Towards full environmental destruction with get ahead just made it sound like no fun. I mean think of the positives. Lets move on only one thing matters to the oligarchs it is the primacy of Corporate Power which has extinguished our democracy and left most of the working class and the working poor in misery. As well as the continued increase and consolidation of their wealth was in their the National Anthem thats kind of our thing i think i remember as one of the parts most people mumble through in fact chris hedges is of course right were witnessing the largest consolidation of wealth ever seen while more people than ever face eviction in the land of the free you are not free if you were beaten down and imprisoned by Economic Force that is not freedom that is full frontal oppression but the 2 corporate conventions dont want to talk about that because it said jim bob her much better to talk about had joe biden took the train to work 2 for a bunch of years and once said hi to an elevat
Session with the dow plunges 406 points, the s p prlummets 1. 6 i an absolute nightmare. The house of pain but its good to have some cash so tonight, were holding a coronation because right now, cash is king. Our viewers know this market has been making me nervous for a while. Ive been telling you to take profits for the last three weeks. We have sold some of every single tech stock we know, including some very, very good favorites that you are aware of. Every single one, first time in 15 years because bulls make money, bears make money. But hogs, they get slaughtered i love these tech companies, but i looked at the Charitable Trust cost basis, i looked at the pricetoearnings multiples and said you know what we are out of our minds with greed youve got to be disciplined in my book, that means taking profits while you have them. Some of you will say this violates everything you heard about investing, buy and hold, think longterm. Or most recently, or i should say, stocks or stonks only
I see Energy Leading the way welcome just like tyler said, tech is lagging the Broader Market right now. You can look across the sector board behind me. Financials down only 1. 3 . Look at technology its the worst performer down 5. 6 today even as the nasdaq hit a record high yesterday, its not just the big cap tech stocks selling off. The momentum names have been struggling for a lot of this week already take a look at zoom. The stock is up nearly 500 this year the this amounting to a pretty big pause. Same story with tesla. Its down 18 . Finally docusign is down about 10 . About 8 today 10 in two days and it reports earnings after the bell. Well have more on that in a moment first, lets get to bob for more on this market sell off today. Bob. Youre right, kelly this is largely momentum driven. Not external news events around the economy or vaccines like that the news has been positive let me show you the momentum etf. These are the Largest Holdings in the momentum etf. Look at stuff t
30, which is interesting and worth bearing in mind we have not traveled that far. The bank of england stepping up preparations for negative rates. You can see quite facing the repricing at the front end of the u. K. Curve as we see the two moving as twoyear prospects of negative rates appear to become greater. Alix more on that boe decision with paul dale, capital economic chief u. K. Economist. Negative rates when, where, the future, how do they do it, when do they do it . I think the answer is probably not for a while, if they even do it at all, which suggests to me that the markets have got a bit too excited. We know that the bank of england has been thinking about negative Interest Rates for some time and said in august for the first time that it is part of the target. And today, the minutes revealed that they have started to make preparations so if they didnt want to use them, they could use them. Now i think that is very different to actually wanting to use them. Back in august,
It and shares of astrazeneca falling premarket, the drug maker hitting pause on its late stage Coronavirus Vaccine trial. Jim, you just tweeted coming to us in a few. Fired up about what . Fired up because i think that people have given up we had 10 correction, most of the people i heard except for jim pullsen in the previous show basically say, look, this is a dangerous its a bubble, its a bubble, its a bubble. Now, i think that anytime the market opens up big, carl, i dont like it but europe is up strong, i think that this idea that its a bubble, what is the it is the it tech is the it apple . Is it tesla . Lets take it case by case ive seen things that have come down a lot that are very interesting. Its just that im not sitting here saying this is the moment where you must buy all the zoom in the world but zoom just fell 30 zoom had a really great quarter. I had cloud strike on last night. People will say these are viciously overvalued, but they have come down and maybe this is the