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Our Investment Committee here today. Pete, give me an idea of how the market has moved lately. 23 of the s p 500 at or within three percent of new 52week highs. Seven of 11 s p sectors within three percent of their high. We have made moves as we continue to kick around the question of whether we will have the breakout. And the negativity was pretty high. Going back to the time when we heard from the banks and then the technologies and semis, when you look at 70 that has reported, that says something about how negative everybody was and the surprise that this is. We were trading in ranges probably 17 to 19, somewhere in that range. Ever since the earnings have gotten better and people are getting more comfortable the deeper we get into this thing, look at where the volatility is. Its an amazing move that weve seen there. And we continue to see extremely. We talk about the at the end of the show, massive buying yesterday of al ....
Manus 6 00 a. M. In london. I want to bring your mind back to 2018. Exuberance after the g20. Then we faded to black. Im talking about the drop in the s p 500. Is it deja vu . From the did hear global times yesterday saying there is a will to make a deal. Then in bloombergs reporting, we are talking about the fact china wants december tariffs to be lifted. We are still waiting. Also looking ahead to bank earnings. Big questions over what we are going to see in terms of costcutting. The one positive is the u. S. Consumer. Low rates certainly not helping. Manus let us talk about the various political markets and how they are affecting currencies. The lira, first of all. Battered and bruised. 50 on steel. Three ministers have been sanctioned by the u. S. On turkey. If you wanted a reason to sell the lira, you have it now aplenty. Despite the pushback, defensive play by the local banks, a billion dollars of fx. There is this deep misgiving in the treasury market. Yields popping by 20 basis ....
Where the stock goes from here the Investment Committee is ready to go. The Halftime Report starts right now. Welcome good to have you with us on this thursday our Investment Committee at the table, joe terranova, steve weiss, the najarian is here, megan chu with Wilmington Trust and also with us our senior economics reporter steve liesman. We begin, where else, where the story is stocks following the worst day of the year. Big concerns that the trade war is threatening to push the u. S. Economy over the edge so weve got 60 of the s p, a little more than that in correction territory. Thats 306 out of 505. What should you do in the market today . Today you should do nothing. What are you doing . Im looking to sell further on strength, and heres why. I ....
Background checks. This legislation with desperately needed Immigration Reform. Still not clear what all of that means. Thats why were waiting to hear more from the president. Whats your sense . What are you hearing from white house officials about what does the president mean when he says strong background checks are needed . Reporter they are not going to answer that right now because the president will have to answer that for himself. Aids aren aides arent clear what he means by that. He has mentioned this in the past. Democrats have treed to strengthen the checks before. Lengthening the time of review from tree to ten days and requiring the checks for every firearm that is sold. The president seems to present a new idea of marrying legislation on gun reform with immigration refo reform. Two extremely difficult issues. We should mention this isnt the first time hes made a call for stronger controls like this. After the shoo ....
Because i think you have a free pass. Unless you have something y absolutely rouse in the next quarter, everybodys looking forward to the launch in september. So why not . Its one o f the safest stocks out there. I think the especially thuz y enthusiasm is going to continue to build. To petes poind. Yeah, pete. That strong. It was okay. It was fine. Almost everybody on this desk other than rich is either buying more today or thinking about buying more. But its also within the context that im not wildly enthusiastic about the market. I want market exposure. So ive got to market exposure through apple and i think it will work as working this year. So, why not. So, rich, why are you on the other side . We have a full position in apple but i think theres a broader position here, that apple is one of the great beneficiaries of possible repatriation. Also, i think the lens should be broadened to look at the s p, a third of the move this year has been on the faa and gg stocks. Investors shoul ....