Take a look at the stocks across the board where are were seeing steep gains. Chesapeake up. Marathon up 5. 5. Conco phillips, hess, all big winners on the day. Does this rally continue . I think in the last couple of weeks certainly the place not to be has been energy in this quarter. I think this deal this morning, and i read jeffs note, which is fantastic, and the news over the weekend regarding opec, i think it gets you more sneptiveized to add back into energy once again. I dont know if i go to the refiners necessarily. I actually got long that this morning. Eog, concho, those shale survivors, you want to begin to put them back on. You own some of the refiners. I do own some of the refiners. Marathon is up today. Elliott took a position in there. I think when you are looking at refiners, you had this is a consolidation play. There are not too many refiners out there. You have lack of capacity coming on, and over time youre going to get pushed by these to consolidate. Is there a fu
19,000 for the first time today as well. Yeah. I think context is important here, scott. The russell had actually had the toughest time. A lot of that had to do with the huge earnings revisions downward because of energy and industrial and things of that nature. That is now reversed multiples expanding and weve seen the repair being done to forward looking earnings estimates. I just want to make a broader point, and this is really important. On the s p 500 it is not abnormal to make new highs. Its perfectly normal. Going back to inception, the 1950s, the s p 500 has posted 1,100 new closing highs on 5 of all days were making a new high. People looking at that in and of itself as being a sell signal or knee jerk contrarianism in general could be very expensive here. Its important to understand that this is not whacky. Its perfectly normal. Sell signal hitting these new highs. All four major averages, if you include the russell for the First Time Since 1999 or just a si signal this could
The trump motorcade excepting to leave this morning heading out to indiana to that carrier plant where he will announce a deal to keep about 1,000 jobs at that plant from moving to mexico. So were awaiting that movement and were also awaiting any new cabinetlevel announcements. Take a look at what we know so far of the trump cabinet. You see a lot of positions have been filled including Steven Mnuchin the likely treasury nominee. I spoke to him a few minutes ago and asked him if we can expect any other announcements today. He was playing very coy this morning, wouldnt say if wed get more news this afternoon or not. Waiting on the big two, state and defense. A lot of speckation about jim mattis for the department of defense and speculation about mitt romney as a possible secretary of state. No real announcements yet. A lot of speculation on those two jobs. And then of course well see donald trump going out on this thankyou tour throughout the country over the coming days. Thats going to
Election is over. Theres all kinds of problems. Those stocks havent even participated since the election. Why are you zeroing in on them . Im pointing out that at the end of the day all of this month, or november, was spectacular, was based on a premise that everything has changed overnight and will be wonderful in 2017, all the regulations are gone, Interest Rates are better for banks, oil is going to stay at 50 and above. Thats a load of poopoo. Thats not going to happen. If you could have said whatever you want to say, this is cable. Others said it. Ill goad you into that. You want to go . Theres definitely pockets of strength and im surprise d you dont see it in pharmaceuticals. Thats why im pointing ou, kevin. I thought you would like that. The old line technology, some consider technicals. The intels of the world are two sectors that have not performed well since the Election Results came in and theres did he haef value there. Theres yields there. I would, however, stay away from
Good morning, guys. This postelection rally goes from strength to strength. The dow and s p are in record territory inching higher. Are we setting up for an all in, all go rally like the summer of 2016 . Our guests joining us now. A cnbc exclusive outlook for 17. John, waugh us throulk us throu think 17 is going to look like and specifically if all this enthusiasm about equities is transferring to a macro view. Certainly it does. Always good to start off a morning with a little eric clapton, but the market is a leading indicator. What the market and the yield curve are saying is were walking through a door of opportunity and certainly the equity market makes it easier to finance deals and make a lot more financial activity. I think peoples expectations for tax reform certainly have made an opportunity for greater Economic Growth. As far as our outlook goes, business equipment, Infrastructure Spending is improving in the year ahead and Consumer Spending really solid. So, yes, Financial