Wall collie. Welcome everybody. Welcome back on the nine. Thank you. I would like to say i missed you guys but i was up in napa county i was camping. It was the best. You said you would go back and do another year. Yes. Great to have you back. Michael is going to be here. Ill be going back and forth with him. The National Weather Service Reviewing why people didnt receive the warnings about the recent storm in advance. The likelihood of 20inches of rain would fall in a 24 hour period was unlikely. Nothing had happened like this before and there was no Historical Data to draw from. The storm would have grabbed more attention if it had been a hurricane. President obama is headed to louisiana to meet with flood victims and local represent tiffs. Some are criticizing the president for remaining on vacation while victims from this flood continued to pick up the pieces. The whitehouse said the president was briefed on the situation the whole time. President obama is on his way to brog, louis
Charles we have a check on the big board, Dow Jones Industrials gaining 200 points last week. But we are pulling back this morning. This could be a critical week. I see it as a continuation from friday. Big games that pulled back, i do say bubble, dont like to use a word, but when it comes to biotech i saw the last couple of weeks the it could start collapg on friday and bio techs collapsed early in this session, starting to pull everything along with it. Circuited nasdaq. It is important to point out where we are right now. S p 500 up 1 on the year. The Broader Market rarely in positive territory. What has been scary to me is when the market does really the past few weeks, charles, it has been led by telecom and utility names. High dividend paying stocks, safe names. You have not seen an aggressive investor out there, which means there is some hesitancy to get in the market right now. Charles they are not going to the sidelines. They are rotating to safety. Another major point is the
Has been under some pressure down 1. 7 after its Quarterly Report but up volume replacing down volume. It is pretty good and has been noted at the top of the show record day, record alltime intraday high. Dennis thanks very much, oil prices touching their highest level in over a year as stocks soar on new alltime highs, and phil flynn of Price Futures Group in the trading pits of the cme. 108 oil, that really bothers me. The Economic Data supports these levels . It sure seems to today because it seems oil and the stock market have gotten back together. They had decoupled for longtime. Good Economic News was bad for oil but after ben bernanke they seem to be back together again. I dont know if ben brought back together but that is the news. Good Economic News is good Economic News for oil. We saw it in the jobless claims number. That means more gasoline demand. In the philly fed number manufacturing demand, removing things by truck, that is bullish. At least for today they are in tow bu