It is great to have you with us happy friday our Investment Committee today, steve weiss, jim lebenthal, brin talkingten rob seechen, and one of forbes top 100 financial adviser. Also here with us on set, tom lee, the head of research at global advisers. Stocks sinking this hour were at session lows right now. Take a check on the dow. Were witnessing a 473point drop or 1. 8 decline here s p 500, this is close to session lows right now, down by 57 points, or almost two full percentage points. The nasdaq getting hit the hardest, down 2. 3 semiconductors taking it on the chin right now President Trumps tweet sparking this drop, firing back at chinas new tariffs. Trump saying u. S. Companies are hereby orders to immediately start looking for an alternative to china including bringing your Companies Home and making your products in the united states. The president also says he will be responding to china tariffs later on today theres a lot we still dont know what we do know is this is an es
Ten months where the dow briefly hit 26,000 nasdaq climbed with breathtaking declines for the top and the bottom, i still like this market yes, i do. I like this market and at the risk of sounding like dr. Seuss, i like this rally, sam i am if i dont keep saying i dont like this rally, green eggs and ham, i will say, i do not like it sam i am. So dealing with the bull market that is in beast mode. But we now know is subject to periodic fits of over exuberance no one ever got hurt taking a profit now i tell this basically, homily to you constantly even if you have gains on paper, those arent real. Gains do not turn into real winnings until you ring the register say you got a huge position in amazon, congratulations, there is nothing wrong with taking a profit on some of your shares. The real crime would be giving back your gains in the stock because you overstayed your welcome. We talk about this thing every day as part of the ongoing behind the scenes in dialogue. Discipline says we ne
S p down 1. 1 , and the russell down 1. 05 . Why . One main reason is china. China devaluing its currency. The dollar strengthening significantly. Oil is down big time, look at that, dollar strength, it takes fewer dollars now to buy a gallon of a barrel of oil at 43. 2, down almost 4 . Brent down almost 3 , gold up just a little bit as you see there about a half percent. Mandy is out but sarah eisen who knows a lot about currencies and china is with us today. Thank goodness youre here. I live for days like this, watching the dow and the impact of china spread across the globe. Bob pisani, anything with any china or Commodity Exposure is getting pummeled. Dow up 240 yesterday, down 240 now. Its a wasted week so far. Put them up, Materials Energy and industrials to the downside. Thats the big losers. Some of the obvious names and their impact from china. We always talk about casinos, wynn 70 of revenues in china, and yum brands 50 of its revenue in china down 5 . Those are the easy ones
Lower. Okay i know i say this stuff every night all right . Maybe you think i sound like a broken record but the truth is im always repeating this mantra because of days like today where events can overwhelm you and gameplan cant survive even a minute of battle with the enemy, short sellers, s p furlt sellers, etf guys or fellow individual stock shareholders who decided to capitulate. Today a session with the dow down eked out another record five points at close s p another record nasdaq lost after being down this is object lesson day. Use todays incredible turnaround as way to show you how to set up your own battle plan at home for this unusual volt tillity admittedly im a bit of an extreme coach, exgame coach but i know i can teach you i can teach you. Let me give you setup. 2 00 a. M. I get alert on cell phone from unilever. Looked like bad miss to me it was release, nothing good. Gone to bed two hours before that slept in until 3 30. When i saw how hong kong had stopped because of
Facebook, the amazon, the netflix and google, now alphabet i get that, too. Theyre whats called a crowded trade meaning anyone whos anyone seems to own them, right . On a day where the averages meander with the dow dipping 15 points, s p backsliding 1. 2 and the tech domain that is the nasdaq declining for 4. 7 , you know what, it might be worth remembering why we used to like tech in the first place and why despite what you see and hear maybe you shouldnt give up on it so easily as so many are doing right now. Let me give you some context despite the fact that so many people are worried about the valuations of Technology Stocks the house of pain you need to look at what else is out there to see why tech is maybe a little more special than you think. Why dont we start with nike i love the company thats nike i shot clock shoe dog, the autobiography of the person who founded nike is unbelievable its an unbelievable story how a Little Company from the great state of oregon took on all the