Its now been 53 days since the president announced the phase one deal with china was agreed and just waiting to be inked thats 53 days and counting. Joining us for the full first hour of the show, Wealth Management ceo josh, did i pronounce it correctly nailed it todayly rsi, people toss around these terms, overbought, oversold they use them qualitatively. The market went up a lot its overbought. Theres a technical definition to things like being overbought. By any stretch of any way you want to look at it, we were overbought on something called rsi. S p 500 we hit 75, the most overbought weve been technically since january of 2018 and we know what happened after that a very swift 17 selloff. So its not shocking that you have big down 400point day in the dow. The big takeaway for me, to answer your question, is the biggest mistake you can make is go to these extremes of bullishness, bearishness, based on each days action today is the mirror image of yesterday, total reverse tomorrow co
Just because a deal gets done that doesnt mean it will make sense. The dow finished flat, s p advanced 0. 7 , we need to address the merger mania because this market was dominated by deals today. Both real and imagined before we get into the weeds let melee out my position for you. I love mergers and acquisitions. The higher the stock market goes and it reduces the supply of stock floating around and anything that takes out supply is good news even if its applied to buy backs, however, i dont love speculating on mergers and acquisitions especially when acting on a tip as always, i say tips are for waiters if youre not for sure a deal is coming, Accurate Information is illegal. If you dont know, then youre just gambling. My rule of thumb never bet on a stock because of the speculation, only buy a stock of a company with healthy fundamental. Any potential deal activity lets say thats gravy which brings me to todays action this morning david faber reported that xerox wants to buy hp ink w
The dow and nasdaq not far amazing suits and float around behind. S of tiffany surging the cabin. It will be a great market after all. I see you are talking about space suit this morning interest in acquiring the that was designed by under company for 120 a share. Armour the next investing frontier, one of the questions that gets Virgin Galactic set to make the put to me a lot is how do you public debut here at New York Stock Exchange this morning. Sir Richard Branson will join us know it is going to be safe . First on cnbc. When it comes to space i mean so, markets are chasing some history this morning the s p is on track to open at space is hard, it got to go off an all time intraday high. On friday, closed within six without the hitch. Points of that record level no room for error here after being fractions away from setting a new milestone. How do you ensure thats the case and what do you tell jim, a lot of the bears arguing what has gotten here from july has been healthcare and ut
Maker warns of the fraught macroenvironment shares of Deutsche Post jump fuelled by continued growth in e commerce and rise in german p t postage prices and dialing up. A 1. 4 billion Share Buy Back shus shushs pushes to the top our top story today is all about autos. President trump is expected to delay plans on tariffs for another six months according to multiple media reports. The Trump Administration has until wednesday. The white house declined to comment to cnbc but renault has driven the sector lower. Shares are driven the sector lower after six years after cutting the top and bottom line out look the giant has lowered sales for all key markets for japan and europe and slashed the market broadcast. This after the second posted job and hit by lower demands on uncertainty following the outing of carlos ghosn. Meanwhile, feeling the weakness cautioning that it does not expect the sector anytime soon the chip maker does not enjoy the guidance adding that it is fraught with uncertain
Which would take us towards more record levels as investors eye in the beginning trading about a third of a percent. We did have an unexpected bounce in chinese Manufacturing Activity this is helping some of the asian markets. Some of the data has been showing a fairly bleak picture in contrast to the numbers today. Add in a bit of a risk investors might be caution across the european trading session. At the start of the session is banks at the bottom. Basic resources. We look at the banks a number are reporting from the sector today insurance and profits crossing over the course of this week the sector trade tie almost a third of a percent it is a sweep into the green at the start of this session. Health care which has been stunning through many of this through october. Up by. 2 telco is up. 2 . We waited out a phase one trade deal to be inked in coming weeks. Oil and gas bounce half a percent. The china story seems to be supportive for these two areas of the stock market today. Lets