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It’s Almost Midnight | WAYT?

Watch on YouTube ↗  |  June 23, 2026 at 22:23  |  1:13:01  |  The Compound News
Speakers
Michael Batnick — Managing Partner, Ritholtz Wealth Management
Josh Brown — CEO, Ritholtz Wealth Management

Summary

Josh Brown and Michael Batnick discuss overextended semiconductor and Korean markets, the aging bull market, prediction market disruption, and individual stock ideas including CME, Nike, and cybersecurity. They debate whether the small-cap renaissance has legs and highlight Jane Street’s AI push. The show closes with a cautious bull case for Meta and a mystery chart revealing Michael’s purchase of Nike.

  • Recap of Micron and KOSPI volatility driven by AI chip mania and extreme leverage.
  • Analysis of late-cycle indicators and Jurrien Timmer's earnings clock suggesting the bull market is aging.
  • Discussion of Schwab entering prediction markets and the resulting sell-off in exchange stocks.
  • Profile of Jane Street's massive profitability and AI talent recruitment push.
  • Breakdown of Mag 7 underperformance and the breakout in small-cap relative strength.
  • Legacy of Alan Greenspan, the repeal of Glass-Steagall, and the 'Greenspan put'.
  • Review of notable 52-week lows and a list of large-cap names in drawdowns.
  • Bull case for Nike based on insider buying and a new pre-order strategy.
Ideas
Josh Brown CEO, Ritholtz Wealth Management 15:36
Cybersecurity only trusted software sector.
Most software stocks are not making progress and cannot be trusted. If AI peaks, software could be a hedge, but selectivity is essential; cybersecurity is the only sub-sector he trusts.
HACK LOW
Michael Batnick Managing Partner, Ritholtz Wealth Management 32:19
CME selloff overdone, buy the king.
Fears that perpetual futures will displace CME equity products have caused an overdone sell-off in CME. CME is the dominant exchange and a 'king'; the pullback represents a buying opportunity.
CME MED
Josh Brown CEO, Ritholtz Wealth Management 33:30
Brokers over exchanges, buy IBKR HOOD.
Brokerages are more attractive than exchanges right now. He has bought Robinhood, and Interactive Brokers is making record highs; both look great.
IBKR HOOD LOW
Michael Batnick Managing Partner, Ritholtz Wealth Management 42:46
Small cap breakout has temporary legs.
The small-cap vs large-cap ratio is breaking out, and this is happening despite high interest rates, suggesting the move has legs. Historically such renaissances last three to six months but eventually reverse when rates act.
IWM MED
Michael Batnick Managing Partner, Ritholtz Wealth Management 71:02
Nike sentiment bottom, insider buying, long.
Nike is in its worst drawdown since 1982 with sentiment at a floor. Insider buying from the CEO and Tim Cook, combined with a new pre-order strategy that fixes customer frustration, suggest a turnaround opportunity despite China and tariff headwinds.
NKE MED
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This The Compound News video, published June 23, 2026, features Josh Brown, Michael Batnick discussing HACK, CME, IBKR, HOOD, IWM, NKE. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Josh Brown, Michael Batnick  · Tickers: HACK, CME, IBKR, HOOD, IWM, NKE