James Cakmak remains cautious in the current trading environment despite recent rallies. These are "not markets for the faint of heart," which is why James suggests balancing tech with more defensive names. However, he believes software will be king in 2025, pointing to positivity in earnings like Tesla (TSLA) and ServiceNow (NOW) signaling a leg higher. He's waiting for Alphabet's (GOOGL) earnings for a clearer picture on tech's direction. On the macro picture, he believes the Fed will take a more dovish stance than investors are pricing in.