good. you were with us last on march 23rd you said then, this could be near a bottom. you said that you were, quote, nibbling and it was time to buy a little if you were a longer-term investor are you surprised how far we ve come and how quickly we ve gone there since that day yeah, it s been a bigger move than i thought it would be, for sure but look, there s been a lot of fed action and a lot of government packages since that day and on that day and since that day and, you know, a lot of that probably moved the market than it has the real economy up to this point. so those things happen now the question is, what s the right value for the market now well, that s an interesting question your friend, stan drukenmiller yesterday said this was the worst the risk/reward for stocks was maybe as bad as he s seen it in his career. he s had a long career, david. so do you feel the same way that stanley does how would you put this into context now as to what the right valuatio
let s begin by taking a look at where we stand onwall street there s your picture all sectors but industrials are in the red right now, dow trying to claw back off the lows still down about 7b3 points the question now, josh brown, i m sure everybody is thinking about this if not being asked it directly, i m going to do it the same what now where do we go from here well, i think we re in now the third at the last five days, we re in third day of this mean reversion trade where the hardest hit sectors and the sectors that have the most gain on a successful roping of the economy are leading. it s really interesting to look at, for example, the fact there are 20 s&p 500 stocks that are up more than 20% on the year only one of them is green from the day. big outside day developing teledoc, i wouldn t want to be in that name right now you re seeing the semis getting turned away. semis have been out stangding bt they got turned away hard. when you look at the rsp versus the spy. t
let s check the numbers. i mentioned where we are nasdaq was above 9,000 s&p 2900 dow is better than 24,000 right now. josh brown, the issue peer supes starting to run out. it s now peleton, zoom paypal these are tech stocks but they re not apple. there s a lot more happening beyond just what people usually associate with the nasdaq. like where is all the money coming from? take a look at the russell down 18% on the year while the nasdaq heads towards highs. you could not have a starker divergence between large cap growth and the overall rest of the market and it gets wider and wider. they are the products and services that people are using my colleague ben carson called it the peter lynch market. if people know the product and using it, the stock is probably going up by billions of dollars. we re going to talk about one of thoedse to josh s point,divergence growth versus everything else. year to date is down 2%. the s&p value ite is down 20%. you continue to get the dive
look at the s&p 500 at 2978, a 55-point gain and there is the nasdaq the outperformer yet again, almost 2.25%, 200 points, 9387 the nasdaq, not all that far away from last february s highs, which our headliner says this hour is going to happen this year and not just the nasdaq so let s welcome in fund strat s tom lee. he is joining us via skype tom, welcome back. nice to see you again. thanks for having me. big call. how are we going to get there this year, tom you say 3450 is happening? yes, and i think what really drives our view is that companies in the midst of the shutdown aren t standing still you know, they re reengineering their operations, learning how to be digital, run with fewer employees and less real estate so in 2021, as we exit this pandemic, they re going to generate higher earnings on a lower level of sales and that means implied better pes. and that s why we get into july, stocks will start discounting that and we re looking for new high hi highs. y
the nasdaq up 1.3%, and the vix is at 52. obviously it is going to be a volatile week. we have the 10 year yield at 61 basis points at the moment. any number of things moving these markets. guy: i think in many ways, you re right. it is going to be a volatile week. we sibley don t know what is coming down the pike towards us. is an ok opening. considering the numbers we had over the weekend, considering what is going on, this is a very undramatic open. it is placid by comparison to what you could ve expected. a couple of exceptions, the. obviously a couple of exceptions, though. obviously, what is happening in the crude market is something to be paid attention to. take a look at the contango in brent crude. it is terrifying. take a look at btu at bdp yields in italy. there are problems still very much unresolved. some of those problems exist here in europe. we are waiting to see what is going to happen with corona bonds, etc., and whether europe is going to stick together