Of play for stocks as we build into our discussion. Youve got dr. Birx on the task force. The covid surge, quote, the worst event the country will face coming this winter. Stocks have run a lot coming into november. The vaccine is getting closer day by day values been outperforming lately the value etf coming off its fifth positive week in a row thats the First Time Since its fiveweek stretch ending the end of december of 2019. So my question to you to start things off, where do we go from here it seems like the market wants to go higher i think its been incredible all year it seems to definitely be picking up steam in november and pt fir the first part of december, investors are leap frogging, the political discord in washington, the lack of fiscal stimulus and leap frogging that and buying stocks in general and buying growth stocks, buying momentum stocks, buying value stocks, airline, energy, all of the above. It a really good time to reflect as investors, you got to be in it to win
Economic recovery and Foreign Policy seems to be an inside the beltway issue and its likely not to figure prominently in Voter Preferences and choices in this election, results of the election, how the world evaluates the consequences of the actions. I think its pretty clear that were at a crossroads. Trump has played the role of disrupter, fundamentally altering the policies of his four postcold war predecesso predecessors. Embarking on what could only be described as a wholesale withdrawal or threat to withdraw from so many enterprises, the tpp, the paris climate, jcpoa, unesco and who. And not that disruption by definition is all the bad. Its bad if theres nothing else it replace it. If its bad if its followed by policies that dont serve the National Interest and its bad if its done for some sake tethered to political. Biden, on the other hand offers a much different approach, or we would expect he would, the return to more traditional. Whether it proves to be restoration of traditi
With the Union Bank Private Bank stocks, as you know, continuing to stage their rebound many of the big names recovering a good prgs of their losses. Pete, i will start right there apple because down more than 5 on monday. Today back over 202. Nike was down 2. 5 on monday its up five since then. Yeah, we talk about the rotations all the time the rotations used to take weeks. Then it was a week then it was days now its intraday. Look where apple and microsoft and a lot of these various different Tech Companies were trading before this flip into this move to the upside. Absolutely extraordinary i am going to bring this up. Lee cooperman brought to up last week he talked with algorithms and uptick rule. Those two elements are a big part of this market. I am saying the algorithms even to the upside, not just to the downside, but the upside showed up yesterday when we left the show a little after noon, this market absolutely took off to the upside from where we were down 300, 400, 500 point
It is those continued concerns, though, about rates that remain front and center joe, i go to you first did the market overreact yesterday to the fed minutes first they were dovish then all of a sudden they were hawkish, stocks were up, then they were down what happened . Yes, they did overreact, absolutely and i did a poor job, as many others have in the wake of february 9th, not saying that that was the bottom, and that it was time to get back in again, because clearly when you have a market that is yesterday they said we were going to retesting okay, but you have a market being driven back on this rebound so powerfully by growth momentum stocks. And that is just not aligned with the strategy that were all so afraid of the strategy of higher rates, higher volatility, and being more defensive because theres a risk to the outlook. Growth momentum stocks do not lead the market higher they dont account for nearly 75 of the s ps gains in that type of environment. I mentioned this note we
The shanghai up by half a percentage point in europe in some of the early trading right now we are seeing things a little bit mixed across the board. Ftses hanging in there up by. 10 of a percent. They are seeing pull backs by the dax down and the cac off by 1 3 of a percentage oint. Crude oil prices on a climb again last week where oil was up by just over 1. 10 this morning wti back 1 cent i take that back, its unchanged at 56. 74 lets tell you whats going on couple stories were watching this morning couple big ones. General electric is going to announce a major restructuring is going to happen today ge will focus on three or four units, aviation, power, health care ge is planning to shed its majority stake in oil and gas operator baker hughes. Remember that big bet that shedding . Shedding. Shedding. Like skin. John flannery expected to announce the changes at a meeting. Theyre getting out of it he got into it, now hes getting out of it. You build it up and you take it down were goin