Where are the markets going from here? Major 4-year bottom cycle in 2016. In October, there was a standard pullback. At first, they called it a "holiday sale." But the technical damage was severe, a 4-year cycle reset, a business cycle contraction. So 6-9 months from now, there will be economic weakness. We're in the process of starting a new 4-year cycle. On average, the 4-year cycle pullbacks were 15%, and they lasted 34 weeks. If we hit either goalpost, he'd look to add to equities. This is not the start of a new bear market. From 2000-2010 was a secular bear market, where the price damage was around 34% and the duration was also extended. Current cycle sets us up for another 2-3 years of upside.

Held support a couple of times last year. Wouldn't mind adding exposure here. Next support level is around $880. Longer term uptrend is intact. Longer term, info tech is an area he likes. Info tech should be one of the outperformers in the next 4-year cycle. It's been on sale the last 3 months.

Gold longer term. "Intermediate term" is 3-6 months. Right now, we're in a commodity bear market. Whereas between 2000-2010, we were in a commodity bull market while in a secular bear market in equities. So commodities were bid up more than stocks. The next commodity bull cycle should be around 2028-29. In the next few years, gold will underperform equities, but there will be periods when it will be great to hold. Three factors caused him to be bullish on gold in August/September: seasonality, low valuation, and commercial hedgers were long. It could get more dicey in the near term.

Healthcare sector for the long term. Managers rotated to it as a place to hide when the market was volatile. If it's paying a strong dividend, no reason to sell. Especially with the 4-year cycle reset coming up. There will be a rotation out of defensives and back into cyclicals, so don't sell at the lows. There's more upside to come. Has a long-term, stable uptrend.

(A Top Pick Oct 31/18, Down 12%) Has underperformed. Pretty strong support where we are right now.

(A Top Pick Oct 31/18, Up 8%) A defensive name that's rewarded him.

All energy stocks totally bombed out. If the 4-year cycle reset takes hold, the stock has bottomed and begun to retrace. This stock is not his preference, but if you're going to buy, this is the time to buy.

TRP-T vs. KEY-T. One of the most important data points is beta. He would choose TRP, because it's less correlated to the market. Has more protection on downside risk. Plus, it has higher overall performance. A couple of weeks ago, it was bottoming and relative strength was holding in really well. (Analysts’ price target is $63.55)