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Doc, they draw the live. You get taxes through and go to 2850 on the s p. Okay. You dont, you get an air pocket pretty quickly of 5 to the downside that sound all right with you . I think that when we hit the new year, when we ring in the new year, if we dont have a tax plan passed, judge, we will see an air pocket. Dont know if its 3 , 5 . I doubt if its much more than that, but thats, like i say, a little over a month from now what im looking at if it doesnt pass, so not this week, but i think they will do it into the new year if that doesnt pass. Jim lebenthal, this goldman prediction about where things go they see the market continue to go up over the next couple of years, not nearly as much as they do in 18 they are lacking for a nice doubledigit gain. Things slow and multiples plateau and theres the price targets and wellknown by many viewers on this network of where they think this stock will go. David is a very, very smart strategist i worked with him 15 years ago and is extrem ....
Does seem to be pretty good between now and the end of the year. Well, i mean, look, just from a Bigger Picture, we talk about trend a lot and i think you have to respect the primary trend, and so from that standpoint lets review what went on last week, a holidayshortened week but so what. A new record alltime high in the nasdaq and the dow, and then you had the canary in the coal mine that was supposed to be down and a new 50week high in the lts so you can look at all these things and say im going to go the other way of things. Youll be on the wrong side of history of over 100 years of market data that we have Bigger Picture the trend is still higher doesnt mean that you cant have a deterioration in the internals and get a correction of course, you could, but im just pointing out thats not whats happening now get a day like today, the market hits new alltime highs at the ope ....
Has us asking the question is tech now firmly out of favor, or is this just a rest and people will come screaming back in. So firmly would probably be a bridge too far but out of favor today, sure, and by the way, this looks like a repeat of an episode that we saw on wednesday of last week, so you look at, like, for example, s p value index, which just breaks out the value stocks within the s p, up 1. 2 and s p growth up 0. 4 or flat. This is more than a oneday thing, right the banks listen. This is tech down 3. 5 in a week. Amazon in a 6 drawdown which slashes its yeartodate gain to a pitiful 52 . Thats what were talking about here these are stocks that have gone up by orders of magnitude all year and within the last week or two people are falling in love with other sectors like financials and industrials and transportation, and then have you this other thing going on which is only tangentially related which is a big bounce in retail names i think a lot of that has to do with seasonal ....
Jpmorgan, goldman, the xlf. Financial are just ripping. The pharmaceuticals have done pretty well. All the stuff i hear about small caps are the place to be with tax reform. Right. You keep hearing that. Why not the big guys . Why not i agree with you looking across the desk, most of the people sitting on this desk right now have huge exposure to some of the bigger cap stocks whether its jpmorgan or citi or bank of america, you name it across the board, scott, what are we seeing, the transparency of the fed and in front of the fed so we have a sense of what the fed is most likely to do and the baton being passed off to powell look at volatility i know we bring it up all the time, burks scott, the ability for people with a nine and change volatility, think of the protection you can have for employees to be able to ride along with this, whether its the s p and dow, going to the small caps, obviously going to the iwm, Something Like ....
Sector down, not much, but still down utilities, real estate and healthcare are leading the way let us start with oil. Heres the thing, pete weve been here before if youre lock oil, youve had your heartbroken a few times. Yes, i have, indeed. Is this time different . I feel like it is different and the reason i say that weve seen so much options as of late. By the way, yesterday was the lowest volume day in the options for the entire year of 2017 if you exclude some of the half days that weve had. Weve seen paper flows very, very indicative of where the directions are going and seen it in energy time and time again and this time the size and the mass in which they are coming after paper in the xlp, in the xle, in individual names like halliburton and some of the rest, weve even had some in the services index, the oih. Which is up by the way. Right, and it encompass eds, you put in schlumberger and halliburton and thats 35 of that index so you know its fairly narrow, but the energy spac ....