Josh Brown, CEO, Ritholtz Wealth Management

With the VIX at 28, find something to buy, then take profits at 19. The Fed is engaging in "demand destruction" to cool off demand and core inflation, which he hopes when we see data next week. Stocks have gotten ahead of this. Most stocks really peaked in February 2021. If Apple and Microsoft can't hold up when they report next week, forget it, we'll be in a bear market. Even if they do, these stocks may still not rally. Beware. Look at Blackstone's report and downward share response, for example. Keep an eye on Apple and MSFT.

With the VIX at 28, find something to buy, then take profits at 19. The Fed is engaging in "demand destruction" to cool off demand and core inflation, which he hopes when we see data next week. Stocks have gotten ahead of this. Most stocks really peaked in February 2021. If Apple and Microsoft can't hold up when they report next week, forget it, we'll be in a bear market. Even if they do, these stocks may still not rally. Beware. Look at Blackstone's report and downward share response, for example. Keep an eye on Apple and MSFT.

You need some staples in your portfolio. A lot of active managers can't go to cash, so they will buy staples. Just note that some staples stocks have run up, and don't chase a stock only for its dividend, because the share price can drop.

If you have cash to invest, consider buy this and not any old staple. There's now a decent yield on a 30-day.

The big picture is the sway that options trading has over this market. The 2 days, day before and day of options expiration sees jarring market moves. It happens every week during this earning season. Company fundamentals aren't important in comparison. That's why we're not out of this bear market yet. A stock can fall 30% or 50% from its peak, but nothing fundamental has changed with the company or stock.

Yes, the stock is underpriced. Amazon is worth $5,000 a share, but will it go there? How do you place a multiple on their cloud business alone? Is AWS worth a third of Amazon's market cap? There are so many moving parts here. Also, Amazon's logistics network rivals any courier--how do you value that? And does the market care? Earnings have soared at Amazon, but the market hasn't reacted to raise shares. He'd love to see a re-rating, but doubts it'll happen anytime soon.

Down today on weak guidance. This was going to be down no matter what, because now no stock is going up despite earnings. If someone is selling a stock because of Omicron, it's stupid. The pandemic won't last forever. The brand value alone is worth half its market cap. Today's drop is not meaningful. He's long. There's a bright future ahead, global, larger with digital/online ordering. Loves the company.

If Russia invades Ukraine, what's the impact on markets? Stocks fell 3% after Pearl Harbour but recovered all that in one month. Historically, stocks rally within a week or so in conflicts that the US had direct involvement. In 2014, there was a volatility spike in the Russia-Crimea conflict. If Russia invades Ukraine, it won't be a fun day, but the market will digest it. History shows that the market reacts in a mixed way and it's not necessarily negative.

There are concerns with their marketing costs. It has positioned very well in every US state to legalize sports business. A good business, but there are too many players.

It's down 28% from its 52-week high. Could be a big winner in 2022. He just bought this, but only a third of his normal position. Volatility will let him buy more. He paid around $101. He thinks it's the next big global platform It boasts about 50 millions daily users (9 million are creating games on the platform) and 200 million monthly active users. He's been watching this since its IPO. Half of all U.S. kids under 16 are playing on Roblox--this is the metaverse already. It has it own virtual currency already. It converts 40 cents on every $1 into free cash flow. Its valuation remains reasonable. He's super bullish on user growth and engagement. He will add on any pullbacks.

2022 outlook and the U.S. Fed--will it be a wild card? Neither the 10-year nor the Fed fund will reach 2% in 2022. The Fed won't invert the yield curve for no reason. No way. Anytime the yield gets near 2%, there are trillions of dollars to buy those bonds--this is a problem. This demand for debt won't disappear. The inflation shocks are already subsiding. We'll make tons of semis and trucks next year. Wage pressures are sticky, but not worried, because the consumer drives 71% of the economy. The number-one risk in the U.S. economy The Fed is not a wild card, because the Fed has communicated its intentions.

(A Top Pick Jun 22/21, Up 29%) It went up 211% between June 22 and October 15, but then they missed earnings. That's why it's up only 30%.

(A Top Pick Jun 22/21, Down 7%) He bought it because it was cheap. Initially, it worked, but turned out to be a dog. A lot of times stocks are cheap for a reason, so that was a lesson.

(A Top Pick Jun 22/21, Up 31%) Still owns it and will hold on. He's long on it.

If the 10-year yield rises, great, and the fed funds rate rises slightly, then the banks will do well. Schwab will do the best in this class, followed by JPMorgan. JPM is already making tons of money now. You don't need an amazing yield-curve story for either bank to do do well.