Scott walker will be talking to th gundlach in a moment. Long emerging markets. Tim sea mour, youre an eem merchant. This is a trade ive been long for a long time. I actually think emerging looks good against the etf. If you spread it over the spy, you can see the ratio, somewhere around 16. 8 right now. Some key levels to break through. Emerging is absolutely out from the s p. A lot of the bogeys for em, really, the big hurdles for em have been dollar related, growth related. Those economies are starting to move. If you want to see a trade, we talk about this on the show, this is the trade. Emerging is underperforming the s p by almost 60 from the peak of april 2010. And if you want to look emerging markets that took fire in 2003, 2004, 2005, youre back to square zero. Thats exciting. It feels like the short spy side of the trade might be a little trickier. We were talking about how its difficult to not be long at this point. The s p 500 with the volatility so low. Listen, i cant spea
Friend and loved his family deeply and so, you know, its important before we rush into all the politics of this to to take stock of somebody who made enormous contributions to the United States, and we are grateful not only for his service but for his familys service. The constitution is pretty clear about what is supposed to happen now. When there is a vacancy on the Supreme Court, the president of the United States is to nominate someone. The senate is to consider that nomination and either they disapprove of that nominee or that nominee is elevated to the Supreme Court. Historically this has not been viewed as a question. Theres no unwritten law that says that it can only be done on off years. Thats not in the constitutional text. Im amused when i hear people who claim to be strict interpreters of the constitution suddenly reading into it a whole series of provisions that are not there. There is more than enough time for the senate to consider in a thoughtful way the record of a nom
You can see . Morning the nasdaq is indicated higher by about 22 points. Nearing correction territory. Wti trading up about 3 . A pop of 1. 34 to 45. 12. Among the reasons for the surge in prices escalated fighting in libya thats disrupted production there. Some canadian pipelines shut down as the precaution after a wild fire shut down the oil city of forth mcmurray in canada. Weekly jobless claims forecast. James bullard is in Southern California today to speak about the economy and monetary policy. And alibaba and merck reporting results before the opening bell and also news corp, square and gopro after the close. And dont miss an exclusive interview with John Williams. That happens this afternoon at 1 40 p. M. On power lunch. Bullard an here a lot. He comes here a lot. If he wants to Say Something. He could some here and thats it. So many approximate of them the time that the if they really want to Say Something to us. Come here and do it. Else were not going to cover it. Fitbit Fir
For hours and thats the first time ive looked at him. Your hair looks good. Erik lets look at the headlines and manufacturing. Scarlett an increase of 2. 1 , and the consensus was 2 , so slightly better than economists were looking for. I believe this was the first increase since last july as well. This was the month of march. What is interesting here is that the previous rate of a gain of 0. 2 has been revised to a drop of 0. 1 . February was weaker than anticipated and march numbers were slightly higher than economists are looking for. If you back out transportation orders, factory orders were unchanged, 0 . Whereas for the february numbers, it was revised down from 0. 8 to 0. 1 . The Financial Markets are coming off of their highs, still a by 0. 1 . It is hard to say if that came out right after factory numbers of coming out. If i look at the dollar right now, the u. S. Dollar index slightly higher here, 9537. We have seen manufacturing numbers softening for the past few months now,
As we said, the tenyear getting awfully close to 2 . Inversion blowback. The killer here, shire down 25 and a lot of big event funds getting crushed. Earnings from bank of america, blackrock are out, both beating on the bottom line. Can financials lead the market higher . First up, new data adding to concerns about the economy. Stock futures extending their losses this morning after september retail sales fell more than expected, down 0. 3 . Thats excludeing autos. Sales declined 0. 2 . Also seeing a bigger drop in oil prices after that tuesday selloff. Thats crudes biggest oneday slide in almost two years. Oil is down 23 , jim, since june. Its cost opec hundreds of millions of dollars. Larry fink that morning saying he thinks gas prices are going to come down 30, 40 cents into years end. Gas prices are based on brent. Brent has come down a lot. I think thats a nice prediction. You need oil to go to 70 if that happens. Is oil possibly going to 70 . I had harold ham on last night, who a