We are sitting in one of the craziest market cycles history has ever seen, and that's why I'm

sitting down with Steve Sosnick. He's the chief strategist at Interactive Brokers. He's the perfect

guy to explain what's happening with earnings, the Iran conflict, the sectors that are winning

and losing, what's happening with the next leg of the bull market, why he thinks the stock

market could fall before the end of the year,

and much more. I learned a ton from Steve in this conversation. I think you will too.

Steve, I want to start with this ridiculous rally we've seen. We've come all the way back from a pretty low,

low, I would say. What do you make of all this? We've got all the indexes

right in your record, Huzz. Well, there's a few things to unpack. First of all, I think it's

not a coincidence that it happened almost a year to the day after the tariff tantrum from last year.

And I think that weighed very heavily in investors' minds.

When I think about like the market reaction to the closure of the Strait of Hormuz, this was

always among risk managers and investors blackest of black swans, that a closure of the

straits would lead to call a $150 oil and a 10% correction pretty much

instantaneously in the market and then, you know, some time to unravel. That's not what transpired.

Yeah, we got dated Brent up to I think 144, so maybe, maybe you could check that box. S&P 500

got down I think like 9%, never even 10%.

We saw steady dip buying the entire way.

And at the slightest whiff, not even of a resolution to the conflict, but call it a stalemate

to the conflict, people are pretty much assuming it's done.

And, you know, we went from having a very

strong inverse correlation between stocks and oil prices to essentially no correlation between

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