President ial rival Carly Fiorina take a ride in the golden elevator. Joe mansion leaving just moments ago after spending more than an hour upstairs. The chatter is he could be energy secretary. We need to look at an entire sector that is freezing up at this hour after donald trump threw cold water and ice and snow at it. He said its way over budget. The entire sector is tanking right now. Wall street veterans on the ongoing attack on specific businesses and who could next feel the wrath of his twitter humor. Charlie is going to break a big story. And jeff flock is freezing to death. We are less than an hour to the closing bell. We are live and life and we are bringing all of the action tick by tick in this final hour. Lets start the countdown. Breaking news it is now official we have this president elect donald trump has Just Announced that gary cohn the former president of Goldman Sachs he will be the director of the neck is sternal economic council. This is a very powerful position.
Good friday morning. Welcome to squawk alley. Im Carl Quintanilla with jon fortt. Kayla has the morning off. Dow up 57 points. Obviously the markets are our top story. Well continue to watch the race to 20,000 in the wake of the feds first rate hike as you know, of 2016. A lot going on. Donald trumps victory since that time five weeks, looking at 8 on the dow, the best postelection rally on record. Jonathan gow want is managing director. Guy, happy friday to you both. Good to see you. Good to see you as well. Tobias, people taking stock of the rally but paying attention to Dollar Strength. The lack of real policy specifics as of now. Obviously memories of how bad last january was. When do we know when this rally is over . We think its a bit overdone near term at the moment. Interstock correlation, top 15 names in the s p 500, is around 10 . Thats one of the lowest levels weve seen in a number of years. Historically when weve gotten this, the market seems to get a bit tired and we start
Is more hope than entrance. What should people be thinking about . The way that the market is trading. I have a couple of thoughts that ill get to really quickly. I asked the producers to make this chart for me. I wanted to show you rsi on the industrial average because its at the highest its at the highest levels that weve seen really going back 20 years. Now if the for the dow at these levels. We saw it in 2003. Frequently that it will be at the beginning of a leg higher even though it does mean a shortterm pullback. I think people need to not lose their head when this thing goes off. I mention at the top this notion of this rotation thats going on. You know, hour by hour in some instances. Day by day. Out of sectors into others. Some stocks that are up, you know, a couple of hours later. They are down. Money starts to move elsewhere. Jim cramer said the following this morning. I want to go through it. He said im quoting. By the way, the rollover in tech is incredible. The rotations
Mario, we talked about the banks on this show almost every day since the election and for good reason, they have soared. What do you think of this particular call that may be the skys too blue . Look, the answer is the following. As goldman is a subset of whats going on in the entire ecosystem of stocks. After the election capitalism beat out socialism as a way to thats good for people who want to have assets protected under the rule of law. Now were putting back innovation and creativity. Goldman is terrific at that. Secondly, the notion of the whole notion of fiscal stimulation to augment Monetary Policy which is slowing down. Goldman is going to benefit from that. In addition to that, corporate love making goldman will benefit from that. In addition to that, tax reduction, reg reforms, individual taxes coming lower, Corporate Taxes coming lower. A lot of Little Details in between. I dont see any reason to not think it will do quite will over the next few years. Is answer is i bought
Trading days of the year. Well see what happens. The dow is up 21 right now. Warren buffet telling cnbc this morning he doubled his holdings in apple this year. Is it too late to follow his lead . Well debate it. After the bell, who will President Trump pick to sit on the fed board. Jim grant will tell us exclusively. Some people in the past have suggested maybe mr. Grant would make a fine fed governor. Fun take on the subject. Looking forward to it. Lets start with the news out of washington today. Eamon javers back at the white house and ylan mui is at our washington bureau. Eamon, a surprise appearance at the press briefing. Reporter yeah, thats right, bill. We had a surprise visitor. It was Mick Mulvaney. He said the president is going to coming up with massive spending cuts in his budget which will roll out in the next month or so. The spending cuts we see, even though hes not detailing them specifically now, will seem awfully familiar to those of us who followed the president ove