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Nasdaq up 151 points and looking to open about 31 points higher it has been a wild ride for investors all week the dow and s p are down over 2 the last three trading sessions the s p on pace for its worst twoweek performance the nasdaq has been a big mover. A lot to chew on after a tough week true, andrew. Tough in that it had been up so much we sort of glossed over september 11 19 years when you say it, dont you say, oh, my god, september 11 for you, it is about half your life for me, about a third of my life it went really quickly 19 years i remember so well mark hanes and Everything Else that happened. Year after year, constantly on september 11, it is amazing how quickly time goes. Since last year, weve seen our share of tragedy as well up until this pandemic, well see how history looks at all of this i would argue that 9 11 was the most consequential thing that happened in the past 50 years, maybe 100 years with security and ....
Futures trading was halted yo ed overnight. If were down 7 , you halt for 15 minutes down 13 , you halt for another 15 minutes if down 20 , you halt the remainder of the day some people wonder how long we will be trading at the open. Yeah. Look, i think the problem is twofold no one thought oil was coming. Theres a very, very different approach by some to whats happening with the virus some people are saying not enough others are saying, listen, were making too much of it. Im in the distinct not enough camp i come back and i keep thinking about david tepper and what he said to me at the super bowl i dont know if we have that i think we do is the booth ready on that going back to midfebruary early february day before the super bowl i came back and have never been the same i know people have accused me of being fear mongering for weeks now. No, i think im realest mongering. Were trying to back into it, you have to try to figure it out. Ruined the environment of the setup right now. Whats ....
Decide what kind we are dealing with i wish we could say we always know how to respond but the early days of the decline, well, theyre never easy to navigate first, lets borrow a line from the fabulous Anna Karenina all happy rallies are alike. Each sell off is unhappy in its own way. Its so true bull market sent stocks higher and everyone thinks theyre a genius for participating in them big declines much harder they would be the start of a bear market or a glinch. Thats why i want to use history to try to identify some of the common qualities so you can figure out how to handle the inevitable moments of weakness without panicking. First let me offer some historically constructive words of relief, sanity and real, not phony, but real assurance. Theres only been two truly horrendous sell offs since i started investing in 1979. The one day crash of 1987 and the rolling crash of 20072009 i could have down the nasdaq crash but the s p ....
Stocks bad and consumer stocks great as institutions made new judgment about their growth rates in a world with a little inflation and potential Federal Reserve hikes. I dont know about the latter but inflation rates coming down. That changes the picture for many, Many Companies that report next week. As we near the end at last thank heavens of earnings season. Lets start our game plan with what might be the most telling statistic out there next weeks Producer Price index. Why that . Everything from your cable bill to copper coming down. I think were seeing prices for all sorts of things plummet. This fact will make it very difficult for the fed to raise rates to september like so many are chattering. We expect a decline in the market immediately aof any rate hike. Well probably get one. Stay tuned it will show deflatio ....
Your mad money couriers from the swift completions of our pointed rounds. Especially now that the dow gained. What can i say . It really is pretty much how i feel about tonights election. Oh, it is manageable. Like Everything Else thats been thrown at us as a country. Hey, were going to help you manage it tonight when our special coverage begins at 7 00 p. M. Eastern. Why do i say manageable . First, allow me to give you a couple of reasons intrinsic to the stock and bond markets during this 61yearolds lifetime of love for finance. And then we will talk about politics. And the standard republic to explain the u. S. Postal services hallowed motto. Lets start with 1979 when i bought my first stock at a time when the federal fund race was at 15 . Yeah, the one thats currently at half percent. Interest rates were high back then because we had ruinous inflation. We had nothing like that now. In 1979 it was easy to throw your hands up ....