Is this a buyal . Financials catching a bin today, up by more than 1 . That fear trade that really spiked volatility on the big sell off, we talked about how weekly futures had gone into backwa backwardation. Higher than the front than out the curve, that has reversed comple completely, so theyve taken b that fear out. Whether it was trump being impeached that caused people to hit the sell button. Thats gone now. Virtually vaporized. Were down to a vix barely holding in the 12s. Yeah. Did you buy . I was fully ib vest ed, so yu think about wednesday, it was really a oneday event. I think the market is telling us a few things. Number one, its not worried about whether trump carries on for a full fouryear term or not. Not getting into politics. Mike pence with a unified Congress Aint such a bad idea. The other thing, outside of the politics, is h fundamentally driven, this rally . Is it earnings or is there catch coming in from the sidelines and momentum . I happen to think its the latte
A concrete company says business is booming, two Home Builders rave about business. Broad Line Department stores just dont see it. Today the bulls clearly won the day. Dow gained 140 points, s p climbing 8 . Still recovering from that last day that was ugly. But theres no denying that this is a tough environment to navigate. Throw in the white houses seeming inability to get back on track after this 24hour leakathon, and you cant be sure where you stand in this market. Thats why going up to the feds june immediating, were going to have to hang on all the words of the fed. Case in point, monday when noted dove neil cash carry expre expressed epawill they cance each other out . Who knows, all i can say for sure is their utterance will dominate action this week. Bulls, remember you want the hawks to win out because we need the fed to bless the economy. The only Quarterly Report we get on monday, ajbilent, a, that compa if they disappoint, corporate buyers are out there. One of the one rum
Im wilfred frost. And seema mody in for sara. Good morning, will. Good morning to you. Lets go straight to Market Action this morning. Off the back of a strong finish to a tough week last friday. We saw decent gains on friday that meant the weeks performance was respectable. Declines but the nasdaq down more than. 5 . S p and dow just down by. 75 . For the week as a whole, seven out of 11 were negative led down by financials which turned in the only performance of all of the sectors of more than 12 decline. A this morning, as you can see, were bouncing back from that decline last week. The dow pulled high just shy of 30 points. Lets look at oil prices because they turned in a resounding poll week. Up about 5 for the week as a whole. Back around 50. And adding gains as you can see, have the 50. 8, the fwries ofpri crude. Exports in japan rising 7. 5 in april from a year ago. Below the 7. 8 annual growth. Exports abroad are being driven by the weakest in the yen that weve seen earlier th
Snatches a child instead. Thats quite a tease. Look who is joining us. Power lunch starts right now. Welcome, im becky quick. All three indices up for the Third Straight session. Take a look at this now. The s p up over ten points. The defense is in focus after billions of dollars in deals announced in saudi arabia. Lockheed martin one of the big beneficiaries of the deals it announced. Lockheed hit a new high, some of the other defense stocks also hitting lifetime highs. Oil is on the move crossing 51 and hitting the highest level in more than a month. Right now sitting back below that at 50. 65. Amazon hitting another alltime high. Up more than 120 . This comes ahead of tomorrows shareholder meeting. Becky, its a privilege to have you on the program. Ill keep the coffee brewing. We begin with the president who in just moments will be speaking from israel. All of this taking place before a dinner with Prime Minister Benjamin Netanyahu. Were also waiting on the president to make a join
Since the oneday selloff last week now approaching record highs. Tech stocks driving the rally. Up 1 . Energy is the sector closing lower today. And thats what weve seen all year. Check out the sector leaders for 2017. Tech, up 18 . Consumer discretionary, up. Financials basically flat for the year. Stocks grind higher. Heres the question. Do you stick with whats working or start buying the laggards . What has been working recently, but not all through 2016, in my opinion, is biotech. 2016 was a lost year for biotech. Its come back in the last month, month and a half, but still in my opinion has a long way to go. Im a big believer in the market doesnt give you this long to sell the highs, which in my opinion means were going to continue to grind higher. My one concern last week where it flipped. Market continues to grind higher. I think biotech which lagged all of last year will start to find its mojo once again. Transport is an area youre starting to look at . . I like the quality wit