Asks Keith Lerner about last week's volatility and whether the sell-off will continue.
Dani Burger
Keith Lerner
Last week showed a strong broadening trade beneath the surface, with small caps, mid caps, and international markets hitting highs. Tech found support at its moving average, suggesting the underlying trend is still positive.
Asks if disappointing jobs data would lead to an equity sell-off and bond rally.
Dani Burger
Keith Lerner
Jobs data is lagging. The market is signaling economic growth (transports, Dow highs). The base case is for labor stabilization and productivity gains from immigration and AI.
Asks which unrecovered areas might be overlooked for buying.
Matt Miller
Keith Lerner
Downgraded gold due to being overextended. Software sell-off was overdone, but it may not be leadership. Tech's multiple has reset sharply (32 to 23) while earnings remain strong, so don't give up on tech.
Asks if correlations between software, crypto, and gold indicate underlying market sensitivity.
Dani Burger
Keith Lerner
Yes, uncorrelated assets are becoming correlated (e.g., software and Bitcoin charts look similar). This is a change in market dynamics, but focus should remain on underlying earnings.