The good times last for investors . Our first guest today says 2018 will be more challenging jim paulson is chief investment strategist live with us today from minneapolis welcome back. Thanks for having me, scott. I thought things were about to get really good whats the problem well, they could be i i just think theres some challenges that are starting to show up. I dont see a bear market next year but i think well take a pause and could have a correction here. You know, the biggest thing that bothers me is positive economic surprises to me have been a big part of the rally in the last couple of years. The problem today is the economy may do just as well next year, but will no longer surprise anyone because everyone is caught up. Everyone knows theres a synchronized Global Recovery going on the u. S. Is doing well, so even if it continues to do that, it wont have the same positive impact in the market in addition to that, you know, the feds tightening and the cumulative impact of that
But first, we start with day two of the tech wreck. The first backtoback sessions for the sector since brexit. All the familiar names, facebook, amazon, apple, netflix, alphabet. All closed well off the lows was the bounce convincing, and in a month from now will we look back and say today was a buying opportunity . Pete, shall the fangs have lost 126 billion in just two days. Which sounds like a monstrous number. Is the worst over i would say this. When you look at what happened with volatility today, john called in earlier today on the halftime and was talking about the vxn. Friday it was trading around 13. It got all the way up to about 18 today it got all the way up to 21 you know where it finished down 6 today. That tells me there was a turn and it happened right around halftime, right about noon to 1 00 we started to see volatility really starting to get hold on, lisa. They looked at alibaba, but you looked around at the faang names. Some of them even finished in the positive not
Cramer, faber is off president is in wisconsin, surp positive, yields tick up on decent core ppi. Tech stocks taking a tumble. Treasury is out with its plan to loosen Bank Regulations and is the worst over for under armour . The stock having a nice bounce after the warriors take the title. First up, tech stocks looking to rebound from their worst twoday streak of the year jim looking at some of the percentage declines for fang, somewhere in the 4 to 5 range. What happened is you didnt get followthrough other than the negative apple you got a downgrade of adobe that lasted for about 30 seconds. There were no substantive calls and by the way no preannouncements that these great tech selloffs that weve had there usually is a linkedin tableau data, upgraded today by goldman. Theres something to hangon to which says tech has slowed down but we didnt get that, which made it so it was more of an air pocket than it was the beginning of some gigantic rollover. Just didnt get it i was looking fo
Weakness this morning as we get set for the open tim cook wants to quote yell out and scream about ai. Well fill you in. And the king of snapchat just went platinum. Dj khaled is ringing the bell here first up, we mentioned the downgrade, how much of this is digestion of this new fed . Well, im the one to ask that thats a dj. Heres the deal. I think that the many people are ascribing way too much to the fed. I think the fed did business as usual. Theres a vicious rotation going on its a continuation of what we saw on friday. If you look at the last 20 minutes of trading yesterday you saw the repeat of what was friday which is a bang down of all the big hightech stocks and then money back in to retail and to finance i think why people were fooled it didnt go back into oil low tech health care, also higher valuation health care you watch celgene and biotech. Watch Illinois Tool Works which is a great tell for the industrial you can watch jpmorgan, you can watch the trading of wells fargo
With a man who doesnt sit down very often. The founder and ceo of under armour kevin plank on the 20 year husbandle from building a company from his grandmothers basement that now has its eye on the king of the industry. You got to tell me, true or false. In the early days of under armoarmo armo armour, you used to send the head of nike a Christmas Card every year and say you will know our name. Yeah, thats true. Plus a special report from the heart of the Opioid Epidemic ralphaging the United States. All a bit later in the show. Lets begin this morning with the battle looming this week over the Senate Health care bill. Kelly odonnell is live on the white house checking on it for us. Good morning. Reporter it will be another high stakes week for the Trump Administration over health care. It has been harder than they expected to deliver on the promise of repealing the obamacare law. Theyre several votes sure of what they need. They took a brief break on a lovely summer night to live up