This of course, the saudis are flooding the world with oil right now. The russians, its not clear where the heck they are because theyre very secretive, but i know who is not there, the drivers. Theres very little demand david and i talk about this with you all the time, carl theres this overall sense, you know what, if we just get things moving, things will come back again. We need customers. We need customers to get their hair cut, to go to the dry cleaner, the restaurants, and we need customers on the road without them, i really dont care what president calls who, you need a tariff to keep the to keep the saudi oil from coming here, and you need the chinese to restockpile, and frankly, thats still not going to be enough to be able to make it so oil real demand goes higher good point yeah. Sorry, carl. 6 Million Barrels a day, jim, is what im hearing right now as we still try to adjust. Even know we know each others cadences so well 6 Million Barrels a day here and its not just not j
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
Nasdaq climbed, s p. 51 im sure you have some stocks. Maybe moving into something a little more placid like the industrials. At back my Old Hedge Fund we reviewed our positions three times a day. Thats right every day. Three times a day id have to defend them to karen cramer, our head trader. If my enthusiasm flagged at all, if there was a negative news story, a downgrade, a price target cut, or even if the stock was just heavy where sellers didnt seem to care what prices they sold their stock at, shed deem it vulnerable and kick it out. Whether i liked it or not. Sell sell sell sell sell it was brutal but necessary. We had to contain our losses they were looking over our shoulders. And when it came to dead money forget about it. Shed say lets boot it and come back at a better time, there are other stocks to own that can win. You see this attitude a lot from people that come on our network, dont you . Theyre running money aggressively they can vacillate constantly i did the same thing
Emotions which often get the better of us when everything is going well in the stock market and when things are going badly they seem to grip us totally. But things are too good and we take too much risk and when thicks are going terribly we dispair and leave the stock market entirely. Its a fact of life and over the years even as stocks climbed and climbed there have been swoons real swoons go down swoons that drove people out and they simply went to securities to give you little or no return and then they watched the big gains from the sidelines. Now i totally understand the aversion to stocks many people have these days. We have many reasons to be disenchanted. Theres the done turns of 20002001. Theres the stocks when they were cut in half. Theres the flash crash or the facebook ipo. Then theres the Insider Trading cases and the obvious situations where stock went down and down and then town some more. Its clear that someone knew something and you didnt. I validate these feelings ri
And likely to go even lower now that opec has decided to keep production at current levels. And thats sent prices down again today. Walmart is basically a lot of the reason why we are still under the range of 50 to 60 points. The dow transportation index,ic look at broadly. As long as you are not trying to move crude oil. A lot to talk about. Hope you can join us here for the next couple of hours as we gauge this important day for the retail world. And we also follow the markets. We stand to close higher today. For the dow and s p right now it will be record highs for the year. Its also been a very good november by the way for these markets. It is amazing to think just at the speed and breadth of the rallying since october 15th. We have to look at the impact oil is having. European yields again hitting new lows overnight. And lets talk to some of these savvy shoppers. Did you get these at the door busters this morning . What time did you get to the mall. 7 00. Very early this morning.