Industrial average ended the day on the down side on its lows maybe not the best sign for tomorrow welcome, everybody im Brian Sullivan i have a full show for you as always, guy adami, tim seymour, dan nathan and Karen Finerman are your Investment Team today great to see everybody still social distancing here lets just right into this, guy adami, because it looked like we would carry through mondays momentum we did not do you have anything you can put your finger on to say this is why we rolled over yeah. Pretty much everything weve been talking about for the last two weeks and im not trying to be a wise guy here, but since that low we made a few weeks ago and as it became somewhat clear the bounce was in play, weve been saying for quite some time that the logical level for this thing to bounce was 2790 or so in the s p 500 and we came with a little more than a percent of that in terms of what it did today, again, im not trying to be funny here, but it didnt surprise us all that much b
I think we should start by checking where we are. Were in the midst of a big snap back day the dow is back over 20,000. Pushing a 9 gain of 1600. The s p good for nearly 8 theres the nasdaq as well up close to 7 . Have we turned a corner . I dont think so. I think technicians is what is referred to as a counter trend move its nice to have. I think people could use a break from just the persistant and constant selling were looking at stocks in the s p 500 be p t the percentage of stocks making fresh hundred day lows that number is slowing down. A few days ago it was high 80s right now its low 60s i think thats pretty good i think well take that. Again, these are the types of days that give you the opportunity judge, if you were panicking and you felt you were too exposed, this would be the kind of day if youll lighten up from a 60 40 portfolio to a 50 50. If you look at the biggest names its happening in areas that have been thrashed mgm up 33 Royal Caribbean up 31 im looking at ual up
Terrible composite pmis from the region. Oil continuing that recordbreaking rally yesterday. Some delegates a little bit more optimistic about getting deals done. Now i want to update you on our top stories from our new york team. We want to begin with europe. Thentioned the economies in slump of unprecedented scale, pointing to a contraction of about 10 . Bloombergs Michael Mckee joins us with more. Good morning, mike. Michael we are getting to the point where Economic Data are almost irrelevant to investors. Yeah, it is terrible. We know that. Weve traded it. Thats why you are not seeing a huge reaction in equity markets in europe because it was largely expected. It is sort of exactly what you think wouldve happened. Services pmis and composite pmis just falling off a cliff. The story in spain and italy there, but also france and germany. Those economies have basically shut down. Economists try to put a number on what that means, and that is where you get that 10 contraction figure,
Skype today. You have a big day for the dow admittedly, were talking a lot about numbers in the last 15 minutes or so listening to Governor Cuomo go through troubling numbers in new york sta state. 37,000 total cases deaths up 100 in the past 24 hours. Lets keep everything into perspective as were talking about all this and thinking about the folk who is are hurting as a result of this virus. Tell me what youre thinking about today. Youre in the midst of a big day. Could be the best week for stocks since the 1930s yeah, my plan to take trades where i can get them super size core positions. On the show yesterday probably light exposure as the day went on when the market popped 5 yesterday, i found it troubling on top of the big move we had the day before i did take some exposure off late yesterday afternoon still, extremely well invested at this point where it was a week ago in terms of cash. Today were having another 5 day and im a little perplexed the vix is telling us, if its an accu
Just about 1. 5 for everything nasdaq not quite add bad russell is down. You see the russell is down 3 really taking it on the chin this week. Steve, i think its constructive on a friday and maybe we should make it a consistent thing at this point given whats gone on in the markets to take stock of where you think we are today and how we should look forward to the week ahead. Friday has been a risk off day. Doesnt look like today is any different than others. I think actually the market is trading on physical theraa fairm today. As a share holder, im support that most important right now is to worry about employees and the communities in line with the business round tables statement that they put out on august 19th of last year i think that would give everybody comfort because the number one thing we have to worry about is the economy and that will help the consumer come back youre talk about Big Companies coming out like bryan monahain said earlier that they will have jobs not to ment