'Fast Money' traders reflect on what worked for markets in 2026
2025-12-31_22-29 • 4m 45s
? (?)
00:00.160
There
is
a
lot
to
do,
a
lot
to
discuss.
We
can
also
look
ahead
to
where
we
go
next
year.
God
damn
me.
Great
to
see
you.
Happy
New
Year.
To
you.
Got
a
New
Year
haircut,
a
new
new
cut,
new
you.
Yeah.
Well,
Guy Adami (?)
00:14.800
it's
the
same
me.
It's
the
same
you.
? (?)
00:17.520
What
do
you
see
for
next
year?
Guy Adami (?)
00:20.200
Always
great
to
have
you
here.
It's
fun
to
come
into
Times
Square
on
New
Year's
Eve.
What
do
I
see
for
next
year?
Does
volatility
come
back?
I
think
April
well,
I
shouldn't
say
a
lot
of
people,
definitely
surprised
me
by
how
quickly
the
market
recovered
from
what
was
a
pretty
Guy Adami (?)
00:33.560
significant
sell-off
and
a
volatility
event
that
we
hadn't
seen
in
many,
many
years.
That
surprised
me.
I
think
we're
in
for
another
type
of
volatility
event
in
2026.
I
can't
tell
you
when.
I
think
it's
going
to
be
early.
I
also
think
the
bond
market
is
something
that
not
enough
Guy Adami (?)
00:48.120
people
are
paying
attention
to.
So
very
quietly
TLT
selling
off,
yields
going
higher.
I
don't
think
the
market
cares
until
we
get
to
about
4.5%
in
the
tenure,
but
I
think
we're
going
there.
And
I
also
? (?)
00:58.640
You
think
think
so.
so
4.5%
I
do.
Guy Adami (?)
01:00.360
Now,
I'm
probably
the
only
one
here
that
thinks
that,
but
I
absolutely
Well,
let's
? (?)
01:03.120
talk
about
it
because
you
by
the
way,
you
that
was
not
music
to
the
ears
of
a
lot
of
people
out
No
there
hoping
to
buy
a
home
in
2026
because
mortgage
rates
largely
tied
to
that
10-year
treasury.
Sounds
like
Guy
Dommi
might
think
mortgage
rates
could
be
going
up,
You
Guy Adami (?)
01:17.960
know,
not
down
today
on
our
call
at
12:30
that
the
10
the
30-year
yields
are
as
low
as
they've
been
in
quite
some
time,
which
is
a
good
news.
I
think
the
bad
news
is,
I
do
think
10-year
yields
go
higher
for
a
number
of
different
reasons
that
we've
talked
about
on
on
this
desk,
Guy Adami (?)
01:30.800
not
least
of
which,
what's
going
on
globally
with
interest
rates
and
obviously
a
global
debt
problem
and
this
de-dollarization
thing.
I
also
think,
in
terms
of
home
builders
quickly,
as
much
as
about
interest
rates
that
we
talked
about
this
last
night,
it's
equally
about
that
Guy Adami (?)
01:44.840
the
employment
situation
where
I
think
it's
going
to
deteriorate
next
year
as
well.
You
? (?)
01:48.720
know,
it's
an
interesting
point,
Dan,
about
this
year
because
in
your
reference
last
night,
you
talked
about
Open
AI
and
we
can
get
into
that
a
little
more
about
what
happens.
We
forget
though,
what
happened
in
April,
two
weeks,
the
tariff
turmoil
markets
collapsing.
We
talked
? (?)
02:01.720
about,
you
know,
how
low
does
this
market
go
before
one
of
the
fastest
rebounds.
Are
you
seeing
some
kind
of
and
it
it
by
the
way
it
would
be
historically
accurate
Yeah.
to
have
one
of
these
10
or
15%
drops
No,
we
get
Dan Nathan (?)
02:14.520
them
every
year.
And
and
that
one
was
just
a
bit
violent
and
to
guys
point
there
it
was
also
that
every
risk
asset
went
a
bit
haywire.
And
so
that
was
one
of
the
things
that
if
you've
been
a
long-term
market
participant,
you
don't
see
those
sorts
of
breaks
that
frequently.
Um
Dan Nathan (?)
02:26.440
you
know
we
saw
you
know
correlations
basically
go
to
one
and
that's
where
some
bad
things
happen
generally
in
the
market.
So
the
likelihood
of
having
another
situation
like
that
come
all
at
once
is
probably
not
that
great.
But
I
think
going
into
the
new
year,
we
obviously
know
Dan Nathan (?)
02:41.920
where
a
lot
of
the
performance
came
from
this
year
and
we
know
why,
right?
We
saw
multiple
expansion
in
a
big
way
here.
The
expectations
for
earnings
growth
are
again,
low
teens
I
think
going
into
2026.
And
so
I
I
would
just
say
that
there's
a
strong
likelihood
that
whether
Dan Nathan (?)
02:56.440
we're
up
or
down,
let's
say
in
the
first
quarter,
the
first
half
or
the
whole
year
that
the
equal
weight
S&P
starts
to
outperform
the
S&P
500.
It
almost
doubled
it
up
this
year,
the
market
cap
weighted
one.
And
I
just
think
that
if
we're
going
to
have
legs
to
this
AI
trade,
Dan Nathan (?)
03:10.360
there's
going
to
have
to
be
some
demonstration
of
return
on
the
investment
that
a
lot
of
these
companies
have
made,
the
ones
that
have
accrued
most
of
the
market
cap,
right?
Because
of
this
sort
of
theme.
And
then
it's
going
to
be
the
ones
who
are
purchasing
this
technology
or
Dan Nathan (?)
03:24.040
building
on
top
of
it
if
you
think
about
this
kind
of
application
layer
there.
And
so
to
me,
I
think
that's
where
the
opportunities
are
going
to
be
across
lots
of
different
sectors.
You
know,
Caterpillar
was
a
name
that
we
also
talked
about
on
the
12:30
call.
They
have
this
Dan Nathan (?)
03:37.680
power
business.
It's
growing
really
fast.
It's
50%
of
their
revenues
in
the
last
quarter.
If
you
go
look
at
the
stock,
you
look
at
the
chart,
it
looks
like
one
of
the
semis
that
is
selling
these
sorts
of
GPUs.
So,
to
me,
there's
going
to
be
stories
like
that
they're
going
to
Dan Nathan (?)
03:51.080
have
to
kind
of
take
over
in
my
opinion.
? (?)
03:53.120
The
continue
Yeah,
I
the
mean
third
derivative
I
mean
but
here's
here's
a
good
example.
I
mean
JP
Morgan
doubled
up
the
performance
Dan Nathan (?)
03:57.080
of
the
and
P500,
trading
at
a
multiple
that
has
not
traded
a
very
long
time.
A
lot
of
that
I
think
is
anticipation
of
them
getting
a
return
on
the
investments
they've
made,
but
also
the
fact
that
they're
not
going
to
have
to
hire
as
much.
They're
going
to
get
better
Dan Nathan (?)
04:10.680
productivity.
So
those
are
some
of
the
themes
that
I
think
are
working
through
the
market
right
now.
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