Is the Stock Market Sell-Off Nearly Over?

Jeff Buchbinder:

Hello everyone and welcome to LPL Market Signals. Jeff Buchbinder here, your host for this week with my friend the colleague, Adam Turnquist. Adam, thanks for working during this holiday week when few people are. How you doing?

Adam Turnquist:

Hey, happy Monday, I guess we'll call it. And happy New Year, of course to you as well. Glad to be back. I'd like to think it's back by popular demand, but I think it's back by default since a lot of people are out of the office this week.

Jeff Buchbinder:

Well, I'd love to have you on every week. Certainly our pattern is to rotate around, so you're back both because we like having you back and because of circumstances. So it is December 30, 2024. It's the last time we'll say 2024 in one of these podcast intros. As we're recording this late morning on Monday, and stocks are selling off again. We had down Friday, pretty big down Friday now pretty big down Monday. And so we start off the agenda with is Santa visiting markets? Looks like maybe for markets anyway, Santa got stuck in the chimney because we are down since I guess it's the 24, right? Adam starts the Santa Claus Rally period, the five days.

Adam Turnquist:

Officially. Yeah, it kicked off on Tuesday, December 24. Wraps up on Friday, the second.

Jeff Buchbinder:

Yeah, so we still have time still. Three more trading days in this seven-day Santa period that has historically been a good predictor of market performance. But we'll give you the numbers on that here in a little bit, but right now, looking a little dicey. Next we'll go through Adam's charts here. That'll help answer the question of whether this pullback is almost over. It hasn't been much of a pullback yet. But we'll call it a pullback. We're down a few points from the from the highs. Third we're going to walk through the Weekly Market Commentary this week, which is available now on lpl.com. It is about the 2025 Outlook, and specifically the four keys to a strong market year in 2025, taking some of the content from the Outlook that we published a few weeks ago and then you know, kind of adding to it, updating it, putting a little bit of a different spin on it.

Jeff Buchbinder:

Then we'll close with what I think will be the fastest preview of the week ahead ever, because there's really not much going on. I guess this is not this week, but next week we'll have a market holiday, right? For Jimmy Carter's passing. So we mourn the loss of Jimmy Carter, our 39 president. Lived to a hundred and seemed like he did more after he was president than while he was president. I think it's fair to say. Certainly a humanitarian nonetheless. So thoughts and prayers to the Carter family. So let's get into the recap for last week. So Adam, we actually capture five days. So this, because we didn't have a market on you know, we didn't have market activity on Wednesday for Christmas. This goes back to the previous Friday. So the five days is actually quite strong on the S&P up 1.8%. But if you just look at last week, four day week, we were up 0.7. So still a positive week, but of course we're given that back today. I mean, my only observation on last week's trading is so many folks were out that was really in volume and it's probably not all that meaningful. What do you think?

Adam Turnquist:

I think that's fair when you look at trading volume. Very thin throughout the week, even on Friday for a relatively large down day, at least by this year's standards. Pretty light volume overall. And it looked like some of those big tech names coming off the boil a little bit. They've had an impressive rally since the election and getting a little bit overbought. Some of that started to unwind a little bit last week and that spilled over into the broader market, of course, but you did see small caps actually lag on the week as well. The Russell only up 0.1% of course pulling back today. But when you start looking at just the longer-term technical damage here, even on the small caps, we're not seeing any major breakdowns. We're still seeing higher lows price holding above the rising 200 day moving average. So looks more like a pullback from a longer-term perspective without a lot of damage at this point.

Jeff Buchbinder:

Yeah, I think at this time of year, it makes sense to look at year to date returns, right? And wow, the communication services up 43, tech up 40, consumer discretionary up 34. Obviously it was a big year for growth. Growth up 38 based on the Russell 200 growth index, which is more of a pure large cap index. I mean, that's really the key story of the year for me. If you weren't in those large cap growth stocks, you just didn't do very well. Certainly a lot of active managers this year had trouble with that. I think we're probably in the consensus that is looking for a, let's call it a narrower range of outperformance from growth versus value next year, maybe even in-line performance because growth has just been so dominant now for so long. Any other observations here about market performance in 2024, Adam, before we move on?

Adam Turnquist:

Sticking with the growth theme, it's interesting too to see that re-acceleration. A lot of the large cap growth and the big tech trade was put into a consolidation phase really since, call it July into the fall. We started to see that reassert itself, those mega cap names. Just looking at some of the stats at the end of last week, I think since election day, when you look at the, the Mag Seven components, for example, of the S&P, they've contributed to about 85% of the S&P's gains since Election Day. And that's over a 4% gain for the S&P. And that price move in those names has really been a big driver here. And of course that brings up concentration risk that we've talked about ad nauseum here this year as we've had this theme of a few names driving the market higher, doesn't seem to be abating anytime soon as we go into 2025.

Jeff Buchbinder:

Yeah, more than half of the year's gain in the S&P 500 was from the Mag Seven, just massive contributor there. And certainly the international markets couldn't keep up. We know that although it was a pretty good year for China and Japan, frankly, ex-currency. So in local currency terms not U.S. dollar terms. So those markets kept up, but Europe not so much, you know. 19% in Germany, 10% for the broad euro stock 600. Just too much to overcome there. Not only do those markets not have a lot of tech, but they had the currency drag actually. You see that here on this chart. The dollar was up about 7% for the year and you know, directly clips international returns for U.S. investors. So that's probably the biggest takeaway from this chart other than just to say that it is tough here in bonds. And then I've noticed, Adam, that natural gas has been making a run here lately. That's probably just cold weather more than anything else, but anything jump out to you here on, you know, commodities, currencies, bonds?

Adam Turnquist:

I think when you look at it at the whole level, I think the macro conditions have been a little bit muddied here over the last couple weeks, really since the Fed meeting on December 18. We've seen 10-year yields breaking out above key levels, above that 4.50 resistance level. That does open the door for further upside, at least on a short-term basis. We talked a little bit about the dollar now, 1.08, that's above a key resistance level, 1.07, so that means the dollar no longer range bound and potentially entering a new uptrend. Be really interesting to see when earnings come out for Q4, what the corporate commentary is around that dollar. Anytime the dollars move closer to the upper-end of that range, we've heard commentary about headwinds at the dollar level. We'll be watching for those kind of comments as we get into earning season a little ways off at this point, but that's really on the macro, what we're seeing. Technically, some of those breakouts could be potential headwinds as we go into 2025.

Jeff Buchbinder:

Yeah, I think consensus for earnings growth in Q4 is something around 12%. So we'll probably get a strong earnings growth figure even with currency drags. It's just possibly going to impact guidance. So it's really, you know, about the 2025 guidance that I think we'll have to watch closely. I think companies, as you suggest, Adam, will be a little more cautious because of that currency effect. So thanks for that good stuff. Let's move on to your charts and here we just pose the question, how much further does this selloff have to go? You know, I don't really talk about pullbacks typically until we're down five, but the S&P is near the 50 day. I guess maybe it's breaking the 50 day now as we speak with the Monday selloff. So what is this chart telling you? How much more pain do you think we have to endure here?

Adam Turnquist:

I think if you frame it up quickly, you can use the short-term pain long-term gain analogy. And we've suffered, I guess it's not technically a pullback without hitting that 5% threshold of a drawdown, but technically here you can see the index pulling back from the upper-end of its rising price channel, taking out the 20 day moving average. And then we had a minor relief rally call it three to 4% coming off that selloff from the Fed meeting that died out right at the 20 day moving average. We've subsequently rolled over, took out the 50 day moving average again. So coming into some key support levels in today's price action. For this week, we'll be watching 5,860 on the S&P 500. That's the price gap from that post-Election Day rally. We break there, you have the December intraday lows right around 5,832, and then 5,700 that goes back to the November lows, we'll call it.

Adam Turnquist:

So still a lot of support to the downside above the 200 day moving average. I think, you know, down at 20 or 55, 48, you can see on the chart there, that would be about a 10% call it correction off the high. So nothing out of the ordinary, even if you do check back to the 200 day moving average. It's been over a year since we've revisited that. So I would not be surprised to see that play out potentially on this latest move. But when you look at momentum in the index, something that looks a little different than some of the other minor relief rallies we've witnessed. That bottom panel is the percent price oscillator, PPO, as it's labeled there. That's basically a indicator that uses two moving averages to understand or to depict trend and momentum. What we haven't witnessed on this on the bounce last week was a buy signal in that PPO indicator.

Adam Turnquist:

You can see some of the other times we revisited that uptrend, you had a buy signal in confirmation, maybe that pullback was over and we're still negative on that PPO indicator and moving closer to a crossover below the zero line, as you can see on the bottom right highlighted in red. So momentum fading a bit, that relief rally dissipating again at resistance. So I do think can't really wave the white flag here suggesting that the pullback or this latest draw down is over. I do think there's a little more room to run, especially when you look at the market from a breadth perspective. I think on the next chart we have a breakdown of just a few market breadth metrics that we like to look at. Top panel is the percentage of stocks above their 200 day moving average. We like to use that one because if you think of the most basic definition of an uptrend, if price is above a 200 day moving average, that typically checks the box for an uptrend.

Adam Turnquist:

And here we're looking at the internal. So how many stocks in the index are actually above their 200 day moving average? For most of this year, it's been very bullish. We've been anywhere from kind of 60 to 80% in this range as we're highlighting. But what happened last week and really since the the Fed selloff, we started to hit new lows in that indicator. You can see currently about 58% of the index above their 200 day. The fact that we're making new lows I think should be a warning sign for investors more on a short-term basis. The red flag would really be if we start breaking down below 50% on this indicator. When you backtest it and look at forward returns, when you're below that 50% threshold, the average 12-month return tends to be pretty below average we'll call it for the S&P, so maybe a potential struggle here from some of the breadth metrics we're looking at.

Adam Turnquist:

And then on the bottom panel we also have another one we look at and that's the percentage of stocks making new 52 week highs in green and new 52 week lows in red. And what stood out, we haven't had a new high in the green indicator, the percentage of new 52 week highs since Election Day, despite the S&P rallying over 4% during that period. So that bearish divergence with price moving higher, breadth moving lower often is a warning sign for a potential pullback. And then last but not least, we did get a big jump in the number of stocks making new 52 week lows that actually triggered an indicator called the Bloodbath Indicator last week. It crossed above 4%. We have an inverse labeled here at in the inverse. You can see it was almost negative 8%. And the indicator whenever that goes, we'll call it below negative 4%, that is typically a sell signal. It backtests pretty well. I think the name is a little bit misleading with the Bloodbath Indicator, but another potential sign here that this pullback might not be over.

Jeff Buchbinder:

Yeah, that's awfully morbid. Yeah, we'll, let's come up with a different name. We'll get back to you maybe in a future podcast with it.

Adam Turnquist:

I like that idea. Some of the technical world can be a little bit more with the death cross as well. We haven't seen that one play out.

Jeff Buchbinder:

The Hindenburg Omen. Doesn't sound so upbeat either, but yeah, the point holds here. Clearly the breadth has been weak. It's been a very popular topic in you know, the market press that suggests maybe more chop ahead, I would say. So point and figure. I'm sure we got some Dorsey Wright fans listening here. So what is this? I mean, I guess first explain what point and figure is and then what is does.

Adam Turnquist:

So this chart is the, we're using the point and figure Bullish Percent Index. For those of you not familiar with point and figure analysis, it's an objective way to track price action. So you use filtered movements and price often, for example, a three box reversal. I'm not going to get too far into the weeds, but price has to go through a certain threshold for point and figure charts to move up or down. And they use columns to dictate the up and down movements of X's and O's. And I like to look at this because it is objective. You have breakouts and breakdowns that you can actually look at across the index. And that's what we're doing in this bottom panel. This is the percentage of S&P stocks with actual point and figure buy signals. And again, we're having another breakdown here to new year to date lows.

Adam Turnquist:

You still have 40% of the index in a buy position, but based on that point and figure analysis. But what we didn't see is a bounce back like we did in May or even August. Obviously the market a little bit more oversold in August off that pullback. That was the largest drawdown we witnessed so far and or for this year at eight point a half percent. But nonetheless, we had a quick rebound at that period with more buy signals coming in. Same thing back in the April, May timeframe. You can see a quick bounce and we haven't had that bounce. It's been pretty flat here for the Bullish Percent Index actually at right around 40% today. So the lack of momentum or lack of any type of relief rally with within the S&P 500. A little bit of a concern here, especially when you couple that with the divergence we witnessed in the BPI over the last few months. You can see October to December a lower high in that indicator. Oftentimes that's another warning sign that maybe the latest breakout not so sustainable.

Jeff Buchbinder:

Another piece of evidence suggesting maybe we got a little bit more downside to go potentially. I think of the reasons you would cite for maybe more downside, this is not one of them. This is the you know, average forecast for the S&P 500 by Wall Street strategists who don't have a great reputation. I guess, you know, we're in that group. I guess fortunately or unfortunately, but yeah, their track record is not so good. So should people just take this with a grain of salt that Wall Street's so bullish?

Adam Turnquist:

You can look at it a few different ways, maybe from a contrarian perspective. When you look at the rate of change in the strategist price targets, for example, from October to the most current reading at 6,614, that quarterly percentage change is almost a 20% increase in strategist price targets. That's the largest quarter over quarter jump we've witnessed in the sell side. Strategist price targets since data goes back, I think to the late nineties in this dataset. So we've had a massive jump in bullishness and I think you can justify that when you look at the macro backdrop. We have a better-than-expected economy inflation moving lower. You've talked about the earnings resiliency, potentially what double-digits earning earnings growth maybe for fourth quarter. So there's plenty of reasons not to mention what the Fed is doing. But here we are at a 10% premium is at least what the top down strategists are telling us.

Adam Turnquist:

This is just an aggregation of I think around 30 different strategists on Wall Street, what they come up with for their year end forecast. A bottoms up analysis, which actually looks at price targets for each S&P company. And that boils up to a price target is just a little bit above this as well. So both top down, bottom up pointing to call it maybe 10% gains for the S&P 500, not completely out of the ordinary. I think when you look at the actual absolute number of a 10% gain, that seems to be in line with what you, we typically see for forecast. And it is a tough job. As you know, Jeff, calling the market 12 months ahead, lots can change. So it'll be real. I always like to look at this at year end to kind of put a timestamp on it and where we're at and where we end up being. Of course, last year sell side strategists not bullish enough on the market. And I think this year and even 2023 surprised a lot of people by the strength of this bull market.

Jeff Buchbinder:

Oh yeah, strategists weren't even close. I think, I mean we've been riding a 5,500 target for a while for 2024. Of course that was too low, but, you know, more reasonable than a lot of other forecasts. Certainly. So I think we did okay there, but if you go back and look at where forecasts were at the end of 2023, you had a lot of, I think the average price target was calling for something like a 2% gain in the S&P 500. Very cautious price targets coming into 2024. Of course, as we know now, the economy far exceeded expectations. Corporate profits far exceeded expectations. You know, start of this year, that was when inflation was bubbling up and you, you know, had some folks really worried about what we might get from the Fed. Well, fast forward to now and clearly the market has done a tremendous job of managing through the Fed rate, high rate cuts, the slowing of the fed rate cuts.

Jeff Buchbinder:

We didn't get nearly as many as the market thought. So a lot of, certainly there were a lot of reasons where the market could have sold off and it just didn't. And certainly the strength of the economy was a was big reason for that. So let's go to the Santa Claus Rally here, Adam. It looks like Santa is not coming to town based on what I'm seeing in the market today. Through Friday, we were pretty close to break even, you know, suggesting maybe it was 50-50. I know it's hard to predict where markets are going to go when you have thin trading, but do you think we got a chance for a bounce here to get this back over the next few days?

Adam Turnquist:

There's still time and I think we're down about 1.3% somewhere around there today. And the bogey for the S&P. 5,974, that's the number to clear. You can see how this seven-day stretch tends to produce well above average return. So as a reminder, it's the last five trading days of the year plus the first two trading days of the new year. If you go back to 1950, the average return over that seven year stretch up 1.3% higher nearly 80% of the time. If you compare that to just the overall seven-day average return of about 0.3%, it does really stick out. And then when you start looking at the implications of a positive or negative Santa Claus Rally as we do on the, the next page, you can see when Santa shows up and the S&P is higher over that stretch, what January looks like, the average S&P return up 1.4% versus the average.

Adam Turnquist:

When Santa doesn't show up, you tend to be just slightly negative at negative 0.2%. And the positivity rates also a big gap between them. 64% in January is higher of course when Santa shows up versus only 44% when Santa doesn't show. And then the next year returns, you can see average up about 10% when Santa's shows up and we're positive. And then on the flip side, when Santa doesn't show up only about an average return of a 5%. If you take that average 5% right now, of course we're leaning negative here on the Santa Claus Rally indicator, that'd get you to an S&P based on today's price of around 6,200. Just for some perspective, and we're just using that again, that average price. But it'll be interesting. We got a couple more days left, of course, Thursday and Friday, so we'll see if the market can clear that again, that bogey at 5,974. That would be give us a positive Santa Claus Rally.

Adam Turnquist:

We still have other seasonal data. Of course the first five days of January are another indicator. And then the January barometer. As goes January, so it goes the year. So a few others potentially to offset a negative Santa Claus Rally. We did get a negative Santa Claus Rally last year, just to give you some context. We tend to not get back-to-back negative Santa Claus Rally periods. Only two times have we actually had negative periods. You can see I think back in 2015 and 2016 the market did okay back in 2016, up about 10%. And then in 1993 and 1994, so statistically odds favor a positive close here, we'll certainly hope for a rebound by the end of day on Friday.

Jeff Buchbinder:

Yeah, LPL Research still expects a pullback at some point fairly soon. But yeah, based on these seasonal patterns, I think there's a chance we, you know, recover these losses here from just the last couple of days before what would it be? January 3. We'll see. Hard to predict a year out. Hard to predict three days out. So but anyway, that's kind of my bias. I think don't put too much stock in this sell-off. It doesn't seem to be based on really much of anything. So this is a cool chart, Adam, that you threw in there. I mean, I put it together, but I appreciate you liking it. I think it's a really helpful exercise to go through every year to look at just how likely the market is to be up in a given year.

Jeff Buchbinder:

And I know you have some stats that you can share on this too, but to me what jumps out at is how unlikely you are to have a big down year. So the message here is stay invested. You see on this, there's 70, I think 75 years on this chart on this graphic, and there's only five that are down big for 15% or more. So you've got pretty good odds that you're either going to be down modestly or up. And then you could also take that further and say, well, the odds of up versus down, you know, it's almost four to one, right? You have, I think the precise percentage is 74% of the time you're up in a given year versus down. If you take out those big down years, and let's just say we're going to have a modest down year or an up year, you're four times as more likely to be up than down. So, you know, can we guarantee it? Obviously not. Could we have a down year? Sure. But the odds going into 2025 favor an up year and actually you could argue favor a year that's maybe even up more than 10%. What do you think, Adam?

Adam Turnquist:

It's really interesting and I love this chart. I'm glad you put it together. I think it's a great one for advisors to have with clients. When you just look at the percentages here for the S&P, and a lot of times you'll hear the quote, the average return for the S&P on average, again, going back to 1950, it's up 9.3% as you mentioned, higher 74% of the time. But given the high positivity rate, I ran the numbers. When the market is higher, what's the average return? And that's about 17% for the market and when it's negative it's down about 12% to give you some additional data points there, but certainly a heavy right skew here for the market. And we're doing some other analysis on this and you can see kind of the average going back to those price targets for the S&P 500, generally five to 10% of upside is, we'll call that maybe a normal kind of forecast for the year ahead on average. And since 1950, the S&P 500 has only been up in the five to 10% range I think six years out of the 70 plus years we're showing. So certainly some an outlier type of event to land in that five to 10% year goes back to how hard it is to forecast the S&P 500, I think at high level.

Jeff Buchbinder:

Yeah, and we actually have factored this in, I think in our Outlook by saying, you know, like most, we think the market could be up, you know, high single digits, maybe double digits, but we present a bear case in a base case, right? We do that typically every year when we write an Outlook for the year ahead. And I think that really makes a lot of sense this year because there are some issues that could really cause us to break one way or the other. Mostly around policy, right? Like tariffs for example. Just how broad and how deep are those going to cut? That could be a big factor. Do we get tax cuts negotiated next year? That's a big factor in how well markets do. So if all that stuff plays out well to the upside, and I'll get into this more on the next slide you know, you could easily be up mid-teens or that 17% average that you cited, Adam.

Jeff Buchbinder:

But if they don't break right, we could certainly see a flat year. The economy is still almost certainly going to grow. But you know, that's probably a reasonable range of outcomes. I think at this point we can probably take some of these really severe negatives off the table. I sure hope so. So let's transition to the Weekly Market Commentary. Really quick preview and then we'll do a really quick week ahead. So the Weekly Market Commentary, which you can find on lpl.com, we highlight four keys to a strong year for stocks next year. I just alluded to one, which is policy. So number one, recession or no recession. We think no recession, so that's probably a likely support. Number two, supportive Fed. We think we're going to get two cuts next year. As long as the inflation trajectory remains in place, you know, gradual disinflation, then we think that can support a couple rate cuts and market tends to like that.

Jeff Buchbinder:

On average you get about a 5% positive year after the Fed starts cutting. And if you don't get recession you even see a higher number than that. I think the average is a little over 10. So third, strong earnings. We talked a little bit about that. You know, not only are we likely to get double-digit earnings growth in Q4, but we could start a string of double-digit earnings growth next year, all four quarters. I wouldn't be surprised at all if we had five-straight quarters of double-digit earnings. Now obviously a lot has to happen to make that happen. You know, we need some cooperation, certainly from the policy environment, you know, even in cooperation from rates and commodities and currencies. A number of factors. But that is a very realistic scenario that you know, will provide support for stocks we think.

Jeff Buchbinder:

And lastly, policy. Fiscal trade and regulatory. The regulatory policy is probably the easiest one, right? Because we don't need Congress to do a lot of that stuff and we know Trump is going to be business-friendly with most of his regulatory changes like he was in his first term. So that's positive. Fiscal, I mean, we're going to have deficit spending. So I guess all else equal in 2025, that's positive, but it's when you negotiate the tax, the expiration of the Trump tax cuts at the end of next year, that will have potentially more market volatility and then trade. If we have a trade war, if China retaliates, for example, if Canada retaliates, if Mexico, you know, who knows? This could go a lot of different ways. But if the tariffs do bite and you have a hit to margins because these importers have to pay those higher, their taxes basically. The importers have to pay the taxes. And you potentially have retaliation that could affect U.S. company's ability to compete overseas, right? All of that carries at least the potential to drive markets lower next year. So that's a big risk. The key to the market is if these four things deliver more positives than negatives, we think stocks will go higher. So I'll stop there with that. Again, you can read more on the weekly commentary if you so choose. I don't know if Adam, you want to add to that or you want to just go to the week ahead.

Adam Turnquist:

We can go to the week ahead. I think when looking at the keys to the stock market gains, of course, just the sentiment factor as well. How much is priced in versus what reality might come for next year. I think there's quite a bit of bullish sentiment. Maybe that suggests we're due for a little bit of a breather here in this latest rally as some of that sentiment gets worked back a little bit and kind of reset expectations.

Jeff Buchbinder:

Yeah, if I had a fifth key, it would potentially be either geopolitics, which is related to trade although we still have a couple wars going on, unfortunately, or it would be sentiment because as you say there's a lot of bullishness out there and how the market unwinds that and gets to more of a normal place in terms of sentiment, I think will be another key to 2025 that we talked about in our Outlook publication that we published earlier this month. So thanks for that, Adam. Let's do the quickest preview of the week ahead we've ever done. It's claims which we get every week. And it's the ISM on Friday. I don't think there's really anything else that's going to be market moving. I don't think those two things are going to be market moving. What do you think?

Adam Turnquist:

I agree. I think it'll be claims data, what that looks like. Maybe make headlines, but I doubt it's going to do a lot of moving the market. Let's hope not. And then of course, ISM data, which hasn't really aligned with the market as it historically should or has in the past. So that's been discounted a little bit. Some of that survey data or soft data,

Jeff Buchbinder:

Yeah, new orders data maybe is a leading indicator of earnings. So, we'll, you know, hopefully we'll get another reading above 50. There was 50.4 last month. But yeah, the ISM manufacturing data has not been really indicative of anything lately. In fact, we're, we're at a long string, I don't know how long it is, but a long string of sub 50 readings on the ISM manufacturing index. This is more of a services economy and the services index has been well over 50 lately. So we don't get that until next week. But yeah, I guess if you want to try to make a story out of this week's economic calendar, it's the ISM and not much else. Hopefully folks won't be paying much attention to that because they're going to be celebrating the New Year. So Adam, thanks for wrapping up 2024 with me. It was great having you on and thanks for walking through those charts. Maybe a little more weakness in this market, but not too much hopefully.

Adam Turnquist:

Yeah, short-term pain, long-term gain.

Jeff Buchbinder:

I like that. I like that. And good luck in the LPL Research Fantasy Football finals.

Adam Turnquist:

I'm going to need it. Thank you.

Jeff Buchbinder:

Your favorite right now, it's just one game left. We'll have to see. So everybody have a wonderful New Year's. Have a great 2025. We'll be back with you next week for another LPL Market Signals. See you then.

Jeff Buchbinder:

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Jeff Buchbinder:

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