"ALL ROADS LEAD TO INFLATION" - 2026 Predictions, Semis/Banks Still Strong

 

📊 Market Sector Tracker - Gary Kaltbaum's "Investor's Edge"

Tracking leading/lagging sectors, top stocks, and market positioning

---

📅 Monday, December 22, 2025

"ALL ROADS LEAD TO INFLATION" - 2026 Predictions, Semis/Banks Still Strong

Market Action

• All big indices back above 50-day after Wednesday crash
• Advanced declines "pretty good"
• Small/mid-caps: Better relative strength, broadening
• "Wide and loose" - way up, way down action

Gary's 2026 Predictions 🔮

#1 PREDICTION: INFLATION COMING "All roads lead to inflation. Simple as that. All roads lead to inflation."

Why?

• Averaging $250B deficits/month = $3T annual pace
• Easier money coming (Fed cuts)
• Weakening dollar

The Evidence Already Here:

• Platinum (PPLT): Vertical, major bull market
• Palladium: Vertical, major bull market
• Silver: Almost vertical, major bull market
• Gold: Major bull market
• Steel, copper, beef: All up

DEFLATION SIDE:

• Housing prices will "continue to come down, continue to come down, continue to come down"
• Why? "Inventory is skyrocketing. Cause and effect."

OTHER PREDICTIONS:

• Big IPOs coming this year
• Some crushed IPOs from 2025 will be "big winners" in 2026
• Fed will cut rates "as much as possible"
• "Market is up in the trees by any measurement" BUT "does not have to mean trouble lies ahead"

Leading Sectors/Stocks 🟢

FINANCIALS - "NO CHANCE OF BEAR MARKET"

• Charles Schwab: Breaks out of range
• Citigroup: New high
• Morgan Stanley: Almost at highs
• JP Morgan: Right back up near highs
• European banks: Strong despite Europe "in dire straits"

Gary: "There is no chance of a bear market in stocks if financials are in good stead. No chance. Never seen one. Ever. Ever."

SEMICONDUCTORS - #1 GROUP

• Micron: Up $10 to close (was up $10 early, down to +$3, finished +$10)
• "Good semiconductor day, though off the highs"
• Back above 50-day after breaking it Wednesday
• "Wide and loose" trading - way up, way down

Gary: "Semiconductors to us is the leading group. And they look like twice in the last month they were goners. And just poof. Poof."

"There is absolutely no chance of bear markets overall if the semis and if the banks/financials are just okay."

CRUISE LINES:

• Norwegian Cruise: 19→24.25 after insider buying (see below)
• Carnival: Good numbers, lifted sector
• "Cruise lines are now acting better"

DEFENSE: Very strong day (Venezuela/war talk)

OIL: Up $1.40 (Venezuela/war talk)

ROCKET STOCKS: Another strong day (SpaceX valuation talk)

Lagging Sectors/Stocks 📉

CRYPTO - SEPARATED FROM NASDAQ

• "Crypto has been smoked and can hardly bounce off of its lows"
• Decoupling: "They have separated. Like ET when ET separated from the young boy."
• Gary: "What if the NASDAQ goes into a bear market?"
• Investment banks now engaged "because there's money to make off of it"

MARIJUANA: "Sell the news... came right back down to earth"

HOUSING: "Remains in a bear market"

PAYROLL: "Remains in a bear market"

CONSUMER STAPLES: "Bounced a little but nothing great"

RESTAURANTS: "Bouncing but nothing great"

BAD RELATIVE STRENGTH TECH:

• Oracle, Meta: Bouncing but "you want to stick with strength of the strength"
• CRDO (Credo): Opened 214, closed 190, dropped to 130-something despite "gargantuan" earnings prediction - "remains in bear market"

Insider Buying 💰

SALESFORCE.COM (CRM):

• Mason Morfitt (Value Act Capital partner): Bought $25M worth at $260.50
• Stock closed $264.60 (96,000 shares)
• Director since 2023
• "Been bottoming... looks like trying to move above initial range"
• Key level: Break above $267.90 = moves above range from Oct 21

NORWEGIAN CRUISE:

• Previously reported, stock 19→24.25

Gary: "Insiders just haven't been buying stock. But when it shows up, we acknowledge."

Gary's Key Points

On Bear Markets: "How do we know when we're going to a bear market? Well, when you finally get some follow-through to those ugly, ugly days that look like we were toast. And then poof. The pixie dust."

On Semiconductors: "Broke the 50-day moving average badly last Wednesday. Gapped up Thursday. Gapped up Friday. Gapped up today. Not at highs. Trading more wide and loose... But back above the 50-day."

On Tax Loss Selling: "The worst stocks last week had the best moves. We think that has to do with tax loss selling being over."

On No-Sales Froth: "$31 billion market cap. $15 million in sales. That's not a joke. That's what's happening out there."

"One quantum stock: $11 billion market cap with no sales and lose money... just dropped from 46 down to 20" - up 20% today on CES announcement

"At the end of the road... no sales companies will all go back to where they came from."

"At the end of a bull market, it's imperative for you to know exactly what you have or else."

On Bear Market Destruction: "Bear markets rip down the curtains. They expose. Money losers and no sales. Take out the machete. Don't cut at the knees. Don't cut at the hips. Way up there they cut. And a lot of times in the 90s."

On Wednesday's Action: "On Wednesday they look like crap. And they finished at the low of the day on Wednesday which usually leads to lower prices. And they gapped it right back up on Thursday."

"We're also being told that had to do with easier money to talk. Don't know. Don't care. To us, it's not the news. It's how things react to the news."

On Predictions: "We're here to let you know, none of them know what's going to happen in 2026. There's no way of knowing all these variables."

"Did anybody know there would be that deep-seek? Remember deep-seek? That crashed the AI stocks early in the year... Did anybody know about the Liberation Day tariffs? There's no way of knowing."

On Debt/Deficits: "In the last two months, we've averaged $250 billion deficits. You extrapolate out for a year, that's $3 trillion deficit the next year."

"We tape the Sunday political shows... they never mention the debt and the deficits."

"We think this is haunting the markets... All roads lead to inflation."

On Housing: "Go look up PPLT, which is platinum. Vertical... Palladium. Vertical... Silver. Almost vertical... Gold. Almost, well, a little less vertical..."

"Prices for houses are gonna continue to come down. Because inventory is skyrocketing. Cause and effect."

On Mortgage Rates: "Nearly 30 million households, 54% of primary mortgage holders have mortgage rates at or below 4%. I hear the 30 year is about 6.3 now. So it's getting closer."

On California Immigrants: "California is now cutting back on immigrant healthcare... I've always said. When they know they're going to be treated better than our own citizens. Why not?"

"If you take away the incentives to come here illegally... You ain't getting squat. And you're going to be arrested. Once they know that. What a concept."

Personal Note: "In the last year, my family lost... my father and my mom. And boy oh boy, the mix of feelings... I was worried people would be pissed off. Instead, I received a bazillion emails saying, went through the same thing."

Schedule Note

Gary on tomorrow (Dec 23), then gone rest of week. No show Wed/Fri.

"GOVERNMENT PICKING WINNERS & LOSERS" - Wild Semiconductor Swings, Pharma Price Cuts

 

📊 Market Sector Tracker - Gary Kaltbaum's "Investor's Edge"

Tracking leading/lagging sectors, top stocks, and market positioning

---

📅 Friday, December 19, 2025

"GOVERNMENT PICKING WINNERS & LOSERS" - Wild Semiconductor Swings, Pharma Price Cuts

Market Action - Week

• NASDAQ: +0.48%, NASDAQ 100: +0.59%, S&P: +0.10%
• Dow: -0.67%, Russell: -1%, Mid-cap: -1.5%
• SOX: +0.5% (BUT wild swings - see below)

The Wild Semiconductor Reversal 🎢

Wednesday crash → Thursday/Friday ramp:

• SOX: 74.19 → 66.95 (Wed close) → opened 69.50 Thurs → recovered
• NASDAQ: Closed 22,692 (Wed) → opened 23,048 (Thurs) - "350 points off big ugly-looking drop"
• SanDisk: 240 → 200 in 2 days → 240 in 2 days
• LITE: 375 → 310 → 371 in 5 days
• NVIDIA: Defended yesterday, up 4% today, "still in middle of range going back to July"

Gary: "20 percent moves down Wednesday, up Thursday, up Friday. It's amazing to watch."

Government "Picking Winners & Losers" 🎯

ORACLE (ORCL):

• Up $12 to $192 (6%+) - was $345 in September
• Got piece of TikTok deal
• Partners: Silverlake (private equity), UAE's MGX (45% ownership!)
• Gary: "Why does United Arab Emirates own 45% of US entity? Oh, that's right. Major deals going on in UAE with all kinds of Trump stuff and Trump family stuff"

COREWEAVE:

• Up $15/22% to $83 (was $187 June, $153 October)
• Chosen by Dept of Energy "Genesis Mission"
• Gary: "Government choosing... picking winners and losers"

SPACE STOCKS:

• Rocket Lab: Up 18% + more aftermarket - $800M missile defense contract
• ASTS: Up $10 to $76 - "hardly any revenues, lose a ton"
• Triggered by Trump executive order: "Ensuring American Space Superiority, which means absolutely freaking nothing"

CRYPTO:

• Gary: "Don't even get me going... government way up the wazoo with crypto, we don't like it at all. Doesn't even pass the smell test."
• Trump family "big into crypto... losing their butts"

💊 MASSIVE PHARMA PRICE CUTS (TrumpRx)

9 manufacturers agreed to "most favored nation" pricing: Amgen, Bristol-Myers, Boehringer-Ingelheim, Roche, Gilead, Glaxo, Merck, Novartis, Sanofi

INSANE PRICE DROPS:

• Amgen Repatha (cholesterol): $573 → $239
• Bristol-Myers Riataz (HIV): $1,449 → $217
• Boehringer Jardiance (diabetes): $525 → $55
• Gilead Epclusa (Hep C): $24,920 → $2,425 (90% cut!)
• Novartis Mayzent (MS): $9,987 → $1,137
• Sanofi Plavix (blood thinner): $756 → $16 (98% cut!)

Gary: "How the hell can they do that? Obviously they have a lot of margin in there."

"Standing ovation to the president on this. Standing ovation, as much as I complain about him."

"How can you lower price 90% and make money? Are you telling us you had a thousand percent markup?"

Leading Sectors/Stocks 🟢

• Semiconductors (Thursday/Friday recovery): NVIDIA, SanDisk, LITE
• AI stocks (after Wednesday bloodbath)
• Oracle, CoreWeave (government deals)
• Space stocks (Rocket Lab, ASTS)

Lagging Sectors/Stocks 📉

HOUSING CRASH CONTINUES:

• KB Homes: Down 8.5% - sales -15%, earnings -24%
• Hovnanian: Sales -17%
• Lennar: Earnings -50%, revenue -6%
• Home Depot: "Acting like south end of northbound jackass"
• Housing stocks, housing-related all hit hard

MANAGED CARE:

• Got hit after pharma announcement
• Trump said "we're going to be talking to managed care companies about what they are charging"

Gary's Key Points

On Government Intervention: "Government picking winners and losers. We're totally against it."

"We absolutely loathe" the White House interventions, "but we have three more years of it."

"First intervention was Liberation Day. That was crashing the market and going to crumble the economy. But that weekend... backed away from Liberation Day."

On Pharma Pricing: "Do you know how many stories I read of people that cannot afford medication? Zillions of stories. Do you know how many stories I read of people in debt because of medication? A bazillion stories."

"I think that's magnificent news. If anybody disagrees, I'd like to hear from you."

"I have a question how somebody can lower the price 90 percent and make money. That's a very good question."

On Market Volatility: "The Dow moved 2,000 points in eight minutes" (Liberation Day context)

"Wednesday they closed it out. Often really bad days they reverse intraday indicating washout. They closed it out. Oh, what did they do yesterday? They gapped the market out of nowhere. Like nothing happened."

On Semiconductors: "As I'm doing my scans, holy crap, the artificial intelligence stocks just getting bloodied up. More and more technology stocks breaking down... going deep, deep, deep into their bearish phase."

"To be clear, there's still plenty that are toast, broken down. But to be clear, they really ramped up our favorite names."

November 20 NVIDIA Reversal Context: "In normal circumstances, what we saw that day on November 20th normally indicated to me, oh, we're topping out, we're going to go through some heck. Well, the next day, we gapped down, finished good, and just ran back up to the old highs."

"The market had a real chance to follow through the downside off of that."

On Housing: "We continue to avoid the home builders."

Critical Watch Level: "Yields today, watch 4.2 percent. If the 10-year goes above that, we'll be talking."

Personal Hospital Bill Story: "I was in a hospital for eight hours. They charged me $26,000... When it goes to insurance... the $26,000 turned into three."

"My wife... in Boca Raton. They had the nerve... to show Tylenol $26. And you know what their reasoning was? It's called cost sharing."

"If the president ever got the hospitals in line, then we're talking."

Bottom Line

Wild week - semiconductors crashed Wednesday, government gapped them back up Thursday/Friday. Gary loves pharma price cuts but hates government intervention picking winners (Oracle/TikTok, CoreWeave, space stocks, crypto). Housing crash continues. Watch 10-year yield at 4.2%.

"ICE IS GETTING THINNER" - Oracle Debt Crisis Spreads, AI Carnage

 

📊 Market Sector Tracker - Gary Kaltbaum's "Investor's Edge"

Tracking leading/lagging sectors, top stocks, and market positioning

---

📅 Wednesday, December 17, 2025

"ICE IS GETTING THINNER" - Oracle Debt Crisis Spreads, AI Carnage

Market Action

• Dow: -228 (-0.46%), S&P: -1.1%, NASDAQ: -1.81%, NASDAQ 100: -1.85%, SOX: -3.78%
• "Brutal day for the growth arena in every way, shape, or form"
• Gary: "Ice is getting thinner, especially tech"

Oracle Blue Owl Crisis 🚨

THE BREAKING NEWS:

• Blue Owl backed away from $10B data center deal with Oracle
• Oracle claims they "chose to go with someone different"
• Blackstone stepped in BUT "market is perceiving Blue Owl's hesitancy as sign of concern over Oracle's debt"

THE DEBT PROBLEM:

• $127 billion total debt
• $25 billion due within 3 years
• Only $13B cash flow last year
• Won't get back to positive free cash flow until 2028
• Credit default swaps up 200% in past few months
• Needs $500 billion in revenue to pay back debt
• Bond market "hedging aggressively on if Oracle can't pay back the debt"

THE CONTAGION: "As a result, any data center play now falls within the same bucket. The market thinks they're all over-leveraged, can't pay back the debt, may not get a return on investments on their CapEx, don't deserve a premium."

Leading Sectors 🟢

• Hotels: "Look like they're gonna break out"
• Cruise lines: Acting okay
• Transports: Most acting okay
• Steel: Acting okay
• Silver: "Insane"
• Gold, platinum (new yearly high), palladium
• Coal, metals/mining
• Banks: "No real problem", regionals "not bad"
• Insurance: "Much better"
• Oils: Bounced today (got hit hard yesterday)

Lagging Sectors/Stocks 📉

AI/TECH CARNAGE:

• Oracle: -$10 to $178 (topped $345)
• GEV: -$72 to $614
• FIX: -$85 to $883
• IESC: -$50
• Broadcom: -$15 today (down $80 since earnings 4 days ago)
• ASML: -$60 (6% down)
• AMD: -$10 (5% down)
• Caterpillar: -$27 (4.5%)
• Tesla: -$21 (4%, broke out yesterday!)
• CrowdStrike: -$18
• Palantir: -6%
• Microsoft, NVIDIA: Getting hit

NO-SALES FROTH:

• "They're being really coming after the froth"
• "A lot of them are down $50 to $70"
• "We told you they were all gonna go back where they came from"

CRYPTO: "Not a good day. Early in the day they rammed crypto to the upside, they sold it right back down"

NVIDIA: "On the ledge... You do not want it to break down from right here... one icky, ugly pattern that is losing relative strength"

After-Hours

MICRON (MU):

• Beat earnings, guidance "really strong"
• Closed $225.71 (-$7), up ~$13 aftermarket to ~$240 (recent high $265)
• Gary: "I have no idea what happens tomorrow, but that can help"
• Later in show: Drew back $7, "only about 3.5%" up
• Gary: "Micron is really tied to something called DRAM prices. And they've gone vertical, and I can promise you, they ain't gonna stay vertical"

Gary's Positioning

• Owns ZERO individual technology stocks
• "They're being slaughtered now. You have some very important names in bear markets, some brutal bear markets. They are a void."

Gary's Key Points

Oracle Contagion: "These fears may be misplaced, but it seems to be driving the AI sell-off today. And it's not just today. It's not just today."

CoreWeave Example: "I saw somebody on TV today. This person has been bullish on CoreWeave from $187 to $65. I quote: 'Investors just don't understand.' Did you hear that? That is what is known in my world as denial of facts."

Pattern Recognition: "It's not the news. It's how the market acts on the news and reacts to the news, and it is pattern recognition and outcome."

January Warning: "May I state for the record, January can get very interesting."

Big Cap Losses: "Let me just state for the record. Ew! Ew. ASML 6%, Palantir 6%, Oracle 5%, AMD 5%, Tesla 4%, Caterpillar 4.5%. Ew! And those are big caps. A lot of smaller caps in the teeth."

Money Flowing: "Money definitely flowed... But this is a continuation of what we've been seeing."

Defense Bill: "Senate passed a $900 billion defense bill today... In the year 2000, I think we spent $300 billion on defense."

Warning Shot: "My message to you is what we have said to you. We own no individual technology stocks, and they're being slaughtered now... A warning shot from me to you is be careful of what you hear."

Tesla: "Remember Tesla broke out yesterday? I was down $21 today. And do you know why? They just kicked the teeth of the higher beta stocks today, and Tesla being one of them."

Market Continues: "In many areas of the market, ice is getting thinner, especially tech, but money has been flowing elsewhere."

"THE MARKET IS GENIUS" - Oracle Debt Crisis, AI Hyperscalers Issuing More Debt Than Last 3 Years

 

📊 Market Sector Tracker - Gary Kaltbaum's "Investor's Edge"

Tracking leading/lagging sectors, top stocks, and market positioning

---

📅 Tuesday, December 17, 2025

"THE MARKET IS GENIUS" - Oracle Debt Crisis, AI Hyperscalers Issuing More Debt Than Last 3 Years

Market Action

• Mixed: Small bounce but weak internals
• NASDAQ new yearly lows: 225 vs 94 highs (out of 94, "bunch of non-operating companies")
• Semis weak, advanced declines negative

Oracle Crisis Deepens 🚨

Latest Numbers: $248B AI cloud data center lease commitments (up from $150B, up from $99B in August)

But the Market Says:

• Stock: 346→187
• Credit default swaps skyrocketing to levels not seen since 2008
• Free cash flow collapsing
• Bondholders sitting on 9% unrealized loss on $18B debt issued September
• Bonds falling to junk rating

Gary: "If things are so good, why is the stock on from $346 to $187? If things are so good, why are their credit default swaps skyrocketing to levels not seen since 2008?"

AI Debt Bomb 💣

CRITICAL NEW INFO: "AI hyperscalers have issued more debt over the last three months than over the previous three years. And actually a lot more."

Microsoft: "Cut their sales targets for what is known as agentic AI software by up to 50% after struggling to find buyers"

Leading Sectors 🟢

• Big banks, regionals, European/foreign banks still strong
• Retail continuing
• Transports, insurance
• Oil breaking down (good for consumers, bad for oil stocks)

Lagging Sectors/Stocks 📉

OIL - BREAKING DOWN:

• Oil down another $1, now $66
• OIH "tried to break out, failed miserably, rolling over"
• XOP "gone", XLE "gone"
• Gary: "Doubly avoid the oils" (but "very good news at the pump")
• Russia/Ukraine deal leaking = more oil supply = lower prices

AI/TECH STILL GETTING CRUSHED:

• Broadcom: 405→340 on earnings
• Microsoft: "So darn weak", cut AI sales targets 50%
• Supermicro: Down 50%
• CoreWeave: 187→69.5
• Credo, VRT (data centers): Blasted 20%
• ARM Holdings: Crushed
• AMD: Breaking down
• Taiwan Semi: Trading below 50-day
• NVIDIA: "Remains on the ledge" (212→178, -16%)

FERMI (FRMI) - IPO DISASTER:

• October IPO at $21, opened ~$30, hit $37 next day
• At $37: $22.7 BILLION market cap with ZERO sales
• At IPO: $13 billion market cap with zero sales
• Now: $9.69, still "almost $6 billion market cap with no sales"
• Lost first tenant for massive Texas data center
• Gary: "Wall Street hates you, do not forget that... We're ripping on Wall Street"

Gary's Positioning

• Still owns zero tech stocks
• Sold Oracle at $303, made $1 per share
• "Would have never believed that sucker'd be $188"

Gary's Key Points

The 2007-08 Parallel: "Do you remember what happened during that year leading up to 08? The devastation of the financials? We're on this show every day saying the financials are really underperforming. The Dow just went up 1,000 points and the financials didn't even budge... Something is up with the banks and the financials."

"We had no idea what would happen. We didn't know Merrill Lynch and Countrywide and all those companies out of business. We didn't know, but the markets sure did."

"Way in advance, while everybody's saying don't worry. And everybody, everybody is saying don't worry about artificial intelligence. While the market's saying otherwise."

Markets Are Genius: "So instead of listening to people's opinions, who are very often late in the game, and it's proven to be, we have to listen to what the markets tell us. Because markets are genius, not all the time."

"Do you remember when we were the only ones on Wall Street cursing out Jay Powell when he was printing money? And when he stopped printing money... The real free market is taking over, and it's an uh-oh moment."

The Questions Gary Asks: "Why is Microsoft so darn weak? Why did Broadcom just crash from $405 to $340 on their earnings reports? Why is Supermicro down 50%? Why has CoreWeave been blasted from $187 to $69.5?"

On Fermi IPO: "Wall Street hates you, do not forget that. They brought out an initial public offering at a $13 billion market cap. At the initial public offering, you were paying $13 billion for a company with no sales."

On Projections: "The numbers being projected are just obscene."

Job Numbers: "The job numbers came out. They suck. The revisions were even worse than the numbers... you have some sort of a, I don't know if I'd call it a job recession, but job weakness."

Tariffs Impact: "What did we tell you for months here daily on this show? Due to the fact that our companies pay that tariff. Yes, they lied to us. He lied to us. How the hell can they plan or even hire when they don't know what their expenses are going to be?"

Russia/Ukraine: "We're hearing that Russia and Ukraine are going to come up with something... they're leaking... Russia has sanctions against them on their oil. And if they remove all the sanctions, they can sell oil big time again. You put more oil onto the market, that lowers prices."

Ford EV Disaster 🚗

Taking $19.5 BILLION charge:

• "No longer plans to produce select larger electric vehicles where the business case has eroded due to lower than expected demand"
• Going back to gas "because that's what people want"

Gary: "The president Biden and his administration forced these companies into making things that did not have the demand. Guaranteeing massive losses by the companies. Not by Joe Biden. 19.8 billion."

"What a concept. Produce the products that people want in life. Don't produce the products that don't sell so you take a $19 billion write-off."

Marijuana Stocks Rally 🌿

Trump loosening regulations again:

• One index: $26.82 (4 days ago) → $41.22 today
• But still crushed from peaks:
  • That same index: Was $545 in 2019
  • Aurora Cannabis: $1,503 → $5.53
  • Canopy Growth: $592 → $1.83 (97% decline!)

Gary: "Do not forget how they touted you on these marijuana stocks. They were the end-all, be-all."

On Trump policy: "You know our drug prevention president that is shooting up boats that are bringing in drugs. That same president who pardoned the ex-president of Honduras that was found guilty of trafficking 400 tons of cocaine... now wants to make it easier to get weed, get more marijuana."

"I don't care what anybody tells you. Marijuana's not good for you."

"New York City is one big gigantic bond hit. You walk the city and all you do is smell weed."

Gary's Question: "If everybody is able to grow marijuana, how is it possible all these companies are going to do well? And if your Uncle Biff who lives around the corner will sell it to you for cheaper and he has the good stuff... and you don't pay tax with the Uncle Biff, who do you get your marijuana from?"

Key Takeaway

Gary's drawing explicit parallel to 2007-08: The market is showing weakness in the leading sector (AI/tech) while everyone says "don't worry" - just like financials in 2007.

"We didn't know, but the markets sure did."

NEW Shorter Format!!! "HE'S BUYING BONDS AGAIN" - Powell Restarts QE, Breakouts Everywhere

 

📊 Market Sector Tracker - Gary Kaltbaum's "Investor's Edge"

Tracking leading/lagging sectors, top stocks, and market positioning

---

📅 Thursday, December 11, 2025

"HE'S BUYING BONDS AGAIN" - Powell Restarts QE, Breakouts Everywhere 🚨

The Big News

POWELL BUYING BONDS AGAIN (restarting QE)

• "If I was president, I'd stop his arse dead in his tracks"
• "Markets are supposed to be free, not some numbskull behind a desk"
• Fed lost hundreds of millions/billions on bond buying

Breakouts

• ✅ Dow: New yearly highs (+646)
• ✅ Russell 2000, Mid-Caps, Financials, Banks, Transports
• ⏳ S&P, NASDAQ: "Right there, right there"

Leading Sectors 🟢

• Cruise lines: Royal +7%, Carnival +6%
• Hotels, airlines, economically sensitive
• Banks: Goldman 876→910, Visa +$20 (5.5%)
• Commodities (weaker dollar), multinationals

Leading Stocks 🚀

• WW Grainger: 958→1,032 (+8%, dead since Feb '24)
• United Rentals: 784→834
• Lululemon (AH): +$12 (CEO out, $1B buyback)
• Broadcom (AH): Good numbers

Lagging Stocks 📉

• Oracle: -$24, "deep into bear market, it's an avoid"
• Costco (AH): -$9

Gary's Key Points

Dow Math: Visa +$20 + Goldman +$21 = 266 of 646 pts (41%)

David Tepper lesson: "Buy the hell out of everything. They are inflating asset prices."

2013 breakout: "Hawaii vacation, indices broke out, had good 6-8 months after"

Valuations: "Definitely too high but expensive markets can get more expensive"

Restaurants/Cruise: Still bear markets, "recovery rally in downtrend, have to prove themselves"

"THEY BETTER KEEP THE AI TRADE GOING" - Post-Fed Rally in Rate-Sensitive Sectors

 

📊 Market Sector Tracker - Gary Kaltbaum's "Investor's Edge"

Tracking leading/lagging sectors, top stocks, and market positioning

---

📅 Wednesday, December 10, 2025 - FED DAY

"THEY BETTER KEEP THE AI TRADE GOING" - Post-Fed Rally in Rate-Sensitive Sectors

Market Action

• Strong day for rate-sensitive sectors (Fed cut rates)
• S&P, Dow, NASDAQ, NASDAQ 100: Did NOT finish at new highs, "weakened a little bit at close, but not a biggie"
• Russell 2000: Edged out of range at close
• Mid-Caps (S&P 400): Edged out of range at close (not at highs yet though, "still got work to do")
• Regional Banks: Almost at yearly high, some individual regionals AT yearly highs
• KBW Bank Index: NEW HIGH
• NASDAQ Bank Index: NEW HIGH

Fed Decision & Gary's Explanation

The Fed:

• Cut rates (as expected)
• Gary: "Fed funds, really not much"
• "The 10-year yield is your mortgages. The Fed funds, we can go back to, maybe it moves the credit card rates around"
• "Your money markets are going to get less, duh"

Gary's Powell Rant: "Just remember, you were getting zero on your money markets when he took rates to zero. He screwed every saver. Jay Powell screwed the savers and handed all that money to the banks and lenders. And he never got any blowback from that."

"One of the most sickening moves financially I've ever seen, he got no blowback on it because they had to just blame Biden for everything."

Why Markets Rallied: "The perception is this should help the economy."

Leading Sectors 🟢 POST-FED WINNERS

1. Transports - Strong (0.35% transports mentioned)
2. Housing Stocks - Strong ("If you can take interest rates down, duh, it's interest rate sensitive")
3. Regional Banks - "Whoa" + other banks, financials strong
4. Economically Sensitive - "Woke up"
5. Hotels - Bounced (just got hit)
6. Cruise Lines - Bounced (been very weak)
7. Auto Dealers - Bounced (stocks been very weak)
8. Some Retail - Good day, not all

Gary's Summary: "Good day in the financials. Good day in the economically sensitive. Good day in the nice bounce in the housing. Good day in the transports, moving of things. Because the perception is this should help the economy. Good day in the auto deals, with stocks that have been very weak."

Lagging Sectors 🔴

PAYROLL COMPANIES - Still weak

• Paychecks: Up only 14 cents
• Gary: "That's to be watched"

Leading Stocks 🚀

ECONOMICALLY SENSITIVE - "WOKE UP":

• United Rentals: Up 3% (has been "blasted on their earnings")
• WW Granger: Up 3%+
• Caterpillar: Up $20

BANKS:

• Regional banks: Almost yearly highs, some AT yearly highs
• KBW Bank Index, NASDAQ Bank Index: New highs

RETAIL:

• Abercrombie & Fitch: Up 6% (good reaction recently)
• Dillard's: Up nicely (doesn't trade a lot)
• Cracker Barrel: Up 95 cents (after being down $3 aftermarket yesterday on crappy numbers)
  • Gary: "That's just the market being a little bit better on the day"

WARBY PARKER (WRBY) - THE AI MANIA EXAMPLE 🤯

• Stock crushed recently on earnings/outlook
• Day and a half ago: Announced "AI glasses"
• Up 45% in two days

AIG: Rumors of being bought by Chubb

Lagging Stocks 📉

MICROSOFT & META - Both Fading at 50-Day

• Gary: "I got asked, what's the matter with Microsoft? It's a weak stock. I got asked, what's the matter with Meta? It's a weak stock."
• "Both faded at the 50-day moving average"

DOORDASH & INSTACART - Got Hit Today

• Amazon announced expanding perishables selling to 2,200 cities
• Gary: "So guess what happened to DoorDash and Instacart today? Not good."
• Note: DoorDash had big insider buy recently

ORACLE (ORCL) - The Disappointment Continues

• Beat earnings, stock still down $16 to $220
• Stock went from ~$350 to $200 after announcing "monstrous backlog"
• The worry: The debt
• The backlog: From OpenAI company
• Gary: "You know which company that was? Where the CEO was interviewed by an investor, and was simply asked, how are you going to be able to do $1.2 trillion in business when you only have $10 billion? And the guy said, well, just sell me your stock."
• "We'll see how that plays out"

NVIDIA - CANNOT GET UP 🚨

• Finished down $3 on strong market day
• This is AFTER China news (allowed to sell to China, "billions")
• "Stock can't get out of its own way"
• Below 50-day moving average
• Gary's Theory: "I'm wondering if they're starting to put a little discount into the stock because Alibaba announced the chip. Google's got some things. A bunch of others have things going on right now for a very lucrative business."
• Competition emerging in AI chips
• Gary: "If Nvidia remains below the 50-day moving average, we'll keep you informed. First thing it's got to do is get back above."

HOSPITALS - "Topped out. No biggie."

AUTOZONE - Down another $75 today - "Yikes"

MEGA-CAP WEAK:

• Costco: "Continues to be really weak"
• Netflix: "Brutally weak"

Gary's Positioning 💰

No specific positioning mentioned today

The Big Picture 🎯

"THEY BETTER KEEP THE AI TRADE GOING"

Gary's Blanket Statement: "They better keep the AI trade going. How's that for a blanket statement? It's so much of the market now. I cannot begin to tell you. It is so much of the market now."

Warby Parker AI Glasses - Gary's Confusion: "So what? Artificial intelligence glasses should add a billion dollars of market cap to the company? That by the way, does less than a billion dollars in revenue?"

"What can you do with your glasses and artificial intelligence? Somebody's got to help me out with that. Seriously, are we going to get the artificial intelligence swapper? Or McMuffin?"

"By the way, I'm not being sarcastic. I guess maybe I'm the dumb one because the market loves this news. Just letting you know. The market really loves this news. We'll see how it plays out."

NVIDIA Competition Emerging: "Think about this this week. You had a strong market today and Nvidia finished down $3. And this is after a day and a half ago was announced the China thing. That's going to be able to sell this thing to China and it's going to add billions. And the stock can't get out of its own way."

"And you know what I'm wondering? Not sure yet. But I'm wondering, A, the huge market cap. But B, in this great system of ours, if you have a big part of the business and others say, you know, I think I can do it faster, quicker, better, and cheaper. And then some come out with that."

"I'm wondering if they're starting to put a little discount into the stock because Alibaba announced the chip. Google's got some things. A bunch of others have things going on right now for a very lucrative business."

Oracle/OpenAI Reality Check: "By the way, here's a blanket statement. They better keep the AI trade going. How's that for a blanket statement? It's so much of the market now. I cannot begin to tell you."

"You know what that backlog is from? That open AI company. You know which company that was? Where the CEO was interviewed by an investor, and was simply asked, how are you going to be able to do $1.2 trillion in business when you only have $10 billion? And the guy said, well, just sell me your stock."

Beazley Broadcasting (BEAZ) - GameStopped! 🎮

The Insane Move:

• Radio station, couple hundred million revenues
• Never trades - average day: couple thousand shares
• Before today: Closed at $4
• Today: Hit $26, closed $16, now $12 aftermarket
• Float: 700,000 shares
• Today's volume: 44.8 million shares (64x the float!)

Gary's Assessment: "I'm wondering if this got game stocked today." [meaning: pumped up like GameStop was by retail traders]

"Whether somebody said something and read it and they jumped on it."

"You know what my advice is, right? Make sure you're never the last one in. They all go back to where they came from."

"I don't know what drove the stock today. I see no news. And I look on several news fronts. I'm sure we'll find out. It hit the sheets or the webs and they got involved and ended up being some sort of, again, game stock, AMC and things like that." [GameStop, AMC - the meme stock phenomenon]

"At 2.35, it hit $26. At 4 o'clock, it was $16 and change, and now it's $12 in the aftermarket. You know how you get the $26? Somebody had to pay that."

"Don't ever get caught in that stuff. Keep your head about you. It's painful if you're the last one in."

Key Observations 💡

The Fed's Real Impact: "The Fed funds, really not much. The 10-year yield is your mortgages. The Fed funds, we can go back to, maybe it moves the credit card rates around."

"I'll tell you what it will do, your money markets are going to get less, duh. Just remember, you were getting zero on your money markets when he took rates to zero."

Powell Screwed Savers: "Jay Powell screwed the savers and handed all that money to the banks and lenders. And he never got any blowback from that. One of the most sickening moves financially I've ever seen, he got no blowback on it because they had to just blame Biden for everything."

Perception vs Reality: "The perception is this should help the economy." (Why rate-sensitive sectors rallied)

Why Markets Rally on Fed Cuts: "Why would that be? Well, if you can spur things on, even the perception moves markets. So that's the story today."

Payroll Companies = Job Market Warning: "You know what didn't have a good day still? The job markets. The payroll companies, paychecks was up 14 cents. That's to be watched."

Amazon Competition: "Amazon has announced that they are going to expand selling perishables to 2,200 cities. So guess what happened to DoorDash and Instacart today? Not good."

NVIDIA Can't Rise: "Think about this this week. You had a strong market today and Nvidia finished down $3. And this is after a day and a half ago was announced the China thing... And the stock can't get out of its own way."

50-Day Moving Average: "If Nvidia remains below the 50-day moving average, we'll keep you informed. First thing it's got to do is get back above."

Microsoft & Meta: "I got asked, what's the matter with Microsoft? It's a weak stock. I got asked, what's the matter with Meta? It's a weak stock. Both faded at the 50-day moving average."

AI Hype Gone Wild: "Warby Parker... announced AI glasses, up 45% in two days. And I'm just thinking to myself, so what?"

"What can you do with your glasses and artificial intelligence? Somebody's got to help me out with that. Seriously, are we going to get the artificial intelligence swapper? Or McMuffin?"

"I guess maybe I'm the dumb one because the market loves this news."

Game Stock Warning: "You know what my advice is, right? Make sure you're never the last one in. They all go back to where they came from."

"You know how you get the $26? Somebody had to pay that. Don't ever get caught in that stuff. Keep your head about you. It's painful if you're the last one in."

Market Breadth: "At the close today, at the close, the Russell 2000 edged out of range. At the close today, the mid-caps edged out of range. Not at the highs though yet. Still got work to do."

"At the close today, the regional banks, almost a yearly high. Individually, some regional banks at yearly highs. At the close today, the KBW Bank Index, NASDAQ Bank Index, new high."

"The S&P did not finish at a new high today. The Dow did not finish at a new high today. The NASDAQ 100 and the NASDAQ did not finish at new highs today. And weakened a little bit at the close, but not a biggie."

What's Next: "We'll see what tomorrow brings."

"YOU BETTER BE IN THE RIGHT SPOTS, KIDS" - Massive Sector Breakdown Pre-Fed

 

📊 Market Sector Tracker - Gary Kaltbaum's "Investor's Edge"

Tracking leading/lagging sectors, top stocks, and market positioning

---

📅 Tuesday, December 9, 2025

"YOU BETTER BE IN THE RIGHT SPOTS, KIDS" - Massive Sector Breakdown Pre-Fed

Market Action

• Indices near highs but "a lot of Jell-O moving on the plate"
• Russell & Mid-caps near highs
• Fed meeting tomorrow (likely 3.75% → 3.5%)
• Gary: "Very important stock selection. Muy importante right now."

Leading Sectors 🟢

1. Semiconductors - Not all, but leading
2. Electronic Manufacturers
3. Data Storage - Not all
4. Big Banks - Except JPMorgan today
5. Private Equity - Coming on strong: Blackstone, BlackRock, Evercore, KKR
6. Other Financials - State Street Bank, Invesco, Synchrony Financial
7. Canadian Banks - "Stronger than our banks"
8. Gold & Silver - Very, very strong (Silver "bang-up day today")
9. Mega-Caps - Broadcom, Apple, Google strong; Tesla trying
10. Some Retail - Abercrombie, American Eagle, Bubarn, Estee Lauder, Five Below, Ralph Lauren, Ross Stores, TJ Maxx, Urban Outfitters, dollar stores

Lagging Sectors 🔴 GARY'S COMPREHENSIVE "AVOID" LIST

"There's still a lot of areas to definitively avoid. And how do we figure that out? We know what bear markets look like."

PAYROLL COMPANIES - "BRUTAL BEAR MARKETS"

• ADP, Paychex
• Gary: "We already know the jobs market is on the troublesome side. Brutal bear markets. And if that ain't something to watch, I don't know what is."

AUTO PARTS - "CLASSIC BEAR MARKETS"

• AutoZone: Down $270 today (-7%), "Classic bear market"
• Advanced Auto Parts, O'Reilly Automotive, Genuine Parts: All "classic bear markets"

WASTE MANAGEMENT - "BEAR MARKETS"

• Waste Management, Republic Services, Waste Connection: All bear markets

BLOOD TESTING

• Quest Diagnostics, LabCorp: "Topped out badly"

AUTO DEALERS - "Just plain old weak"

MANAGED CARE - Highlighted for "a very long time"

• UnitedHealth and group

HOTELS - "TUCKED IN BADLY LIKE FRIGHTENED TURTLES"

• Gary: "About two weeks ago, the hotels looked like they had a battle. Sitting near the highs, looked like they're about to go topside and a nice little breakout to the upside. They have all tucked in badly like frightened turtles. The hotels have topped."

CRUISE LINES - "VERY BAD SHAPE"

• Royal Caribbean, Norwegian, Carnival: Very weak, bear markets
• Exception: Viking (recent IPO) strong
• Note: Norwegian has big insider buying recently (but "just because somebody's buying insider-wise doesn't mean the stock goes up")

HOUSING & HOUSING-RELATED

• Sherwin-Williams (in Dow): "Brutal bear market"
• Williams-Sonoma: "Not deathly bear market, but not bullish"
• Whirlpool: "Brutal bear market"
• Home Depot: Down almost 5 today (was -9 pre-market, +2, finished -5)
  • Said comps going forward "not very good"
  • Gary: "We've done our own little channel checks at Home Depot. And I wouldn't say things are bad, but they're soft. Stock's saying so."
• Home builders, home-related: Weak

CONSUMER STAPLES - "HOLY CRAP"

• Procter & Gamble (in Dow): "Holy crap"
• Clorox: "Holy crap"
• Colgate, General Mills: "Holy crap"
• Tobaccos, Pepsi, Coke: Bearish
• Alcohol stocks: "Don't get me started. That's good news. Bad news for the stocks, good news that people aren't drinking as much. Bearish."

CHINESE ADRS - "Just plain old bearish now"

RESTAURANTS - MOSTLY DISASTER

• Only 2 Strong (relative strength): Dine Brands (IHOP/Applebee's), Restaurant Brands (Burger King/Tim Hortons)
• Kava Group: "Don't dare look"
• Chipotle: "Don't dare look. I mean, holy crap"
• Cracker Barrel: 72 → 23.50 (aftermarket today, down $3+)
  • Gary: "How the hell can the CEO keep a job? Nothing personal. She's overseen a stock going from $72 to $23.50 now in the aftermarket. Hey, let's keep her."
  • Lowered guidance again
• Others "just plain old" weak

TELECOM - "Bearish"

• AT&T, Verizon, T-Mobile

UTILITIES - "Bearish"

• "Interest rate sensitive"

IMPORTANT INDIVIDUAL NAMES:

• Costco: Bear market
• Netflix: Bear market
• Boeing: "Looks like it just failed the 50-day"
• Meta: "Just looks like it failed the 50-day. Maybe failed."
• Uber: Same (failed 50-day)
• Tractor Supply: Same
• MasterCard, Visa: "Just plain old bearish"

HEALTHCARE - GETTING "SCHMEARED" FAST

• Gary: "Remember we were telling you how healthcare really coming on? Well, that didn't last too long. It didn't last too long. In fact, healthcare kind of getting schmeared right now."
• Eli Lilly: "Stock went crazy to the upside and nine straight days down, down about 130 points"
  • Why? "Major league competition" for their drug
  • Gary's note: "It really works. I hadn't seen, I'm not going to mention who, somebody in about four months, who was not thin... just lost everything. Took whatever and boy, oh boy, wow. Look great. They say they feel great. Stuff works."
• Amgen: 346 (new yearly high 4 days ago) → 313 (today) = $33 drop in 4 days
  • Gary: "That's what we mean by coming after the healthcare"

ECONOMICALLY SENSITIVE - Major names failing

• Carrier (air conditioning): "Brutal bear market"
• GE: "Looks like it's topped"
• Roper (ROP): "Brutal bear market"
• United Rentals: "Just a brutal top and bearish phase now to that important name"

DEFENSE STOCKS - "Mostly bearish"

RETAILERS TO AVOID:

• Crocs: "Don't you dare go look"
• Lululemon: "Don't you dare look. Holy smokes to that one."
• Target: "Don't you dare look"

Leading Stocks 🚀

BIG BANKS (Except JPM):

• Goldman Sachs: Strong
• Morgan Stanley: Strong
• Citigroup: Strong
• Bank of New York: Strong
• Wells Fargo: Strong

PRIVATE EQUITY - "Coming on strong":

• Blackstone, BlackRock, Evercore, KKR

OTHER FINANCIALS:

• State Street Bank, Invesco, Synchrony Financial

CANADIAN BANKS - "Stronger than our banks"

MEGA-CAPS:

• Broadcom, Apple, Google: Strong
• Tesla: Trying (but weakness underneath)

STRONG RETAIL:

• Abercrombie & Fitch, American Eagle Outfitters, Bubarn, Estee Lauder, Five Below, Ralph Lauren, Ross Stores, TJ Maxx, Urban Outfitters, dollar stores

GOLD & SILVER:

• Very, very strong
• Silver had "bang-up day today"

Lagging Stocks 📉

JPMORGAN (JPM) - The One Bank Failure

• Down $15 today
• Gary: "Stock was acting perfect. And they had this conference and they announced something about lower rate on fees for certain things. And they just hit the crap out of that thing today."
• "Amazingly, J.P. Morgan is the one you always depend on. Nope."

HEALTHCARE IMPLOSIONS:

• Eli Lilly: Down 130 points in 9 straight days
• Amgen: 346 → 313 in 4 days

AFTER-HOURS BOMBS:

• Cracker Barrel: Down $3+ (lowered guidance, kept CEO), 72 → 23.50
• Dave & Buster's: "Getting yonked"

HOME DEPOT:

• Down almost 5% (was -9 pre-market, rallied to +2, finished -5)
• Comps going forward "not very good"

AUTO PARTS:

• AutoZone: Down $270 (-7%) = "Classic bear market"

Gary's Positioning 💰

• Did NOT buy healthcare (was "a little bit mad about it")
• Gary: "I'm not mad anymore. They're actually really hitting it pretty darn good and brought it down pretty quickly."
• "So it's not all, but a lot of avoiding this second until otherwise"

Crash/Correction Outlook 🎯

FED TOMORROW - GARY'S MAJOR CONCERNS:

The Setup:

• Fed likely going 3.75% → 3.5%
• But: 10-year yield went 3.988 → 4.186 in just 7-8 days
• Gary: "You may not think that's a big move, but it is in a short period of time."

Gary's Core Worry: "We're just here wondering, is the market trying to tell him something? And if he lowers rates too much, what is that going to mean?"

"What if he lowers rates, but the 10-year yield keeps going higher? What is the 10-year yield? Well, those are your mortgage payments. It's cost of capital."

The Fed's Core Problem: "The Fed only controls short-term rates. Unless they are printing money out of thin air to buy up the whole freaking bond market like they did a few years back... they say because of COVID."

"They stayed there, they kept it there, and they created all the stupid inflation. Inflation finally came down when they stopped printing money and they started raising rates because they were forced to."

Why Powell Doesn't Get Blamed: "Remember, the reason why he doesn't get buried for the inflation is because he is not elected. So they all blame Biden. Biden gets the blame because he called the transitory and also his S-9, S-10, S-11 federal spending increase in the government."

"As much as I am not through with Trump, Biden was the worst president we have ever had by far."

The Rule: "What have we said to you for a very long time about the Fed and rates? That they had better listen to the market. If the market is screaming, else there could be problems."

"If the market is screaming, don't lower rates, and they lower rates, there could be a problem. If the market is screaming, lower rates, and they don't, there could be a problem."

The Trump/Hassett Problem: "You have President Trump who has telegraphed Kevin Hassett as the next head of the Central Bank after Powell's gone, which means Donald Trump will be running the Fed."

"Kevin Hassett's just a puppet, nothing personal, and I'm not even saying that as a put-down, it just is. It's the nature of the beast. The President likes control, and he's going to put somebody in there that he can control. There's no doubt in my mind."

Gary's Worry: "Right now, you have a little bit of persistence to the upside in long yields. And when we say long, that's duration."

"Powell has never listened to the market because he thinks he's God. And certainly the President won't listen to the market because he thinks he's double God. He can do no wrong."

"And probably if I'm a billionaire and I became President for a second time after being blasted for a few years and impeached twice, I'd probably think I'm God too."

Stock Selection Critical: "So we're just letting you know there's a lot of ick. Still, while the indices are up near the highs, the Russells up near the highs, even the mid-caps. So very important stock selection. Muy importante right now."

"Again, you better be in the right spots. These areas I just told you about."

"Market's quite interesting, I must say. Again, you better be in the right spots, kids. You better be in the right spots."

Key Observations 💡

How Gary Knows What to Avoid: "There's still a lot of areas to definitively avoid. And how do we figure that out? We know what bear markets look like. We know what bearish markets look like. We know where trouble lies based on the action, not based on what somebody thinks."

Webcast Today: "I also have to let you know we did an early webcast today. And I have to tell you, there's still a lot of areas to definitively, definitively avoid."

Payroll Companies = Job Market Warning: "We already know the jobs market is on the troublesome side. ADP and paychecks remain in a brutal bear market. And if that ain't something to watch, I don't know what is. Brutal bear markets."

"Just so you know what they do, I use paychecks. They handle all my stuff." (Gary's personal endorsement of what they do, even though stock is brutal)

Healthcare Reversal: "Remember we were telling you how healthcare really coming on? Well, that didn't last too long. It didn't last too long."

"I was actually a little bit mad about it. I'm not mad anymore. They're actually really hitting it pretty darn good and brought it down pretty quickly."

Eli Lilly Drug Works: "It really works. I hadn't seen, I'm not going to mention who, somebody in about four months, who was not thin and more than, and just lost everything. Took whatever and boy, oh boy, wow. Look great. They say they feel great. Stuff works. Just letting you know."

Hotels Pattern: "About two weeks ago, the hotels looked like they had a battle. Sitting near the highs, looked like they're about to go topside and a nice little breakout to the upside. They have all tucked in badly like frightened turtles."

Norwegian Insider Buying: "Norwegian, big insider buying as of recent. But just because somebody's buying insider-wise doesn't mean the stock goes up."

Home Depot Channel Checks: "We've done our own little channel checks at Home Depot. And I wouldn't say things are bad, but they're soft. Stock's saying so."

Cracker Barrel CEO: "How the hell can the CEO keep a job? Nothing personal. She's overseen a stock going from $72 to $23.50 now in the aftermarket. Hey, let's keep her."

Alcohol Stocks: "Don't get me started on the alcohol stocks. That's good news. Bad news for the stocks, good news that people aren't drinking as much. Bearish."

Amgen Move: "Amgen was at new yearly highs four days ago at 346. It's 313 in four days. That's what we mean by coming after the healthcare."

The Broad Market Lost: "We've had a good broad base move in the market, but I think we're already losing that broad base, particularly."

Powell Commentary: "Again, nothing personal. I don't know the guy. He's nauseating. Overrated adult. Seriously. About as overrated as can be."

Personal Note - Weather: "I'm back in Florida. I left 15 degree weather, I believe we have like 68 or 70 here in Florida. Why do I even go up to the Northeast? I gotta tell you, 15 degrees, that's cold, kids."

Fantasy Football: "I'm in first place in my fantasy league all by myself with three weeks to go. I should have already won it. But there were a couple of weeks where Lamar Jackson just screwed me. But I am in first place."

Luigi/UnitedHealth CEO Murder 🚨

Gary's Disgust: "I saw a video. It looked like about 25 women outside the court. One poster said, I want to marry you, Luigi. Another one, what the frick is the matter with these people? What happened to these people?"

"They're actually going to the court and praising him and celebrating. They're cheerleading a guy that took out a frickin' gun and, like a cowardly prick that he is, shot a man in the back dead who has two kids and a wife and never did anything to anybody."

"And these women, what the hell is going on? Are they nuts? By the way, it was mostly, there was some men too. And they've raised money for his defense. He's a murderer."