Why the "Santa Claus Rally" Happens & How To Build a Career in Finance with Peter's Intern!

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3:15Hey everybody, it's me, the Einstein Wall Street from the Florida New York Stock Exchange. Ladies and gentlemen, I'm going to be your temporary host sitting in for Nicole Lappin of Money Rehab as she is on maternity leave. We're going to be doing episode after episode every day of what the heck's going on, giving you a forensic breakdown of what's happening into the market as we end 2024. and stay tuned for some of the best interviews I've done since the beginning of this show in 2024 in food, in fashion, in finance, and fun. We'll be seeing a lot of you, so stay tuned. Three, two, one. Hey, everybody.

3:52It's me, the Einstein of Wall Street. We are here with Trade Like Einstein. I am Peter Tuchman, and we're here on the floor of the New York Stock Exchange in the balcony. History is made in this building every single day. Somebody with my long-term experience. I've been here for 137 years. It is my responsibility to help teach you how to navigate this market successfully. Boom! Today is Tuesday. I believe it is December 10th. And, you know, look, now we've got two days in a row where the market's pulling back a little bit. I think it's been fueled by a couple of different things. First of all, the market's just a little bit exhausted, right?

4:26We know that yesterday's sell-off was probably prompted by a lot of that bad news about monopoly accusations against Nvidia. And that's, look, once that happens, that really kind of pulled the market down. But look, guys and girls, net net, Friday, you know, due to the great economic numbers that came out, we did close at record highs across all indices. And we've been doing that every day, every week, every month for the last 12, virtually. So these record highs can probably exhaust the market to a certain extent. People's focuses aren't right here, right now. Everybody's out there. They got through their first shopping on Black Friday and Black Monday for Thanksgiving.

5:01And now we're sort of in that small, quiet time between now and Christmas, right? We are all eyes are on the markets for the economic data, PPI, CPI coming out on Friday. That is significant. That will either be the catalyst to take this market higher or pull the market back. Look, a couple of days of a sell-off or a pullback or slight consolidation when basically it's very sector-centric, is not any reason to really get concerned. Anybody who's been in the S &P this year is up 27%, and you know what, so you've got two days, the market is not down even a half a percent, so I wouldn't really get concerned.

5:38We do have a little bit of a pullback, that's legit. Dow and the S &P were off just a little bit today. 20 handles, nothing to cry about, literally. Look, if you've been trading this market this year, and you've been in the S &P and you've been in the Russell and you've been in the Nasdaq and you've traded tech and you've been in this market in any kind of a way, then you're having a great year. I don't think anything's going to change in 2025. I'm anticipating an exciting, volatile market. Is it going to go up or down? The answer is yes, that is a fact. I guarantee it. But my gut is with the new administration and some of the things that we've carved out by bringing Elon Musk, as wild and crazy as he is, into the mix is going to protect us and sort of pad us, put a little bit of a cushion between us and whatever potential wild and crazy times Mr.

6:24Trump is going to have around the China story and the tariff story and all that kind of stuff. Net, net, you've got so many parts of this market that are super exciting. Also, we're seeing a little bit of rotation. When things tend to pull back, you're seeing people put their money elsewhere. Look, also, let's think about it. Mutual funds shut down at the end of October. Hedge funds shut down at the end of November. So we are now in the first 10 days of December. And so you're not seeing the volume that you usually would see because a lot of the major players have stepped out. They've shut down their books for the year.

7:01If you think about it and you were a hedge fund and you were in this market at all, and I would imagine they've had a better year than they've had in a while, then you know what? Why am I going to take the chance of all that? Look, either it's going to be a major sell-off by the end of the year because people are going to start taking profits from a great year. Why would I want to sit around and wait for that when I've got to go back and I've got to sit in front of my customers at the end of the year and I've got to explain to them why I had such a good year and why I'm going to stay around for that last month to give back any of the gains that I've had, right?

7:32No reason for that. So that's why you do see some of the major players in the game shut their books down end of October, end of November. And so who does that leave? You've got people also positioning themselves for 2025. Obviously, there's going to be a lot going on coming into the inauguration, coming into the beginning of the new administration, whatever Mr. Trump plans on doing. My gut is we're seeing that J-Pow, there's not going to be an interruption in the J-Pow story, which I think is good because look, whatever you may think of him, politically or not, he's done, I think, a great job.

8:05If it wasn't for him, I think, and what he did and the way he planned this thing. Let's think about that for a minute. This man, after COVID and after the crazy inflation story, and nobody should blame him for it at all. It was all, again, don't even blame Joe Byron for it. It had nothing to do with that. The bottom line was you had the perfect storm happen between COVID, everybody not wanting to go back to work, a complete interruption in everything in the world, right? The world shut down. It closed down. There was blood in the streets, people dying everywhere. And then you have to turn the switch back on.

8:38And there's still people who still haven't gone back to work. I mean, how crazy is that? Look, I knew for me, at least, given an opportunity to go back to work, I definitely took that chance. But anyway, somebody who took us from COVID, got us through COVID, printed a bunch of money, learned our lessons from 2007 and 2008. It took nine years to get back to even. After$800 billion was input into the market, there's that stimulus to get us out of the financial crisis. Nine years to get back to even because they put$800 billion into the market over 18 months. This time confronted with a major, major geo-global economic disaster that COVID was.

9:14We put$3 trillion into the market over three months, right? That's like a massive triage as opposed to kind of trickling in the help that we needed. It's like a big band-aid as opposed to small little band-aids, right? And at the end of the day, we were back to even by August 12th or 19th of the same year, up 20 % in 2020, 28 % in 2021. That's what his policies have done, and that's unbelievable. And look, then we got ourselves up to 8.5 % in inflation, and we've gotten ourselves back to 2%. We've gotten unemployment back to where it needs to be. We've gotten everything gas back to where it needs to be.

9:50So net net at the end of the day, has done a great job. We are in a good situation. We are having a great year, and I want everybody to appreciate that. Anybody who's participated in this, because I hope you had a great year. If you haven't and you wanted like your New Year's resolution, it's going to be, I'm sitting around on the weekends with my friends and family and everyone's talking about how they made money in tech and in crypto and in the market and all that. And I'm sitting here like having not participated in all of it. That's got to end. You've got to reach out to me, DM me the word wild and crazy.

10:23I will happily set you in the right direction. My gut is probably by the end of the week when we have the economic data come in, PCI, PPI, PCE, PPI and CPI, that's when we're going to see this market, I think, sort of take off. Look, anything can happen, but that's my gut. That's the way the market's been acting. Don't get all freaked out about the last two days. It's healthy. Markets pull back. If nothing has fundamentally changed in the stocks that you've been watching and they've down like 1%, 5%, whatever. They're off$2,$3,$4,$5, which they have been over the last couple of days. If you were dying to buy some tech, but you didn't want to pay top dollar, well, it's no longer top dollar.

11:03They're trading at a discount. It's like your favorite leather jacket at Macy's when it goes on sale during the holidays. You don't go running for the hell screaming fire, fire, fire. You walk into the store, put down your credit card and buy that coat. That's what I want you to do. Have a shopping list. In the last three weeks of the year, if we do have a sell-off, which would be fine because we've had a great year, then have a shopping list of the companies that you like, the people, the process, the product, the profitability. Those companies you've been watching, they've been trading frothy across the board, and now hopefully maybe they will go on sale, then that's the time you take your time to buy.

11:41Anyway, do your own homework. If you want to learn how to trade the market, come join me and David Green at Wall Street Global Trading Academy. If you want to get an update of this market every single day, come and watch Trade Like Einstein with Money News Network with me and Nicole Lappin. Have a great day. Bing, bong, Shotzi. I love you. I'm out of here. Boom. Hold on to your wallets. Money Rehab will be right back. And now for some more Money Rehab.

12:12Hey, everybody. Now that we've done the wrap up on what the heck's going on, episode 9 ,487. Please stay tuned for one of my favorite interviews of the year from 2024. It's coming right at you. We are so excited today to have something super, super special. We have our young friend here, Alicia Ishvac. OK, she is a student at Baruch College. And it's super important for us to really understand what's going on here. You know, I like to break down that I found something I really love to do. We talk about education, motivation, inspiration and whatnot. So I was fortunate enough to meet this young lady through.

12:50She actually came to me and tried to come and meet me here at the New York Stock Exchange. And she represents a group of young finance students at Baruch College here in New York City. And we were able to sort of connect. And that was sort of important because, you know, everybody tries to get to me. They want to come down here to the Stock Exchange. and very often people are very anxious or don't feel they're worthwhile to get in touch with me to try and get their message across. What I loved about her connecting with me was she knocked on the door, I opened the door and we had this immediate connection because I could feel she really loves what she does and she was on a road to success and that's what we're gonna call this episode, Road to Success, The Exception to the Rule with Alicia Ishvac.

13:34So I wanna introduce her. How are you? I'm doing very well. Fantastic. Thank you so much for having me here. And actually, just to add on, it took you two months to get back to me. So I was just like cold emailing, trying to, you know, get a tour of the New York Stock Exchange because we're one of the largest clubs at Baruch. It's called the Finance and Economic Society. And so all of us, like, it's a dream to be here. So just consistently, I think, just reaching out. And yeah, one day after two months, we replied. And that's kind of how we hit it up. persistence is one of the greatest qualities that I respect in a human being.

14:07Okay, so what ended up happening, she came down to the stock exchange after two months of knocking on my door. You know what, if you keep knocking on my door, I promise you I will eventually answer it. Okay, so we came down to the floor, we met, we had a tour with this young investment group from Baruch College, and we had an amazing time. And then our relationship sort of grew. I ended up doing a forum there with their investment club. And that sort of has opened up bigger doors. She's now an intern with us at Trade Mosque, working with my son, Benjamin Tuchman, on an amazing trading model that we do on the floor.

14:39What is so different about this young lady, in my opinion, is look, it's been a while since I've had my hand on the pulse of what it's like. Look, we always joke about it. I went to high school with Alexander Hamilton. That was 137 years ago. So it's been a while since I had my pulse on what it's like to be a young student, an aspiring high school student, a college student, someone looking for interns, trying to find that road to success. Perseverance being one of the greatest qualities of that. So I thought it would be interesting. We talk about trading the market, charting, education, motivation, inspiration, all the things that really make up me and my love here and my love for what I do, the adrenaline and everything I do.

15:20But I think we're going to break this thing down for Money News Network, for this new show, Trade Like Einstein, and really break down her journey. Her journey as she came here as an immigrant. She has grown and become an incredible young lady and a student and really is on the road to success. And look, she's not the rule. She is the exception to the rule because she's checked off every box along the way. And we know it's an incredible challenge. I know it. I have two young children. I know what it's like, actually, even though I don't have my finger on the pulse, I know what it's like to be a young student, somebody aspiring to be really great and find success in something you love to do.

16:00But I thought it was super important in this age, we're in 2023, okay? The world is different now. We've got computers, we've got social media, we've got a world that just came out of a pandemic. So what is it like for a young student trying to find success, trying to find something they love to do? And we're going to frame it within the world of finance, because that's what I do and that's the direction she's going to do. So we're going to ask her to tell her story and get on with it. Let's go. Awesome. Yeah. Just to give you some background, I immigrated here with my family when I was about 80 years old and ever since I've been living here in Brooklyn.

16:33So I kind of grew up here, went to middle school, high school, then college. And like Peter, you've said, it's pretty hard and stressful trying to navigate college, trying to land an internship. I think it takes a lot of perseverance, commitment, dedication, and certainly I hope just following those values. I've landed a full-time job at Citi. I landed an internship during my junior year at TD Securities. I was in the investment banking division. And then currently I'm interning at Commerce Bank as a corporate banking intern, along with Trade Moss here. And Trade Moss here on the NYSE. Yes, I am also interning here with Benny Tuckman.

17:12And yeah, so that's kind of what I've been up to recently. But yeah, it's really been a lot navigating and trying to land your junior summer internship and then also landing something full time that I would love to pursue as my career and ultimate job. And yeah, so in college, I was going around taking tours of different colleges across New York City and Baruch was one of my best options. I went to Baruch. Go. amazing school. I can't say enough great things about it. But yeah, so I ended up at Baruch. In freshman year, I was attending a lot of, like we had career fairs. So we would have like recruiters from different companies come in and speak to students.

17:49So I was attending a lot of those trying to like get an idea of, hey, like what is banking? What is investment banking? Because when you walk in, when you come in as a freshman, investment banking, I feel like it's very glamorized. And so everybody's like, yeah, I want to do investment banking. But little do people know what it actually takes. And so I think just realizing that, trying to speak to people and ask them important questions like, what does your day look like? What skills do I need to have? Right. So try to match that with what your values are, what you essentially want to do. So I think a lot of networking was the key in like landing these internships, especially my junior internship.

18:23I actually didn't even do an application for that. It was straight through networking um so i was part of fez and we have a lot of connections alumni what's fez a finance and economic society so it's like the largest uh finance club absolutely and that's who came to tour here that's correct join as many clubs as you can well we'll also be back on wednesday for tour number two it's a semester uh thing yeah so um you know i was just networking a lot and reached out to somebody that was recruiting doing a resume drop at tv securities and uh yeah he was like we love your resume I'd love to like have you know a first round of interview I was like yeah let's do it so it was like the next very next day they called me I did a phone call interview and before I actually even got to send a thank you letter they're like hey I would love to do a super day so like I didn't even have time to send a thank you letter or like you know prep but the next morning I had super days with the two MDs from TD and you know it was a great casual conversation really enjoyed it and yeah before I even got to send them thank you letters they're like, hey, we'd love to extend the offer.

19:26So it all happened very quickly. And yeah, that's kind of how I landed my junior year summer internship. Let me interrupt you for a second, but let's, let's talk about the qualities that it takes to be able to do what you're doing. Look, everybody out there has so many interests. We are barraged by all of the wonderful things, all these companies that we talk about here on the floor. I always talk about this, the greatest consumer generation in the world. And so we are involved in, we're very loyal consumers. We know the different companies are out there and everybody knows a lot about finance.

19:54We just came out of a time, you know, from COVID where I always talk about the democratization of the trading community. You as a young person going to college was suddenly your life was interrupted by COVID, right? You were suddenly at shelter in place and quarantined at home, you know, sitting there with a stimulus check or whatnot, or just trying to figure out how do I navigate this? This is new. There's no playbook for what do I do when my life is completely interrupted. I don't have to go. I don't have classes to go to. I'm at home. And I'm like at that point in my life where I'm trying to figure out what to do.

20:25How did you navigate your way through that? Keep your focus. And one second thing is, did you always have that confidence? Or see, it's funny for me. You know, I have a mentor whose name is David Meltzer. And David Meltzer is one of the great life coaches to many billionaires around the world. He's the gentleman that the movie Jerry Maguire was made about. He was a gentleman who has seen great success. He's seen great failure. And he's gotten back on his feet. And he's a big motivator and inspiration to me. But he always talks about that, you know, that feeling when we wake up in the morning, we're about to embark on something new and we have to make that phone call or we have to make that call to TV to see if they'll see me or we have to go and see that professor or we have to network in these environments.

21:08We get nervous. We get anxious. We don't feel we are good enough or our self-esteem is in question. And he always talks about those butterflies that we get in our stomach and that when we're about to do something. and he said he always said to me because i would say to him i said i've been around for a long time and still when i embark on a new thing i still am nervous right i'm still anxious about it and i kind of feel like where does that come from is it a lack of confidence or whatnot he flips that whole narrative on his head and says no when you're about to embark on something new and you've got those butterflies in your stomach that is actually you about to embark on something that is really significant.

21:44As opposed to looking at it as a negative, it means you're about to change some stuff up. So where did that confidence come from with you? Because a lot of children, a lot of people who come to me, right? You knocked on the door a number of times, but persisted. A lot of people try and reach me and maybe not and never call back. Some people try things, they get knocked down. The first door they go to is not opened automatically and they kind of give up. And they may have actually lost an opportunity along the way so where would where'd that confidence come from tell me you know um i think it's something that i developed over time certainly in high school i remember like i would just pick up a lot of self-help books such as rich dad poor dad poor dad the classic um think and grow rich a lot of psychology books of this kind and just like watching a lot of youtube videos on you know like what it takes um you know the mindset they should have like Jocko Willink is a great author I I kind of follow him as well so yeah just like having that mindset to put your emotions aside get up and do what you have to do just get after it I think was my motto um and uh reaching out to have been in terms of being persistent I know like a lot of students tend to get discouraged after like they don't hear back like I mentioned you reply back to me after two months and that was just like me being consistently um like reaching out on LinkedIn.

23:03Yeah. Like I, I certainly did have that thought that, yeah, he, you know, he's probably like bombarded with so many of, um, you know, messages like, you know, from other students like me. So I didn't really expect him to get back there, but there's also, there's always a chance. Like I don't give up. Um, so I think with everything else, I've always been persistent regardless of what the circumstances are, how I feel. I put all of that aside. I know what the goal is. I just go after it. And I think to have this mindset, you definitely have to have a lot of self-discipline. And like I mentioned, I think in high school, reading a lot of these self-help books really helped me build and grow that mindset over time.

23:41So it's interesting because study habits are super. So there are a lot of things that are important because along the way, I did so many, if you ever hear me tell my story about studying, getting a degree in agriculture, international business, owning a record store, trading commodities, moving to Africa for two years, coming back here, finding my job on the stock exchange. My journey into finance was not a direct one. And so it's a matter of what are the qualities that make us able to find our goals and achieve our goals, find success, find fulfillment and whatnot. We may not always have a direct line to what we end up doing and mine was not, but persistence, discipline, consistency, honesty are super important things.

24:25And also the things, as you said, trying to do everything in your power to build confidence. Also not feel that you can't knock on every door. It's not a matter of how many times you get knocked down. It's how many times you get back up and not miss that next opportunity. And also along the way to learn the study habits too, so that when you find something you love to do, right, you'll never work a day in your life. You're going to have all of those components to be great at whatever you want to do. So for me, I know that in my world that I've done, look, I've had a really, I've had good times and bad times.