And tiffany mcgee. A were glad to have you on the Halftime Report once again as you can see, on that little bugs the bottom right of the screen look at that the bigger screen for you. The nasdaq s p and look at the nasdaq, up another 1. 2 . The s p, by the way, is on pace trying for its fifth straight positive day you might have heard this. Big tech nom has been leading the way. Hard to believe but true by the way, that sector hitting alltime highs yet again today raids also in focus, by the way, investors awaiting fed chair jay powells big speech tomorrow at the virtual jackson hole event so, joe, theres a lot to get to there anything that you see, before we get micro, on a macro basis, that leads you believe this market is getting too hot, and has to come down at some point, or can we literally go up every single day the answer to that is the market has been too hot for the better part of the last 8 to 12 weeks. The expectation for the month of august is we were coming into a calendar month that historically is a very challenged one, but yet we see the strong performance, so it is difficult, brian, to maintain the position in this market, as most of us have been on this show, have been from the long side, but thats the right strategy. It takes strong discipline to stay with that, because there really is no macrocondition that would suggest to step away from the market, and oh, by the way, i believe we might hear from the Federal Reserve chairman theyre not thinking about raising rates for the next five years. You know, stephanie, we obviously talk about the fed theyre a massive part of this market we can debate how much of a percent, but its a big deal is there more on the fed side about rates or more that we have direct buys of bonds and etfs which then frees up all that cash that may otherwise have to buy those, to buy stocks if you two cars, somebody buys one, you can put more money into the one youve got its kind of both, brian, low Interest Rates theyre going to stay low forever. I think its years, quite frankly, but its also the liquidity youre talking about its not only the Monetary Policy thats been put in place, but the fiscal policies as well. I think well get more, because we cant have a million initial claims that are announced each week, and they have to do something, so i think theres more coming. Money supply of 30 in a year. Thats just tremendous if you add up fiscal and month tar policies, this year is 44 of usgdp back in 2008 when we had the last crisis, it was 5 so its enormous liquidity youre not going to be fighting this i think tech will continue to lead, because theyre secular growers, but i think you want to continue to have a barbell, and i know well talk about that theme in a little bit. Listen, its a great point, carrie, that stephanie brings up its not just equities rates are low, because theres demand for bonds people buy bonds enough, by the way, real estate is hot. Gold has been hot. Bitcoin remains hot. The amount of just actual money in the world right now going into nearly every asset class. Honestly ive been doing this 25 years, im not sure i can remember a time when i saw everything go up like this at the same time. You bring up a good point, Asset Classes have been in tandem and rising, but if we think about where we are in march, from february 19th through march 23rd, the market fell 34 thats not insignificant we had a massive fall. Then people looked around and investors said, this is too cheap, so theres been buys thats been going on we talked about very low Interest Rates, and people were watching the market, because everyone was at home they said, this is a bargain people started to buy. Then those that had sold began adding to their holdings, didnt want to miss this up trend that has fueled this, i would say buying frenkie weve been seei frenzy, but at least on the equities side this goes Companies Lie apple, facebook, paypal, microsoft, they are doing better under this environment than they would have done if there was no pandemic. When oy hear words like frenzy and buying panic, that leads me to believe, carrie, at some point that music will stop im sure you get questions all the time, will it stop in maybe to stephanies point, it wont for a long time. It might not for a long time. Its very hard to predict when momentum will end. Momentum is your friend when youre an investor in the market this environment is good for the kind of companies weve been talking about. Their earns as sales forces had increased more than expected and to step off that train is very dangerous. You have to look at valuation. You have to trim back when stocks get to the nosebleed territories, but these companies are showing results exceeding expectations, so its very set hard to step away. Well look at a name like facebook, if you will, tiffany, its nearing 300 a shares maybe you know something i dont. Cant see any news, any upgrades on the name, yet its adding billions of market cap just today. It kind of exemplifies the entire thing. Yeah, absolutely. Just for the record, i have no information about facebook, but, you know, other than this is really the case for momentum, no pun intended, so i think everybody makes some great points you know, tech clearly is just really driving a great deal of the movement right now if im an investor, im looking at, you know not only what im invested in, but act i in passive versus active funds . Invested in individual stocks . Really to take advantage, they should be looking at valuations and trimming, and rebalancing, but also moving from passive to active clearly, right . Also from some a broader funds into individual names, and really, again, this is a stock pickers environment you know, certain things are doing extremely well like tech, like tesla, which we think well touch on later, which i still dont understand, but it really is this process where you have to Pay Attention to what is doing well, not just in this time, but what you has shifted, whose business has shifted because of the current environment thats going to continue to last Going Forward before we get into individual names, i want to ask you about one more thing, which is the on doll dollar how much does the weakening dollar down five months in a row, how much does that play into this bullish theme . Well, i think first of all, the dollar feels as though, brian, its down more and it really is down more than 3 on the year. I think theres a significant benefit outside of the United States to a lower dollar i also think, to stephanies earlier commentary, as it relates to the Federal Reserve, remov removing the shortage of global dollars, there was a significant shortage by the liquidity that was provided by the Federal Reserve, has been an incredibly positive catalyst. I dont think the lower dollar story is about rising deficits or some ominous fiscal condition, i think its based on the actions of the Federal Reserve. While it does have a significant tailwind, just listening to the conversation, brian, if you think back, the s p 500 has not been below 2,000 since the early part of 2016 i think the way we are appreciating so significantly in the last five months, i think you now raise that floor, where you have to question, do you ever go back below 2500 again . Think about it, 10 lower doesnt even get you back below 3,000. Thats a good point a lot more macro discussions coming up, but right now get more micro and name some names analysts are lining up to get more bullish through the day a bullish call is out today. First up, what also . Apple. Price target raised to the street high of 300, 20 up side from here, but the analyst adding an additional second 700 ultrabull target say about one third of iphones may need to be upgraded in the next year and a half stephanie, what iswise take on that call . I think dan is a thoughtful analyst, so i Pay Attention anytime he makes a change. Hes telling us what that you have a supercycle headed our way. There were resumers it would go ahead pushed out much longer than initially expected. Youll now see it in october its a company that just grew services in their quarter, 15 , oh, by the way, that carries 300 basispoint better gross margin than we expected the operating leverage, if you get the hardware, the phone out the door, plus you have services, the operating leverage is just significant, and companies are buying back a ton of stock more like other retail in this game if thats going to be the catalyst to get this thing a lot higher. By the way, if youre wondering, that stock split, which locked in monday goes into effect next monday, if youre wondering why that price is where it is, monday is the day when were going to see that 4 for 1 kick in. There have been numerous reports that stock splits just by themselves boost stocks by 5 to 8 are you a buyer of apple just on that, as well as fundamentals . I dont think any professional investor who is buying because of the split seriously is doing her or his job. Splits should have nothing on to do with the value, but just about price and price targets the service side has become more dominant its a higher margin business. To get to 600, or where the split is all you need is for the margins to move higher, for the growth rate of the revenues to be up, you know, 10 to 15 , which is possible on that side of the business, and then youll have the earnings multiple, which now is about 30 times on higher earnings gets you 20 up on earnings over the next couple years. That, if you equate that on the multiple, you can get to 600 easily, you know, up 20 just because of the Earnings Growth you know, 600 is in the range that we can see this ultrabullish call as you referred to. Thats a big number, but you can definitely get there if you play with the numbers and gives those higher margins joe, there are 42 brokers with votes with public price targets on apple if its moving today on wedbush, were going to have to see a flurry of other analysts get in line, do their thing, raise their targets. It could be a big sell side push from the other 39 analysts on up apple seen. Thats exactly whatted Analyst Community will historically do. As prices move higher, they will react and raise their price targets. A names in the faangs, that the analysts will be raising price targets, because it looks as if the sleeping giant, netflix, once again has waken again today its up 9 now you have all the faangs participating in the appreciation how did we miss that one at the top . Next up. Jaffrays moving it up the analyst had been way behind, to be fair, so had to either change jobs, tiffany, or raise the pride target to my previous point theres only three tesla analysts above where the stock is you said earlier, you dont really understand it, bur your clients are demanding you buy it. Weve owned tesla for a while. It really was driven by client interest again, i i dont understand the pixie dust that has been sprinkled on tesla elon musk is an absolute rock start. I think ive said before, every earnings season i look forward to the tesla earnings call, because its pure entertainment. Its has messy, half just surprise i just kind of pictures everybody in that room just, you know, just like cringing, because they dont even know what elon musk is going to say i just dont understand it, but listen but tiffany, this is going to sound crazy maybe i am crazy. Do you have to understand it to own it i say that sincerely its a cool company, run by a genius who does all kinds of crazy things, and it somehow works out, end of story. Drop the mic, absolutely. I couldnt have said it better lets move to another company, salesforce. Com. Shares surging to a new alltime high after they crushed expectations steph, youre in on this one, are you going to sell it at all with this strength no i i think it was flawless. And really hitting their stride, right . Organic growth, exm a, excurrency, people were thinking 16, 17. They just crushed it operating margins, 400 basis points better than the treatment. You cant throw anything at this quarter, and say anything was negative even the Free Cash Flow was better than expected i think it was a lag guard, a juggernaut, a leader in sass cloud. Its going to be a trillion by the end of this decade why would i want to get off at this point so im just going to let it ride i get its the new Rolling Stones song, hey, get onto my cloud. Is there anything you see, carey that makes you pause at all . Okay, mick, no you have to go with the flow, right . Inkts it was the type of name that people got used toe being slightly disappointed. The fact that its really hit on every single measure that we look at is outstanding the market is rewarding it for that up 27 right now is extreme, perhaps, but no, we wouldnt sell any now we have a large size in serum, but its not as if its so large, 6 , whatever, that we would trim it back i think you have to ride with it as the economy continues to recover. It wasnt an early covid health stock. Its come into play really in june and july, so we would hold it right here for anyone who owns it. You wif whiffed. Women truly are better investors. All three are long salesforce, and i am too. Thank you, joe. Drop the mic, brian im going to stick with you, though would you buy it now i would buy it now, because clearly, a lot of the things that mark benioff has done and executed by carey and stephanie, are positioning them for the next three to six years, not months this is a company that i think will have tailwinds blessing them for that duration tiffany, one more question for you on sales force im sorry for looking down, youve got some facebook headlines. Its an enterprise company, so tie the two together theyre a 1. 25 bi1. 25 billin knowledgeable worker, people who have to use a pc, a tablet, a phone for their actual work. I think this speaks to these companies that are youre going to see a sierra system to keep your sales force kind of organized, no pun intended, also to keep your customers connected. Salesforce has been a pioneer in s. A. S. They have historically been a leader this time were in, a lot of people working from home, a lot of people really this shift, right . So people who werent working from home are now working from home, have had to work from home, and theyre not all going back to physically being in an office good point there. While most investors just keep buying the same tech stocks, your next guest says you might be able to make more money in names you may not have thought about. Rob sluymer, what are you see in the boring old cyclicals that make you believe they could be ready to break out a lot of the momentum stocks continue to work some are getting fairly overbought, be out other side of the barbell, we continue to endorse as well. You do have a lot of stocks that are starting to emerge since june thats where a lot of cyclic cyclical really a secular stock. Theyve been underperforming for three, four months and are starting to turn the corner. Many managers less in chasing momentum, but still sort of growers, stocks like these, even nike, which has been in trading ranges for months, are starting to accelerate. Then you can work down the cyclical range theres lots of materials stocks, industrials, and at the far extreme of that barbell, you have a loe of the social distancing stocks. Bleach it or not some of these cruise lines are up 30, 40 i do think you want to have those types of names, in general technically stead stocks are up taking hold names like boot barn and fossil yeah, these are smallcap names, because we have a lot of clients that run that kind of money. When you look at the price performance, theyre debatable but things like boot barn hit their secondary lows in july, believe it or not theyre up 50 since the middle of july its up in some resistance, but these stocks perform well, and theyre off the radar for most people people like coleman, ruths, five, its part of a portfolio where youre balancing out a lot of high momentum with some lag guards that are showing some bottoming. I think that makes sense. Theyre not off the radar anymore. Rob, good stuff. Thank you very much. Ca carrie, what do you make of his comments and what about a name like boston scientific, which i believe you own . I think the point we all agree on is theres a second wave of names after the amazon, apple, covidplus stocks that include crm and visa, boston scientif scientific, medtronic, names that didnt see much takeup at the beginning of the virus, but are now seeing a benefit when people can go back to work and start to see the spending thats going on in hospitals and business settings, so i think hes got some good ideas there, not so much on crews or alliance but on some other names where were seeing traction today. All right. On deck, houston, galveston, everybody hunkering down hurricane laura is growing in strength, now it may hit as a monster category 4, how theyre dealing with it, and the impact of gasoline and oil. Everybody there, houston, love you. Were back at this where are you . honey, did you hear about these new geico savings . Mom . Youll get an extra 15 on top of what geico could already save you. Can i call you back . You know your fathers learning to make sourdough. Even though he knows i prefer rye theres never been a better time to save with geico. Switch by october seventh for an extra 15 on car and motorcycle insurance. Hey, next time lets do a face call welcome back, everybody. Im sue herera heres your cnbc news update vacationers returning to italy have been getting covid tests at the airport. As confirmed cases there continue to rise the latest daily count, almost shall 00 thats a 3 1 2month high. Deaths, however, remain relatively low berlin is banning protests citing this protest earlier in the month with 20,000 people marches in the city without masks or obviously from that video, social distancing. So far more than 100 cases in covid in eight states have been tied to this months big motorcycle rally in sturgis, north dakota. This is hurricane laura as seen from the International Space station. Forecasters warn that, quote, unsurvivable storm surge with large and destructive waves will call what these call catastrophic damage as it becomes a category 4 storm tonight. You are up to date brian, im going to send it to you. I mean, its a beast of a storm. Its so huge. You know, the only thing i can say, have been been through a number of them, the people are tough and resilient. They kind of know how to deal with it. Hopefully theyre getting out. There have been some mandatory evacuation but it is a monster storm. We wish them the best of luck. Absolutely. Obviously nearly every refinery in the storms path is shut down or being shut down in all, about 41 of u. S. Refinin