three handle on the s&p. there is no such thing as a triple top yep that s in play the fact that basically no such thing generally as a market that kind of repeatedly tests that upside ceiling and doesn t punch through. i think you look below the surface and say what would cause this move to stop aside from the fact that we are all looking at what are acknowledged to be some resistance levels, the 200-day moving average, some exhaustion, technical levels out there the leadership stocks don t give much back. a lot of comeback in the most cyclicly attuned stocks at the center of this economic crisis it seems like sentiment is while you can see some speculative froth perhaps in the call numbers and some of the day trading data in general, it doesn t seem like people are overcommitted to equities. that leads you to the question what would stop the move not keep it going. there would be no injustice if this market fell 5%, 10%, but it is not showing you the signs, aside from som
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
mid-march. we ll get to macy s and more and oil above 34 as the reopening drives demand. jim, you just said to joe the reopening is working and even companies like ford that might have to send a few workers home on a given day are finding ways to adapt look, things are a little better his is the depression taking off the table. a lot of people seem surprised when you get an expedia number where they say there s a little more travel, and best buy is able to do a good job doing curbside pickup. people turned out to be more inventive. we heard that from brian cornell yesterday, and he ll be on the show today facebook being inventive a lot of people have figured out a new way to do business in a pandemic and i think it s vising because we didn t think it could occur i m not predicting some sort of gdp revival, but i think that ingenuity is playing a big role in this particular moment when it comes to the pandemic i do want to get quick to some home building because there s so
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
well of course, we re still waiting for more details out of d.c., when we may see a vote steve weiss, i turn to you first. so we had this historic rally. we re trying to build on it today. do we have something to work with here? i think we do so there s been a change in my thought process. i was actually very encouraged by the orderly sell-off and not of huge magnitude on monday, not at least compared to what we ve seen and mentioned that the buying last week, previously added some core positions yesterday, it went a little further than i would like to see, than any rational person would like to see, but i did add a little bit in the morning, supersized some positions. but here s how i m looking at it i think we ve now defined the bottom of the market sure, it could go a couple of percent lower, yes but it s not going to go 20% lower, it s not going to go 10% lower, nor are we going to go up in a straight line so the most important thing i believe about investing is being a