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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Single best idea. We'll be quick today. The entire team

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Speaker 2: has to take a nap after the sleepless day after

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Speaker 2: day that we're facing, and we hear from you that

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Speaker 2: you're facing as well. Let's get right to it. Urian

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Speaker 2: Timor is outstanding of fidelity. I can't say enough about

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Speaker 2: his technical analysis. He's very generous with it. Go to

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Speaker 2: LinkedIn and look for Urian tim Or t I mme

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Speaker 2: R and it is absolutely spectacular pro analysis of trend.

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Speaker 2: Here is Urian Timmer a fidelity counting sheep?

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Speaker 3: Yeah, how you count sheep when you try to fall asleep?

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Speaker 3: I was counting the number of bear markets I've lived

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Speaker 3: through forty years on Wall Street, and so I'm at

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Speaker 3: number twelve now, so I've gone through twelve bear markets

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Speaker 3: and they're all equally indifferently scary, but they all have

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Speaker 3: things in common. And this is why we look at charts,

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Speaker 3: of course, And ironically, you know the LTCM nineteen ninety

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Speaker 3: eight cycle, which of course there's no resemblance to today in

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Speaker 3: so many ways other than it was an unwinding of crowded,

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Speaker 3: levered trades. And of course we have some of that

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Speaker 3: this time around. But you know, a textbook technical pattern

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Speaker 3: is you fall ten percent because you know something is

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Speaker 3: not right, and then if it ends up being okay,

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Speaker 3: then you rally and everyone forgets about it. You know,

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Speaker 3: last summer that little growth scare with the Enkerry trade

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Speaker 3: was an example of that. Nobody remembers that, but it

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Speaker 3: was down ten percent, and then if something does end

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Speaker 3: up getting worse, it falls to twenty percent, and at

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Speaker 3: that point it's discounted a fair amount of bad news,

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Speaker 3: and then you get the inevitable rally like we saw

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Speaker 3: last week when the terrifts were delayed for ninety days,

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Speaker 3: and you bound up to that scene of the crime

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Speaker 3: where the market broke down the first time. So that's

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Speaker 3: fifty five hundred on the S and P, and that's

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Speaker 3: where the seller's come out and lo and behold, this

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Speaker 3: is exactly where this rally has stopped.

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Speaker 2: You're in timor just brilliant there on the technical trends

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Speaker 2: of the market, of course, now hanging on every headline.

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Speaker 2: I'm very very hesitant to say technical analysis really is

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Speaker 2: part of the discussion. We certainly have not seen going

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Speaker 2: down the typical chapter in a technical analyst textbook which

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Speaker 2: says you need Catharsis to find about him. I don't

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Speaker 2: think anyone in the game is saying that we've seen

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Speaker 2: a cathartic event. Constance Hunter is with EIU and also

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Speaker 2: macro policy perspectives, and she was just brilliant today. The

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Speaker 2: thing we talked about not here but before was animatics

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Speaker 2: and pharmaceuticals. She's really emphasizing the White House analysis of

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Speaker 2: pharmaceuticals within tariffs, and I picked up on what does

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Speaker 2: that mean for China is a export some of the

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Speaker 2: chemicals and those needed drugs that our families use each

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Speaker 2: and every day. From EIU, here's Constance Hunter on the moment.

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Speaker 1: So we're looking at all the intermediate goods, right. So

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Speaker 1: if you think about even manufacturing in the US, even

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Speaker 1: the manufacturing we do here, take important parts and put

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Speaker 1: that into the final goods.

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Speaker 3: Right.

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Speaker 1: So this is like the policies of Juan Peron in

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Speaker 1: Argentina in nineteen forty five when he said, well, we're

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Speaker 1: just going to make everything here in Argentina. Like, if

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Speaker 1: we keep going down this road, it does not end well.

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Speaker 2: So an I allusion to Argentina. Thank you, Anne Marie

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Speaker 2: Horden for her travel to Benessaris to speak of the

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Speaker 2: Secretary Treasury and needed conversation. Given the crisis. We are

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Speaker 2: going to continue with our conversations and discussions on tariffs

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Speaker 2: and on what clearly is a trade war. Particularly thank

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Speaker 2: you to our Hong Kong News bureau that's been sleepless

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Speaker 2: in the Chinese morning about seven pm Eastern time, That's

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Speaker 2: when I really start looking at the next day, because

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Speaker 2: that is the next day in Asia on the Pacific Rim,

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Speaker 2: we are on YouTube. Subscribe to Bloomberg Podcasts. In the

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Speaker 2: Pacific Rim evening you can hear us there and see

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Speaker 2: us there and on YouTube podcasts. This is single best idea.