Santa rally favors tech, crypto and gold, says Fed Watch’s Ben Emons
December 24, 2025 • 3m 57s
Frank Holland (Anchor)
00:00.070
we're
looking
at
the
vix
right
now
if
that
is
twenty
twenty
five
low
you
also
gave
us
your
santa
claus
rally
picks
one
of
them
is
bitcoin
now
generally
when
the
vix
is
that
low
we
hear
a
lot
of
talk
about
a
risk
on
rally
do
you
see
bitcoin
rallying
over
these
next
seven
days
i
Frank Holland (Anchor)
00:14.280
think
Ben Emons (Founder & CIO)
00:14.520
it
could
be
frank
because
you
know
it
tends
to
be
a
year
where
if
you're
getting
liquidity
coming
back
in
the
market
especially
if
the
fed
injection
liquidity
and
that
seems
to
be
happening
then
the
event
for
bitcoin
can
be
pretty
strong
and
it
is
the
asset
class
that's
really
Ben Emons (Founder & CIO)
00:28.640
underperformed
right
especially
to
gold
as
we're
seeing
new
record
highs
on
gold
this
morning
so
i
think
it
has
some
scope
for
either
rallying
into
urine
by
the
way
Frank Holland (Anchor)
00:37.440
you
have
a
a
wide
range
of
picks
ben
you
got
tech
and
consumer
discretionary
bitcoin
and
also
home
depot
in
particular
i
want
to
back
to
that
tech
trade
we
were
highlighting
the
strength
in
nvidia
yesterday
it
was
the
best
stock
on
the
dow
the
SMP
and
the
nasdaq
on
those
reports
Frank Holland (Anchor)
00:50.870
that
they'll
be
able
to
ship
those
H
two
hundred
ships
to
china
coming
up
next
year
possibly
in
february
when
you're
looking
at
some
of
the
skepticism
about
tech
and
and
people
trying
to
pick
winners
as
opposed
just
the
broader
basket
what
are
you
the
most
bullish
about
in
the
Frank Holland (Anchor)
01:03.190
tech
space
is
it
software
is
it
chips
is
it
the
infrastructure
players
Ben Emons (Founder & CIO)
01:08.440
thank
you
for
taking
the
chips
because
you
can
tell
from
the
story
in
the
video
that
you
know
the
moment
that
that
chip
story
becomes
more
bullish
in
this
case
they
can
ship
those
chips
out
to
china
those
stocks
are
going
up
a
lot
because
nvidia
in
particular
is
the
dominance
Ben Emons (Founder & CIO)
01:21.800
over
chips
you
can
think
of
micron
AMD
as
in
the
same
category
so
i
think
that's
the
play
from
here
because
that's
still
really
what
drives
i
think
most
of
the
AI
AI
trade
as
as
against
the
the
infrastructure
piece
which
seems
to
be
very
wobbly
because
of
the
and
she
tried
to
Ben Emons (Founder & CIO)
01:39.030
stay
bullish
on
the
chip
story
Frank Holland (Anchor)
01:41.830
in
the
fed
earlier
i
know
that's
really
your
wheelhouse
yesterday
we
got
the
GDP
report
way
better
than
expected
i
mean
so
much
better
than
expected
still
backwards
looking
still
delayed
but
a
lot
better
than
expected
at
the
same
time
we
got
that
poor
PCE
number
we
highlighted
Frank Holland (Anchor)
01:54.550
earlier
two
point
nine
percent
does
that
change
the
path
of
the
fed
in
your
mind
does
that
change
the
market
's
confidence
that
we're
gonna
get
those
cuts
there's
always
debate
does
the
market
need
a
cut
or
not
but
it
seems
like
the
market
really
wants
a
cut
because
we
saw
early
Frank Holland (Anchor)
02:07.310
trading
kind
of
be
wobbly
after
the
GDP
report
i
guess
and
then
people
decided
and
it's
OK
and
the
markets
move
higher
Ben Emons (Founder & CIO)
02:14.140
yeah
it
definitely
makes
it
challenging
for
the
fats
and
hike
let's
see
quicker
faster
because
at
two
point
nine
percent
even
though
there's
someone
lacked
data
but
at
the
end
of
the
day
it's
it's
what
the
inflation
currently
is
and
i
think
it's
what
makes
this
fat
at
least
Ben Emons (Founder & CIO)
02:28.020
cautious
to
move
quicker
with
rain
cuts
and
i
think
this
is
where
the
challenge
will
be
in
the
first
half
of
next
year
there's
a
lot
of
expectations
especially
from
the
administration
at
the
new
chair
comes
in
and
starts
lowering
faster
and
if
the
money
keeps
fast
as
we've
seen
Ben Emons (Founder & CIO)
02:42.500
yesterday
that
could
not
be
the
case
because
we're
in
but
it
seems
a
productivity
boom
inflation
doesn't
really
change
much
then
the
fed
can
maybe
cut
one
time
that's
where
the
market
currently
is
but
as
you
say
there's
more
expectation
about
it
so
i
think
this
fed
will
be
Ben Emons (Founder & CIO)
02:57.350
cautious
in
the
first
few
months
and
many
of
them
may
give
a
little
bit
of
trepidation
to
marcus
by
anything
overall
the
fed
will
deliver
on
several
breakouts
next
year
where
do
you
Frank Holland (Anchor)
03:05.350
think
we
see
that
trepidation
is
it
in
the
bond
market
or
the
equity
market
a
lot
of
people
talking
about
the
long
end
of
the
bond
will
respond
if
they're
not
in
favor
of
the
president
's
pick
for
the
share
Ben Emons (Founder & CIO)
03:15.270
backing
that's
the
case
the
long
end
of
the
curve
will
be
most
volatile
because
one
hand
if
if
this
is
an
expectation
of
the
stretcher
must
rate
cut
rates
faster
than
yields
go
up
a
lot
you
know
your
cut
rates
faster
you
stimulate
the
economy
all
this
is
uncertainty
about
Ben Emons (Founder & CIO)
03:30.150
whether
these
cuts
actually
will
happen
also
caused
that
volatility
so
i
think
loan
bonds
are
not
really
the
place
to
be
you
know
i
think
this
is
why
gold
could
decide
this
bid
to
as
an
alternative
to
bonds
i
think
that's
going
to
stay
that
way
at
least
for
the
percent
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