580 and strong moppets ago and alameda as well. 880, 580 and that will be left out there and havent seen measurable rain fall in a while and were finally getting much needed moisture through mill valley and tiburon picking up in areas of orange and coming down about three quarters of an inch per hour. Interstate 80 slick and snowy up there as well especially across the west slope of the sierra and lows 23,000 feet. Winds are piing up and sustained winds in pleasantton and southbound west direction and breezy and northern east bay hills and gusty conditions associated with the storm temperature wise in the 40s and 50s right now and afternoon highs not going to be that little warmer today and not much warming but later on this afternoon, jaquline. Were track ago couple of hot spots and well begin along 101 and this is near highway 116 and traffic looks okay. Its starting to build just a bit but heading in that northbound direction and folks will encounter delays and were trackingen ax th
You. Thank you. So, when you were with us on august 7th, you said the market is fully valued. From then until then the Dow Jones Industrial average is up 6 , the s p up 4 we overvalued now . Not yet, no i would say that, you know, basically bull markets ended over valuation and i dont think were overvalued use whatever adjective you want to describe it the market is not cheap and its not expensive. So as i think ive been saying, i think were kind of approaching normalization, and to me normalization is a 17 multiple on earnings and the trick is what is the earnings youre looking at . You know President Trump and the republicans get their way, and we have a tax package, you can see earnings next year in the s p about 150 and the 17 multiple and 150, i think its 2550 that would be fair value, full value but fair values, and, you know, most bull markets end over valuations so took another 10 to 15 to that number. The trend is favorable and the conditions that normally lead to a big market
Of, if if not the most Successful Hedge Fund managers ever. David tipper, the founder of appear loose appaloosa management. Its great to speak with you today. How are you doing . Doing well. Thank you. Congratulation on your fifth year anniversary. Market feels like its at an inflexion point. Weve been talking about that, you know, almost every day for the past week or so. Election on the horizon. Uncertain outcome there. Not exactly sure what the fed is going to do. Do you think its a better time to be a buyer of stock or a seller . So you are asking me just on the stock market . Well, well start there. Its still some of the same issues ive talked about in the past as far as margins and absolute levels of the market. You know, levels being fairly fully valued market. The dollar seems to be getting stronger again. Its an environment that, you know its probably okay not great returns, but okay, and then you have to deal with the election. You know, what the outcome in the election depen
And the u. K. Supreme court now begins hearing theresa mays case. If she loses, is a hard brexit off the table . Matt we are less than 30 minutes from the european open. Take a look at futures. We are looking at red across the board for europe here. U. S. Futures have turned positive, however, in the last 30 minutes. Watch this space. We do see ftse futures down 1 3 of 1 . Dax futures down,. 4 . There is this turnaround in u. S. Futures. Guy yeah, the turnaround certainly is, matt. We will see how that develops as we work our way toward the cash open in europe. We do know the euro is under pressure and italian bonds are under pressure. We are training at 1. 0610. Today we have finance ministers meeting and so much going on in terms of the moving parts surrounding the single currency right now. We are moving lower. It will be interesting to see how we get into the italian banks. How will they trade . What happens with mps . What happens with unicredit . So much news still to be decided
Planes and ships from four countries have joined the hunt for flight 8501. Aviation officials cannot explain why the plane vanished from radar screens 40 minutes after takeoff. Mark albert is in washington. Mark, good morning. Good morning, lauren. Aviation experts tell cbs news that this search is likely to be far easier than the ongoing search for malaysia air flight 370, which disappeared in march, and thats because the waters where this airasia plane disappeared are much, much shallower shallower, only about 150 feet deep, and the area is levelly trafficked. Australian search planes have spotted objects in the java sea where airasia plane disappeared. Experts do not know if it is wreckage from flight 8501. With help pouring in indonesian Officials Say its likely the plane is at the bottom of the sea. The flight carrying 162 people including 17 children took off for singapore sunday morning. Shortly after one of the pilots asked to change a route due to bad weather. The request was