Investor's Edge with Gary Kaltbaum - Gargantuan Reversal On "Bad" News!

Episode Date: October 13, 2022

Follow Gary on GaryK.com or http://garykaltbaum.com

Hey, it's Ryan Seacrest for Albertsons and Safeway. It's stockup savings time now through March 31st. Spring in for store-wide deals and earn four times of points. Look for in-store tags to earn on eligible items from Celsius, Body Armor, ORAIDA, Silk, Capri-Sun, Bavarian Meets, and Charmin. Then clip the offer in the app for automatic event-long savings. Stack up those rewards to save even more. Enjoy savings on top of savings when you shop in-store or online for easy drive-up

and go pick up or delivery. Restrictions apply. See website for full terms and conditions. Investor's Edge with Gary Coltbaum. Straight talk about you and your money. Now from the BizTalk Studios, here is Gary Cultbaum. And welcome once again to Investors Edge. I'm Gary Coltbaum, your host day.

Thanks for being with us today. Glad you here, ladies and gentlemen. Happy that you are listening. It is October 13th. Do you know what that is? I was Bar Mitzvid. on this day. Many moons ago, that's today.

I even know, like the first five lines of my Haft Torah. For some reason, I never forgot them, which is quite amazing. I am not going to do the first five lines of my Hoth Torah on this show. I just wanted to let you know that that is the case. Hey, for those of you that are in your 401ks, for those of you that every month or two months or three months, just dollar cost average and have doing it for years and have been very upset about what you have seen, for those of you, you had a good day today, did not start as a good day today, finished up as a good day today, we'll have our thoughts on this day today. I'm already tired. It's one of those days.

So we're going to get right into it. We're going right into it. But on this show, I will have opinions. You know me, Gary opinions, on a couple of things that kind of sort of have nothing to do with you and your money. But since I have a radio show, I get to utter those opinions. opinions. First and foremost, something tragic is all hell. You don't call it a tragedy. It's a murder. The Parkland murderer. That piece of crap. I'm going to comment on that. And I didn't even know this today until I turned on to watch General Hospital today, which I do every day. And they had another one of these committee things for the January 6th thing.

I'm thinking, I think myself, they're doing another one? I really, I pretty much keep up with everything. I don't even think, I may have read it somewhere, but I didn't even know they had another one of those. I have to comment on that because I picked up on something that I just thought you need to know, an unbiased thought as I am, the unbiased one, on what I picked up.

Not the biggest of deals. But you know these people in Washington, D.C. are a bunch of doofuses, all of them, right? 31 trillion of debt says so, right? Anyway, we'll get to that in a little bit. But first, the market wrap right out of the get-go is brought to you by

Investment-Models.com. That's Jim Moraback, one of the great market timers. No great areas with the main. you're either in or out of the market what is proprietary indicators, go check it out, investment-mottles.com. Now, in case you did not know, let me give you this morning, they came out with an inflation report. It was not good. What do we mean by not good?

It was hot, higher than expected. And what's been happening since all these inflation reports are higher than expected. The markets have been selling off like crazy over the last year off of higher interest rates and inflation and the cost of this, that, and the other thing. In the morning, the Dow hit 28-660. 28660. It was down 550 points this morning. In other words,

another holy crap moment. Because as you know, the market, the market from August 16th to the low this morning, you're ready for this? 34-281 to 28660.

5,600 points in two months. And from the recent little high of a month ago, 32504 to 28660, about 3,850 points in just a month. Well, I can tell you, by 11 o'clock, we were back to flat on the Dow. I can tell you by 114, we're up 700 points.

What? How is it possible to have another one of those crappy reports on inflation? How is that possible that we can rally up, not only get it back, but really get bought up today? The definition of today is a strong what we call reversal day. Reversals are simple. Your up or down big and you reverse up or down big off of the upper down. Down to the up, up to the down. How could that be?

That was the emails I got from all of you today. as you know from November of last year we've been in a bare market not once have we changed that stance even though we've had counter trend rallies and we've had reversal days and all we have said to you was we think a low is here a counter trend rally to work off what we call stretched extended and oversold conditions and what do we mean by that well as we said we just dropped 5,600 points in two months, almost 3,850 points in a month. That doesn't last. The market usually finds an area. Enough can't take it anymore. Sellers are washed out. They call it a washout and we get to rally up. And everybody, a lot of people, a lot of fast money is leaning

short side, meaning they are short the stock. They're betting on it downside and you know how you cover a short, you have to buy it back, which fuels the rally. And that's why the most of the biggest days the market has ever had has happened in bare markets because of the short covering rallies. So first and foremost, and this is just my opinion. This is not a fact. This is not a number. It's just my opinion. The reason why we had a great reversal today is because the Dow would drop 5,600.000. points in two months and 3,850 points in one month, and it found an area that it said enough. That's all. That's it.

That's my opinion. What do we do with that opinion? Well, we take some action. What action? We get up in our chair and we sit up. For starters, we want to start thinking, hmm, can this last? Can we get a good counter-trend rally like we? we did in the June-July period, especially when it started lifting off in July, before it croaked

again. We like catching counter-trend rallies. In the 2000 to 03-1, the 2008, there were some strong ones, a lot stronger than the ones we've had, and we immediately scanned 2,000 stocks, 200 sectors. What are we finding? What are we looking for? Well, the first we were looking for, where is strength? And how many good charts are there? And we know before we even look, there's not many. So we try to get a thought process. Can this last a while? Well, by definition or reversal usually get some sort of upside testing. To what extent we don't know, it's all about we use the line.

We need some more cards coming out of the deck. But we're just letting you know. We think what happened today is an outcome of a big drop. And today, they washed out the sellers on bad news. Buyers got upper hand, short sellers cover, and you get a good day up. What do I think odds favor? This is just an opinion. A little more upside testing.

How much don't know. And I will tell you this. We had one of these a few months back where I said, yeah, we'd probably get some upside testing. And we were up until noon the next day and we rolled over. So it's very tough to tell. And that's why we always talk about the big picture, the main trend not, oh, look what happened today. Up next, we'll give you the market wrap numbers, and we'll get a little more in depth on this. Thanks for being here, I'm Gary. This is the one only Investor's Edge.

Hi, I'm Gary Kalbaum, hosted a nationally syndicated radio show Investors Edge. We're not just handsome radio people. We manage investors' money for a living, specializing in fee-based discretionary money management. No big commissions. just a fee on the assets that's managed. We also provide a full range of personalized services, including retirement planning, fixed income, and educational needs, all to assist you in achieving your financial goals. Understanding not all individuals have the same needs, we'll carefully evaluate your personal goals to determine a proper investment strategy. If your current approach to investing is not getting you to where you would like to be, call us to make an appointment

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If anybody has more than 10% of what they had for customer service 10 years ago, they're already five years behind it. If anybody is not using AI to make their developers who write software, 30% more productive today, with the goal of being 70% more productive. Yeah, wow. So we are not asking our clients to be the first experiment on it. We say, you can leverage what we did.

We're happy to bring out all our learnings, including what needs to change in the process, because the biggest change in our technology, is getting people to accept that there's a different way to do things. To listen to the full conversation, visit IBM.com slash smart talks. Hey, it's Ryan Sechrest for Albertsons and Safeway.

It's stockup savings time now through March 31st. Spring in for store-wide deals and earn four times of points. Look for in-store tags to earn on eligible items from Celsius, Body Armor, ORAIDA, Silk, Capri-Sun, Bavarian Meats, and Charmin. Then clip the offer in the app for automatic event-long savings. Stack up those rewards to save even more. Enjoy savings on top of savings when you shop in-store or online for easy drive-up and go pick-up or delivery. Restrictions apply.

See website for full terms and conditions. It's time to switch on the integrator units and get the brain cells working. You're listening to. Hey, this promises to be fun. Investors Edge. The last bastion of quality programming. With Gary Coltbaum. It doesn't get better than this.

And welcome once again to Investors Edge. Today's Market Wrap, Wicked Wild Wow Market Wrap. Is brought to you by Investment-Models.com. That's Jim Roarback, one of the great market timers. No gray areas with the man you're either in or out of the market. With his proprietary indicators, go check it out. Investment-mottles.com. What did I say?

We were down 550. We finished up 827 today. You ready? Goldman Sachs up 11. You know, I'm sorry. Let's put this in perspective. We've got to be smart about this. Goldman Sachs up 11 and 3 quarters today.

The 307. It was 359, two months ago. But we'll take it. Microsoft, up eight and a half today. And every dollar move in a Dow stock, I believe it's 6.78 Dow points. Microsoft up eight and a half today to 234. It was 267 four weeks ago. It was 294, two months ago.

But we'll take it. United Health. a port in the storm, a tiptoe through the tulips compared to most, was up 11 today to 510, was 5.53. By the way, the all-time high was pretty much around August. That's unbelievable. Visa up six and a half today at 184. It was 218 in August. And by the way, here's something real interesting on Visa.

because we owned this stock for like two and a half three years and made really good coin on it and then finally we had enough visa stock now has had no gains in three and a half years and is down a good amount from the highs of 252 70 250 about 28 29 percent for low beta name uh what a oh mcdonalds And I saw no news. It was up nine and a half bucks today. And it's another tiptoe through the tulips. And what I mean by that, it's back up to 246.

The high was 268. That's nothing compared to some of the crap we've seen. Oil's strong day, Chevron, up 760 today. And that's another tiptoe through the tulips. But the stock's done nothing in seven, eight months. But another tiptoe through the tulips. And a few oils are acting better. So very good day.

The S&P 92. The NASDAQ 232. Now that sounds good. I would think on a Dow 827 day, the NASDAQ would be up 400. So we'll see. And let me just state for the record also. And there was a decent amount of red on what I call my high beta growth tech software. screen. So not as thrilled on that end. Nasdaq 100247 transports only 125 in the past. They'd be up

300, 400. We'll see. Advanced declines were good, really bad early. You ready for this? New yearly lows. 2139, but you must know that was the new yearly lows that happened in the morning. most everything came off the new yearly lows and have what we call a big wide bar. What is a big wide bar? Just an explanation? Well, if we're looking at the charts of all these things and we're using a daily price bar,

well, you have something today like, let's see, Home Depot, hit a load today of 268 closed at 282. So the bar goes all the way down to 268, at a 282 and you draw that little line to show you where price ended, you got that big, fat, wide bar today. And again, we have no idea about tomorrow, and one can think they're already ahead of things already today, but we don't know.

But just a very good day coming from very stretched, extended, and oversold. And there was some good moves. and just as of a note applied materials didn't they warn last night ended up three in change today to 79 but it was 111 bucks

two months ago remember perspective we got a couple of dozen emails you think this is the low you know what my answer on all was don't know need some more cards coming out of the deck best guess

upside testing not so shored's the low that's the answer. And as usual tonight, we're going to go back to a bunch of bare market bottoms and take a look. And you never know. We're open to any and all outcomes. But we just scan 2,000 stocks and I can tell you the amount of charts that are not necessarily in great shape, but at least holding up out of 6,500 names, I may have 70.

and when I say 70 I'm being very generous. Why am I being generous? I actually put Domino's Pizza in that even though it's in a big bear market, but I put it on the list because it was up 31 today on its earnings report that was down 14% year over year but had a good reaction. I'm a nice guy. I'm generous with stocks. What can I tell you?

So that was today. Yields hit a high of like 4.0 something, finish back down at 3.95. What were under 3.9, we'll see how that goes. That helps a little bit. The best charts I'm seeing, well, it's a mix bag. How's that? There's a few oils.

A few insurance stocks in shape. Had a good day for financials today. Right before financials reporting earnings. I was asking myself, why would financials rally so nicely? Oh, because they've been trashed. But they had a real good day today. And I noticed the big financials now have held the support of June, July, of late September. So maybe that's a good low.

We'll see. I can tell you the regional banks were stronger than the big financials today, and some had really good moves today. and there are a few with actually good charts, not ascending, but could be poised to break out. What's with that? Don't know. We'll see. Not going to throw cold water on today is a good day, except Chinese ADRs, bleh. A lot of the beta.

Service Now was down seven today with the NASDAQ up 230. Really? Symbol SC was down three. Match.com was down. down two and change. Etsy was down 10. Really? Workday down, team down, snow down, net down, dual ego down five, Viva systems down five. So not everything, but I'm happy for your 401ks today. Up next, more on the markets and whatever else. This is the one only investors edge. Hello, hello, I'm Malcolm Gladwell, host of the podcast Smart Talks with IBM.

I recently sat down with IBM's chairman and CEO, Arvin Krishna. And I asked him, how can companies use AI to its fullest potential to create smarter business? My one advice to that, pick areas you can scale. Don't pick the shiny little toys on the side. For example. If anybody has more than 10%, of what they had for customer service 10 years ago, they're already five years behind.

If anybody is not using AI to make their developers who write software 30% more productive today, with the goal of being 70% more productive, so we are not asking our clients to be the first experiment on it. We say, you can leverage what we did. We're happy to bring out all our learnings, including what needs to change in the process, in the process, because the biggest change is not technology,

is getting people to accept that there's a different way to do things. To listen to the full conversation, visit IBM.com slash smart talks. Success starts with your drive, an American public university is here to fuel it. With affordable tuition and over 200 flexible online programs, APU helps you gain the skills and confidence to move forward. Whether you're changing careers, starting fresh, or pursuing a lifelong passion.

Our programs are designed for people who never stop. You bring the fire, APU will fuel the journey. Learn more at APU.appus.edu. Hey, it's Ryan Seacrest for Albertsons and Safeway. It's stockup savings time now through March 31st. Spring in for store-wide deals and earn four times of points. Look for in-store tags to earn on eligible items from Celsius, body armor, or Ida, silk, Capri-Sun, Bavarian Meats, and Charmin.

Then clip the offer in the app for automatic event-long savings. Stack up those rewards to save even more. Enjoy savings on top of savings when you shop in store or online for easy drive-up and go pick up or delivery. Restrictions apply. See website for full terms and conditions. You're listening to. America is talking. Investors Edge.

He's got to be pleased with that. The crowd is just on his feet here. He's a Cinderella boy. With Gary Colbomb. It comes highly recommended. You're going to feel better if you talk to. So yesterday, I think I did it on this show. Forgive me if I didn't.

I know I did it somewhere, maybe my webcast, but I think I did on this show. I had mentioned to you that all of the son, Jamie Diamond of J.P. Morgan, God bless the man. What a success story. But now after all this market drop, he comes out and says, yeah, we can go down another 20%. And then I think I also said, yeah, the IMF comes out with dire warnings.

Now they're coming out with dire warnings. And you know what I wrote on my note last night? Is it possible that all this now dire talk from the big machas after this drop? Maybe we get a low in here. Who knows? Maybe that's what went on. I don't know. We'll see.

Here are facts. Big reversal today. I can tell you the warts, but I'm not going to. There's some warts, but big reversal today. Actually, I did tell you the warts. I would think the NASDAQ would be more of the semi-conduct. I thought that would a bit should be up more but maybe tomorrow but very good reversal day today I have yet to look at volume I will say individual names there's some individual names

have volume some do not and again when I scan with no bias remember when I do my scan when I go through 2,000 names I know the market was up big today I know it was a big reversal but I when I look at the pictures I forget all that and I say what is the big picture looks like and my answer was it sucks. That said, you had a big reversal day and typically near term, the best way I can explain it, the lows of today,

typically not going to get taken out any time soon. It's like what we call the line in the sand, in and around the lows of today. Typically. And just remember, in these days and age with all the noise and all the crap that's going on, and who knows this, and Russia, nuclear,

and you never know. What we just try to do here is put some odds in our favor by following a great roadmap that has worked, that has been tried and true, since the first day the market was open, before computers, when men and women would walk in with pads and draw charts. No, we're not making this up.

I know a couple people that still draw on pieces of paper. God bless them. The inflation number came in hot, but the bond market was bought, usually it would be sold off, but then it got sold off again later in the day. We'll see how that plays out. And oh, joy, guess what we have. We now have earnings season. Oops.

And you really can't tell now. this second. Let me explain why. So Black Rock, they reported a 16% drop in earnings and a 15% drop in sales. And this morning, on those earnings, stock was down $28. It finished up $35.6%. So were they good? Today, the M in market really took over. And again, Black Rock was up 35 bucks today on a big drop in earnings and sales. It closed at 566. Perspective. Four weeks ago, it was 702.

Eight weeks ago, it was 763. The high of November of last year, 973. Perspective. Just to give you an idea how the market can change some. thing. I can tell you that Domino's Pizza, they reported earnings, was up 31 today, 10%, on a 14% drop in earnings. It finished at $333. It was $4.17 two months ago. It was 567 when it topped out in December. Catch on my drift? So we're seeing how the market can really move things around. The market is bigger than everything. But when I look at numbers, though, just remember, when all said and done,

down earnings can be rallied because of a strong market. But when all set and done, if a company is not growing their earnings, there's not a lot of longevity for stock price performance. And by the way, this is how Domino's Pizza was reported. They missed earnings by 19 cents. So they actually missed earnings. Revenues were in line. The comps were only up 2%.

And this is what I hate about Wall Street, by the way. There's a jackass says strong earnings from Domino's Pizza. That's a lie. They weren't strong. If the stock was down, they would have said weak earnings. Unfortunately, a lot of reporting is based on whether the stock is up or down. Simple as that. It's their fourth consecutive miss.

Yet the stock is trading sharply hard. That's because the market went up 800 points today, you dummies. Anyway, welcome to my world. Welcome to Wall Street. And Domino's pizza stock is trading just above where it was. August of 18. I'm a pizza hut guy anyhow. Nothing against Domino's.

And I told you the story, right? I went to University of South Florida. There was a Domino's Pizza place on Fletcher Avenue. And I said to myself and said to my buddies, we should own like 50 of these. And of course, we never did it. And we probably should own 50. You know what the other story was?

Storage. We had to put, you know, during the summer storage. And I would always say, man, we should own 50 of these storage things. And we didn't do it. Moe a stupido. Anyway, I always look back. What did I know and miss or did not do?

The Domino's story and the storage story always sticks out for me. Tomorrow, Citigroup, J.P. Morgan, Morgan Stanley, PNC Bank, U.S. Bank, Wells Fargo, in the financials, and United Health, which is huge. One of the stalwarts in the Dow, one of the few that have held up, we'll see how they react. Again, very good day today. I saw people saying, I don't understand why the market went up today, and you know what I say? We don't care.

It's not the news. It's how markets react to the news. And my answer will be the same. And I said it on TV this morning. The market was rallying while I was on, and I was asked by Stuart Varney, why is the market rallying? and I said because it was down 5,500 Dow points in two months and 3,800 in one month. And that really is the reason, perspective. And now it's a matter of what does it have in store from here?

And again, let some cards come out of the deck, but I will promise you this, today by itself, did not change the big picture. But I would suggest odds favor affected the short run. And in case you did not know. On January 24th of this year, the Dow hit 33-150 and closed at 34-360, 1,600-point reversal. Market rallied for about two and a half weeks and then went bye-bye. And then on February 24th, a month later, the Dow hit 32-272, closed at 3322-2-2-3, 1,000 points. The market, the Dow, sat around for a couple weeks, rallied up,

And just about a month and a half later, croaked again. And then the Dow on May 20th, not as big a reversal, but let's call it a 900-point spread. Yeah, that's a good one. Rallied up for five days, sat around for five days, and then croaked again. So we've had three really, we had three days like this this year. Keep that in mind. Is this one different? Well, I'll tell you what the difference is.

we're much farther along and much farther down. Now, whether that turns out to be a big difference, if I was the title today, big gigantic reversal of a big gigantic drop. Up next, this, that, and the other thing, whatever else. I'm Gary. This is the one only investors at. Hello, I'm Malcolm Gladwell, host of Smart Talks with IBM. I recently spoke with IBM's new director of research, Jake Mbata.

we discussed his vision for the future of quantum computing. At IBM research, what we always do is answer what is the future of computing, whether it's coming up with new algorithms, coming up with better AI, coming up with quantum, or coming up with just how do different accelerators go together. It's our DNA to answer the question of what is the future. Isn't it a perfect problem for IBM because you kind of need to have a legacy of building stuff? Yes. building actual physical machines.

Yeah, it's why I came to IBM. I wanted the experience, the culture of building hard things that others have not done before. Where do you imagine we are in the timeline of this technology? There will come a point when it will mature. Right? My cell phone is a mature technology at this point. How far are we from that point with Conton? By 2029, we'll build the first fault-tolerant quantum computer.

That is one that can run a very, very large, large problem. To learn how IBM is building the future of computing, visit IBM.com slash quantum. Success starts with your drive, and American Public University is here to fuel it. With affordable tuition and over 200 flexible online programs, APU helps you gain the skills and confidence to move forward. Whether you're changing careers, starting fresh, or pursuing a lifelong passion, our programs are designed for people who never stop. You bring the fire, APU will fuel the journey.

Learn more at APU.APUS.edu. Hey, it's Ryan Seacrest for Albertsons and Safeway. It's stockup savings time now through March 31st. Spring in for store-wide deals and earn four times of points. Look for in-store tags to earn on eligible items from Celsius, Body Armor, Oira Ida, Silk, Capri-San, Bavarian Meets, and Charmin. Then clip the offer in the app for automatic event-long savings. Stack up those rewards to save even more.

Enjoy savings on top of savings when you shop in-store or online for easy drive-up and go pick up or delivery. Restrictions apply. See website for full terms and conditions. You're listening to. What are we waiting for? Well, what are you waiting for? One, two, ready, go. Action!

In the guest's edge. with Gary Culper. And welcome once again to Investors' Edge. Beyond Meat, looks like they're announcing more employee cuts, and we told you so. We used our own taste buds to make a decision on Beyond Meat stock, and just knowing people. One of my big misses, M-I-S-S-E-S,

not sure the exact date. Outback Steakhouse had come public, and the stock was strong for a bit. And Barron's came out with an article that sell it, stock's going to go much lower because people now are against eating meat. Not kidding.

And all I remember is I lived in Bocca Raton and on Southwest 18th Street in a little shopping mall, little shopping plaza. They put an Outback Steakhouse. It's probably still there, I don't know. There were like two hour waits on Wednesdays. and three-hour weights on Fridays and Saturdays.

And the stock went ape, you know what, to the upside. As they took an outback steakhouse and placed it here, they are in everywhere. Of course, that blooming onion is like 50,000 calories if you have one, but it is really good. That blooming onion man is addictive, but it is high in calorie. You know what that is, your arteries. Anyway, I miss that. I missed that move. I made the little bit of money, but I missed the big move because I'm a doofus.

I think it was like 91, 92, somewhere in there. That's a guess. Anyway, beyond meat. Just some thoughts today outside the box of markets. I don't mention his name. The murderous, murdering skank of Parkland. They didn't give him the death penalty. They came back with life in prison.

the taxpayers now have to pay for every one of his meals and his stay and everything. Really? And I know the death penalty, people go on the death walk for like 20 years. How do you not give this the death penalty? Seriously. The hell's the matter with this jury? I think it's a jury, right? And I don't know if the judge can overrule.

I got to read up on it, but what would it take... to give a death penalty. So kids, innocent little kids, teenagers, just going to school. Their deaths, the families? How did they live on? The kids that have to go back to school that were not murdered that day, their whole life has now changed. Yet this freaking piece of crap is going to get three meals a day.

You know what they need to do? Dommerim. They let Jeffrey Dahmer out in the yard because he didn't last the day. I move on. Was that mean? I don't think that was mean. The January 6th committee.

That was weird today. Let me explain why. This has nothing to do with the January 6th. You know what I think of the January 6th. It looked like a show today. Do you know what they did at the end of this today? They voted to subpoena Donald Trump. Here's my question.

Why didn't they vote to subpoena him in the first committee meeting? Why now? Oh, there's an election in a month. You see, the goal of these people should be for us to have faith and trust that they're really doing this for a real good reason. Up until today, okay, they're doing their thing, and January 6th, really bad, and people are going to jail. At the end of today, they're subpoenaing the ex-president. And all I said to myself, why did they do this at the end and not at the beginning? And today, you know what it looked like today?

It felt like Steven Spielberg. I'm just using him because he's a great big director producer, put it together. It didn't look organic. It did not feel organic. They're stupid, these people. I think they overdid it today. And don't get me wrong, 1,000 percent against what all those morons did that day. And there are people that are paying for it. Rightfully so. That was just my thought. It looked highly produced today. Anyway, that was just my thought. It has nothing to do with you and your money. I just thought I'd echo it because I have a radio show. On this day, my anniversary of my Bar Mitzvah, October 13th. I was bar mitzvahed in the year 1993. And if you believe that.

Anyway, whatever age I am, I'm very young, just letting you know. I was asked if I'm shocked by today's action. No, never shocked by anything. Not at all. I was asked what I think is going to happen tomorrow. Don't know. But the charts are very ugly, except for a handful. One would presume, get some backing and fill in, futs and around, and we'll see what comes of it.

I hope today's the bottom. I hope this was the gigantic gargantuan washout of every seller in the bare market. If it is, go back to 2009. and go look how long it took to really get going. It may take a bit. I thank you all for being here. Tomorrow I'll be on with Neil Cavuto in the 12th of two hour, not sure when. You all have a great evening drive carefully.

Very happy for your 401 case today. Hope it continues. We'll have a big webcast tonight. So until tomorrow, same time, thanks for being here. When you get home, very simple. Make sure you hug your family. You hug your children. They will feel better.

You will feel better. I promise. And as always, we thank you for putting your trust in us. We hope we've been doing you right. At the very least, we're going to continue to work our tail off and put our best foot forward. Have a great evening, everybody. Thanks for joining. Bye, bye.

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