All right, Cal, thanks so much. Welcome, closing bell. I'm Scott Wobner, live from Post 9 here at the New York Stock Exchange.

This maker break hour begins with the road ahead for stocks, which, though, higher today, have been sputtering a bit as the year winds to a close.

We'll ask our experts over this final stretch, what 2026 might hold.

Let's show you the scorecard here with 60 to go in regulation green arrows as you see across the board today

bitcoin's bouncing that's been a positive sign for risk sentiment today so is tech it's higher

most of the mega caps are rising so overall you have definitely more of a risk on tone today

Nike though a big drag following its earnings. Caterpillar. It's

topping the Dow this year and getting another price target raised today. That stock's up another

2%. And how about Draft Kings, the latest to join the prediction markets craze? As you were just

hearing on power lunch, yet another company in the ring. And the stock's on the move. It does take us to our talk of the tape, where the biggest money in the market is positioning for 2026. Let's ask Tony Pascarello. He is head of hedge fund client coverage of Goldman Sachs. He's back with us at Post 9. Good to see you. Welcome back. Thanks, Scott. Nice to catch up with you before we get out of here for 2025. You know, there's something to be said for seeing a durable trend, not making things too

complicated, and staying with the story for a considerable period of time.

I just described you, because your point of view and your perspective on this market,

from the notes that I have read consistently and mentioned many on the air, it hasn't changed. And you are, as you say, responsibly bullish and that

hasn't changed. Is that fair? I'll take it. I think you just set me up for a giant jinks,

maybe so much, but I'll kindly take it. I would say this. I think the big dynamics in the game

are still favorable for risk. We think the big dynamics in the game are still favorable for

risk. We think the Fed will continue to provision more liquidity as we have this cyclical upswing

in the economy. We've got S&P earnings up 12% next year, following plus 11% this year. And so I do

think that interplay between the Fed and the trajectory of the economy,

alongside this earnings growth, is affirmative of a bull market and a primary trend that's still higher.

You haven't been tempted, I guess is the word to use, by the broadening story peeling you away from

what's gotten you to the dance this far. And it doesn't sound to me

...