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Mark, you mentioned how there are some some healthy parts of the market which is welcome news on a day like this. Where are you seeing that, Mark?

Oh just as early as, we look at last Thursday and we saw the XLV, the health care ETF hit new all-time highs. And keep in mind, this is right in the midst of an ongoing sell-off in the market that started back on the 16th of July. And so this has been going on for over three weeks, and now you have health care hitting new highs. Uh a week before that, you saw equal weighted industrials and equal weighted financial ETFs, RSPN and RSPF from Invesco, both hit new all-time highs. So we have a few different areas of the market that actually were acting quite well. But all of this continues to be disguised by, you know, technology. This big tech wreck has served to really camouflage the market. And yes, it's very painful. I think investors have been overexposed, have huge concentration of technology. So a big selloff like that in an area which is a major focus uh certainly hurts, but I would say that honestly for those that diversify, there are plenty of parts of the market that are still working well. And now with a big breakdown in the dollar, that eventually is going to start to aid emerging markets when we can see a little bit of stabilization to this.

Mark, I want to ask you about one other area of the market that's not doing well, and that's crypto. You guys, your firm has been um big bulls notably on uh Bitcoin. And one of the theses with Bitcoin is it being quote-unquote digital gold is that people should flow into it at a time like this. But I guess if you're borrowing in yen and buying Bitcoin in dollars, you know, that that's not necessarily going to going to help you out. So I I don't know. I'm just curious what your thinking is right now.

Well, as as a as a technical analyst, I would say that despite the fact that there's no perfect correlation between really Bitcoin and the Nasdaq anymore. I mean, Bitcoin largely has been going sideways since March at a time when the broader market really was going sideways for a number of months before breaking out. So Bitcoin largely has been range bound, you know, for the last few months. It hasn't It obviously feels pretty severe when you see a big move from the highs like we saw, but compared to the move that we saw, you know, in the rally from last year, you know, it's really just a drop in the bucket. And if anything, you know, our head of digital assets, Sean Farrell, remains very constructive and and you know, my own thinking is that I don't see much more deterioration beyond really the mid to high 40s, and I think we will bottom and we can pull out of this. But it is going to be important for, look, the broader risk assets based to stabilize. It's very unusual and unlikely to see Bitcoin simply surge back to new highs if if the rest of the world is is falling apart. So we need to really see some effort in uh in dollar yen holding, to see rates go down a little bit less severely, as you know, they've really been uh hastening in terms of how quickly we've seen the two-year fall apart and the 10-year. And a lot of that started off based on disinflationary, you know, promises. It was a good news, and then recently that's turned into a little bit more of a growth scare. So that's uh you know, I want to see rates stabilize a little bit, want to see the dollar uh, you know, despite it being in a downtrend of late. And and really see technology sort of hold where it is. The charts of RSPT, which you showed at the beginning of the interview, you know, that's getting down to very important levels. And so technology, um you know, might take a while to get back to the highs, but it is certainly a very very intriguing area to consider. You know, you look at Nvidia's forward PE now of 26, very reasonable, you know, ahead of the Fed, of course, set to cut as many as five times over the next four months. Um you know, for me that seems pretty attractive at current levels.

We'll see how things play out the rest of the week and the month and the year, Mark, and we'll catch up with you again. I'm sure. Good to see you. Thank you.

Of course.