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Ed, welcome back. Thank you very much youve been bullish for a while and now youre acting on it why was now the time i had concerns that the market would have some concerns about the pandemic, that we did obviously see somes increase in the outbreaks down in the sunbelt, but the market the tenyear has been below 1 you know, there is no alternative, probably never been more relevant than it has been since the fed adopted what i call qeforever on march 23rd. You have what you call a meltup in the market, but you say as you have more of this melt up, you increase the risk of a meltdown. How does that factor into your broader view well, you know, its one thing to be bullish, but at the same time you have to be aware of where the down side risks are. To the extent that the market has a melt up, it puts more air between stock prices and earnings in other words, the valuation multiple has been on fire. We had a p. E. Led meltup from 4. 9 on a forward p. E. Basis on march 23rd now were over 22 ....
Manufacturers fell to minus 34. The Previous Survey was minus 8. The index shows the difference between the percentage of companies saying business is good and those says its bad. The index declined for the sixth straight quauarter to its lowes since 2009. Thats due to a sharp drop in exports and production in april and may when japan was under a state of emergency. Business sentiment also worsened among nonmanufacturing sectors such as tourism and retail. Turning to hong kong. Residents are waking up on this anniversary of the handover from britain. It is the first day that chinas National Security law for hong kong is in effect marking a new historic day for the territory. The committee unanimously approved the law on tuesday. The law defines four criminal acts that it says endangers National Security, secession ....
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Meteorologist chad mayors wiyer the path. It has changed and it is dangerous. It has changed. And we talk about the models, the american model and european model and how one does better than the other. But they both have been junk. Im not kidding. Not their own fault. Theres something going on in the atmosphere that they dont see that those models dont know about. And for me thats my tool, so i have to be able to use my tool to tell you whats going to happen. Whether its right or wrong, i feel like im pounding at a nail with a pipe wrench though. The tools today in the last couple days have been terrible. But sheer what weve been seeing. Yesterday at this time, we were over st. Lucia and the forecast was Something Like that. No. Nowhere near that. Look at what has happened to the storm. What could possibly forecast this . Then this . Then this . And then back . There was a time yesterday yesterday around 8 00 in the morning where ....
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