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Hello and welcome to the Real Vision Daily Briefing. It's Friday, October 22nd, 2021. I'm Maggie

Lake and with me today is Jim Bianco of Bianco Research. Before we dive in, let's just take a quick

snapshot of US market action, particularly equities because they are just closing. And we have

a little bit of a mixed picture. Once again, the S&P pretty much flat and may just close out and

break that snap that seven day winning streak. The NASDAQ definitely lower. Dow seemed to be

bucking the trend and able to keep its head above water. Tech socks hard hit today led by steep

declines in snap. The social media company warned that Apple's privacy rules and supply chain

concerns were hurting ad spending that kind of took down the whole social media space. Snap stock

down 25%. Jim, great to see you. Thanks for being with us today.

Hey, thanks for having me. Looking forward to it. So does this look like when you're looking at,

when we're looking at the equity market picture, does this look like a kind of a temporary

news driven sell-off or should those who are holding long positions in big tech kind of be rethinking

that? Well, I think the problem with big tech is there's a narrative out there in the market

that higher interest rates, tech is a long duration asset, impacts tech. That's never been the case

until a few months ago. And I suspect that in another few months, that will stop being the case

again, but it seems to be the narrative that we drive on the market right now. So you know, you

look to the bond market, you we saw 170 yields this morning on the 10 year, backed off a little bit

by the end of the day, and tech wobbled. So that seems to be the narrative that we're driving. But

...