We will have the details. Ticket pact. Several Car Companies band together with california to reduce emissions, even after efforts to ease restrictions on carmakers. President trump calls the action illegal and now the Justice Department is investigating. But first over top story. I think trade war escalates, the job market decelerates, or so the u. S. Jobs reports indicates. Jobs came in at 130,000, below what was expected. Despite those numbers, President Trumps top Economic Advisor tells uber he believes in the strength of the u. S. Tech sector. Larry we are the world leader in technology, innovation, application, and new business startups. We are the world leader. Technology. Technology is our family jewel, and we must protect america on that. That is the president s point of view. Taylor joining me to discuss is mike sullivan. So, michael, you heard it there. Tech is the crown jewel. Do you agree . Michael i do. Tech is a big sector that is going fast. I dont know if we are the ex
Kicks in in china and the u. S. Manufacturing sector contracts for the first time in more than three years. All three major averages ending the day in the red is this just the beginning of a bigger september slide guy . We talked about it last week. Quite frankly i thought we would rally today, i thought thursday, friday made sense we rallied, i thought we would rally again today and towards the end of the later part of this week, early next week we would start to slide. Things are not bullish for stocks right now if the only case for bullish in stocks is that valuations are reasonable and rates are going lower i think you are on pretty thin ice it feels like the market needs to have the next leg down. What ive said before and what i will say again, i think the market bottom will be defined when the vix trades on or around 30, we are at basically 20 now you do the math. I think there is a huge move coming and i think its going to sort of begin in the middle part of this month. Dan yeah
Else is worrying about the flip side of this is also true, there is no point in getting excited about something that everybody else is eagerly anticipating why . Because when the vast majority of investors agree something will happen, that tends to be priced into the stock market the real economy moves at its pace, you got to borrow money to build that equipment and use that to manufacture goods and transport them to retail outlets and wait for the customer to come along and buy them. The stock market has no such limitations. Stocks dont travel at the speed of light well, how about the speed of thought . They come pretty close so the moment of preponderance decides its flat lining, stocks start trading. Instantaneously. It takes time to build that consensus which is why you rarely see the moves happening at once but once the big institutional Portfolio Managers are on the same page about something, you can be confident its baked into the averages instantaneo instantaneously, that week
We should also note that yield curves around the world are feeling the pressure as well we did have on friday the german bund, the 10year, falling to its lowest level ever. As for the asian markets, the nikkei down by 1. 75 hang seng also pressured by what is going on in hong kong in terms of the protests there, down 3 . Shaun hi shanghai down 1. 6 in europe, red arrows across the board. Dax is down 1. 35 . Ftse down, as well we have a stronger dollar against the major currencies weaker crude, wti down 0. 7 . Brent down 0. 75 . Couple safe haven trades working this morning, gold prices are up. They actually have been on a great run. They were under 1300 about two months ago you see them up only slightly, little less than 1 , probably because they had been so strong lately not a lot of oomph year. Bitcoin also getting a little bit of a boost right here. Obviously, a lot of capital and motion across borders. That could help the sentiment toward bitcoin you see it up 7 at 11,750 lets talk
Deal as President Trump says he is scheduled calls with president shi xi jinping the highest this session was 334 on the dow coming up, gregg lemmkau live and exclusive. Lots to talk about with him on the market merges, ipos and the outlook for the rest of 2019 joining us for the first full hour of the show, keith bliss. Crazy week, now only down one percent. Talk us through the roller coaster five days of trade, the key levels that we have and havent touched. Sure. So overreaction. My theme has been overreaction and you certainly saw that in the monday night going into tuesday trade, a lot of what you have in the market today is a lot of program and algor rhythmic trading as opposed to humans die jesting the information. So you saw that overreaction we actually touched another oversold level that we had picked up from august 5th. So we were already oversold. That just went further down and the yield curve, the 210 inversion was only a basis pointer too and the amount of selloff was ce