 Well, there's another disappointing day in the stock market that all had all the pieces to actually be a great session at the start Right Apple. Well, it did hold up. They had that strong earning support and also health care was the pretty good led by hospitals look great But that was about it, right? There are a lot of issues weighing on this market the Fed Now talking about quote symmetric inflation. What the heck does that mean? Then there's a dollar surging through its 200-day moving average But in a way that was long overdue still the dollars miles away from its all-time high But spooking investors and then there's earning results on fire But the narrative has been it continues to be that this is as good as it gets And it has many investors thinking that this is the top consequently. They're sending stocks substantially lower Now the question is is this a rational market or market That's to a degree a victim of its own success and probably simply overdue for these wild moves joining me now to discuss Shaw-Galani editor of the Capital Way forecast and Melissa Armo the stocks swoosh. All right, Sean What's going on? I Think the expectations are so high so baked in to the market that anything that's disappointing is gonna bring the whole market down There's not so many things aren't disappointing nothing, but nothing has been disappointing earnings have been fabulous I think you know look at the fang stocks ones of reports so far average revenues up 28 percent So terrific stuff However, the narrative is interest rates are on the rise the dollar is rising that means that the Multinational's that export in terms of translation of their earnings back into dollars That's gonna cost them money and so we got this this dark cloud hanging over it But fundamentally everything is sound it's just it's just a narrative we have to get past when I do my analytical work I do it in constant currency so I take out the noise of currency I can't believe that seasoned investors would be acting this way to a long overdue moving a dollar Is that it Melissa or there are more things going on here? Well, the market's definitely reacting technically different than what the fundamentals are saying just like he said Ultimately, we're just not seeing enough buying coming into the market and it takes a lot of money a lot of money to move Stocks up and it's not coming in. It's just not coming in. We're in a period where we're either gonna rest in this range Or we're gonna break and I'm gonna give you some very specific levels in the Dow It's twenty three thousand three hundred if we break that level it's right on the two hundred If we go under the that number if we break that at all we are she blows the Irish blow Panic City USA we are we are closer to doing that than we are to making new highs We're only five dollars away from that. We're down in the after our technicals Do you give any credit to the fact that we have held? At some key points over this sort of range that we've been in I will tell you the fact that we keep Retesting it is not good. You're right. We held but we eight times. We've gone down there. Why no that isn't good You go down you go down you go down boom. It's gonna break it That's what I'm saying. You're gonna see a wave of selling in technical terms Also, the market has made lower highs every time it has gone down is tried to make another high It's been a little lower. It's tried to make another high. It's a little lower tried to make another high It's a little lower. So that is a very bearish trend. How does the market break out of it? I mean if the catalyst isn't strong earnings and pretty positive guidance If the catalyst is in technology stocks doing well like before at least they've had coattails What's the catalyst here that gets this market through through this working through that that series of lower highs a brilliant question I think the short answer is I don't think there isn't a catalyst because we've had plenty of catalysts The market has not been able to get above any of them So I think the problem we're gonna face right now is we're gonna see some kind of flushing action I think that's gonna be probably pretty ugly. That's gonna be the buying point. Is that what we need a capitulation I don't think we need it, but it looks like we're like I said last week I think we're not gonna make new highs this summer. I think the markets gonna digest the huge massive rally that it had in 2017 it's not bad Main thing I want people to know is do not panic if you are retired right now Or you're gonna retire the next 12 months if we break that level I said you might want to sell or move your money into something else if you're in it for the long haul Stay the course if you're not retired in the next 12 months because we're gonna hold the uptrend even when we break We're so far from going in a downtrend and most of the time of the life of the market the Market isn't an uptrend because a lot of money in the market is retirement accounts and they are they go long sure What ultimately then if we can't turn this around here when do fundamentals matter again and it could have be a Blessing in disguise that there's so much so much anxiety of this being as good as it gets because listen I forget what propelled Apple shares was the fact that Wall Street was so negative on it to begin with I think the fundamentals are Absolutely fabulous. I think they're gonna get even better than they are so we've got a little bit of a blip here And I think that problem is all mechanical. It's technical. It's mechanical I think the the downside we could see is going to be short-lived I think if we get a big downside move that is going to be tremendous buying opportunity quickly guys Geopolitical risk and Washington DC risk seems like every time there's a change in president Trump's legal team That puts impression in the market also the North Korea summit not financial directly financial news But could resolution in those things help the market you exactly I was just going to say that earlier before you said this You were looking for a catalyst. There you go. All right. Thank you both very very much appreciate it Outrage online over a dress that a teenager wore to her prom Many on the left. They're calling it racist. Whatever happened to the melting pot. 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