Jordi Visser

You have no upside in November, so you don't take as much risk.

That leads to, if people come in to buy call options, you're like, eh, I'm not gonna get in a position where I sell too much.

So you start widening out your markets, people get trapped.

At the same time, buybacks start to slow down because we go in the blackout period and they're really important this time of year.

They're starting to kick back in now and they're gradually every week gonna get bigger, but you end up with that kind of risk.

And then you get into the hedge fund side.

If you're someone who's had a good year this year, and I've talked to some of these portfolio managers over the course of the last couple of weeks,

They don't want to lose the bonus that they have.

And they're paid on a performance.

So if they start losing money when the AI trade and the momentum trade unwinds, they're more likely to sell out of things.

So when you put all these factors together, and then you add in the fact that the people that have lost for the year are getting stopped out, I believe there's a massive rotation that is going to continue to go on.

But we've already done enough damage for these names that are down 40% to 60%.

Oracle's already gone down enough.

We have Oracle's earnings coming out in two weeks.

We have NVIDIA coming out.

next week.

I think the market will find a way to stabilize.

And then once people kind of stop trading and they're like, okay, I'm going to wait until the holidays are over, then the buybacks will start to drift things higher.

But I do think for people trading there, there's going to be new sectors that lead and a new story for next year for sure.

So I'm bullish into the end of the year, but I want you to separate two of the people that you met and just realize this is why when I was talking about, Ryan Dietrich is talking about the S&P 500.