Pausing phase. I do believe it does. I mrs. Think 2300 in the s p p is important. Those are the targets for a lot of those on the street. Getting to 23 will be good. It is nice and diversified, the rally today. I know financials are leading. It is clearly from a technical standpoint, something that is sustainable for the market. You are 6. 5 points away from 20 on the s p. Do you think this is sustainable . Sure, why not. We got the election, the trump rally and you kick off earning season. You have jpmorgan and bank of america knocked it out of the park. 52week highs on virtually almost every single stock. We had a little bit of a pullback and rotation. We are seeing m e goia going on. I think they are going to get more kicked up as we get closer to the middle part of the year. We are just at the beginning of a rally that could last. Do you think that retail is coming in . Do you think we have started to see anywhere near the full extent of a rotation from bonds into stocks and f noif
Good tuesday morning. Welcome to squawk alley. Jon fortt has the morning off. Dow is down almost a hundred. Almost all of that is gold aman and j j. The president expected to sign an order today. Hell tour the factory in wisconsin. The order targets loopholes in rules requiring Government Agencies to buy american. The Administration Says there are too many waivers in those rules tucked inside the free trade. The move is praised as a smart step. Second part of the order deals with immigration directing Government Agencies to root out immigration fraud and the white house also wants to move away from using a lottery to help decide who gets an h1b visa. Tech ceos have pushed back on this issue. Bill gates, elon musk have been discussing this with Jared Kushner and the message to the president on h1b, mend it, dont end it. Back to you, carl. Well come back to you for more. Todays order will have ripple effects across the economy including some of the biggest tech firms in Silicon Valley. P
It was really the trading view u that got goldman. Bank of america on fixed income, up 30 . Goldman sachs flat only up 1 . On the earnings call, new incoming cfo is first to deal with. He said there was particular focus on weak commodities where they have a higher exposure. In general, he said it was lower volumes, not because of specific positions. He said it was a volumes things and said no quarter particularly defines the franchise. This doesnt mean our franchise is broken, but a big outliar. On the other conclusion, i spoke to one investor and he cited the fact they dont have the big commercial bank to off set things and therefore, they werent getting the flow coming in from other areas. We did see that in terms of jpmorgan citi. Which is something to bear in mind. I thought it was interesting on the Conference Call from marty chavez say thag the vix when it comes to u. S. Dollar euro was low and the Oil Volatility was very low so it was a cc and the thick that really got Goldman S
Good to have you back. The dow trading at yet another record high this morning, before trading into the red just now. The nasdaq largely left out of the rally last week, added to its losses this morning, but its not just stocks. The dollar trading near 13month highs, the tenyear lead at its highest level since january, and, roger, a lot of people unprepared not just for the political outcome, but the market response to that outcome. Clearly, if the last few sessions are any indication, were in for more chop. I have no idea where this is going to shape out, but seems the one thing that had to happen, the surprise was so great, there were two or three industries, like banking and other regulated places, where essentially we saw 180degree shift that moved from clinton to trump meant you were going to go from heavier regulation to essentially much less regulation, and for bank stocks in particular, that caused a massive increase in enthusiasm. Which is understandable. So, as that repricing
Apple about what trump is going to do. Is he really going to be that much antitrade . Everybody is watching that. I was watching the 60 minutes interview to see what he would say about trade. Nothing. Its still on watch. The goal for the stocks that are ea easy, the ones that he has talked about clearly with policy and thats, of course, health care, financials, and thats the place you should go. I think there is some tech stocks that are good to buy. Take a look at graphics. Well talk about that later in the blitz. Cavat, thats had a little bit of a bounce. The others why go there . Theyre easier ways to make money in the market. The point youre making, though, aaron, is you have to be selective. Yeah. Forget about buying these big bright in the lights names, the facebooks, the amazons. You got to go under the surface maybe two or three levels to find names in tech that you think could work. Yeah. I think theres a really powerful sector rotation thats going on here. I think its twofold