Flat theres the s p up a corner. Tech is out performing today steve, i look at the notes from all of you today and sounds like youre growing more and more cautious on where we are and more importantly where you think we could go. I think thats right. My position is simple. Were going to get a vaccine the timing is uncertain. Its not going to be distributed on a mass basis until next year. The election wasnt decided until middecember from election day to middecember, the stock traded down 8. 4 . We have a market on steroids i think you continue to see issues which is really gutting the Technology Sector which has been leading the market. We saw more today. They want to call the ceos from google and facebook down to d. C. Again. That is the current administrations platform. Lets get tough on trade lets get tough on tech. Its been disasterous or could be disasterous Going Forward when you take a look at valuations, you know, theyre very vulnerable here if i could be 1010 club, i probably be that going to the election. Are you not worried about where we are and where you think we could go its been so long ive missed you. Its funny because steve and i are sometimes on the same side and sometimes were not. The difference might be time for me personally, i have been picking up ive been buying a lot of names i like some i didnt buy when i was recommending the views should buy. Im buying it hopefully lower than they did but my time h horizon is longer. He feels the exact same way. He said if we could keep a ton of dry powder and pick up, he would. I have been picking up on the dips of the past on the tech names that i love. Its matter of where you are hey, korcourt. Let us work on your microphone well try to come back to you. Jon, you have technical damage too. If you put everything into context, is this just a garden varpt correction thats finding a bottom or close to it or are we in danger of a meltdown for stocks i think what were looking at now is we have got we had a 10 rally from the june lows very, very quickly the reason was that was talk about vaccine to steves point lift that it provided was virtually banished i think many of these stocks right there with courtney. Im a shopper. Im not a selling at these levels im a shopper and im buyer. Ive been buying a host of stocks bought more apple as i told you yesterday. Today we had unusual activity in apple yet again. 110 strikes for next week. 115 strikes for next week and so for forth. Same thing in microsoft. My hat is off to jim who bought yesterday. A lot of institutional buying. When im seeing things like that, scott, im not saying steve is wrong people should always be prudent and theres always risk in investment i see more reward to the up side after this 10 correction than i see another 10 down side. Jenny, shannon, you have to settle this. Ive got buyers and sellers. Shan, what do you want to do in the market what would you advise people to do i think caution is warranted. I think july and august is where we had trouble ahead and behind. The fed continued to drive the train. Now what has happened is i think in july and august we had such a great rally in the equity market we realize it wasnt going to be as bad as what we experienced in march and april. Now were facing some of the challenges that all of us had anticipated that we would be worried about coming into 2020 this next six week period and scott you know im not a short Term Investor to this magnitude but i think the next six weeks are going to be fairly vol fill. Rebalancing, look at your overall Asset Allocation and perhaps adding to names that you want thoeld for the longer term. That may include, to jons point and what jim has been doing, adding to some of these Technology Names if you dont have full positions in them. I think being cautious and waiting for your opportunity over the course of the next six weeks makes a lot of sense yeah. Are you suggesting youll get so much volatility, you could get a larger downdraft in the market help me understand the point youre trying to make. Absolutely. I think were set up for in the nasdaq, i think were down close to 10 this month. I think we could see another 5, 6, 7, 8 in the nasdaq on any given week you are going to see some of the flows. Well see some of the Retail Investors coming back out of the market i think Institutional Investors will continue to look at this as an opportunity to rebalance. Im in the sure they do it before 9 30. History has shown moving into an election and postelection those are good times to be adding to your exposure in the equity market we may have more muted returns given the gains we have already seen i think that will still hold from a seasonal and historical perspective. Im not going to add much clarity. First of all, on steves point, he said we might be down between november and december, 8. 4 . Thats what history dict indicated. He said he would be in cash if he could but he cant. I dont buy indexes. There will be a lot of movement between now and the next six weeks and now in the next 10 or 12 weeks if it draws out longer. I dont really care if theres an 8 downdraft between november and december buy stock, buy things ive been watsing for. Add to positions like when i goat opportunige opportunities to buy them up courtney, i think were okay with your mike now im going to try it again. You bought square where as weiss sold peleton i think those buys and sells are absolutely representative of larger point in how both of you feel about the market right now. There are a number of tech stocks that ran up square is one of them. On our trading de ining desk are large Institutional Investors that trade, on the quantity side, we did see a lot of selling in tech thats what you would expect looking at where the 20 day and 50 day moving averages have been how they have been converging. Theres some technical movements that would cause some of the quantitative managers to be making move. Our fundamental managers, however, are picking up on these dips ive been talking about square i wish i would have bought it back when fs around 80. This is a name thats going to continue to move forward look at what they have done with cash app they will be doing it on their lunch break because nobody will be trading in the middle of working. They will do it on the way to work, on the way home from work. Cash app and square will be so well positioned whether its into the end of this year or two, three years down the line i know why weiss sold peleton, but ill let him answer that too. Go ahead. I added to some that got beaten up. I sold others. I sold peleton i love it as a growth stock. Thats one of the most vulnerable names in a downturn its got such a retail component to it, number one. Number two, its a hot stock they have exceedsed expectations there may be challenges. I like it longer term. I believe ill be able the buy it back cheaper. I also sold lululemon. Despite markets moving higher is down on the day. Its been acting terribly. Now its 50 times earnings on a retailer now, i feel like i owned it at 60 times earnings when it was 400. I dont know and this is a question to be answered how much of that demand has been pulled forward. Are people going to buy with the same beoth hands of grabbing everything online. Theres a long list of those stocks where you could have the similar conversation about there in lies one of the issues with the market now. People are not sure how much was pulled forward there was some Interesting Data about the amount of out flies from the market youre having now the 26 billion out of equity funds. Theyre getting nervous. Theyre getting nervous. 39 days until the election if youre going to start taking some things out of the market, now is the time that people are willing to do that over the last id say two months, every single client conversation that ive had has been has a huge component if not entirely based on the election for me, i have clients, theres a lot in the middle but i have a lot who are on either extreme of fear of that you talked about pulling it forward. I think thats critical too. As i think about the con secept whats been pulled forward up until now or a couple of weeks ago, its interesting because you can think about a company like apple where perhaps a lot lot of iphone sales and laptop sales were pulled forward as ever needed to go to school at work will that create a hole later. You can think about things like docusign and peleton also in terms of money thats flowed into the share prices when we look at some of the valuations, i would say that not only were revenues pulled forward but peoples expectations for the companies were pulled forward and mushed into the share price we got some pretty highly elevated levels. I think were in for a lot of bumpiness which i never really hate too much. I love it because it creates opportunity. You can buy stocks at really great prices sure doesnt feel good though. It feels awful shannon, ubs says its not the time to sell tech. We dont think its time to sell or its in bubble territory. You can take apple you can take tech. What do you make of what ubs is saying we we note that apple has come down a lot but its created an entry point. I think its down 18, 19 from the high in september, scott. Apple. I agree. I think there is a differentiation between all of tech and the tech that folks should be a little bit concerned about as far as the sustainability of the growth that theyve had you mentioned some of those names earlier like zoom. I think the other problem is these flows out of stock and a lot of them have come out of the large cap tech names over the last week, they are going to places that are not long term good sources for good outcomes for those capitals. You think about bonds, cash and gold going into next year if we see inflation, it does feel like theres upward pressure there. Those Asset Classes will not tli deliver the returns that people are look for a lot of those Companies Pay a dividend a lot are sustainable and have shown they will continue to reinvis rei reinvest in their businesses to grow we need to see more of a rotation out of tech and into other equity sectors if were seeing the rotation out of tech because were seeing that fear component rise, thats not healthy for the market either. I dont knjon, some of what e did have a broadening of the rally before we had this pull back and this wobble do you think it was a head fake . It sure seems to be. This idea that cyclical stocks and industrials, materials and some of the materials will catch from a nice bid. Youre coming into a period where youre seeing spikes in several countries. Most of them are not in the shorter term thats because people view the potential for an Infrastructure Program by either president that goes in in 2021 as being likely. As far as the 26 billion that you cited bank of america in their note as well as some others have said that these flows out of the market, thats one of the things that makes me enthusiastic about us here after a 10 correction and seeing all that money coming out, if that money were coming in during that correction, i wouldnt be that interested. The fact that money was exiting the markets here, scott, doesnt mean that every dollar thats on the sideline has the come back in theres going to be a lot of fomo, the fear of missing out, for folks if we start seeing what were already starting to see in microsoft, in zoom with that big move today, as well as in apple the activity you said you saw could represent a point of view that the people on the other end of those trades dont believe the hype in value. Its tech that will continue to catch the bids especially in the short term, scott. Those infrastructure plays those materials and industrials. Thats way out in january. Most of that option activity thats why we like it so much. Now were seeing tech plays. Docusign, zoom, apple, microsoft. Almost all of that is in the short term you bought apple. My chicago buddy, mr. Jon as oftentimes i like to be in the camp with smart people courtney is calling the bottom thats in the rear view mirror i want to buy when people are scared tech is a consumer staple at this point we can pretend these tech names, these names, i thought whether you need the disconnect, sales cycle will be big or if everybody bought their iphones im looking forward to this next psi psy cycle. Im sitting here wishing they would roll it out. I think people will continue to want the buy, spend. Well see the Tech Companies continuing to innovate and they be core parts of our lives to say im coming out of tech, thats crazy talk. You bought more citigroup i did i like financials. I think its been over sold. These guys are overwhelmed with people looking to refi their margins will come down but people are buying new houses citibank has a trading e ining t this volatility will boom. They are taking positions in the stock market on the bond side their clients are trading. You have to think about the totality of these businesses i added to some other alternatives as well im picking up in financials where i think these guys will continue to provide tremendous return and knock out earnings on the back end weiss, i know you wanted in sure. I added xbo logistics. That stock is down more than 20 from a recent high i added to u. P. S they are involved in what courtney is talking about. Tech is not done tech is still the way to go. Tech is the place to go. The economy is weakening we saw that in durable goods orders today were coming into cold weather where the Service Industry will be laying off or firing more people the new story about major hotels in new york closing for good thats not going away. Microsoft is a phenomenal name its a very large position for me id love to add to that. I think ill get a better opportunity to add to these stocks courtney and i dont disagree. The outflow of funds is a positive thing you must think the economy will improve in fairly short order . I would not say fairly short order. We do not think it will be a long term extended global malai malaise. Things will be terrible. Not just in the short term but also in the very long term we run a weekly stream we always start with financials. You have a company that is likely to have earnings grow off of this years low level by over 20 next year. Its trading at 9. 5 times. To your point, its easy to find things that are at a value or trading at value to where they should be and its got a 6. 1 , a 6. 2 dividend yield. This is an Interesting Company where its easy to throw ster stereotypes on it. You find its a very resilienre, very diversified business model. Theyre top ten clients are companies that are thriving. If you dont believe in a year from now well be in the same miserable state were in with all of life and business being weird then this is really, really Great Company to look at. Big yields like you like i dont buy things often the last two stocks were in june the last two before that were in may. It takes a lot and Long Term Research to get to the point where im comfortable buying this was just screaming at us for a while. I think with the pull back, it is down almost 20 in the last couple of weeks. We were able to get in a great price. Well take a quick break hold your thought. Ill get you on the other side the roping trade got a big upgrade today. The cruise lines are surging on a bullish call we obod . Ou getn ar re back in two minutes. [ engines revving ] its amazing to see them in the wild like th shhh. For those who were born to ride, theres progressive. Xfinity is your home for the return of live sports. Were back lets get to headlines with sue. Hello, everybody. Here is whats happening at this hour Breonna Taylors family and ben krump demanding transcripts from the grand jury be released which did not charge any of the officers involved in taylors death. Did he present any evidence on Breonna Taylors behalf or did he make a unilateral decision to put his thumb on the scales of . Two former leaders of massachusetts Veterans Home have been charged after at least 76 covid deaths at that facility. Its believed to be the nations first criminal case brought against nursing home officials during the pandemic. For the second day in a row, britain is reporting a Record Number of new covid19 infections with nearly 6900 cases. Scott, youre up to date back to you. We appreciate that thank you very much. We mentioned the bullish calls on the cruise lines. Barclays has upgraded carnival n norwegian. We have a pick up in a number of different places you own carnival ive owned carnival for a while here i added to it on this barclays call i also bought norwegian cruise lines. One of the reasons is when you look at the bonds, for instance, those carnival bonds that were priced at 99 bucks with 11. 25 coupon they shot through 112, maybe 115. Thats been a while ago when those were issued. I think they announced that one back in april. I bought those as well one of the reasons i bought them was i think our smart guy marc lasry was buying those i do think they see a recovery many folks have been priced to almost zero. I think there is still value in many of their assets they just sold two boats, scott. Carnival did, which is in line with what they said they would be doing they are getting rid of some of the less efficient older boats and holding onto the rest of their fleet. I think this is something that barclays is right about and thats why it was comfortable adding to it they go to 31 on carnival from 18. They go to 26 from 17 on norwegian. On twitter today call ed im calling the bottom gibson. You bought more given the stocks youre buying, you have to be. You bought more Delta Airlines i did buy more delta too. I also already owned delta i do also believe that delta is best in class. Theres an airline that youre going to buy, its that one. They have done everything right. You get on that plane and feel really, really comfortable even on the cruise lines, ill tell a little story if you have a second here. My motherinlaw who i love dearly is one of those boomers you better say that about your motherinlaw i do love her you threw that in there we all know why you threw that in there i got to live in my house shes an amazing person. My point is, shes one of those boomers that when she retired she went on an around the world cruise shes already planned her cruise for next year and we dont know what the cdc will say on the 30th as it relates to opening. She as a group of 50 boomers shes been on cruises with that cannot wait. The pent up demand is real jon gave you the reasons to be in these names you get on one of those cruise ships, its captive. They can go to an island that they own, thats captive they have the ability to control the potential for leakage in and out of the cruise ships as it relates to keeping people healthy. I know when they decide that we can allow people back, they will do everything in their power to make sure people are safe and healthy. I dont own the name now i think barclays is 100 right on the call. They will do everything to make sure when people are allowed to go out, they will be safe. Weiss, maybe youre too negative maybe the cruise lines and the airlines which you have no interest in being in sounds like hes pretty invested when we get done worried about covid on those things, then we can go back to worrying about legionaires. Those are petri dishes as an equity holder, you have no protection you cant equate owning the debt that has all the potential be owning the equity. I look at the perspective. Its a gutsy call. Over a long term its probably going to be right. I have other places that will be just as right. They will make just as much money with protection as an equity holder. Im not playing there. Ive got that perspective. Cruise lines are not where i choose to be major positions, thats not for me its balanced i got my tech. I got my financials and ive got my Delta Airline i hear you loud and clear. Delta is going to come back. I can put it in my back pocket and wait let me take a quick break we have unusual activity with jon you can watch or listen to us live on the go on the cnbc app were back after this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. I keep working my way back to you, babe with a burning love inside yeah im working my way back to you, babe and the happiness that died i let it get away servicenow. The smarter way to workflow. Welcome back unusual activity, doc. Alcoa. We havent talked about this in a long time. No. Its not a short term earnings play with a stock here, 11 stock we note the 14 calls being pretty aggressively accumulated out in january this plays into some of those longer term january style plays that we talked about top of the show i bought these calls i think they were trading for about 77 cents well keep our eye there down 46 year to date. Well step away. Coming up, our experts are ready to answer your questions you can send us now by video we will play it on the air ask halftime wl rhtac weilbeig bk. Comparabln makes it beautiful. Stateoftheart Technology Makes it brilliant. The visionary lexus nx. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Lets do it. Lets answer your questions. Another video question from jon and courtney on uber my name is josh from rhode island i was wondering about how you feel about adding uber calls for november 20th with this bill that might allow them to be independent contractor again doc, you take it first. Court, you own the stock you follow up doc. Scott, i have those 32 da 2 as well as 34 calls in uber. Im in what youre talk about for this election prop 22. I like the upside. I continue to see pretty good speculation in upside calls. Nothing on the downside puts in uber i think that spells a positive outcome potentially. Court well, im not playing it will be great if i can get a pop around it. Im in this name for the long term because of what the management and the company has done and the long term prospect frs the company. Take a look. We have a 40 price target on it think delivery, think Package Delivery think investments and partnerships across the globe. They are doing incredible things that i dont think are fully baked into this stock price. Weiss scott, real quick that dd piece they own is almost 7 billion at todays market prices they may sell some of that in hong kong later this year. Good stuff. Thank you for adding that. Weiss, to you from phil in washington, d. C. How much should i speculate on covid pharm plays . What do you think . First i have a question for jon and courtney when did dumpster diving become a professional sport in chicago . Really . I drink elsewhere lets bet a quarter youre talk about uber . Im talking about unber. Im talking about the cruise lines. Its its happy pills or dumpster diving. Leets talk later okay. Yall is fight it out right now. No, no. Its fine. You dont have a chance, weiss. Im going to lay it out there right now. I dont thats why im trying to back off it i want go to the Covid Vaccine lets give phil what he came for. Okay. Here you go. I wouldnt play any of these stocks for the Covid Vaccine im in mo dederna. Theres a new technology that pfizer is using. If they get approval, they have a pipeline of 23 other potential drugs on the same technology that will make this probably one of the most valuable bio Tech Companies in the world thats why im there in terms of speculation, i dont think anymore than 10 of anybodys portfolio should be in speculative stocks shannon hold or sell costco which just had earnings definitely hold the stock im up with of few people i know that doesnt have a costco membership despite the fact i own the stock and i love the company same store sales are very strong most importantly, the sales were strong i nonessentials which have higher margins. Costco is doing great job of balancing Opening New Stores along with wanting to retain the Current Subscriber base. Its 91 for their renewal i think the balance between being very conservative about Opening New Stores and making sure they are keeping their supply chains as clean and cheap as possible and then being able to get this additional spend on things outside of food and essentials is going to continue over the nec severxt several qu. Jenny, another video question for you. I was hoping you might be able to ask your panel of experts whats been going on with cisco its been on a free fall since august its something that seems might be attractive. Am i missing something appreciate the question the best part is you got to ask the question jenny, whats the answer we agree with jeff. It is attractive the reason for the free fall is ciscoss networks are in office. A lot of companies pivots from everything in office and put everything oen the Cloud Networking again, like our last conversation, if you believe that in a year and change from now or a year from now well be in a more normal state then cisco should be a big beneficiary. It doesnt mean every one will be hold every day of the week. Three days at home what you end up with is a stock thats cheap we own this in our discipline growth strategy. I have a mixed emotion because i root for it to go lower so i can buy it in the Dividend Strategy too. You do have a stock thats trading at 13 times earning now. Generates 14 billion a year of Free Cash Flow and had a 3. 8 yield. Its hard to argue against that. Plus the fact that management always seems to find way to adjust to the current environment and continue to grow earnings really compelling to buy cisco here good stuff. Thank you. The nasdaq 100 down almost 10 this month the key levels future traders are watching now and delivering alpha is back for its 10th year on september 30th. That is next week. To learn more and register visit deliveringalpha. Com. Ill see you in two minutes. Yo. And the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. Every day, all across america, well keep delivering for you. Every day, all across america, i cantwhat . Ve it. That our new house is haunted by casper the friendly ghost . Hey jill hey kurt movies . Ill get snacks no, i cant believe how easy it was to save hundreds of dollars on our Car Insurance with geico. I got snacks ohhh, i got popcorn, i got caramel corn, i got kettle corn. Am i chewing too loud . Believe it geico could save you fifteen percent or more on Car Insurance. Its time for the futures outlook. Lets get a check on tech as we close out the month next week. The nasdaq 100 falling 11 from its earliest peak. Lets go to jeff he liked Courtney Gibson who appears to be calling a bottom in tech. Well, judge, here we are again. This is a traders paradise. Yes, theres been turmoil in tech weve had every reason, political, pandemic, Even Economic data to be concerned with but this default seems to be the sector to track assets on one hand im optimistic and bullish on tech, but i want to be a buyer here. Looking for a move higher, to 11,100 i have a stock just lower at 10,725 im risking 2 dr 2,500 to make , but the way we see assets move this week specifically, we project higher for tech. Have a good weekend no fighting irish this weekend, but thats okay, hopefully again soon jeff kilburg, we will talk to you again soon final trades are next. We got no free pass. Everything we have, weve earned. The unmistakable lexus is. Get zero percent financing on the 2020 is 300. Experience amazing at your lexus dealer. Announcer the Halftime Report now has a podcast. Unusual activity and, of course, ask halftime. Subscribe to the podcast today some moves by the investment company. Shannon, you bought biotechne . Is that the name of the company . Look at Something Like a thermofisher we anticipate that the end market for proagents and research is going to continue to grow, and as they do the quality and specialization of their portfolio are likely to continue to garner greater market share well keep our eyes on the Ticker Symbol tech and jon najarian, you bought william hill and draftkings. I did, scott. Im thinking about sunday right now, but College Games would be attracted to those as well this was because of apollo and caesars judge and the fact that william hill gets involved with those guys and draftkings. I think thats a slamdunk football is back, baby. Yes, it is. Yes, it is your bears are 20, so i hear you on that. This is a dolphin household just to be clear lets do final trades and the woman who is calling the bottom goes first. Im never going to let you live this down now. If i could call the bottom, scott, we would all be on a yacht somewhere, but what i will say youre going to be on a cruise ship, so i guess we are we would have our own yacht i can give you three names right now. We can talk about jp morgan financials, you all know i love that, but other than those, you can take brookside Financial Management i think there is a real opportunity with these financial names right now, and there you have it. Good stuff, have a great weekend to you jenny, next up Interpublic Group again appreciate that shannon . Pepsico buy it because theyre going to continue to make strides mr. Weiss Xpo Logistics staying with it. Been with that one for a while. All right, jon najarian. Target stores, scott. Bought it today on unusual activity thank you, everybody. Thanks for watching. The exchange starts now. Thank you, scott hi, everybody. Heres whats ahead this hour. A new stimulus package is being floated in d. C. As they try to forge forward with talks can it get the rally back on track or not we will ask. Plus palantirs pricing. Weekly valuation is climbing will it prove to be a major turnoff . Well ask. And rapid fire loves