When you listen to the president thus far, is there equal emphasis on National Security and Economic Issues . You are hearing a little more about trade and Economic Issues that behind the scenes, im sure the real focus is on north korea. Its just crucial in this trip that the president shows all these leaders that america really has the back of japan and south korea. It at least gets them to the point where they believe we have resolved. That will be crucial in the next few months. Does the president really have the back of south korea . He had friction with the presence of how big a challenge will it be to portray his message there . It will be a big challenge. Go back to something Lindsey Graham said in august. Trump had assured him that if theres going to be a war and casualties, they will be in south korea and not the u. S. Thats not what he wants the asian leaders to believe. He wants the asian leaders to believe that he really does have their back. Signals,ding private dont worry, it will be them not us. Thats a crucial thing that you have to navigate. Then there is the trade tensions on top of that. He is talking about the trade tensions. And he isases moving at variance with the south koreans, the chinese, and the japanese. Said the white house National Security and trade were the benchmarks of this trip. Will this trip rely on building personal relationships with other leaders . They have said that the number one objective is National Security, to maximize pressure on north korea and do things that will ratchet up the pressure on north korea. They have said that the secondary priority is to get closer to what they call fairer or more reciprocal trade. What he seems to be doing to further that is an ounce business deals involving the u. S. In japan, he really got nowhere in terms of them making any trade concessions to him. They were kind of k. G. About what we might expect. Just there are kind of k. G. Ca gey about what we might expect. Shery he is headed to beijing for a big business delegation at the time when the power there has been consolidated. How much power does the President Trump have when addressing those president those issues with president hu . He is in a weakened position because of his political position at home and he has a tin cup asking them to help put pressure on north korea. Nonetheless, the chineses seem very eager to help him with specific business deals. Help them much rather do billiondollar deals here and there then change their economy to make concessions on intellectual property of American Companies or joint investment rules. It looks like the chinese are willing to help him t with someweetable, eyecatching business deals. David the administration views its partnership economically they are touting the indo pacific region, how do they view asia at this point . What they are trying to do is have a broader picture of asia than just east asia and we want to include india which is a very large emerging economy in the world. The framework they have put on it, particularly the last month or so. We have not seen actually that much in terms of bringing india insofar. Intellectualf an framework we will see where that interestingits an change. David thank you so much. We are seeing a little bit of momentum for u. S. Stocks. It was a big week last week for u. S. Stocks in that it was the eighth straight weekly gain which is the longest weekly gain we have seen going back to 2013. All three major averages on friday closed at a record so they continue that momentum. As you said, its relatively muted in todays session. One of the other assets thats doing well is oil. A lot of Different Things could be supporting the oil price but its not clear exactly what is spurring the most biting. Oil is having its best day since october 10. It has only had four down days if we past month and looked at lower oil prices, that would be fantastic. You see this upsurge in oil, up 2. 5 and above 57 per barrel. You are still seeing a lag between oil prices and oil stock. We are looking at oil prices in white and thexle which is the spider etf that tracks the Energy Sector so oil momentum is been continuing sense it bottom than the summer. We saw a similar trajectory for but they have not posted the gains we are seeing in oil prices. We are seeing some healthy gains particularly for apache and anadarko. Other earnings movers. Within health care specifically, its not as positive performance but cvs came out with earnings were slightly ahead of analyst estimates, stains store samestore sales fell by 2 . Their pharmacy management benefit business is performing well in contrast whats going on the stores. A distributor of dental equipment, that company is coming out with numbers thatmissed estimates and its thing pressure on his margins in the Third Quarter and brought down its guidance. Gardner health them a druggist itsour company, announced ceo will retire at the end of the year. Some increasing investor discord as well as lawsuits over this Companies Allegedly role in the u. S. Opioid crisis. Other drug distributors have come under similar fire. The cfo of the company will take over as ceo. Shery thank you. David coming up, lawmakers and lobbyists have four days to make their case for changes to the gop tax rapoza. Onethe gop Leaders Group that gop leaders will hear from is tim phillips. This is bloomberg. Shery welcome back, this is bloomberg markets, balance of power. David lets check in on first word news. Mark there is now a report about a possible link between the Church Shooting and the church he attack. The gunmans former inlaws occasionally attended that church in sutherland springs. The attacker killed 26 people and wounded 20 others. He was found later dead in his vehicle stop authority say they found no ties between him and organized terror groups. Paul Campaign Official manafort and rick gates cannot travel internationally even under bail terms. At a court hearing, a federal reviseaid she would conditions depending what the assets place to secure their freedom. House arrest and pleaded not guilty to 12 felony charges. Commerce secretary wilbur ross says he does not have any ties to russia which is under u. S. Sanctions. He spoke about that this morning. To do with wilbur rosss ownership stake in a shipping company and its links to a Russian Energy company. There is nothing improper either in the way we have or in theetings investment itself. Francine will you keep your stake . Probably not. I have been selling it anyway. That is not because of this. Mark commerce secretary wilbur ross on Bloomberg Television earlier. Sayg7 Health Minister factors do impact human health. After a meeting in milan, the group said they have come to the agreement that climate and environmental related factors can aggravate existing health risks and create new threats. The minister said there is a need for greater awareness of the issue. 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Shery thank you. Republicans are in a spread to rewrite the tax code. Today begins a frantic for date between lawmakers and lobbyists but the white house assures everyone that everyone is on board. Right now, republicans are united and we think we can keep the party united in delivering that tax break for families and reducing the corporate rates of we can bring jobs back to the country. Shery does the rest of the party agree . We are joined by americans for prosperity present president tim phillips in washington. What part of the plan so far do you like and what parts are you against . Its important to drive down rates as low and as flat as possible. Drops the plan corporate rate, will make our businesses more competitive with the rest of the world so thats a crucial element for us. Also clearing out as many of the deductions set aside for industries and other special interests. Theres a fair amount of that in this plan. Thats the good part of it. We think its good to simplify the code. There are seven current individual rates in the plan calls for dropping that to four which we think is a step in the right direction. David do you feel there is room for dialogue to engage with lawmakers question mark it is encouraging to see republicans not drawing redlines and stomping out in anger when they dont get something they want within this tax reform framework. There is an urgency here. We have tried to be a unified, productive part of it. What we are calling for as an outside organization, lets get the rate down for everyone. Lets make the code more fair, lets not checked individual carveouts. That has been welcome so far from chairman brady at ways and means. I think individual lawmakers are looking at this. I have talked to a dozen of them or so in the last few days and they are willing to keep moving. I think this will get out of the house in some form. Isry many people think this a very ambitious plan to have tax reform by the end of the year. Do you expect that to happen . We are optimistic that it will be done this year. Since 1986, generation ago, it took over 300 days and we are trying to do this and republicans in the house and senate are trying to do this in the next 60 days. We are it can happen. If republicans do not get the after their epic failure on health care to roll back obamacare, i think they are in big trouble for the 2018 midterms. We will have to look carefully at how best to deploy resources we have stopped we are optimistic this will get done. A new urgency and unification in this party right now in congress. Shery is that why you are investing so much in Northern Virginia . Are you focusing your efforts on gubernatorial elections instead of house and senate races . We are not excluding the house and senate by what we are doing in virginia. That is a separate effort. In thepent heavily there policy agenda in virginia is at stake. We can see that state move forward dramatically we believe. Its not us excluding congress at all. Thats a separate effort to get virginia moving in another direction. I am from virginia myself and the economy is struggling there are far below the other regional states. We have to change that. We have to move in a different direction. Was on theh northam major polls what will the selection tell you about 2018 . It will tell you whether or not republicans can be the blue tilting states. Virginia is moving that way as well as alaska. Hillary clinton carried virginia by double that margin. Tell you, can a good, free market and conservative republican win in this current age of trump, if you will, in a blue leaning state . At a minimum, this is an incredibly competitive race. If ed gillespie wins tomorrow, it will be a devastating setback to democrats in virginia and nationally. Frankly, it will point out a lot of the gaps in the democratic party. There is a lot of anger on the zile thing. Virginia could lay bare the fissures. Shery do you think he can make it clear he is not President Trump . He has laid out what how he can move virginia forward in a better direction. Gillespie has put himself in a position to win tomorrow. Spenttwork, we have heavily to lay out the message that Ralph Northam represents the same old taxing and spending and regulation from government that has virginia in one of the slowest growth periods since world war ii. Thats where Ralph Northam will lead the state. We made that case and there is a good chance that north and will lose the race. Phil tim phillips, thank you so much, americans for prosperity joining us from washington. David the paradise tapers add to the drum and washington, d. C. And the u. S. Commerce secretary is caught in the crosshairs. He tells on that next. This is bloomberg. Tim phillips, thank you so much, americans for prosperity joining us from washington. David the david this is bloomberg markets, balance of power. U. S. Commerce secretary wilbur ross said there is nothing improper about his is muslims to russia. About his business links to russia. With thoseno ties people who are under sanctions. Some charterinto big russianith a hydrocarbon company. I had nothing to do with the negotiations. David he went on to tell us that he will probably not maintain his stake in that shipping firm. This is a thorny and complicated story. What is at issue here and what have we learned about what the secretary of commerce may or may not have done . The only new piece of information here is that a company that was doing business with a company the secretary of commerce has an ownership stake byis itself owned in part two Vladimir Putin cronies. Thats the new information. What the secretary is saying is that he should not be held for knowing, let alone disclosing to congress and the government that a company that he partly owns is doing business with a company of is partly owned by a couple of russian guys. Im kind of sympathetic to that argument. It is kind of like if we were game, he kevin bacon is still like four degrees removed. Shery still, the democrats are voicing their concern. Senator Richard Blumenthal said secretary rossfinancial russianres a leica nesting doll. Disclosures are like a russian nesting doll. Blumenthal is the only one who has expressed any concern about this. Probably the secretary will get rid of this investment altogether. Its 2 million 10 million for a guide worth 3 billion so i dont think he cares that much first up for a guy worth 3 billion. David there have been concerns about ties to cyprus. A man with a fortune of this size has connections. Has this been something that has been dogging him since he was nominated . These are the perils of appointing billionaires as cabinet members. They have very complicated financial situations. You run the risk that when they disclose those financial situations, there will bps is of information that government Disclosure Rules could not have contemplated that will be left out of those documents. That is what has happened here in probably has happened with other cabinet members. Speaking of the bank of cyprus situation, that is a much more interesting route of inquiry about wilbur ross than this navigator story. Concerns aboute russia at all addressed during his confirmation hearing . Yeah, we went over the transcript of that confirmation hearing yesterday. Was we found is that russia barely mentioned during the hearing. Ifwas never asked directly he had any connections to people in russian government. There was no question like that. The closest anybody got to this situation is Washington Center senator Maria Cantwell asking about at asked him different shipping company and he said he would recuse himself from shipping matters as secretary. David tell us about the Paradise Papers and mr. They are causing. And the stir they are causing. Whats in them and how much is it shaping coverage in washington today . I dont think its quite having the impact of the panama papers. Probably because, as the New York Times has observed, the panama law firm seems to be more willing to push the envelope in terms of the kind of business it was willing to get into than this bermuda firm, appleby. A lot oft really seen impact here in washington. The wilbur ross thing is the largest story so far out of the Paradise Papers. David great to speak with you as always. Shery coming up next, a crackdown in saudi arabia over the weekend where there was an arrest of several senior princes and the worlds most renowned investor and we will bring you the latest. This is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Whentertaining us,es getting us back on track,hing . And finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. Shery a live picture of washington, d. C. And its a Beautiful Day there but a little bit cold here. This is bloomberg markets, balance of power. David lets get a check on first word news. Ofk thank you, three guns been recovered from the gunman in that texas Church Shooting. A rifle was discovered at the church along with two additional handguns from his vehicle driven by the suspect whos been identified as devin patrck kelley. The director of the Texas Department of safety confirmed his gun license status. We cannot confirm that the suspect did not have a license to carry. Held ae said kelly noncommissioned, unarmed private security license which is similar to one Security Guard might have a concert. The shooting killed 26 people and injured 20 others. Mattis iscretary jim facing questions from nato allies and partners about what the next steps will be in the fight against Islamic State in iraq and syria. Secretary mattis is in finland for a week of meetings on how to preserve peace and ensure Islamic State militants dont rise again. China is calling on the u. S. And japan to exercise restraint with her actions and words. The statement from the Chinese Ministry of Foreign Affairs reached out to President Trump. President trump said japan will be able to shoot missiles out of the sky. Tona encourage pyongyang engage in direct dialogue with america. Jeremy corbyn once offshore investments investigated in the u. K. And he says that includes the holdings of queen elizabeth. Documents leak show the queen made a series of investments in a Cayman Islands fund. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. David in saudi arabia over the weekend, 30s arrested top officials and princes in a crackdown on corruption. The saudi was billionaire who is a big investor. Some are calling it a power grab. A dramatic 24 hours for saudi arabia and the region as the fallout continues after a series of arrests of former and current officials on charges of corruption. The most notable name we understand is alwaleed with a net worth short of 20 billion. The government has been tightlipped about who has been charged with what exactly. It remains to be seen as to what extent this is a power grab versus a commitment to reform and a commitment to cleaning up the house. Tensions continue on the Foreign Policy front. Having to do with iran. Youve got the ongoing rivalry and roxy conflict in lebanon. Investors are undecided whether the site net positive or negative. Shery we will talk about what the arrest signals about the direction of the kingdom. Clears it sounds clear that mbs is trying to consolidated power. Are seeing a bit of uncertainty in the markets. The optimistic camp will say this is just a continuation of consolidation. He is putting a reform agenda and its not great to see this happening but this will keep things moving. The flipside is to say that we have this big open reform agenda and have a huge gathering in the desert two weeks ago and now weve got what looks like a andly standard crackdown roundup of rivals. Thats kind of undercutting things. David is this a generational issue . What is the message to investors about the integrity of the economy of saudi arabia . I think the message that the kingdom wants to put forward is is looking into the future, into that has saudi economy never existed outside of oil. Heres part of the problem is that in order to get there, the prince feels like he has to consolidate power in a way that is not been done thus far in saudi arabia in history. He has consolidated power away from other branches of the family and he is also has also consolidated power from the military. Interesting the wrath of the billionaire. He has been lagging some of his saudi pierce. Peers. A stake in everything, multinationals, twitter, apple but wasnt he supportive of mbs before . Why is he being targeted . This is all speculation. Partly that he may represent a rival power center. He has a certain following of his own. It may also the, one element is thisits been wrapped in almost political marketing of an anticorruption drive. In that sense, it serves the purpose to go after someone rich and powerful. Shery its very hard to distinguish between state money and the royal money. Its still a monarchy. The lines are not clearcut. Thats correct but the prince is also trying to push his vision of somehow moving beyond that melding of the royal and the economy while at the same time keeping power. Thats the fundamental contradiction. David let me ask you about the oil market. What does it say about the role the geopolitical risk is playing globally right now . It has been kind of muted. The past couple of years, the will keeplution dragging prices down. We saw prices go up late in the morning. I doubt that has anything to do with whats happening in saudi arabia. I would say it probably has more to do with continuing comments around extending the opec supply through the end of next year. Shery thank you so much. Id breaking news here cnbc is reporting that they are in talks with fox. The talks are not continuing. We saw disney jump into session highs. According to our colleagues at cnbc, fox and disney are long are no longer in current talks. Shery coming up on the show, the battle for the gop is ramping up. We will speak with a republican megadonor taking on the republican establishment and his potential senate bid. This is bloomberg. David welcome back to bloomberg markets, balance of power. Here, disney and fox are reportedly in conversations to buy most of fox. Both of the companies are at session highs. Cnbc is reporting that the talks were happening but they are no longer. Shery Generic Pharmaceutical Company mylan reversed earlier losses and is now trading in positive territory effort reaffirmed their 2018 target. A 4. 7 seeing a 4 percent game. It wrapped up its call with analysts this morning. Taylor riggs is joining us with more. Taylor who cares about the Third Quarter as long as the Forward Guidance is good. Thats the big takeaway from analysts this morning. There were a few key things. 2017, an increase on the lower end of the range for share and the ceo coming out on the call for 2018, theyre looking for an adjusted earnings per share of at least 5. 40. Talk about these companies, a lot of it depends on generic drugs. There were two key drugs that analysts were waiting to hear about today. Multiple sclerosis drug. Mylan is introducing their generic version of that, looking at the end of their fiscal year 2017 which is by the end of february. Analysts are excited about the drug. Makes anxosmithkline asthma drug and mylan is looking to come out with a generic version of that for 2018. Mylan why you can see making gains in those two key drugs. David tell us about the environment on drugs in general. Said they on the call were forthcoming with the difficulty with the u. S. Drug pricing business and said he that thehis idea reduced share prices because investors only understand the u. S. Market and investors dont see that they are a Global Company and they want to expand and have a global presence. He really made that a key push that they want to go out and be a Global Company. Transformtried to themselves. He said we built our Global Platform to observe and withstand geographic volatility. You can see that the u. S. Sales were a big hit for them this year but the European Market in the rest of the world is what is trying to push them forward. Shery taylor riggs, thank you. David we will talk more about politics. Toward the 2018 midterm elections, there are challenges of republicans in the house. One longtime republican donor could be looking for a bid. Its great to have you with us in new york. I am glad to be here. You are thinking about this so what are you waiting . Weighing. I would never have considered a race. I found out it pays 174,000 and i have been out of work. I think its seriously consider. Part of it is because i have an agenda item called patience usa. Com. There is insurance companies, Drug Companies and the hospital debating health care. Where does that put us as patience . Patient usa. Com is an effort to give a patient a seat at the table. We plan to do that by starting with one piece of legislation. Every provider of health care ,ervices and products hospitals, doctors everybody, is required to publish prices. Has aice about that is it dual impact. It begins the process of reducing health care costs. You cannot reduce Health Insurance without reducing the underlying payments. Thats economics 101. With against that rises of reducing insurance costs. The process of reducing insurance costs. I think American People want that as well as a health care plan. In the colonies, you cannot find a hillary supporter, a birdie supporter or trump supporter who are not excited about publishing supporter or trump supporter were not excited about publishing prices. Whats the price of a delivery . Shery is that your main reason for considering this did . Senator barrasso is pretty popular still. He won with 70 of the vote in the last two elections. Why target him now . That was Steve Bannons idea. To me, bourassa was one of my heroes. The Christian Community thinks he created one of the most godfearing platforms in the Republican Party so i admire john and his lovely wife bobby. Im not just running against him but there are a lot of people who like the idea of term limits. If he gets elected, he will get 18 years. What do i bring to the table that maybe does not exist in the senate . For example, i do not understand why there is not complete outrage about how our government the kurds in iraq. You dont hear anything much on the news about it. Its a problem because they have been our friends for so long. They may return with the law where men can marry nineyearold girls. The person who took command of the troops to take back kirkuk was a general. If you look at the people leading the shiites, one person is standing on an american flag. Killed u. S. Soldiers and we are supporting these people. If you dont take sides, youre taking sides. All the troops of the baghdad militias are positioned its an absolute disgrace. We have abandoned them and we are traitors. David lets go back to steve bannon. Eric prince is currently living in virginia and is thinking about running for the senate. He says he got a call from steve bannon as well. Help us understand the role he is playing and what kind of variable that is. How does that complicate things for you . What have i been given an life . Wealth and a certain platform. Also a lot of people on the left like me. My whole life, i have been saying whats this thing about america . When i was 17 years old, i confronted the motel owners in my hometown and asked why they are not accepting blacks and jews. When i was the present of my fraternity, i brought in the first jewish guy in our fraternity. I am in favor of having some kind of statute of limitations for a fiveyearold kid who is now it was brought here and is now 34 years old and why do you want to send him back . In my position are embraced by the left. It gets back to the return to civility. Democrats and republicans think alike. Theres a difference between democrats and the colonies and democrats in washington, d. C. Shery thanks for joining us. David more coming up on the disney and fox talks. We will discuss why the combination would be talked about next. This is bloomberg. Shery welcome back, this is bloomberg markets, balance of power. News more on the breaking that disney and 20th century fox held talks in recent weeks but the poors are reportedly no longer in discussion. Here with the latest is paul sweeney. He joins us from princeton, new jersey today. Its surprising news. What do you make of it . Why these twotand countries were in talks . It is a surprise. You dont necessarily think about disney and fox getting reality is thee Media Industry is under secular pressure that has caused the stock to underperform over the last couple of years. That secular pressure has been costcutting. What that means to these Big Media Companies as they think about their Cable Network business and broadcast business, whenever you see an industry that is facing some second secular pressure from the industry level, you start to see certain players talk to each other about maybe recombining or swapping assets and seeing if they can create better conditions for each of them. That may be what has been causing fox and disney to chat. Saw the stock briefly jump after the news so what impact would this have on the market . Presumably it would highlight potentially the value of Cable Networks in what has been a difficult environment. We have seen Discovery Communications acquiring scripps network. Since that was announced, the fundamentals of gotten worse. Has been withk the worst performers of the big media cable companies. Investors are very bearish on the Cable Network business due to costcutting but disney and fox said lets look at our respective portfolio and see if these assets might be better configured with each others company. David it says disney would not require all of fox but certain it isls, disney said it not interested in the fox broadcast network. What you think of this piecemeal approach . Again, it company within the Broader Media spaces looking at portfolio of assets in a world where fewer and fewer consumers seem to be paying for their content through the traditional cable bundle. They are trying to figure if they can maximize their assets. Case, disney which has relatively lower percentage of its business outside the u. S. , is probably looking to beef up its international business. 21st century fox happens to be a Media Company with a sizable international business. Maybe there was somem a opportunity to realign some assets. They were looking at assets outside the u. S. Including india and europe. Is that an approach that other companies are taking . I think a lot of the Big Media Companies, the u. S. Based ones over the last five years, have started to look outside the u. S. For growth particularly in western europe and a little bit in latin america and a little bit in asia. Thats because the paytv business in the United States is not only mature but is one that is in decline due to the record cutting due to the cord cutting. They have made sizable International Investments over the last 1020 years. Certain come is like time warner and walt disney have relatively low exposure to the International Businesses and each of those companys has identified international m a as an area of growth over the next couple of years. David when you look at the regulatory landscape, what concerns might there have been about a combination like this . Not looking to put the broadcast networks together in the u. S. That wouldve faced significant regulatory constraints from the fcc and the department of justice. Administration, we now have a republican fcc head which presumably will be much more amenable to m a in the media space. David great to say to you on short notice, thank you very much. Sign up for the balance of power newsletter. You can find it at bloomberg. Com politics. Up, sky Bridge Capital joins us next. This is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Whentertaining us,es getting us back on track,hing . And finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. Scarlet its 2 00 in new york, 11 00 in san francisco, 8 00 in london. Im scarlet fu. Julia im julia chatterley. Welcome to bloomberg markets. Scarlet we are live in a bloomberg World Headquarters in new york over the next hour. Here are the top stories we are covering on the bloomberg and around the world. Emptyhanded, President Trump fails to win concessions during his stop off in tokyo, which doesnt bode well for the rest of his asia trip. A saudi setback for citigroup. In banks billionaire backer the country is arrested in a farreaching anticorruption drive. Going hostile. Broadpoint is ready to launch a proxy battle if entente rejects a offer. U. S. Markets close in two hours time. Julie hyman is keeping track of all of the moves. We are looking at modest gains, once again. Julie its been a flaccid day for the markets after closing, we do see an extension of those gains, but they are modest when we look at whats happening with the major averages. We do have a lot of