Stock hitting what . An alltime high ahead of its investor day next week, despite all the obstacles that face its parks and movie businesses weve got those details. Look at disney run and later the director of National Intelligence says china is the greatest threat to the United States and wall street may be getting stuff in the middle of the war of words we will explain as power lunch begins right now thank you, ty. Record highs across the board including the russell small cap two 2000 lets go to dom chu. The composite index is still up on the yeartodate basis offer the last few months, the gap or difference between the dow and s p has stayed relatively constant. Still, though, the s p up 14, the dow up 5 to 6 on that yeartodate basis looking at other trends in the markets today, look at shares of caterpillar. One of the bigbigg egebiggest ie biggest contributor. Caterpillar shares up 4. 5 we put a gold star up there as well one of the other things that were watching right now is whats happening with the dollar and the weakness there as opposed to whats happening with emerging market stocks you can see its going lower, trending lower this way. Meanwhile, emerging market stocks have taken off. Since the lows in march in pandemic, theyre up roughly the same percentage. A big rebound there. Were watching whats happening with tenyear yields currently sitting at just about 97 basis points, 0. 97 , at one point going back towards prepandemic. Were going to see if we can go all the way back to the highs in march. Watch those tenyear treasury yield. At th tyler, back over to you. Veryinteresting what the bond market seems to be saying thank you. Meanwhile, the number of new jobs created in november coming in way short of estimates. So will that put even more pressure on congress to come up with a still laws deal lets explore that with steve liesman. Steve . Yeah, ty. Its a good question last months betterthanexpected number put the pressure on Congress December jobs numbers are bound to be much worse and could actually turn out to be a net job loss nonforeign payrolls rising by just 245,000, less than the estimate unemployment ticking down to 6. 7 but thats because many left the workforce. Hourly earnings up, they lost perhaps some of lowpaying jobs and layer force participation declining to 61. 5 if you count those who have left the workforce and an error in classifying the unemployed, the truer Unemployment Rate could be closer to 10 . He said even if we had a vaccine everywhere tomorrow and it was 100 effective, wed still have longterm damage to the economy. We did have good job growth in transportation and warehousing thats the new job growth with couriers and messengers doing quite well temporary help, a good sign, up 32,000 but retail couldnt get there, down 35,000, government jobs losing at the local level and by census. In february, there were 4 million fewer people in the workforce, 9. 8 million fewer jobs and the process of putting them back to work has slowed while the spread of the virus has quickened, tyler i want to explore a little bit with you, steve, what it means about what it really means when people have left the workforce. How does ones do people selfidentify as having left the workforce . Do they have to have been without a job for x months or more what is it what determines that without a job and not looking for work i dont remember the exact amount of time but i believe if you havent looked in the last year, you are considered to have left the workforce and no longer part of the workforce. So some of the people left the workforce left the workforce before the pandemic hit, one presumes yes thats right i think its maybe more like a month. Im sorry i didnt know that right away i think its not looked for work in a month, if im not mistaken. If youre not looking for work, the idea being say your kids are home for school and you cant go to work, youve lost your job. 4 million is the number. The Federal Reserve talked a lot about this you do not want people to lose touch with the workforce thats right. Because skills erode and obviously you have a harder time getting back into the workforce when eventually you choose or are able to do so. Steve, thanks very much, have a great weekend. Kelly. Pleasure. The market keeps hitting record highs one of our next guests who has been quite bullish is turning more cautious saying he wouldnt be surprised by a 5 pullback over the next quarter or so. Jim paulsen is chief Investment Strategy and ron is a Senior Adviser to north america jim, why the caution kelly, its just short term i think that optimism has broken out really strongly here it goes up every day, theres hardly any risk at all you just cant wait for the next morning for it to go up more you see a lot of the sentiment indicators that have gotten really frothy, if you will at some point were probably going to gut check that. I dont know its hard to time that im not going to try real hard to do that im still bullish over the next year but i think well get some pullback here at some point. I would say this, though, the vaccine sitting out there within days of starting to use that and months using it in a big way, i think it puts a floor and you how far this market can come down are you willing to sell this 5 or 10 lower when youre just a few weeks or months from a vaccine that could be an economic game changer . Ron, on that note, let me ask you, i know youve been more cautious all along lets say youre somebody who was on the sidelines for this rally, you know how bad it is out there in parts of the country. What do you do now do you chase this market do you wait for the pullback opportunity that jims talking about . I think if youre talking about 5 , no that means virtually nothing that could happen in a day or two and then youre just trying to time a 5 pullback is beyond a fools errand, i think, for anybody who has got a disciplined, longterm plan. Having said that, i went and looked for some analogs that might mirror the situation that were in, kelly. Most people probably dont know this but from 1932 when the stock market bottomed at the depths of the Great Recession to 1937, the stock market tripled, even as main street was suffering as dramatically as it was. Its an imperfect analog, but i think this divergence between main street and wall street is becoming more announced. Given the favorable liquidity positions and the vaccine is out there, the stock market will do what it will do but well see permanent damage to main street. 18 to 31 of Small Businesses in new jersey alone are either out of business or going out of business permanently cuff extrapolate that around the country. 15 of the population facing food insecurity. I think theres divergence between the two streets. One has taken one fork in the road and the other ones landed right on the prong so i think its really wildly different stories in both places ron, two things i would say to that. On the one hand its a lot of main street thats been buying the market since the lows and in many ways outperforming the hedge funds. Weve been talking a lot about how its Retail Investor in some ways theyre the ones who see through this to the other side the other interesting thing going on is that for as many businesses as there have been closing up, there has also been a big boom in start yuchups. In some way this is a change in acceleration, spread over a much longer term period the market is clearly looking through to the other side of that why shouldnt other investors, you know, who are kind of weighing what to do right now be doing the same thing oh, im not saying that they shouldnt. Let me take the day traders, as bob pisani was discussing earlier out of that equation atle so some point theyll pay a price for lack of examination or options and day trading. If you have a longerterm discipline, im not terribly worried about the stock market Creative Destruction while positive for the u. S. Economy over the course of its history also leaves people behind. As steve was discussing, you know, being removed from the labor force and seeing an erosion of skills will be an issue for people Going Forward if we saw the same pace of job creation this month for the next four years, it would take that long to get back to full employment so Creative Destruction comes with some pain, even if on balance its a net positive for the economy. Jim, let me turn to you with a kind of what ron said and having that in mind. A 5 pullback is not something thats going to be that actionable for a lot of people so what is your advice to investors . Should they just sit tight because, listen, i dont think anyone would think its the end of the world to hit that kind of speed bump what would you say about that . Id say bullish i dont disagree with ron. I think its very hard to call that ive done very little. If youre pretty full invested as i am in the portfolio that i managed, weve raised 2 to 3 cash just recently but outside of that and that will be lucky if we get it right. Were going to get volatility in the stock market along the wave b way but i think were really early in this bull market. We have a record output gap in the u. S. Economy and well take years to fix that. Every day we lower that employment rate and create another job and reduce the output gap, the value of the stock market becomes more, particularly when youre talking about valuing it from a sub1 tenyear treasury at the start point. Profitability is surging i think were going to have close to 200 share earnings on the s p 500 by the end of next year i wouldnt worry too much. Dont expect it. Its likely to happen. If i could make one comment real quick about where were at here, we have a 12 broad Unemployment Rate in this country, if you include the u6, include tis courag discouraged, marginal and parttime workers. Its the same Unemployment Rate we had in july of 2014 are almost five years into that economic recovery, weve had it within five months and heres the deal is back then, we were we had about a 6. 5 m2 money supply growth rate, 3 deficit to gdp spending and a 2. 5 pressurery. Today we have 25 money growth, 16 depth to gdp spending and a less than a 1 treasury. Were massively stimulating this far monday than we have in the fast with exactly the same labor market thats incredible to think about those comparisons between now and then and thats why this debate is playing out in congress over just how much is needed at the fed as well. Well leave it there and check back in with you soon. Thank up so much for your thoughts today ron insana the best performing group in the s p is now up more than 30 in the past month and check out some of the names, the big names leading the way right now. Occidental petroleum, eog resources, marathon, holly frontier its a Holly Jolly Christmas for holly frontier and later marc morial will join us, why he was warning about another wave of laffyos. More pow esh luner lunch comit at you in a land not so far away, people are saving hundreds on the most Reliable Network with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. Welcome back, everybody. President elect biden signaling he wont immediately roll back president Donald Trumps tariffs on china two new articles in the wall street journal illustrate whats facing biden when he takes office wall street is a powerful ally to china and yet china named the number one threat. How will the Incoming Administration balance the relationship with president xi with us to discuss is ceo of zerion investments lets dial back the clock to 2016 and have you tell me how you think president elect biden has evolved on china and whether President Donald Trump deserves some credit for that evolution absolutely. Good to be here, ty, thank you very much. So the way that i think about the relationship with china is within the broad context of the need for us all to evolve from this hyper polarized environment weve been living in for the past 15 years or so to recognize the good things that have happened under administrations of both parties and build upon them and also recognize some of the problems and try to adjust in a thoughtful way. Back to 2016 i think the biden variety biden and the Obama Administration were very much a part of the effort to engage china with carrots into the Global Trading regime and china without a doubt didnt play by western rules, got a free pass for many years trump responded in a very harsh way by launching a very aggressive socalled trade war, which in my view was both not legitimate and a bad use of time and so what were left with is while the chinese have been playing along with the trade wars and back and forth of tariffs, they have been quietly consolidating through their initiative the Raw Materials supply they need to create an integrated economy that will be independent. If we continue on this path of confrontation with china, the likelihood is they are going to shut us out of their consumer economy, which will very soon have 700 million middleclass consumers, more than twice the size of the entire United States of america that is an opportunity for the United States. So lets explore that a little built more. China has just recently signed a large trade pact, arguably the largest in the history of the planet with various people of countries in asia. We are not a part of that. And we have backed away from engaging with our allies under the Trump Administration with respect to china weve sort of taken our own path, we backed away from ttp. What do you have think the President Biden will retain from the trump approach and what do you think he will jettison let me start by saying that the Trump Administration did some very good things on foreign policy, mostly in the middle east in regard to china and our allies in general, the America First agenda has not been in the United States interest the way it has been executed by the Trump Administration what i believe the Biden Administration is going to do is first step back as theyve announced, theyre not going to immediately lift the sanctions and the trade tariffs, but what they are going to do is thoughtfully evaluate their relationship with the chinese and they will then, i think, move back to align with their allies and use the leverage of the allies to read to the chinese in unison the changes that will be required to be made by the chinese in order for them to continue to participate in the global liberal trading order of the wto, which includes not just not abusing trading rules but also accepting new amendments that do more to protect and update the wto arrangement for the information economy. So intellectual property right protections, Digital Security arrangements to stop chinas export of its own surveillance technologies, which may be fine in the Chinese Culture but they dont work in our culture of individual privacy and liberty so what i hear you saying, dan, and we need to wrap it up in a moment, you see china as neither friend nor foe but opportunity to penetrate the witness for the Chinese Consumer market and that you see us relying more on multilateralism than we have in the past, right . What do you have think xis next move is . How will he respond to this, quickly . I think xi is going to stand back, he should stand back and wait i mean, you know, the chinese are waging a Public Relations argument now talking about how damage is going to be irreparable, as their ambassador said, and we on our side need to make adjustments not only in trade and investment policy but in National Security policy because in the last four years we have resurrected the National Security policy of great power rivalry and treated china the way we treated the former soviet union when china is a completely different nation with completely different objectives china needs for and yearns for recognition and engagement in the global order, and Mutual Respect with the United States, they are not an ideological enemy of ours, they are not geographically expansionist power, so resurrecting the old cold war years and old cold war doctrines is going to be the wrong path were going to see, i hope, a change in both foreign investment, trading and National Security policy to adjust to an era of open competitive markets and free markets again, which will be really beneficial to the United States. Just one last thought, tyler sure. As technology is making manufacturing competitive from the United States again, we can become an export economy and take advantage of the fact that chinas labor wage advantage is disappearing and being displaced by technology, just as it is for us all right, dan, we have to leave it there i infer as a final thought that there will be in a biden Administration Much less focus on trade deficit than there was in the Trump Administration, more focus on other things dan, always great to have you with us. We appreciate it thank you kelly coming up, the dollar dilemma. The green back sinking to a two and a half year low this week. It could get dethroned as king of the currency. And the stock hitting an alltime high despite all the pandemic headwinds at nt welup this run thsexonpor nch. I felt like. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. Hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. With original medicare youre covered for hospital stays and Doctor Office visits, but you have to meet a deductible for each and then, youre still responsible for 20 percent of the cost. Next, lets look at a Medicare Supplement plan. As you can see they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance, but they often have higher monthly premiums and no Prescription Drug coverage. Now, lets take a look a humanas Medicare Advantage plans. With a humana medicare plan, hospital stays, Doctor Office visits, and medicare deductibles are covered. And, of course, most humana Medicare Advantage plans include Prescription Drug coverage. In fact, in 2019, humana Medicare AdvantagePrescription Drug plan members saved and estimated 7,800 dollars on average on their prescription costs. Most humana Medicare Advantage plans include a Silver Sneakers Fitness Program at no extra cost. Dental and vision coverage is now included with most humana Medicare Advantage plans, and you get telehealth coverage with a zero dollar copay. You get all this for as low as a zero dollar monthly plan premium in many areas, and your doctor and hospital may already be a part of humanas large network. If you want the facts, call right now for the free decision guide from humana. There is no obligation, so call the number on your screen right now to see if your doctor is in our network, to find out if you can save on your prescriptions, and to get our free decision guide. Humana a more human way to healthcare. Welcome back to power lunch. Im seema mody disneys under pressure and Warner Brothers throwing a curveball to the blackbuster business gina, what is the number one thing you would like management to address i think management has to manage despite 73 million membership, they have to get themselves out of the big hole they lost 52 in parks revenue, 51 in studio revenue. And we need to see sort of the plan to get up and out of that Vaccine Distribution isnt expected until about midyear. Does that mean their park can get back up to full capacity during the summer months those are the questions that need to be answered. Yeah. In the meantime, bill, its directtoconsumer segment, its one of the reasons citi upgraded to 175 a share, a street high. Where do you see it headed make no mistake here, this obviously is a reopening narrative. Look what the stock did on march 9th. Its surged out above and held technical ground youre getting a new record high and i like buying things that are making record highs. You know theres a backstop now, a lot of support but again, this move here, i think the streaming can pave the way for continuing momentum if the reopening mayor tiff continues to trickle out, as weve seen if we get that, this will become a momentum stock breaking out before its previous record hive. That reopening trade seems to be working out for disney, carnival ahead on power lunch, employment growth. Well speak to former new orleans mayor marc morial about that and is king dollar about to be dethroned all while bitcoin booms, as power lunch returns. And now the latest from trading nation and a word from our sponsor. Many traders like to watch technical patterns, one is called a golden cross. While this pattern is not intended to get you in at the very bottom, it can often be an ocfective entry point for a stk on an up trend the house of representatives has passed a bill to decriminalize and tax marijuana at the federal level republicans are criticizing democrats for focusing on marijuana instead covid19 democrats say they can work on both at the same time. T lines for black friday deals are long gone in most macplacest not in france. They delayed their black friday says to avoid lackdoockdown restrictions and this show was in tokyo of course the number of visitors was limited due to the recent rise of covid19 cases around tokyo. But how fun is that, tyler i wonder how those fish sit on santas lamp. Thats what i want to know are you a naulty fighty fisha good fish . Have you been a good fishy this year . Works in any country any time. Thats great the dow is in a record zone there and the nasdaq, too, up 56 points there you see them nasdaq up about a half , dout the same, about twothirds of a look there, the Small Cap Companies continue their blast forward up 1. 75 the oil market closing for the day. Dom chu has the numbers. Oil prices are continuing their near term trend. Wti crude oil prices you can see 46. 10, 1 gains there world benchmark brent crude, 49. 10, 3 4 of a percent gain and driven by optimism by Covid Vaccine and the taxpayer stimulus deal maybe happening. And less supply coming back online than previous expectations the Baker Hughes Rig count shoud an showed an additional five rigs becoming active that has pushed the S P Energy Sector to be the best performing sector in the s p this week, tyler. Back over to you dom, thank you very the november jobs report was a little bit disappointing as covid cases continue to rise across the country and while a bipartisan relief plan is gaining some momentum in congress, theres no deal yet. Weve heard that before. Will we get a stimulus deal before the end of the year what if gridlock wins. Mark morial is president and ceo of the National Urban league mayor, its good as always to see you. Lsu, alabama or stimulus lets go with stimulus. Lets go with the stimulus. The saints are good lets talk about the stimulus. A month or so ago you thought the lowest number you could buy into was something around 2 trillion this would come in, if it comes in at all, a lot below that. Are you happy . So, ty, if they can get to 1. 5 trillion with a trillion of new money and 5 trillion of unspent money from the past. So its important to understand with a trillion in new money and money that remains, they can program a 1. 5 trillion while i would not be satisfied, at this point because americans are suffering, this businesses e closing, covid is raging, ill take a 1 trillion deal and understanding, of course, that president elect biden will be coming back in january or early february with a more robust plan to get us beyond covid and really truly bring back the economy. So would you see this president trumpably, then, if it does move through at the 900 or 1 trillion level at a kind of down payment toward a future stimulus that might come in the first few months of the biden plan exactly as you know, im sure, a lot of the loans that went out in the previous tranche of lending went to sort of 1 of the total applicants, a high percentage, 15 of the total went to 1 , often to very wealthy enterprises. How would you target it this time so that that doesnt happen again . Id use data, 4. 5 million of the 8 million or so businesses in the United States have five employees or less. 90 of the black and hispanic businesses in the United States have one employee or less. Lets put an emphasis and lets put some ceilings and divide up the pool so that maybe two thirl thirds of the money, a significant portion of the money, is targeted for those businesses that have less than five employees lets make sure that Community DevelopmentFinancial Institutions, lets make sure that minority banks and Community Banks have a large seat at the table in the distribution of the proceeds the mistake in the last round was a 50 employee threshold. That meant that many very Large Businesses that, quite candidly, had access to private lending markets had an opportunity to participate in this program. So in this instance they should fix what i call the error of the first two rounds and ensure its not enough to just say minority banks and community developed Financial Institutions will have a chance to participate in the distribution of the loans there needs to be a ceiling for the significant portion of the funds so those businesses with five employees or less can truly participate in this program. How concerned are you as the we have you on every jobs friday or most of them as you look at this jobs report today where the numbers came in below the anticipated number, there was still job growth the Unemployment Rate still came down obviously minority unemployment remains higher but how do you have rate it and how worried are you that the december number given where covid is could be markedly worse than even this disappointing november number, which probably makes the case for stimulus even greater. You may pick up some holiday employment with some of the online retailers that may offset it, but, ty, greatly concerned because some of the decline in the unemployment number this month came from decliens in the Labor Force Participation rate so the numbers may not be telling us the entire story. And the jobs that have come back still dont bring us to where we are in january of this year. So theres a tremendous amount of damage that he was been done to the economy for which there needs to be continued stimulus, continued injection of money to bring us beyond this and greatly concerned that were going to have a difficult winter with more businesses closing, with more people out of work all right mayor morial, thanks very much we all hope for a speedy recovery of drew brees were going to make it. Hopefully youll reign supreme there. Saints are a good team maybe the best in the nfc. Pittsburgh and saints in the super bowl pick it here mark it down thats what were going to talk about now, if youd like to join the mayor and the rest of our panelists on tuesday, december 8 for a Virtual Summit for a more equitable and just tomorrow, you can join us at that by going to cnbc. Com jasummit. Register and watch the event oe online i thought it was Something Like no team this undefeated at this point of the season had gone on to the super bowl. Maybe the steelers are an exception. Ty, thank you very much for that well see you in just a moment coming up, its power movers we have makeup, ride sharing and another Software Winner to tell you about Goldman Sachs doubling down on the losers and well tell you what stock they say is this is decision tech. Fortune. Interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. I made a business out of my passion. I mean, who doesnt love obsessing over Network Security . All our techs are pros. They know exactly which parking lots have the strongest signal. I just dont have the bandwidth for more business. Seriously, i dont have the bandwidth. Glitchy video calls with regional offices . Yeah, thats my thing. With at t business, you do the things you love. Our people and network will help do the things you dont. Lets take care of business. At t. Should auld acquaintance be forgot and never brought to mind should auld acquaintance be forgot and Auld Lang Syne well take a cup of kindness yet for Auld Lang Syne next customer please. 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. I dont know how youre going to survive the next couple of days, but this is the last power movers for the week. Shares of ulta beauty are lower. The analyst said there is currently more down side than up side on that beauty stock. Uber has asked the cdc to label its drivers as essential workers. That would enable them to get the vaccine early. And we end with pagerduty, 20 after beating on revenue and raising guidance for the current quarter. With the s p up 14 this year and big tech making up a large portion of those gains, a lot of stocks have been left behind look at some of those laggards that could be pos wsible winner in 2021. They highlight adt we heard from the companys ceo earlier this week about how theyre benefiting from the flight to the suburbs. Go to cnbc. Com pro for the list. Tyler. Thank you, kel. Two big numbers were watching one and 20,000 thats 1 on the tenyear yield. What has happened there . And 20,000or f bitcoin why the dollars drop is bitcoins gain well tell you about it. You got to stay with us. Sales are down from last quarter but we are hoping things will pick up by q3. Yeah. Uh. Boss doug . Sorry about that. Umm. What. Its. Um. Boss you alright . [sigh] [ding] never settle with power e trade. It has powerful, easytouse tools to help you find opportunities, 24 7 support when you need answers plus some of the lowest options and futures Contract Prices around. Dont get mad. Get e trade and start trading today. Dont get mad. Before money, people tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. We started by making the cloud easier to manage. But we didnt stop there. We made a cloud flexible enough to adapt to any size business. No matter what it does, or how it changes. And we kept going. So you only pay for what you use. Because at dell technologies, we stop. At nothing. One of the really interesting thing that happened over the last month is the tenyear yield inching up to 1 . Rick santelli is tracking the action at the cme. Tell us why. Whats next . You remember that old get smart series 99 in we are up to 99 virtually, tyler. We couldnt cross examination over even as it sits now, at. 97, you are up six on the day. A bakers dozen of 13 basis points on the week and 30 years need to get above 1. 74 and tens only need to get above 96 to take out their november highs. Look at the two day chart of tens you can see how we have launched if you look at these charts going back for the early part of november you can see what i am talking about. We are basically above that 96 close from the 10th of november. We need to see how that will be in the next couple of hours. If you close above there, we are probably playing in the 1 plus play ground next week. If you open the chart up to march you can see what tyler is talking about. If it closes here it would be the highest close since early march. The 1 intex, there is a lot of gold in that chart every day we traded below the previous days lows. It has been a nasty couple of weeks for the dollar index how nasty . Lets start at april, 2018 the dollar at the lowest several since then the euro versus the dollar and the best ever, and the pound versus the liar the highest level since the spring of 18. In the last hours it lost a little bit of ground on some of the potential negative yield headlines as brexit gets ever so close. Kelly, back to you. Rick thank you very much, rick santelli. Is king dollar will to be dethroned . Weak innocence the dollar and the pandemic driving investors towards gold and lately bitcoin. Black rocks larry fink saying recently that having a Digital Currency makes the need for the u. S. Dollar less relevant. Joining us to discuss, the founder of data i dont understand these arguments that say that bitcoin is going to supplant the u. S. Dollar its still priced in dollars what is your take on all of this we have a very pronounced dollar move that has been take place since early november the dollar is down against everything then i think at the same time what is going on is that investors are concerned about u. S. Bonds, right . So we just heard about bond yields sort of testing the highest levels since march prices going down at the same time so investors are looking for a portfolio where on the one hand they get more expezzure to risk assets globally. Thats generating outflow from the u. S. But at the same time they want to have some safe assets in the portfolio. And there has been this fight between is it gold, is it bitcoin . Whatever it is but people are moving out of bonds searching for other safe assets thats the power dynamic we are seeing this year. Let me restate the question bitcoin may well be a substitute for gold we dont know that yet but it is starting to behave that way but is bitcoin a substitute for the dollar so i think really what we are seeing in the discussions we are having with clients is people are looking for portfolios that have a reasonable balance between risky assets and safe assets what is happening is that the bucket that used to be a lot of u. S. Fixed income is getting put into all kinds of other buckets being it gold, being bitcoin, or chinese bonds to some degree right . So there is sort of a shift out of that safe u. S. Dollar assets that was the u. S. Treasury into a spectrum of other alternative safe assets and bitcoin is a part of that now thats really whats new about this year is that Institutional Investors are getting engaged in bitcoin. So it is very different from the initial sort of very speculative retail move you had in cross examinations there is a lot of institutional money involved in bitcoin this year. Jens, does it make you a buyer of that . Does bitcoin have to have a weak dollar to keep rising or not it sounds like it is independent of what is happening with the greenback . I think those are separate dynamics but the one variable that is really important is where is the u. S. Bond yield, right . If we had a big move in the u. S. Yield curve i would say like bond yields went back to where they used to be, 3 or 4 it would be a titlely different game and appetite for holding would be in the shortterm i think whats going on is that finally with the vaccine around the corner there is a huge appetite for the u. S. To get engaged in global risk assets and we track Global Capital movements intensively. The last four or five weeks have been record breaking outflows into merger market stocks, other stocks around the world where you can get a return essentially betting on a Global Recovery yep that absolutely jibs with a lot of what cnbc all day have been telling us, thats where they are looking. Thank you for joining us good the see you ty kelly, thank you the dow hitting a record high today. Much more on the markets with an hour to go in the trading week when we come back. We will see how it ends, with one hour to play. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. Have a great weekend the show is over, the bar is open. Stocks hit record highs as we handled it over for the last trading hour of the week dont mess it up wilf and sara. We will do our best its wilf and kayla im wilfred frost, Kayla Tausche in for sara eisen today. Joe biden expected to speak on the jobs numbers and the economic recovery. Thats set the start any second