Is This The Peak Of The Stock Market? | Lance Roberts & Adam Taggart

**Lance Roberts** (0:00)
You've rarely had this type of exuberance in the market. You've rarely had this type of household allocation to equity levels, which is at a record, by the way. You rarely had professional investor allocations to equities, which are also at a record. And you've never had just overall, just consumer confidence about the market, is it an all-time record?

**Adam Taggart** (0:23)
By the way, too, one more thing to put on that, and the worries is, you've never had so much of the senior population be this exposed to equities either.

**Lance Roberts** (0:32)
That's right, but historically, whenever you've had the combination of those events, that has typically been the peak of a market cycle, not the beginning of one.

**Adam Taggart** (0:46)
Welcome to Thoughtful Money. I'm Thoughtful Money Founder and your host, Adam Taggart, welcoming you back here at the end of another week, at the end of another year, to do a weekly Market Recap with my good friend, the retrospective, Lance Roberts. Lance, how you doing?

**Lance Roberts** (1:02)
I'm doing well. How was your Christmas?

**Adam Taggart** (1:05)
My Christmas was great. For those perceptive viewers, you might see I look a little green around the gills. I came down with something last night. I don't wish on any of you. And it's one of two things, maybe even both. My brother-in-law, who we spent Christmas Eve and Christmas with, has younger kids. They all got the violent vomiting disease after we hung out with them. So I either picked up that bug from them, or last night we were having dinner with some friends. And Lance, I think you're familiar with the podcast on YouTube called Hot Ones.
Yes. For those not familiar with it, it's an interview series with celebrities. And the interviewer has these bottles of hot sauce, 10 bottles of hot sauce that go up in severity to insane levels. And apparently you can order a kit from Hot Ones of the chili sauces that they use. And they had done a party a month or so ago, and they were telling me how fun it was. And so of course, the bravado kicked in and I said, well, how hot is the hottest one? And so they brought it out and I had it. And it was super hot. I mean, it was just like eating battery acid. And I felt, I actually felt pretty proud of how I handled it in the moment. I thought like, this is pretty bad, but I think I soldiered through this. I think maybe I'd be pretty good at this competition. And then of course, I woke up in the middle of the night and it felt like one of my intestines had been napalmed. So it's one or two of those things, but I think I've dropped like five or six pounds already just in the past 10 hours. So anyways, enough about that. I hope your Christmas was great, Lance.

**Lance Roberts** (2:55)
It was great. Kids all came in from college. So we've just been spending time together having some nice family time. And so we went out to eat last night, went to Mexican food, lots of really greasy enchiladas, and I'm just joking.

**Adam Taggart** (3:11)
Yesterday, you're trying to make me even more queasy? Yeah.

**Lance Roberts** (3:14)
Yeah, I'm just kidding. But no, it's been great. I appreciate it very much. And I hope everybody watching had an absolutely wonderful and Merry Christmas. And now we're getting ready for New Year's.

**Adam Taggart** (3:25)
Exactly. And for a whole brand new year. So let's do a little retrospective look a bit in this podcast. And then if I don't have stamina this time, and folks, this will probably be a shorter one than normal. If we don't get to it this time, next time we'll really get into the look ahead for 2025 All right, Lance, we'll look. Why don't we start with the meat of the sandwich here?
Maybe we might want to pull up the S&P if you've got that handy. But our past couple of videos over the past few weeks has been Santa Claus, Willy or Wonny, it's going to be Santa Claus Rally or Grinch Bust this year. And as of yesterday, it looked like Santa was arriving, right? S&P 6,100, morning we're talking here, early in the trading day, S&P is down over a percent. I think we're back under 6,000 on the S&P. Now, this is probably just chop, but are you seeing anything in the action here that makes you either change your opinion on the timing of the Santa Claus Rally or is this just kind of make it a part of the course, end of your chart?