Good morning. Thank you for having me on. Biotech ability to take the biological structures of a cell and make it work for you. That started in 1973ith the first tools that were developed into whatt led eventually into the entire industry. How is the biotech industry playing a role in the coronavirus pandemic . Early in january this year, most of the biotechnology industry was focused on cancer. About 55 of it. With very little or no programs in covid. In the industry came together early in january, came together at bio and asked them tell us what they see in china. What they saw happening in china but quickly to 40 or 50 of them saying we are going to jump on finding yours vaccines right now. This was in january. Between now and january, over 770 programs were initiated. Pr what this meant was the entire industry pivoted not because have to but because we decided it was the right thing to do. The money was poured in, where we are today, we have close to 170 new vaccines on the horizon
Astrazeneca is to resume vaccine trials amid questions about initial claims and the level protection with Global Buyers numbers on the up. But thanksgiving travelers defy warnings to stay at home. New data shows china is likely to miss targets this year. Imports were slow last month after septembers high, leaving the full year targets out of reach. We are seeing australian stocks starting off on the back after snapping three days of gains yesterday, just falling short of being able to erase those 2020 losses. But we are still on track for the best monthly gain on record, about 13 on november. Further positive news for the country when it comes to 28 consecutive days of no coronavirus cases from victoria. Looking at u. S. Futures right now, initial jab, if you will, cash markets were shot overnight. Not a lot of price action. Down about six points on your s p futures. Dollaryen, 104. 24. Limits to the upside. New york crude below 45. We will talk about opecplus later on. The outlook for
This just a correction or is there Something Else more insidious involved . I wouldnt use the c word. I would say this is profittaking pullback. That is all this is. Remember, the nasdaq, top 100, ndx were up 75 straight up off the lows. Even after this pullback were off 10 from the highs, theyre sill up 66 . Looking at the s p, right now as it stands is 50 off that march bottom. So the end is not near. This is just a profittaking pullback. This same situation is in place. Lets see how things react. Even with today, were only down 3 in tech. That is not much at all. What i like to see with vix. The vix has a lower high than it had on friday even though the s p had a lower low. That is very much a positive. David jonathan what do you think . The end is not here. This is just a pullback. We could be way up again momentarily after the pullback is finished. What do you think . Put me in the bear camp, you have 80 new, 20day highs, excuse me, only 8020day lows. And the pendulum is to the be
The backdrop continues to be the coronavirus. New york city finally gets a chance to reopen today. I am waiting to hear the construction outside of my apartment. It has been three months under that stayathome order in new york. A live shot of Herald Square and the area around the empire state building. Construction, add, manufacturing, wholesale trade, and Retail Stores can offer curbside or instore pickup. A former new york state Lieutenant Governor and current member of mayor bill de blasios Fair Recovery Task force. There is really no other person. E really want to talk to today this comes in contrast to the protests we saw. How did the protests affect phase one of reopening . Dick one cannot be certain. I think the Biggest Issue is the revenue loss that the city will suffer as a result of sales taxes and property taxes and income taxes. Its impossible to measure but it is way beyond the capacity fiscally of the city or state to make up for that lost revenue. A function ofs how many
Information is incorporated there. Im keeping an eye on relationships between stocks and bonds. Bonds have vastly outperformed you can see the chart in the bond mark ket index. A lot of chatter about how Pension Funds will have to rebalance out of bonds into stocks to keep ratings consistent whether yesterday was a front running of that activity or whether by the way individuals may now use it as an occasion to say my allocation is out of whack because stocks are smaller, that is something we can watch perhaps play out on over the next few days mike santoly, thank you that sets us up well for our first discussion, market panel of the day well start with market action, another volatile trading session so far good morning andrew, ill start with you, how are you advising clients right now . Especially given the fact we are coming off the dow having the best day in 80 years, but historically weve seen these moves on a singlef day basis in the midst of recessions or bear markets. Great ques