Transcript
0:00 Our next guest thinks the Treasury's intervention on interest rates could send stocks to new highs as soon as next week. Mark Newton is Fundstrat's head of technical strategy. He's here at Post 9. It's good to have you back. >> Thanks, Scott. >> So, this was that significant that you think the S&P, the Qs, equal weight leading into Jackson Hole like we've got a little bit of room here? >> I do think it's a game changer. I really think we need to see the extent of what they're going to start to buy in terms of securities and how much. And a lot of that has to do with probably the Treasury put which is now at about 475 for 10-year, potentially 530 for 30. So, you know, in general, it's a hugely reflationary trade that does address liquidity concerns. We saw gold, we saw Bitcoin surge.
0:43 near term, the one-two combo of rates pushing back up along with crude is temporarily something that stocks don't like. But, I think in general, the amount of breadth improvement that we've seen in recent months along with this ongoing skepticism is definitely a positive. >> is crude is going to revisit $100, which is going to make ending the war probably tricky in the near term. >> Wait a minute. Isn't that a problem then for stocks? >> It could be a problem in September, October, yes. So, I think it's going to prove short-term only, but we have one big final push up to right around 100, 110, and then crude should end the year down near the lows. So, I think there is going to be an eventual solution better than what we're seeing now. But, we know that they're using pipelines to take oil right now through the Red Sea, through the Gulf of Oman. We don't necessarily need to have the strait as much as we did. Already some traffic is starting to be circumvented, but energy right now is is very much a short-term long along with materials. The commodities surged yesterday. I think that's going to be an ongoing theme just given what we've seen with real rates hopefully starting to pull back, which will be a source of gains for most metals, precious and base.
1:51 >> All right, we'll leave it there. It's good to see you again, Mark Newton Fundstrat, the head of technical strategy. Up next