So I think we're gonna see a very similar month as we saw in October. In October, we had the VIX spike over 20. We had some names that had a lot of froth in them lose about 20% of their value in five trading days. We saw the broader market lose 3 to 5 percent. And then it got aggressively bought and we were back at new highs and I think that's going to continue to be the trend the month of November. One thing I will flag is how concentrated this market is now. We've seen a lot of areas break down and it's really been a tech driven rally. So, on a day like today, when you see tech take a hit, that's why the broader market looks as bad as it does because it's how concentrated it is. So, I want to see some broadening out starting to pick back up again, but November is just going to be a very choppy month. But again, I think it's an opportunity for those that have missed this rally to start building up positions and getting ready for 2026. We think the first quarter of 2026 has an opportunity to be really strong. So any opportunities that you get on dips here this month or maybe next month to me are buying opportunities. This bull market is not over.

Well, tech is my opinion is still going to be one of the leaders. Just due to the concentration and the weighting that it has in the S&P. But we want to see banks get strong. We want to see small caps pick back up to highs. We want to see housing stabilize. That's been pretty beaten up. Some of the economically sensitive areas have gotten weaker. And I think a lot of that could also be front running some weaker economic data we may get due to this government shutdown. We do believe these are all just short term concerns that ultimately fix themselves and we'll be back up. But these economically sensitive areas we would like to see stabilize. That's going to be really healthy for the market. The more participants you have making new highs, the stronger this market will be.

Well, one of the main factors is the liquidity component. I mean, we've never, well, not, I shouldn't say never. Maybe there was a time, but I can't find a time in history where we had an economy that is scheduled to grow at about 3% GDP, markets at all time highs, and we have a Fed that's going to start loosening monetary policy. That's like adding fuel to the fire and regardless of what the macro dynamic looks like short term, you can't fight the Fed. The amount of liquidity they're going to put into this economy, whether you agree with what they're doing or not, is going to be very bullish for risk assets. And I think the market sniffed that out. And the other component is a lot of money managers have underperformed their benchmarks this year. So I think you're going to see what we call a catch-up trade where they're going to be forced to buy to get their performance numbers up. And this is why we haven't seen more than a 3% to 5% drop since the April bottom that we had in this market. And I think that trend continues through the first quarter next year.

I think if they cut in December, that's just going to add more fuel to the bull market. And the other thing they announced, that's going to happen in December, is the end of QT. And that's just as powerful if not more powerful than the rate cuts. So you have the end of QT with rate cuts, heading into a quarter where the worst should be behind us in regards to tariff concerns. And I think the growth of the economy is going to accelerate. So it's a real Goldilocks scenario. In bull markets, you're going to have periods of time where there's doubt in investors' eyes when you have a correction or a dip. But some of these moves stocks have had 100% moves. So if you're down 10%, that to me is not anything to be concerned with. It's just recalibrating and getting ready for the next leg up.

I think it's going to be a big decision because the way I look at this is if they rule against the tariffs, I don't think the administration is going to be real happy. So what type of response will they have when the Supreme Court makes their decision, if it doesn't go in their favor, could cause the markets to really get jittery because markets hate uncertainty. So there's still certain triggers that the administration can still do for some tariffs to continue. But if they rule against it, there will be interesting because there'll be a lot of money that has to get paid back. And I don't think we've ever seen a time period in history like this, where we have such a big ruling from the Supreme Court that has such economic impact. So I expect a lot of volatility if the ruling goes against the Trump administration.

So, you know, the Mag7 is still going to be very critical to the health of this market. Just due to their concentration level, one of the names that we like going in to 2026 is Apple. We came into the year bearish on Apple and then we started buying Apple in August. To me it’s a safer way to play the market. It’s not as volatile, strong balance sheet, but all the stars are aligning for them with iPhone sales in China and China-US trade deal. We think really benefits them. So that’s a name that we like for our clients based off their risk tolerance. And then we’re gonna broaden out. We still like small caps that we would buy on the dips. We would buy financials on dips. Because if we get what we expect going into this next quarter, you should see a re-acceleration and the one higher risk play, and it’s right now looks weak structurally would be Bitcoin. To us, crypto is the number one risk asset in bull markets. Now, if that breaks down it could lead to bigger problems, but right now with the correction it’s had, again you have to have the right risk tolerance. It’s a real interesting setup when you look out four months from now, because if this bull market does take another leg up, we would expect crypto to be one of the bigger winners in that area.