00:00 Speaker a
Tomorrow's market action. Now, let’s bring Jordan Rizzotto, co-founder and CIO of Gemmer Road Capital Partners. Jordan, I'm glad to see you here. Let me start with some statistics Jared just provided for SPX (SPX for the S&P 500). The fifth place is the best since 1928 and the best since 1990. How do you do it?
00:29 Jordan Rizzotto
Well, it's a huge rebound since the downturn we saw in April. Well, through our framework, we still see an environment characterized by higher volatility. Well, we hope this will continue in the near term. Well, despite the rebound so strong, there is obviously a mixed situation at one sector level, right? So, well, you can really make any kind of argument. Well, I think that reflects a lot of uncertainty we see in the environment.
01:06 Speaker a
Jordan, I'm very curious. You just pointed out that we felt like that fork market we were back to, right? If you look at the MAG 7 vs. the S&P 500, I think the Roundhill Mags ETF is up 10 or 11% from last month. There are about five S&P, right? Basically doubled again. You can zoom in, this is actually seven to 10 kinds of stocks to gather. I mean, will we go back to the model you want to enter the big CAP technology field because of this, or will there be a chance because they haven't caught up with the big CAP technology field?
02:06 Jordan Rizzotto
Yes, I think the concentration we are seeing and the persistence of that concentration, which suggests that the market is more vulnerable to the situation of the market. Well, the challenge of valuation measures typical of market concentration is that they are good at measuring market conditions. From a timing standpoint, they are not necessarily great. Well, so we'll take them completely into consideration, not necessarily triggering or feasible points. Well, you know, but, but, already made earlier, we know, we saw a very mixed picture on a department basis, right? So, you know, on the bearish side, seeing consumers as appropriate always be the worst performer or close to the worst performer so far. Well, most importantly, the size of its underperforming consumer staple food is not a sign of bullishness, and it's going to jump heavily, right? Well, in this respect, we've seen since April lows, uh, you know, for industrialists, the materials are also big. Well, it's encouraging if you have more bullish tilts.
