IG North America CEO JJ Kinahan: 'Wild bullishness' in Nvidia has settled down

The Dow riding A5 session winning streak. For more on that and where you should be putting your money to work right now, let's bring in JJ Canahan, CEO of IG North America. JJ, great to see you. Good to see you. Thank you. Are you worried? I mean, I know that we're seeing a little bit of relief in the Sammies this morning, namely NVIDIA and Broadcom, but are you worried at all about the weakness they've seen, they've seen recently? No, I think actually, you know, the NVIDIA story, obviously you guys talked a lot about it. It's incredible in terms of what we've seen in in the moves overall. I will say the one thing that I have seen out of our clients on our Tastytrade side, Melissa, has been this, and that is the wildly bullishness we saw, you know, heading into this and through the first few weeks of this crazy NVIDIA move has certainly settled down. And so NVIDIA and Apple particularly, we just so much bullish activity for weeks. And in the last two weeks we've seen our clients back off that to a more neutral stance, if you will. The one stock that I would say has been a little bit of the leader in the clubhouse has been Meta. And so that's been something I found very interesting overall. We'll see. I actually think it's healthy to be honest with you that NVIDIA has sort of backed off a little bit. We were becoming so reliant on one stock. I will say I think psychologically NVIDIA still matters. But one of the things about this, the 13% sell off they've seen recently that I do think is a a really healthy stat, Melissa, the S&P only moved down 1% in that time. And so that to me shows that although psychologically we're incredibly dependent on NVIDIA overall, people are still buying stocks that are under the surface, if you will. We are just talking about that on Fast Money last night, how the market's done so well and people are so worried that once NVIDIA rolls over, the markets will will follow suit. So in, in terms of where else we should see that leadership, JJ, you like financials. Do you think they'll pick up the torch in terms of the broadening of the markets? I, I think they certainly have an opportunity to. And one of the stocks that you know, we've seen a lot of the, the bullish activity certainly taking place. In fact, in in Bank America, almost 80% of the activity we've seen over the last week and 1/2 has been bullish. And so you know, you saw yesterday with some of the Basil 3 rulings, other the financial stocks benefiting from that, you know, Goldman Sachs, JP Morgan, Wells Fargo, if they can start to pick things up, that would be absolutely fantastic thing. That may sound a little bit ironic and the fact that people are talking about a rate cut that we're saying, OK, perhaps the financials can pick up the torch. But the thing being if we do have a rate cut before the end of the year, the one thing that it may help is the property market overall. And to me right now, that is the biggest worry. We're starting to see, you know, the areas that were red hot, the Florida's, the Texas and the Phoenix of the world, some of the prices coming off there. And with that, I think the biggest thing, and you know, you see it every day in New York, I see it every day in Chicago is obviously the corporate, I was told you say corporate housing market, but where we see, you know, office building, etcetera, that's the area that people are really the most nervous about. And let's face it, these banks are sitting on a lot of that kind of property. So perhaps a rate cut can induce spending and get people buying some of those. Are you seeing a pickup in interest amongst your traders in biotech? We've had a few recent sort of huge gainers that have really caught everybody's attention, Al Nylem, Gilead, Surrepton. I'm wondering if that's reigniting some interest in biotech. It is in Gilead. I think probably being the most well known maybe for any retail clients among that is the one area where you are starting to see people certainly participate over the last few weeks. And so that would also be another area, Melissa, if we can get going would be absolutely incredible. And you start to think about biotech, combine that with what's possible in AI, it could be an amazing combination overall if those two can also come together. Again, all we're looking for right now is any other area to sort of light the flame, if you will, to keep the rally going right now. And I just think we've been so dependent on the invidious apples and matters of the world to continue to do that, that if biotech can come forward or as we just discuss financials, you know, being the number 2 area of the S&P 500. And of course the Russell 2000, which I think people forget sometimes to really be the big thing to help the market overall and get the other indices coming up along the finance. J Thanks. Nice to see you.