our next guest says those tech stocks are still too big chris verrone, a partner at strategas joins ust post 9 why are they still too ig? what percent should they make up in the market? >> microsoft and apple, those are still too large. you would never have names that big after declines this big. on 12/31/19, precovid, apple was a 40% stock. microsoft was a $170 stock, a 30% stock. >> their business grew a lot during covid. >> so did meta, alphabet i think getting through this bear market means teen best name, the names reviewed as untouchable ultimately go back to where they were precovid. >> you're looking at pure levels. >> let's look at it this way it's an important question i think the last eight weeks in particular were so revealing these growth stocks got everything they craved last year rates peaked three months ago. it should have been the perfect environment for growth to resurface. >> it hasn't happened. >> it hasn't happened. what's the worst performing index since rates peaked qqqs. >> why >> i think it's reflective that these names, what this part of the market is going t

not grounded is chris verrone, macro strategy.start test -- forget stochastics, trend matters. which trend chart right now matters? chris: it's a great question. when you look at the market in totality right now you could make two very compelling cases on both sides. take what i think are some of the problems with bull thesis. i would say gold has been better than stocks. the largest stock in the world, apple, has broken down. and the yield curve is still inverted. what is the problem with the barricades? the problem is, caterpillar is at a 52-week high, and industrials all over the world are breaking out. we are in this very, very disparate market. 2022 was a monolith. i don't think 2023 is a monolith. tom: you know under set ups you can have a number of trends to confirm. this time he'll the confirmation wound? if i have a certain trend belief that i have, do i go out february, march, may to get a confirming trend? -- chris: i think the best trends are in what no one owns. it is metals and mining. look at the breakouts we have s

spend your time and your capital here >> all right chris, good to see you chris verrone. >>> this is, metals, materials. tim, you're looking at commodities. >> i think bhp, rio tinto, this is a case where if you look at copper prices they're up 15% this year. this isn't a trade that is at all fearful -- it's not just about china reopening. i'm not telling you that global demand is going through the roof i'm telling you we have a decash onization trend going on in the world. you need more and things -- if you listen to investor day today, because this is what i do sometimes -- and they pointed out they think copper needs to go to almost $7 a pound. it's now at $4.22 a pound. to wipe out the demand and get it back into supply and demand i think between china, between what's going on i think actually in trends going on in the world in terms of renewables and what not, copper was always a supply disruption kind of metal i think the integrated miners -- i agree with chris and i think you have more to go. >> and the dollar trend right now is on the side of metals guy, what was your acronym