Welcome for the On the Tape podcast. I'm Guy Adami. I'm joined as always by Elizabeth Young. That, of course, is E.Y of SoFi. Elizabeth, how are you?

Buenos days. I am wonderful. Happy Monday to you and everybody listening. To you as well. Today, by the way, later on, we're going to be joined by Tom James. He's the CEO and CIO and co-founder of trade flow.

That's a fascinating conversation that Dan and I had. So stick around. By the way, Art Dela Cruz this

Friday, a special drop of the On the Tape podcast from Team Rubicon. And we have a special

giveaway on the back of that, so stay tuned. Elizabeth,

that's all the housekeeping. Let's talk about the markets because I will tell you, once again,

I find myself Thursday and Friday of last week on the very confused side of the equation.

Yes, it was maybe not the direction that we would have expected immediately, but I don't know that

it's entirely confusing yet. I think there's relief, and we've talked about this a little bit,

yields come down, the yield curve is restapening, there's relief that now the Fed is all but confirmed

done with this hiking cycle. They just can't really say that they're done with the hiking cycle.

So the

immediate interpretation, the knee-jerk reaction is, oh, thank goodness, it might be done, right? It might be

over. They're not going to constrict any further. But I think what we haven't seen yet, and I'm not

saying that it's wrong or right to say that this is a new uptrend or that this is a bare market rally, but that's where the debate is now. We don't know the answer to either of those things. If it is a new uptrend,

what we need to see is things that will confirm that. So things like high beta outperforming low

beta, discretionary outperforming staples, you need to see breadth that continues to strengthen for multiple

days in a row. Now, we did see some strong breath last week. And what I mean by that is the advance

versus decline in the S&P. But we're still at a point where only 44% of the S&P is trading above its

200-day moving average. So we don't have confirmation yet. I think that last

week was a relief rally. I'm not going to call it a bear market rally, but I do think that there was a lot

of relief in it. And I don't know that that should be entirely surprising after the few months that

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