Stocks Looking Vulnerable As Bond Yields Surge | Lance Roberts

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**Lance Roberts** (1:00)
So you kind of got this culmination of events occurring where you've got a really, a much weaker environment behind the rally than what you would like to see, which just makes it more susceptible to a pullback. And to get back into really kind of support levels of any sport, you got a little bit of support at the 20-day moving average. That's at 7,200. But then you're talking about 7,000 to really get back to any level of real critical support for the market. So I would just hedge a little bit accordingly, raise a little bit of cash, rebalance portfolios, you know, do whatever you need.

**Adam Taggart** (1:39)
Welcome to Thoughtful Money, I'm Thoughtful Money Founder and your host, Adam Taggart, welcoming you here at the end of the week for another weekly market recap featuring my good friend, the Apex portfolio manager, Lance Roberts. Lance, how are you doing?

**Lance Roberts** (1:52)
I'm doing fantastic, how are you?

**Adam Taggart** (1:53)
That's great.

**Lance Roberts** (1:55)
That movie was great, by the way.

**Adam Taggart** (1:57)
What, Apex?

**Lance Roberts** (1:58)
Apex.

**Adam Taggart** (1:59)
Oh, I haven't seen it yet, it's new, right? It's like a new Netflix movie or something?

**Lance Roberts** (2:02)
Well, I can't now, I thought you saw it, and I was gonna scream at you because that's the whole point of the movie.

**Adam Taggart** (2:09)
Oh, really? You would have lost it on me, sorry.

**Lance Roberts** (2:11)
It's the movie, and I'll scream at you next week.

**Adam Taggart** (2:14)
Well, so let me tell you why I picked the word Apex.
Coming into this morning, I had a different word, I was gonna refer to you as the Stratospheric Portfolio Manager, given how high-flying stocks are right now, and they still are high-flying. But we are seeing a lot of red across the board today. They were talking here on Friday morning.
And, you know, there's a little bit of worry chatter already, which is, oh gosh, is this the reversal? Way too early to really tell for sure. But you have been warning for a while, Lance, that the markets have been increasingly vulnerable to a pullback because they have moved so far so quickly, and they've been pretty overbought, and we've been going through the technicals in the past several weeks. What is your, what are your dashboards telling you right now?

**Lance Roberts** (3:05)
Well, basically, it's just, we wrote a piece today in our daily market commentary talking about this gamma squeeze that's going on in the market. It's just a mechanical buying issue, and that's driving these stocks up to kind of really astronomical levels.

**Adam Taggart** (3:19)
Yeah. And should I have noted here, we've had 18 all-time highs in the S&P so far this year.
Yeah.

**Lance Roberts** (3:26)
And look, I always throw that data point out because you make a new high today, right? So first, you're at the beginning of the year, so you make a new high for the year, right? Then tomorrow, you're up by one-tenth of one percent or whatever. It's a new all-time high. So you get these, all-time highs are always clustered together because you're at all-time highs. Right.

**Adam Taggart** (3:50)
If you have upward trajectory, you're going to make an all-time high every day. I get it, but still, it's notable.

**Lance Roberts** (3:55)
No, it's notable, but again, I think a lot of people put too much weight on it. I think what's more important when you're talking about all-time highs is look at the gaps that you have historically between all-time highs and then the next time you get all-time highs.

**Adam Taggart** (4:07)