00:01:14.780So, yesterday, there was three things that came together and created a storm in the afternoon.
00:01:21.180The first was there was a lot of AI spooking on layoffs.
00:01:25.260Second, there was poor guidance by some of the big techs.
00:01:28.660And then, third, everybody thought the CPI that was coming out today, Pat, was going to be higher, proving that starting last April, all the tariffs by Trump created a problem.
00:01:52.700People were saying it's going to be 2.7, going to be 2.7.
00:01:55.460Consensus was really about 2.5, but it was actually now down 0.3 from the same time a year ago.
00:02:02.060So, what that means is everyone that said, oh, gloom and doom on the tariffs, you know, this is going to create runaway inflation, the inflation now, Pat, a year later, is three-tenths, consumer price index, excuse me, is three-tenths lower than it was when Trump started the tariffs.
00:02:18.060So, the one-year impact on tariffs as a boogeyman of inflation didn't come true.
00:02:23.000Today, the markets are back up a little bit, but let's also look at the VIX.
00:02:28.140So, these are daily swings, big daily swings that are happening.
00:02:56.440That means even though we've had these market shifts up a bit, down a bit, up a bit, down a bit, overall, the VIX has been under 21 except for a couple pops.
00:03:07.280And so, that is what I look at, Pat, the mood of the wider market as measured by a technical like the VIX.
00:03:16.440You know, it's a nervous time, but guess what?
00:03:19.240If you take a look at the least impacted was the S&P.
00:03:23.980And the S&P over long term, what do they say?
00:04:01.120What happens the day after election, everybody on the market is going to say the single biggest uptick in the history of the stock market a single day is going to be said the day after election in 2024.