He says the 'fundamental story for gold is very strong' but recently took profits because 'volatility index on gold really spiked' and they 'could potentially see a little bit of a correction.' He holds a core position and would buy a correction. This suggests a near-term potential for consolidation or a pullback (sideways to slightly down) within a strong long-term uptrend.

He is 'very underweight technology,' has been 'de-risking out of technology,' and sees the AI trade as 'crowded.' He expects a 'bottoming process' for tech not until 'late second quarter,' implying near-term weakness or sideways movement for the Nasdaq-heavy sector.

small caps... it's been a big winner for our clients... these are the times to be dollar cost averaging in... we think two three weeks from now all these areas will be up from where we are today He explicitly includes small caps as an area he is buying on dips and expects to be higher in 2-3 weeks, despite acknowledging it's 'taking a beating today.'

He identifies oil as the biggest risk because it could go to '$100 or... above $100' if the current situation 'stretches out for weeks and weeks.' This is a conditional, risk-based forecast for a sharp rise, but his base thesis expects a 'global effort' to 'stabilize' prices, suggesting a more cautious near-term upward view.