00:04 Speaker A
Stocks slipped for a second day in a row as the Fed sends mixed signals. Yahoo Finance’s Jared Blikre joins us now with a trade day takeaways. Jared.
00:10 Jared Blikre
Thanks. We got to talk about stocks dropping and the dollar popping. and we’ll review the price action over the last two days. Only a headline grabber because we have seen such bullishness recently. We had a two-day slide a few maybe it was two weeks ago. But nevertheless, not even 1 percentage point down. So no big deal there. What I have been watching is the US Dollar Index, the so-called Dixie. Now that was up 6/10 of a percent. Not a huge amount, but that is kind of a uh noticeable for currencies. and in particular, I’m watching the move off of this low from last Wednesday. That was the FOMC press conference. That was when J Powell delivered that hawkish rate cut. And so since we are already at very close to multi-year lows. and I’ll just show you the five-year chart real quickly so you can kind of gauge that. It would be meaningful because the whole world is so bearish on the US dollar. If we just got a nice one, two, 3, 4% pop. I think that would kind of shock the markets just a little bit, but just something to watch out for. That’s and that’s all it is right now. That’s all we can do is talk about these kinds of warning signs when we have stocks at record highs.
00:54 Speaker A
Having said that, as you point out, stocks, we are so close to the record highs here.
00:58 Jared Blikre
Yes, do you remember the late 90s and irrational exuberance? Well, this is the age of rational exuberance, perhaps. Uh, I had the chance to sit down with Kenny Glick, he’s the owner of hitthebid.com. This was a stocks in translation interview that comes out tomorrow. So check that. It’s going to be uh, what’s tomorrow, Thursday, 8:30 a.m. Eastern. And we were talking about all these record highs and how the market is very bullish. This guy’s been trading for 30 years. Listen to what he had to say.
01:22 Kenny Glick
I love it. As the most bullish bear on earth, uh, you know, I’ve had to check my emotions at the door every morning, but we’re going to get to that is this time different inevitably but it has been incredible. And you know, considering I’ve been trading since, you know, 92, I thought I saw a lot from 97 to 2001. The opportunity is is is better now because there’s just more choices and more activity and more liquidity and more platforms.
01:46 Jared Blikre
This was Kenny’s fifth appearance on stocks and translation and it’s notable because I’ve watched him transform into the world’s biggest bear into one of the biggest bulls that I’ve seen. So hopefully we’re not top ticking anything, but take that for what it’s worth.
02:04 Speaker A
What about the metals?
02:05 Jared Blikre
Oh, gold. You know what? Today it was all about copper. Gold kind of sank, and I think it was because of the dollar strength, but we did see copper, even WTI pop a little bit. So let’s take a look at the futures complex and we’ll get that on our heat map and uh, you know, it’s I think I mentioned gold, didn’t really have the greatest day. and we also saw silver taking a little bit of a dip, but it’s at 14 year highs. Here’s HG equals F. And this is, let me show you the year today because this is a metal that has been on a wild ride. This happened over two sessions and that was just jaw dropping. That had to do with tariffs. And so this is a metal that’s kind of at the whims of headlines and various actions of by the administration. but nevertheless, when copper starts moving, when especially quickly, and it was up 3.83% today. That’s a lot for copper. I pay attention. They call it Dr. Copper for a reason. So we got copper futures heading a bit higher, and I did mention crude oil as well. That kind of explains the uh strength that we saw in the energy market. But you take a look at the year to date, this is a very sideways trading uh market. We did have the biggest two-day performance that we’ve seen since late July, but nothing that I would see that would cause uh me any alarm for these kind of markets.
03:13 Speaker A
Finally, I’ve been out of the office for a few days as you know.
03:16 Jared Blikre
Yes, sir.
03:17 Speaker A
Bring me up to speed on crypto.
03:18 Jared Blikre
Oh, you know, crypto actually had a decent day in terms of Bitcoin. Looks like Ethereum and Solana down over the last 24 hours. But Bitcoin has just been kind of flummexing me. I try to find correlations in market and Bitcoin, the correlations just shift. So it was up today, uh not in lock step with stocks definitely. But here’s what’s happened this year. So it’s up 20% and after breaking out of this high, came back, retested the prior breakout area and we’re just going sideways. And so that’s what we’ve done for, I don’t know, that looks about a month and a half or so. Until we break the range, until we get to those new record highs or until we break down below the most recent lows. Let’s just give it 111, maybe even 110,000. Not much happening there.
03:59 Speaker A
All right. Thank you buddy. Appreciate it.
04:02 Jared Blikre
You bet.
