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And a big part of that was because investors rang the rangstrang st register in stocks. Is it time to take profits in this group . Guy . Lets talk about two names. Good to have you. Hope everybody had a great long weekend. Happy gobble gobble turkey day. Welcome to monday. The short answer is many of these names, yes, and we talked about this last tuesday. Two names specifically. Look at j. W. Nordstrom. Look at the move its had since the middle of the year when it was a 35 stock. All the shorts covered. Last week when it got to 60, we said, folks, the Short Covering has happened at 19 times earnings. Much too expensive. Ring the ridegister. Down 3 . Similar story in macys. Macys is a little more compelling on a valuation basis but the charts look identical. Massive double tops in both going back from earlier this year. So when those two names specifically it is time to ring the register. Was this the buy the rumor of good or dece ....
Are strarting to show signs of cracks. The materials, the financials. Some groups that had run a lot. I still like the financials. I still like the financials. I think the materials, yeah, they are way out in front of themselves. That doesnt mean that that means its the end. Maybe they pause for a while. You can see it happening in the steel stocks, for instance. Today there was also a down grade out there. If you look at the financials, the financials have been absolutely on fire, and ill tell you, the other thing is we talk about and we focus all the time on volatility, right . I talk about volatility. Here we are back underneath 13. Were in an extremely low volatility in terms of the measurement of the s p. Look at the ovx. Look at oil volatility. It went from 33 to 55 in a short period of time. One month. That just gives you a little idea how much volatility you have in that energy space right now, and obviously with opec in front of us, thats part of it. Theres been a lot of this ....
Had a significant change in sentiment. If you just go back to the tape six months ago, there was a really strong concern in the market, bond market, equity market around this growing sense of stagnation. We were skeptical of that. At the same time the clear focus on reflation and risk by many investors, i think the truth is somewhere in between, and thats what we mean by both views are too optimistic today. Yeah. Maybe we underestimated, though, where the economy actually was before the trump election and now we maybe, okay, were feeling pretty optimistic about where we think tax policy can go, a stimulus plan could go, but the fundamentals, though,ing are in some ways justifying a stock market rally, no . Well, i think part of it. I think we went into the u. S. Remains resilient. Pessimists were saying 2 growth at best. We were closer to about into 20173 . I would say the equity market particularly in the u. S. Is pricing closer to 4 . Thats what i think, again, we could get there, bu ....
Reuters reporting he was a member of the u. S. Army reserve. Authorities say there was no connection to international terrorism. Dallas police chief david brown says it appeared the shooters plan to injure and kill as many officers as they could. The bloodshed unfolded blocks from where president john f. Kennedy was slain in 1963. We will have more as the situation unfolds. Again, were waiting for the attorney general to take the podium. Now lets send it over to scott wapner for the Halftime Report. Thanks so much. Sue herera. Welcome to the Halftime Report. I am scott wapner. 2 top trade this hour, saving stocks . At the highs of the day. With us for the hour today, jim lebenthal, jim brown, sarat sethi, and Steve Liesman here onset as well. We do begin with the markets. I said, session highs today, a strong rally foll ....
Market. Look who is barks guy adammy. Petey is back, too. Two of you. Were back. Different ends of the world. The answer is i dont know if youre betting on the consumer but you can bet on certain stocks. Cocacola is a name we talked about over the last couple of months talking about the potential for there to be no triple tops and now this stock is breaking out. I think it made an alltime high today. I think valuations are reasonable, so you want to call it betting on the consumer, thats fine. Id rather bet on the company. I can bet on the consumer and also the ceo and management teams and when you look at j j and masako, 52week high, not just the consumer, other areas, coke clarks General Mills another one of the names, but i think its really oppressive. People have to understand that were in a different environment and they are spending money differently than they were, and i think thats part of the whole thing with the fed and e ....