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Were happy about. Congratulations for that lets go to the wall and check out where we stand as we set the table for our friday conversation 29,367 for the dow thats 1 . 2 8. S p is just shy of that and the nasdaq is having a pretty good day as are the small caps. Liz young, lets set the investing landscape if we could for our debate youve got virus cases soaring but very promising vaccine news on a number of different front you got the president not conceding but you got biden winning arizona, which gives some more certainty to the transition period, despite the noise and the noise makers, if you will youve got so much pentup demand on the other side of the virus. You know thats going to be the case then you have this battle between value and growth as you all try and figure out where to place your bets for the months ahead. What do we do with all of that what do we do with all that we start with thinking about the time frame its true that through the end of the year, maybe into januar ....
Materials, industrials hitting new intradays. The small caps doing well. The russell 2,000 at the far right side of your screen. Jim, i want to know where you think we are now you have great vaccine news. Its consistently great. Were not that far from 30,000 on either day we have headwind tailwind. Each day you can make a tailwind case i can make a tailwind case that you have to buy the airlines right now. This norwegian cruise deal is done, you want to buy that group. I can make a case that you have to buy the stay at homes, the deep cyclicals, a case for the technology stocks. This is what weve looked for. Thats why i came in gunning for the armageddonists theres a fabulous piece out that covid did not rescue the armageddonists from underperformance and purgatory its time to call them out im asking all the panelists to call out the people who said it was the end of the world call them out. Well, weve gotten great vaccine news it sounds like to me youre saying you can still buy the cr ....
I dont know if its so much will these reports be good i think the question is how good do they have to be well, theyre going to probably have to be extraordinarily good we saw what happened with microsoft already. The numbers were great across the board for the most part. The stock went lower and continued to go lower after they gave the guidance that they gave i think thats part of the elements of what were going to be looking at today, scott, is not only the earnings but what does the guidance look like for many of these Different Companies were talking about, the power four or five when you really look at whats going on there, its still about apple one and the bundling package, i think thats huge it goes back to the idea that this was once a Hardware Company that was mass, rigive and the hardware component was huge. Thats been a good thing because the reliance on th ....
Lets bring in our guests today, arguing that stocks might not be so close to new highs for very long mike wilson, Morgan Stanley, back with us good to see you. Glad to be back. 10 correction is the most likely outcome why is that . Its a continuation from the call we made in september where we got a 10 correction. We walrallied back all this comes back to our framework. We look at the valuation its pretty full volatility has picked up because of the events they know are out there, whether its the virus, the second wave, or the election the premium we believe is a bit understated from where it should be thats all were saying. Its full here these risks are not going away for the next 30 days theyll be with us so, look, the range we put out in august, 3,100 to 3,550 holds. Were still bullish on the vshaped recovery, the call we made a while ago we think its a new bull market. But its risk reward and the risk reward for the upper end ....