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  • CHARLES: WELL KNOW THE MARKET

  • TOOK A MAJOR BLOW LAST WEEK.

  • SO FAR THIS WEEK WE'VE BEEN IN

  • THE GREEN.

  • WE'RE FINDING WAYS TO RALLY EVEN

  • INTO THE CLOSE.

  • NOW WE CAN ACTUALLY SEE THIS

  • TREND PICK UP, BUT WILL IT GO

  • THROUGH THE END OF THE YEAR?

  • JOINING ME TO DISCUSS POTENTIAL,

  • JEFF SAUT, CHIEF INVESTMENT

  • STRATEGIST FOR RAYMOND JAMES.

  • JEFF, I CONSIDER YOU ONE OF THE

  • BEST IN THE BASE.

  • MAKE OUT WHAT IS GOING ON?

  • LIKE INVESTOR OF LAST WEEK.

  • PEOPLE ARE SORT OF NERVOUS EVEN

  • THOUGH WE'RE UP?

  • >> OUR SHORT TERM PROPRIETARY

  • MODEL REGISTERED A SELL SIGNAL

  • ON OCTOBER 2nd.

  • WE WROTE ABOUT IT.

  • IF YOU HAVE SPECULATIVE TRADING

  • POSITIONS ON, YOU SHOULD SELL.

  • WE ACTUALLY IDENTIFIED THE 2603

  • LOW ON OCTOBER 29th.

  • SAID S&P WOULD RALLY BACK TO

  • 2800, 2820.

  • NOT GET THROUGH THERE, COME BACK

  • DOWN, MAKE A SECONDARY LOW BELOW

  • THE OCTOBER 29th LOW.

  • WE THINK YOU DID LAST WEEK.

  • WE SAID YOU SHOULD BUY THIS WE

  • THINK LOWS ARE IN.

  • THE STARTING OF THE YEAR-END

  • RALLY.

  • CHARLES: I'M CURIOUS ABOUT

  • OCTOBER 2nd.

  • THAT WAS THE DAY BEFORE JAY

  • POWELL'S INFAMOUS SPEECH

  • TRIGGERED A SELLOFF.

  • WHAT WEAKNESS DID YOU SEE AND

  • WHAT WOULD MAKE IT OKAY SIX

  • WEEKS LATER?

  • >> WE'RE STILL IN A SECULAR BULL

  • MARKET, CHARLES.

  • YOU AND I TALKED ABOUT THIS FOR

  • A DOZEN YEARS.

  • SECULAR BULL MARKETS TEND TO

  • LAST 14 PLUS YEARS.

  • DEPENDING ON STARTING POINT,

  • WHETHER OCTOBER OF '08, WHEN

  • MOST STOCKS BOTTOMED OR MARCH OF

  • '09 OR WHETHER YOU LOOK OUT

  • TRADING RANGE NOVEMBER 13th.

  • YOU DO THE MATH, THIS OUGHT TO

  • HAVE ANOTHER FIVE, SIX, SEVEN

  • YEARS, IN IT.

  • FEW PEOPLE ARE OLD ENOUGH TO

  • SEEN THE 1949 TO 66, OR 1988 TO

  • 2000 SECULAR BULL.

  • HISTORIC PRECEDENT.

  • HISTORIC PRESS DENTS?

  • >> I THINK TO A LARGE DEGREE,

  • MAINLY NOISE.

  • IF YOU LOOK AT THE MARKET

  • INTERNALS, NOT JUST THE INDICES.

  • IF YOU LOOK AT THE

  • ADVANCE-DECLINE LINE, IT FAILED

  • TO CONFIRM THE DOWNSIDE.

  • MAJORITY OF STOCKS HAVE BEEN

  • ADVANCING.

  • WE THINK IT WILL CONTINUE ALL

  • THE WAY, ACTUALLY INTO FEBRUARY.

  • CHARLES: WE'VE BEEN HAVING SOME

  • UGLY BREATH.

  • THE MARKET BREATH, JEFF.

  • I THINK ONE DAY THIS WEEK WE HAD

  • FOUR NEW DAYS, AGAINST 1000 NEW

  • LOWS.

  • THE BREADTH ITSELF HAS BEEN

  • PRETTY UGLY.

  • WILL THAT MAKE A DRAMATIC SHIFT

  • TO THE UPSIDE?

  • >> YEAH.

  • THE ADVANCE-DECLINE LINE IS NOT

  • NEARLY AS UGLY AS THE NEW HIGHS

  • OVER NEW LOWS.

  • THE ADVANCE-DECLINE LINE HAS

  • COME IN A LITTLE BIT.

  • BUT HERE RECENTLY, NOT CONFIRMED

  • THE DOWNSIDE THAT THE MAJOR

  • INDICES HAVE INDICATED.

  • SO, YOU HAVE HAD THIS DIVERGENCE

  • BETWEEN THE ADVANCE-DECLINE LINE

  • AND MAJOR INDICES.

  • CHARLES: RIGHT.

  • >> THAT IS MAJOR OCOEE

  • OCCURRENCE.

  • CHARLES: WHAT ARE TARGETS INTO

  • YEAR-END AND 2019?

  • >> 3,000 AND YEAR-END.

  • CHARLES: WE LEAVE IT THERE.

  • THAT IS THE BEST THING I'VE

  • HEARD ALL DAY.

  • JEFF, I LOVE THAW TEACH US

  • THINGS BUT YOU ALSO GIVE US

  • SOLID NUMBERS.

CHARLES: WELL KNOW THE MARKET

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