Michael oleary has to say about that and new numbers from the change Research Survey on the american electorate right now. It is tuesday, november 24th, and this issed Worldwide Exchange right here on cnbc god bless you please mrs. Robinson Heaven Holding a place for those who pray hey hey hey good morning, good afternoon or good evening and welcome from wherever in the world that you may be watching. Maybe i should say whenever in the world given the time zones im Brian Sullivan it is looking like another strong day for stocks. Futures are up big, do y dow fus up 275, nasdaq up 47 obviously the market has a lot of momentum and new money coming in behind it you have more vaccine you news, it will tend do that when you are talking about saving humanity and on top of the vaccine maker, watch shares muof regeneron, th government starting to distribute its antibody treatment to american hospitals today starting with more than 30,000 courses very good news as hospitalizations in many states have been on the rise. Now, in the markets lately, the market star continues to be small caps this should not be a you are surprise to you, loyal viewer. Weve had guests pounding the table on small caps for months russell 2000 now up nearly 20 this month and hitting a new alltime high yesterday. We have a pretty cool stat coming ina bit later. And the European Markets have be been on fuego. And spain topping the European Markets. The ewp that mirrors the spanish indek is up 26 this month. Look at spain. Usaustria by the way number twof you care and sticking with europe, we have a lot of momentum, a lot of green on the screen except i think that is switzerland and denmark, or markets that are down overnight action in asia, again, more gains you see the trend. Stocks in china coming off nearly five year highs, hang seng and nikkei are up but this morning all the attention has to be on president elect joe biden, President Trump griffing the Incoming Administration the green light to begin the transition process but stopping short of fully conceding the election all this as Team Biden Pushes forward with its own cabinet picks, and among the big names, former Federal Reserve chair janet yellen to treasury tracie potts is joining us now with more on a pick that the market seems to love reporter absolutely because shes seen as sort of not too hard, not too soft, but right there in the middle when it comes to dealing with wall street and the banking industry, liked by both conservatives and progressives as well so we expect to get that announcement along with others later today. President trump though saying that he is not completely giving up, not conceding even though his administrations giving the transition the green light, the pentagon saying that they are already reaching out to the Biden Harris Team to coordinate. Ascertainment, determining an apparent president ial winner, opens the door to more than 7 million in Government Funds for the biden transition and allows them he to coordinate with the federal government General Services director emily murphy insists that her delayed decision was not political and while President Trump said for the first time he will direct federal employees to comply, he added that legal challenges are moving full speed ahead and he will never concede. The election was stolen and President Trump won by a land slide. Reporter president elect appearing with newly announced cabinet nominees he makes history with two never before held by women, former Federal Reserve chair janet yellen as treasury secretary, and haines as director of national intelligence. And plus the first imgrant and latino to serve as homeland secretary. He is saying were back, this is our ateam. Reporter and more nominations expected today linda thomas green field as ambassador to the united nations, Jake Sullivan as National Security adviser. Long time Foreign Policy adviser tony blinken as secretary of state. And former secretary of state john kerry as special envoy on climate. A as you know, a lot of those folks worked in the Obama Administration absolutely. I mean, i guess from our point of view in our job, it will be easy to remember a lot of the names because we said them so much four yearing ina ago. Members of the president s party ramping up calls to simply give up, surrender the legal fight. Reporter yeah, they are definitely turning up the pressure so the tone from the Republican Party not only now to work with the transition but to just really sort of back off these legal challenges that seem to be failing, the recounts that so far have not changed the game at all. We heard from pat toomey from pennsylvania saying that the president in his opinion has exhausted all legal possibilities at this point. Tracie potts in d. C. And we appreciate it. And now back to the markets and your money joining us is jason snipe at Odyssey Capital advisers also a newly minted cnbc contributor. Jason, congrats. Good to see you again. There is a lot to talk about because a lot of people talk about this sort of goldie lox scenario that we have. And we know what were going through with covid we understand a lot of people are suffering. But were talking about looking ahead to 2021 and even past it in 2022 with a lot of momentum behind us as we come out of this, specifically what are you and your team looking at the most, what matters the most to you economically and for the markets . Good to be with you, brian. So what i will say, which is interesting coming off again another vaccine monday, a lot of great news, astrazenecas efficacy and obviously the reagar regeneron therapeutic news and covid cases still surging, but what focused on yesterday, which was very encouraging news is the pm ichlts numbers pmi was up 7 from last month, you have a 22 from this time last year. And the highest it has been in the last six years so that is very encouraging news from a manufacturing standpoint. And position serving as a catalyst for some of the industrial names that we had really started to lever over the last couple weeks. Names likwhom honeywell is a name we like a lot. We almost look at honeywell as a Technology Company that serves the industrial space, you know, they have really done well over the last month, up 15 , where the sector is up about 7 . And when i think about investors starting to lever to the infrastructure space and industrial space, i look at Large Cap Companies like a ho y honeywell that will stand to benefit from that transition in allocation so honeywell is one that weve added recently and we think will benefit from the capex spend, you know, continuing the caller d cam lender to 2021 and it sounds like you are expecting a new round of business spending. Lender to 2021 and it sounds like you are expecting a new round of business spending. There are concerns about the tax code and advanced depreciation and things like that, but do you think that well see a new sort of industrial spending revolution, re revolution if you will i do think there is pent up demand there and the overhang of the fiscal package, i do think that will happen in the first 100 days i think it will be a strong catalyst for that type of spend. And looking at corporations and i do think that there is pent up demand there and i think companies will look to how that happens and how it unravels over the next several months so yeah absolutely, were bullish on that and i think that there will be some demand there. And im trying to be optimistic and i have been on twitter and nobody cares, but if they do, ive been talking about the roaring 22s and i think that there will be a lot of axcceleration back half of next year, into 2022 a lot of wall Street Research seems to agree with that or maybe i agree with it. Ive already booked like ten flights for the second half of next year. Do you think well see this sort of consumerled party . Absolutely. I do think that there is one of our other picks is Southwest Airlines a lot of the airlines have obviously struggled dramatically during this crisis when i look at southwest and i see how they are levered on the domestic and which i think is the first part of travel that will come back and clearly, yes, i think Business Travel will take some time to come back. I dont think that it is going away in a major way. I mean, it will be diminished to a certain degree, but i do think that the airliners are a good place to be and there is the pebts pent up demand there particularly on the discretionary side so an important place to add capital in your portfolios to make sure that you are getting exposure there for sure. Youre a philadelphia guy, right . Well, originally a new york guy, but im in philly now okay, we wont hold the new york thing against you ill see you at terminal d getting to know it a lot lately. Appreciate it. You have a great day honeywell and southwest some of his picks. Likewise. A lot to do. When we come back, new comments from ryan air ceo over the uks new travel restrictions. Plus why Raymond James ed mills says the janet yellen pick could super charge the recovery. And later, we always like to hear from you, so we asked, what are four different investments l. Make y will make you the most money over the next six months your maybe surprising answer coming up. vo verizon 5g is here. With the coverage of 5g nationwide. And, in more and more cities, the unprecedented performance of ultra wideband. This is the 5g americas been waiting for. Only from verizon. Its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. You can see the Airline Stocks popping again monday, the premarket as well where do you want to go . Maybe youve already flown ive booked flights for next year, but id love to know where everybody wants to go. The always outspoken ceo of ryan air is out with his thoughts on the uk restrictions. Michael oleary calls the system not very well thought out adding that it is a fig leaf that doesnt work, it is not enforceable, people dont comply the uk recently announced that it was reducing its quarantine period for people arriving from most destinations from 14 days to just five oleary adds that having people get tested before they travel to the uk would be a much better system in the last few days, millions of americans have jumped on a plane heading out to see family for thanksgiving according to the tsa, another million passengers took to the skies on sunday. And that is the highest level weve seen 1,047,943 since plrepandemic. And that topped the number we had two weeks ago. For more on the Holiday Travel season, were joined by James Ferrari of intella travel good to have you back on your industry is not in a recession, it is in a depression hospitality has been leveled are you able through your network to sort of gauge where interest may be now, and if it is, where are we sure. Good morning, brian. Ive looked at over 50,000 transactions, looked at a lot of research 2020 continues to surprise you would think that we would be down terrifically at this time of year, especially k3wi67b the cdcs most recent advisory and yet if ive learned anything this year, it is that people will find a way to travel. So you brought up the tsa numbers. Were seeing full flights, busy resorts and full activities and attracti attractions. So people are out there traveling. Were not the recommending it, were not promoting travel for this time. We really i prefer people wait until it is safe to travel. But there is a human need especially around thanksgiving and that is clear from what were seeing and listen, not to get into these details, a lot of people are suffering with depression, anxiety, feeling shut in and maybe seeing family if done safely will rejuvenate their souls. But people listen, were c in, we have a High Net Worth audience and there is an ability there for what you call bubble travel, people that are able to because they have the financial means to do it, basically isolate even while traveling. Private planes, private home, private boat thats right. People are traveling, it is the trend that were seeing. Traveling with the group that they are living with so no crossing family lines. Not a lot of the things that the cdc has been concerned about and they are doing things like chartering private yachts. Even private cars on trains. Ive seen requests for full floors at hotels buyouts at restaurants, private jets weve seen a spike in all of that kind of travel. But there are other big differences too this year versus typical Holiday Season a Holiday Season is one of the times of year where we see our busiest travel business, and weve got major differences this year people love sort of the glamorous new years eve on a cruise ship for just the sun and fun. And that entire third of the marketplace is missing this year there wont be any cruising from the u. S. We hope to see some ships in the water in january but before then, nothing so a third of that is missing. The big cities sounds like we saw the graphic you might buy into that sort of roaring 22s idea i referenced i bought some flights because i believe if we see the demand pick up, i think airfares will sky rocket because you will have a lot of people wanting to travel but not a lot of capacity because the airlines have to take their time to get the planes you cant just take it from the desert and throw it in to philadelphia and some somebody jump on it what kind of demand are you seeing for late next year . Were seeing the early signs of that are availability issues even now late next year is the boom it is the slingshot return of the market were looking at a record year in 2021 if this all plays out. I mean, the news about the vaccine and constant good news about the vaccines that really bolstered peoples confidence, but were looking at a recordbreaking sales for next year roaring 21st or roaring 22s, whatever you want to call them, james, appreciate you coming on. Book your flights early, folks still on deck, tom lee has his own holiday rbis, coming in holtz, one that could make you some money before the new year he has nailed it on stocks and crypto what is he talking about stay tuned to find out dow futures up 280 todays big number 65. 7 billion. That is how much special Purpose Acquisition Companies have raised so far this year according to spac insider. 182 along Check Companies have gone public in 2020, more anth in the last five years combined. people greeting one another its coming in to catch up with the owner. The curated collection you cant find anywhere else. And how she sets aside those pieces she knows are so you. The small details are a big reason to come back and shop your favorite Small Businesses. We know them. We love them. So lets go shop small. With american express. At morgan stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. Welcome back lets get a check on some of the mornings other top headlines including a big shakeup on one top Congressional Panel and a fan favorite hosting jeopardy. Frances rivera has those good morning. Yes, senator Dianne Feinstein is stepping down as the top democrat on the Judiciary Committee in early 2021. Progressives pressured her to step aside over her handling of the confirmation hearings of amy coney barrett. She did say that she intends to remain on the committee. New york city is mourning the loss of a mayor who broke barriers David Dinkins has died at the age of 93. In 1990, he was the citys first and only black mayor responding to a high crime rate, he raised taxes to hire thousands of police officers. He also helped revitalize times square and launched Restaurant Week and factishion week he lost in 1993. And jeopardy is set to resume production following the death of alex trebek they will begin filming again monday with ken jennings taking on the role as guest host. He will be the first of a series of interim guest hosts who will be announced at a later date and then after that, a permanent host will be announced for now still very much empty podium regardless of who fills it temporarily yeah, it certainly is, no one really to replace him, but jennings is probably a darn good choice ni pull y any pull you got, i want to be on the show. Youre on your own, my friend francis rivera, thank you very much. Ahead, the g. O. A. T. Trade. A lot of demand for travel next year dow futures demand for stocks up 290. You dont get much time for yourself. So when you do, make it count with crest prohealth. It protects the 8 areas dentists check for a healthier mouth. The 1 toothpaste brand in america. Crest. The thanksgiving week stock rally continues as tensions surrounding the president ial transition process ease. Dow futures up 300 also helping to fuel investor confidence, the return of janet yellen, the former fed head getting tapped to lead joe bidens treasury department. And elon musks bank account keeps on growing he surpassed one of the elder states man on the worlds list of the richest people. Where does musk rank now well show you this is Worldwide Exchange here on cnbc money, money, money personally i would have gone with pink floyd, but there is a reason that you are playing that it is a musk story good tuesday morning, im Brian Sullivan here is how your morning hone lo money looks right now, dow futures up 288, nasdaq up 38, major averages of course on monday all higher when you have more optimistic news around treatments and vaccine, that is good news and the market has a lot of momentum. Investors continuing to find reasons to buy the g. O. A. T. Stocks, get the out and travel, the cruise ships, the airlines, hotel stocks, anything that has to do with what were probably going to be able to do later or middle of next year and certainly into 2022 is getting a bid now. Major averages have done great but small and mid cap stocks continue to be the standouts the s p mid cap index, i feel like we never talk about it, like the peter or jan brady of stock indexes getting no attention, it hit a new intra day high yesterday in all, 18 small and mid cap stocks hitting 52 week or alltime highs yesterday Pay Attention to those indexes but it is not all wine and roses out there in the markets something that you need to focus on is Big Technology again, some of the big names dropping again on monday as this rotation from high growth, momo momentum stocks, the socalled value stocks continues apple monday down 3 amazon down a little bit, netflix down 2. 5 as well. Again, not big declines, but the overall market was up, breadth very positive and yet those names most of the faang did not participate. Something to watch all right, lets go now around the world including a major shakeup for stocks in germany. Joumanna bercetche, how did the stock market in germany get shaken up . Well, ill get to that in a second, but let me start with the broader picture. You can see a lot of green on the board. And in contrast with wall street, yesterday European Market didnt have a good day, ending up in negative territory. But today it is a completely different picture. Were seeing airlines doing extremely well, travel stocks leading the charge we also have hospitality travel names all right at the top, ftse 100 you can see up about 1 . Some energy names also doing quite well cac 40 in france also up almost 2 and cyclicals continue to see money pouring in and the dax in germany, up 0. 9 , and they announced that they are expanding the index are from 30 chips to 40 chips and they will be introducing some new rules, new accountancy standards, and all of that will come into play in september of 2021 so not quite yet, but worth bearing in mind for the german index next year. Big shakeup. I dont know if you heard earlier on in the show, because you wh you are wrapping up your own show, the spanish market, here is what i propose, a week long investigate difference trip by the Worldwide Exchange team to like madrid or barcelona to investigate why this market is would you be board with supporting that cause you can for our team here in the lowly United States . Absolutely. And you know what, why leave it there. We can do a full pan european trip we need to investigate what is going on in italy. I like your thinking. We got to find out what is behind these market gains, a little pasta maybe joumanna bercetche, thank you very much. All right. Back home, a very busy morning for the biden transition team. President trump late yesterday clearing the way for the president elect to officially begin the transition process after weeks of delay, giving the Incoming Administration access to millions in taxpayer dollars and authorizing the biden team to coordinate with Current White House officials. The president however did not go so far as to actually concede the election in a pair of tweets last night, he said that i want to thank emily murphy for her steadfast dedication, loyalty to our nation, she has been harassed and i dont want to see this happen to her, her family or employees of the gsa well keep up the good fight and i believe we will prevail. Nevertheless, in the best interests of our country, i am recommending that emily and her team do what needs to be done with regards to initial protocols and have told my team to do the same now, that move and comments coming as michigans top elections Board Certified joe bidens win in that states president ial vote just days after the now infamous white house summit with republican lawmakers from that state. All of this as the president elect continues to round out his cabinet, perhaps taking most of wall streets attention, his expected pick for treasury secretary, former Federal Reserve chair janet yellen joining us now is Raymond James manage manaing director, ed mils and i only half joked with tracie potts that it will be easy to do our jobs because many of the names that well be talking about for the next four or whatever years are the names that we talked about four years ago. Are you happy with the yellen pick at treasury brian, when you look at this pick, it is really hard to come up with a better pick politically. And more importantly, a better pick for the markets and the economy. This is a comparison to other potential picks for the market clearly the progressive wing party wanted elizabeth warren. She really wasnt available when the Senate Majority is going to come down to one or two votes and there is a republican who would be her replacement in the senate but when you look at this, she really understands the market, the market really understands her. The c. A. R. E. S. Act, the response to covid, is the treasury secretary working with the head of the fed, extraordinary powers and having two fed chiefs working together to boost this economy, it is really hard not to be optimistic when you look at that as the most likely outcome from her time as head of the fed and also as head of the treasury and i understand there is a huge swathe of the population that does not like the d. C. Insiders, drain the swamp and all that stuff i get that but bringing all these known quaup quaup quantities back, people may not agree, but the one up side, that these are known quantities you know what you are going to get in a negotiation and people believe that they can negotiate and have conversationstreasury,d even dare i say the republicans. Yeah, when you look at janet yellen, she comes with an incredible amount of gravitos and credibility. And so echoing what powell will say, that will be more difficult for republicans to say no. She does not come at this as a partisan she comes at this as an economist, as someone who has led the Federal Reserve, and so i am optimistic that the opportunity here is that joe biden is going to focus almost exclusively on the economic recovery more so than other issues when it comes to Bank Regulation and so for the markets, for banks, that is a good opportunity. When i look at the other picks here, one thing that stands out to me is that there hasnt been a single pick yet that you would put on the list of contenders for a future president ial run. So this really has been joe bidens cabinet, this is not a cabinet of rivals at least so far. There is great diversity, but there is not a lot of political pressure on him similar to what we saw in 2008 after barack obama won and putting Hillary Clinton as one of the key leaders on his cabinet yeah, many of these names are obviously wellknown to our audience and wellknown d. C. Insiders so well see if president ial cabinets of course change often over the time. Lets me ask you this, ed, will we get a stimulus and if so, what is your best guess on how much it will be . Putting you on the spot. On stimulus, we believe that it is a question of when and how much, not a question of if i have been putting the overunder closer to a trillion dollars. With a good news on the vaccine, with a good news from the october jobs report, that is pushing democrats to continue their push, but it is moving the number down for republicans. We have seen from the biden camp some noise that they are willing to accept something slightly smaller than what democrats had been pushing there was immediate pushback from the campaign about that because i dont think that they want to undercut the position of nancy pelosi or Chuck Schumer as they negotiate this. But the reality is a 2 pr 2 trio or 3 trillion stimulus is not what you can get support from Senate Republicans so it probably has to go lower but as long as we get something, i thinks markets will be okay with it. And im old enough to remember when 1. 5 trillion is pretty big, but these days being portrayed as being too small insane. All right, ed james, have a great thanksgiving coming up, a missed opportunity for many Small Businesses struggling to stay afloat because they did not operate internationally. Well explain that story coming up dow futures up 300 and as we head to break, some of the other top stories gm says it will recall about 7 million trucks and suvs worldwide to replace takata air bag inflaters. They had argued that they did not need to be replaced, but they lost that the move will cost gm about 1. 2 billion. China launching an unmanned spacecraft to the moon the country aiming to be the first to bring back rock and soil from the moon surface in four decades what could be a major advancement for china in space program. And move over bill gates, elon musk is moving in. Musk is the new worlds second richest person in the most recent surge of tesla stock, his yet net worth jumped to 128 billion. And poor old musk started out the year as only the worlds 35th richest person. Now he is number two of course gates has given away tens of billions, but still, it is a list and musk, youre number two at cdw we get you want happy, productive employees. Well weve made our office pet friendly. [ bleat ] [ cooing ] maybe a little too pet friendly. Well you know cdw can design a Mobility Solution with light powerful devices from lenovo to make your people more productive in or out of the office. Anyone have any questions before we go . Thats great cause i really need to get out of here. Snake people are freaking me out. Hey sheryl, you have a sec . Nuh, uh. For work place productivity you need lenovo, and it orchestration by cdw. People who get it. Labradoodles, cronuts, skorts. its a skirt. And shorts the world loves a hybrid. So do businesses. So, today theyre going hybrid with ibm. A hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. Thats why businesses from retail to banking are going with a smarter hybrid cloud using the tools, platform and expertise of ibm. Our vision is to be the best sports and outdoors retailer in the country with a mission to provide fun for all through strong assortments, value, experience over the years, weve given customers not just great products, but outstanding experiences. We cant wait to have customers nationwide have fun out there. Welcome back the pandemic and locked down economy has hurt Small Businesses from all sides. And limitations on International Trade have added to business worries. According to a survey, small and medium sized Business Owners are reporting almost 1. 5 million in revenue lost annually due to the inability to operate internationally. Joining us now to look at this is alfred nader, ofx president for north america. Good to have you on the program. You guys help companies and people move currencies and money around the world what are you seeing, what has been sort of the most striking International Cash flow trend story of this pandemic thanks for having me on, good morning. What weve seen during this pandemic is just because you are a Small Business doesnt mean you have to be a local business. As you know, we surveyed about 1,000 Small Businesses here in the United States and what were seeing, they are moving away from the survive mode over to the thrive mode. Because weve actually had a lot of Small Businesses grow during the pandemic by focusing on international funds. Part of our survey showed that the two biggest worries that Business Owners had were the pandemic and the political climate. And now that we have a light at the end of the tunnel, things are looking up are listen, that survey hopefully if you did it right now would show more positive numbers. A big part of that has to do with the idea and weve not knocked any retailers, but when the lockdown hit, the government chose the winners, right you Big Box Store can stay open, but you other store cannot stay open at least here in the northeast. And i saw in your survey, it is like 49 of small midsized Business Owners basically said im being crowded yout by Large Businesses because they are allowed to rate. You know, the Small BusinessCommunity Like any other country is the heartbeat of the economy. When Small Business is growing, the economy is growing and pivoting internationally is something that isnt what it used to be, you know, back in the day. You are not opening up a factory in brazil, you are not opening up a factory in belarus. And our clients that have grown, Small Businesses that have grown, have piflpivoted a bit. They changed their website, made it international, they allowed their clients to pay in local currency and you mentioned big box retailers. It is important to note that it is never too late for you to pivot to sell internationally. Nordstrom, you know, founded in 1901, they started off with Teddy Roosevelt being president , they Just Announced this month that they are going to allow their clients to pay them in local currency and ship internationally. So if a big company like nordstrom can pivot internationally, a Small Business which is more nimble definitely can and that is your advice, i mean i know it is hard, seems daunting for smaller companies, maybe just a couple person operation, but they have to think globally because the amazons and targets of the world will be tough to compete with. Absolutely. And now is the time. Nordstrom saw that they had their clients sitting in front of their computers at home not walking into their stores. Small businesses are having the same issue and if you are able to effectively move money around the world, you know, that gives you a competitive advantage. The most important thing for you to do is to ask your client, how do you prefer to pay me, how do you prefer to be paid, do you want to pay me in the Australian Dollar or the dollar those who indicator to their customers needs are those that will thrive. Good stuff. And hopefully it will just continue to creep up with a little more optimism we should all think about shopping local for the holidays when we can. Alfred nader, thank you very much on deck, tom lee is standing by well, he is not just standing by, he will be on tv and he will talk to you and us about what he sees as key mar account theket s dow futures, they are up 307. Todays most withdrawn random but interesting thing is all about you, specifically what you think might happen in this magical world of markets and global kapts capital. So i asked, six months from today, what will be proven to be the best investment of these four options you are limited to four in the twitter poll and guess what bitcoin for the win. 37 of you said bitcoin in six months will be the best investment of those four i know there are other options, but of those four, it will be bitcoin, qqq next, and the s p 500 third. Of course nobody likes came notity, so that was only 18 here is the deal six months out, well come back and see if this is right i even set a calendar reminder and by the way, i think commodities will do better than anybody thinks thanks for playing lets bring in now tom lee, managing partner, all around good guy, tom, do you agree with our or my audience there on the twitter, that bitcoin will outperform equities in the next six months brian, im very surprised in fact i was on your twitter feed looking at that, and it is possible i mean, next year is the year after the happening, so bitcoin and crypto usually show some fireworks. But i think i agree with you, i think commodities might be the sleeper because, you know, there could be a reflationary setup taking place and that would be very good for commodities. Yeah, i didnt put that on there by accident. There could have been a lot of other fourth choices by the way, twitter should expand their polls to more than four but i threw that on there because you see with a lot of soft and hard commodities right now, they are starting to accelerate cocoa, coffee and others but from now until the end of the year, tends to be a really good time for stock, but we already had a really good time the last couple weeks. What do you think will happen . Were entering, you know, strong seasonal period which starts the monday before thanksgiving into year end the last 25 years, it is up 90 of the time. And that is excluding bear markets obviously. But we have some tail winds because i think that there is a lot of cash on the sidelines so i think we have to keep in mind so many investors have been cautious because of all the insanity of 2020 the economy seems to be finding its footing which is great news and i think that next year we get the potential for fiscal stimulus and there is the typical santa claus rally. So i think that well finish the year strong. Weve had a surprisingly robust market i dont see any reason why testimony reverse in the next two months so i think investors need to be riskon. Yeah, you wonder all that stuff you talked about which is great, va vaccine news, treatmet news, maybe the availability of the stimulus, ed mills thinks that it will happen. But you wonder how much of that is already baked in. Arent the markets supposed to be forward looking discounts mechanisms, tom . They are. But i think that it has to do with positioning i think for the last ten years investors really got paid to own Growth Stocks because gdp growth has been underwhelming and in 2020, growth has really saved most people into 2020. But as you know, vaccine is a binary event that really helps cyclical stocks and if we get stimulus or an economic recovery, that helps cyclical stocks janet yellen is a market friendly pick. That would help cyclical stocks. So i think that there is a reluctant rotation taking place into what we call epicenter stocks and that is really turning out to be quite a violent move, but that is not what is priced in because covid is pretty unpro unpredifficultable, so i dont think anyone has been willing to say three months from now what is happening and going back to covid, neither of us are experts on it, but we look at the data, ive spreadsheets on this stuff just to understand the trends, 3 Million People got on a plane in the United States on friday, saturday or sunday ostensibly all going somewhere, they will all have to come back. Cases are on the rise, thanfully outcomes in many places have gotten a lot better. That is the most positive news but there is a lot of questions about all this travel and what it will do to cases. And potential lockdowns and economic slowdowns because of it, but the market doesnt seem to be paying any attention to that yeah, i mean i think that the market is pretty sensitive to that, so i think everybody is aware that policymakers could end up instituting hard lockdowns, you know, something akin to what napd youhappened e of course if that happens, cases will definitively roll over. But i think the good news as you said, cases are rising, soft lockdowns are taking place, people are taking precautions. Even in north dakota and south dakota where covid was rapid economy plo exploding, it is really slowing down but youre right, over the next six weeks, families are getting together, people are traveling, i think that it is likely the reason why a lot of forecasters think this sort of wave three doesnt end until february because it is rolling over now, but it could resurge of course because of the holiday tom lee, a pleasure to have you on whatever you do for thanksgiving, i hope it is a good and safe one. Thanks, you too and that does it for us. Squawk box is next dow futures up 300 change is all around us. Shaped by technology and human ingenuity, we can make it work for you and your business. Good morning futures pointing to a higher open this morning at the Trump Administration officially green lighting the formal transition process. The other big washington story, president elect biden expecting to name janet yellen as his pick for treasury secretary and elon musk just got even wealthier, the tesla ceo passing bill gates to become the worlds second richest person. It is tuesday, november 24th, and squawk box begins right now. Good morning, everybody. Welcome to squawk box. Im becky quick along with mike santoli and Andrew Ross Sorkin joe is out today this is something to check out this morning because were seeing some additional gauins at this hour. Dow up by 311 points and that is because of a lot of things that have been happening, the political winds that are shifting, the bide