Fed Predictions & Tech Expert Dan Ives on Bitcoin and Bull Markets

Speaker 1 Here's one piece of advice that I've given for years: build an emergency fund. Aim to stash away enough to cover at least three months of expenses in case your income suddenly drops.

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Speaker 1 Chime checking account required. Here's one piece of advice that I've given for years: build an emergency fund.

Speaker 1 Aim to stash away enough to cover at least three months of expenses in case your income suddenly drops. Sounds simple, right? But let's be honest, it's not.

Speaker 1 Saving even one month's worth of living costs can feel impossible. Just when you're making progress, that check engine light blinks on and derails your plans.
Life already throws enough curveballs.

Speaker 1 You don't need your bank adding to the chaos. That's why it's so important to choose one that makes savings easy and doesn't nibble away at your hard-earned money with ridiculous fees.

Speaker 1 Chime understands that every dollar counts.

Speaker 1 That's why when you set up direct deposit through QIIME, you get access to fee-free features like free overdraft coverage, getting paid up to two days early with direct deposit, and more.

Speaker 1 With qualifying direct deposits, you're eligible for free overdraft up to $200 on debit card purchases and cash withdrawals. To date, QIIME has spotted members over $30 billion.

Speaker 1 Work on your financial goals through QIIME today. Open an account in just two minutes at chime.com slash MNN.
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Speaker 3 I live in LA now, but lately I have been craving the seasons. Snow, hot cocoa, the whole thing.

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Speaker 1 I'm Nicole Lappen, the only financial expert you don't need a dictionary to understand.

Speaker 5 It's time for some Money Rehab.

Speaker 5 Hey, Money Rehabbers, it's Morgan, the producer of the show. And today is the last day of Peter Tuchman's week of guest hosting Money Rehab.
Peter Tuchman is a broker on the New York Stock Exchange.

Speaker 5 He is also a host of one of Eminem's podcasts called Trade Like Einstein. He's a really sharp thinker in this space, and he also has more energy than anyone I've ever met.

Speaker 5 So if you don't subscribe to his show, please check it out. He's really wonderful.

Speaker 5 In today's episode, Peter starts by doing what he's done every day this week, which is giving a breakdown of what happened in the financial markets today.

Speaker 5 He has a really special point of view because he is there in the heart of it on the floor of the New York Stock Exchange.

Speaker 5 So he explains what's moving and shaking in the market today and why he thinks a Santa Claus rally is about to happen, which is a typical sort of upswing in the market that we see around this time of year historically.

Speaker 5 And then in the second part of his conversation, instead of hearing one of his favorite interviews from the year, you're actually going to hear an interview that he taped today with Dan Ives.

Speaker 5 Dan is a managing director and senior equity research analyst at Wedbush, and he is one of the most sought-after analysts and specialists on tech. He really has his finger on the pulse in this space.

Speaker 5 I pay very close attention when he talks. And Peter and Dan just have a really fun dynamic.
They tape together a lot for Peter's show. So, if you love that, definitely subscribe.

Speaker 5 And then next week, I will be guest hosting the show. I'm really excited.
I'll tell you more about that on Monday, but for now, here's Peter.

Speaker 4 Three, two, one.

Speaker 6 Hey, everybody, it's me, The Einstein of Wall Street. We are here with Trade Like Einstein.
I am Peter Tuchman, and we're here on the floor of the New York Stock Exchange in the balcony.

Speaker 6 History is made in this building every single day. Somebody with my long-term experience, I've been here for 137 years.

Speaker 6 It is my responsibility to help teach you how to navigate this market successfully.

Speaker 4 Boom!

Speaker 7 Hey, everybody, it's me, The Einstein of Wall Street from the floor of the New York Stock Exchange. The ceiling, the floor, the greatest financial institution in the world.
We're talking SP 6,000.

Speaker 7 What a great week. We are now, amazingly enough.
I can't believe it. I'm still back in July.
But we are literally two weeks away from the end of 2024, a year that has given us 27% on the S ⁇ P.

Speaker 7 It has hit records in the NASDAQ of 20,000. I think we came super, super close, but surely broke through 6,000 on the S ⁇ P, the Russell trading at record highs, and the Dow at 45,000, right?

Speaker 7 Pulled back a little bit this week, but that's not that important. We actually had on the day that the market broke 20,000 on the Nasdaq, the Nasdaq 100, I believe, broke 20,000.

Speaker 7 That was a day that we had a record high in Netflix, Amazon, Google, Apple,

Speaker 7 and Meta. Can you imagine that? Not 52-week highs, but record highs.
So these are real numbers, real money being put to work.

Speaker 7 Really, you know, while the valuations seem to be a bit frothy, people are paying them, right? It feels like today's highs, tomorrow's low. I mean, that's the way it is.

Speaker 7 If everybody's been sitting around not wanting to pay top dollar for these stocks and not wanting to pay record highs, well, they've missed the boat. They've missed that whole year.

Speaker 7 That's why I always say there's no bad time to buy this market. Think about that.
We've seen NVIDIA. We've seen NVIDIA

Speaker 7 go off the charts. Every one of these pullbacks we've seen in 2024 has been a screaming buying opportunity for tech, for so many different sectors and stocks on the the exchange.

Speaker 7 So anyway the last couple of weeks obviously we did a little bit of a flat line here, okay?

Speaker 7 So look eight times out of eight now it's nine times out of nine when you've had a presidential election cycle right you've got a nice rally into the election a bit of a follow-through rally the couple days after the election a sort of flat line with a slight pullback until November 22nd then you see a nice rally into the Black Monday Black Friday of Thanksgiving this year we had amazing Amazon and nationally we had the greatest Thanksgiving season of all time.

Speaker 7 And then a little bit more of a bit of a flat line into

Speaker 7 middle December and then Santa Claus rally into the end of the year. That's happened eight times out of eight times within the presidential political cycle and this time it happened the ninth time.

Speaker 7 So that was that little bit of a flat line we saw last week until Friday when we had those economic numbers, the payroll numbers that came in that were right in line, if not better than year over year, and the market loved it.

Speaker 7 And we closed on last Friday, a week ago, at record highs across the board in every indices then we came in on monday we came in on monday and the market pulled back a little bit because nvidia the chinese government attacked nvidia for monopoly practices right and that took nvidia down and it took the baby out with the bathwater and it knocked the whole market down look the bears have been sitting in their caves dying and waiting to come out and they've only been able to come out seven times this year they've been sitting there with their pepsi slushies and their and then and their doritos dying to come out every time they came out They came out in April came out in July came out in August came out and for small bits of time maybe a day a two a week They've been rebuffed by way stronger bullish markets after the fact and They kept saying I told you so I told you so but that never came to fruition

Speaker 7 Right?

Speaker 7 And once again Monday Tuesday this week they were saying it one more time like okay I told you this is gonna happen yet it didn't happen because Monday Wednesday CPI number came in and it was right in line 3.3 3.3 just what the market expected.

Speaker 7 And the market rallied and once again closed at record highs, up 55 handles on Wednesday.

Speaker 7 Thursday, sort of anemic, at best, probably a little bit of a sell-off because the PPI number was disappointing. But what did that mean? That was where bad news equals good news.

Speaker 7 That negative data that came out is what's going to probably give that last bit of powder for the Fed to cut interest rates in next week's meeting. It's a beautiful thing.

Speaker 7 So that's probably what's probably going to catalyze the Santa Claus rally that will bring us in at the end of this year over the next two weeks into a record close for 2024. That's how I see it.

Speaker 7 And you know what? Look,

Speaker 7 I may be wrong. I've been wrong before.
There could be something that throws completely dislocates this whole story in a big way, but I don't see it happening that way.

Speaker 7 This week was extraordinary in so many ways. We did have the soon-to-be president of the United States come down to the floor of the exchange.

Speaker 7 First president since Bush won that came down, and the most notable was Ronald Reagan, who came down on March 28th, 1985, which is the first day that the Einstein and Wall Street got a job on the floor of the exchange.

Speaker 7 That was the first day I got down here, and what a day it was. What an amazing time, an amazing life it's been for me.

Speaker 7 He came down to the floor. Security was absolutely insane.
He gave a speech up in the boardroom. Apparently the U.S.

Speaker 8 has these reserves of petroleum.

Speaker 7 You know,

Speaker 7 most of our oil partners throughout the world are not our friends, right? Venezuela, Iraq, Iran, Saudi Arabia, and Russia.

Speaker 7 So we have these petroleum reserves and the hundreds of millions, perhaps hundreds of billions of barrels of oil that we need and gasoline that we need in case of a confrontation. Well now Mr.

Speaker 7 Trump announced down here on the floor of the exchange that we are going to create a reserve in Bitcoin in the same mindset.

Speaker 7 Right besides the fact that he announced that we are going to be the kingdom of crypto now we are going to have a prudent reserve of Bitcoin in the U.S.

Speaker 7 basis of the U.S. economy.
That's a cool idea, right? So if you're in that name, then that's probably going to give it a little bit of boost. I think it did.

Speaker 7 It probably helped take it off to $100,000 a coin where we live right now. He then did come down to the floor.
He did ring the bell.

Speaker 7 He talked about a number of different things, tariffs in China, blah, blah, blah.

Speaker 7 But the people that showed up for him were as extraordinary. CEOs of all the biggest brokerage firms, Goldman Sachs and whatnot.

Speaker 7 You know, Bill Ackman, CEOs of some of the largest hedge funds in the world. Vice President was here.

Speaker 7 So look, unfortunately, I thought it was going to make the market pop, but it did not do that at all. The market kind of faded into the day and yesterday.
Was that yesterday? That was yesterday.

Speaker 7 And then today we had a little bit of green on the open because we had some economic data. It was reasonable, nothing that exciting.
And we closed out the week. Probably, I don't know.

Speaker 7 Net net, I think we were up on the week. We closed down six handles.
You know, the Dow, the Dow's been under a lot of pressure, probably just one or two individual stocks.

Speaker 7 But where does that leave us? That leaves us with the Fed meeting next week. My gut is, it's 88% chance we're going to cut interest rates.
Anyway, I'm out of breath. I got to get out of here.

Speaker 7 It's been like the longest month for a week I've ever seen. I love you all.
Bing bong, Shotzi. Have a great weekend.
Trade like Einstein, Money News Network.

Speaker 7 Shout out to my beautiful friend, Nicole Lapin, who's on maternity leave. May she give birth to a beautiful, healthy child.
And we love you all. And that's all I got to say about that.

Speaker 1 Hold on to your wallets. Money rehab will be right back.

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Speaker 1 And now for some more money rehab.

Speaker 5 Now here's Peter's conversation with Dan Ives.

Speaker 8 Hey everybody, it's me, Dean Southerner Wall Street from the balcony at the New York Stock Exchange.

Speaker 8 We are sporting, even though he is, as per the New York Post, the best-dressed man on Wall Street, we are sporting the same kind of duts. We got cool sneaks.
He's got some cool colors.

Speaker 8 I got my La Carl thing going on.

Speaker 7 We got a very cool hitting.

Speaker 8 You know why we do this?

Speaker 8 We want to be accessible to the general public so that we can share with you everything we know about tech, volatility, earnings, the stock market, and the New York Stock Exchange.

Speaker 8 Thank you for joining me today. It's great to be here.
You are the man. So let's go back.
Yesterday, obviously, we had Mr. Trump here on the floor, the first president since Bush won.

Speaker 8 And then obviously the most notable visit was Mr. Reagan.
That was the first day I actually worked on Wall Street. It was March 28th, 1985, and it was wild and crazy here back then.

Speaker 8 That we had 8,000 people on the floor then working here. So you can imagine when the president come and then we had, there wasn't as much security because you didn't need that much security back then.

Speaker 8 Bush won though, what we did do, there was an old prank that used to happen always on the floor of the stock exchange when a celebrity or a dignitary would come down, somebody when they were engaged in a conversation and overwhelmed by the room, somebody would come up behind them and dounce their shoes with baby powder, right?

Speaker 8 And everyone on the floor would start banging their feet saying it's snowing in New York. They would suddenly look down and see baby powder all over their shoes.
We even did it to the president.

Speaker 8 Anyway, yes, it was extraordinary. That was one of our greatest coups.
The only one who actually got upset was, I think he was an Italian

Speaker 8 someone in the Foreign Service for Italy. He was wearing purple patent leather velvet shoes, and we dounced him with baby powder.
He was probably never able to wear those shoes again.

Speaker 8 Anyway, let's get down to business. Yesterday, Mr.
Trump was here. He talked about a couple of things.
He talked about setting up, you know, that the U.S.

Speaker 8 has a prudent reserve for petroleum, right, in case of war, in case of any kind of a problem.

Speaker 8 We've got hundreds of, I think hundreds of billions of barrels or millions of barrels of oil on reserve in case of a war, in case of a confrontation at some point, because you all know that a majority of the nations that are oil-producing nations are not our friends.

Speaker 8 Venezuela, Iraq, Iran, and Saudi Arabia, and Russia, of course, the largest producers.

Speaker 8 So yesterday he did say that he was going to set up a prudent reserve for Bitcoin right which is obviously extraordinary I mean I think it's probably given a little bit of the boost to Bitcoin since the initial same day that Microsoft strategies add to NASDAQ one time

Speaker 8 exactly isn't that extraordinary that came this morning yeah right and then yesterday he announced the prudent reserve of Bitcoin what does that mean that means that the US as a nation near 25 million bitcoin that he is going to start collecting Bitcoin and we're going to hold it on as a nation as part of our economy So that should be a cool thing.

Speaker 4 And I think now, do more, this is going to be the big question going on next year. Do more public companies

Speaker 4 start to, not as aggressively in MicroStrategy, but do they start to put at least a percentage of what they have in treasury from the cash in Bitcoin.

Speaker 8 In Bitcoin. So we know like Apple's got hundreds of millions of dollars in cash.
And a lot of public companies, obviously, how do they end up

Speaker 8 displaying our earnings or whatever, whatever the word is, I can't giving out earnings is by having cash on hand some hold cash that was one of the problems back in the day that everyone was saying why why why is Apple holding so many almost so much cash right why don't they give some back to the to the the shareholders anyway not what we're talking about today so that's fascinating so yes micro strategy my Mike Saylor yep Mike Saylor's company obviously is one of the largest holders I think all their holdings are in Bitcoin I mean all and and they continue to raise capital convertible right by bitcoin so their view is basically this is really going to become just a full Bitcoin play.

Speaker 4 Remember, MicroStrategy is still data analytics.

Speaker 4 It's a real company, but the way that this company is now being valued is really a Bitcoin derivative.

Speaker 8 Okay, so if you are looking for exposure to the Bitcoin game and you don't have $100,000 to buy in a coin, there are other ETFs. I believe Vito that trades here on the floor.
Obviously, Mara is one.

Speaker 8 And obviously, MicroStrategy is expensive. It's trading for hundreds and $400, I think, at your share.

Speaker 4 But if you believe Bitcoin, which we do, if you believe Bitcoin could be $250,000, $300,000, go to a million, whatever,

Speaker 4 then you'll see more and more bet on MicroStrategy as a derivative play.

Speaker 8 Derivative play

Speaker 4 in terms of play.

Speaker 8 So that's exciting. Take heed of that, right? That's coming from the man who knows everything about derivative play.

Speaker 8 We've heard about that as respect to AI and the derivative plays that are respected.

Speaker 4 And there's NASDAQ 20,000 hats, right?

Speaker 8 And the point is, like, you've been, let's think. When we started having this Einstein and Ives conversation, you said two things to me.

Speaker 8 Get your 20,000 NASDAQ hats out, and there's going to be a six in front of the SP by the end of the year. And you have been, boom, shakalaka right on that.
Both of them. Amazing.
Look, and I think.

Speaker 8 He's not just another pretty face. Forget about it.

Speaker 4 No, but I think it also speaks to like the market now just starting to realize that AI,

Speaker 4 it's just starting to multiplier. Because we always talk about for every dollar spent on video chip, eight to ten dollar multiplier across the rest of tech.

Speaker 4 Now you're starting to see some of that in terms of software, infrastructure, and build outs.

Speaker 8 And that's going to be in the second, third derivative of

Speaker 8 other companies. Give us a lot of stuff.

Speaker 4 Look, if someone said to you, Avaga, if you go to ABGO,

Speaker 4 look what that stock's done today.

Speaker 4 So it's showing you that

Speaker 4 this second, third, fourth derivative, it's not just about Mag 7, infrastructure.

Speaker 4 In terms of the chip ecosystem, in terms of software, names like Salesforce, of course, Palantir and others.

Speaker 4 And then the consumer AI revolution that goes through Apple, which we've applicable.

Speaker 8 Right. And didn't they just say they're putting ChatBGBT into the iPod?

Speaker 4 Exactly. So that's the first step to ultimately what's going to be hundreds of apps that are built on an Apple device that are going to be AI-driven.

Speaker 8 Extraordinary. So the revolution that Dan has been talking about for months now is actually happening.
We are in the midst of it. We started eight months ago in the second inning of this game.

Speaker 8 Now we're probably in the third inning.

Speaker 4 In terms of the party, it started off at 9 p.m. in that party.

Speaker 4 And now it's 10 p.m. 10 p.m.
in a party that goes to 4 a.m. Okay.

Speaker 4 I was invited to this party.

Speaker 4 Now software, Benny Off, they were waiting. Their name wasn't on the list

Speaker 4 two weeks ago without earnings. Velvet Roops, now they're on the day on the floor with Jensen, they're on the with Musk and others.

Speaker 4 Software is starting to get invited. So now we are going to see more and more tech players get invited to that party.

Speaker 4 And that's how this broader rally continues to spread. And again, with Trump in the White House, deregulation, finally early Christmas, or Hanukkah president, Khan out at the FTC.

Speaker 4 That means more and more deal making is going to happen. That's why it just continues to be what I view it.
We're in the second year of what I view as ultimately a five to six year bull market.

Speaker 8 It's so extraordinary. So think about it.
When Dan and I were talking a couple of weeks before the election, we were talking about what is the market, how is the, look, that was everybody's question.

Speaker 8 How is the market going to respond to a Kamala presidency or a Trump presidency? And obviously, look,

Speaker 8 I believe that this administration, whether Kamala had anything to do with it or not, has to take full credit for where the market is today, right? Mr.

Speaker 8 Trump cannot take any credit for where we are today, trading at record highs across every indices, some of the best four years, right? We know it. COVID, up 20%.

Speaker 8 21, up 28%.

Speaker 8 22, down double digits. We know that.
It was a function of inflation and the interest rate story. 23 and 24, now up 27%.

Speaker 8 So this administration has, obviously, is responsible for that incredible market across absolutely every indices.

Speaker 8 But we were talking about what does it look like on either side, depending on who wins this election.

Speaker 8 Your question was that, yeah, look, a continuation of the past four years, if that goes forward, if Como becomes president, then that's not a bad thing.

Speaker 8 Our fear was with Trump coming in was obviously tariffs in China, right? And you said to me initially, we both agreed that that was the wildcard that could cause a problem.

Speaker 4 And I think to that point, he right away, and again, having Musk at his side is very important too, because some of that rhetoric now has been toned down to where you'll have tariffs.

Speaker 4 But in terms of impacting the chip trade, AI revolution, Apple, Tesla, it's not going to happen. And the deregulation is a huge problem.

Speaker 4 Because now you look at like from FTC

Speaker 4 to what we're seeing in terms of, you know, I think across the belt.

Speaker 4 That was probably the biggest womaning factor to maybe tech over the coming years.

Speaker 8 So just to break that down to somebody who doesn't know really what Dan is talking about, a couple of things. FTC, the people who are the regulators out here, are ousted by Mr.

Speaker 8 Trump, and you're going to have people more friendly to M ⁇ A. So we are going to see a lot more mergers and acquisitions.

Speaker 8 Number two is by bringing Elon Musk into the inner circle of the Trump family,

Speaker 8 you are sort of padding,

Speaker 8 you're padding, you're carving out any potential disaster. Look, you're not going to have Mr.

Speaker 8 Musk in the inner circle representing Tesla and the other MAG 7 are going to now be protected, a carve out around those companies, because you know he's not going to raise himself up in Tesla and let everybody all fall by the wayside.

Speaker 8 By having him in there in the inner circle, that's going to carve out a protection mode for all the rest of the Mag 7 and tech and

Speaker 8 AI and

Speaker 4 as we are autonomous.

Speaker 8 Right.

Speaker 8 which has not been

Speaker 8 accepted that well.

Speaker 8 That's been the wild.

Speaker 4 And today, I think in Switzerland, they just actually said, they actually approved autonomous technology.

Speaker 4 And I'll be in Norway and Scandinavia in a few weeks. The point is,

Speaker 4 you're now going to see around the world autonomous. That's something that's...
And I could argue that that continues to be probably the best use case of AI

Speaker 4 for Tesla. I think autonomous is worth a trillion dollars alone.

Speaker 8 So think about it. What was the one thing that took Tesla down to $350

Speaker 8 about four weeks ago was the meeting they had about the autonomous cars that was not received well. They knocked Tesla down $70 at that point, and it sat there for three or four weeks.
Remember that?

Speaker 8 We talked about it. And I said to you, what's going on with Tesla? Is it going to

Speaker 8 come out of this doldrums? And you said, don't worry, earnings are next week.

Speaker 8 People are going to get on board with the autonomous vehicle story. And they did.
Once again, Dan Ives, number two, number three for Dan Ives, because earnings did come out.

Speaker 8 The stock went up $13 after hours, $50 the next day, and it's up $100 since then.

Speaker 4 But that's also because of the Bears.

Speaker 4 Because the Bears...

Speaker 4 The Bears, are there any Bears here?

Speaker 4 The problem is because the Bears wearing their fleece, no sleeves.

Speaker 7 Full bodysuits.

Speaker 4 They can find AI in the spreadsheet.

Speaker 4 And I think it just comes down to what's going to happen more and more in tech, you're going to see across all different sub-sectors, street still still massive underestimating

Speaker 4 what I believe you know AI is gonna do to the fundamentals.

Speaker 8 Okay, so where does that leave us? That leaves us in the midst of a revolution, the second, third inning of an amazing ballgame that's all about tech, AI, gents, and best of breed.

Speaker 8 It's also, you're talking about at 4 o'clock and a party that's going till 10 p.m. and a party that's going till 4 a.m.

Speaker 8 with yet a lot of the derivatives of the AI story, Microsoft, Google, Amazon, have yet to be let in through the red rugs.

Speaker 4 And there, I don't don't expect at 4 a.m. It's a crash in the part.

Speaker 4 Because now it's like you're not, the leverage is not in the system. You have six trillions

Speaker 4 of money still in money.

Speaker 8 On the sidelines, imagine that.

Speaker 4 So on the side lines, that's why I'm not a believer.

Speaker 4 If you go back to dot-com, Bob,

Speaker 4 you had the average tech company trade about 30 times revenue.

Speaker 4 Today, it's 30 times earnings.

Speaker 4 I'm just trying to explain, like,

Speaker 4 this is what I believe this.

Speaker 4 we're going to definitely have some dips as we need to see. As we've seen like Tokyo Black Flag, like Black Monday, you have that five or six times.
But the opportunities will be there again.

Speaker 4 And I think we see here a year from now being like

Speaker 4 another

Speaker 4 market year in terms of tech. Because it's a fourth industrial revolution.
You're building, you just got back from Dubai, you're building Dubai. Vegas from the ground up from a technology perspective.

Speaker 8 So look, how exciting is this? It's absolutely unbelievable to think about what Dan is talking about, this amazing revolution. And look, at the end of the day,

Speaker 8 I kind of lost my train of thought. But look, at the end of the day, now, come on, bring it back, V.
Where are you? You know what? I'll just keep going.

Speaker 4 No, but it does speak to, like, as you were saying, like, where we are. Like, when we're talking about things like Dubai or Vegas, ground up,

Speaker 4 it shows

Speaker 4 the amount of infrastructure, energy,

Speaker 4 derivative players, and now Khan, going to the FTC, you'll make him work so that he's going to walk on.

Speaker 8 Okay, so what I wanted to remember, and that's a great part of this story, but at the end of the day, also, think about it.

Speaker 8 This market, if you had seven fingers on your hand, that is the amount of times I'm a seven-finger hand, like Bruce Almighty, you remember that great scene in that funny movie?

Speaker 8 At the end of the day, we've had seven opportunities this year. Look, this market is up 27% for the year.
We've had seven times this year where you've had where

Speaker 8 the major, the mainstream media has called recession, depression, dogs and cats living together, all that craziness.

Speaker 8 We saw it in April, right, after the best quarter since 2019. We saw it in July for about a seven percent pullback for the first week there.

Speaker 8 We saw it on August 5th, right, which was that devastating day. We came in on a Monday after Black Monday in Japan with all that story, the carry-on trade.
We've talked about it many times.

Speaker 8 Then September, the first week, the worst week for Tech since COVID.

Speaker 8 The second week, the best week for tech since COVID October 5th so that is about six or seven times then this week we had two days where the market came off its highs last Friday record highs across all indices we came in on Monday and Tuesday and we pulled back nothing significant but the mainstream media kept talking about this is it story's over the bubble's here blah blah blah when these were sell-offs or pullbacks or consolidations whatever you want to call them surely not crashes were nothing more than an opportunity we always say it if the story has not fundamentally changed at all, take an opportunity in April when we were down 7% in this market.

Speaker 8 NVIDIA went from 924 down to 700. It happened once again when the earnings came out in March, April, and May and June.
We've seen this happen in every pullback.

Speaker 8 The baby gets thrown out with the bathwater. And if the story hasn't fundamentally changed, take this as an opportunity to buy stocks at a discount.

Speaker 4 And you'll see a Fed next week, they'll cut, then the street will try to

Speaker 4 parse out in terms of Powell's words.

Speaker 4 Are they going to continue to cut into next year? Look, the reality is Fed's going to cut 100 bips in the next 12 to 18 months, regardless of when that happens.

Speaker 4 That is a soft landing engineer, but in those periods, you get opportunities.

Speaker 8 And you get opportunities. I love that.
Do you think Santa Claus is coming to town?

Speaker 4 I think, look, I think Santa Claus is coming down. And ultimately, like, look, there's a rally into the next two weeks.

Speaker 4 Then you probably go into early next year, a little bit of a pullback.

Speaker 8 You have all January profit taking. What do you think about this tax credit thing? Like, people are not going to be selling, right? They've got profits in their investments this year.

Speaker 8 Most people, unless you've been trading blind and you're not making any, even our man Nile here, right, our filmer here, has made a lot of good money this year. Don't tell the IRS.

Speaker 8 Anyway, yeah, go ahead. But to that point,

Speaker 4 I don't think you have massive tax because also a year one where like tax cuts are coming,

Speaker 4 salt's going to come back.

Speaker 4 and the fundamentals of this market are accelerating, not deep.

Speaker 4 So the point is, like, this is going to be one of those periods where I think it's actually going to be like a very strong first half of the year.

Speaker 4 And then maybe you have some sort of sell-offs during the summer. But I think overall, you're looking at S ⁇ P 7, 7,500.
You heard it. And then.

Speaker 4 And then NASDAQ, we believe sort of 23,500, 24,000.

Speaker 8 That's extraordinary. Look, those are amazing numbers.
And look, if historic data tells us anything, Dan called these numbers in February 2024, and he's calling them here now.

Speaker 8 That's what 2025 looks like. Any fears of what could happen within the new administration coming into next year?

Speaker 4 I think you'll have fears around China tariffs, Hawks, Rubio, some others, Navarro. But I think the reality is that this is, they're going to get to a better spot.

Speaker 8 In other words, like you're going to tempt them with that aggressive

Speaker 4 narrative. Now, as you go through it, you'll have some game of high-stakes broker.
It's what happens in negotiations. I believe Bark will be worse than them.

Speaker 4 But I don't think that that, most importantly, that doesn't negatively impact the AI trade.

Speaker 8 Okay, so think about it. Even though the bears do come out every once in a while, they're sitting in the cave with their Pepsi slushies and the bag of Doritos, now there's new organic Doritos.

Speaker 8 I just found out about that the other day. Go check them out.

Speaker 8 Organic Doritos. Can you imagine?

Speaker 8 You think the bears are eating the door organic Doritos? I'm not. So they're straight out old school.

Speaker 4 Look, I'm more old school. I'm not sure I'm sold on an organic Doritos.

Speaker 8 No, it's counterintuitive. It is.
Doritos are Doritos. It is.
Right. You just want to eat them and get nauseous.

Speaker 4 It's all the eggs. Exactly.

Speaker 8 Okay, so we're going to wrap this up. It's really a pleasure.
We are going to have one more, I hope, before the end of the year. Dan Ives, Einstein and Ives Trade Like Einstein Money News Network.

Speaker 8 we are covering in for our friend Nicole Lapin, who's on maternity leave. Ladies and gentlemen, we are in the midst of a revolution.

Speaker 7 Put your money to work.

Speaker 8 We have explained this to you on any level. Get your feet in the water and get busy making money, not losing money, invest in stocks, non-stop, have a great holiday.
That's it, my man.

Speaker 8 Dan Ives, get you up.

Speaker 4 Boom.

Speaker 8 That's all I got to say about that.

Speaker 1 Money Rehab is a production of Money News Network. I'm your host, Nicole Lapin.
Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes.
Do you need some money rehab?

Speaker 1 And let's be honest, we all do.

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Speaker 3 No, seriously, thank you.

Speaker 1 Thank you for listening and for investing in yourself, which is the most important investment you can make.