Episode 293: Guilty Until Proven Innocent

Welcome to the Weekly Trend, a podcast for navigating the markets through the lens

of technical analysis. The Weekly Trend podcast is provided for educational purposes only

and does not constitute any professional advice. Listeners should not act upon the informational

content without first seeking advice from a registered financial planner.

Welcome back to the Weekly Trend podcast. Today is Friday, March 27th, 2026.

SAP 500 currently sitting at 6425. I'm David Zarling. I'm here with Ian McMillan.

Spring has sprung, but the market is not. Spring has sprung. I think we're also being joined by

my neighbor's leaf blower. And that's okay. We're getting their yard work done. That's important.

It means spring is here. I know we're in Wisconsin. We're getting more and more sunlight each day.

12 hours I think now. I don't know what you guys are like. They're in North Carolina, but

yeah. Every day now through June 20th is going to be longer. Love it.

That's when that's when it peaks June 20th. Yeah. I think I have that right. I'm sure people

let me know if I'm wrong. It's okay. We're not we're not a meteorologist podcast.

So plenty to talk about this week. And I appreciate Kevin covering for me last week. I thought you

guys did a great job. But where do you want to take us today? What's important for our listeners?

Well, I guess Samo, Samo, still a 200 day. Everything's going to turn today. I guess the

Russell is not. So small caps trying to hang in there. I mean, there's still above

243, 8245 below that. I guess you got a 200 day around 242. Kind of the last piece hanging on here.

Everything else pretty gross. Yeah, we're recording this a few hours before close on a Friday.

You know, S&P, as you mentioned, below 6550, below 200 day. If we somehow don't close above a 200 day,

which I don't see happening today, be seven consecutive days below a 200 day,

and the fifth consecutive negative Friday for S&P.

Well, I have consecutive negative Fridays. And really when you people don't want to own the

stocks over the weekend, huh? Yeah. When you look at the past month, it's really strength

Monday, Tuesday, Wednesday, and weakness late in the week. Yeah. And I mean, if you

did that on a daily basis, you wouldn't like seeing it. You know, if you saw

strength early in weakness late, it's not really indicative of bull market behavior and until

that changes. And below a 200 day, I think you have to err on the side that bears have control.

I agree. And I would say it seems too well. But before I say this, I was going to say it's still a

tech issue. Probably should raise that still a kind of a mega-cap tech issue. Not that there's

not other things going down, but your mags, your fangs. Yeah, for sure. Massive headwind.

That goes back to the next seven again this week. You're all stars of the market are not performing

well. It gets really hard when your big boys are not performing. You got energy. You got energy. Yeah,

what do you think about that? Is that just Iran narrative or what we got here? Yeah, it could be

Iran late cycle. It's been quite the move. But crude hasn't. Crude has kind of been sideways for

a couple of weeks now. I mean, we the whole, yeah, I guess there's Monday, the March 9th. So about

three weeks, we had the $120 oil, we're still around 97, kind of been in an 80, 5 to 100 range

in oil. Energy stocks have kept going. Kind of makes me think that maybe we see another

push higher in crude. Yeah, because I don't agree. Kind of like with the precious, precious metals,

a couple instances or this last cycle we had where the miners would keep going even when

precious metals, futures itself, the underlying contracts, gold, silver, all that stuff,

with sideways. Yeah, and I think I astute, you know, I remember your astute observation that in early

March, we had oil move from, you know, let's call it the $70 level to close to the $100 level. An

XLE energy didn't really do that. It kind of was moving flat. And now we're seeing the opposite

oils consolidating while energy stocks are moving aggressively higher. It's an interesting.

The only thing is that the only thing we can buy right now and equity land. Well, it's pretty,

pretty tough. I mean, no, I mean, I wouldn't, I mean, I guess I got to be careful saying that.

I mean, I don't think I'd go out and start a new position in energy today. Yeah, it's really

hard to manage risk there now. I think it has similar characteristics to and our clients are

familiar that we participated heavily in the precious metals and precious metal mining move

and subsequently not involved because reward didn't outweigh risk. And now you're at a point.

I think it's a good observation that you brought up regarding oil and energy stocks.

Is this really where you get involved here and now? It may be oil. You can make an argument because

there's some levels you can manage risk with, but energy, it's had its move. We have a small position

there, not investment advice, but as far as the rest of the market goes, I mean, we only have

43% of the S&P holding above their lows from November. And now S&P is losing that

November low. And that's from Adam Turinquist. He's a CMT, a charter market technician.

That and then you you brought up the fact that late cycle like as technicians, we like

to observe what sectors are leading. And we've got six sectors flat or positive on the year,

energy materials and industrials, which are late cycle sectors, staples and utilities,

which I think we could argue are defensive and real estate is flat. And five of the sectors are

negative on the year. Financials, tech, comm services, discretionary and health care.

I know financials and tech are. And does that really scream risk on? You know, if we've got

financials, tech, comm services, discretionary and health care and health care, it's its own unique

beast. We've done a good job highlighting that before. It is interesting to see how biotech

is holding up pretty good in that space. Yeah, I was looking at XBI yesterday. I think it was

green yesterday, at least it was. I mean, still sideways. So maybe we could put that in the in

risk on category. I mean, we're always trying to challenge the thesis and the thesis currently

is below important levels like a 200 day and 65 50, 6800 on the S&P. Risk is elevated.

Maybe maybe biotech is a signal, but the other ones are not. Financials, tech, comm services,

discretionary, meanwhile, late cycle sectors are positive. I think it's important to pay attention

to that. Any sign, anything going good in tech at all? Are we going to find, I don't know,

kind of look at IGV every couple days. Yeah, I don't know. Maybe here's 76, 77. I mean,

obviously, this has had a lot of reaction before. 77 seems to have been a bottom at least for

the last couple of years. Yeah, 76, 77 is hugely important going back to 2023 for IGV, the ETF.

But then you got to get, then you still got to get above like 89, 88, 89. I don't know.

Well, we're trying, we're trying to hold that level in IGV today. Yeah. I get a little

not that there's a right or wrong way for price to discover demand, but this Lord, I'm hesitant

to say what I'm about to say next because sometimes technical analysis gets a negative rap because

we use esoteric terms like head and shoulders, things like that. But I'm going to call this a

lowercase H on IGV where we've corrected all the way down to 77. Got a muted balance and we're

back to 77 again. Yeah. I would call this on the brink. It's lethargic. And if we lose that

in software and I don't want to sit there and say software is the market, it is not. But when you

see a leader like that and mags struggling, your large cap grow, large cap tech struggling and you

got late cycle sectors leading. And when I say leading, I just mean some of them are positive,

some of them are just doing well on a relative basis. The evidence continues to stack up for

continued corrective behavior. It doesn't have to be. I mean, we could be maybe we're measuring a

low today. I don't know. But when you have so many stocks in S&P losing their November lows and

S&P is trying to do the same, you'll tend to improve an instant would be my. I think I'm very

unimpressed. It's going to take a lot to get me impressed. Maybe there's a bottom in here. ADPV

is held up well. I will give it that. I know that was a hard segue, but good segue. That was one of

the positives that I come back to. Maybe a tie beta. First part of this correction. Like

early March hard the last two weeks. I'm just probably and I'm not saying this to jinx anything.

I'm not saying this to tout ADPV. I'm using this as I just kind of stands out that a higher beta

instrument has held up well during this and it makes me wonder if maybe this correction isn't

going to be is isn't going to be terrible. I don't know. I got I have thoughts on that. Maybe

if thoughts I shouldn't share publicly, but no, I think I think it's appropriate. It's a strategy

that is higher beta. If you observe it objectively outside looking in as a piece of evidence rather

that this is the support of the podcast, I get that. You're just saying it's interesting. A higher

beta momentum ETF has held up well recently after let's call it mid month to the end of this month.

That's notable. I think that's fair. If you go back to March 6th, S&P down 5% ADPV up to

in a half, which if you if you told me that I guess what a better way to say this, if you

had told me that S&P was going to go through 7, 8, 9% correction, whatever right right now,

I just would have expected ADPV to be down more than it is. Yeah, no, I agreed. And I think before

I highlight them because it is a really good segue and hopefully I don't ruin it. But it kind of

goes along lines of one of your favorite relationships. S&P, high beta versus S&P, low

volume had been had been showing strength recently into the last two days. And so that

that's another one of those things where you say, and then when you look at enough charts, which

we do on a weekly basis because we have our workbooks as a team, I know I've heard you and I've heard

Kevin say, Hey, there's a couple of things setting up here. So that that is on the potential

for bullish resolution and the thing that I wonder about is I think as a technician, when you

see this discounting happening, other people call it a correct, you know, corrective behavior,

that you kind of want to see this like one final flush where correlations go to one,

which is really how the market has behaved since fallmageddon in 2018. And in other major

corrections too, I don't want to just say that that's 2018 onward exclusive. It's not.

But is there a scenario where we don't get a flush, where we just continue to discount

in an orderly fashion and you never get that 90% down day, which we haven't. We haven't had a 90%

down day. We've made a 90% down day during the tear of tantrum. We did. Okay. Back in April 2025, even late March,

we haven't had that capitulation event. And I would wager without data mining and looking at it,

that the majority of the time you see that type of capitulation event, we haven't had that.

Do we get that, which would mean we're closer to the correction ending in time,

not necessarily price, or is this, because I mean, even if you, if you look at

financials being the leader in the corrective behavior, that hasn't really been flushy.

It's just been a continued discounting from January 7th through now in financials.

Just a steady supply out pacing demand. But you're your point. And I almost ruined it

about 80 pv and high beta and momentum holding up well is I think that's a one to put it in the

bullish bucket. And I'll highlight the adaptive select ETF as a great supporter of this podcast,

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or calling 1-833-880-5200, investing involves risk, including possible loss of principle.

80 pv is distributed by quasar distributors LLC. So I talked a lot there between

following up on what you were saying in the commercial. Where do you want to take us now?

Or you can keep on that stream of consciousness. And if you've got additional add-ons there,

I think I think it's a really good point that you brought up.

You ruined it. Sorry, ma'am.

Foreign stocks. What do you think?

You know, I think you got a tie in the dollar here, and we're really pressing against that

$100 level in DXY. And so do you see some of these other leaders,

because you have European financials now below a 200 day. Are we going to see emerging markets do,

you know, it keeps correcting. What are you seeing? Like, what are you seeing out of international?

I guess really. It's probably not an environment to be cute with anything.

I mean, there's things making new relative highs, but yeah, unimpressed, compared to a month ago,

EFA. EFA is going to make it below 200. EIM's kind of a gross look in

chart. Also a tharded bounce. And that was early, early March. I got hit pretty hard.

Again, unimpressed. Unimpressed. China. China sucks. China sucks. And also there's stocks

on doing too well. It's a good way to put it. It's a good way to put it. Terrible.

Few, I mean, few areas out there. I don't even want to touch on a couple of them. So I will just

roll my eyes and keep moving, Dave. We don't want to get in trouble with the FCC.

I don't need anyone from the government knocking on my door telling me I shouldn't be talking about

things on my podcast, our podcast. I think, you know, EWY South Korea,

aka Samsung have been doing so well. And it just kind of, I think it goes back to, I think,

two weeks ago, you talked about VGK Europe and that important price high. I think you can make

the same case for Samsung. And the reason why I talk about South Korea is one of the best

international areas for a while now. And does that now mean that's under pause? And then you

consider how large China is in an emerging market allocation. Again, it's not clear roads,

put the cruise control on for international for sure. You don't know, it is kind of,

Brazil is kind of all in and of well. Yeah. Yeah. Yeah. I like that. I mean,

I don't know what it is. No, I thought Mexico had been doing okay, but maybe not. Yeah, I mean,

there are definitely things that are not making new absolute loves. I'm not saying I'd go out and

buy like EWY today, but I think it's interesting that is up, you know, three percent this week

with US indices not doing great. Well, I think you're bringing up a good point here because

all right, we have corrective behavior overall. Got some pretty negative breath, equities,

overall correcting. Your job as a technician at this point is to identify, okay,

what are the areas that are actually holding up well in this environment? You know, the beach

ball that's been pushed underneath the water. Yes, we have broad supply of pacing demand,

but what's holding up well in that? And I think you bring up a good point when you see Brazil.

Okay, let's put it this way. With the dollar doing what it's doing, would you really expect

Brazil and Mexico to do what they're doing? I would not. No, I don't know, guys,

currency workbook. Did you have the currency work this week? I did.

Yeah, you said something about Brazil. It did? Yeah. Yeah. Now it's all coming back to me.

Well, I just think I think you've highlighted a really important concept and technical analysis is

it's not only identifying the broad corrective behavior, but it's also what is holding up

in that broad corrective behavior. And I do think it's notable. Some of the areas that you just

mentioned that let's say we do get a flush or let's say we get a resurgence in tech and we get

the bull market back to going. What do Latin America, Mexico, Brazil look like? Because right now,

they're showing relative strength. I'm not saying you got to go out and buy them right now,

but important to look at for sure. We're about commodities.

And energy is being good. Oh, say that again. Clean energy. Yes. I think, yeah.

I don't ever know where they have falls under. So you're talking about like,

Tam has been doing everything energy related. I clean a lot of the clean energy ETFs.

Are you long lithography? I do it. That's so funny. I do it. You're going to bring this up.

I had to. So I think one of the cooler features that Finviz has added is theme seat maps.

theme seat maps. It is pretty sweet. It is pretty sweet because it breaks it down beyond sector

or sub industry, even like you go sub sub. Yeah. You know, like, and I think it, yeah, when you

look at semiconductors, you're the date, the things that have held up well, it's lithography,

packaging and memory. I think that's cool to be able to see that.

G you brought up energy biofuels. Robotics have been pretty good. Robotics and

automation. So that falls under industrials. Education. Yeah. I can't

get to that. The education charge is doing very good. I think that comes up in Staples' workbook.

It does. But yeah, all those like, I don't know. I could tell you the tickers. But

I think it's, I think it's a cool feature to check out because you look at energy and you say,

yeah, of course, oil, gas and liquid natural gas. But then you've got wind,

yeah, wind fuels, fertilizers, which is interesting. Live stock. Live stock.

Alternative protein. What is that? Oh, beyond me. Red. Red. Keep it in the red. Yeah.

We're not going to eat soyland green people. Data centers green. Yeah. So I think that's

also interesting. You brought up some of these international areas that have held up well in

this tape. Obviously we got energy doing this data centers, right? If we're supposedly having

an AI bubble, why would data centers be doing well? They got dull less than here. I do think

that was a good stock. Good company. SMCI eaten. SMCI. Isn't that the one you highlighted a couple

weeks ago with the guy smuggling billions of dollars in the video chips in the China?

Was that him? Yeah. Probably. It looks like they got caught. How does that work? You just

drive into China with a trunkful of semiconductors? How does that work? No, they were buying them and then

using hair dryers to melt off the serial numbers. And then they'd put fake serial numbers on it.

That's fascinating. But maybe you should be doing maybe you should be running like

semiconductor games in East Asia. Yeah. Sounds like a great business plan.

That's something Tommy Shelby would get into. Yeah. You're getting a peaky blinders lately. What do you

think? I know. I'm so late now, but what do you mean? What do you mean by late? It's whenever

you consume it. Yeah. That's true. But I mean, it came out a while. It is, you know, I'm not a

I don't necessarily think how do I put this? That binging is a good behavior, but that is a

binge-worthy show. Yeah, we're not going around about two a night. My wife and I. That's

respectable. We've done that. We've even pulled the three. We've done the three. Yeah, we've had a

couple of threes. And I'll threaten my wife. And I'll say I'll say I'm watching it with I'm watching

it either way. I need this. I need to see what happens next. I can't. She's a bigger person.

You're you're you're you're borderline threatening that flicks cheating.

Dude, she gets so she finds out there are times where I will watch an episode and then make sure

to like restart it. Like one second in because it'll show up like that. Yes.

Little red bar will be filled all the way up. And my wife's like, hmm, 56 minutes watched.

And you don't care because you've got to see it. And you're going to rewatch it also enjoyable.

But there are also sometimes I fall asleep with it on and then it'll go through four episodes.

And I have to be no baby. No, no, no, no, no, no, it's not what it looks like. I was asleep and

it just kept playing. It's not what it looks like. I swear. Yeah. That's so good. It's so true.

You know, in the rear. I see that these are just like all modern marriage. Yes.

Trials, tribulations. Yeah. Once once in a blue moon, which I don't know. I mean,

I think I know what that means. But anyway, it's a long time where I got like an evening to myself.

And you throw on that app and you just stare at the thing you've been watching with your spouse.

And you're like, do I do it? I don't think I can do this. But you want to know what happens.

You do. Oh, that's so good. But yeah. Peakybliners fantastic.

Emily and I haven't watched the movie yet. We will. Maybe we'll just wait for you and Kate.

Maybe we'll have like a you and Kate get through it. It's well written. It is. It is one of the

better. It is a good show. Have you have you graduated beyond the the subtitles or do you use

subtitles? The captions. I think they're on. But I'm not. I don't I'm not glued in on them

as much as I was. Yeah. Early on, I feel like you have to because they're heavy,

heavy dialects. But I, I mean, I feel like I could go to Ireland right now and

fit right in. Well, you're Macmillan. It's true. Technique, that's Scottish. My wife is Iris.

She's Kelly. Well, my stereotypes have been corrected. And I'm not a big I'm not a big

caption guy. I'm not a big like I don't think that's great. But all my kids do it. It's an

interesting. It's a note. It is definitely a generational. Gen dynamic. Gen Z and lower.

Hey, so six year anniversary of the COVID low this last week. Thanks for going through that with me.

What if you were so scared you just went to cash and never went back? Oh my goodness.

And I guarantee you there are people that did that. It has to be. Or was the was the correction so

fast, you know, we're talking about minus 35% and 23 trading days that it froze people.

Is that one of those things where you just froze and you didn't do anything? So you're buy and hold

by default because you couldn't handle the emotional distress. I don't know. But yeah, maybe it

wasn't a thing for people. Yeah. If you didn't get back in, I mean, you're talking about

not that you had to be in at the COVID low. That's not what I'm saying. In fact, I'd argue that

that would have been somewhat irresponsible. You know, they're saying the R word is making a

comeback. And if you were, if you are long at the low, I mean, great call. I thought right.

I have been interesting. Yep. Well, and since crossing back up of the 200 day back then,

markets up 133%, 130, 130. You're more in double your money. Now imagine if you were if you used

the leverage. You know what? I think it's fascinating to think about. So that's six years ago.

If we were to correct, I'm not saying what I don't even like putting this on the universe, but I'm

about to. If we were to correct to the COVID lows, that'd be minus 67%. Yeah, I saw my friend

sent me a stat that said, we could have another 1929 grade depression and not go back to the COVID

last. Yeah, 67% is great. Yeah, that's that's legit. So pays to use technical analysis is what I say.

Got to be a trend follower trend follower. And the trend is your friend until the trend ends my

friend and has our trend ended. Yeah, I think it's it's I mean, below these important levels, a 200 day,

the 65 50 65 30 level on the SAP Guilty and to prove innocent. If we got through 6100, we'd be

well, personally, I guess I wouldn't be I mean, cash, some are writing cash. Right. But

below 6100, we have some serious issues. Well, and you know, we're now in this area where we're

creating a lower low than the past six months, which means sellers have control. But

corrective markets also have violent counter trend moves. So somewhere in here, you could have a

flush lower. Maybe you don't get that. I don't know, but you get a flush lower and a strong

reversion to the mean to the 200 day, which is now starting to flatten out and then back down

or not. You know, we've had how many V bottoms since 2018? Too many. Almost all of them.

We need to make bottoms around it again. To wear a hat.

Be it red hat. Yeah, would it be a red hat or a green hat? I'm not sure. Well, you can't put that

on a hat. Make bottoms around it again. You're a wife would slap you. That's probably while you're

watching an episode. You shouldn't be watching. Yeah. Imagine walking around with that.

No, no, it's not what it looks like. It's about the market. That's twice I've had to explain

myself. Yeah. So yeah, we've got got an interesting development. We haven't had a capitulation

correlations moved to one necessarily yet. We haven't had a 90% down day.

We still have a VIX sitting at 29. What about Pucall? You said Pucall.

Pucall is elevated. Pucall is elevated. Yeah, VIX of 29. This would be the highest.

But nothing says it can't go higher. And then you kind of look at what are the credit markets

showing us? Yeah. Junk bonds versus intermediate bonds do not look good.

Junk bonds in an absolute basis do not look good. Credit spreads continue to climb.

And then outside the Iran narrative, I think the next big open secret is just private credit.

And you can look at all sorts of ETFs for transparency on that. Whether it's BICD, TCPC,

PCR, VPC, HYN. 30-year treasury. You got back up to 5% this morning. Yeah.

And credit. So I will not be refinancing anytime soon.

The bond market is, you know, especially the junk part or the bees, the triple C's,

definitely signaling some issues. What's the, what's the convertible one? I see VT. Yeah,

that's a good convertible one to look at. Had been holding up, although we are flirting with

101 currently needs to hold. Not as bad as I thought I would look. Right. And then I wonder about

like consumer credit, you know, when you look at Visa and Mastercard on a relative basis going

back to 2018, not really. We're towards the bottom of the range in those relationships.

Yeah. Yeah. V Sundance. So Nana's maybe going to be a little upset again. We're a little bit

more bearish in this episode again. But for due reason, we're, it is what it is, right? Yeah,

we're below important levels. Sorry, Nana, we just are. And right now, supply has control of the

market. I like what you've highlighted as far as the things that are holding up well.

Where the anchored VWAP on S&P from the COVID or from the tariff tantra flows. That's where we're at.

Right now. Just a second. Look outside your window. You can probably see it. I do see it.

Look up in the sky. You can see the S&P bouncing. Yeah. Maybe it holds this. Yeah. It's like a

lunar eclipse. Maybe we do. Don't look at it directly though, Dave. I've got hurt your eyes.

I've got VWAP. I've got volume weighted average price glasses. I can. That's good. Oh, perfect.

Do you pick some up? Yep. They were handing that though. They got them at Walgreens.

Today's the big, the big bounce. Yep. Are you, are you, are you guys going to watch it? Oh, yeah. Yeah. We

are, we'll be outside on the driveway, the anchored VWAP. You know, the kids that is cool.

Yeah. We'll see if that, we'll see if that can hold. How's your March Madness bracket doing?

I'm first in Clamp first. Yeah, you are. Thanks. Oh, that matters to me.

Still trying to figure out how we're going to ship this giant trophy to you.

You can send me a tiny one. No, we're going to no way.

But they have to, I have to ship it back. Yeah. Is it engraved each year with the winner? Yeah.

It is. Yeah. So why, or maybe you don't ship it back because you win again.

Why do you think a negative here? I would have to carry it through the airport. Yeah.

A little early to say you're the winner though. Well, I don't know. Yeah. Last night,

someone got the Illinois game last night. I didn't get that one. Chris Walla.

I would bear. Do you do the tournament challenge second chance? I do not.

Yeah. What an absolute loser idea that is.

Second chance. Oh, here. You sought the first week and try and try again, filling it out.

Yeah. No need to do that. That's for doors. I will take my lumps. I'm not going to sit there and

like, yeah, I got knocked out. I can still finish top five. But that five solid. Yeah.

You could brag about a top five in the men's room. Yeah. No. Yeah. Exactly. I can say that.

No trophy. So basically fifth loser if I'm in top five. Yeah. I'm not doing some second chance.

I am in first place. I do need. Do need to pull it out. It's going to be a big game.

It's tonight, right? Yeah. I think so. Is Duke your champ? They are. Man, I love St. John's though.

I do love me some Rick Patino. I know. I know. He's not like the greatest person to ever walk

the earth. But oh, yeah. As an individual, I, but I appreciate his hard coaching. I mean,

I appreciate him. Yeah. Especially at Florida. Oh, I'd Florida winning the Iowa Nebraska game.

I always love those. In what way? What do you mean when you have the winner of a game

they didn't even play in? Well, Iowa, Illinois, man, the big 10. The big 10's having quite the

showing. Big 10. And I really thought Wisconsin was going to go farther, but obviously high point

took care of that. It's all good. All right. Enough digressing. If you're still listening. What are we

going to? What are we going to talk about if we stable it a 200 day? It's going to be a lot

of digressing. I think I think it'll, yeah, I think it'll be good to highlight the things that

are holding up. And there are things that are holding up that you want to pay attention to once the

corrections over. You never know when the corrections over. You don't know that until afterwards. Some

people, that's one of the big fallacies of human beings is looking at a chart and saying, well,

why didn't you know who's going to bottom there? Well, nobody knows that. So it's important to look

at during this corrective behavior. What is holding up? And maybe, maybe you hit the nail in the

head, maybe we're going to hold this v-wap from the tarot tantrum low and move higher. We got people

all hedged to the hills and those become future buyers. And we're soon back above a 200 day.

Doesn't necessarily fit the midterm election year script seasonality. Yeah. Well, you know,

we're not always supposed to bottom, typically in summer. Summer. And I did look up. I did look up

if I can return to it. Longest day of summer is June 21, 2026. Summer solstice. It's going to be

amazing. I don't know. I hope I'm busy. Not as busy your neighbor who's out there mowing along,

blowing leaves and grass. I am busier than them. Okay. That's good. Oh, yeah. I'm busy. The

boomers always tell me. It's good. It is. Well, I know we got to get you off of here because your

sun's got a presentation on Saturn, one of the coolest planets. It is pretty cool. We're in a

lot about Saturn the last two weeks. I mean, the fact that it has 274 moons. What if we had 274 moons?

That'd be really cool to look at. I think. What do you think our oceans would be like? I don't

know. That's the moons like control the waves. And we just had 246 of them with competing gravitational

poles. I never knew that it's largest moon is bigger than Mercury. Never do that. Or maybe I did.

I just don't remember. I'm sure these are all things we were told. Yeah. We all did the styrofoam

planets. You know, Connor said only two of them did models. What? Of the 13 kids in his class,

13 or 14? He said only two did models. Sounds like they didn't win their March brand. And I

would make that would be I would be disappointed if you didn't go the model route. This is your one

chance to do it. Like you said, you did the styrofoam ball. Wow. Crazy. Now to be fair, it was

supposed to also be a your kid was supposed to do like 100% of the project themselves. Okay. So I

could understand if most kids would be intimidated by having to do a model. That's true. But not my

boy. He's after it. Student athletes out there playing faces it head on. Yeah. Playing soccer,

putting together models. I can't wait to hear about some fun facts about Saturn from you. But

so enjoy that with your son. I think just wrapping up this episode. Supply has control. Sellers

have control of this market currently. Could we be bottoming today on that volume weighted

average price from the tariff tantrum lows? Could be. There's also a volume gap here.

6100 is possible. And really until we get above the November lows on S&P 500,

let's call it 6550 and a 200 day moving average markets guilty until proven instant.

And so if you stayed on here with this, you know, this full episode we do ask you to share this

with your friends and family. Give us a high ranking and your platform a choice. That means a lot

to us. Ian, thanks for doing this with me. We'll be back for our next episode, which is either on

a Thursday or the following week.