With Bloomberg you get the story behind the story, the story behind the global birth rate,

behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context.

And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

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It's always good when Julian Emanuel comes in with BTIG here at the Bloomberg Interactive Broker Studios,

because if you go through his research note he writes he doesn't write like a

14 page special where you're you know you're like God I wish you write shorter

they're these little gorgeous bursts.

Let's start with a look back.

It was a bear market.

A lot of people aren't saying that.

They're saying it was just Q4,

but it was a real bear market?

No question about it and and from our point of view that's part of the story of why the

rebound the first six months of this year has been you know so strong and has caught a lot of people by surprise.

Is the rebound and this goes back to fancy technical analysis a bounce in an

intermediate bounce within a bear market?

No, we actually think that if you look at it, the big picture since the bottom in 2009,

the support point... Lehman was a brokerage for him. I remember them. I do remember.

Thank you. The 200 week moving average has been the support line for every one of these sell-offs. You touch right from that, so from our point of view, the

secular bull market is intact pending further developments, but that's the default.

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