Is The Worst Now Behind Us? | Lance Roberts & Adam Taggart

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**Lance Roberts** (0:54)
When you take a look at how the market is currently set up, it is potentially in the process of building a fairly significant market low. And again, it's very possible that we could get a retest of the recent lows or maybe set a new set a higher low, which would be very bullish. But that would be a normal corrective process. And you know, then what will happen is that things that have done very well recently will become a source of liquidity to buy equities.

**Adam Taggart** (1:33)
Welcome to Thoughtful Money. I'm Thoughtful Money founder and your host, Adam Taggart, welcoming you here at the end of another week for another weekly market recap with my good friend, the Nadirul portfolio manager, Lance Roberts. Lance, how are you doing?

**Lance Roberts** (1:46)
I'm doing good today, how are you?

**Adam Taggart** (1:48)
Good, good. I hope I pronounced that correctly. That's the adjective form of nadir, which means the low, right? So the big question I have for you today, Lance, is has the market found a bottom?
I should note too that as we're talking, Lance, I'm releasing on the channel because we're recording this on Friday. I'm releasing on the channel a special Friday release with the great investor Felix Zulauf. He only does media once a year. His last media tour was back in December, but he decided because of so much had happened since he last came on, that actually he had fairly accurately predicted, kind of eerily accurately predicted, that it was time to come and give folks an update, especially given all the market volatility. And one of his big messages is that he thinks we're seeing a classic bottoming process in the markets. Now, he thinks the markets potentially could fall from here and retest the lows, but he doesn't expect us to really go below them. And then, and we can get into this later if you want, he actually thinks while this year will probably be a bumpy ride, as you've said, by fall, he's basically saying just keep your dry pattern till fall. By fall, you really want to start going pretty long because he expects kind of a blockbuster 26 and 27, which surprised me in that level of optimism. So anyways, question for you, my friend, and we can start however you like, we can pull up the technicals and the S&P or whatever.

**Lance Roberts** (3:16)
Can we start there real quick just before we get into that? Because it's interesting because that is, so I haven't released it yet, but so we're recording this on Friday. I've already written the newsletter for this weekend because the markets are closed for Good Friday, by the way, just to wish everybody a very happy and blessed Easter. I hope you enjoy your holiday with your family.

**Adam Taggart** (3:37)
And Passover too for those that are having Passover.

**Lance Roberts** (3:39)
That's correct. And so many blessings to you. But it's interesting because this whole weekend's newsletter, and by the way, I have not seen the interview with Felix Zulauf yet because I was writing the newsletter on Wednesday and Thursday, but it's exactly the same message, that when you take a look at how the market is currently set up, it is potentially in the process of building a fairly significant market low. And again, to his point, and we even state this newsletter, it's very possible that we could get a retest of the recent lows or maybe set a higher low, which would be very bullish. But that would be a normal corrective process. And then what will happen is that investors will want to be very cautious about where they got assets allocated, because things that have done very well recently will become a source of liquidity to buy equities. So you will expect to see a fairly significant rotation within asset classes, so emerging markets and international things that have done well this year relative to the S&P will become a source of liquidity to fund S&P purchases.