Three handle on the s p. There is no such thing as a triple top yep thats in play the fact that basically no such thing generally as a market that kind of repeatedly tests that upside ceiling and doesnt 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 200day moving average, some exhaustion, Technical Levels out there the leadership stocks dont 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 doesnt 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 some wear and tear o
Have been a major swing. Check out what Lloyd Blankfein tweeted. Hospitals are not overwhelmed. Most will be exposed anyway since we cant sequester until there is a vax is a Public Health benefit from broad lockdowns worth such extreme damage to livelihoods and what is more important, the potential human lives lost which are, of course, very important or the toll on the economy and possibly irreparable damage to the economy. Tim seymour . Well, look, now, if you think about where lloyd was on april 24th, i follow him on twitter, by the way i doesnt tweet that often and when he does, hes got something to say and a month ago he was saying im not so sure its wise for states to be opening but thats why we have a federal system where states can do what they do and was somewhat critical of georgia. Here he is coming in and talking about a more populous line theres politics attached to this i think theres economics attached and fascinating its whats happening and do think Lloyd Blankfein jump
Lets begin by taking a look at where we stand onwall street theres 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, im sure everybody is thinking about this if not being asked it directly, im going to do it the same what now where do we go from here well, i think were in now the third at the last five days, were 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. Its 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 wouldnt want to be in that name right now youre 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. The s p having a bad da
Midmarch. Well get to macys 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 theres 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 hell 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 its vising because we didnt think it could occur im 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 theres some numbers out that 41
Look at the s p 500 at 2978, a 55point 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 februarys highs, which our headliner says this hour is going to happen this year and not just the nasdaq so lets welcome in fund strats 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 arent standing still you know, theyre reengineering their operations, learning how to be digital, run with fewer employees and less real estate so in 2021, as we exit this pandemic, theyre going to generate higher earnings on a lower level of sales and that means implied better pes. And thats why we get into july, stocks will start discounting that and were looking for new high hi highs. Youre looking for a vshape