Few minutes ago. Lets get to Jackie Deangelis kat the commodities desk. The drawdown crude inventory was 6. 4 million barrels. Both numbers were steeper than expectations. The gasoline drawdown almost 3 million barrels. Thats adding to the boost youre seeing as well. Crew traders are watching for trumps announcement on climate change. Maybe some of the regulations will roll back and it will be good for the drills are in the country. A little bit of mixed circumstances taking us higher today. Big story to watch today. Thank you, jackie. Some of the top names in media taking the stage at code last night including Sheri Redstone and time warners tom bewkes. Take a listen. You have a joining set of b subscribers with different bundles. Thats where we see it. Well have to see how the new parts of the media or the video infrastructure, whether they mitigate the loss from the old infrastructure. And for more we are joined now by founder and chairman of the Case Foundation and krp eo of revolu
Group terry duffy will also be with us today. First, we want to welcome in gary is president and ceo of Goldman Sachs. Good to see you. Thank you for being here. Thanks for having me. Good to be here. I think we should start in the obvious place. How surprised were you by the election result . Honestly not as surprised as i think many other people. Having seen what happened in this year, the year that i would call a year of great uncertainty, weve seen other results in other elections whether it be the columbia referendum or brexit where weve had very unpredictable results, where pollsters have gotten it wrong this year. It was not that shocking. You know, some people say its because you grew up in ohio and you have a lot of Ohio Midwestern context, and i was talking to people in the midwest. I had a feeling that we may end up in this situation. The markets down 800 points that night into the morning. For many times i was talking to people prior to the election. My mantra is whatever h
This now for at least a couple of weeks. How big of an issue is it . Its a big issue when we get into january, and we hear from corporations what the impact has been and what the impact Going Forward could be. Secondarily what will the chinese do as it relates to deappreciating their currency. Why do you have to wait until january . No, its not. No, its not an issue. You are not going to get the headlines from the companies who are going to cite the appreciating dollar. You dont make the moves now . You have to have the reality of it in the upcoming quarter. Right now you have to focus on a market that has clearly reversed the expectation that president elect trump coming in would be bad for stocks. Its about fiscal policy finally being put into place. Lastly, i just asked why is it that we are always looking for the exit sign when the market advances . Thats been the mentality over the last seven years. It hasnt worked. Whether the trump rally to the magnitude people have gotten it to
And what do you think of the sign of derisking . You are have seen a lot of the trade assets out there, and you have n the treasuries rallying and gold rallying and the utilities ralin inlying, an is an indication of the investors being in a defensive position. Are you better served to get to the cusp of the new highs and then you find a lot of people are playing defense again, and josh, what is going on . Well, i guess that i reject the premise that this is some of kind of a failure, because price has memory, and we have approached the old highs and we have been here four. Four times since may of 2015, and the s p 500 bumped and failed four times. That is right. So when we approach the highs again, you should expect that people who felt like they got left holding the bag buying at the levels to maybe take some off which is a little bit of the resistance and you have sellers here, and we know it already empirically, and nobody should be surprised that we are not ripping through it like
Many months as the stocks have sold off, and john and Pete Najarian are with me here on 1 market, and we ask your opinion as we wait for the president. Well, it is incredible, and jon has been all over the story, but brexit, and now it seems that the world is getting more and more concerned about it, but brexit, and the fed and thele volatility of the way that it is skyrocketing, and even in the markets that are not that volatile quite honestly, and i look at the markets and going down 100 points, you dont expect the vix to move last thursday 14 and then 17 on friday and today, well over 2 1 and yesterday a huge jump in the volatility, and so concern out there, and unsecertainty, and t correlation of oil remains right intact, and down 1 , and markets down on the day. And the biggest loss on the s p since february and we mentioned the vix, but it in part the brexit issue as the polls over there are showing the creep up in the those who say leave. Well, they want selfdeterminati selfdete