Averages have put in an alltime high. Strong reports there but we had this big rally. Withlidating some of those small moves. Verizon, amazon, ups. The Internet Provider up 1 on this cyber monday. Some are expecting amazon to take 50 of the sales on the cyber monday. And ups for that other 50 that does not have amazons shipping company. Amazon has done something for ceo jeff bezos. That has made him the worlds wealthiest person. That happened a while ago on the Company Thirdquarter report. Jeff bezos is worth 100 billion. Ago both Warren Buffett and bill gates would be well above the 100 billion market if they havent given so much of their money away. Turning to another to another sg well for the holiday 2017, we are taking a look at gamestop. There were huge lines at some of the victoria secrets. This after putting up a Strong Quarter gaining 3. 5 . In fight in fact it is being called a thanksgiving feast at the box. Here we have stocks rallying. And a confirmation hearing, how will the markets react. Chief Investment Officer at the private bank. Great to have you on the show. Elements, whether it is regulations going forward. The mystery of 2017 inflation, it will be interesting to see his comments on it. Week that the same chairman yellen is going to be speaking for congress. Important is it for him to demonstrate or at least . From ao continuity senators point of view, for his confirmation hearing, do we want to hear that . We want continuity for investors. We are being brought into this as a continuity play. Chair of the committee, which way he might lean. You are at the dovish end of the spectrum. Maybe they go into to hikes. 1. 5 rather than the potential fall. Overhaul, and the growth element. , we are pricing in. Ax light still a challenge central bank has inflation central bank has with inflation. Unless we get a spike in commodity, those are the two items on her mind on our mind. Us . Hat does that mean for stocks are stumbling in 2018. A good first half, then potentially troubled second half. Thats on our mind. Then we are going to have a challenge, do we reach 2019 we are a recession . Going to Start Talking about that by the end of 2018 and what might the fed and the ecb says about that. Thats something on our mind in the second half of next year. You are overweight tech and earnings season could be a test. Talking about that now as far as the yield curve is concerned, we played both well. Unless we see something in december. Moving in next year. Has got to steepen yield curves. If that happens, tech and financials. I want to bring in bitcoin. We are getting closer to that 10,000 level. To looking for signs of bubbles in traditional places. We have two things behind it. Increasing markets. The liquidity of it is moving higher. Think it is 12yearold millennials. I have two of them and what bitcoin is. It is a default investment. They would rather talk about bitcoin. This is their retirement . This is their early investing years. They are putting some savings into that. We think it has a buyer for the time being, we dont know how long it is going to last. Chief investment up us are at huntington bank. Staff begins tomorrow at 10 p. M. On bloomberg television. Lets get a check of first word news. The Consumer Financial Protection Bureau told staff in a memo that disregarded directions the memo reads in receive Additional Communications from her today, please inform the general counsel. Act andd the dodd frank said as Deputy Director she became the acting director under the law. Franken has apologized again for his behavior and said he was embarrassed and ashamed after several women accuse him of inappropriate behavior. I just want to again say im sorry. I know there were no magic words i can say to regain your trust and i know that is going to take time. Im ready to start that process and it starts going back to work today. Accusing a former saturday night live writer and performer of forcibly kissing her and taking an embarrassing photograph with her during a 2006 uso tour. Since that three other women have accused franken of groping them. He gave no indication he would consider resigning his senate seat. President trump will not campaign for roy moore. Thats according to the associated press. More has been accused of sexual misconduct. He has blasted the democratic candidate in the race and said it would be a disaster if he were elected. It decemberelection 12. Hes expected to try to revive french influence in the region. President macri ons first stop is a former french colony. Unions have called for protests against his visit. Has orderedvernment School Closures and heavy security increases, in an effort to reduce the threat of student unrest. Sprint day,24 hour powered by 27 hundred journalists and analysts in over 100 20 countries. I am Mark Crumpton, this is bloomberg. Exclusive, bloomberg the white house used personal mobile phones while i work. Raising concerns among staff they will be cutoff. Abandonment issues. Joining us now is bloombergs alex wayne. Talk about the logic of this one. We know Cyber Security concerns donald trump has repeatedly voiced his displeasure. It is hard to believe this is entirely about security. I believe politico first reported that chief of staff john kellys cell phone was found to have been compromised. There is concern foreign adversaries or able to access his personal phone. This ban is provoked by some real concerns and security. It would be replaced by device. It could kick personal devices off the white house wifi network. It will probably serve the same ends. Will he no longer be able to bring his personal phone . He will find a way. Alex joining us from our washington bureau. It might make it much easier sometimes. Mexicos finance minister resigns to run for president. Details on this cabinet change next from new york. This is bloomberg markets. Scarlet lets turn to mexico just hours after resigning his post as finance minister. There have been a lot of changes as of late in mexico. The Central Bank Governor is going to be leaving. This decision has kind of been stuck. The current Central Bank Governor was announced quite some time ago he was going to the b. I. Essence switzerland. Switzerland. Thinking it would be made, but in fact he may run for president area these two things froze mexican Monetary Policy. It looks like they are now being resolved. Was a concern that a populist candidate could ultimately succeed in the president ial elections next year , and the ruling party needed a candidate like the finance minister that could be clear of any corruption scandals or noise surrounding him. Feels like the candidate they need now to push the push the party forward. Anything is going to be the stockman well candidate. We worry about populism in the United States and western europe. The one at the rate what if the real insurgency came from mexico . Some support for donald trump and his efforts there as well, which could make it interesting going forward. . Hat about centralbank policy he clearly has a great deal of experience leading to the banks settlements. What is the situation there . As close as the emerging world has to a central banker, highly known, highly respected. He made a run for the head of the imf. Path for a the successor to be made known to the central bank. It will be the deputy governor. Job theyone is in that can think about cutting Interest Rates. The peso has been weak because of stuff happening in the u. S. Seems to have found a firmer footing. They just eat someone to be in the job. So nothing can happen until the new Central Bank Governors in place . The process ofin getting an Interest Rate cut . Its not like nothing can happen. There is a sense that he has been a caretaker. We know he is leaving, congratulations to him. There isin that chair . A sense things have been frozen. Hopefully some clarity. Economics editor for bloomberg view. Thank you for that. Now ahead, the Holiday Shopping frenzy continues. Retailers still compete in the digital age . Our talk of the hour is macys, shares in the Department Store chain gaining this morning before reversing and falling as much as 2 . Before reversing and falling as much as 2 . Emma chandras here. Traditional detailers kind of over blacktory friday the Holiday Shopping weekend. Analysts say they have done really well, better than expected. They integrated online and instore very well. A viewer on friday and he said they were really pleased how things were going. A little boost on that. Means amazon, walmart and other Online Retailers. We have seen what happens also with a little touch with the other retailers. Much butlling not by they have been less focused on the traditional and more focused on the online ones. I actually have a chart here. You again hows much online is taking over from retail. The blue line, the Online Retail index and Department Stores, a pretty good chain. Funny we still call it black friday versus cyber monday. All of the emails were about buying things online. Black friday is pretty much cyber friday as well. Do we have any indications what numbers are seeing for cyber monday . Some people are saying its like black november. Certainly for cyber monday there is an expectation that there will be about 6. 6 billion worth of sales at 10 a. M. This morning. We are waiting for some recent numbers to come out. Spend 840nd to million. Things will skew later for the afternoon when people get home from work. They said that was 70 year on year. An inline reaching that 6. 6 billion sale target today. They said web traffic is up but it is really mobile running the day. Eople shopping on mobile how do you been buying things in the last couple of minutes . During the commercial break . Thats the time to do it. People do shop at work, they do tend to have good highspeed internet connections. Great point. What about the credit card slowdown . There was talk that macys was struggling with some of the Payment Processing speeds. They came out quickly to say it with something that was a problem but it was due to volume of traffic. Anday people were shopping macy said they didnt expected to impact their sales figures with target in any way. A good slowdown if that is possible. Time for the Bloomberg Business flash. A look at the biggest business stories in the news right now. Hedge Fund Platforms are avoiding bitcoin. All declining bitcoin funds recently. Of firm cites a lack regulation and understanding about the cryptocurrencies value. The Platform Companies provide backoffice functions and regulatory help for investment firms. Curate machines are selling at a deep discount after sean hannity showed on top earlier this month. The move was in response to ter, protesting calling for a product boycott. That is your business flash update. Oil slipping from a twoyear high. Closedot the commodities and your price of oil. This is bloomberg. Is this a phone . Or a little internet machine . [ phone rings ] it makes you wonder. Shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And ask how to get a 200 prepaid card when you buy any new samsung device with Xfinity Mobile. A new kind of network designed to save you money. Click, call or visit today. This is bloomberg markets, i am scarlet fu. Commodity markets are starting with gold. There is also the confirmation yearng as well as current current chair janet yellen. In the spotlight and will be monitoring developments there. Wti is stumbling of it. Ahead of the opec meeting in vienna. Members, practically the outline of the deal. Out crucial details. Bloomberg has been tracking we arele revolution and joined from the shale expo. They they have their own sensitivities about how they react. Sticking today. We dont seem to be sure on what shale is going to do and their sensitivity is either. The first part seems like an extension is a done deal. Quotas front and center. Be that can move around and bigger impact. Russia has a president ial election in march of 2018. It becomes a really big question. Geopolitics are coming into play here as we look at how opec, not many play the situation to try to get things sorted out. If you look at brent a kind of if you get event shaping up from the if you lookwnside, at the tension between saudi arabia and iran, they are bananas. Saudi arabia is saying iran has the next hit low. Next hit with. Saudi arabia is saying iran has the next hit low. Next hit low. That tends to be sideswiped. Eswiped. And for different reasons. A 70 73 has fiscal break. Even what it winds up meeting for shale. We know how opec tends to respond. They team up the members and nonmembers. To what extent are the different players, their interests aligned . It seems to be every company for itself. You are probably going to be more careful from what you spend now. You may have a different reaction function paid if your technology is good you may pump faster for struggling on the execution. To your point there was a great article that said shale estimates for next year are between 500,000 per day and 1. 7 million barrels. No one necessarily knows what we are going to see this year. Their forecast is now 50 higher than they were even just a year ago. They are struggling. Andy hall as well says he thinks they are underestimating shale. Buybacks versus pumping more money into production growth. You wind up having a lot of execution issues. Once a mom, ones a kid, the kid isnt doing as well. You need them both to be doing well. Those kinds of issues are prevalent. We are going to see how that plays out and that impacts growth. Bring it right back to the meeting coming up at the end of this week, wheres the room for surprise there . It feels like a quota conversation. We dont have the extension cut at all, that would be a surprise for the market. Im not sure of the markets are prepared for that. Its going to be an interesting meeting and the commentary also. Thats a lot better than it was a year ago. The reddick is going to be kind of rhetoric is going to be cool. I dont even want to do this, President Trump is signaling he will be personally involved to get a tax bill passed. All of whom are on board with the republican plan. Meantime republican senator rand paul of kentucky says he will vote for the tax bill. Senator paul says he would like to see a larger tax cut. German chancellor Angela Merkel is taking a pragmatic tone and talks with the rival social democrats about forming a government. She says she is willing to to get reluctant social democrats on board. More than 400 migrants, including 98 children have been rescued from a wooden boat that drifted off the coast. Migrants received medical assistance. The commissioner for refugees estimates nearly 3000 people so far thisg europe year. Chuck watson and mark johnson. Cause 203rricanes billion in damages this year. Global news 24 hours per day powered by 2700 journalists and analysts in over 120 countries. This is bloomberg, scarlet and julia. Pat toomey of pennsylvania about the gop tax cut bill and his meeting with President Trump at the white house. This is bloomberg. Berg. Its a crucial week for plan the trumps tax president hosted a lunch at the white house with members of the Senate Finance committee to shore up support of the bill. Of the senators attending was pat toomey of pennsylvania. Great have you on the show, thank you for joining us. I want to ask what you make of the proposal for a trigger that could automatically seek rate rises. The gop is hoping for this plan. Investment in the first place. I think a trigger could have a. Elffulfilling affect thats a better report better approach. They may not result in sufficient levels of Economic Growth to cover the tax cuts. We never have had tax reform of this nature so we tremendously encourage the purchase and utilization of , moving to a territorial system so people around the world have all the incentive around the world and invest in the United States. The common nation is going to be powerful. It will only take 4 10 of 1 of extra Economic Growth. A fraction of 1 to make this deficit shrinking, to make this revenue positive. A letter attesting to their view that this will generate the kind of growth we need. The state and local tax did auctions as well, it clearly has been pushed back on the gop. See theu be willing to top rate of tax in order to offset some of the burden that was placed on the wealthier nation. I would be in favor of lowering all marginal rates, including the top rate in the house. And effectively it is even higher because some deductions, some income that is taxed at lower rates goes away and the house bill. We have a lower rate and we dont have that bubble effect. We are dealing with the constraint that the score of this policy cannot be more than 1. 5 trillion dollars in foregone revenue. It should be living in that box. The ductions in any form whether it is Something Like 10,000 property Tax Exemption like the house bill . The senate bill does not have that. The senate bill disallows allstate the duction on the part of individuals. Whatever the house put in come a 10,000 exception for property taxes. We need something that can pass both chambers. We pass the bill on the current form of the senate side that would be an item that we would have to negotiate with our house colleagues. They would be willing to do that . I would be open to having a conversation. To allow the state and local tax the duction. It does allow us to have rates that we otherwise have. I prefer disallowing it. At the end of the day on want to make sure we pass tax reform. Read weend we have to get to. In the ovalrters office. He thinks the tax bill is going very well. He says it is likely we will have a bipartisan bill. He thinks the tax bill is going very well and it will likely have a bipartisan bill. You expect some democrats to be on board with this in the end . We have gone through great toes Great Lengths demonize this administration. It lowers taxes for middle income families. It gives the people they represent a pay raise by virtue of lowering the money they have to send in uncle sam. At the end of the day looks like republicans have enough votes to pass this, we may have a few democrats. You how important is it that they continue Janet Yellens policy . My preference would not be a continuation of the yellen policy. An unprecedented experiment in Monetary Policy. How important is it i think its important we normalize Monetary Policy. I think its important we will push down on the wildly successive regulation. Financial services in recent years. Normalizing Monetary Policy and pushing back on some of the excess of regulations. Joining us from capitol hill. The interest in rates. We will talk with you and Global Business leaders. Diversifying the line. The barriers preventing people from joining women from joining corporate boards in bigger numbers are complex. Change comes from the sea suite. The 30 club an organization committed to increasing gender level,at the leadership increasing female or presentations on the boards p at we caught up with some of these leaders to talk about gender parity. It has been slow in the uptake and my estimation. It takes a long time to turn Board Members over. Usually a 70 to 75 year limit. That age limit can preclude changes happening in boards. We need to make conscious choices. Likely to keep it in mind. Ceos and Board Directors were consciously going to diversify our boards for gender. We are at 50 parity. We are just one of many. Frankly there is no excuses. Click cced on bloomberg tv, you see it all over. It on bloomberg tv, you see it all over. We worry about what can go wrong in nothing will ever change. ,hen in the space of 10 years tohave gone from a situation having women on board and what is expected from a modern board room. And the whole dynamic around diversity. It is night and day. Of our ongoing conversation in the workplace, i sat down with peter grauer. Chairman of the 30 club. When we started, that group of companies that we now have 21 , that number at 29 . I think in virtually every someonease is because in the organization, whether it is the chairman or chief executive officer. Done and it we have is an incredibly important Talent Initiative for us. Imperativeusiness particularly for all the companies. They are competing in the global arena. A better and inclusive workforce and better execution, better performance. You have a more Divisive Political environment, does that add to the sense of urgency . These are revolutionary steps. Some external event occurs, they are all of a sudden stealing resolve and we really have to go and do that. I dont think that is the case. I think we are on a continuum where the value of diversity is embraced. This in theg environmental social governments states. There is an increasing cry for more information. Cu x other countries also take different approaches. Mandatory quotas in much of europe, france, norway. Should the u. S. Government get involved here . My computer they have been very successful in filling the seats, but not for position going forward. I think one of the areas focused on a 30 club point of view is the investment community. Vanguard is in the 30 club. I havent been to fidelity yet. Focused and am identify the top 10 Institutional Investors in the areed states and basically arranging meetings with the ceo. They are the ones that can drive change. In blackrock not only is he doing it through the Portfolio Managers and the proxy process, but in his company he now has as a part of Senior Management compensation positioned around how will you do leading diversity and inclusion. I would much prefer to feel as though we have exhausted all of the conventional marketbased remedies before i would say we should go to quotas. The bloomberg quality index, so that gender statistics are more transparent, what do you think we have learned from the transparency trend . I think when you shine a light on these issues and basically people i think whena light on these can look at either their own data or their peer group data. They can create a more aggressive plan to create a more inclusive workforce, i think its terrific. What we have seen in the two years since we started it is an increasing number of institutions who have signed up to be part of it. My gut is they dont want to be left behind. Thatre and more people do we are going beyond the Financial Services realm and sub segments and really promote this more broadly. Those founder of the 30 club and chairman of bloomberg lp, the Parent Company of bloomberg television. A time for a look at the biggest business stories in the news right now. Morgan stanley making it easier for them to switch firms. Advising to change companies without being sued by former employees. Internal to an amendment, they are more focused existing tires. The new policy existing tires. The new policy takes effect december 3. We will discuss the fed ahead of a Senate Confirmation hearing and his thoughts on brexit. This is bloomberg. Ghts on brexit. This is bloomberg. Julia it is 2 p. M. In new york. 12 00 p. M. In san francisco. 8 00 p. M. In london. Scarlet welcome to bloomberg markets. We are live in bloomberg was World Headquarters bloombergs World Headquarters in new york over the next hour. Testimony on capitol hill is just around the corner. Osen. Lk with item adam p and the tax overhaul this week. Can it get done by thursday . And we look at the Digital Retail landscape would be Goldman Sachs would be Goldman Sachs ceo. Lot happening for the major averages. Investors have been treading water. The nasdaq is moving between small gains and losses. Havehree major averages put in another alltime high. Remarkable considering investors are contending with whether or not tax reform will happen. The index down 1 . It closed at a record high last week. Digital,ok at western down 6. 7 . Analysts over at Morgan Stanley are saying it is likely the first downturn since early 2016. All of the intraday matters. Lets take a look at the bloomberg. The stocks have yet to make an alltime high. Averages, theajor biotech index. Saw the2000, we alltime high for this philadelphia; dr. Index Semi Conductor index for that stock. If that high is not taken out, analysts may consider that to be something to keep an eye on. Coming out of the black friday Holiday Shopping weekend, straight for the retailers. Amazon. Com, up four days in a row. They took more than 50 of the on black friday. Also, l brands is shaping up to be one of the big winners. On blacksegment and fossil d fossil also doing well. The haven assets, bonds, yen and gold, all higher. Onia position parent going pairing going on. Lets get a look at the headlines with Mark Crumpton on the first word news. Senator al franken has again apologized for his behavior after several woman women accused him of inappropriate kissing and touching. He held a News Conference on capitol hill. To all of you, i want to again say, i am sorry. I know there are no magic words i can say to to all of regain. I know this is going to take time. I am ready to start that process. Mark Leanne Tweeden accused the former saturday night live photo performer and writer of taking an embarrassing photo with her during a uso tour. Other women have accused him of groping them. He has given no indication he will resign his senate seat. A military crackdown against the rohingya has forced more than 23,002 fleet into bangladesh bangladesh. Le into it is the biggest shopping day of the year in the u. S. , as abigail just alluded to. Mondayrce on the cyber is expected to rise 17 from a year ago, 26 . 6 billion. 6. 6 billion. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. I Mark Crumpton. This is bloomberg. Scarlet the confirmation hearing is scheduled to begin tomorrow, as he is expected to be confirmed without much conflict. What would be fomc look like under powell . The recent performance of the labor market might want a faster pace of tightening. Inflation has been below target for five years. We have to be committed to the weinflation mandate, and need to conduct Monetary Policy in a way that supports inflation. An area ofy is not tremendous importance that no one understands particularly well. This is something we all need to focus on. To makingitting decisions with objectivity, based on the best available evidence, in the longstanding tradition of Monetary Policy. Adam we now have the posen, president of Pearson Institute for economics. What would be the biggest challenge for him as a chair . One is to decide when you have raised enough on the inflation front. Jay powell has been very clear. Inflation disappointment we dont need to be preemptive. A call inoing to be the committee on the risk. Side,nancial regulatory he will have to decide how much ervisory discretion needed is needed to reverse some of the things that the fomc dead. Given the president s pension for reversing or overturning what ever his predecessor did, what do you think might be executed when it comes to reform . That is something to be concerned about. There is much more room for chairman powell to change things on the regulatory side than the monetary side. Comparability on the monetary side, but on the regulatory side, there could be , howess test for the banks much they worry about asset , the contribution to liquidity standards. There is a whole range of issues where i assume the trump administrations views use of less regulation and supervision are better. Of less regulation and supervision are better. We seem to be struggling to find any commentator that believes this will be growthadditive or inflationary in a positive sense. How do you think jay powell will approach this as fed chair . Adam it is very odd to be looking at deficits in the u. S. That have racked up a lot of debt during the crisis. It seems to be inflation with no real gain. There is an argument to be made, which will be made at the fomc, that there are some Structural Reforms and beneficial dynamic scoring, views of fiscal policy. We are not it high inflation, and we should let it run and see what happens. Is a more credible case to be made for that kind of relaxed take on the fiscal stimulus, then there would have been at previous times. Scarlet do you think that is starting to be factored in as the fomc meets . Scarlet adam i think you will see moves as the market has been priced in. We could get 25 basis points in february or march, but it will largely stop after that. It is going to be very hard for people to argue that the fed has done too little to turn around and say fiscal policy is too much. Officialsd various have said it would be good to have fiscal policy take over from Monetary Policy, implying you want to Monetary Policy to tighten. Julia that will be very tough. You are staying with us. Up, the battle over brexit ways on the irish border. This is bloomberg. Julia this is bloomberg markets. Limited theresa may has time to reach a compromise on ireland. Emerged as a critical threat to brexit trade negotiations. Those n says optimistic about the future u. K. Trade will be mugged by economic reality. U. , u. K. Hadf the e. A state of political ambivalence. Now, there may be a negative supply shock. Talk us through the different stages of fact and where we are now. They were in a state of ambivalence. Subject tos still the necessary rules of the Customs Union. The negative supply share is simple, when you are outside of that set of roles, set of japan if you were like are at a high intermediate stage of production, if you want to have services exported, it makes it more expensive and less competitive. It will not help with the productivity changes we have seen it in the u k seen in the United Kingdom. Productivity has slowed down, but the United Kingdom is much worse. Argued thatsa may there is a currency fall to soften that affect effect. The most important nations are within the eu. There could be trade strength going forward. Do you buy that . Adam i understand why she is saying it. Aspirations that she should know better. We know british history in the 60s through 80s, youd appreciate your currency, but it doesnt solve the problem you depreciate your currency, but it doesnt solve the problem. ,n the question of trade economists have the gravity model of trade. You trade overwhelmingly with the people you are geographically close to, but nine out of the last 10 years, the United Kingdom exported more to ireland than china. To suddenly be trading huge amounts with china is going to be a tall order. It is not something that will happen quickly. Sounds like the United Kingdom is in for this negative supply shock. How long will that take and does that change this time around . May wasime minister saying the Exchange Rate will help to some degree. It usually takes years. Eastern europe became market ties after coming out of the iron curtain market ties to marketized after coming out of the iron curtain. It took them years to catch up with trade. The United Kingdom does all of this highend service, so it will be harder. Goodsay pertain cultural retain cultural goods because there is low demand. But other things going to trade, services, investment, the trade pattern. Julia one or the other. We talk about the shortterm in terms of these negotiations. Cant pushter may the negotiations on to talk about phase two, which is the risk. She will talk about the idea of a no deal situation within the conservative party. How does she bring the European Union on board to her way of thinking to some form of negotiations . E. U. Has all of the bargaining power. Domestic many incentives that are just as important to not violate as mays incentives. There are things that need to be resolved before setting up a trade deal. Some accommodation for e. U. Citizens living in the United Kingdom. Money beingmount of allocated to its Membership Participation in the European Union. And the amount that needs to be allocated to northern ireland. Scarlet what is the best Case Scenario . Julia if everything works out . What is the most realistic scenario . Maylet not as theresa would like it to. Adam the United Kingdom says weevils date in the Single Market and the Customs Union we will stay in the Single Market and the Customs Union. There are ways of addressing it in terms of process sequencing. That is the only way i can see you resolve the ireland border, which minimizes the economic damage to the United Kingdom. Probabilityis the of that scenario . Adam very low. If it wasnt for ireland, i would put it higher. Is a realsrael ireland is real politically and in economic terms. Julia and there is an election coming up. Scarlet well set up. This is bloomberg. Time now for options insight with jim strugger. Thanks for taking the time on cyber monday. Rally forng to see a stocks continued through the end of the year, right . Jim there has been volatility for several months. We have seen volatility in the fall over the normal course of time. Abigail the terminal shows when you are talking about. What you are talking about. We saw very little volatility this year. To get justged above 13. Pullback00 index sabe saw the pullback. We are looking at more seasonality from here into the beginning of 2018. There is a supportive equities even after a strong year. We have so many of the averages at alltime highs. A few months ago, the russell 2000 was negative on the year, but now up more than 10 . What do you make of that . Jim we have looked at this for a while. If you look across the major the s p 500 index is up a little over 16 , the nasdaq 100 is up about 28 . The russell 2000 is up just about 12 . Volatilityke sense would be a little higher than the other indices. Where is the conversation with your clients going . You go back over 70 years. The positive returns of any gain is the average about 1. 5 over those 70 years. There was a universe of actively , outd etfs for momentum of the little pullback we had in november, there are five etfs worth pointing out that could rally to figure and. To the year end. In strike calls outright january gives you the exposure into the beginning of next year. Good stuff, jim. Rlet Sarah Huckabee sanders is speaking right now. She says Mick Mulvaney has taken charge of the consumer Protection Bureau and the staff is cooperating. This is bloomberg. Mark roy moore is using a new Television Ad to push back on allegations of sexual misconduct. An announcer says more is being hit by false allegations in a scheme by liberal elites and that and the republican establishment to sink his candidacy. Moore of sexually assaulting them decades ago when he was in his 30s and they were teenagers. Ve gaines will oppose steve daines will oppose the Senate Tax Bill as currently written. Says the senator is concerned about how the proposed tax cuts will affect main street as opposed to big companies. Senate republicans need 50 votes in order to pass the legislation. Hasnew York Supreme Court steered clear of the controversy over guns
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