What's up, guys? On this episode of Full Signal, I sit down with J.D. Durkin. He is from the New York Stock Exchange Show,

taking stock, and he is one of the smartest guys on the exchange floor. We talk about the Iran War and its

impact on markets, why markets have become complacent about geopolitics, the impact of the Mag7

drawdown this year, and much more, including what JD likes best in the market

right now. This is a fantastic conversation. I think you're going to love it.

J.D., you spend all your waking hours on the trading floor, it seems like. I have to ask you,

what is your sense of how markets have responded to the Iran war,

the geopolitical uncertainty? How are you reading this right now? Yeah, it does not feel as if

we are still within just a few percentage points of the all-time high because the chop, the volatility,

the day-to-day, the narrative can feel so heavy and sour on certain days where you think, oh, man,

all-time highs feel like such a distant memory.

But in reality, we're still only within five points.

We know the S&P averages three, five percent pullbacks a year.

We just kind of recently had one intraday and then we've recovered.

So overall, it speaks to the resiliency of the markets.

You know, when I talk with traders and brokers down on the trading floor of the NYSC,

for the last several years, which to be fair has been the better part of this bull run,

led mostly by the mega cap names. We always just come back to the resiliency. And that's where I

try and look a little bit under the

surface, look at the regular weighted versus the equal weight. Does it tell the same story? Are there

tranches of stocks and sectors in the market we're not talking enough about? But for the most part,

we are in this environment where we have shaken off the Supreme Court tariff ruling with still a lot

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