Election. What do you do here . The rotation in the financials and i think you can stick with those. Yesterday i took off a lot of the financial positions, took off a few more today. Scott, when you look at whats going on now, howard ludnick was on last night talking about how regulations, if those were put down a little bit, a little bit softer, druckenmiller again said exactly the same thing. If thats the case, that means the financials have room to run and theres plenty of room. There might be even more room. The paper we have been seeing flowing in there, 95,000 bank of america calls were bought yesterday midday, scott. And then sudden ly they come in today for the xlf. Theyve been coming in for almost anything financial. E trade was just a few days ago. They continue to come in for those. When i say they, i mean those with big, big, deep pockets coming in saying the financials are going high. Is this a play out of tech into more cyclical, more value areas, if you will, industrials
Bad. Say again . Theres reversal in some of them. Yeah, little change lets call it. Volumes still up, 80 above the threemonth average by the way. Global fixed income had a bit of a rally also. Speaking of fixed income, lets look at the 10year. There you see it, 2. 246. Crude is up. Yesterday too, wasnt it . Yeah, i mean, again people hope that the end of november theyll be some sort of cutbacks. It all just seems very chimerical, but it will say this. Traders get short and get between 42 and 43 and get crushed over and over again by the opening. Right. Lets get to the road map this morning. Of course it starts with janet yellen on the hill testifying on the health of the u. S. Economy and the timing for a rate hike. Plus donald trump taking some interesting meetings in new york today. Shinzo abe going to find his way to trump tower, we believe. A handful of ceos as well. And well have an update on the transition effort. Walmart out with results, sales were not quite where the company h
Rallying equities today. Near session highs. As we have been for most of the. Ay fulls day the dow was up nearly 1 off its record highs for the the dow is points or so but s p 500 and nasdaq on pace to close at record highs with about 59 minutes left to go in trading. You what has been happening in terms of the sector s pth of the s p list sectors here. Symantec the second percent rise there. A deepere a bit of dive into the banks. Financials seeing the biggest bump here. The majors are well up across the board. Wells fargo the least of those. Bank of america. , they are thee. Umber 10 position, down 1. 4 they are on pace to close at a six year low. The bond market, you would expect to rise in yields. That is what we are seeing. Right now, the twoyear end 10 year both up right now. We are pushing the 1. 58 in terms of yield. This will be its biggest gain since late last year. Supplies with what has been happening. Vonnie thank you. Lets get a check on the headlines. House Speaker paul
Heres what really caught my attention, inflation. Of this cognitive dissonance about inflation. What they saw, right . That we are getting up to 2. 0 . When you look at the 2018 projections, those have been revised downwards. You see language from the fed about their understanding of inflation. Wondering why it is they cant create it. They are going to carefully monitor actual and expected progress. They are much more aware of that inflation goal in reaching it. Let me tell you that the word in this statement is gradual, not measured. Thats a huge difference here. When they say measured thats the stair step function. Up every meeting. Gradual, whichrd to me says were going to take the hike, look at things and wait and see what happens. What i see is the history of the two year yield going to 1 . No question about that. The fomc moves at 1 . This goes back to i believe april of 2000. Ira jersey is with us. Very quickly, weve got some much to cover. Mike is looking at the statement right
Half hours time. It looks like investors do not anything germanic ahead of that on a macro basis because the s p and dow slightly lower. The nasdaq slightly higher here today. Gross closer to resuming and surpassing its record high. Take a look at my bloomberg terminal. I the intraday moves going back to six months. The record high was reached back in july, july 20 to be exact. We are 1 below that level. Indo see a rally for stocks december. We could see not only the nasdaq but other averages once again surpassed those records. Today, yahoo ogy is in focus. The wall street journal reporter that the company was considering a sale of its main core internet business, leaving olli alibaba states. Qualcomm is an outperform after coming to an agreement with xiaomi. It is a 3g and 4g patent agreement that will allow for royalty fees. This is important because qualcomm had said last month that it was maybe having issues with negotiating those speeds with its chinese customers. You can see the