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COT 36 === [00:00:00] Jeff Kikel: Good morning. Cents of things. It’s Jeff and Ron here. Once again, we are in the midst of earning season, all kinds of craziness going on, some good news, some

bad news, and a lot of economic data coming into the beginning of the year. Ron, how you

doing, bud? Ron Lang: Good morning. Doing well. Yep. There’s a never a dull moment with market news, economic

news. Ron Lang: We got corporate news with earnings and everything. Yeah, a lot to sift through Jeff Kikel: today. We’ll have lots to talk about for the next several weeks here with

earning season going and that is for sure. Yeah, lots of craziness going on. What I thought

I would do is kick us off today. I was and so I was telling Ron before we got started

that. Jeff Kikel: I was trying to get Google or CHAT [00:01:00] GPT to tell me who was more

inaccurate economists. Stock analyst or weatherman. And all I kept getting was these politically

correct answers that well, they all have a hard job and it’s difficult and all this.

It sounded like listening to a presidential press conference. Jeff Kikel: So I gave up and I just asked chat GPT. 1, simple question, give me the

top 5 jokes. About economists. Love it. We’re going to start off with that. So give me just

a second to bring it up. Ron, can you see that I can. All right. So let’s let’s put

this in slide show format. So you can see it already. Number 5.

Jeff Kikel: Why did God create economists to make weather forecasters look good? Love

it. Ron Lang: Love it. Number four. That leads right into my thing for many years. Gotcha.

Jeff Kikel: Number four, an economist is someone who, when he finds something that works in

practice, wonders if it works in [00:02:00] theory. Of Ron Lang: course. Backtesting baby, backtesting.

Jeff Kikel: There we go. Number three. How can you tell an economist has a sense of humor?

When he uses a decimal point. Of course, because Ron Lang: he’s got to round up or round down. Jeff Kikel: Absolutely. Now, probably my favorite of the whole group three economists go hunting

and spot a deer. The first economist shoots and misses by a meter to the left. Jeff Kikel: The second economist shoots and misses by a meter to the right. The third

economist doesn’t shoot and says, we got it. It’s. Ron Lang: It’s in the same zipper area code. We’re good.

Jeff Kikel: You got it. And the last one, number one, what’s the difference between an economist and a confused old man with Alzheimer’s? The economist is the one with the calculator.

Ron Lang: I think I got to post those to my website. You got to throw those up on LinkedIn.

I’ll repost it and like it. Absolutely. Jeff Kikel: We will definitely do that. Cause I should have done this Ron Lang: one a long time ago.

Jeff Kikel: I know I just, I, it came up and I was like, [00:03:00] let’s just do this.

And and it’s so true, every single one of them. Jeff Kikel: But number two, possibly my absolute favorite at this point, just because of the

what we see so many times in those ranges of, you could drive a truck through them. So what I thought

Ron Lang: working with the same data. They all have the same data, Jeff Kikel: no different data at all. It’s just the interpretation is okay, we could

basically drive, we think we’re going to go through the middle of the country and we’ll put the outer boundary at California and the other boundary at New York.

Jeff Kikel: And we should be somewhere in the middle of there when we’re driving through. Unbelievable. I wanted to get us kicked off. Just literally I was just popping off. This

is hot off the presses. The the fourth quarter GDP still the economy growing above potential.

And this is the part of my reason for this whole, kind of rag on economists a little

bit is there’s still, I think, like an 80 percent [00:04:00] expectation in the market

and economists That the Fed is going to cut rates in May of this year

Ron Lang: real quick, I didn’t bring the slide up. Ron Lang: I was going to a month ago, there was a 70 percent chance of a rate cut in March.

It’s now under 50. Jeff Kikel: Yeah, we were laughing at March. What? Yeah, they’re talking about March. We’re

still at a 3. 3 percent growth rate for our economy. They are not going to cut rates anytime

soon unless something goes completely kafloui at this point. Jeff Kikel: There is not a chance in hell of them cutting rates anytime soon. But we’ve

been Ron Lang: saying second half of this year, a year ago. Jeff Kikel: And I don’t even think I, I honestly, at this point, I couldn’t see it happening

before the election. Cause it’s just, it’s not coming down. It just keeps going up at

this point and it’s so far out of their targets. Jeff Kikel: And this [00:05:00] last, that last 1. 3 percent to get it down to 2%. Is,

it’s like losing that last 10 pounds, you can lose The first 10 pretty fast losing that last 10 pounds is pretty damn hard

Ron Lang: and I don’t think they’re gonna go down to 2 percent I think we’re in a different world today.

Ron Lang: I think if we hit three I think that may be the acceptable level plus or minus

Jeff Kikel: who knows but that doesn’t mean that they’re gonna cut rates anytime soon because it you know, unless that Unless the economy’s slowing down and you know when you

get into the numbers a little bit And I know i’ve been using econo day in the past. Jeff Kikel: I actually started using Briefing dot com because they do a really good job

of breaking this stuff down. The largest driver that 3. 3 percent is personal consumption

expenditures, which increased 2. 8 percent just a little under the previous 3. 1%. And

that alone contributed 1. 9 1. 91 percentage points.

Jeff Kikel: To that [00:06:00] 3. 3%. So well over two thirds are just personal consumption.

Another thing that went up pretty significantly again, although not as much as it had been government spending 3. 3 percent versus 5. 8 in the third quarter. And that contributed

to 0. 56%. Of this whole thing. So between those two, that’s the majority of what’s causing

this. Jeff Kikel: And although government spending went down a little bit, it’s still wildly

high. Ron Lang: Also, I heard three different economists in three separate interviews talking about,

if you take a look at the employment number, a healthy percentage. Is government jobs not

in the business community, a healthy percentage of the new jobs created are in government.

Ron Lang: And I had thought that they were this two for one, two for three, for one,

for every three [00:07:00] people that leave the government sector, they could only hire one back. They were doing a contraction over the last decade. So why all of a sudden are

all these people getting jobs in the government? Jeff Kikel: And it’s, and it just keeps growing and growing and growing.

Jeff Kikel: And, I don’t see it, I don’t see it slowing down anytime soon. Or, you haven’t heard about any government layoffs. You’re hearing about other layoffs.

Ron Lang: Yeah, I’ve just we’ve been talking to some clients and one of them is expecting

to lay off and another one just got laid off. I’m trying to dig into their industries a little bit to see if there’s some contagion there, we’ll have to find out what’s going

on. Jeff Kikel: Yeah. So what I wanted to finish up my part today was a little bit of a rundown.

I heard a, an economist that I, or an analyst that I really respect, Stephanie Pomboy. Of

my macro mavens. She is just, she is on it. I’ve listened to her for years. She’s [00:08:00]

regularly on CNBC and Fox business, and she just always makes a hell of a lot of sense.

Jeff Kikel: And she brought up a really interesting point. That made me go and do some quick research today between the difference of GDP, which we just got this number and a one that I really

didn’t follow very much. I will be keeping an eye on now, which is GDI gross domestic

income. I wanted to really share what the difference between those are. Jeff Kikel: What does it mean? Good idea. GDP. Is the total monetary market value of

all the finished goods and services produced within a country’s borders in a specific period

of time. So it’s just the finished goods and services. It’s not anything else. When you

look at GDI, it’s interesting. Gross domestic income is a measure of economic activity based

on all the income earned while engaged [00:09:00] in the said economic activity.

Jeff Kikel: So one, we have produced good, finished goods and services. This is more about the income side. And when I went in, I pulled up a chart that I thought was very

interesting. Now this is through Q2, so we haven’t gotten Q3. Where I haven’t found one

that showed Q3 yet, although I do know that GDP was up, once again, it was up closer to

almost 4%, and GDI was in the negative, I know, so I’m going to have to go find a chart

that updates this a little bit more, and specifically when we look at it for Q4, when we get the

fourth quarter GDI versus the GDP. Jeff Kikel: One of the most interesting things about this, and I hadn’t really followed this

before, and this is where Stephanie made a point of it. This spread now between where

GDP is today and where GDI is the highest percentage ever in history, except for, I

think it goes [00:10:00] all the way back to 1993 when we’ve seen anything this wide,

which we were in a pretty ugly recession in 1993. Jeff Kikel: Well, Ron Lang: What does that mean? No, what I’m going to, what I’m asking is the spread between

the two indicators. What is that showing? I Jeff Kikel: think what it indicates or what I infer from this is if you’re looking at

gross domestic income, that is declining. So that means that the income coming in on

the front end of some of this stuff is declining pretty rapidly. Jeff Kikel: Now, goods and services produced are increasing and that’s been, it’s been

largely supported, especially in the last, Okay. This period from about here, Q2 2022

to now has been largely supported by government spending and a lot of it, a massive amount

of government spending. But this cannot really be manipulated by [00:11:00] government spending.

Jeff Kikel: It’s more from the position of the corporations and the businesses that are out there. So it may be this time. It’s not a widely followed indicator. But it may actually

be a little bit more of a canary in the coal mine. And I think it’s going to roll into when we start to look at leading economic indicators in your part, GDP is 1 of the factors

that tells us if we’re in a recession or not. Jeff Kikel: But I think what we’re seeing from my personal opinion is. Really starting

in Q1 of last year, we started to see this be pretty much in the negative and continue

to be in the negative on the GDI side. And that may just be showing, hey, we’re starting to slow down on the top end. And it, if any indicator for me being in the, I’m also in

the coworking business and I’m seeing it from the small business perspective. Jeff Kikel: We’ve seen a big slow down in the number of people coming in. To look at

space and our spaces. We’ve had [00:12:00] people say, Hey, I can’t afford to stay here anymore. I think it’s starting to affect, especially the lower end of the market, and

it may start working its way up into the mid and small size, the small to mid size companies,

the big companies, I think they’re still going to keep chugging along. Jeff Kikel: But I think the majority of corporations are going to start to see that continued slowdown

would be my read on this. We’ll Ron Lang: see how we go. I understand what both of them are and I have followed more

of the GDP than the GDI over the years. But when you get that kind of a spread, what is

that? Ron Lang: I’m trying to figure out what’s the interpretation. What does that mean? Okay, so we’re producing more. Yep, but overall wages are going down overall income household

income people’s income are going down So how are we producing more meaning is and we all

know where credit card balances are So are people just putting it on credit card [00:13:00] balances and spending beyond our means which we all know But that’s what i’m trying to

figure out what the spread actually Jeff Kikel: means yeah, and I think you know the other side of it too is I was we were

talking about before and I don’t think I really Hit on it when I was up here in the the GDP

report 1 of the things that was that stuck out to me was this thing. Jeff Kikel: Right here, personal savings rate disposable personal income was 4 percent versus

4. 2. So that’s near an all time low. Yeah. And it’s continuing to drop. And I think,

if you’re to infer this part and say, okay, GDI. Is decreasing. So that means that income

is decreasing. And this, this is a measurable personal income as well as business income.

Jeff Kikel: If that’s decreasing and then you start to see, okay, credit card bid, rates

rising or credit card usage, rising personal savings, dropping, that’s telling me that

the consumer is, they’re not making as much in [00:14:00] relation to what they should be. And they’re, they’re just continuing to spend for some crazy reason.

Jeff Kikel: And they’re just going to do it via credit and, eating up with their savings and everything else. And I believe

Ron Lang: a year ago, the savings rate was just over 5%. Yeah. It was going down 1 percent

savings rate. It’s big money across the Jeff Kikel: board. Yeah. Yeah. And like I said eventually, somebody, people are going

to start running out of money. Jeff Kikel: And, I’ve heard, yeah, I heard an one of the presenters on on the news this

morning talking about he was standing in line at a at a, like a pharmacy or whatever, waiting,

for his prescription and he heard a lady in front of him. And he was saying she the, Person’s

okay for your medication, it’s 400 or something like that. Jeff Kikel: And she’s oh my God, I can’t spend that money. I can’t add because could I get

five pills? Or something like that. And the person’s yeah, you can get five and that’s,

that’ll be 85 at this [00:15:00] point. And he goes, I was going to pay her. He goes, I was going to pay it for her at that point.

Jeff Kikel: Cause I felt she needed some help and she ended up saving Ron Lang: medication. That’s all. Yeah. I

Jeff Kikel: was, yeah. And I guess what he was saying, he’s you guys, I heard way more than I wanted to, but he said that, she was. She is. I’ve been taking these and cutting

them into like quarters and all this, the person behind the counter is you’re supposed to take two of these a day.

Jeff Kikel: Yeah, it’s just, it’s getting to the point. I think people are getting stretched,

and I just don’t know where the breaking point is. I know there is a breaking point out there.

I just don’t know where it is. At this point, and, unless we reverse, I think some of this

income issue eventually it’s going to be, it’s going to get caught, somebody is going

to get caught and it’s going to reverse the other direction, but I don’t see the fed change

in their rates anytime soon, Ron Lang: no. Ron Lang: No not at the pace that we’ve been

Jeff Kikel: going. No. [00:16:00] All right. What do we Ron Lang: got? All right. Let me okay. All right. So we’re going to start out with LEI.

We go through this every month, everybody. And essentially what we’re seeing here is.

The 21st consecutive month of negative aggregate data and 22 out of the last 24 months.

Ron Lang: Now, a lot of people that have followed this over the years say the LEI is broken.

Any indicator, can be broken, but there’s very few indicators out there that combine

so many important economic factors. Into one indicator to put it together. So I know we’ve

talked about it for a long time, a couple of good economists that I follow and I listened to their podcast or media interviews every now and then.

Ron Lang: And a lot of them are saying, yeah, the LEI definitely is a good [00:17:00] indicator,

but a better indicator combined with the LEI is when the fed starts to increase rates,

when they start to increase rates. The probability of the LEI being correct goes up exponentially.

Okay. So again, I get, does that depend on whether or not we’re still going to stay into

the negative below the negative? Ron Lang: I don’t know, but I thought it was interesting. And then I know you like to do

a deeper dive on the stuff, so I can let you talk about some of this, but I just find it

interesting. If you just take a look compared to last month over month. We, we contracted

significantly to negative 2. Ron Lang: 9. We could analyze each one of these to ad nauseum, but I just find it’s

interesting that if you go down here, forget about the the stock prices, everything else

is just either trending down or getting worse, especially [00:18:00] the non financial components.

What do you say? Jeff Kikel: Yeah, it’s the same thing. Jeff Kikel: It’s been the same thing. It’s interesting. Average. Yeah. So a few things

have gone back to the positive, specifically the manufacturing those manufacturing sectors

down there, those had been negative. They’re zero, but they had been negative. So that’s

an interesting piece to me when I look at this. Jeff Kikel: Everything else is basically on that same track. Yeah. And the only thing

that is keeping the, that’s buoyed the financial components up has been the S and P and that’s

been all of last year. Everything else on the financial side has been in the negative

and it’s just been the S and P. So if we were to get any kind of a mark, an extended market

contraction. Jeff Kikel: It’s going to take the LEI off the charts down and they’re already off the

charts down, but it’s gonna take the, off the the charts down even farther at that point

if we see any kind of a negative [00:19:00] trend on the s and p at all. The Ron Lang: interesting thing is, I think it was either last podcast of the podcast before

we had reviewed the shocking decrease in the Empire, the New York Yeah.

Ron Lang: Manufacturing. The PMI, the Philadelphia manufacturing number it’s near a multi decade

Jeff Kikel: low Ron Lang: after three, four months ago, and it’s spiked up significantly. I don’t know,

especially in manufacturing where things move at a snail’s pace. I don’t know how we can

have that kind of a move to the upside and or a move to the downside in such a whipsaw

swing. Jeff Kikel: The, I think the biggest thing that I’ve dug into, and I’ve been pounding the table on this all along the problem with those PMI, those indexes, the manufacturing

indexes, they’re not really based factually on we’re, decreasing, it’s basically just

a survey that they do of the manufacturers, right? Jeff Kikel: And I think with all the whipsaw that we’ve [00:20:00] seen of just all over

the fence, and, I, these guys sometimes go, Hey, everything’s great and wonderful and

the world’s wonderful. And then all of a sudden the world is horrible again. So I don’t know how much of a actual factual data effect it has, or how much of a psychological data it

has. Jeff Kikel: Of those people that are running manufacturing firms at this point. Ron Lang: And again, here’s the other thing we’ve talked about this, just even with economists,

they’re all working with the same data. Yep. So unless you turn off the spit, unless there

was an event, a crisis or a catalyst event to help, slow down or shut off the spigot.

Ron Lang: Of manufacturing, I don’t know how there could be such whipsaw movement in those

numbers, but nothing really, nothing else really stood out to me here. Cause we’ve seen, especially with the interest rate spread, the 10 year bond minus the fed rate that went

down significantly.[00:21:00] But again, we saw what happened in the last two months of the year.

Ron Lang: So some of the, some of these numbers could be reacting to what we saw in the stock market. We’ll have to see how next month goes because this is obviously a lot of holiday

numbers included. Jeff Kikel: And we had a massive spike up in the S and P 500 during the, this last quarter.

I was, I’ve been doing, client reviews this last couple of weeks and, just looking at

last year. Jeff Kikel: We were having a okay year up until Q4 and then all of a sudden it was like

off the charts, for client returns last year. And we had a fantastic return. A lot of my

clients are a little bit more conservative and we’re booking double digit numbers on a conservative portfolio. Jeff Kikel: That doesn’t happen very

Ron Lang: often. It’s not how you start the year. It’s how you finish. Jeff Kikel: That’s exactly right. And we finished strong. So I’m like, Hey we’re good finishers.

We may not start. We were a little too conservative. I think at the beginning of the year, just because, I, if you ask me once again I don’t [00:22:00] think my answer would have changed

if you’d asked me in January of last year, where we’d, were we going to have a recession? Jeff Kikel: I still would tell you we should have had a recession last year. It just everything

that I look at told me that it was going to be a recession. The second half of the year, I just gave into, what, we’re just going to ride the momentum and keep going. And I think

that for my clients, they were pleased that we just let it ride, but I don’t know when

this, I don’t know when this changes, I can just tell you, it is going to change and we’re just going to continue to.

Jeff Kikel: To ride the wave as long as we can, and then be nimble and adjust when we have to, but I look, I

Ron Lang: think we’re going to step in a couple of potholes between now and the presidential election, maybe one or two will be the size of a swimming pool for those sides of those

potholes. I don’t know, but we’ll have to see. Ron Lang: All right. And then my last slide, people remember our other podcast Jeff and

I gave you our predictions for the year ranges for the S and P we’re amateurs. [00:23:00]

If we want to look at these so called experts they’re like politicians, they’re lying when their lips are moving, this is where they stand with theirs.

Ron Lang: And I find it very interesting. If you take a look at the far end of the scale.

You got J. P. Morgan. First trust. First trust is always pretty positive, right? Usually

they’re pumping the bowl pump, but not now. Morgan Stanley. We know who that’s. Mike Wilson,

Wells Fargo. The interesting thing is J. P. Ron Lang: Morgan is looking at almost a 12 percent contraction in the market. Not to

say that’s unheard of. I could only see that happening if there’s some type of a geo potential

geopolitical event I don’t know because I think you know, we’re going to be up and down. We’ll be down towards the presidential election We talked about this we’ll be up probably

following the presidential election But unless there is a major economic event or a geopolitical

event. Ron Lang: I see us [00:24:00] being positive for the year not a 20 percent obviously, but

this is pretty amazing. If you tell you, these are all the big players in the industry and half of them are looking at flat to negative for the year. Thoughts. What are your

Jeff Kikel: thoughts? I’m just thinking of my predictions. Jeff Kikel: I’m like, Jesus, I’ve never been so Pollyanna of all. I think my kind of average

scenario came in at even higher than. Then the the guys on the left hand side of this

thing, which is amazing. I just I honestly, I think we’re still going to have a decent

year this year and I beg to differ and I don’t know where they’re getting this first trust

number, quite frankly, cause I watched first trust all the time and they’re still predicting

goods. Jeff Kikel: I don’t know where they came up with this. Number, but interesting. I, and it’s, this is off of a first trust slide, which is interesting.

Ron Lang: Yes. I actually was at one of their events last night with one of their economists.

And for the, for whatever reason, and they [00:25:00] got some great economists there and they’ve all been there for a long time.

Ron Lang: I don’t know if they’re drinking out of the same glass, but they all feel. Pretty much the same way. And it’s tough to see that with a group of economists feeling

negative on their sentiment. I have a feeling it’s more politically motivated. That’s my

opinion, but we’ll have to see, but I thought that this was interesting cause you see some of these numbers on TV, but now you see everything.

Ron Lang: Yeah. It’s nice to see it across the board down the center, flat to negative. Jeff Kikel: So the guys on the left, and then everybody at the end will just say, Hey, we

got it. It are joke. Number 2 just fits perfectly into this with the strategist projections

as well. Ron Lang: And Oppenheimer and BMO. They’re always going to say it’s going to be an up year because they’re going to be right. 80 percent of the time, right? Yeah. It’s like

saying every day it’s going to rain and eventually Jeff Kikel: it does say in the market’s going to be up every year and you’re going to be

right more than that. Jeff Kikel: And you’re pretty much, and Ron Lang: you know who fun strat is. He’s a perennial [00:26:00] bull. Yep. He’s always

going to say it’s not up there. So those three don’t surprise me that they’re on that end and they’re the highest. And they’ve been right in the last couple of years, they’ve

been pumping it up. Ron Lang: But also, I always said this about analysts. I say this about market strategists,

do they have their own skin in the game and if they don’t, I a little leery about what

they’re doing because. They’re getting compensate. They’re getting compensated If people keep

the money in their banks and if people put money into their funds So is there really that wall that you’re not supposed to I don’t believe that at all I’m a conspiracy theorist

Anyway, that’s why if you’ve been in the business as long as we have there are some key people

that you listen to Even if it’s like an echo chamber These people have the track record,

right? Ron Lang: So if you’ve got somebody that’s been a perennial bull for the last 20 to 30 years, And you rarely ever hear them come out and be negative and really look at the

facts. I don’t want to [00:27:00] listen to that. I want to hear both sides of the coin, but I want to hear both sides of the coin where people can truly look into through their

lens and give an honest opinion without somebody whispering in their ear to say, you got to

be a bull. Ron Lang: You got to be a bull. Yeah. It doesn’t work for me. Jeff Kikel: And I think that’s the reality of it is, that’s more than anything. I saw

this when I worked for Fidelity. I saw this when I worked for Schwab. There is that institutional,

this is what we as an institution believe and yeah. Jeff Kikel: Whether you’re, yeah, whether you’re the outlier or not, this is what we

believe is an organization and you better believe that. And I know from a Fidelity perspective,

they got caught with their shorts down during that period from 20 or from 2000 to 2003,

where it was just like this group think, and then literally you had. Jeff Kikel: 30 different funds that all had basically the top 10 holdings be the [00:28:00]

exact same thing in those cases. I, it’s interesting, like I said, it’s interesting for me to see

first trust, which is perennially pretty much a bull and they’re, I’ve followed them for

years. I’ve been to their events. Jeff Kikel: I respect their opinion. I respectfully disagree with them this year. Maybe I’ll be

wrong, but. Once again, we’re I’m not going to fight the market at all. I’m going to,

I’m going to ride the wave as long as we can. We’ll adjust if we need to. I am never been

the random walk down wall street, just, fiddle wall Rome is burning around you.

Jeff Kikel: Yeah I just, that just not my style and whatever. But I just personally,

I don’t buy it for this year. I think we’re going to have a decent year. We’re going to have, it’s looking like we’re going to have a battle of the octogenarians for the presidential

race, good or bad, whatever your feeling is on that pick your favorite octogenarian and

go with it [00:29:00] at this point because there’s not going to be any other option so

who knows what, what happens I just don’t know, but like I said, I just personally believe yeah.

Jeff Kikel: Yeah, we’re probably going to see some contraction this year. I just don’t know if it’s going to be that big of a deal, quite frankly. I.

Ron Lang: There has to be a catalyst and it’s got to be a credit event. I don’t know what that is. Or it starts with manufacturers made the big ones laying off.

Ron Lang: We’ll have to see, but we’re going to revisit this slide, I think once a quarter. Yeah. I like, of course, they always make revisions. I don’t give a crap about your

revisions. Yeah. Where were you in the beginning of Jeff Kikel: the year? What did you say the beginning of the year was going to be? Yeah.

Yeah. Jeff Kikel: I would really like to take a look at the professionals versus us. At the

end of the year and see where we where we all laid it out at that point. Excellent stuff

this week. I thought great discussion. Looking forward to I think we’ll probably do a little bit of an earnings update next week of kind of some of the big top end earnings and their

effects on the market and all that. Jeff Kikel: The [00:30:00] Netflix number was just off the charts the other day. It

was just amazing to me that they can continue to add Subscribers like they’re adding at this point. Yep,

Ron Lang: and just as a little tease let’s talk about a portfolio strategy for those

in a growth mode That want to take a maybe potentially advantage of you’re scared crapless

about this year But you want to take advantage of the upside We’re going to cover what’s called a trailing stop And I think this may be a good thing because i’ve been talking

about it with some people That have been in the markets for years that are not familiar with it But if you want to try and squeeze the juice out of the orange before the fall,

that may be a strategy for you. Jeff Kikel: Yeah and I think more than anything, it’s also a, it’s a discipline that you have.

That’s something we regularly do with our clients. Across the board. ’cause things can move fast and if you’re not watching, they can move fast on you. I have one option position

that I was looking at and it’s a great stock and [00:31:00] it has moved 50% in one week,

just back and forth 50%. Jeff Kikel: It was, I looked Monday and it was up 96%. I looked. Yesterday and it was

up only 46%. Just amazing how much movement there’s is going on in the market right now.

A Ron Lang: lot of volatility. It’s only going to increase. Jeff Kikel: Absolutely. Thanks folks. Thank you for joining us. We do these for you. So

please, if you haven’t make sure you subscribe to the channel, share this with somebody and give us a comment.

Jeff Kikel: We love it. I’ve been having some great discussions with people on YouTube. of some questions that were asked, and they’re just fantastic discussion to have. So I encourage

you if you’ve got a question or if you’ve got a comment, make sure you drop that into the comment section. We do respond to every single one of them.

Jeff Kikel: So thanks a lot. We will see you guys here the very next time. [00:32:00]