Is History Repeating? | WAYT?

Summary

Michael Batnick hosts Sean Russo and Matt Cerminaro to discuss the bull market, AI-driven leadership, software sector rotation, and upcoming mega IPOs like SpaceX. They share technical breakout ideas including Honeywell, emerging markets, Host Hotels, and Cadence Design Systems. The panel debates whether the market is late-cycle and highlights dispersion between large-cap winners and laggards.

• Michael Batnick argues that experience can be a disadvantage in changing markets, referencing the 1950s bull market and Peter Bernstein.
• Sean Russo shows a massive base breakout in emerging markets (EEM) and a technical set-up in Honeywell (HON).
• Matt Cerminaro presents an inverse head and shoulders pattern in Host Hotels (HST) and a breakout in Cadence Design Systems (CDNS).
• The panel reviews the AI trade, noting strong revenue growth at Anthropic and OpenAI as evidence of early innings.
• A chart comparing 2021 meme stock mania vs. 2026 shows the current rally is concentrated in large caps, not small caps.
• SpaceX's upcoming IPO could be the largest ever, raising concerns about index inclusion and supply dynamics.
• The software sector is rebounding but with divergence; cybersecurity names are leading while others lag.
• The mystery chart is MSGS (Madison Square Garden Sports), tied to the New York Knicks.