As Ari is on John's Congressman Devin new Yes' says Democrats have hurt the country with their preoccupation on impeachment whether the Democrats reap the political benefit they want from this impeachment remains to be seen but the damage they have done to this country will be long lasting today Fiona Hill a career expert on Russia and David Holmes a State Department official in Kiev are camping in intense week of testimony in the inquiry president Dr denouncing the hearings as the most unfair in American history the president says corrupt Democrats on the House Intelligence Committee have taken due process rights away from him and the Republican Party in the impeachment investigation he tweets that these are the most unfair hearings in American history Mr Trump says he did nothing wrong and that never in his wildest dreams did he expect his name to be associated with impeachment House correspondent Greg likes to also as our News dot com The top Democratic presidential candidates debating Wednesday night and spent large chunks of prime time television clashing over Medicare for all again Heritage Foundation analyst no one Rick says this is neither popular support nor funding solvency when it was before and others talk about bringing 135000000 people on to Medicare for all she means that they'll force 135000000 people off of their private insurance plans on to government run health care which he says it won't cost them anything that's not true by her own admission it will cost over 550 trillion comes from taxpayers pockets analysts know it Weinrich In health news the u.s. Smoking rate among high schoolers has fallen to a new low however the decline in teen smoking and has been overshadowed by the startling rise in underage abating. Overall St head of the closing bell stocks are lower the Dow down 76 points and the Nasdaq 20 points lower this is and Sarra news these 2 musicians play the same instrument one is around the other is more romantic They may sound nothing alike but they're in total harmony when it comes to breakfast at McDonald's whether you play hot licks or can't play a lick together we breakfast get into the groove with a one dollar any size Macapp a premium roast coffee only at McDonald's your morning starts. 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Hello everyone and welcome to market Raphi Mowen sorry and for the next hour I'm going to talk about the markets what happened today on the 20th of November 29th teen what to expect tomorrow in between whatever you want to know send me an email and I will be more than happy to share with you my 40 plus years of creating experience Dow Jones Industrials down 4 tenths of a percent today 113.27 $1021.00 s. And p. Down point 38 percent 3108 Nasdaq down point 51 percent 8527 and d x down point 66 percent at $8284.00 the Russell down point 42 percent also at $15.92 so what happened today now all of a sudden the deal might not be done face one might slide into next year that's the thoughts that are coming out there was a report in Reuters today talking about that and you've heard me for the last month talk about this all of your for you about Phase one and it's a deal is done and all of that needs I said this is great all of this is great but I want to see the i's dotted the T.'s crossed I want to see the handshake I want to see President troubling president standing there signing the paperwork and getting the deal done. Yeah well all of a sudden it's not quite done that's what we're hearing yesterday I talked a lot more about the u.s. Senate passing a resolution condemning or supporting human rights in Hong Kong as a China is not going to react to this very nicely today the House passed it too so now we have a bill that's saying Hey we've got to support Hong Kong and China is going to say wait a minute we are this is interfering in our internal affairs we don't want this even though the Chinese are suffocating Hong Kong which they made a deal that they would not when they took over on Kong from Britain this is they're going to have a separate legal system they're going to be left alone they're going to continue to be able to do what they do but no all of a sudden they're crushing it and now they're talking about crushing these students in the universities and killing them or whatever they're going to do and they're trying to crush democracy any signs of democracy any signs of freedom they're saying it's our way this is we are China we run the communist party runs it and there's no 2 ways about it that's really what it is and you know there's not much we can do about it right now. You know when this deal is signed 20 years ago I said how there's a matter of time before China just walk since as a just you know there's all this under wonderful stuff freedom stuff is great but no it's going to be our way and that's exactly where they are now and this could really cause some more problems between the crate talks I talked about this yesterday today it is coming to the forefront we're hearing that the completion of phase one the u.s. China trade deal could slide into next year as Beijing is pressuring for more extensive tariffs rollbacks and the trumpet in ministry sure counters with its own demands I think the Chinese are saying Ok we'll buy some more pork and beans but now you've got to roll back the tariffs. Not only not put terrorists on December 15th the higher tariffs that are expected to go in that are scheduled to go into effect but rollback the tariffs that are set said on September 1st all we are going to do if you use pork and beans. So where they will go back to where we were 2 years ago there's no talk about IP that they'll stop stealing IP there's no talk about them opening up their markets there's none of that they're saying hey we'll just buy some more soybeans of pork which they need desperately right now special report for prices skyrocketed in place and skyrocketed because of disease they're the in in the pork and that's the problem that they're having so they need it so they're not really doing anything or giving up anything at all and they want everything from us I think the president is going to be tough that we say the president saying no I'm not going to give in to it and if that happens we could see a total breakdown of talks again just like we did see that and April when the market promised it in May because of that it seems like the treaty deal was done it was an 80 percent probability that we are moving forward the trade deal all of a sudden all fell apart lasted 3 weeks we everybody was all excited about it but it fell apart so both sides are pretty divided over the core issues that Beijing once their tears are moved us once the China to buy more fine products but I think also the u.s. Says yeah if we want you want rolled back on tariffs then you've got to give us stuff on IP and open up your markets that will be a comprehensive deal the Chinese said no we'll just buy some more pork and beans and you've got to roll back everything else nothing about IP nothing about business and I said that deal could have been done 2 years ago the Chinese would have bought more pork in soybeans without all of this stuff that we've gone through over the last couple of years the president said that they had a cabinet meeting today China needs to make a deal he likes to avoid import tariffs get going even higher with fresh levies expected to go into effect on December 15th. Which is going to hit the consumer more than anything else so it's all up in the air I think we're going to see some more pullback I've said this recently over the last 23 weeks that was my reading that we could get some a. Hitch in the deal I think it will get done eventually both sides will get it done that's my feeling both both sides need it who wants it more who wants it less it depends on which way you look at it the president needs it from the political point of view the Chinese needed from an economic point to both of the both sides need to deal but if we get into next year and the president somehow the poll numbers start coming out the president is not leading the polls or the Chinese My said wait a minute let's just wait and see maybe we can get a better deal for the next president if it's not President Crump but that would be a big gamble if they don't help if they don't make a deal now then the president has nothing to lose he will definitely take a very strong stand against the Chinese and that could see a total rupture prayed between the United States and China it could break down the trade flows around the world where we are going to say hey if you want to do business with China then you can't do business best pick pick one whichever one you want. And I think it would be a tremendous blow to grow global trade because Mercedes sells a lot of cars here but they plan to sell a lot of cars in China too they have to pick and choose u.s. Or China which where will they go. Whichever way they go they lose a whole bunch of business either way and that's where the predicament will be for a whole bunch of companies and it could see a total breakdown in trade flows in the world a global recession and a big bear market that's my feeling if we get to that point if we start getting to that point where we are total breakdown of talks I think the president can't have that going into the election I think he wants to prolong it as long as possible hopefully make a deal as quickly as possible phase one deal and then sort of put everything aside until after the election the Chinese know that they say Ok let's try and extract as much as we can right now because after the election it will be much tougher I think that's a cow calculus I don't know exactly what the calculus is in Beijing and in Washington but that's the way I'm looking at it right now yields were down big today as people ran toward sponsor bought bonds the yield goes down the bond prices go up the 10 year note was down 4.8 basis points the year was interest rate on that is $1.00 so the bond yield went down the bonds went up 30 year bond was also down $5.00 basis points the interest rate on the 30 year bond and the bond close to $2.00 interest rate for 30 years crude oil was up a $1.90 today $5711.00 this was in spite of this Hitchin the or the talk about the Phase one not going through which is positive I'll talk about that gold down $2.30 it was affected I think more by the Fed beige book coming out and I'll talk about that also a little bit later on so that's where we are now I think we're going to be a little bumpy in this market but I think it will give. Some opportunities if you've been sitting on the sidelines you've been petrified that the whole world is falling apart and you missed this entire day the rally that we've gone to new all time highs but Target was 3080 so we extended that a little bit we could come back a little on this if we see some more talk of a slowdown or problem with the deal and then finally the deal gets done and off we go so stocks were down on the news of phase one of the u.s. China deal and may not get done by year end Art Cashin somebody that i like he's got a lot of experience he's been doing it for about 50 years I think on the floor he's the floor director of u.b.s. Financial services he was on c n.b.c. He was asked for his view and this is what art had to say I think the market is up to here with Wally's we have an imminent deal we have an imminent deal we have an imminent deal I mean with all due respect to our mutual friend Mr Kudlow I'm not sure that there's any credibility around the White House for any of that stuff so it should be interesting to see how the marketplace will trump was that's a worry but not a great concern you know if they were truly worried we'd be down 250 points while we were down 250 points on the down one point today or close to it would close 112 lower but we came off the lows. So how does the trade war affect the factor into the Fed outlook the Fed issued the Beige Book This had no more interest rate cuts basically that took them off the table for the rest of the year and that sort of put push the dollar up push gold down gold should have gone up today though with all the talk about the trade deal falling apart it should have but it's still holding above the $1450.00 area $40.72 today I still think there's one more shot to the upside in gold I said before whatever reason I thought might the scenario would be that there's some hitch in the talks gold rallies up bonds come back down one more time and the stock market comes down one more time and that would be the high for the. Gold market it would be a 5th way low for interest rates and it would be a correction in the stock market a pullback I would say correction corrections 10 percent I don't know if you go down 10 but get a nice size pullback scare all the people who just bought the market last week because this sold out in August after lows that bought up the highs again market comes back down they get pushed out again they continue to do that this snatch defeat from the jaws of victory every single time those are the people the emotional people who are just chasing this and chasing that and netting always chasing the pot of gold at the end of the rainbow but there is no pot of gold at the end of the rainbow you have to sort of slowly but surely build a comprehensive financial outlook financial matters roadmap and then stick to it through the ups and downs and have the wherewithal to handle all the fluctuations in the market but how does the Fed come into this during an interview and see and receive that care Governor line Bronner was asked how it would change our outlook if we saw additional tariffs in December this is what she had to say Well certainly that would be a negative factor that would be a realization of some of that downside risk that we've been seeing but some of the research that we see suggests that just on certainty alone can be a factor reducing business confidence and reducing business investment we think we've seen that in the data. That's I think that's what it is is the uncertain market give them bad news marketing digest it and go forward one we don't know we go from euphoria to depression triggered pressure to you for you the market it just goes back and forth and everybody all the emotional traders just go from well from jumping up and down with your 4 year to being all depressed and sitting there. Just putting their heads and saying oh my God is the end of the world and there are so many people make Unfortunately make financial decisions based on emotions rather than having a great plan and then executing that plan over a period of time. A lot of Wall Street economists think the 1st quarter of 2020 is the bottom of the slowdown fed gov Lots Bronner was asked if she thinks the same way this is what she said So you know it really matters here whether you're talking about the slowdown in manufacturing and trade globally and I think that's still a question mark but certainly in terms of the domestic economy powered by the consumer I do expect to see a trend or above trend growth actually continually out over the course of the next year year and a half we'll see just I think it's still all depends on the China deal we don't get a China deal than the pens if we could to muddle along or if we definitely have an acceleration and in the tariffs let me go to a break I'll come back talk more about these markets I will be in the Bay Area on the 4th to do a seminar I've added a day the 5th I will be there for appointments if you want to meet with me on the 5th I'm going to stay in the Bay Area and I will meet with as many people as I can to give develop a specific roadmap for you then on the 9th I'm going to be a seminar in Scottsdale on the 10000 set up appointments if you want to meet with me and develop a specific customized plan for you compaq dot com seal m.p.a. K. Dot com c.e.o. Of p a k dot com or pound 250 on the cellphone talk to Mo go to the website to make reservations for. The seminar they're free if you want to make an appointment count to 50 on the cell phone talk to mow that's what you call call the number and then you say talk about stay tuned You're listening to market rap Oh I'm sorry and I will be right back. And now I thought from Geico motorcycle It took 15 minutes to take a spirit animal quiz online please be the cheetah. Be the cheetah. And learn your animal isn't the cheetah but the far less appealing blobfish. Come on Glad insult to injury you could have used those 15 blobfish minutes to switch your motorcycle insurance to Geico Geico 15 minutes could save you 15 percent or more on motorcycle insurance these 2 musicians play the same instrument one is a rock the other is more romantic They may sound nothing alike but they're in total harmony when it comes to breakfast at McDonald's whether you play hot licks or can't play a lick together we breakfast get into the groove with a one dollar any size Macapp a premium roast coffee only at McDonald's your morning starts. Limited time only a participating McDonald's cannot be combined with any other offer or combo meal just in time for sizzling spring week now for Sunday November 17th get a free 49 inch l.g. 4 k. T.v. When you least the next think you plus dual street for just $15.00 per month that's right a free t.v. Free in this hopper won't last long visit your local Sprint store now through November 17th and take advantage of this offer while supplies last been ticking off month after 61 percent better to plug in to those who partake in the p.c. Line activation approved credit if you cancel early remain down to use his tax t.v. Being higher on the registration ship from algae not available in stores have picked up a very dark edition. I'm Jim chess go with your money now stocks fell slightly today the Dow Industrials dropped 54 points the Nasdaq composite fell 20 and the s. And p. 500 slipped 5 among the day's big decliners Lazy-Boy shares skidded 14 and a half percent on weaker than expected quarterly results from the furniture maker while b.j. Wholesale Club slid 8 percent after it lowered its full year guidance with attractive mortgage rates again providing a boost sales of previously owned homes rose 1.9 percent in October on a year over year basis overall sales were up 4.6 percent sales rose in the Midwest and the south but fell in the more expensive regions of the northeast and the West if you were hoping to snag a pair of Microsoft's competitor to Apple's Air pods before the holidays is bad news the company's chief product officer announced on Twitter today that the 240 $9.00 surface air bugs which Microsoft showed off in October will be delayed until the spring once again the Dow down about $54.00 points today that's your money. You're station for a new survey area business and real time traffic. Way 1220 healed up right now when you committed switch to t mobile you get the amazing i Phone 11 Pro on us with i Phone 10 s. Traded ha aren't these mountains majestic Joe are you even looking I'm posting these amazing pics I took with my i Phone 11 Pro It has 3 cameras oh those pics are amazing and you have service to t. Mobile their new a signal goes farther than ever before then you can look up whether these are bear tracks right or we could just run come to a t. Mobile store today I bought 11 Pro on us with i Phone 10 a straight in it right now getting 4 lines for just 30 bucks a line without a switch today. Contacts of cancer credits missed out the full residue plus tax a fee to get $24.00 monthly credits but when one of my customers with all my summers By ends agreements you're down with creating plus 3125 extra for my program priced my new 990 percent a.p.r. While supplies last. P.c. . Bay Area listeners making reservations now for Boeing saris next 7 are on the wind stage and some are born you can also make an appointment to meet with him on Thursday December 5th and get your free part folio review that's when state is number 4 for the free seminar and 1st 87 just for your free portfolio review with Mo is a Bay Area register online right now at compaq dot com That's. The age a dot com Welcome back everyone to market rap imo I'm sorry talking about the markets what happened today rainy and rainy yes rainy Southern California today it's you know we haven't had any rain in 6 months we have the fires and Ira but he's worried about the mudslides we have the fires in summer then a rains and everybody says oh my god those areas are going to get hit by the monthlies terrible it's just terrible I feel for those people that live in those areas it is really tough but and that's it's a beautiful place to live sudden cow but it has its issues definitely on the other side let's talk about the best and worst sectors of the day s. And p. Was down 0.38 percent on the day best sector energy up 1.04 percent utilities a point 63 in consumer staples a point 18 were sector materials down $1.00 communications services down point $79.00 and Industrials down $2.00 now oil prices are up $1.90 today after they were up nearly 3 percent to 3.44 percent to be exact after we got us who supplies rose less than expected we had the a.p.i. Numbers that came out the other day that showed a 6000000 barrel climb in stock but today the e.i.a. a That's the Energy Information Administration said that supplies only rose by 1400000 barrels and that was a positive for. The week ended Nov 15th it was much less than people were afraid of and that is a good sign that we did see but I think it's the refineries are starting to really pick up the seasonal trend that they're finding is run they come out of their fall maintenance at this time of the year and they increase. The amount of oil that they use up but even that we did see a small increase in in the in the supplies but that was positive it helped the market higher it could have gone down because of the snag in the China trade talks us China trade talks but it didn't happen which is definitely a good sign for the market but still between you know $52.58 on the narrow range and 50 and 60 in the broader range that's where we are stuck in this market that's what we're looking at. Knowledge interest rates down gold slightly higher today slightly lower it was higher in the morning prices you know but they were down slightly about $2.30 today. And it was all the gains that we got in the morning because of the snag in the trade talks that's usually positive for gold but then we had the Fed Fed's beige book came out but it was the notes of the meeting from the last October Federal Reserve meeting and it showed that the Fed officials were more optimistic about economic outlook and were against using negative interest rates in the next recession so that really took off the potential the gold traders were hoping and it was slim hope but they were hoping that they might get in another interest rate cut in December next month and that would put pull the dollar down and that would put a goal it didn't happen but I still think that if we see a more of more harsher rhetoric coming out of the White House and Beijing especially with this resolution being passed in Congress supporting democracy and supporting the demonstration years in Hong Kong it could work a little bit of the Chinese stablish meant to the Chinese government they might say now we don't want to talk for a little bit the president says Ok if you're not going to make a deal on IP I'm not rolling back any tariffs not going to put in a new tariff you buy core beans and pork and we got that deal with the Chinese said no if you're going to buy more pork for me it's not only you don't put any new tariffs or rollback the old tariffs to rollback the old chair of the president wants them to you know make changes to the IP that they're going to protect intellectual property they're going to give our businesses some more access to the business where they don't have to partner with the Chinese Chinese business to to do business in China so then it becomes a much bigger deal much bigger deal is much more complicated so we'll see where we go but I think we could see some more pressure as we get more harsher the the stand on both sides start to harden a little bit and until the highs are dotted and the. He's across and you see the handshake on television between Persians she and President Trump we're going to continue with this back and forth let me go to another break I'll come back and talk more about these markets again don't forget December 4th I'm in the Bay Area pound to 50 on the South Pole and talk to most if you want to meet with me on the 5th set that day aside for a point the 4th is the seminar if you want to come to the seminar compaq dot com c o m p aka dot com Ok dot com Same thing if you want to on the night there's a seminar registered online if you want to come to that it's free or if you want to meet with me 50 on the cellphone talk to most stay tuned I'll be right back. Markets don't wait for Black Friday get told they be today the gifts they want most are an incredible 50 percent off that's right get 50 percent off all jeans 50 percent off all sweaters 50 percent of all outerwear today Jeanne started just 15 bucks for adults 10 bucks for kids everyone's favorite styles are on sale today so don't wait for 50 percent off all jeans sweaters an outer wear that old baby and old Baby dot com in soon valid 11221126 excludes in-store clearance and gift of the week. Money switch the family to Boost Mobile and we got so much more like well well we got for free phones for lines for just $25.00 per line per month I smashed up the car and unlimited gigs wait did you say you smashed up the car yes it's completely smashed but for free phones switched to losing it for lines for just $25.00 per line per month for free phones with all our super reliable super fast nationwide network this mobile the switch that gives you more terms and conditions apply you customers only come for gas and now i Phone from Geico motorcycle It took 15 minutes to take a spirit animal quiz online please be the cheetah. And learn your animal isn't the cheetah but the far less appealing blobfish. Come on to add insult to injury you could have used those 15 blobfish minutes to switch your motorcycle insurance to Geico Geico 15 minutes could save you 15 percent or more on motorcycle insurance to really Fact dot com no one sets out to be in financial trouble or wind up homeless but it happens the high cost of housing forces families out loss of a job illness or other life challenges create financial havoc regardless of the cause trying to survive the Bay Area's high cost of living is rough for many even worse for single mothers with children tonight in the Bay Area many families will struggle to put food on the table homeless families will sleep in their cars since $965.00 the Bay Area rescue mission has been working to restore hope and break the cycle of homelessness here gift today of $40.00 will provide a needy family with a box of hope filled with a traditional Thanksgiving feast to feed the average family of 4 with enough for 20 meals a gift of $120.00 feeds 3 needy families go to k d o w dot biz and click on the feed needy families donate button the Bay Area rescue mission seeks to feed 700 needy families this Thanksgiving your gift matters your gift brings food and hope to go to k d o w dot is. How much risk are you willing to take in your portfolio and does that match how much risk is actually in your portfolio find out now you can make any necessary changes before it's too late to. Market with Mo dot com and click on the what's your number to get your free. Market. And click on what's your risk Now here's more market. Welcome back everyone to market and sorry and today we have Miss Maria Bruno she's a c.f.p. Senior investment analyst and Vanguard Ms Bruno areas of expertise include portfolio construction and financial planning with specializes in retirement planning topics retirement income solutions and wealth management strategies prior to a current role Maria worked in back guards personal financial planning and advice services department she has more than 20 years of experience in the financial services industry misprint Oh welcome to market Thank you good to be here let's start with your report that really caught my eye and it is put out by Vanguard in this title Rand guards principles of investing 6. What are some of the main principles. Well really it's a simple As for why they sound simple we really feel that they've built the core of a nice financial plan 1st being goals balance costs and discipline so each of those in its own has its own principles attached to it but by really focusing on these aspects of creating a financial plan and managing an investment portfolio we feel that it gives investors the best chance for meeting their long term goals let's talk a little bit about goals you set versus goals now is this short term goals long term goals taxation goals what kind of goals are you talking about that people need to consider when they're setting these goals Well it can vary I mean any sound investment plan regardless of whether an individual investor or if you're an endowment and foundation for instance it must start with a sound investment goals so that really entails defining what is your investment objective what is the goal and then understanding constraints and constraints can be one risk tolerance so how much you know how comfortable are you in terms of trying to pursue greater return while taking on potentially greater market risk and the other is time horizon that's the other key constrain that we find so for some investors it can be a long term time horizon like retirement for others it might be more short term for instance college planning So these are the types of constraints that come together time horizon risk tolerance in the finding what the overall goal is and then building a plan to match that goal let's talk of the 2nd one just to balance what do you mean by balances that balance in life balance you know portfolio having the right combination of assets what would balance mean balance primarily means having a suitable asset allocation and implementing that using broadly diversified fund so Vanguard's research as well as other academic research supports that the majority of a portfolio volatility is determined by its asset allocation not by security select . Market timing so by approaching portfolio construction from a top down approach in terms of setting asset allocation and then using broad diversification to implement that asset allocation that gives a strong foundation for portfolio construction and really helps mitigate that need or that desire to create a portfolio bottom up which is really focusing on individual investments and then potentially ending up with a patchwork of investments that may or may not meet the asset allocation. But in the report there's a section titled The danger of lack of plan why is it so important to have an investment plan and what dangers come from not having one well it's much like you know if you're going somewhere that you're not familiar with and you don't have directions if you don't know where you're going you don't know really when you've gotten there so it's very important to understand what is the plan and then making sure that you have suitable investments for that but then also go back and revisiting that plan so for instance if you are saving for retirement and maybe you've got 20 years away from retirement Well certainly you want to review that every several years at a minimum every 5 years just to make sure has the goal changed it's still intact time horizon will change so the closer you get to go you'll want to maintain then check that just make sure that that goal is still valid so having that that compass if you will help you as an investor determine how you need to approach the portfolio construction process in order to meet that goal so it doesn't involve asset allocation and broad diversification in choosing investments but also involves understanding how much you need to save to reach that goal as well as or potentially if you're spending from the portfolio how much can you safely spend. We are talking to Miss Maria Bruno she's a c.f.p. Senior Investment Analyst and then guard off a little bit off topic see if the that's a certified financial planner now there's a lot of different people out there that are financial planners financial advisors What's the difference between a c a p and a financial advisor Well the c.s.p. This ignition meets an educational It's a designation and there's educational requirements that go along with that so in order to to be able to carry that designation you must complete an educational certification so a series of exams. And then there's also corresponding work experience and if the candidate needs both requirements then they can carry the c.f.p. To 6 nation it also involves continuing education so as to see if ph professional you are required to do a certain number of continuing education credits every 2 years including code of ethics and that's that's a different focus here because a certified financial planner and that's a designation that they carry and that they've completed certain amount of educational and work experience and that is by the College of financial planning Maria why is it so important to have for an investor have a clear understanding of his or her investment goals. Well again going back to the goals and understanding you know what it what are the investment objectives and having those clearly articulated then you can build the investment plan. In terms of the asset allocation or this investments be they broadly diversified stock funds or bond funds the combination between us and non-U.S. Holdings for instance once you understand what your goal is in your time horizon and your risk tolerance then you can put together a plan that can help you achieve those goals now the plan certainly will get you so far most of us as we're saving for goals need to also do our part in terms of disciplined savings and that's where the discipline comes in in terms of. Having the right asset allocation investments but also making sure that we're saving appropriately or for retirees for instance many are in the spending phase and their concern would be more around sustainable withdrawal rates so those are some of the things that come into play in in the overall plan there's a section in the report titled stocks are risky and so is avoiding them what does an investor do with that information especially in an environment like we are in right now. Yes and that's a common question that we're getting in a common concern with many investors. So really it's as simple as the balance between market risk and inflation risk so stocks are risky because they are subjecting an investor to market risk and that's the the day to day volatility the short term eligibility there Miles with the stock market but over the long term owning stocks has. Been a good investment in terms of keeping up with inflation or outpacing inflation so there's an opportunity cost for not being invested in the market one of them is commonly called short fall risk so that may be the risk that your portfolio may not meet your goals once you consider inflation so that's where Scott stocks can really help the long term investor 1 May be thinking that they're playing it safe by staying out of the stock market altogether but really what you're doing there is you're trading market risk for inflation risk so while you may not be subject to yourself to market risk in terms of the day to day volatilities of the stock market you're not really allowing for any portfolio growth so once you consider inflation the portfolio could potentially be lagging and that can be a very big danger too to meeting a long term goal and that's why the balance between having a portfolio of stocks and bonds is prudent for most investors I mean you're going to get enough growth and then you do retire and then you don't have the income coming in you have to live on what you have accumulated and at that point somewhere down the road in retirement you could have a fork fall where the money you might outlive the money instead of the money leaving you right and that's one of the things that investors need to be very much aware of specially when they're younger that they can afford to take a little bit more risks and at that point there might have a little higher degree of stocks or equities in their portfolio Mario why is that why is discipline so important to the success for an for an investor well disciplined there's a couple different formats of discipline when you think about it in terms of portfolio construction. One has to maintain perspective and long term discipline because the markets are volatile right so one of the key principles of discipline is rebalancing the portfolio as we talked about this earlier in terms of going back and revisiting the asset allocation every several years to make sure that it's still a valid asset allocation Well part of that process you know if you've done that you also need to rebalance because you know 3 out of the 4 year starkly for instance stocks have been positive so what this means is you know maybe you have a balanced asset allocation of maybe 60 percent equity target and 40 percent bonds what you would need to do as an investor is go back at least once a year and check that asset allocation because if stocks have outperformed then your asset allocation may be much more aggressive than you thought it was so rebalancing the portfolio and situation that would mean selling stocks and moving into bonds helps rebalance back to the target asset allocation and managing the risk profile of the portfolio so that's very important from an investor's standpoint and that is one of the biggest mistakes people make because this while my stocks are doing so well let me buy more of those and my bonds are not doing as well so let me sell some of those instead of keeping bringing that back in balance when you have some gains you sell that when you so you keep it properly in balance your portfolio Marie I'm going to ask you a question about the markets I don't know if you're going to answer this I'm not but what's your view of the market right now and your outlook Well the when you look at at the broader market I mean we tend to look at. The market with a longer term view short term use in our minds can be very dangerous because we don't know how things can change and trying to alter the portfolio and anticipation of a change is often counterproductive so rather than look at it on a short term you look at it more in a broader term view and then just making sure that you have a plan and an asset allocation calibrated to what those expectations are where I want to thank you for taking the time out of your busy schedule and sharing our thoughts with us thank you again for being with us today on market rather. Thank you very much that's Maria Bruno she is a c.f.p. Senior investment analyst at Vanguard Maria has also made her latest report available the one that I referred to in our in our chat with her than guards principle principles for investing this is really a great it's like an e-book it really is a book on investing put out by Vanguard and she talks about all of those different things it's about so 30 pages or so and 3035 pages and I'll email it to you so if you want it you can call and I will send you a copy if you talks about goals of talks about balance it talks about cost doc about discipline and then it breaks down all of these different goals and constraints that she was talking about saving or spending asset allocation targets rebalancing methodologies monitoring and evaluation all of this is in there dollar pound 250 on your cell phone and use the Q word talk to mow all right now and I will send you a free copy of Vanguard principles for investing success again use your cell phone dial down to 50 q. Word talk tomorrow it's free and it's your money folks you have to really do some homework you have to do a sit down say Ok I want to take control of my financial future I want to do some work this is where you start and it gives you a broad perspective of where you go say to and you are listening to Market Wrap imo and sorry I'm going to take a short break and I will be at right back. As you get. Sundays need to sit down. Some days like this it will. Sound easy enough to me. Since July with. Some danger. Go to the do. Although when. I was playing. Outside to people. From the. House of boom. Going down the. Lives and floor. Like. You're going to love this is how. We call that cozy look not down this wall rewire it in price and there's a McDonald's in the neighborhood with all the refreshing drinks you love honey you will own the drink run all who will take it now at McDonald's get a small Macapp a beverage or any size I think coffee for just $2.00. Limited time on the price and participation a very cannot be combined with any other offer come on the. Money I switch the family to Boost Mobile and we got so much more like what well we got for free phones $4.00 lines for just $25.00 per line per month I smashed up the car and unlimited gigs wait did you say you smashed up the car yes it's completely smashed but for free phones switched to using it for lines for $25.00 per line for a month for free phones but on the many gigs all are super reliable super fast nationwide network Boost Mobile the switch that gives you more terms and conditions apply you customers only to the baseball dot com for details. 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And Tuesday December 10th where you're preparing your review with in Scottsdale. Right now at. That c.l.m. Ekk. Welcome back everyone to market. Talking about the markets what happened to day what to expect tomorrow puts down point 84 percent in London I was the biggest loser today s. And p. Was down point 3840 and France was down point 25 German that was down point 48 I backed 35 in Spain down point 37 put c.m.i. Be at least game point 10 but Brazilian brevets was down as much as the s. And p. Down point 38 So where do we go from here let's take go and take a look at the charts we came in to fill the gap which was between 30983104 I believe that was the gap in the market today's low was $3091.00 for the s. And p. Close at 30 want to wait so we came back off 17 points off the low in the s. And p. Still down about 12 on the day per support now is going to be the $220.00 day to $3075.00 next support. $3013.00 after that we start looking at. About 3000 plus or minus That's the number I look at and that major supported 2915 which is the 200 day moving average that the way I'm looking at these markets I think we go a little bit farther down how far down depending on how the trade talks go and how loud the rhetoric's gets from both sides before one cries uncle or the other says comrade whichever one says 1st I don't know what that's how it's going to be so we'll have to wait and watch a little bit here just be patient don't panic make sure you have the right allocations make sure you can handle the down graphs of see at once and then don't you know people who bought in last week they have to sell out again because they always buy the highs sell out the lows that's that's what they do but you're not one of them because you're listening to this broadcast you have a plan to execute it that's and you have the right shock absorbers Princeton that's why you didn't get out in in June in May when the market plummeted that's why you didn't go and get out in August when the market came down. But that's that's why you have those so you can handle the volatility in the market that's the way the allocation is on the god is high in the Nasdaq today we are higher this morning at 8578 so 8600 was my target 84 to 86 now we've got to 85 to 78 that's good enough the way I look at it but we have what is called a hanging man formation what is that it's if you look at the Japanese they've used candlesticks for over 300 years that's what I look at every day they give you different formations and once we see a top in the market it usually is a hanging man the same opposite of that is a hammer bottom and those are just different ways to look at the charts it's like looking in an extra I know a lot of if I look at an x. For I don't know which is which and Asop but that's the way I look at these charts and that's what I've done for 3040 years down the technical analysis because that's where I came from the futures market being a trader there you know and I used to trade off 5 minute charts. In 30 years ago 40 years 35 years ago now people look at it and so who am I got a 5 minute chart that's that's different that's trading creating and investing are 2 different things do you want to be a creator or do you want to be an investor that's a decision you have to make you an investor you do analysis asset allocation so you can handle the ups and downs you're not chasing this and chasing that the next shiny thing that comes along or the big thing that you hear on on on the radio or television what you do is develop a solid plan have a financial plan look at the cash flows look at the network look at your taxes look at your insurances look at your long term care make sure you have all of these and then make sure you have a trust in the will and durable data medical directives and all of these different things you have to have how you get rich just buying one stock or trying to find the Holy Grail one stock that's going to make you rich yeah you might get lucky Well you could also buy a lottery ticket and hit the lottery the odds are the statistics are stacked against if you do the you want the chances the odds of success that you're going to succeed and get rich so you want to have that plan and invest over a period of time that's how you create wealth that's how you cumulate wealth over a long period of time but you have to do it the right way Nasdaq support now to a 20 day moving average which is $8415.00 we closed at. 8526 today then we have 8250 day moving average then we have some more support around 8000 and then 7950 which is the 200 day but I think 8000 is the number of the 200 day moving average their crude oil up today big but nothing you know is still below the 200 day moving average which is 5738 we closed today at 50 $711.00 just below that but a big update today I mean we were as low this morning at about $5476.00 so we rallied about a couple of dollars off the lows today and which is good. On the lower numbers but I think that short lived gold today up slightly or down slightly $2.00 . But it's up right now in electronic trading this evening up a $1.40 I think it's headed towards $1495.00 or $1500.00 can get above $15152154050.60 s 1560 or $20.00 increments is where I see resistance as long as we hold last week's low which is 14461450 I'm Ok with gold that's what I said if you have to buy it buy it here I said that a couple of days ago put your stop below last week's lows and go with it if it breaks 141-514-2400 those are the numbers on the downside that I would be looking at gold again if you want to create wealth make sure you work with somebody who has your interest who's not going to sell you to a nice and tell you to call you in 10 years the doctor says oh he got a broken arm really hurt someone or take 2 aspirin call me in the morning you don't want that you want somebody who's going to develop a plan to get you from point a to point b. Have the financial planner have somebody who's got 203040 years of experience working with you show you the ways how to create wealth but you have to do it yourself you have to get. You have to come to the seminars you have to set up a meeting you have to come and spend some time so we can give you the information how to get from point a to point b. Pound to 50 on the cell phone talk to Mo if you want to come to and meet with me on the 5th in the Bay Area on the 10th in Scottsdale if you want to come to a priest seminar compaq dot com. Dot com p.k. Dot com on the 4th in the Bay Area and the 9th in Scottsdale that's all the time that I have today listening to Market Wrap imo and sorry I will be back with you at the same time tomorrow until then good trading. Mowen sorry's opinions about specific investments are not investment advice for recommendations to any individual listener opinions are not based on the specific financial situation of any investor so they may be unsuitable for some investors Compaq asset management and its clients some of the investment scholars ask about Therefore Momi have an interest in giving a favorable or unfavorable opinion of the investment because of time limits individual investments owned by Compaq and its clients cannot be specifically identified the information on Market Wrap does not constitute a solicitation of the sale or purchase of securities you should consult a professional financial advisor before executing a security trade or taking any other action based on information contained in this program customer funds to study and fidelity institutional well services contact Asset Management contacts securities and Mowen sorry a registered investment advisors number Finra s.i.p.c. . I'm Jim Cesco with your money now stocks ended in the red again today the Dow Jones Industrials dropped 54 points the Nasdaq composite lost 20 and the s. And p. 500 eased 5 reporting quarterly results after the closing bell get posted earnings and revenue that were slightly better than analysts recently we do stats the Mets the apparel retailer parent also of Old Navy reported per share earnings of $0.53 on revenue of 4 $1000000000.00 same store sales slumped 4 percent from a year earlier a steeper drop than had been expected Gap shares fell or up 1.4 percent in after hours trading a big gainer today the parent company of Victoria's Secret and Bath and Body Works reporting results after yesterday's closing bell l. Brands posted earnings that were in line with estimates all revenue was a smidge below expectations the result hurt by a 7 percent year over year decline in same store sales at Victoria's Secret despite those generally lackluster numbers l. Brands shares soared 10 percent Bostock is still down more than 30 percent this year. Will also part of the Wall Street Radio Network but they are his business with one caveat though. It's still. A memory of Archer Romo and this is the Fox Business Report stocks closing in the red on trade uncertainty as investors continue to worry that the u.s. And China won't agree on a Phase one trade agreement this year among the gators today health care and energy companies while real estate and consumer staples were among the laggards the Dow gainers Exxon Mobil Caterpillar and United Health the Dow decliners Boeing Home Depot and the Dow falling 55 points for a 3rd straight day of losses the Nasdaq down $21.00 s. And p. $500.00 down 5 and shares of t.d. Ameritrade surging 18 percent after Fox Business reported that rival Charles Schwab was in talks to buy the discount brokerage firm for $26000000000.00 Shares of Schwab rising 7 percent in Canada stocks rallying today as investors return to the beaten down sector following a historic house. Vote in favor of the bill that will lift that that will ban on we thank you Fox Business Report on you invested in you. Money a switch the family to Boost Mobile and we got so much more like what well we got for free phones $4.00 lines for just $25.00 per line per month I smashed up the car and unlimited gigs wait did you say you smashed up the car yes it's completely smashed but for free phones switched to boosting it for lines for just $25.00 per line per month for free phones with unlimited cakes all are super reliable super fast nationwide network this mobile this which that gives you more terms and conditions apply new customers only because of his mobile dot com for details. 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