Join Bill Gundersen on today’s Best Stocks Now show as he dives into the intricate world of the stock market amidst geopolitical pressures and economic shifts. The episode kicks off with a significant market overview, reflecting on global events and their ripple effects. Cryptocurrency, especially Bitcoin, emerges as a pivotal talking point with its soaring new all-time high, framed by Gundersen’s critical insights into its speculative nature.
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He’s been seen on CNBC, the Fox News Channel, and the Fox Business Channel. His articles can be found on MarketWatch, Seeking Alpha, TheStreet.com, and many other places. He’s the author of the weekly Best Stocks Now newsletter and the inventor of the Best Stocks Now app. He’s president of Gundersen Capital Management. Here is professional money manager Bill Gundersen.
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And welcome to the Wednesday. It is the midweek edition of the Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management. And I’m here with Barry Kite, our chartered financial analyst. And we are off to the races so far here this morning. And we’re down. Okay, you know, I was just talking to Barry about this. The market yesterday, you know, at this time, well, before the market opened, it was down 500 points in the pre-market yesterday with the, you know, the long-range missiles being fired at Russia, which they’ve said is a no-no, and them lowering the bar for a nuclear response. Okay, that seems to have blown over. For now, the markets did end up yesterday to the upside, but today we’ve got a pretty red market there, meaning down. The NASDAQ’s down 189. That’s 1% right now. The Dow is down 92%. That’s 20 basis points. The S&P is down 40 points right now. That’s 70 basis points. Small caps are down a quarter of a percent. In the bond market, we’ve got the 10-year up just two basis points to 4.40. Oil is making a bit of a move, not much, 69.88, but it is up three-quarters of a percent. Gold is up a half a percent. It’s at 2645. And last time I looked, Bitcoin was hitting a new all-time high. Bitcoin.
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94,384.
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Ouch. Okay. Well, this is the Best Docs Now show on this Wednesday, November the 20th. And this is Bill Gunderson, president of Gunderson Capital Management, a nationwide fee-based only firm. Boy, I tell you what, a lot of people, we’re having fun every day here, Barry. I’m sending out a lot of messages, teaching moments, examples. It’s a master class on the stock market, I would hope. You know, you’ve got somebody who’s been in it for 25 years. sitting behind this laptop screen looking into how the market is behaving, how to interpret it, how to read stock charts, how to do valuations on stocks, et cetera, et cetera.
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And the market’s given us plenty of examples and plenty of cross-currents.
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Both good and bad. You know, both good and bad. You get people writing short reports on your stocks. You get companies that have big down days, and then the next day they have big up days. You have companies that are going to report earnings tonight, such as NVIDIA. Accounting scandal with SMCI. Accounting scandals. Yeah, so you’re getting a real education here in the real world stock market. In the meantime, why even go through all this? Just buy Bitcoin, all right? It’s at $94,000 now. Why even mess with NVIDIA and Oklo and all the other stocks out there? just buy bitcoin somehow i just don’t think bitcoin is going to end up well in the meantime i can’t fault it going up to me it’s a pyramid scheme that that’s the way i see it i see it as a pyramid scheme as long as you’ve got people buying this thing uh it’s going to continue to go higher it’s like multi-level kind of thing and At some point in time, I think there’s going to be a big comeuppance. But until then, enjoy the ride. What can I say? Okay, so yesterday, it ended up being a good day for the NASDAQ. Yesterday, the NASDAQ had a gain of 1% yesterday. Today, it has a loss of 1%. So you’re also getting a lesson on the seesaw action of the market. The 10-year was down to 4.38. It’s back up today, 4.41, 4.42. Gold is starting to make a big move a little bit. 2,700 is its all-time high. It’s just below that. Now, I mean, yesterday we had a major, major escalation in the Ukraine war. Now, Biden’s down to 59 days, 60 days, I think, left in his presidency. And he okayed the use of these long-range missiles from Ukraine, U.S.-made missiles, which are GPS-guided. I mean, they’re very specific what’s going to blow up. I don’t know if there was any effect on those missiles. We haven’t heard. Was Russia able to shoot them down? That’s my understanding. that they’re able to shoot them down. I don’t know the answer to that, but it’s a major escalation, number one. Number two, you had the fiber optic cables going to Sweden and Finland, two NATO countries, severed by a ship that was in the area. A lot of people thinking and saying, reporting that there was a Chinese ship in the area. We know that Russia and China are in partnership now. They are allies with one another. And today you have another escalation that is the use of landmines by Ukraine. And those landmines apparently are being given to the… ukrainians by the u.s so anyways those are the cross currents and that’s where we begin the day on the world stage we start off with the globe then we work our way down from there okay so biden approves anti-personnel mines for ukraine to slow russia’s advances now i saw paul mccartney in concert not that long ago several years ago when he was married to the the amputee woman and uh… his whole thing was land mines at that time paul mccartney so was wasn’t queen princess diana yeah princess diana yeah she was kind of one of the first ones yeah well he’s approved the provision of anti-personnel land mines we’ll have to look up the land mine stocks to ukraine uh… U.S. officials told the Washington Post days after Ukraine was authorized to use U.S. long-range… And the question remains, why is he doing this? with just less than two months left in his… Well, today’s November 20th, and January 20th is the last day. Bitcoin hits a new all-time high. Dogecoin is also doing well. Do you find it interesting that this new department that Vivek… Department of Government Efficiency?
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It’s Doge? Yeah, I think it’s… I don’t think that was much of a coincidence, of course. I mean, there’s not too many things you could call it, but it’s a pretty standard name, right?
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He does mess around a lot. He was messing around a lot with Dogecoin and running it up and running it by his mouth. Okay, now Dogecoin is 41 cents. The new Commerce Secretary will be Howard Lutnick. There’s a big story there. If anyone watched 9-11. I remember watching it just as I was getting ready to leave for work early in the morning on September 11th, and there was a big firm there called Cantor Fitzgerald, which lost I don’t know how many hundred employees. Yeah, I heard him speak. They were a big… Yeah, I actually heard him speak.
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You’ve heard Buckman speak, right? Yeah, probably about 10, 12 years ago. And, of course, he certainly discussed 9-11 and then also discussed his views on the market at the time. So it was a pretty moving hour in terms of getting to listen to him. So that was funny how some of these names come back. Yeah.
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Yeah, it’s funny. And, you know, you’ve got to give him credit. Cantor Fitzgerald survived. The company did, even though they lost all of these people. In records.
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They lost records. That’s why nowadays you’ve got, you know, all of your investment firms have what we refer to as continuity plans. In other words, you’ve got to have… you know, data saved, you know, off-site versus, you know, just having a bunch of filing cabinets in one place. And that was a big deal for them, too, just losing records in general.
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Yeah, remember when the towers came down and all those papers were fluttering through the sky? I mean, you know, it’s just imagine the records that were in that building. Letnick is also a pro… Tariff, but he will be the new Treasury Secretary replacing Janet Yellen. Is it going to be Treasury or Commerce?
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Treasury or Commerce. Let’s see.
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I think it’s Treasury Secretary. Oh, yeah, okay, the Commerce. So he hasn’t picked a Treasury Secretary. Right. I think that was one of the…
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Kind of a little infighting between some of the choices for Treasury. So they found a spot for him. We’ll go Commerce Secretary.
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Yes, Musk wanted him to be the Treasury Secretary. Okay, now I’ve noticed all the private school stocks have been moving lately. ATG, Laureate Education, etc. These are private schools who were under fire recently. from the biden administration uh he was after them a lot because they compete you know with the public school system and when we come back we’ll let you know why these private school stocks are starting to move once again we’ll be right back
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And welcome back here to the second half of today’s Best Docs Now show.
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that takes place in America that I’m sure we’re divided 50.1 and 49.9. That seems to be kind of where the country is these days. But private schools versus public schools. And, you know, obviously we all pay property taxes. We pay different kinds of taxes. A lot of it goes to education. And obviously, if you put your children into private school, you’re paying for that on top of the taxes you pay. All right, that’s the way it works. And there’s been a big move to give credit to those folks from the taxes they pay. for the private schools that they send their children to. So anyways, that debate is going to continue. Trump picks former World Wrestling WWE CEO Linda McMahon as Education Secretary. And I want to say she had a position in his last cabinet. Someone else was the Education Secretary.
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Yeah, and she’s been on the Board of Education for a state before. I think it’s like, I don’t know, it’s a northern state. So, I mean, she’s had a background in it.
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Well, there’s two big fights here. One is the federal government, the Department of Education, okay? Should it be a federal… or should it be a state thing? Should the states be in charge of the education that the people of their states get? And there’s a big move to abolish the Department of Education. I think they’ve identified several departments. I think our Doge Boys have identified several departments that they think are redundant or not doing. It’s a fact that The education of our kids in America has fallen considerably over there. It’s behind other countries, okay? And she has two things. She wants to send education back to the states, and she wants to expand choice to every state in America. So in other words, those taxes you pay could either be applied to public education, if that’s the way you want to go, or towards the private education that you choose to send your children to. Okay, if you haven’t heard, today after the close of the market, we’re going to get an earnings report. It could rock the world, okay? It’s rock… Remember when it was the earnings report heard around the world, like maybe three earnings reports ago? We will hear from NVIDIA after the close of the market. And we’re going to hear from Palo Alto Networks. And in the meantime, we’re going to get to Target’s report that they delivered this morning. Not great. And also TJ Maxx’s report that they delivered this morning. Walmart had a good report yesterday. Target had a disastrous report today, which we’ll get to here in a moment. Tomorrow we’re going to get John Deere. Nothing runs like a deer. We’re going to get Intuit. And by the way, Intuit was in the news yesterday along with HR Block. In fact, Barry, yesterday when we were going through the leaders in the market and the losers, I said, I don’t know why H&R Block and Intuit are both down.
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And you mentioned it has to be simplifying the tax code.
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The Doge boys are going to work on coming up with a simplified filing of your taxes that you can do on your iPhone, a mobile app that will file your taxes. Okay, that’s all I know. I remember the day when my taxes were not that complicated. I could almost do it myself. Well, I could do it myself when I was not self-employed, but once you become self-employed, I just can’t believe what a nightmare it has become to have your taxes done by a CPA. I can’t even fathom. I look at all of those forms in there. There’s no way I could navigate through those anymore. It’s just gotten absolutely ridiculous. I think some of those papers fluttering down from the The tower is probably people’s tax returns or something. I mean, it’s just gotten ridiculous if you own your own business and you have employees, et cetera. But anyways, that’s why those stocks were down yesterday because of simplifying an attempt to simplify the tax returns even through a mobile app. Okay, I bet you didn’t know that Campbell’s, who changed their name, They didn’t make a big change. Okay, we’ve seen some big changes. You’ve had Google become Alphabet. You had Facebook become Meta. Now you’ve got Campbell Soup Company, which is much more than soup. I always wondered why they kept the name just soup. We had Alcoa.
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Alcoa became… God, what’s their names?
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Yeah, there’s been several, okay, that have changed names. Sometimes to get away from a bad name. Sometimes to more represent what the company really does. But Campbell’s Soup is Goldfish. I don’t know about you. My grandkids love Goldfish. I’m going to have some Goldfish V8. rouse they’ve taken a big investment in this rouse of spaghetti sauce and soups and then of course they’ve got their own iconic soups and they have cape cod potato chips they have let’s see pacific foods they have prego They have Snyder’s of Hanover, Swanson, and so now they are the Campbell’s company.
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They have more of the snack aisle than I thought.
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They’ve got quite a bit, and they want you to know that they’re more than soup. OK, so anyway, must plan Doge looking into mobile tax filing app. There’s that news. And that sent, of course, H&R Block. And, you know, the CPA lobby is a pretty strong lobby and they’ll fight, you know, any kind of simplification, I would think. uh… of those tax returns but uh… we’ll see how this ends up i would say there’s going to be some changes made uh… definitely to try to simplify those things and make it a little more accessible to just the the regular person should be able to file their taxes without having to go through all these different hoops and all these different forms that you gotta fill out it’s just mind boggling I noticed a big move yesterday in the stock that has the symbol AI. Okay, they got the symbol AI. Man, it bounced yesterday. It’s C3.AI. I’ve seen their television commercials. Well, they’ve got a new alliance with Microsoft Azure. Azure, a strategic alliance. I don’t own AI. They’ve never been able to figure out how to make a profit. That’s a problem for me. But their sales, they’re running about 18%, 20% growth. And they’re just starting to turn the corner maybe, maybe towards profitability. But that was a big mover yesterday. Now, when we come back… We’ve got a couple of small caps that we’ve talked about and that we actually own in the news. One, there’s a short report, okay? We had this happen not too long ago against what’s the name of the stock that had the short report, and it ended up being bogus, and now the stock’s right back to where it was before the short report. Well, we’ve got another one in the news today, a short report on Seeking Alpha. We’ll be right back. This is Bill Gunderson. Thank you for tuning in to today’s Best Stocks Now, Best Inverse Funds Now show. I put several hours of research in during the wee hours of the morning each day to bring you the very best cutting-edge stories that I can. To get two free weeks of my newsletter, go to GundersonCapital.com. To talk to us about our fee-based only money management services, call us at 855-611-BEST. Now, back to the second half of the show.
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And welcome back here to the second half of today’s Best Docs Now show. Well, you know, in the market, a short seller can come along and accuse a company of almost anything.
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And there doesn’t seem to be any guardrails. I mean, eventually the short seller is either going to be proven wrong or, you know, like in the case, I remember when there were some short calls coming out on SMCI, and they were proven to be right. We had one recently. I’m trying to think of the name of it. I’ll come up with it.
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I was trying to think of it at the break.
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I got it right here. It scared me out of the stock. You know, I go… Because the stock reacted quite badly, quite poorly when the short seller came out with the report on it. And it was a very well-known short seller, infamous we’ll call him. He’s infamous both for good and for bad. Hindenburg. He was kicked off of Seeking Alpha for some of the calls. Short sellers are in the murky areas, the sewer, you might call it, of the market looking for companies to pick on. And a lot of times just the report itself, okay, will scare people out of it. And I suppose they could cash in right away and say, well, they want bad things to happen. Sucker.
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They want bad things to happen to their stock. And so naturally, right, they’re going to kind of be the Darth Vader. They’re going to wear the black hat of the trading style, right? Yeah.
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Yeah, I mean, and if you just float something, that’s enough to destroy a company for a while. It was ADMA. ADMA was the stock that we sold recently. I mean, October 18th, that was four weeks ago. And ADMA was in our emerging growth. It was a very small position. But it had very good growth and very good earnings. And guess what? I mean, ADMA has basically recovered everything it lost. We sold it at $16 a share. Now it’s back up to $21. I was right. The company was right. The short seller’s a jerk who was wrong but caused all of this problem for the company. Now, today, this stock is not reacting as much. In fact, it’s almost back to even now. But Carisdale Capital, I’ve never heard of them, has a short report out on, not a short report, they are short the shares of Oklo. which has been a controversial kind of, I guess, it shouldn’t be, but it’s a young company that is coming up with the small nuclear reactors. And Oklo recently got some letters of intents of a big data center company that’s going to start using some of their Oklo energy providers. So anyways, there’s that. uh and i don’t pay much heed to it but it’s part of the business and that if you’re going to be in the stock market and managing money it is part of the business it’s You have to cut through truth. You have to separate truth from error a lot of times. Okay, Applovin. I have never seen a stock like this in recent years. Applovin perks up as Piper Sandler says it has room to run. Okay, so all these guys now are getting on very late in the game, but obviously they don’t think it’s over yet. And I’ve always said it ain’t over till it’s over. We’re up 721% on Oklo since we bought it in August of 23. So one year, two months, we have a long-term capital gain. We’ve made 700, and it’s going to go on our wall of fame of big winners that we found. I found it using the app. What’s the symbol?
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Put it by trade desk. App. I’m trying to think of a couple other ones. Put it by trade desk.
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Oh, I could go on and on. Dexcom. We made a bunch of money. Yeah, Dexcom. Exactly. Teladoc when it went to 200. So anyways, we’ve had our share. But we try to cut our losses. pretty quickly okay and then the run the winners you want to let them run we still own app loving it’s up again today on another upgrade this time from piper sandler it’s now kind of a game of chicken i mean who’s going to be the first one to crack i don’t know we’ll see qualcomm investor update highlights divert well you know qualcomm just has not delivered i’m sorry I own Qualcomm. I gave it a second chance. We got out of it even. No harm, no foul, no gain, nothing. And I see it’s getting clobbered today. It’s down 5.7%. When you say you want to diversify… That’s kind of code for we’ve got to do something here. The stock, everything we have just is not really growing. So I don’t know where they want to diversify. Are they going to buy a hamburger chain? Are they going to get into, I don’t know, Jiffy Lubes? I don’t know what they’re going to get into, but that’s never a good thing. Now here’s another new thing that I saw today. I’ve never seen this before. How about a biotech? that does have some money in the bank okay they don’t have a a drug in the lab yet but they have some money in the bank they’re going to purchase up to one million dollars of bitcoin as a treasury reserve asset okay we can’t make money in the laboratory or in the test tubes but we’re going to buy a bunch of bitcoin i’ve never seen that before in my life that’s a new way to fund research Yeah, well, it’s been good for – it’s been good. Oh, my gosh, MicroStrategy. Can you believe this stock? They don’t really have anything as far as a product. They do. I mean, they do. It’s a database company. That stock is up. It’s quadrupled now since July. Okay? That’s why I say, is this going to end well? I don’t know. I don’t think so. I think you’re going to have a massive collapse at some point in time, but it could go to 10,000 before that happens, or 100,000 or 200,000 before that happens. I don’t know. MicroStrategy is the momentum stock of the year. Why? Because their balance sheet is full of Bitcoin. He floats bonds, Barry. He does bond offerings to buy more Bitcoin. That’s Michael Saylor. So anyways, you know, just buy MicroStrategy and be done with it. You’ve quadrupled your portfolio this year. Now, the disaster. The other side of the street, Target, is just getting taken apart today. The Pride of Minneapolis, one of them. They operate 1,956 Target, Super Target, and City Target stores. I think we have a little City Target store downtown Charleston now. General Merchandise. Their sales were up 1%. Their last four quarters up 2%, minus 3%, plus 3%. So it’s basically a 1% to 2% grower in sales. And their margins continue to get squeezed. So much so that their earnings were down 12% from the same exact quarter last year. Here’s a stock that’s losing one-fifth, 20% of its value today. It’s now a $57 billion company. Now, there was a time when it kind of ran… Head and head with Walmart. Walmart’s now a $700 billion company. Target is headed into mid cap territory, not large cap. It’s no longer a mega cap. That’s a hundred million or more, which Walmart’s a mega cap. It’s no longer a, it’s still barely in that large cap territory.
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And this is about setting expectations. I mean, they had their biggest miss in two years. They just – if you remember, I don’t know, it was a couple of quarters ago, they actually had a report where they raised estimates, right? And so they thought they were going to do better, like really thought they were going to do better, raised on the year’s guidance, and then, of course – you know, kind of reverse course, you know, less than, you know, six months from, you know, from the last change. And that just tells you, I mean, you know, markets, right, do not like uncertainty and, you know, they have an expectation. And if, I mean, they were only expecting, I think, three, I think the market was only expecting, you know, something like 3% in revenue and their revenue growth was one and a half, I believe, or 1.2, something in that range, so.
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Well, their EPS, they reported, was $1.85. That missed by 45 cents. The revenue, which was $25 billion, missed by $230 million, and the stock is down 20%. Could that happen to NVIDIA tonight? I wouldn’t expect it, but you know what? Anything’s possible when these companies report, both to the bad side and to the good side. We’ll be right back.
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Do you want to pay? Gotta go the way you want to go. Do what you want to do and win.
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And welcome back here to the final segment of today’s Best Stocks Now show. The NASDAQ has recovered somewhat. It’s down 133 now. That’s 70 basis points. The Dow’s down 53 points. That’s down 12 basis points. And the S&P’s down about a half of a percent. right now and target obviously a big big factor in the market today here down 20 percent that is a smacking that is a smack down there boy and that’s a we don’t own target target
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That’s a big pull-down for a stock. I mean, that’s a known brand. It’s something for 20% essentially a revaluation of the company based on what the current outlook is. I bet you that’s a quiet C-suite office today, right? Yeah.
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Holy cow. If I’m the CEO, I’m going to start updating my resume. I might be looking for another job there. Okay, now let’s take a look. Who are the winners in the S&P 500? The only thing I can say is I see a semiconductor stock up 6.2% key site. Is that an omen for NVIDIA after the close tonight? I don’t know, but Keysight is the biggest winner in the S&P. It’s up 6.2%. Warner Brothers is up 5.2%. They’re going to separate the entertainment from the news because the news side has just taken a whooping over at Warner Brothers with their MSNBC. And CNBC has lost a lot of credibility. And then EQT is a winner. That’s one we’re taking a look at. That’s in that liquid natural gas space, which I think is going to be a big winner under the Trump administration. Now, the losers in the S&P 500. This is where it gets kind of ugly here. Target down 21% in one day. That’s like $20 billion somewhere in that neighborhood. Qualcomm is down 5.4%. Supermicro is down 5.3%, which is definitely a battleground stock there. Dollar Tree is down 3.4%. I’m sure those low-priced retailers are down in sympathy. with target that’s another lesson in the market sometimes you see your stocking why is it down there’s no news on it well a lot of times it’s a similar stock In the same sector, dragging it down because of its report. Is the consumer, the low-end consumer, in trouble here? Are margins in trouble? Dollar Tree down, Supermicro. Okay, now let’s take a look at the Dow. UnitedHealthcare up 2.6. They’ve got to do something. The Doge Boys are somebody. Well, who was put in charge of Medicare? Oh, Dr. Oz.
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Dr. Oz, I saw that today, yeah.
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He’s in charge. He ran for senator, Pennsylvania. He lost a Fetterman. And now he’s named to try to help with Medicare and Medicaid, which are troubled. I mean, they’re troubled. There’s no question about it. The costs are spiraling out of control, and the health care companies are in trouble. UnitedHealthcare may be up because of Oz. Who knows? Let’s see now. Let’s go to the NASDAQ, which pretty much had a good day yesterday. But, you know, there’s still a lot of softness and weakness in the Googles, the Broadcoms, not so much Amazon, but ASM Lithography. They’re still weak, those big tech stocks, Microsoft. Now on the upside in the NASDAQ, I don’t see much at all there. I think the NASDAQ is on hold today until after the close of the market. Taking bets on NVIDIA, and that’s about it. Well, this is kind of like Election Day, all right? It’s 50-50. Who’s going to win? Are they going to beat? I think they’ll beat, but the question is, will it be enough? Will they be disappointed? Did they not beat by enough? The fact remains that this is still probably the number one growth company in the world today. I mean, just look at the facts. You don’t get put into the Dow Jones Industrial Average and replace Intel. And the fact that it’s the biggest company by market cap exceeding Microsoft and Apple in a much shorter period of time. so I just I just there’s I see no reason we don’t have a huge position but we have about a six six and a half percent position in it so it can’t hurt us too much if it’s down 20% tomorrow I wouldn’t be happy but that’s another way to look at this is you can’t have all your money in three or four stocks so you have a lot of risk And you have no idea what the company’s going to do. They have to keep that secret. They have to keep that very confidential or they’ll get into trouble leaking any kind. Now, you have analysts out there saying, oh, we think they’re going to beat. And you have analysts that I haven’t seen any analysts that think they’re going to have a big whiff and a big miss and get clobbered.
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It’s just, it’s how, it’s how, it’s no different than kind of a couple of these big tech reports that we saw earlier in the, in the earnings season where, you know, the report looked great and right. They beat, beat on top line, beat on bottom line, you know, beat and raise and, you know. Microsoft still went down 5%.
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It wasn’t good enough. Right. Yep, and so we could be in that kind of a funk too with the stock. So we’ll see after the close of the market. Okay, so during the day, if you’re a live trading, you can come home in the evening and read the emails that I sent out and look at the charts I sent out and stuff like that. But anytime we make a move, I mean, we’re offering that for four weeks. From the time you sign up, you get four weeks. You get one month in the trading pits of the market. And there’s a lot of days, most days, I don’t make any buys or sells, new buys or sells. A lot of times I reiterate. I think yesterday I sent out a couple. Look, we already own this stock. But new people are coming in all the time. I still like it at this level. It still meets my valuation criteria. It still has good momentum. It’s still one of the best ranked stocks in the app today. So, you know, you get second, third, fourth, fifth chances at some of these stocks that we’ve owned for a while. To get four free weeks, GundersenCapital.com. GundersenCapital.com. You say, I don’t have time for all of that. Well, that’s what we do. We manage your money while you’re doing what you do best. You can set up an appointment with us at 855-611-BEST. 855-611-BEST. Have a great day, everybody.
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This show is not a solicitation to buy or sell any securities. Bill Gunderson or clients of Gunderson Capital Management may have long or short positions in stocks mentioned during the show. Past performance is not indicative of future performance. Gunderson Capital Management is a fee-based registered investment advisory firm. All accounts are held at Charles Schwab. Schwab is a member of SIPC and FINRA.