Five, probably four. Looking at five very seriously. I will make a decision on either friday or saturday. Charles President Trump announcing his plans to replace Ruth Bader Ginsburg on the Supreme Court, pushing for a vote before election day. Can it happen, should it happen and what happens when it happens . We tapped the best legal minds at fox news for the answers. All that and so much more on making money. Charles so, folks markets opened under very big pressure this morning continuing to move lower as investors are grappling really with a confluence of concerns including washington, d. C. , turmoil, exacerbated by the untimely and tragic death of Justice Ginsburg. A lack of fiscal aid package, great he contested election and covid19 spikes in europe causing concern here in the United States. We have jack ablin and michael lee strategies, michael lee. Michael, i want to get your assessment on the selling that were seeing. Maybe it is found a sort of intraday bottom. Certainly some names are picking up but overall this is a pretty big hit . Its ugly, charles, and you got to understand whats pushing the market behind us and im reminiscent of 2010 and 11 where we existed in a risk on, risk off market. Central Bank Liquidity kind of pushed this market up to the alltime highs. I think fiscal stimulus behind that too but so, when you enter these sorts of arenas you get this overbought to the upside, oversold to the downside, days where nothing works and days where everything works. I think that is the type of market were in now. Well get a above our ski tips on the way up and it will get a little cheap on the way down. I think were in a Business Cycle and new bull market and these dips are to be bought. Charles jack, i know, you voiced some caution i think in recent appearances with us, certainly i recall that. Right now what are your biggest concerns about this market and is michael right, is this mostly a dip that probably should be bought . Yeah. I would say me, in terms of pullbacks there are really three kinds of pullbacks. There is technical, cyclical and structural and what i see so far this seems to be technical. Yes, valuations got really high. If you look at most major markets relative to their 15 year history we buried the needle on the highest valuation on that history but keep in mind a lot of bulls argue, well, with rates unprecedentedly low, valuations should be respectably high. One thing i do take comfort in, charles, is that the credit markets are Holding Together very, very well. Not just the investment phrase. We look at the relationship between triple c which is the weakest among weak, again the normal traditional high yield and even there an area not getting any fed support is Still Holding in really, really well. Charles speaking of that the message, at least i think the market is sending a message to the federal government and the Federal Reserve to act immediately. So, jack, handicap for us the likelihood we could get movement from either one and if so, what would it look like . Yeah i think youre right this is the, you know, certainly for all of the concern and tragedy around Justice Ginsburgs death i think most investors are wringing their hands saying this is now taking the attention away from congresss move to add stimulus and focus on a replacement and i think thats part of the main reason why in fact we got the selloff as harshly as we did today. So if there is any news that comes out that says, look, we, you know, congress can actually chew gum and walk at the same time, we can focus on a package, then, perhaps well see you know, concomitant rally. Charles michael, you mentioned the Federal Reserve. I do point out to folks that last week we came out the gate strong, monday, tuesday and peaked wednesday during the fomc meeting. Wall street definitely wants something more from powell than platitudes but also can it be possible now with all of the sabrerattling over the weekend we do get a fiscal deal . Look, charles, i have been pessimistic well get any sort of additional fiscal stimulus. Put this in perspective it has been two months since they knew the enhanced unemployment was coming to an end. That is when the negotiations started and they have gone nowhere. Ask yourself what benefit to nancy pelosi and Chuck Schumer and joe biden does continually strengthening economy have for them . There is literally no incentive for the democrats to compromise on anything to push something across the aisle or try to figure out some sort of deal to further stimulate the economy. Charles yeah. But i would say to that, look on the whole, weve already recovered in retail sales. We are on our way back to the moon as i would say in terms of the economy. Were on the right trajectory. The only people getting hurt here are those charles okay. Im not optimistic. I dont think the market has been realistically optimistic for going on three or four weeks now. So i just think this is some momentum computer driven selling to the downside. Charles all right. Lets talk about the other issue this morning and thats the news out of the uk. You know, listen, all the progress on vaccines, i guess all of sudden it has been neutralized or might be by a potential second wave. Jack, this news in the uk, they will close pubs early. They will put on some restrictions, i should say we use the word lockdown. Theyre not really going to lock the place down. You can still go to work. You can still go to school. My son still goes to university there. He has inclass studies on friday but its a red flag for many. Does this newt neutralize all the good vaccine news were seeing . No. It brings back home that were battling a microbe that is completely unpredictable and this isnt something we can build ourselves a wall around and shelter ourselves against unfortunately. Were seeing great news on the vaccine. I argue this selloff that weve been enduring was actually in part precipitated by the cdc announcement on september 2nd. So what i thought was going on was a rotation away from the safe haven names into more cyclical names. In fact remarkably since august Royal Caribbean cruise lines has far and away outpaced the performance of amazon. So i do think investors are still looking at the light at the end of the tunnel but we do have some challenges ahead. Charles yak, michael, thank you both very much. Really appreciate it, particularly today. Of course i just talked about one of these concerns that the market and it does come from overseas. British officials on the rapid growth of covid cases there, potentially a spike in deaths. Lockdown headlines dominating the british media. The question, how should we be bracing for a potential second wave . For that i would like to bring in fox news medical specialist theyre nicole saphier. Dr. Saphier, weve seen a spike in spain, france and the better news as we see the spikes that are comparable to march, the death spikes are not anywhere near where they were and it feels like even in the uk theyre not going to shut the entire economy down but it feels like they want to get peoples attention . Well, thats right, charles. Throughout europe right now they are reporting increased cases. Part of that is now that theyre doing a lot more testing than we had the ability to do say in march. The good news is as youre pointing out the daily deaths however are nowhere near what they were in march and april. That being said, we always know that there is a delay between increase in cases as well as deaths. The concerning trend that is really catching my eye is some of these countries in europe are actually reporting a spike in their hospitalizations. That is something were keeping a very close eye on. There is still likely a lot of community spread. Some of the data is showing 50 of new cases are people coming back from the summer vacations. Theyre coming back, going to work, kids are getting back to school. You will see a rise in cases that being said, what does the rise in cases mean . Does it mean the hospitals are overrun . Does it mean there are increased deaths . That is what we need to keep an eye on. That is when you see some of those lockdown orders. If were still protecting the vulnerable, protecting the elderly, perhaps the rising cases are not as clinically significant. Charles President Trump talking about vaccines today on fox friends. He did sound optimistic. Lets share that sound. President trump i will say you will have it long before the end of the year, maybe by the end of october. What company . Which one is closest . President trump pfizer is doing really well. I tell you pfizer is doing really well. Johnson johnson has an incredible vaccine that is really doing well. They will probably be a little later. Moderna is doing well also. Oxford, on the other side, oxford. Not that long ago secretary azar telling Stuart Varney there are three vaccines in phase three. Millions of doses could be available by the end of the year. Your reaction to that . Obviously that is a gamechanger, just not for our health, perhaps with the whole political world . Absolutely. Of course i do share the president s optimism we will have a vaccine one day potentially. You know, i think it is great that we have multiple Drug Companies within phase three Clinical Trials right now. I think were going to have the interim analyses. A lot of that data was within the next couple months that being said, will there be an emergency use authorization for maybe Health Care Workers and other front line workers . Perhaps, we may see that available by the end of 2020. I do think that were not going to see widespread use of the vaccine until 2021 and thats okay. That is still lightning speed fast. We want to make sure were not cutting safety corners. I have every bit of confidence that the fda is not going to do that. That the Drug Companies have even committed they will not push something until it has met the safety checks. Charles right. They have all made the pledge. They want the public to be reassured. Were always more reassured after we hear from you, dr. Saphier. Thank you very much. Thank you, charles. Charles of course, folks were watching these markets for you including how the election could impact your portfolio. What you need to know before winner is declared. Liz peek will share what the impact of the epic showdown to replace Ruth Bader Ginsburg will have on the election, but first we are taking a look at the frontrunners emerging for ginsburgs seat. Thats next. This is the feeling of total protection now that we protect your identity, mobile phone, auto, home and life youve never been in better hands allstate click or call for a quote today 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. If i could, baby id e how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. President trump these are, you know the finest people in the nation, young people. Pretty young for the most part. Charles President Trump telling fox news he will announce his nomination to fill Ruth Bader Ginsburgs Supreme Court seat this week. The president looking to put a woman on the high court and has a short list that he is combing over but there is one who seems to be above the rest. Joining us now, trump 2020 senior Legal Advisor jenna ellis along with fox news legal analyst gregg jarrett. Jenna, let me start with you, youre President Trumps attorney. Youre close to the inner circle. A lot of speculation out there, a lot of handicapping, can you help us at least narrow down who might be this week . President trump is going to pick his nominee and name that person probably closer to the end of this week as he has said. You know, everyone on that list is eminently qualified and i think that, what the American People can look forward to is that a constitutional textualist and originalist will be named and this is the mold of what President Trump wants, what he understands that the constitution provides for and this is a wonderful thing for the American People who have seen in 2020 our rights so obfuscated and so ridiculously pulled back from democrat leaders in state government, looking at the radical extreme leftist agenda of joe biden to know this seat will go to an originalist jurist who understands to protect and preserve the original intent of the constitution which is our rights come from god our creator, not our government. Charles right. That is the sole purpose of government. So that is why i think that a lot of the base and why everyone who is so proud to be an american is looking forward to this nominee and this particular confirmmation. Charles well, but not all americans are looking forward to it, right, gregg . This thing has gotten so ugly and so political. Even in a season of ugly politicalness, i was shocked at some of the sabrerattling thing well have additional states, well have additional justices well tear up the constitution, a fullblown war has been declared on President Trumps right to name a nominee . Well your point is welltaken, it is a right. You know the constitution doesnt say you give up your constitutional powers in your fourth year of office during the course of an election no. The president s constitutionally empowered and the senate is empowered to take up a nominee all the way up until you know the day President Trump leaves office. You know, weve had 29 times president s made judicial nominations to the Supreme Court in an election year. Actually, charles, on six occasions, six president s actually nominated Supreme Court justices after they lost reelection but before their successor took office, beginning with john adams. So you know, it is such a silly argument for democrats to make Merrick Garland is now the precedent. That is not a precedent. Precedent is the landscape of history, not a singular moment in time. As long as the majority controls the senate, they dictate the rules on the procedure of confirmation. Charles and that being said, jenna, there is no doubt strategically it would, it has to be someone who the democrats perhaps recently approved for judgeship or who has gone through some of the rigors that are associated with this because the timeline is very infinite, right . It is finite, rather . It is pretty short and we know that there have been confirmations as short as 17, 1days but some lasted longer than the time between now and the election. Will that inform the Decision Making . Yeah, the democrats will oppose anyone. If you look back to kavanaugh with some of the statements from democrat activist groups that didnt even have a name written in, came out said well oppose whoever the nominee is, i dont think that is surprising that the democrats have opposed this president and will continue to do that. So whats important is for the republicans, for the conservatives to have a coherent, Cohesive Coalition that will support the president s nominee because we understand that the rule of law and the constitution especially in 2020, needs to be preserved and protected Going Forward in order to preserve the purpose and design of our nation. And so i think that those votes are going to be what Mitch Mcconnell and others will focus on but if you look at the frontrunners, all of those were confirmed by the senate, some by larger margins than others and i think what were trying to avoid here is not having a another chief justice roberts. Not having another one in the mold of someone who hasnt been as firm on religious freedom, on prolife, on some of these other rights that are given by god, our creator, and that is what were going to focus on. Charles also, gregg, the notion of a contested election and having a Supreme Court that is not completely filled is also kind of worrisome too. If youre a lawmaker, and youre thinking hey, you know what, there will be a contested election you would like to have all the justices seated, wouldnt you . Thats right. There is a reason why there are on an odd number of justices normally on the Supreme Court so you dont have a tie. Eight justices you conceivably have a 44 tie somewhere, especially with a guy like you point out, john roberts. I think it is important. Every gnome knee in every circumstance is different. You cant say there is a set timeline, john paul stevens, i recall, 19 days. He was confirmed. So can be done especially since the people on President Trumps list have already been prevetted, they have been confirmed earlier. Someone like amy economy coney barrett, is would be an excellent choice. Charles thank you both very much. By the way, folks the Supreme Court battle adds another twist in an already contentious election that is 43 days away. Fox news contributor liz peek will give us her take on that next. With growing volatility ahead in the election which changes should you consider for your portfolio . We have the answers customizes your Car Insurance so you only pay for what you need . Given my unique lifestyle, thatd be perfect let me grab a pen and some paper. Know what . Im gonna switch now. Just need my desk. My chair. And my phone. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo. 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. Charles House Speaker nancy pelosi isnt ruling out impeachment . Thats right, to stop President Trumps Supreme Court nominee from being confirmed but the president warns impeachment will actually hurt the dems. Watch . President trump if i do it, if i do it theyre going to impeach me. So their impeaching me for doing what constitutionally i have to do. Here is the thing, i think then we win the election. Then we win all elections if they do that. Charles how will the Supreme Court fight impact the elections . I want to bring in our next guest Fox News Contributor liz peek. Liz, you believe this will actually energize democratic voters or Republican Voters . I think we saw, charles, right out of the gate news of an opening on the Supreme Court has energized the progressive left. They have raised 100 million since news of Ruth Bader Ginsburgs death was announced. I find that astonishing number. I think it really speaks to the energy now that is in bidens campaign. This is a real shot in the arm for a campaign that, to my thinking was going to result in the lowestever turn out for a democrat candidate. There was no energy, no excitement about the candidate. Now there is excitement about a cause and democrats will be warning voters, warning suburban women who have been moving perhaps towards donald trump because of issues of safety and Violent Crime rising in their cities, i think those women are now going to be told that, my gosh, roe v. Wade will be overturned. Your Health Care Benefits will be tossed overboard, all the usual things that democrats scream about and that never materialize. Charles by the same token though there is talk about this actually helping to galvanize republicans who were lukewarm on President Trump but also agreed his judicial nominees and picks have been the one thing that sort of has been the glue or kept them even in the orbit if you will. Nevertrumpers would say we would love to see another conservative on the court. Break it down to two scenarios. Say there is a nominee picked, there is a vote are and we get a new Supreme Court justice before the election. Does that hurt President Trump . No. That helps President Trump. I think they have to move ahead full steam because after all, once that justice is seated, the energy goes out of the balloon, right . The air comes out of the balloon, whatever, because it is no longer something that happens right away. So i think, look, i think the sooner they do it the better. I think youre totally right. One of trumps tremendous achievements in his three years in office has been putting on in place hundreds of judges. This is obviously, the supreme judge. And conservatives have always ranked as one of the issues they care most about. Interestingly, in a recent poll democrats also ranked this as a very important issue, which is a bit of a change. So i think both sides now recognize that so much of our politics, charles, ends up in the courts. That didnt used to be the case. Since nobody can agree on anything, nobody passes bills. It all comes to executive actions and those end up before the Supreme Court so this really could not be more important. I agree, i think it will generate excitement and enthusiasm amongst conservatives and possibly draw attention to some of the senate races where republicans are struggling to hold seats. Charles yeah. It is interesting to, to your point. I saw the same poll, how high ranked, i was always shocked joe biden never produced a list of his potential Supreme Court justices considering how high this is ranked amongst potential democratic voters. Liz, thank you very much, always appreciate it. Pleasure. Charles Justice Ginsburg and election uncertainty part of the reason for todays selloff. No matter who wins in november it will have an impact on your money and your portfolio so how should investors be positioning themselves ahead of the election . Here with thoughts, president of bolvin wealth management. Gina, you deal with a lot of wealthy clients. Youre wellknown on wall street. What are you telling your clients today . So, well i think weve been expecting some volatility, charles, in the market. History shows us that generally before an election, especially a president ial election, september and october, there is typical volatility. Especially since were coming off the best august weve seen in 30 years. So i think that were looking though, beyond the election and were focused on other factors other than the election that is really going to drive our strategy and we think it is, there is a perfect scenario for stocks right now. We think there is a very compelling case to inequities. First of all the fed has madoffish comments and theyre keeping Interest Rates low for the next few years. Stimulus hasnt made its way into the economy. Whether or not we get another stimulus package we still think the massive stimulus we already have bill [inaudible]. Charles interesting, gina, youre saying to let the volatility then in this dip, it should be your friend, right . You should be looking to buy this market . I guess youre assuming the fed will come through with something because it feels like wall street wants them to. It is good that jay powell is talking the right talk per se. They havent made any moves. What will it be . Negative rates or curve on yields . Exactly. Charles at some point he will have to do something i would think for wall street to believe, yes he is committed to accommodating investors and this economy . That is one of the reasons, charles, why we like the Technology Sector. The Technology Sector has proven to be pandemicproof and the bestcase scenario we get a vaccine and technology will do well. The worstcase scenario is a vaccine is lot longer than anyone of us want to see. You can even make a case in that scenario technology will do even better. So we Like Technology for that reason and also, you know, were seeing Earnings Growth rise and continue to rise and theyre going to be next year, estimated to be above prepandemic levels. So we do have a tilt in our portfolio. Charles well, i love hearing that. To your point, already, today, with the markets still near the lows of the session weve Seen Technology reverse, Semiconductors Look fantastic. Those cloud stocks look fantastic. Work at home ideas look fantastic. Apple reversed higher. Gina, i think the market is actually echoing what youre saying. So well look forward to riding out this volatility and maybe a great 2021. Fantast sick having you on the show. Thanks for having me. Charles now should President Trump nominate a Supreme Court justice and should the gop vote on the election before the election on this nominee . Tweet me cvpayne. I want to hear what you have to say because at 2 45, judge Andrew Napolitano will share his observations. Meanwhile the financials under serious pressure amid reports that banks moved suspicious funds for a long time. Was it Money Laundering . Was it a mistake . Its big and well dig into it right after the break 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. Charles Big Bank Stocks taking a big hit after a new report alleges many senior banking officials were allowing illicit transactions and Money Laundering. Ashley webster joins you now with this global intrigue about these big banks. What were they doing, ashley . Oh, yeah, a lot of intrigue, charles. Some of those global banks including jpmorgan and hsbc facing a scandal over, well, dirty money. Allegedly transferring more than 2 trillion of suspect funds over nearly two decades. Documents leaked to Buzzfeed News and shared with a consortium of investigative journalists claim to show how senior banking officials allowed fraudsters to basically move money between accounts knowing that the funds were being generated or used criminally. Other banks named, Standard Chartered based in the uk and Deutsche Bank and bank of new york mellon. Today the banks have been in major damage control mode as their stock price as you can see have been hit hard, even though some of the banks that many of the transactions noted happened a long time ago. They have since put in strong antiMoney Laundering checks in place. Investors not buying much of this. It is hurting the sector. The investigation claims that the big banks shifted money for people that they basically cannot identify and many cases failed to report suspect transactions until years after the fact and then with little followup. Also accuses the banks of pocketing profits while facilitating the work of quote, terrorists, kleptocrats and drug kingpins, unquote. In london by the way, shares of hsbc and Standard Chartered touching their lowest level in as much as 25 years. Now the reports did show that many of the suspicious transactions were linked to Companies Incorporated in britain or offshore british territories. That has led to calls for a action groups. By the way, charles, the uk government issued a statement saying it has taken robust action it says in recent years to crack down on that socalled dirty money. Hmmm. Charles wow. It is a crazy story, ashley. Thank you very, very much. Joining me now, folks to discuss this further how it could possibly impact the market is Money Map Press chief investment strategist shah ghailani. Before i get into todays session i do want to ask you sort of said you like some of these banks more recently. What do you make of this . This Money Laundering news is upsetting. Its a lot of money. It went on for a very long period of time. Sort of trust that you need in banks for society and therefore markets it is kind of unnerving. It has been going on for a long time, charles. The records that buzzfeed obtain came from fincen, which is the Financial Crimes Enforcement Network which is a bureau of the u. S. Treasury. Coming from those records they obviously hold a lot of sway. The result was as ashley said over two trillion dollars worth of transactions from 1999 to 2017. The bulk of those transactions, 1. 3 billion came through Deutsche Bank. About 500, 514 billion really is pegged at jpmorgan chase. So as far as the other u. S. Banks, really not a lot of impact and this is again as ashley points out, this is almost old news. So but precipitate all of this is that back in march the European Commission is putting forward new rules, new laws it expects to have in place by 2023 and this is part of what were looking at. This precipitated turnup of all this data and how they will apply it in the new rule making . Will this affect u. S. Banks . No. They will probably get the typical slap on the wrist like Jpmorgan Jpmorgan chase and other banks getting hit about a bargain down here. Charles what is interesting about the financials, three sectors getting hurt in financials inside Financials Insurance Companies Getting hit more than some of the money center banks. More to the point maybe wall street sees this as a buying opportunity. Old news but it is jarring news. I want to talk about this market because the last time you were on this show you did voice concern about how far this market had come. This pullback i think you were anticipating. Is it at a level that is making you feel better yet . It is starting to make me feel better. Unfortunately i think we have a little ways to go here, charles. The buying really from retailers that precipitated the march lows and pushed us higher really crescendoed in august. Retail buyers took a breather, recognizing they were pushed forward by some softbank buying of all the big stocks, megacap tech stocks and options. Retail people followed them n. They got a little bit burned in the turn around here. I think theyre on the sidelines. I dont think this market has the energy to come out of these doldrums until after the election. That means if retail will not lead us out, Institutional Investors will not commit a lot of funds in here. I think we have further to go on the downside because of that. Charles meantime, im looking at todays session, tech started off worse. Nasdaq was the biggest hit. All of sudden nasdaq is doing the best, tech is coming back, the semis, cloud, apple, some of these names. Zoom is through the roof, these kind of names. Do you think given a scenario where tech becomes the safe haven again . Definitely. Tech will definitely rebound before all the other sectors and what were seeing i think mostly today is because of some of the lockdowns and some virus spikes around the world were seeing the work from home stay at home stocks basically rebound today. Whether or not they will be able to sustain these highs up in here and the nice move theyre haveing today remains to be seen. Those are the stocks you want to go back into because those are the ones that will do well with further lockdowns f we dont get a vaccine those stocks will go higher. When you start to buy give us a call. Shah, thank you very much, my friend. Well stay on the selloff all the way into the final hour of trading including key technical numbers. This is how you want to understand technicals. Dont worry, folks, with we have key numbers. Judge Andrew Napolitano replacing Ruth Bader Ginsburg on the Supreme Court is bit of a gamble so close to the election. Well be right back. Re . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums to listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. I understand, lets get started lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Charles democrats are ready to declare war when President Trump moves to replace the Supreme Court seat left by Ruth Bader Ginsburg. Not only will they try to block the pick by any means necessary, some are wanting to change the rules in retaliation. They want to pack courts, ending the filibuster, adding more states if they take the white house and senate. Can this even be done . What would be the ramification be . I would like to bring into the discussion fox news senior judicial analyst judge Andrew Napolitano. Judge, thank you so much for joining us. Just your thoughts how crazy it has been since the untimely death of Justice Ginsburg. Well, lets start with, charles, good afternoon, always a pleasure to be with you, my friend. Lets start with the legal and constitutional issues. The president has every right legally an constitutionally to nominate whomever he wishes to the Supreme Court of the United States and the senate has every right to accept or reject that nominee. There is no time limitation. There is no statute or provision of the constitution that says this cant happen in the middle of a campaign. It is unusual that is would happen this close to election day but there is no legal or constitutional impediment to it. The problem the president faces, the reason i said it is a bit of a gamble is, there are six, maybe seven depending how you count them incumbent republican senators up for reelection who are trailing their democratic opponents and have been for a couple of weeks. Those folks are probably going to make their decision on the president s nominee based on what is best for their reelection. Justice scalia once famously said there is only one thing politicians do or saying, if it is to get reelected. If they think this is a bridge too far, a gamble too risky, dont hold this vote because i will have to vote against you. If they think this will help energize their own supporters they will tell senator mcconnell to go for it. Tip oneill used to say all elections are local. This might be the exception. The replacement of Ruth Bader Ginsburg, charles, middle east be the dominant National Issue in these National Senate races. Charles judge, i ask you because youre a traditionalist catholic, sew is the frontrunner barrett, she has been criticized for her allegiance to faith, allegiance to god. Bothers me how could someone be disqualified from the high court because of their faith . Well, madison thought about this when he drafted the constitution and hence there is a clause in there says there shall be no religious test for any Public Office under the United States. Thats the answer to that. I suspect that the democrats fear that judge barrett, who is a practicing traditionist Roman Catholic would adhere to the catholic teaching on abortion. She adheres to that morally within herself. She said that publicly and unoath but she also says as a judge she understands the value of a precedent and would not vote to overturn a wellgrounded and accepted precedents. There are precedents and then there are precedents. There was a time separate equal precedent for the Public Schools in the south had to go. Hence we had brown versus board of education, one of the greatest decisions in american history. So i dont know where judge barrett will go on this but i do know that if she is the nominee, charles, abortion will be the issue. Charles no doubt about it. Judge, thank you very much. Always appreciate it. Meanwhile folks, markets kicking off the week deeply in the red. Coming up next we talk about Technical Analysis a lot. Get a pen and paper folks, you need to know the key numbers where you may want to buy or may want to sell. Well be right back. Keeping your oysters business growing has you swamped. You need to hire. I need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventyfivedollar credit when you post your first job at indeed. Com promo charles right now stocks deep in the red as we head into the final houf trading. The inability to hold key sport, that 50day moving average, we closed right under it, certainly made the market more vulnerable. I want to bring in katie stockton. What i think is Technical Analysis, youre one of the first names i think of. Help us us out here, just this notion that that one metric, right, everyone was talking about the 50day moving average particularly with the s p. It did not hold. How much is that the reason for the selloff . I wouldnt say its the reason for the selloff. Its actually rarely a technical factor that drives the selloff, but it is a widelyfollowed level and often potential support level. And the lack of that buying pressure there could be creating some fear in the marketplace right now. Certainly what it does reflect with some hindsight is the loss of shortterm momentum, the s p 500 is down now just under 10 below its high. Its been a very significant pullback that weve seen with the pullback, were seeing finally just really as of today kind of a sentiment shakeout. We came into september with this overly bullish condition, you could also call it extreme greed charles right. And it saw sudden relief. But todays the really the first play i feel like were seeing fear in the marketplace, and that can actually be a positive. Charles it can be a positive. You know, when we shake out the weaker hands and you remove some of that, i dont disagree there. But were, wheres the next test though . Wheres next potential level on the downside that we would be vulnerable to during this process . Well, below the 50day moving average im watching support right around 3180. But it really is not so much a level that i think holds the ultimate importance. I think its a condition for the market to bottom, and that condition comes from a collection of things like overbought with, oversold measures and momentum indicators and sentiment, as i mentioned. Well be watching those gauges to help us trucker an entry trigger an entry point or a reentry point into the market. The pullback does follow what was a breakout to new alltime highs for the s p 500. Those tend to hold bullish intermediate and longterm imply cautions, and so far although were very close it has impacted intermediate in a negative way, so well be watching for that shortterm momentum to kick back in. Charles all right. Weve got a minute to go, and i want to sort of wrap this up in a nice bow. Were dealing with a shortterm pullback, probably needed, got over our skis, too much bullishnesses. Long term though, youre saying youre still bull you should, and perhaps bullish, and people should be prepared to buy somewhere along this dip. I think so. It could be even in the coming days. If we dont see reaction this week to the oversold condition that now i affects the market in todays price action, we might have a bigger problem. I do think well see some stabilization, and that will be opportunity to add exposure, take advantage. Charles charles all right. Katie, thank you very much. Like i said, you are one of the absolute best when it comes to this kind of stuff on the technical size. Liz claman, youre a legend when it comes to the market reporting [laughter] so were going to need everything you bring today. [laughter] liz yeah, a legend in my own mind. I mean, in my own time. Okay, charles, thank you. Charles yes. Liz economic and Political Forces are sending traders rushing to bang on the sell button. We are off the lows, but ang si over a second anxiety over a second wave, a banking scandal and how an unexpected opening on the Supreme Court could put stimulus negotiations on hold all pushing stocks underwater. American deaths from the
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