Welcome to On the Tape, folks. We have had so much going on this past week. We got a lot going on next week. We had bank earnings. We're going to talk about that. You know what? Stocks are at all time highs. You know why Dan, Nathan? You know why stocks are higher? Dan, tell me why stocks are higher. Because the market's open guy. Because the market's open. That's it. Market open, stock goes high. It's that simple.

Hot inflation numbers, in my opinion, we have our friend Jerome Powell testifying on Capitol Hill.

It is my sincere hope that one day he testifies someplace else.

But that's a horse of a different color.

Later, we're going to be going off the tape with the great peter book var but you know what

dan coined it on fire f maga reports at the end of the month dan do you have some thoughts on this

complex that you so aptly named two years or so ago the fmaga complex the facebook the

apple to google the amazon they're making up up $8.5 trillion in market cap.

I think it's truly astounding this week.

Apple made its first new all-time high since January, which was just a whisper above its September 2020 high.

But here's the thing.

That stock has gained a half a trillion dollars in market cap since mid May on its just epic rise there.

We know Amazon did the same thing last week.

And we've been talking about this a lot.

If you look under the hood, the breadth in the market has been very poor of late.

And I'll just kind of highlight a couple things that the move into these super caps, if you will, I think is very defensive. And what have we seen?

We've seen the kind of meme stocks blow up. We've seen crypto unable to get a bid. It really

feels like Bitcoin in particular feels like it's ready to fall. We've seen high gross stocks,

many of which, you know, had these massive rallies, 30, 40, 50 percent off their may lows. They

started to turn a little bit. And then the last one guy is interest rates. I think when we were taping this last week, you know, a lot of people were fairly certain that that technical move, if you will, down to the 200-day moving average in the 10-year U.S. Treasury yield was it. It did what it needed to do. That was the pain trade lower. Well, let me tell you

something. It really feels like it wants to break that. So when you say stocks at all time highs,

there's a massive disconnect, in my opinion, with large-cap stocks. And we know that small caps

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