Ten states are beginning to work on plans to open parts of their economy. Maybe in may, the fed launches a commercial paper funding fa s t facili facility there is an argument that calls for stocks to retest are fading. I thought yesterday was an important day with the dave kostin change. I did a lot of work, help with larry williams, about how many times when you have a 50 retracement or more, we have a retest the answer is almost never i think theres a lot of people coming on someone came on the air this morning and said in every single case you have to have a retest. Thats completely untrue if you bounced up 50 beginning last friday thats what we did. A lot of people say this thing is based on large cap companies. Thats what we do. Were not trading luncheonettes here thats not to the detriment of luncheonettes. Were not trading hair salons. Thats not the way it works. We trade Large Capitalization Companies that do better than smaller ones in this environment. Thats life. Is it fair
January of 18 of 140 and surged to 327 before collapsing with the market. Didnt offer any defense, went down just as much as the market. Hit a212 low and closed this week at 283. If you look at the next chart, this is important. If you are defensive or considered defensive, more defensive than proctor, apple sells off 30 . And now having rebounded 35 , but youre not back to the high of course. Thats the nature of percentage draw down and ricochets. Final chart, this is a twopanel chart, and this reallies to tell the tale what we see is apple on top, but its relative performance to the nasdaq 100 continues to stall. And by my work, that is its problem, and i think one is right to be skeptical going into the earnings print this coming week all right, carter, so we go to mike. Whats your trade out of this . Yeah, so its interesting as far as im concerned apple, this obviously is a company with a fortress balance sheet, and a lot of Technology Companies s companies some would say are wellp
Your stat of the day only one stock in the nasdaq 100, pfizer fell today, 99 out of a hundred in the nasdaq 100 are on the rise. Big banks, a big story for earnings and the results, the stocks not doing so much and former fdic chair sheila bair is here with a new white house op ed and the new Coronavirus Briefing, we will be monitoring that in the last couple of days there has been more news and this one a little different. Look at the location it is not in that press room this is in the rose garden which, we dont know what theyre going to say, but historically, when we have this one podium in the rose garden, we tend to get more news so there is a lot going on, but lets get right back to the markets. Tim seymour, i want to begin with you and really today i need a china story. Apple, iphone sales jumping 2. 5 million in march versus 500,000 in february. Better import export data. Did bigcap Technology Today to you sort of signal that china is providing a kind of road map for our reopen
Because there is some, not a lot but some cautious optimism starting to trickle out around both the markets because they ended their day and they ended their week higher as well. Perhaps some hope on the horizon about america getting healthy and getting working again. But tim seymour with 22 million filing for jobless benefits in just the last three weeks wiping out a decade of job gains, no doubt some very hard Economic Times for millions of people still to come. Is there really any good reason for markets to be rising like they have been i think its a liquidity squeeze. Its been a skepticism trade that has squeezed markets higher it has been a combination of the Federal Reserve expanding its Balance Sheet to 6. 1 trillion. Its been all of this well ahead of the recession frankly its been a dynamic where i think the positioning of markets allowed markets to push on higher it doesnt change from where we are but obviously we started all this on covid19 as weve gotten more clarity on cov
Also janet yellin saying maybe the Federal Reserve should be allowed to buy equities directly maybe they should be able to were going to talk about the markets all show long. And see if were getting getting around this area well look at where we understand with the indications. And where we think we might be in flat thing that curve waiting on tim seymour as well, tony dwyer will join us too, it is a big market day. Lets begin now with these markets. Guy adami, i have a statistic for you that i think may move you given the kind of weeks we have had in the moveup, the qqq well talked about on this fine program, is it now higher year over year. I mean, some of the its amazing what you can do with numbers, i didnt know that and thank you for sharing that, and happy monday to everybody. This is a good day, and listen i think you can take some glimmer of hope from that absolutely tims joining in, and hes been optimistic, which is good. Dan has a longer slew that he will share about where th