Tesla shares are falling again after the analyst at wells fargo say it is time o sell the stock. U. S. Steel cratering midday on news President Joe Biden will soon express his concern over its planned transaction with japans we will keep our eyes on u. S. Steel as well. The changing makeup of the market and the stock likely to lead the next leg higher if in fact one happens. Lets ask josh brent, cofounder and ceo of he with me at post nine. The moves you have made in the market of late and a commentary you have given me lately suggests that momentum is a place that you want to avoid right now. And you are looking elsewhere. The way i would phrase that is former momentum. The tricky thing about momentum, you have to measure it on a specific timeframe and you have to do that consistently. It is easier for me because i do not have to do that. I am not running rulesbased momentum etf for example. We have a lot of Big Technology names that were momentum and now i would consider to be former momentum. There were technical breakdowns happening in hat space. One of the things i have been saying each week is give me anything but big tech, anything but magnificent seven. Even as you are a holder of and elizabeth. Apple. Nothing wrong with these companies but when we talk about the current setup, those are the stocks to me that look the worst. I see nothing but unbelievable charts all over the market. I do not see them in mega cap tech. In video has been incredible. Is the same breather for these stocks or a real trend change . Tesla is a trend change. They have lost half 1 trillion in market cap. Apple, i think is innocent until proven guilty. Meta has not led up to the upside. I think it is more reasonable to say the stocks have done a lot of heavy lifting for the indices. The money is coming out of there and looking to go elsewhere. Natural and normal part of the course. I want to tell you, we have some milestones we are celebrating that not a lot of people are even aware of. The s p 500 has gone 200 65 straight sessions with a drop of 2 or more. The longest streak of the second longest streak since 2018. We had one of the streaks last year too. You have to fix that sub 20 496 consecutive days. This is a second longest streak since 2018 as well. A market that has not rewarded people for jumping out the window every time for example and inflation came in hot. Or every time a large Important Company missed on earnings. You have gotten absolutely no quarter if that is how you have been trading. The people rewarded the most now are the people who have managed to ignore macro and focus on trend. And trend is higher and there has been almost no volatility in site. This two, 10 year yield spread is now 424 consecutive trading days in further. That is officially, the longest inversion ever, even surpassing 1978 to 1980. We are in uncharted territory on that metric as well. No recession in sight, no slowdown in sight and it is well over a year and half with that inversion in place. It is an interesting environment. The people driving right now are not buying the broken momentum. They are not looking at what is the next tech stock i can add. They are looking at areas like homebuilding, Quick Service restaurants, they are looking at really a lot of consumer areas like travel. You are looking at charts like moves that we have documented earlier on halftime. You know, this week. That is where you are putting your money to work. That is part of the overall statement you are making about what you like and what you do not like right now. These are nontechnology companies. I guess you could say they are companies that utilize technology. I do not think anybody thinks ebay is a momentum stock. But look at the chart. It has been and there is a reason for that. It is 10 times earnings. They value is there, there is almost no expectation for growth being priced in. Theres a leadership change in this company and a market that is hungry for okay, we know that i mentioned marriott yesterday. There are so many charts in so many Industry Groups that look like that. It is okay if apple s in a 10 or 12 drawdown. The market is acting exactly as it should. What does it tell you about the types of things so, you obviously think we will have another leg higher to this bull market. It seems to me you are defining the kinds of stocks you think will take us there. I asked at the opening read, what are the stocks that will lead the next leg of the bull market if in fact you believe that will happen. I think the story becomes capitol markets return. Lets. Not only is that true in the united states, nasdaq is operating 10 exchanges around the world. And not only that, a huge driving software is stress, Cyber Security businesses. This is the company i think is going to win as we start to see ipos post 10 or whatever. This is the stock that will play there. The Investment Banking stocks will play there too but you can look at nasdaq almost like a true play from market activity. That is where i think the second half of the year will be about. You will notice that is not a story that is reliant on of the fed or anything like that. There are a lot of specific stories out there in the way to find them is to look at the technicals first. Look at stocks that are breaking out right now and understand why they are breaking out and whether you think what is happening is likely to continue. Is a better way to play then sit here and say what is my macro thesis and try to find looking stocks. This way actually works. Doing this with stop losses so in a reversal i do not have to get married to any of these stories individually. Lets bring in over the wealth enhancement group. It is nice to see both of you. Did you agree with the direction he thinks the market will take and what will drive it . It is certainly upside down and i would reemphasize the point about the number of charts that look great across the spectrum. Look at the privately equity names. They look terrific. There is a third of the s p 500 now within 5 of the 52 week high. Home depot, loews, netflix, disney. Across industry, across the sector. This is certainly an anything but tech rally and i do not know why that wont continue. Is there any devil of complacency, josh mentioned that for the longest in history. You still have an overwhelmingly large number of people dead set on soft landing or no landing. That inversion would obviously scream otherwise to many. Have we moved beyond that . I am a cardcarrying member of the yield curve is always right can. To joshs point i did. You are bullish on the equity market. Yes. You think the stock market could continue to go higher . I do. In some respects you are dismissive of it. People are becoming numb to the yield curve meaning anything. The macro indicators that you normally look at collett leading economic indicators, building permits, jobless claims. Any indicator by itself is not helpful. The group of indicators are helpful in helping understand the macro landscape. Even more helpful or what companies are doing and what the economy is actually doing. When you hear earning season, company after company talking about in some cases demand being stronger than supply, the consumer that i owned personally and continuously use as a barometer saying they see no weakness anywhere. That is more important to me than any of this other stuff. I am not dismissive i just have to understand these things are more important. Which is why, when i see the notes that suggest it is still all about the fed, some would say it is the exact opposite, it is no longer about the fed because we know what is coming. A how many and when it is not so significant at this moment because growth is good, earnings are good enough and, here we are in the midst of undisputed bull market. Hi scott. I agree in terms of this is kind of like waiting for a company to report earnings and there is still attention that needs to be paid to what the fed will do next week and what they will say. We know they will not raise rates or cut rates next week but, what type of commentary are they going to provide and are the dot plots going to stay the same. I think that is what everybody will certainly be looking at. There is a macro narrative that plays into a lot of this, despite the strength we are seeing on the earnings. You made the case repeatedly, josh, we are less reliant. The fed is almost irrelevant at this point. I was going to ask, when was the last time you made a Portfolio Allocation change based on anything the fed had to say in either oppressor or congressional testimony . Have you done so in the last, i dont know, 6 to 12 months . No. It is not about what type of move we are going to make but, i think knowing where the market has come already. We are at alltime highs, we are seeing the broadening out which is great. Anything sort of can be a catalyst to create a correction or pullback. I think that is all an opportunity in the longterm because we are seeing this fundamental positive Earnings Growth from many companies. We agree. The we could use the is up 2 year to date. Versus an s p 500 on a total return basis of 9 . Heres what is happening beneath the surface that maybe some people are aware of but not paying close attention and perhaps they should. The bread in the russell 2000 which i view as a precursor to a rally that will start to get better. 4 of the russell 2000 components are at a 52 week high. Highs level from exactly 1 year ago right before the banking crisis. I do not think we are on the verge of the banking crisis this month. Absent of that if you have a russell breakout starting with the internals and then we see it in price that is a new story. The russell is selling at 15 times forward earnings, the s p is 41. We are seeing fewer lows in the russell 2000. 2 of the index is now the 52 week low which is half the historic average. Lowest we have seen since the banking panic a year ago. This is what i am focused on. When you start to see stocks you have never heard of hit the 52 week high list, it is exciting. You know people are exploring and going outside of the mega caps and looking for opportunity. The textbook definition of a market wide bowl. That is what i think we are on top for this spring. I agree, credit spreads, they are confirming all of this too. We are at years long tights in terms of credit spreads and highyield has performed well. There is a lot of momentum that can occur. In the smallcap space because, that is not where the momentum has been in the past. Is where the momentum can be in the future. I hear people tell me is for the russell and small caps it is too soon. You cannot buy those until the fed actually cut rates for the first time. I do not care about the russell. I do not think i need the russell at all to confirm. Anything josh said is correct i just argue the point i made earlier more valid that you have any number of stocks outside of technology. Home depot, loews. You mentioned some of the the midcap index as we know, breaking out to new highs. These are real companies. My problem with russell 2000. You mentioned when stocks you have never heard of are making a 52 week high, no one has well, that s of of course, technology stocks. The russell matters though, if you do get some sort of pause or, break down in the quality. Matters, maybe matters is too much. I have been making the case over the last year, people focused on the lack of russell participation have missed a rally. I agree, it is not like i need the russell to confirm. I guess what im saying okay, cool, that is good too. But, if you are in the market, that is a target rich environment. These are stocks that have not done much and it does not take a lot of market cap coming in for them to move. If i look at your today, nasdaq up 8 . S p up a little bit more. And there is the russell staring you in the face. Up that it is only up 2 1 3. If youre looking for other areas, target rich. A lot of the other targets have been picked over and hit the bullseye on numerous times. You have to look elsewhere at some point. I agree. I think that is why small caps look attractive. As josh mentioned, the valuations are more attractive will attempt to largecap. I think they are at a historic discount on a relative basis, small caps versus largecap. At about a 25 discount. I think there is a lot of multiple expansion and Earnings Growth that can occur in the smallcap space. I will just add, one thing you mentioned earlier about you cannot the issue for a lot i have had people tell me on the show. I never heard that. The reason why one might say that, people say it because the russell has a disproportionate share of their that. Depending on how you want to divvy it up. 30 to 40 of that. A third of the companies within the russell not make any money. Again when you look at the russell 2000, stocks 11 through 20 i think 95 are investors that never heard of anyone of them. When the fed starts to cut rate that is when you get to the russell 2000 which is trading at a discount. Looking at the small caps. They often confirm each other and now is no different. Which i think speaks to the fact that we do not have alarm bells going off in credit. The s p smallcap 600 is down here to date by 1 . Lets go gretzky style in where the puck you think may go. Energy. Are you a believer in the energy trade which is one of the leading spot today if not the my friend nick likes to remind me, whatever you do you cannot sell your energy exposure. That is your only hedge for the worstcase scenario of a commodity price spike. It really does work in a portfolio. I keep a slug of ie oh in my portfolio which is usbased producers. It is not exxon and chevron. That is its own category. These are really the companies all over the country that will have the most sensitivity to a price spike in either gas or crude oil or both. But that is how i think of those names. And for that reason they re a permanent part of the folio. I do like energy and i like it longterm. If you like tech and you understand all this been the data centers and energy that will be required in order to power all of this, energy, in the long term, there is still a use case for it and it will not be renewable overnight. The last point, quickly. As josh mentioned, a wipeout in market cap of tesla. As i look at apple, red again. Tesla has been read. It has been a trend for both of those names. My opinion doesnt matter. If i told you coming into the year down 30 for the year. Apple will be down Single Digits and google will barely be positive. Overall the s p would be up eight or 9 . How would you adjust that . These socks are a source of funds. I think the money market flows have been largely out of banks. What happens when someone sells apple. I tell you what happens, they go home they wake up the next morning they look at their portfolio and say why do i have 80,000 sitting in cash right now. Look at all of these other rain stocks and they go that is an incredibly specific set of circumstances. I do not need to pull back into apple and i do not need that is what a bull market does, it affords people opportunities to take profits in one part of their portfolio and rotate the capitol somewhere else where they think it is a better opportunity. It is happening all day everyday it is extremely healthy. Thank you for being here, we will see you soon. Mcdonalds is wrapping up it dollar menu and other to keep lower Income Customers coming into stores. The mcdonald cfo said price sensitive shoppers are turning to Grocery Stores and said mcdonalds for dinner and they are seeing overseas markets like france and the middle east with pretty much softer sales in 2024. Shares of Ge Healthcare also following after announcing another second stock sale to 14 million from was spun out of General Electric in early 2023 and now General Electric is selling existing shares. It should not create shared illusion but nonetheless shares are down almost 4 . Up next, we are back to break out the strategy for navigating inflation within the stock market. At pgim, finding opportunity in fixed income today, helps secure tomorrow. Our timetested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. Pgim investments. Shaping tomorrow today. You founded your Kayak Company because you love the ocean not spreadsheets. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. Get an expanding library filled with new online videos, webcasts, articles, courses, and more all crafted just for traders. And with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. Trade brilliantly with schwab. We are back with investors looking ahead to tomorrows report. The next inflation rate cuts from the fed. My next guest says the final stretch of inflation memorization will be the toughest. Lets bring in pimcos aaron brown. Does it make you less bullish on the market because you think the mile will be tough or does it have no bearing . I think it certainly has a bearing if we were to start to see inflation accelerated from here. I think it is well understood the last mile will be the most challenging and inflation will continue to come down albeit at a much more volatile path than the directional disinflation we have seen over the last year. For me, i think it makes it more challenging to invest in broad small caps right now. I think for companies that are large and liquid that have access to capitol and not reliant on the fed accelerating their pace of easing, i think it is still a Good Environment to invest in equities. So you are bullish, u. S. Stocks. To what degree do you think they can continue to move higher . I think they will continue to grow low double digits this year. Equity markets can probably between now and year end grow sort of high Single Digits for the rest of the year. That is a Pretty Healthy number for the the equity market. As long as we do not see some accident where the fed is having to back away from hike Interest Rates again. Growth is still good. Real wage growth is quite positive. You are seeing financial conditions ease in part because of the higher stockmarkets. Consumers have access savings. You are seeing this player in consumer stocks and homebuilders. All of which are doing very well. You have seen a broadening of performance this year. It is a healthy sign for the equity market which makes me pretty bullish u. S. Stocks. Do i want to stay with quality which has been working . What about the uality trade versus going, i did not how you would describe down the risk scale so to speak. I think quality will still perform. The way the market is performing now with quality and momentum outperforming is familiar to a late cycle environment. That is the cycle it feels like we are in now. I think that is right. It is an environment where inflation still runs a little bit hot, hotter than at least a more normal earlier cycle environment. Work quality and access to capitol and liquidity outperforms. The fed is still restrictive with respect to Interest Rates but that is not hurt the Large Companies with access to capitol markets, the more quality companies. It does hurt companies down in size and down in scale and are reliant upon either bank funding or really easy you know sort of really easy capitol conditions for smaller cap companies. That is not the environment we are in right now. I think quality factors focused on return on equity. The ability to grow intrinsically as opposed to relying on very high gdp growth. Those are the types of stocks that will outperform. For me and my portfolio, we have a very significant quality lens we are looking through in terms of how we are investing. I am not going to suggest we are early cycle but, what makes you think we are as late in the cycle as you suggest . I think it is really a function of how the Economic Data is unfolding. That does not mean we are heading next into a recession. I think we could potentially go back into an early cycle environment in the latter part of the year. Sort of skipping over a recession. We did that in 2019, we sort of, very quickly went into a recession in early 2020 following the pandemic. We quickly him out of that and went into an early to mid cycle environment. I do think based on the Economic Data it would suggest based on our model, the pimco, we are in a late cycle environment now. Albeit, not necessarily meaning we are heading directly into recession thereafter. What about credit . What is the best opportunity you see on that side of the ledger . For credit spreads, they have narrowed dramatically in the Fourth Quarter of last year and even in the beginning of this year. A lot of issuance that has been on the docket to start this year. We expect that will continue through year end. If you want to own credit looking at structure credit i think if you want to own credit invest in the yielding pretty lofty right now. Fixed income, i still think is an attractive asset class for dearly over a more medium term horizon. Instead of going into just straight up Corporate Credit own a little bit of equity and duration and have the barbell approach to your portfolio and i think you will over perform. We are looking at the list of your opportunities and career is on the list. You are starting to see an inflection. Korea underperformed last year and which is a real significant underperformance relative to history. Typically you see korea highly coordinated to Semi Conductor stocks and you saw that divergence emerge over the last 12 months or so. I think the gap will materially narrow as we move through the rest of the year. It is a cheap way to get a i and tech exposure are broadly. You are also seeing positive steps toward corporate reform similar to what e saw in japan several years ago. I think this is a attractive opportunity being overlooked by investors. Thank you, we will see you soon. Power e trades awardwinning trading app makes trading easier. With its customizable options chain, easytouse tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. E trade from Morgan Stanley power e trades easytouse tools make complex trading less complicated. Custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. E trade from Morgan Stanley ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. Across the board, the s p 500 pulling back from yesterdays close. During the now is welcome back. It is nice to see you. As you see the makeup of the market changing and nvidia cooling down and other areas ticking up, what are you thinking . I am thinking this is a healthy development, quite honestly. We have seen a lot of focus on the of the magnificent seven and as we know, some of the magnificent seven has not been so magnificent recently. And if some money comes out of the magnificent seven and is a spread more evenly across the rest of the market it would be a healthy thing. For example the s p a new high which is a good thing. I think that the broadening of the market is probably what is in store. And thus momentum, i just looked at the latest investors intelligent ratio and it is off the charts. Not completely but up to 4. 2. With can go higher, it has gone higher in the past. It at the bottom of the bull market, right when the bull market just started, sentiment was horrible. Now everybody is lisch and that means there may not be enough beers around to convert it to weakness in the momentum trade and more of a spreading of the market to other sectors and indices. It is interesting you say that, i was going to ask you if you thought you still needed to prove to people it is in fact a bull market not close to being finished yet . I think we are way past the point where they have to prove it is a bull market, i think we all know it is a bull market but bull markets can last a long time until we get hit by another recession requiring the fed to be raising Interest Rates. I did not anticipate a recession over the past couple of years. We just went through an environment where we had the most widely anticipated recession of all time which turned out to be a complete no show and i do not see a recession this year or next year. I think inflation has come to down i think it will stadium, excluding shelter the cpi inflation rate is at 2 . And you have kids nd go for a drive and say are we there yet . We are there except for shelter and shelter inflation is coming down. I think it is a longterm bull market. 5400 by year end, it was a pretty looking pretty conservative. Why not more . People ask me why arent you raising your numbers i said so you know, there are kind of limitations in terms of what earnings can do and how much higher evaluation can go that i see 6000 next year on the s p 500. Do you dismiss the inversion of the yield curve . Because the fed is going to be cutting rates and thus, you will have a breeze deepening . How do you do that . A short study on amazon, im not promoting it because im going to make money on it but because in 2019, my colleague and i wrote a piece on the curve and what it really means. The notion that t means we will have a recession, i think misses an important point. It predicts a process if the fed continues to raise Interest Rates, something will break in the system leading to a credit crunch and it is credit crunches that cause recessions. We did have a financial crisis last year but the fed came in and played workable. The liquidity crisis they whacked it right down and we did not et it so we did not get a recession. As long as we do not get a credit crunch i think the bull market continues. You have never had a recession without an inverted yield curve at an inverted yield curve alone does not mean it will have a recession. But it has been inverted for so long people are still at the stage well i have to keep my eye on that because of you yield curve has always meant something and the bond market has been right many times as you obviously know. I have been fighting the inverted yield curve story and the leading indicator story. The fed got a lot of experience avoiding these credit crunches. They are good at playing whack a mole with liquidity crises. You have warned of too much exuberance. You have used that word multiple times over the last couple of months. Do you think that nvidia got into a danger zone and a lot of that has cooled off but, did you get to a point where you started to worry about what the implications of the move in that name alone was starting to mean . It got my attention everybody else. It will be fascinating to see what happens next week when they have their festival their happening. They are going to have a conference for three days and it will be all about artificial intelligence. It will be interesting to see if the market gets hyped up and nvidia continues to go up or whether it might be settling on the news and some profit taking. I think is a healthy bull market, there are plenty of opportunities in the bull market. The exuberance concern is again, 5400 seemed like a pretty bold forecast for the end of this year but im worrying we might get there by the end of the year and i have to ask myself, is that a sign of irrational exuberance. Im sure you ask meghan if that is the case. I will, if we get there, i certainly will. We will see you soon, thank you. We are 15 from the bill, back to the stocks. Wall street must be getting ready for summer because real caribbean shares are up after Goldman Sachs should coverage of the cruise liner. Also getting its own and Pricing Power behind the strong ratings. Shares up almost 2 . On the downside, u. S. Steel shares taking a hit after reports said President Joe Biden was planning to issue a statement expressing concern over the planned acquisition of the company by a japanese steelmaker. The almost 15 billion deal had previously drawn white house scrutiny in december with President Joe Biden noting, the National Security risk of a foreign entity purchasing u. S. Steel shares are down almost 13 . Spbiden administration, the Justice Department is investigating archith Daniel Medlin ethanol trading desk and its accounting practices. They not only make animal feed but they make ethanol and that is why you are seeing stock drop when the news hit maybe about 10 minutes ago. Its time. Yes, the time has come for a fresh approach to dog food. 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The question is, can the strength continue . We will discuss that and more coming up. Business. Its not a ninetofive proposition. Its all day and into the night. Its all the things that keep this world turning. The gotos that keep us going. The places we cheer. And check in. They all choose the advanced Network Solutions and round the clock partnership from comcast business. See why comcast business powers more Small Businesses than anyone else. Get started for 49. 99 a month plus ask how to get up to an 800 prepaid card. Dont wait call today. Why choose a sleep number smart bed . Can it keep me warm when im cold . Wait, no, im always hot. Sleep number does that. Can i make my side softer . I like my side firmer. Sleep number does that. Can it help us sleep better and better . Please . Sleep number does that. 94 percent of smart sleepers report better sleep. And now, the queen sleep number c4 smart bed is only 1,599, save 300. Shop now at sleepnumber. Com icy hot. Ice works fast. Heat makes it last. Feel the power of contrast therapy. So you can rise from pain. Icy hot. Power e trades awardwinning trading app makes trading easier. With its customizable options chain, easytouse tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. E trade from Morgan Stanley power e trades easytouse tools make complex trading less complicated. Custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. E trade from Morgan Stanley we are now in the closing bell market on. We are here to break down the crucial moments of the trading day and what has William Sonoma rallying and dollar tree tumbling. I will turn to you mike. It has been a broadening market and eight taking a break market. I guess you can say it is very calm, it is selfhealing in a sense in terms of broadening out. The issue that hangs over it, aside from sentiments looking a little stretched and you have insiders selling heavy. All these things that are kind of out there in the atmosphere that say it wouldnt be surprising, when you detail the case, the strong economy, earnings higher, credit great. The trend is higher, the fed will cut at some point. The market may say yes, exactly. We did hesitate a little bit. It would not make again, one of the questions of, do you expect the market to continue to perfectly choreographed this type of rotation . So far it is. You have a. Plot next week from the fed too. Im sure there are people out there who do not want to get ahead of anything too aggressively before you get ppi. We have cpi, we kind of know what to expect. The outlook from the fed will be important. Ppi has direct application for the feds inflation indicator. You have a big index rebalance friday and operations index. You have the fed next week and, i think we should take the fed at its word they see the risk as balance etween slowing growth and inflation staying high. Therefore, you have to be sensitive to slowing growth dictators as they come along. Not fatal but something to keep you on alert. What is going on with William Sonoma and dollar tree . Dollar tree shares having the worst day since may 2022. Its firstquarter guidance is taking a shares lower. Executives less confident in reaching the 10 previously announced earnings target. They are focusing more on seven dollar mack this year. The Family Dollar banner expected to remain challenged because of the merchandise mix and pressured lower income shopper caters to. They plan to close around 600 underperforming Family Dollar stores over the next year and 370 more over the next few years and 30 as lease expires. They plan to open 600 new stores in the fiscal year so we will see how that balance of that. Conversely, William Sonoma shares having the best day since march 2021. They put up that are expected betterthanexpected quarter and are issuing stronger full year revenue. Management is largely positive about the transport of today. Shares higher by 17 . Looking ahead to dateline. A lot to look up to. They are interesting in the builder space because they have been aggressive in production even as other builders pull back. In their Fourth Quarter there was focus on tight margins as well as the fact he company is holding on to a lot of cash. We will watch those closely. Mortgage rates will be front and center. You see the average on the 30 year fix hit it last peek at the end of october falling slightly through november but still over 7 . Rates fell sharp in the assembly december and then rates began to climb again and we are back over 7 in february. Builders have been buying down rates using other rates and i will ask datelines chief executive chairman for an update in an exclusive interview later this afternoon. Housing, either way, may go down as the most surprising of all of the things that happened in this market over the last 12 months. Given Mortgage Rates remaining so elevated. At times the Housing Market could not move a muscle and a lot of the stocks have ripped. Anything that is linked up to new supplies and turnover has done really well. It also has made a static he message about where we are in the cycle. It has become once several cycles that have not been in harmony like housing and manufacturing. Consumer jobs slowing down. I think we are right for something but not exactly on the exact fairway of a perfect soft landing. A mixed day for the major average is nasdaq falls for the third time in four sessions. Bitcoin topping 73,000 today
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