Joe, its these mnuchin headlines getting something done in terms of stimulus by the election, he says, is tough. That caused a bit more of a selloff in stocks and it underscores why the nasdaq continues to have a bit under it yes, it does clearly and youre also seeing a little bit of a fallback in yield, scott. The tenyear is pushing back towards 70 basis points, somewhat troubling, i would think the market needs a little bit of some of the Forward Momentum that its been carrying in the last week or so to really cool off a little. I think we were getting a little too vertical in the way we were appreciating so the negative news that youre getting on the stimulus aligns with maybe a much needed little bit of pause in that rate of appreciation im not overly concerned by it. Yeah, rates are falling you see it there 71 basis points is where we are on the tenyear, an issue to deal with, tiffany, or perhaps the message in the fall. Everything is coming down on the mnuchin comments but its mo
Deadlocked on stimulus we know the economy needs more stimulus, certainly pockets of it do. Does the stock market, though . What is if it doesnt happen im not sure if the stock market is pricing it in, happening right now. I mean, theres no scoreboard that i can tell you definitively its being priced in, but i dont think its in there. So if you do get something, i think it will be good for sentiment and it will probably lead to new highs, but if you dont, independent nm not sure as wbig of a disappointment as i would have thought six months ago. A lot of works continues to work, ive been talking about the housing stocks all year. Lows in particular in that index, low looks prime for a mega breakout, about to take out previous resistance, put that one on your radar. And then theres leadership from energy today, which is kind of weird. We were looking at some of these names and exxon could double from where its trading right now and still be negative on the year thats how beaten up this
Flat theres the s p up a corner. Tech is out performing today steve, i look at the notes from all of you today and sounds like youre growing more and more cautious on where we are and more importantly where you think we could go. I think thats right. My position is simple. Were going to get a vaccine the timing is uncertain. Its not going to be distributed on a mass basis until next year. The election wasnt decided until middecember from election day to middecember, the stock traded down 8. 4 . We have a market on steroids i think you continue to see issues which is really gutting the Technology Sector which has been leading the market. We saw more today. They want to call the ceos from google and facebook down to d. C. Again. That is the current administrations platform. Lets get tough on trade lets get tough on tech. Its been disasterous or could be disasterous Going Forward when you take a look at valuations, you know, theyre very vulnerable here if i could be 1010 club, i probably
Still lots of questions swirling an tech. Does the turbulent in tech continue, do you think by the way, value has been leading lately and thats a story in and of itself yeah. You know, a whole host of folks said that would happen, eventually, scott. From tom lee to Larry Mcdonald and so forth i dont think the story is over for tech you and i talked about that monday i said i think that we are unlikely to test significantly lower in tech. Yet, here apple is back down on the lows of the last several months, scott. Ive noticed a lot of those value plays that you discussed, for instance, infrastructure plays in particular. Steel, mining, things like that. Getting lot of money flow, a mean a lot thats worth noting. To your point, thats partially why perhaps people are using tech as a source of funds. I dont know how long that lasts. I certainly am not betting that it lasts very long as far as tech being a wreck and value being where you want to be thats the way it is for the last several se
They are higher on this monday trying to work their way back from last wem wooeks sell off. Jon, i go to you first you saw enough in the sell off in big tech to put some money back to work you added to things you had. Why . I saw a lot of institutions doing that when that wave starts picking up, i start paddling faster. I rounded up certain stocks like after that split in apple. I needed to add shares to get myself to a more tradeable lot size than some of these odd lots after you get through a stock split. You end up with instead of 11,000, maybe you want 15,000 shares or whatever it is they were so accommodating letting us get to those levels thank you for that for the folks that pushed it down there. Micr microsoft was down in the premarket. It made the big turn after people were reacting to the news in oracle and tiktok and then its up 4 there was a lot of constitutional interest in many of the names of those battery stocks are you making a statement here are you making a statement