87, the s p 500 is up 10. 5 this month the russell 2000, the biggest ever month live oly outperforma small caps that sort of sets the scene for us your note today to our producers to me says everything, bryn. You say, yeah, were overbought, the market is technically ahead of itself, 200Day Moving Average but wed be buyers anyway yeah, you summed it up perfectly. I think to give some perspective around that, when youre looking at technicians or technical calls, the 200 Day Moving Average, over 90 of stocks in the s p are over their 200 Day Moving Average when that number gets above 80 , thats typically a time to take a stand back as a trader as an investor, though, as we are, you want to take a look at that and say, hey, if we get a selloff, which im sure well get because thats just the price of admission for being an equity investor, we absolutely want to be in stocks because what are your alternatives cash or bonds . And both of those offer you no yield and so we also think that next year once we get control of this vaccine, when we get control of this vaccine and we have, you know, unemployment, we have unemployment commonwealcome down, fiscal stimulus injected into the system, i cant imagine not only will stocks go higher but earnings go higher and youll have multiple expansion. Well be buyers on the dip pete, do you think were ahead of ourselves bryn says it but says independent bim buying anyway to to the s p may be ahead of itself in the near term what do you have think yeah, i would say that it absolutely is ahead of itself, but that doesnt mean it cant continue, scott. The reality is, these markets, we overshoot to the up side all the time and overshoot to the down side. Weve seen that all throughout 2020 already, some of these overshoots in Different Directions it creates opportunity what i mean by that is there are times that it depends on if you are looking at the market by what particular measure . Particularly when i say that, im talking about specific sectors, whats leading, whats not . What are the areas where you still have room maybe to the up side, what areas probably already made that move and theres much more probably down side in front of it. But i think the reality is were all looking at this and not too many weeks ago, we closed the market with the volatility index over 40 and here we are ready to break very close to 20 so the reality is we are in a very interesting market right now. It be its been a very great Trading Market the movement back and forth has been absolutely extreme at times and at other times, weve paused a little bit this november has been an unbelievable move to the up side its been spectacular. Some of the areas are really pushing the markets. We do talk about energy, materials and financials but how about the run out of buy yof te biotech . When people say its growth or value are it quality the names that exist in biotech is the reason theyve mad the move to the up side. Of course with the focus on vaccines and Everything Else you look at the xbi and youll see what im talking about there have been different parts of the market in leadership roles. Sometimes its biotech, sometimes financials over the last couple of weeks, the energy space has been absolutely on fire and it doesnt mean that it has to stop just yet best month for energy ever, by the way, to your point, pete. As youre talking about the vix and potential lily breaking 20, thinking about tom lee again does tom lee have to be right about everything all the time . He said strong year, strong finish are we overdoing this or is that how it should be we received through the month of november what we all thought would have occurred over one or two or three months in First Quarter 2021 i think what we are seeing is being priced in the recovery, has been priced in during the month of november. On the up side, were still going to see movement on the up side but i dont think it going to be as strong as november. Going forward im agreeing with tom in that we really got a lot in november. I dont think were going to get as much in december or january i think this is going to give us time to really start repositioning our portfolio and stop focusing on infrastructure stocks, industrials and transportation have done really well during the month of november and i think theyre going to continue to do well Going Forward. Theyre talking about a contraction in declining volume, supported by volume in advancing stocks so theyre bullish mike wilson is out today for morgan stanley, quote, we expec the vshaped recovery to continue i guess theres no other place to be than positive going to the end of the year. That seems to be the train there is and everybody seems to be on it lets not let six and a half hours of trading which probably looks ugly overtake positive news and seeing new strategies begin to work in the market, small caps with enjoying an historic month and lets not forget to petes comments the largest sector within small caps would be health care, equalweighted strategies coming back once again. These are all setting the table for looks like in 2021 would be very positive performance. But i would say this, the one element about this month that i dismiss is that there needs to be this dramatic rotation out of established growth into value names. I disagree with that apple still gave you 9 during the month, your faangs still gave you 7 on average, gap only closed by about 4 looking forward, scott, i think its important to understand are you finally able to get capital coming into the equity market from fixed income . And thats the one thing we really didnt see in the month of november. When youre able to realize the possibility where capital comes out of fixed income, treasury yields move higher, then this broadening, then this rotation towards value, i think that comes into play but lets not take the capital out of established growth and put it into value just yet. Thats what the street is talking about. Pete, is there a reason not to be bullish well, you know, its great that we have all this potential vaccines out there, scott, but i think that is really obviously whats been talked about every single monday it seems like in the month of november, we had a different vaccine potential coming out, whether moderna, pfizer, astrazeneca you go through the whole list. But the reality is its not here yet and when will it be, scott i know it right out in frontof us but the reality is it ns not here yet and the markets are already forward. Were we a little too bullish because of that . Probably its going to take some time not only is it going to take some time, but were going to have to see how comfortable people are about that and what that does truly mean in terms of workforce. Are people really going to be going back out how big of a hybrid are we going to be seeing in the future where there are question, it does bring in volatility into the mark im not asking that rhetorically either, bryn. Is there a reason you see not to be positive between now and the end of the year and heading into next as weve laid out the scenario that seems to be pretties pretty positive for stocks. Say the republicans keep the senate youre going to have stimulus, youre going to have vaccine, youre going to have what we think will be a dramatic improvement in corporate earnings, a dramatic earning in capex spending, thus you could get higher stock prices. Yeah, you touched on it briefly. I do think the one, you know, issue in january that is going to be incredibly important from a fundamentals standpoint will be the georgia election. I dont think we can just say the senate will stay republican. I think we need to wait and see what happens there i do think that will be a speed bump in terms of policy and what is implemented for next year but i think once thats hyped uu behind us. You could see a rotation somewhere on the margin, if it goes to the other side on the democrats. But he laid out that weve had a terrible year economically the stock market has had a wonderful year in general. You need to have the economy recover. When i go back in history and you see unemployment declining, gdp increasing, good physical tall policy, dovish fed, i dont see a time period where stocks didnt go higher if we go back and look at the tapes that we were here this time last year, i mean, we were all really bullish on the market. Maybe that was the right call but, boy, we had no idea what was coming in front of us for 2020 so i think my biggest reason to be nervous would be that everybodys bullish, just being more skeptic and being in this business for a long time look, i hear you. The fundamentals need to maybe catch up to the enthusiasm that exists and then hopefully exceed we need the fundamentals to Start Playing along once you get into next year because there is so much enthusiasm about the year ahead our mike santoli has been taking a look at that as he discusses the rally entering what he calls the belief phase right, mike . Scott, for most of the past eight months, the market was feeding off this reservoir of doubt and disbelief and confusion. And then theres a lot of hiding in the growth names. People were not fully on board i think now youre at a point where you can say that in terms of flows into equity funds a the an almost three Motor Vehicle year high in the past four weeks, and sentiment services and analyst upward revisions to 2021 earnings, thats also back to january 2018. Youre heading back to the moment you had a lot of company if you think it the recovery ap playab ab and playable in the mark it betterth its better than expected across the board. Earnings in the Third Quarter probably the best beat rate and percentage beat in history or at least more than a decade so profits bottom much hyper th higher than we thought they would. And yet the market in the last three weeks on an aggregate basis a little bit of a struggle, especially with the cyclical stocks. It totally sensible and plausible there should be a broadening out of the market look at the valuations assigned to the industrial sector it not a secret to the market that we have a Global Recovery on the way and they should benefit. Thats where a little of the push pull is likely to come, whether it be very soon or sometime into next year. It been tou its been tough to fight the seasonal strength in december. We know were going to have a recovery we dont know how strong it will be presumably there will be an overwhelmingly large amount of pent hu pentup demand and pentup demand for what consumers have this unspent trillion they have now they didnt have six, eight months ago. Thats going to go somewhere most likely. But weve been buying a ton of stuff right now. If it is about unleashing that spending when the coast is clear on services, much more local spending, much more travel a little bit less in the way of stuff and i think the stock market captures more of the good economy than this does the local Services Economy then you have to worry about who has the good and tough comparisons to last year and all the rest of it those are some of the issues well have to deal with. Its an unanswerable question what is priced in. Disney has a bunch more debt, stocks at the highs, theyre miles and miles from having their peak earnings level they had a couple of years ago. What have you paid for right now . You put a netflix multiple on disney plus. I think there are a lot of examples of good arguments to have about exactly whats already baked in its an interesting read. Thats mike san tolltoli joe, what do you have make of this theres a lot of hope and expectation of what 2021 will deliver. Is it going to live up to the hype were going to need organic Economic Growth. Thats something thats been missing over the last several years. Its been artificial Economic Growth you need a bridge and i think the december 15th, 16th Federal Reserve reserve meeting is going to be incredibly important the monthly asset purchases, do they increase those from 80 billion above 100 billion and loan guarantees that are provided to Small Businesses the Federal Reserve is going to be integral here in extending this bridge that is very needed to get you to that potential organic Economic Growth. With that organic Economic Growth, yes, to answer your question, youre setting yourself up for a year where youre going to reintroduce globalization, reintroduce capex, which will be incredibly important once again and youre still going to see a significant value and then algorithm, that Software Program relative to that piece of machinery or airplane again, i dont move away from allocating toward these tech companies. I didnt mention in my list of reasons that people cite to why they are so positive going into 2021, somebody had mentioned it, but janet yellen as treasury secretary and if jay powell stays as the chair of the fed, thats a fairly formidable combination that leaves things or guides things at the bare minimum into a pretty dovish place on the outlook for fed policy and spending stimulus and the like from the government yes, scott. Obviously you mentioned a dove its going to be lower for longer Interest Rates will stay where we are that maeneans were going to hae an up side where the growth is in this economy is still in Growth Stocks youre not going to get yield from fixed income. What were seeing this weve talked a lot about the Technology Health care but were also seeing that its going to be a growth and retail, Retail Shopping i dont think were going to go back to the same way we used to shop i think this has really changed that and whats going to happen is those companies that have made the adjustment during this period are going to be very successful and those are the type of Business Models that were starting to look at Going Forward into 2021. Maybe one of the risks, though, bryn that need to consider and degas made me think about it, when you say lower for longer, sure, rates are going to be low but they could be meaningfully higher than where they are now, assuming you get a robust recovery and you get a robust amount of spending from the government from stimulus rates arent going to likely sit where they are now they may not going to 3 on the ten year but they may not be at 80 basis points either right, no if we got an economic recovery that was much faster than anticipated because lets say we get more fiscal stimulus, some type of other infrastructure package, plus the feds dovi dovishness and you have the economy improving and lets say unemployment goes down faster than expected, i dont think the fed would just sit there jay powell said earlier in the year im not going to think about thinking about thinking about rates, raising rates for a long time. That being said, when the information changes, we change our mind i think you bring up a very good point as we do have hopefully a very strong economic recovery. I dont think you can just say the fed is going to sit on their hands for thene next three year if we had unemployment come back town and it will give the market a hiccup and well address it when it happened im not thinking about the fed doing anything im saying if you have rates go up, you may have competition to certain sectors of the market that have benefit ed greatly fro tech youre urging people not to get away from the tech trade but if you have rates creep up in any way, you may have people want to get out of some of these highgrowth tech names and get into other areas of the market well, i mean, i will say one thing really quick on this i think that its all relative if up think that a 1 ten year is going to make people sell their secular growth names to go into the banks, i dont think thats correct and i dont see how you have the treasury at zero basically, tbills at zero and lets say the tenyear goes to maybe 1 , i still think you have extraordinarily low rates and its all relative and those longterm secular growth names will continue to be the leaders. You can trade around the bank and energy names but those longterm secular growth names i think have years to go, whether its 80 basis points or 1 pete, i feel like youre about to go big into the recovery economy play by virtue of youre adding a lot to materials, youre adding to energy, youve got calls in valet, and marathon oil and maybe theres a broader statement in what youre doing in those individual names, collectively taken absolutely right, scott and its where weve seen in derivative markets, we just continue to see unbelievable amounts of positioning going on in a lot of those different areas and that sort of spiked it with me because of the fact that i was looking around and i liked the idea, i thought the materials had plenty of room to move i think theres so much more room to the up side. Whether youre talking about a free port, whether its iron or steel, you name it i think there are a lot of cat lists pushing the markets to the up side, especially in specific areas. You mentioned energy but i was looking through my portfolio the one stock i did add to my portfolio was exxon mobil. I have chef rvron and exxon and Marathon Petroleum and oil, i think thats an area thats made a move i dont think the energy move is over by a long shot. I think theres still plenty of movement to the up side. Thats where it seems like over the last week and a half or so i just maintained and gained even more exposures to those areas because i think the combination of so many Different Things right now. You guys were talking about whether or not, you know, the yield level, scott, where would that eventually start to affect markets and maybe people start moving and shifting around a little bit i agree with bryn, youre going to have to see markets somewhere in the 2 or higher level before you start to see any of that kind of movement away from the big names that theyre looking a the right now. And im sure jopes decision on adobe probably had nothing to about with Interest Rates whatsoev whatsoever he was probably being very disciplined and designed to take it off im sorry to interrupt you. Joe, we have him back. His shot was frozen. Give us something quick on adobe. Then i want to talk more sectorwise. Give me quick on the doby. Sold the doby and bought salesforce i talked about that with you last wednesday its not like youre moving money away from tech into these other areas. No, no. You still like tech the group itself underperformed this month in whats been a good month. Its up 10. 5 . No one is going to nesneeze at that rahel solomon joins us to take a look at the big winners and losers of this month you cant exactly call it a comeback but definitely a strong attempt this month by energy and financials, both the worst performing sectors for the year but for november, the best performing Sectors Energy getting caught up in the selloff today but still poised for a 29 gain, down 38 this year some of the best performers include occidental petroleum, apache is up closer to 58 this month. All of these names still down between 47 and 60 this year so perhaps still some room to run, as pete mentioned earlier financials also had a small month, up 17 , as you said, scott, though down 9 in year and industrials up 15 this month. The worst performer for november was utilities. First energy, American ElectricPower Company and Wec Energy Group all down between 5 and 10 for the month. Real estate and Consumer Staples are also among the worst performing sectors two standouts, however, molson coarse and consumer statements so maybe people can drink to that if you own bank of america or jpmorgan, im talking to the viewer, if you own those names or other names, bank of america double downgraded to underweight from morgan stanley. Jpmorgan double downgraded to underweight at morgan stanley. You own bank of america and jpmorgan whats up with that, pete . Im not overly concerned, scott. Obviously theyve been one of the areas of leadership when youre looking at some of those types of banks, the jpmorgan, bank of america, quality names that i think have moved to the up side for the right reasons. They didnt move as much when we went through the earnings cycle as i would have liked to have seen now theyve made this great move to the up side, specifically jpmorgan because forever, scott, we were talking about how it had a magnet at 100 a share it started skyrocketing to the up side. Thats been a nice move. The reality is when you go back to that earnings and see record earnings and yet a lot of people were focused on a lot of the different areas of jpmorgan that didnt necessarily hit what people were looking for. The reality is i think these banks still have plenty of room to the up side, whether its jpmorgan or bank of america. I love their call on capital one because i think thats one of those names where because of the fact theyre so much into the credit card, over 60 of revenue, this is a little bit different type of bank the movement to the up side and price target on there is pretty extreme. I think there are a lot of names that really moved well jpmorgan obviously being one of those names and it finally made that who have to the up side i dont think its over. I disagree with this double down grade. I still think there is movement. The Balance Sheets look great and cash flow looks great. I think they are still in and very well positioned as we go into 2021. This is repudiation of big bank stocks. Double downgrade, double downgrade and, by the way, one of the ones you own, goldman sacks, got downgraded to underweight. So they only had to do a onelevel downgrade and thats to underweight nonetheless is this group no touch, the banks, the big banks okay. So were going to take Goldman Sachs and morgan stanley, those are the names to own, m a, training, wealth management, positive there jpmorgan has had a nice recovery, bank of america, citigroup, its had a nice recovery now it needs the participation from a steepening yield curve they downgraded goldman to sell, though, joe. Theyre not extrapolating it out like joey t. Is. Theyre not doing that they put it in the basket and threw it overboard im going to whisper something to you i think theyre wrong. Okay i think theyre wrong in their downgrade and i think those that have downgraded Goldman Sachs as it has risen to 235, theyre not the last and theyre not the first. Im going to stay with the position it wo its working for money center banks, its all about the steepening yield curve. We need that and we also need the blessing that comes from president elect bidens administration, from secretaryelect janet yellen, the Financial Regulation is not going to be obstructive in the way that its going to be presented in the coming administration its amazing, though, how quick i mean, one months performance makes everythibody think the bank stocks have been working. I look at wells fargo up 30 , bank of america 21. 5 , jpmorgan 22, Goldman Sachs 24 you say these bank stocks are pretty good. Unfortunately when you go out a little further, year to date, bank of america is down, jpmorgan down 14 . And Warren Buffett and those guys said were basically all out. Goldman is kind of flat, up 2 to an s p tape as we said, thats up 10. 5 . I understand why when you talk financials, the conversation ultimately goes to fin tech so im going to take it there bryn, you bought pay ball, degas recently bought paypal i do think that paypal should be in that banking discussion. When you look at a catalyst, when we take a new position, whats going to be the catalyst to drive it higher, i think when paypal announced last month, 340 million of them can now buy bitcoin, that is a game changer and overnight they created a new revenue stream if you look at squares earnings this last quarter of cash app, did 2 billion in revenue, 1. 5 billion was bitcoin. And cash app has 30 million users. Paypal has over 300 million. So i think that they can instantly create a new revenue stream i think one of the early days of bitcoin add block chain so i think its a catalyst that over thene next year thats going tog to their bottom line we want to own it and that gives it the ability for multiple expansion. More and more people are wanting to have their money sit at a square or paypal and i think the bitcoin gives paypal more of a tail wind. We like both degas, give me something quick on paypal. Paypal is the direct the market is going to what id like to say about the money center banks, think about brick and mortar banks who goes to them now i agree with bryn, the movement is towards the paypals, master card, Payment Systems like that. Thats where the markets going. Well take a quick break and come back. We have a bullish call in an industrial stock it struggled this year it has seen a surge, though, of late 35 in the last month well debate it next in our call of the day so get the 5g americas been waiting for. Verizon 5g is next level. Unlimited plans start at just 35, with entertainment the whole family will love. Switch now and save 700 on galaxy s20 plus. Only on verizon. The teams been working around the clock. Wire, weve had to rethink our whole approach. Were going to give togetherness. Logistically, its been a nightmare. Im not sure its going to work. Itll work. I didnt know you were listening. Welcome back, everybody. Im sue herera at the Supreme Court conservative justices are grilling Trump Administration lawyers over plans to exclude Illegal Immigrants from the 2020 census count Justice Barrett questioning why this should be the first census where all residents are not included new yorks Governor Andrew Cuomo initiating emergency measures to free up hospital resources for covid19 patients. Elective surgeries are being halted in some counties. Hong kong disneyland is temporarily shutting down again because of the pandemic. This is the third time the park has closed due to covid19 and this was probably a pretty easy choice unfortunately. Miriam webster says the 2020 word of the year is predictably pandemic covid related runners up included quarantine and asymptomatic also in the running, defund and antebellum you are up to date, scott. Thats the news update i have a different word to describe 2020. I cant say it, though you know, so do i i appreciate my job too much to say it. Me, too sue, thanks you go the t it we have bullish calls today. Ge, named the top pick at ba barkicalbar barclays i have a hater in pete, a hater in bryn, joe is not going near ge he says, degas says not in your life am i going near this stock. Whats up with this, pete . Scott, i wouldnt call myself a hater anymore. I was a hater for a really long time, as you know. You own puts. Youre right. Youre 100 right. Youre the biggest hater on the panel. For at least a year, maybe even more than a year, scott, as you remember, stock went from 29 all the way do you to 5 or 6 a share. Along that way we had option buying and they were buying puts to the down side i had my last residual puts left thats okay. Eventually the music stops and the music stopped pr p for for e i have january 5 puts. Theres no reason for me to hold on to those. I dont think were going to test those levels. I think weve seen enough out of ge to the ep siup side. When you look at their debt levels, thats amazing they do have some free cash flow, thats great. The ceo has done a nice job. Thats great they do still have incredible amounts of debt and thats going to be hanging over them for a long time in my opinion. Stephanie link says youre wrong. Shes says youre wrong. Youre wrong well see im channelling stephanie link youre wrong all right why doesnt anybody own United Airlines why doesnt anybody own any airlines on my list i dont have anybody. United got upgraded today. I thought, degas, that 2021 is going to be a new year, people are going to get pliens, be hang anxious to travel. Why doesnt anybody want to get on this plane . I think maybe its a little bit early. Were looking at this space early. There will be a recovery in 2021 we look some of the airlines that are domestic focused and also the more nonbusiness focus airlines such as southwest, alaska i think those are some airlines that are doing really well domestically they have i believe 95 of their flights are focused on domestics. I think thats going to be the recovery we dont see a lot of international flights. So thats going to benefit those airlines and also the business fly a flyer. Were not seeing those Business People jumping on planes in 2021 its going to take a while to recov recover. Were focused not so much on the business flyer you can check out our writeup on cnbc pro find that at cnbc. Com pro. Coming up next, the big etfs to watch on this final trading day of a great month for stocks. Were going out with a womimper. Were back after this. And welcome to the etf portion of halftime report. Closing out one of the biggest months in history on a big value rally. Gerard oreilly, coceo and cio of dimensional funds youve been studying the whole growth versus value story for decades now. Whats been going on this month . Banks and energy rallying big time is there really finally evidence of a true cyclical rally, true value rally or is another head face weve been seeing for the past ten years great month for value investors. I dimensional we like lots of data, like you guys. When you look back at u. S. Data over the past lets call it a hundred years, we see value stocks have outperformed Growth Stocks by 3 to 4 a year on years they have outperformed, the level of outperforms has been on the level of 10 to 15 so thats just what we saw in november let me ask you about the etf front. Youve been very busy there. You have a significant mutual fund operation, nearly 600 billion in assets under management but youre now becoming a leader in converting some of your mutual fund into your etf space and of course the u. S. Core equity. Tra transferring to etfs and whats the philosophy behind the u. S. Core equity fund where youre showing some of the big holdings in that fund we launched at two etfs this month and they were at new etfs. We plan to convert six tax manage funds into the etfs in 2021 all went swimmingly well they combine all the expertise and knowledge weve accumulated over the past 40 years when managing equity. The market wide, they buy Large Company and small cap stocks and overweight value and its been a good month for small growth and we take an active implementation approach so i think whats enough and unique about these etfs is theyre laucnched as active transparent efs, low cost, highly diversified but active implementation helps manage risk and keep us focused on higher returns day in and day out is 2021 finally going to be the year when the Mutual Fund Industry see as lot of conversions into the etf space in you started it. Will 2021 be the year that the mutual funds move a lot of money into the etfs . I think both will have a very successful year in 2021. P. Okay approximately we were going to continue our discussion at 1 p. M. Eastern time with tom lydon and a lot more on investme menment philosf dimension funds. Halftime report will be back in 30 seconds. Its time for unusual activity pete, tell us what you got im going to start off with some amd, scott. This is a name thats hit so many different times, i cant tell you the month of november, probably 15 different bullish hits, four in the last week, two today. As a matter of fact, today what theyre doing is very aggressively 4,300 of the december 98 call, stock was trading around 88 at the time, biography 98 calls in december for about 1. 25 they also were buying a oneweek out option as well very active in amd this stock hit 74 a month ago, jumped all the way up to where it is now and basically running up towards 100 a share. That was interesting now ive got gap stores for you. Pretty aggressive buying going out in time a little bit, which is unusual if you look at this chart this year, stock all the way down toward 7, got up to 20, now theyre byiuying january 22 cals about 5700 calls for a a buck 30 i bought both of these, im in amd, ill be in these up to the jan january expiration. It gold is on trend for its worst in years coming up next workflow it. . Just picture it. With the now platform, well have the company you always imagined. Efficient, productive, seamless. Ok, im in whatever your business is facing. Lets workflow it. Servicenow. [whats this . ] oh, are we kicking karly out . We live with at t. It was a lapse in judgment. At t, we called this house meeting because you advertise gigspeed internet, but we cant sign up for that here. Yeah, but im just like warming up to those speeds. Youve lived here two years. The personal attacks arent helping, karly. Dont you have like a hot pilates class to get to or something . [ muffled scream ] stop living with at t. Xfinity can deliver gig to the most homes. Time for the futures outlook. Gold hitting its lowest level since july on pace now to close out its worst month in four years. Let bring in scott nations of nations indexes for more on the move its so surprising given what the dollar has done. You would have thought gold would perhaps do better. Thats exactly right, scott the dollar index down 2. 5 this month, and you would think that that would help gold a little bit. Lets face it. Who needs a safe haven if the pandemic is over, and if you still want a safe haven youre not looking at gold. Lets face it. Youre looking at bitcoin up to today, up 20,000 earlier today, so i want to be a seller of gold and, scott, i want to use at micro emini contract. I want to be a seller of that february contract. I want to sell that at 1,800 and let it come back to us a little bit. We dont want to sell gold in the hole target to the downside would be 1680, about where the market consolidated in april through june, and my stock is going to be 1860 up to the upside were always going to trade these with a stop. That was the bottom several times since september, october and november 10 per point for the mico emini so were risking 700 to make 1,200. Ch scott, appreciate it very muscott nations. Thank you. Well take a break and do final trades next. So get the 5g americas been waiting for. Verizon 5g is next level. Unlimited plans start at just 35, with entertainment the whole family will love. Switch now and save 700 on galaxy s20 plus. Only on verizon. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. All right. Final trades First Business with you. Tell us quickly. You sold caterpillar, why . I did too much industrial exposure i recently added syntas and honeywell. The industrials will be the sector in 2021 but i had to take down the exposure. Too much scott. Give me a name for final trades. I like petes amd im going to buy that. Degas, got a name for me . Qui anyx is doing an incredible job with the surge and also reducing its carbon footprint. Good stuff. Just a name, were inand just a name, pete, please. Bitcoin. Okay. 20 grand almost. Pete . Vale. Im going to give you vale thanks, guys. Thanks for watching. The exchange is now. Thank you, scott, and hi, everybody. Im kelly evans. This is the exchange and stocks are moving today. Dow down 308 today but were still on pace to close out a month of monster gains and record highs bullion versus Bitcoin Bitcoin nearing alltime highs, a look at these two and Holiday Shopping in full swing who could take the retail crown as shoppers move out of the store and online, but lets begin with the markets this hour and bob pisani is here with the numbers fo