Jims alma mater harvard set to face cincinnati. So far, it looks as though stocks will open to the upside, as markets appear to be taking in stride crimeas vote in favor of leaving ukraine and joining russia, this comes after a week in which the dow had its first fiveday monday through friday loss since may 2012. Jim, good to see you. Good to see you. Referendum dominating the news flow over the weekend. U. S. Says under no circumstances is it going to recognize that. What does it mean for the markets today . I think that whats happening is there are oligarchs cashing out. We see a lot of sales of treasury last week. I have to believe that some of the russians are to be thinking, okay, if they do capital controls, ive got to get out of the u. S. , that was a lot of the selling. This was one of those big, bad event owes cs occurs, nothing h. I think they hope it go as way. I think people hope putins done or maybe hell say, look, i think that maybe its reasonable for me to have a corrido
Nikkei. Overnight in asia not good. 2 drop wrapping up what is the worst week in three years. Of course concern about china in terms of exports or lack thereof. A look at europe where we also are going to see a good amount of weakness. The follow through as you might expect from here yesterday, a day in which we saw the s p down almost 2 and the nasdaq nasdaq down 3 . Lot more than that. Yeah. Lets get to our road map this morning as you might imagine. Does start with that meltdown if you want to call it that in the markets. Stocks slide around the world. You just saw. Is this the start of a correction . The tip of the spear, jpmorgan profits disappointing. Jamie dimon confident in the american recovery. How will the banks weak results drag on the market and other financials. The flip side wells fargo profits up 14 and those shares are rising. Another bad month for sales at gap. Gap discloses a 6 drop in march samestore sales after a disappointing february. Gross margins taking a hit.
And we also have access to this incredible data, the monthly polls that Kaiser Family foundation does that i know we all found a very viable. I am interested in, as you were looking at all of that, what were the things that most surprised you about the trends in enrollment and the things that you think are most important to the ultimate success as we saw . First of all, the secretary did not always like the polls. [laughter] the most amazing thing about the polls really was that they never changed. From passage until today. That is because randomly distributed almost perfectly along partisan lines. At this point i think we could ask the American People, will be Affordable Care at take customers are solve the Energy Crisis in america were turned the cs for our beloved boston red sox. [laughter] that is because we are not really having a political debate it is not really a debate about the aca. It is because in the political debate the hca has become the poster child for a larger debate
Continues the campaign against mailin voting. Do you realize how inaccurate the voter rolls are, with just people moving around. Not let alone the people that die off but sending ballots out just based on a voter roll, registration, any time you move, youll change your drivers license but you dont call up and say by the way im but there is not widespread voter fraud though. There is no there is no evidence that theres not either. That is the definition of fraud. What is getting chuck and nancy back to washington, it is not concern about the working men and women of america who need our help right now, they want to come back so they could rename the post office the United States ballot harvesting service. Also new today, an nbc news wall street journal poll showing President Trump trailing joe biden. The democrat now leading by nine points. And as we count down to the start of the Democratic National convention tomorrow, Kamala Harris speaking out against Voter Suppression tactics. Beca
My take is dont get too excited. Why . Because we just found out why weve been going up. Weve been going up, s p, people trying to figure out why. You have good employment. You have workforce growth and the hours not that great because of the weather, but i think you say to yourself, well, why is the s p going up every day . Oh, employment has gotten better and thats a major switch would it shock me if the market takes some profits in this . No, because its been going up on anticipation of something good and then we got the big enchilada good. I kind of like it. The s p has rallied the past ten jobs fridays in a row. Some say thats a ridiculous metric, but maybe its time for a reversion to the mean. No metrics are ridiculous if they just look, i forgot to wish the bull market happy birthday. Of course, it never happened, you know that . You know the bull market has never happened. Jim has been on a tear lately of the haters of this market, right . Yes. The haters will have to asterisk