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We begin this hour with stocks little changed heading into this morning's data and a ton of bank earnings. Chris Verona's bed Stratigas, writing the following. With 99% of banks about the 200-day average, the group kicks off the 2Q earnings season on solid technical footing. Chris joins us now for more. Chris, good morning, good to see you. Great to meet you, John. Is that what your focus is on this morning? Because we've got CPI, we've got Fed Share Wash. Is it earnings front and center? Yeah, I think this is going to start to take some of the attention away, both from the central bank and from Iran here. And, you know, our kind of main point here is when you look at kind of the setup of the bank stocks into earnings season, they are on very sound footing. Are they overbought in the near term? Yeah, they probably are. I don't particularly care because the underlying trends are so firm. These are still the relative leaders. After, frankly, what was a pretty funky, you know, March, April period, the banks have really, since about mid-May, come back and reclaim the bar of leadership. And you see it not just domestically. It's true in Europe. It's true in Japan. Even with JGB yields up, it's true in Japan that these global banks continue to act really, really well. So I think it's difficult to get kind of too worked up about financial conditions here when financial stocks are stolen pretty good shape. Well, let's talk about the U.S. banks and the kind of exposure you want right now. So let's say on the far side, you've got a pure play in capital markets. And on this side, it's a pure play on Main Street. The closer you are to this side, as a general rule of thumb so far this year, the best you've done. In terms of Morgan Stanley, Goldman Sachs, those stocks have been flying. Where's the sweet spot now? So that's now generally been true for about two years. If you look at like when Morgan Stanley and Goldman broke out, it was probably back in late 24, early 25. So they've really carried the flag of leadership the entire time. I think what's maybe a little unappreciated though, particularly when you go down the cap scale, there are so many regional and small banks that are acting great here that are in good long-term uptrends that have just finally broken out to new multi-year highs. So it's more than just the capital market stocks, which clearly there's been a story there with the IPO boom. But it's when you start to migrate down the cap scale, you do get some exposure and some very good charts in these small and mid-cap banks. Just to build on what John's talking about, it's almost Main Suite versus Wall Street. You've got Wells Fargo on one side of the extreme. You've got Goldman Sachs and Morgan Stanley on this side of the extreme. And it seems like we've seen the fees that potentially are coming from some of these IPOs, some of these issuances. is it going to broaden out where we start to see true

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