200-day, 200-day that's flattening out, so we'll see. And then back above and could re-wap

Kevin 10:14

highs

Ian McMillan 10:15

from the highs. So you've checked a lot of these boxes Definitely like a thrust. Have to go back and look at some, like, rate of change, like one week rate of change data on it. It's definitely a price thrust. I'm sure the weekly candle is, looks incredible. Yeah, look at that thing. Holy smokes

Kevin 10:37

The relative on that versus SPX is kind of interesting. Like this is pretty much where we're at today, is kind of a, a level on a relative basis that it's wrapped around, you know, quite a bit really for the

Ian McMillan 10:50

Yeah. See, that's the other thing, the relative

Kevin 10:53

You got the break of that rate of trend

Ian McMillan 10:55

It's almost rolling over the 200-day So it's still below a 200-day. So is this a countertrend move? Definitely a tricky one. Definitely a tricky one Or is it gonna go? Is this gonna be like August of last year That came off more of a sideways move, but

Kevin 11:16

the MO either, right? You kind of to take a little bit of a leap of faith. You really didn't get too much of a chance to

Ian McMillan 11:22

Think about it, yeah

Kevin 11:23

it, you know, you got the for sure breakout

Ian McMillan 11:25

Well, and that was the whole thing, right? Even coming into today, you and I talked about yesterday of like, okay, well Still below these, and then of course 7%, 7%. You say, "All right, now what, Ian? Now what you gonna do?" We're above your little magical lines that you drew on your chart

Kevin 11:44

Yeah, Junior Silver Miners too are pretty interesting. know, just basically right at the 200 day-to-day, just above it. You know, if you kind of draw roughly the same, Anchored VWAP from like the... Yeah, I think that's the same high rate end of February. You know, that's basically kinda today's intraday high. So looking like might potentially struggle to get through that. So I mean it-

Ian McMillan 12:10

Yeah, look at that. See, then it gets stuck, and then you wonder, right? I mean I'm definitely not a believer that in all gaps need to get filled. You can just look up at SILJ chart. We've got gaps from May of 2025 that haven't been filled

Kevin 12:26

Even the gold miners too, I mean, in the same boat. I think there's... Eh, maybe to a lesser degree. But yeah

Ian McMillan 12:33

a heck of a move to still not really like have conviction in the chart

Kevin 12:39

All right

Ian McMillan 12:40

And then you, we'll wait till Monday and then we'll lose another 8% on it to another gap up. What are you thinking about- The old you're the fixed income expert. What do you what do we have going on in fixed income land?

Kevin 12:54

Long-term treasuries, TLT trying to, to hang in there. I mean, they lost eighty-two fifty last... Was that last week or was that technically...

Ian McMillan 13:02

Hanging by their fingertips on the edge of a cliff again

Kevin 13:05

think we talked about that last week. I mean, kind of a Yeah, I mean, it depends how you draw. It's not the cleanest. You know, maybe like a retest to eighty-three somewhere in there. I mean, you could argue really from like eighty-three fifty to like eighty-two fifty is kind of a potential support area. So know. I guess wait and

Ian McMillan 13:25

The, yeah. 30-year yields they came back down a little bit this week, bounced where they needed to. So I don't think they're gonna skyrocket further, but I just... The longer we stay above five, 5.1, the long- it's more confirmation that, yeah, again, and I don't know what the, the rate of trend is gonna be going forward,

Kevin 13:52

you're saying? Like, yeah

Ian McMillan 13:53

yeah, for rates themselves. We could stay above, stay in between five and Five and a half or I don't know. I don't know But I'm saying is if you, if we're above five, then we're not going to 4.9 or 4.8, 4.7.

Kevin 14:13

Those are the

Ian McMillan 14:13

So that's just the rules, unless you know some different type of numerology than I do

Kevin 14:20

No, I don't think so. I think it's kind of an interesting thing too, right? I remember when we were at the symposium in New York for the CMT, and I can't remember who we were listening to when they asked who's, you know, who was working professionally during the last, like, rising rate cycle. I think there was two hands, and it was the two

Ian McMillan 14:38

Yeah, I think Louise Yamada asked that. Yeah

Kevin 14:40

sense. So I mean, literally, I mean, there might've been a handful of hands go up in that room. So I mean, I think there's a lot of people, I guess, who really don't know what to

Ian McMillan 14:49

Just not owning? Well, yeah well, what what about like convertibles and stuff? They rebounding? Like our favorites

Kevin 14:59

Yeah, the convertible's chart's a little messy. I think that-- I think it's a little easier to kinda look at that on a, a

Ian McMillan 15:07

Kind of looks like DRAM. Yeah, like kind of... You would've really hoped for a better candles last

Kevin 15:14

Mm-hmm. you know, using ICVT, like that a hundred and seventeen dollar level, you know, basically came up, tested that, and then got rejected. And I mean... 'Cause I think there's a lot of-- Like a lot of these convertible bonds I think are tech companies. So this, you know, it's always a chart that seems to somewhat be similar to a lot of areas in tech. Like there's kind of a decent correlation there. So it- Yeah, we'll see

Ian McMillan 15:39

Credit spreads, not too hot, dude

Kevin 15:41

Hmm.

Ian McMillan 15:43

Year-to-date highs, highest since April 2025 Mm. Well

Kevin 15:48

back into the

Ian McMillan 15:49

Put that in the back of your head to think about this fall. Credit spreads 16-month highs. I don't know how I feel about that. That's, that's kind of a Red flag, man, and we're breaking a rate of trend from... I'm looking at C- triple C and lower US high yield option adjusted Man. Well It's kind of a bummer I guess rates were going up through the second half, or sorry, s- spreads were going up second half of 2021 as well And well, the S&P did fine. Your average stock did not do fi- do have a great year. And then obviously we fell apart We've also, right, we've-- technically rates spreads, high yield spreads bottom January 2025. And we have... Do you think Maybe that will just be D- in a rate, in a rising rate environment, will this type of measurement be as valuable? Will be more valuable? Less valuable? Will you just see...

Kevin 17:08

That's a

Ian McMillan 17:08

Like, will it not matter the spread? If a spread's 15, which we've become, like, that's kind of been, like, a high over the last decade or two.

Kevin 17:19

just

Ian McMillan 17:19

if you got into, like, the high teens oh '07, '08, we got into, like, 40-point spreads. Dotcom bubble we had 24-point spreads at the peak But those are s- those were still falling rate environments. I wonder if

Kevin 17:39

You go back, like how, what do

Ian McMillan 17:42

Yeah, because just the base is lower. Like if your base, because tr- the treasury yields are X, then corporations, you know, typically, I don't know of any corporation

Kevin 17:56

You'd think they'd... Right, even the correlation to...

Ian McMillan 17:58

A trade that a lower yield than,

Kevin 18:00

Right? But I mean,

Ian McMillan 18:01

right?

Kevin 18:02

rates would come down, too. I mean, they're always gonna be greater. Well, not... Generally, they're gonna be greater, but you would think that that spread relationship would kinda somewhat maintain the same or at least stay similar. But I don't know. You know, without going back to, like, what- How far back can you go?

Ian McMillan 18:19

TradingView I got to 97, 97

Kevin 18:23

Yeah, that would be interesting to see if you could get something, eh, where you can go back further Might have to look

Ian McMillan 18:30

Yeah. Something to think about But rates and spreads moving higher. So take that for what it's worth, right? When you look at junk, junk pretty, JNK pretty

Kevin 18:43

Still just

Ian McMillan 18:45

Blah. It's kind of been blah all year

Kevin 18:47

I mean, kind of the areas that were working before are still hanging in there, so like high yield floating rate, emerging market bonds

Ian McMillan 18:55

I was gonna say I guess emerging market high yield you could. Total return, it looks pretty... If you throw the divvies in there, the chart isn't too bad

Kevin 19:04

a little better. You know, I mean, which the dollar is still kinda hanging

Ian McMillan 19:08

Well, like my God

Kevin 19:09

fifty. I think that helps that space a little bit

Ian McMillan 19:12

Yeah

Kevin 19:13

But yeah, like your B to triple B CLO is still doing fine. So I mean it Pretty, pretty much the same old, old in that space Yeah, I'd be curious to see what they do with With the TLT down here. Guess we'll have to wait and

Ian McMillan 19:28

Or I wonder if it's like a, if it's like one side of the spread, right? So like the worst of the worst If that's just like the worst of the worst, the rates that they Have to pay, they have to issue at, are just terrible. But like your top end of the triple Cs, so your best of the worst their rates stay the same. So you see the spread go up I don't know, maybe that's what happens every time. I don't know. I'm not-- I don't know enough about, like, fixed income Other than from like a watch monitoring it from technical analysis view. I don't know much about the fixed income spreads and like I'm not an expert in triple C

Kevin 20:18

I don't think it would be, right, too crazy to expect as rates get higher that, you know, you're still looking for change in spread, but that like base default spread might grow as rates grow. I don't think that would be crazy to expect. But yeah.

Ian McMillan 20:33

Yeah, like a base. That thing, that's a good way, like your base

Kevin 20:37

you're looking for, like just because you're at like a, you know, the highest level since this date in a rising rate environment maybe might not mean as much, but like the, the change in that spread might still, you know, it should still You know, kind of signal

Ian McMillan 20:53

Yeah, maybe we're just going higher 'cause there's naturally gonna, I mean Well, we're about to find out. If stocks are lower in like three months and spreads are still going up Then I guess It still can be read the same way? I don't know. I don't know. We'll have to just let it play out

Kevin 21:12

I guess you can kind of

Ian McMillan 21:14

Two things this fall: football and watching to see what happens with credit spreads

Kevin 21:18

That's why I gotta have two TVs, credit spreads on one screen, football game on

Ian McMillan 21:22

Yeah.

Kevin 21:22

other

Ian McMillan 21:23

No, babe, we're trying-- We're seeing if the economic impact of credit spreads is changing due to the fact we're in a new 30-year rising rate environment. Duh. Duh anything else? Anything else that you believe would tickle our listeners' fancy

Kevin 21:43

We kind of talked about miners. Well, I think were kind of talking about this too earlier in the week, but copper miners too, not just, you

Ian McMillan 21:51

Hopper

Kevin 21:52

but copper miners doing pretty well

Ian McMillan 21:54

We gotta see FCX do it. It's up there again today. We gotta see FCX above... I guess you, in theory, don't have t- FCX doesn't have to get above 70 bucks But copper prices themselves gotta be one of the, Better metals

Kevin 22:11

Although kind of struggling here around like,

Ian McMillan 22:12

Oh, getting hit today. Yeah.

Kevin 22:14

like that, where that was really starting to

Ian McMillan 22:16

Boo

Kevin 22:16

That's the thing, there's a lot of...

Ian McMillan 22:17

That's a hard uptrend though. That's a really hard... That's slo- that's, that's clearly an asset that does not like to hold its highs. You can catch a run in it let's say off March 2020, I guess, March, May 2020. But 90% of the time, very sloppy trending

Kevin 22:42

She's pretty... I mean, you're riding a rollercoaster there for sure

Ian McMillan 22:46

Yeah, you just got-- that's more of a like, "Well, as long as we're above a 200-day or something, I'm just gonna be long." And that's the GSIF. That's the GSIF of like I can't look at this every day

Kevin 22:59

Which I think is more of just a, probably a volume thing, right?

Ian McMillan 23:03

Yeah, I think it's more of just being thinly traded

Kevin 23:09

Gold and silver,

Ian McMillan 23:10

Is disappointing today

Kevin 23:11

I mean, yeah, they've been... Thought for sure insurance would stick with how good that looked there for a while, but that definitely didn't happen European

Ian McMillan 23:19

Nope

Kevin 23:19

in there. I mean, that looks pretty similar to like

Ian McMillan 23:22

Yeah

Kevin 23:23

Similar to GSUB. I mean, not a relative outperformer of that, but looks similar

Ian McMillan 23:28

Bitcoin, what do you think about Bitcoin? It's done nothing since the beginning of June

Kevin 23:33

And maybe come back up here into like sixty-six eight hundred, something like that

Ian McMillan 23:38

Yeah

Kevin 23:39

or I don't know. Arc could go to the two hundred day and then roll back over. I don't know. It's kind

Ian McMillan 23:44

Don't, Kevin. Don't say that Yeah, we gotta be done with that. It's just not going anywhere. I don't like being short when it doesn't go anywhere Oh. Anything else?

Kevin 23:56

silver themselves,

Ian McMillan 23:58

Ja.

Kevin 23:58

perked up.

Ian McMillan 23:59

Ja

Kevin 24:00

So, I mean, you got the metals perking up here a little bit

Ian McMillan 24:03

I saw someone and I can't-- I should have copied it. Someone I follow on Twitter had a nice, I think they were looking at like an analog from... Gold in 1976 had a nice correction That's pretty similar to today Similar chart Or '72. I can't remember. It was some point in the seven- well, big thing, big thing to take away is we are above 7,600 And as long as we hold that

Kevin 24:35

Can't complain. Well, you can

Ian McMillan 24:37

Can, shouldn't be complaining about stocks then We'll see how breadth holds up. I am curious though, yeah, now that we've s- now that we kind of noticed the credit spread thing, I'll be curious if this turns into just a terrible last two quarters for the average stock

Kevin 24:56

Which, yeah. Or is it just gonna be

Ian McMillan 24:59

that's right. That's why you see A- like Apple and, well, not Apple, but like FANGs and MAGs is all that. Nvidia Is all that gonna be a safe haven?

Kevin 25:10

Until we start clearing some of them June highs, I feel like it's harder to lock that in. That's, that's the thing too with like, right, you got that AI tech stuff and then also gold, silver, and the miners. Like, I mean, that seems a little goofy and obviously there are some levels there we talked about too, where you'd like to see them clear before you can really even say for sure that's gonna

Ian McMillan 25:30

Industrials. Industrial's been kind of disappointing They're fine. They're in an absolute uptrend. Relative chart is just

Kevin 25:37

Little bit of a seasonal headwind too, I guess you should expect. So maybe, maybe that's how this plays out. Maybe we don't really necessarily get all these areas out to all-time highs. we just gotta cool off here

Ian McMillan 25:51

Yeah, new route allows for utilities. I will take that It's always a nice box to check I think we're there on...

Kevin 26:00

Da- well, not

Ian McMillan 26:01

No, not quite there on real estate. On staples we're not there?

Kevin 26:05

kind of the June lows we still gotta get through, but

Ian McMillan 26:08

What about like a PSCD versus PSCC? That's, Dave loves this one. Ugh, trash XLY versus XLP. Ugh. Yeah, that's rolling over. See

Kevin 26:22

Not a lot of cleanliness out there, I feel like, you know

Ian McMillan 26:25

There's not, there's, like this is not If we keep going,

Kevin 26:30

the

Ian McMillan 26:30

know, okay, first week of September we can have another discussion. But Ah

Kevin 26:37

real at ease about a lot of this. I mean, it-

Ian McMillan 26:42

Like it's not like you're getting a lot of individual charts and relationships to bottom out at the same time Still very mixed, like you said. I think the three cloud computing, cybersecurity, that type of stuff, FANGs. We'll see. Like the WAG-

Kevin 26:59

like all those areas like really took off so quick. You either had to jump on it now or you-

Ian McMillan 27:04

You gotta be there by Tuesday

Kevin 27:06

And now you're getting to some of those kind of previous levels that are getting a little uncomfortable since we're pausing here a little bit. Just kinda... That's the thing, if this move wouldn't have been done in two days, if it kinda would've taken its time a little bit, maybe, I don't know. I guess it's what we didn't get, so it doesn't matter

Ian McMillan 27:23

I'm surprised we haven't r- that we haven't run back to emerging markets with this weakness in the dollar

Kevin 27:30

I mean, yeah

Ian McMillan 27:32

And I could see that maybe starting to come together. It i- relative chart actually it's into a rate of trend It's gotta do it now, now it's gotta be next week

Kevin 27:40

I mean, Peru's been doing all right, but that's always pretty much as the miners go, goes Peru

Ian McMillan 27:46

Peru did hold up well. I think you said Greece held up well Yeah, Greece is held up, but

Kevin 27:53

And there's some questions there with some of those highs from like January, February twenty of earlier this year

Ian McMillan 27:59

Grids been a bum- well, again, a chart that's had a strong re- I mean You know, it's, okay, so off the lows it's outperformed by 8%, so 8, 9% over the last week, but then that brings you back into the underside of a relative 200-day and Getting more work. Sorry, man, I gotta see more. I gotta see more You have to put it together another really strong week again Well, Kevin, thanks for joining me today.

Kevin 28:28

Yeah.

Ian McMillan 28:29

Always a pleasure But before we leave, I would like to give a shout-out to the sponsor of this podcast, Adaptive Select ETF, listed on the NYSE under ticker ADPV, helps investors access two of the most prevalent factors in markets, momentum and relative strength, through proprietary identification methods. The Adaptive Select ETF attempts to own the strongest 25 large cap stocks when the market is in an uptrend. But as we all know, not all market environments are the same, and when we are in downtrends, Adaptive Select seeks to prevent extended declines by moving to short-term T-bills and cash. Investors can find out more, including how to invest in ADPV, by visiting adpvETF.com or calling 1-833-880-5200. Investing involves risk, including the possible loss of principal. Distributed by Quasar Distributors LLC. And there you have it We wish all of our listeners a wonderful weekend

Kevin 29:42

Have a good weekend. Hopefully this time next week we're still out of the range. Knock on wood

Ian McMillan 29:48

Still above 7,600. That's the goal

Kevin 29:51

Just hold it up

Ian McMillan 29:52

Have a great weekend everyone