Good. You were with us last on march 23rd you said then, this could be near a bottom. You said that you were, quote, nibbling and it was time to buy a little if you were a longerterm investor are you surprised how far weve come and how quickly weve gone there since that day yeah, its been a bigger move than i thought it would be, for sure but look, theres been a lot of fed action and a lot of government packages since that day and on that day and since that day and, you know, a lot of that probably moved the market than it has the real economy up to this point. So those things happen now the question is, whats the right value for the market now well, thats an interesting question your friend, stan drukenmiller yesterday said this was the worst the risk reward for stocks was maybe as bad as hes seen it in his career. Hes had a long career, david. So do you feel the same way that stanley does how would you put this into context now as to what the right valuation for the market is . Dans
Theres a lot of different angles to this theres a lot of different sides to it but i think overall for me personally the Biggest Issue is the death of george floyd the death of too many africanamerican men and women at the hands of these officers theres no justice for them hardly ever but this has evolved into so much more than that and i dont think a lot of that was intentional and its i dont think seriously problematic i dont think its intentional to put antiphon the streets ok thats the 1st one there was no intent there i have a bill mahers opinion about antiphon you know you remember several years ago he was very critical kind of describe the whole Music Movement as privileged white kids going to you know going to College Board for the summer they dress up in black uniforms its almost like they saw too many hunger games movies and too many star wars movies are kind of agree with him in that analysis of a. Antiphon but the reason i raise the Rick Perlstein issue is nixon land to me
More deaths from the coronavirus as cases approach 5. 5 million. The u. S. Bans entry from brazil. Violence returns to hong kong as protesters announced chinas new security law. Washington said it could be the death knell for asias leading financial center. David quite a stark and dramatic drop. We will talk about that more. Risk off, a lot of markets are closed today. We are off a few points for the s p, nasdaq and dow. Whiteutes or so, the house saying trump is restricting entry from brazil. There is a 1 retracement in the bloomberg dollar index, higher as we go through. You can see downside following the 2 less drop we had on friday. Indi and given is holidays the u. S. And singapore, trading for the futures session in asia. We are seeing modest upside going into the start of trading in tokyo, korea and australian richard looking higher after closing out the week down ralia after ofther easing of lockdown restrictions in New South Wales and victoria states. This is the week more aus
Estate being among the hardest hit. Planning to peaches beaches planning to reopen in time for memorial day as well as clubs in florida as there has been a resurgence of the credit virus in texas. I will ring in taylor riggs who has been digging into the movements of the day. Early losses and late game, where did tech land . Taylor the second day in a row with earlymorning losses that transitioned into gains in the afternoon. Tech for a second day upper forming the s p 500. It is not coming from big tax. The ndx, the nasdaq 100 the other performer. You are not getting the leadership from big tech you would expect in a rally. This is the second they were big tech lacked and the other performer in all of the tech stocks. You mentioned retail sales and Industrial Production all bad news. On the flipside, Consumer Confidence better than expected. That is where you get smallcap stocks like the russell 2000, focused on that semester consumer, that was the big outperform or that on the domest
Has a safe haven . Taylor i have been seeing that. You take a look at the companies with great free cash flow, balance sheets, expanding operating margins. You take a look at the nasdaq 100, or the big tech, today was the exception, but coming into this, six of the last seven days, the nasdaq really gaining. Faang today outperformed even though it was lower. I have heard that tech is providing a little bit of a defensive position when it comes to the health of the balance sheets. Apples another Company Really leading today. In the in six of the last seven days, apple has gained more than 1 in every day. Share, it to 350 per saying the iphone 12 could start the road to recovery. He is confident that the eye of the storm is now in the rearview mirror, at least from a demand and supply chain perspective. You are seeing apple, some of the other big tech stocks really leading on hope and optimism. Emily meantime, big news potential in the food delivery space. Ubermmond reporting that has ma