I see london, i see france, i see you in your underpants i always hated that diddy when i was a kid but you know what . It perfectly describes todays actions. Sellers caught with their pants down tipping just. 15 . Yep, this morning investors saw london and they saw france, not to mention milan and madrid. Specifically the europeans getting hammered as covid back on the continent they figured wed import those losses from europe so they furiously sold their stocks to get out ahead of the weakness. Many of these jokers probably trading in their pajamas the feet with the dr. Dentons. Panic pretenders here dumped shares at a 10 1 ratio, meaning there were 10 shares for sale or down for every 1 share someone was trying to buy. Now the late, great mark haines, one of cnbcs finest, always used that 10 1 ratio to call bottoms, including the generational bottom that he nailed in march of 2009. When the ratio sellers to buyers is 10 1 hed say you have to hold your nose and buy because that kind
Upping its offer for an aid package to 1. 8 trillion, President Trump tweeting go big a positive development on the covid treatment. Gileads treatment helps infected people recover five days faster than average and tech stocks are outperforming as a massive deal is in the work the week capping it off with a bang. Absolutely. The russell 2000 is up 6. 4 for the week the dow is currently positive for the year as a whole, just. Lets get to the stimulus news in washington and the reaction to it. Bob basketball has a look inside the market rally ylan moi, and Dana Peterson from the Conference Board bob, lets start with you on this very nice end to a strong week. Good news and bad news, will. Good news is, s p is up about 3 on the month the bad news is i am seeing a little bit of an inversion of the stimulus play today. Thats concerning if you are a believer in stimulus remember the stimulus play, bicyclicals materials and banks and industry and energy and go light on technology. That was wo
The most in cities. Haul supportto efforts halt support efforts. Money, city save budgets are being stretched. Many workers are working from home or unemployed, but it is not just city budgets, you have financial is supporting the cities you have Financial Institutions supporting these cities. Joe we know that all the regional banks are not doing great, but the ones exposed new york city are the most in trouble because they have unique issues dealing with new york and its future and fiscal sustainability. Here is how much the bank is backing commercial real estate. You see the big names like wells fargo, but also lesserknown names like signature bank, and for them, new york city is a big part of their stock. Romaine see the amount of lending out there. M down 42 over the past year. Yougo down the list and will see similar returns for all the banks that i have marked in the new year new york region. Joe hannah, thank you for joining us. Of the the sense exposure relative to the size of
The dow falling as much as 600 points before turning around and briefly going positive only to end the day down. 5 the nasdaq led the losses. What a session, guy, following yesterdays big selloff. What do you make of the action, guy . Interesting mel and i text before the show she asked if this was an old tie or a new tie i pulled it out for this fridays show. What do i make of this i mentioned im looking for an open lower spend the rest of the day rallying into a long weekend. We sort of got that. The late day selloff concerned me a little bit. Theres a rotation in the financials and the fact that the vix which spiked above 38 closed lower on the day i think you have something to think about for both sides of the equation, both bulls and bears as we head into this long hollywood weekend. What i thought was interesting about the session and maybe this is a head scratcher, is that bonds are selling off throughout the session and remain lower we got the yields going up to. 72 on the teny
How high can the price of gold go to the purses but will is being sold for a record 2000. 00 an ounce whats driving the gold rush and could it affect the chances of economic recovery from the coronavirus and that this is a story. Hello welcome to the program on iran kong the coronavirus pandemic means we are facing a worst ever recession shutdowns to control the spread of the virus have forced many businesses to close millions of jobless and when times are tough investors tend to put their money into socalled safe haven assets such as gold. Precious metal hit a record high of 2060. 00 announced a couple of weeks ago thats a 30 percent rise this year now some analysts are predicting prices to soar to 3000. 00 an ounce by next year the price rise is particularly being felt by indians theyre the 2nd largest buyers of gold in the world for weddings special occasions this is only going to be a bit not literally every business except the. Products and everything is done. Really was of absolu