Hey, it's Kramer, and this is my morning take on the market from today's CNBC Investing Club

morning meeting.

It almost feels like the market's got its mind made up.

That if the Fed's not going to cut and if the bond auctions are going to be bad, then let's

book the 9% and go home.

When I've seen this typically, it's short term and short-sighted because we've got to go back to how companies are doing, particularly we're on earnings season. So that's a short-sighted view, but that's the mind of the market right now. Absolutely. And I think, you know, coming in today, there was fear that PPI would be hotter than expected. It wasn't. I mean, by and large, you know, maybe X-food and energy a tick higher,

but the headline was a little bit below expectation. So initially you had yields moved down.

That's what we saw. The market at first stabilized at the open, but then the 10 years, the

yield started to move up. Stocks fell. But, you know, your point about earnings is a good one because

earnings can buck the rate trend. And I think Consolation Brands is a good example of that today.

Now, I think that I would tell people if you saw selling Constellation Brands and was actually

down, you have to buy it. The reason why you have to buy it is because,

having been in this business, the pleases,

what are known is the kind of reorders of beer

were the highest I can ever recall in the industry of alcohol.

It's doing that well.

Now, some of that is because of Bud Light, problems there.

You're sure they're taking share. You know, this is the kind of thing that is a cash flow machine. And now we know they have to pay down debt. We know that there are, that they spend a lot of money on CAPEX, and this year is another CAPEX year. They need to build that capacity to support these share games. Right. And you know, one of the things that I look, as between returning capital and having an opportunity

to grow earnings, I always want the company to spend the opportunity to grow earnings.

And that's what these guys can do.

But you know, at the same time, they are doing a little bit of both.

I mean, they are, they do buyback stock.

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