The likes of which they have not seen since 1933, in the midst of a downturn for the month, the likes of which we have not seen since 2008 here we find ourselves this morning looking at a market that will open lower. Your thoughts . You go up 19. 9 in the s p, you can have two thoughts. One is that was the greatest bull market ever the other is, boy, is this market dysfunctional were not moving the way we should theres very little volume yesterday the machines took the dow up 500 points in the last 20 minutes. Im keying on oil. I think oil is something that the algorithms are keying in i wish there wasnt algorithmic trading, but its here to stay the quants are in charge you know, lets bring back the smith corona typewriter. The quants are in charge, they took it up and now theyll cashier the market and cash it in lets come back to oil for a second it does get lost sometimes in all of the volatility were seeing and our focus on the economic crisis, on the Health Crisis, on the equity ma
A move like we saw yesterday doesnt typically begin the recovery from a dow turn the likes of which weve had, does it no this is one of the greatest oneday bull markets ive seen. You had to come in at the darkest hour, if you didnt, youre coming in on total quicksand. We had a move that was so accentuated by the machines, algorithmic. They exacerbate which ever direction it is. I hate it as much when it goes up as when it goes down, it brings in a lot of people who think maybe its all clear its not all clear its almost like youre lucky if you bought yesterday and you should ring the register today weve seen prices that will hold up but everything ive heard this morning is about how were ready and open for business, but no one talking about going to where theyre ready. Boeing, yeah, thats great you want to fly . When do you want to fly again . Thats a great question, jim. When you talk about what life is going to be like once the crisis passes right or when people go back to socalled no
Consumer this morning. Well break down earnings. And breaking up is hard to do the chairman of the ftc weighing in on how to separate facebook the dow and s p in the midst of a three session win streak, moving closer to erasing all of the losses from wednesdays big selloff with stocks set for modest open, does this signal a pause in the volatility jim what do you think about that question i think that thats probably wrong. I dont see a pause because at what point today do we start hearing about jackson hole and what powell is going to say and what the president is going to charge were still dealing with a rosy hangover from the weekend talk shows where people really are buying into what larry kudlow said and it is interesting, but home depots comments are very much like what larry kudlow said. That things are a little better than people realize. There is no recession. This is pretty good. I feel like when i hear those things, it makes me think of is the hawks on the fed are going to be
After todays magnificent run the dow gaining and s p gaining and nasdaq 1. 5 maybe we shouldnt lend so much credence next time some indicator flashes red when tenyear treasuries were giving you it, experts came on the air and said a recession is insev inevitable and you should be afraid thats no way to make decisions about your money i explained over and over again you get a much better read by listeni ing to conference callsf individual Large Companies they said consumers are liable now look what happened yield curve on friday, if you took your queue from the panic and sold everything, you got burned thats the problem with following the big data an inverted yield curve may mean a recession but tell that to tens of thousands of people that shop at walmart every week the president gave walmart a shout out. Ups delivers hundreds of amazon boxes every day and tell it to the geeks at visa and mastercard or apple where the Service Revenue stream keeps growing the companies are seeing a sign
France is the only winner though the losses are not particularly significant at this hour. Ten year note yield crept up yesterday. Did we aye. There we are. Kind of hanging where we have been. When i was in this chair last week, jim, we were talking around there. We did have a yeah. Ever so slightly. Lets get to the road map and it does start on the global stage. Trump diplomacy. The president is set to host chinas xi jinping at his Maralago Club in florida today. On the agenda is trade, currencies and north korea. Plus, tax reform delay . House Speaker Paul Ryan saying the white house has yet to nail down a plan with congress. What that could mean for investors. And goodbye butter. Consumer giant unilever making big changes to the portfolio. Paul polman was a guest on squawk box, but well have more of the background to everything thats gone on there and what it means to the future of the Consumer Products giant. First though, President Trump and chinese president xi jinping be begin t