Let's bring in the man himself.
He is a market strategist down here on the trading floor of the New York Stock Exchange, the one and only Eric Criscola.
My man, happy Friday.
Happy Friday to you.
It's great to be here as always.
You know, it felt like a, well, it was a short week because we had Monday off at some points when we do this business, it feels like a very long week.
I'm glad we made it.
I'm grateful for your time.
I'll let you start wherever you want.
It wasn't a clean win across the board for the major market indexes, but a few all-time highs here.
Yeah, uh, again and again and again.
All-time highs just focusing on the S&P 500, right?
It's just, it's just what this index has been doing constantly over and over and over again despite the fact that we have a war in Iran, despite the fact that we had $100 in oil, that's actually, you know, coming off the boil a little bit, but yeah, this thing, it's just, it's just a freight train that keeps moving higher as of now.
What are you seeing on the oil majors, specifically West Texas and Brent?
They're both down in the day.
We're kind of seeing them trade right down at their.
Support levels at least since the start of the conflict.
Obviously there in early March they start, they moved a full leg higher, but they've been kind of a bit range bound.
What have you seen on the technicals?
Yes, I mean recently they've pulled back a little bit.
Let's focus on Brent crude since that's the ice product that we trade, so we love it.
So you know Brent's come down from its highs.
It's down kind of around $90 now, just a little above that $90 level is a big, big support level.
So we're going to watch that.
Breaks down further from there.
We have a few of the more longer range moving averages that can serve as support levels, but this market has consistently priced in some type of resolution to the Iran war, some type of reopening of the strait, and that's why oil has been contained even though it's an elevated level.
It's been contained.
You see the curve come steeply down, the futures curve comes steeply down, you know, moving into.
December, January 2027, so the market is expecting prices to come in.
That only happens if all this Iran stuff gets taken care of.
I need to get your take on Dell.
Long thought maybe by many people to just be a tech laptop company.
Do analysts now have to totally rethink Dell, its greatest day ever as a publicly traded company, up well more than 30% today.
Eric.
Yes, we talk a lot about stocks that are mooning.
That stock absolutely mooned up 30%.
Speaking of.
30% the EPS estimates for 2027 were adjusted 30% higher.
So that kind of just tells you how the entire stock just kind of got rerated and now, yeah, it's not a just hardware name where you just buy a computer, right?
I got to get a Dell, dude, right?
That was a long, that was a commercial a long time ago, right?
Yeah, exactly.
Now it's fully ingrained in the AI trade, you know, it is part of the AI narrative and so that's why you saw that incredible move today.
We always say sell in May.
I'm going to talk to our audience a little bit more about the sell and may trope or axiom here in just a little bit.
Not a lot of these sectors sold off in May.
Over the last month for the S&P, technology-led healthcare, consumer discretionary.
What does that tell you about the strength, maybe the durability of where the bull market is right now?
Yes, so I mean tech is obviously leading, right?
We talked about Dell, but it's all the other, other stocks as well, the memory names, the semiconductor names, now even software, right?
Left for dead a couple.
Weeks ago, uh, the IGV ETF sector, uh, uh, ETF, um, software ETF, uh, is back to about unchanged on the year.
It was down almost 30% about two months ago.
Uh, so you just saw that entire complex rip higher, um, but you can't sell in May and go away, I don't think in this market because what we see is a lot of idiosyncratic moves underneath the, the index surface, right?
So you know, stocks are moving up 30%, but other stocks are getting hammered as well.
You know, and so you know some of the kind of range bounds, you know, tick higher in the index level is actually masking a lot of movement underneath the surface.
So you've got to pay attention to what's happening to individual stocks.
What most surprises you in this market, because every time I come by your desk, and I do bother you a lot day to day.
I always want to see what you're looking at on the technicals and on the charts.
You're always cooking on something that I miss that the rest of us probably miss.
Are there any big surprises when you see these charts?
Technicals day to day.
Maybe some outperformers are surprising underperformers in this market.
Yeah, you know, like one of the things, and maybe from my background, but you know, healthcare has really, you know, it was OK this month in May, but it's really kind of had a difficult time catching a bid across the entire complex.
It's been a relative laggard not just for this year but several years now.
It's got great companies in it, but it's just, it hasn't had that narrative that people can like latch onto, you know.
It's a, it's a.
It's a difficult sector sometimes to wrap your hands around.
So you know if healthcare starts to get going, that could be interesting.
Maybe that happens if people kind of rotate out of tech, you know, that's a name that maybe catches a bid a little later, you know.
I don't know if that's going to happen, but that's kind of something that we certainly will keep an eye out on.
And then yeah, just all the laggards that have underperformed, you know, the next move higher might not just be tech taking us higher, it might be just a rotation out of tech and into all the other stuff that hasn't been working yet.
That's all the time I have, my man.
I hope you'll come back and see us again soon.
Erica, market strategist down here at the New York Stock Exchange.
Have a good weekend.
Go Knicks.
Go Knicks.
I love that.
