Day. Pete, i come to you. Jpmorgan the quarter was good Loan Loss Provisions were surprisingly good. The commentary today is a surprising show of coronavirus resilience thats what i just read. Why is the stock down . You know, initially it had a nice pop to the up side, scott i think people step back and say the financials, we need to hear a lot more about what theyre going to be able to do at some point in time thats outside of the trading spot because thats another area the Loan Loss Provisions, you just brought that up but how about the trading numbers . The trading numbers are outrageous for them and for citi that is an area we expected to be strong. It was Even Stronger than expected but theres more to the bank than that. I think thats what were going to be struggling with for a while with these financials. And when you look across just about every name, scott, other than Something Like a black rock, asset manager. When you look at the banks and the financial world there, they just continue to struggle. I think its going to take not only time but obviously were going to have to see the rates shift around before we really see any, like, continual up side moves from these names weve had moves to the up side and then they just pull back jpmorgan, you can close your eyes and say its 100 stock thats where its been stuck it seems like for months now. No kidding. Josh, you own it, too. Whats the issue here . If not now, when this quarter was good. I think you have to start thinking about these Companies Like very heavily regulated utilities. They need permission to raise their dividends. They need permission to buy back stock, they need permission to go to the bathroom all of that is an overhang from the credit bubble they helped cause 12 years agriculture, has not gone away. We thought that there would be enough deregulation under president donald trump, that these companies would find in ways to grow but they arent if you look at the last three years, the s p 500 is up 20 and shes stoc these stocks as a group are down i own jpmorgan i think of it as a total return stock. Over the last three years on an average annual basis its given me about 5. 5 in total return. A lot of that comes from the dividend and as long as you think about it in those terms and you dont look at it versus visa, mastercard, square, paypal, you wont be as disappointed but if youre buying these stocks because you think theyre anything other than a very heavily regulated utility, you are bound to be disappointed steph, some may look whats happening right now and say why bother is todays stock move after pretty decent earnings, is it an indictment of the bank trade in general . You cant even get a good day on this well, i would say the setup wasnt all that good because jpmorgan rallied 12 offver the last few weeks but they are up you need a steep yield curve for them to work this is why i said the names i own are special situation stories. Wells fargo a new ceo. Morgan stanley, love what theyre doing in terms of changing their stripes and creating opportunities for themselves, not waiting for the steep yield curve and bank of america is quietly becoming a great digital bank i think you have to look stock by stock jpmorgan was very good citigroup not so much. Their ratio massively disappointed jpmorgan on the flip side, their efficiency ratio fell 600 basis points sequentially in the quarter. Their rote, 19 thats going to be best in class. Theyre doing everything they can. As you mentioned, its the trading that came in better than expected but its the other part of the bank thats having these struggles and you need a steep yield curve for that to turn around were trying to steepen the yield curve. Were trying but we cant get out of our own way as long as the yield curve remains where it is, theres no indication rates are going to rise soon. I dont know if under a Biden Administration if you get a huge stimulus package, that may be something that jump starts rates. But other than that, theres a reason you dont own the banks one reason that we dont own them is that we see better buys in other spaces in the financials we do have exposure to Capital Markets we own s p global, we own broadridge. We have these companies we own in the Financial Sector but we dont see the same type of valuations that we would like to see in banks before we would be in them. Plus the banks in our particular index, u. S. Active large cap, russell 1,000 growth, theres really no exposure there so we avoided the banks. Josh, you said something interesting. You said if you look financials but not visa card, mastercard or square, its almost the way they categorize what the financials are and who should be in the group and who isnt and that somewhat depresses your ability to deliver alpha, if you will, in the space in general. If you look across the sector classifications by s p dow jones, i would say Financial Services is where theyve probably made the biggest mistake and have dropped the ball to the greatest degree. This is not representative of the way people are using Financial Services its dominated by four banks that havent been able to grow in over ten years. Quite frankly, youve not got 73 million millennials and another 75 million gwen0s that may never have a traditional savings or Checking Account at a brick and mortar bank and they will not be poorer for that the same for investment and insurance. Go on down the list. You have really big Companies Like paypal, 200 billion marke cap. It would be like when air bnb goes public, they put it in the tech index rather than call it lodging, which it clearly is i think its a missed opportunity to reclassify this sector for the 20th century. As long as they keep visa, mastercard separated from amex and discover, this sector will continue to be an outperformer and loser for people who own it. Pete, you owe capital one is that now the best bang for your banking buck . Each one of us breaks these down i think its 64 coming from the credit card side its a little bit different. Each one of these points to stephs points are complete ply different, one from another from another. I would say my knowledge in the option world is what makes jpmorgan so intriguing for me, scott. I can literally look out to november, sell the 105 calls and get a little over 2 if i can do that for the next ten months and the stock does what its been doing for the last six months, trading close to 100, i know steph had just moved back up towards 100, but its been in a fairly tight range for a long period of time. If i can take in 2 every month against that position, if i can do that ten times, thats 20 . So thats what the opportunities are right now in the financials while youre waiting you also get the difficult bend yiel d yield. Youre also looking at jamie diamond, you can see the trading volumes. Its about the curve and when are we going to see that but while youre waiting, you can do this against that stock popgs a position and enhance your ability to make some money i hear you but its telling that everybody thinks so highly of jamie and his ability to run that bank but josh paints a scenario that the really only reason to own that bank is because of the dividend. And the buy back. But mostly the dividend thats what its come to only because its a utility. Thats saying something. Well, that is saying something. And thats where they are stuck right now because they have become a utility because of the fact theyve got all these restrictions on them, number one. But, number two, they, like everybody, is in a position where much of what they really need to have happen is these rates and thats just not happening. So for now while youre waiting, why not get paid to wait and thats my point here because i see the quality, we look at the Balance Sheet, we know what the Balance Sheet looks like, we have all of that weve seen improvements in terms of loan losses, much better than they expected. So there are some positives to take away from what we just heard and what we heard even the quarter before from jamie diamond and what theyre doing right now. If i can do that, scott, and bring 20 there and add on the dividend yield that we were just talking about as well, thats not such a bad return as something that you from as quality from top to bottom and fundamentally and the leadership, that doesnt sound so terrible to me. Mike mayo just got off the citis Earnings Call its good to see you, by the way. Lets focus on jpmorgan first. Thanks for having me. Whats going on with jpmorgan good quarter stocks down the question is are you owning jpmorgan or the bank for three months or three years . We think jpmorgan will lead the largest banks through showing resiliency through these covid times. Jpmorgan, you talk about growth, they grew deposits by 200 billion. Their return on tangible equity, 19 . Their efficiency held in check year over year, even by absorbing a body blow of a onefourth decline in their net interest margin. Jpmorgan epitomizes the industrys resiliency. The stock is down on these good results but the stock also ran up before this theres still a recency bias from events from over a decade ago. You have Global Financial crisistype privacies but for baek banks, this will not be the financial crisis for the largest banks, youre not going to have dilutive equity raising events, youre not going to have Large Bank Failures recency bias for 12 years our viewers are tired of waiti waiting. Well, youre going to have to wait because banks are one of the most highest covid beta sectors there is in other words, as goes covid, as goes the banks. Banks have been the worst performers since the covid outbreak i do take exception that you need Interest Rates to go higher for banks to work. Youre seeing the correlation in the short term we estimate a 200 billion piece dividend once the war on covid is done, that equals to more than doubling earnings from the Second Quarter and that doesnt reflect any improvement from Interest Rates we do think beaks led by the likes of jpmorgan can generate returns above the cost of capital through factors such as improving credit theres also good citizen cass f costs for the banks. Those costs should be going down, too. The point about Interest Rates, youre overlooking the Bigger Picture well, the markets not looking over the Bigger Picture. I dont know when youre going to see Net Interest Income or margins go higher. Even at jpmorgan, they were down you needed a steeper curve for that part of the business to work sure, they can do well on trading and Investment Banking and that sort of thing they can cut costs eventually theyre going to be able to buy that stock back. The capital ratios of jpmorgan are astounding, great. Im not disputing that i think people are waiting for the traditional part of the bank to do better it was worse at citigroup, by the way. Jpmorgan, their cards business, purchase volume was up 20 sequentially and delinquencies fell 14 basis points if youre looking for a derivative call, i think the Credit Card Companies are interesting. I happen to own American Express but the cards should do well when they report earnings. We were talking about those, too, in terms of the cards and where pete is in the market. Mike, citis call. We mentioned it earlier in the introduction to you. I dont understand, you called out mayo i mean, you called out korvat telling him heshoul leave today. Why did you do that . Ive been on your show for quite a while talking about citigroup. Theyve disappointed on strategy and controls and now theres a new regulatory consent matter. Citiis worth more dead than alive. If somebody said break up citigroup as an investor, you would make money as this point the more reale esistic outcome,e enough ceo has a strategic perspective. You need to mckienzieize citigroup, cut the fat, increase the intensity, improve the sense of urgency i said that because im hangry im hungry and angry at the same time im angry these problems werent more transparent to investorsi say bring in the new ceo, jane fraser, tomorrow time is up they were the postal child during the Global Financial crisis and here they need to chang the busine change the business model. Bring in the new ceo now as opposed to say its going to take time. No way no one investor has disagreed with this view youre talking about this as if its a basket case. Youre the one with the outperform on it first of all, theres a deference between the execution and the stock price. So city group and the industry, Second Quarter was the low water mark for earnings, returns and credit reserve bills so thats all going better youre seeing some green shoots, maybe not as much as youd like. The piece dividends for citigroup not to miss the forest through the trees, the biggest driving factor will be winning the war on covid having said that, if you fall short on execution and your stock trades at one half of book value, which is where it was eight years ago when the current ceo took over. One half of book value is good book its not like you have 50 billion of ceos on the Balance Sheet that arent marked down. This is good book value, which actually grew last quarter versus last year it just needs management led by the new ceo you really think three months is going to make a difference . Korvats leaving in february you need to set a tone at the top. And it really starts with citis board. You see the ceos at citigroup has gotten paid almost 400 million over the last decade the stock is down 80, 90 . You set a stone at the top and say were not waiting another day, were taking action now and jane can have a strategy but it will be Crystal Clear shes the only person in charge. Having said all this, while its a longer road for citigroup, our favorites are the highest quality banks like jpmorgan, u. S. Bankcorp and usc, but in three years when you get through this covid situation, youll see the banks are nothing like they were during the Global Financial crisis josh brown, do you have a word for mayo . Yeah. Branch baking is banking is basically drilling for oil at this point we have plenty, we dont need more nobody cares about it. Why wouldnt these Companies Close more branches and start having sub skipgscriptions for r clients. They would probably double their multiples on wall street, everyone would cheer they could still provide the same services they provide but people would actually i think rerate these stocks, give them higher multiples and give them more credit for what they are good at. The stuff that is transaction an is transactional on jpmorgan, 52 profit jump in Capital Markets and underwriting we did a million ipos in the Third Quarter and jpmorgan was very involved, involved in raising debt theyre very good at that. Why wouldnt it be like a netflix of banking whats taking them so long to get this every other sector has finished this out well, the Banking Industry are lagards. When you start your consulting firm, we might have to recommend you. I just did. Its me and you. The largest banks have half the revenues and fees already. The diversified are able to weather the storm. Youre seeing the biggest structural change in technology in the history of banking. You heard jpmorgan today theyre not getting credit for it, mike nobody cares they will get credit for it because coming through the cycle, you will see structurally improved efficiency because a lot more business with a lot in the case of jpmorgan, more customers at lower marginal costs as you use Digital Banking like youve never used it before you cant chang cue Customer Behavior but Customer Behavior is changing ten years from now this really is exciting from a structural standpoint. And then while you bide your time, banks have the foundations, they have the Balance Sheets, they have the reserves to weather the storm. Whats missed here is that city citigroup today mentioned reserve releases are possible next year. Reserve builds at jpmorgan are done for now that just reinforces the fact that Second Quarter was a low point. Will jpmorgan buy back stockneck quarter . Fiend at this point anything short of nationalizing the bank will be an up side surprise from a regulatory standpoint. These narratives that banks will be regulated out of existence, i think thats so far overdone doddfrank was a bipartisan bill regardless of who wenins, its o a lifethreatening change for the banks. The momentum is absolutely against the banks in the short term, but eventually stocks follow earnings and we think earnings will be resilient over the next couple of years thats mike mayo, wells fargo securities, joining us today keep an eye on tech after the nasdaqs monster day yesterday what a month it is, steph, so far for big mega tech. Alphabet 7. 5 , facebook up 6 pn6. 5, microsoft up 6. 5 havent these just roared back and said, no, no, not so fast, this is still where the moneys going to be made, steph. I think the money is going to be made in tech. Ive been saying it all along, though i said you want to own a bar bell you absolutely want to own secular tech because the total Addressable Markets are enorm s enormous the Free Cash Flow generation and market share theyre gaining, especially the work from home, its such a tail wind for these companies. You absolutely want to have some of these companies i was reading all kinds of things today about i. T. Spending starting to pick up. That chrome books is doing very, very well for microsoft and notebook demand up 7 month over month just in notebooks alone. Home around corporate starting to spend a little bit. I still think you want to be part of technology but want to still own cyclicals because i still think the Economic Data is Getting Better the point about the bar bell thing. Is it like a 45 plate on the tech and a 10 plate on the cyclical and value stocks . Thats what the market keeps screaming every time dont put the 45 on the side because its not going to Work Technology is 29 of my benchmark. Of course i have to have more of a tilt on technology but if you add up materials, industrials, some discretionary and some financials, that can get closer to 20 of my benchmark. Naturally you have to make bets and im making a bigger bet at least on the industrial side because i think thats where im being stock specific ive cited many different times the total Addressable Markets and how excited it is, a trillion by the end of the decade, wearables, 55 billion by the next two years. There are all kinds of total Addressable Market numbers i didnt even talk about a. I. , which will also be a trillion dollars by mid 25 i have made money, a lot of money in some of these industrials and cyclicals. You just have to have balance. Targets from 250 to 30 at rbc. Positive calls on qualcomm and micron and tesla as well could you take any one of those. The point being the street keeps upping price targets right down the list and, scott, you mentioned, too, when you talked about value. The ol dd definite of value sas utility stocks are value and technology are growth. Also, if you really start talk about looking at book to market. Book to market is a measure of old economy, factories, plant and equipment. As stephanie just brought out is that if you look at technology, for instance, lets look at a valuation measure that really does a better job in technology and thats upward in cash flow yield. Thats a measure of how much cash is generated relative to the market value if you look at apple and microsoft you look at apple, apple has an operating cash yield of 9. 1 . Microsoft has a operating cash flow yield of 8. 1 once again, thats a value premium. So when i look at microsoft, i look at apple, i see value premiums in other words, you can buy these stocks, the stocks are priced as it relates to the value within the technology sector, these are buys at this level. Speaking of apple, i said the event less than an hour away we will trade it ahead of that before we go coming up next, pga tour golfer Justin Thomas joins us on cnbc ahead of the cj cup this coming thursday plus disney getting a buy call akuphe back of its big time she shakeup it is the best performing stock on the dow today of course well debate it. Back in two minutes. Welcome back, everybody. Im sue herera heres your cnbc news update virginias Voter Registration update has gone down on the last day to register. Officials are blaming a cable that was accidentally cut. The state department of elections is working to restore services as soon as possible in georgia more than 128,000 people cast their ballots on this first day of early voting thats a record and a 4 increase from the first day of early voting in 2016 the World Trade Organization ruling the European Union can impose tariffs on 4 billion of u. S. Goods in retaliation against subsidies to the plane maker boeing the u. S. Trade representative says the eu has no legal basis to impose those tariffs. And take a look at this. This is what happens when the Nobel Committee cant get ahold of you to say you won the economic prize luckily the cowinner lived right next door and he brought his wife along to tell paul milgrom to answer his phone. Thats sue herrera for us the Investment Committee making a lot of moves. You bought ups you trimmed home depot i want more about ups. Scott, ups, theyve been working with hospitals and labs to do that and now they have faa approval so thats going to be a growth area for them. I also like the operating cash flow yield, 14 . Stephanie, you bought dow chemical newest position for you . I did its a new position. I havent owned it in a while. The yield was the most attractive thing to me about it. Its also a very diversified Specialty Chemical Company we talked about how housing, construction, auto is doing well i this i theres margin up side as well. Stock is still down 10 year to date i think the yield is attractive and well covered pete, you got a lot of new moves. I dont know if we can make it through all of them at this moment but hope we will before the end of the show. Delta calls coming off their earnings the ceo was on with phil and the gang this morning. Maybe some glimmer of light in terms of Free Cash Flow positive by spring and pick up in traffic, et cetera i think thats what we are seeing right now, scott. I think people were very encouraged, especially when they learned some of the metrics of what theyre hearing in terms of ho how many foams have flolks havei think even phil lebeau was surprised by some of those numbers. This is not an investment for me but i think there is room for a delta, united or southwest to have a pretty nice speak when people feel more comfortable thats why i think weve seen option activity. Well hear from united tomorrow well get that perspective from that company data dog tell me quick. Well come back to names later might be one of my most favorite of those crazy names out there, scott, where you cant just look at pe, you got to look at what the company does ive been in it before before we rode this up through a hundred. A lot of activity out there. I think this is a name that could continue to work based upon what they are, the quality of what they are and who theyre going after. Theres plenty of space for them to make money along with the rest the stock making a big day, about 4 meantime, the pga c. J. Cup is teeing off in a new venue on thursday, las vegass shadow creek. That tournament, normally held in korea, has been moved to the u. S. Due to covid19 joining me is the 2019 c. Skrnchts c j. Cu defending champion good course at shadow creek. Whats the field look like this week thanks for having me. Its an unbelievable field although it would be very nice to be on the island, c. J. Has done a tremendous job putting on an event again here at shadow creek. Its fun i even had some korean barbecue yesterday. I still feel like im there. Its nice. Because of the change in venue, it makes me think of just the larger environment you guys have had to deal with. How would you sum up life on the pga tour this year in a covid backdrop its obviously different but to be perfectly honest, it feels normal now the tour has done an unbelievable job of making the process as easy as possible. I know that i might go a day earlier now or i might go four, five hours earlier than normal and just go and get my testing done with. You go and get your credentials and then youre free to get into all the areas. If you need to pick something up, you go to the Distribution Center i dont know obviously it would be nice for it to be normal and have some fans out here but this is what we have. The tour has done a great job, made it very comfortable and safe for us. It feels like weve been doing this our whole career on tour. Are you guys able to have any family members out on tour with you at these events . I dont know what the tour is doing in those regards right now. We havent. Wives, girl friends, spouses, they can come out. Im very lucky that my dad is my coach so my dad gets to be here. But in a different spectating way. Hes observing as a coach and not as a father, i guess but my mom was able to come to the tour championship and i think its just going to progressively, hopefully, get to where family might be able to come and then so on and so forth. But, i mean, the number one priority is that we continue to play without positive cases and continue to be safe, which weve done a good job of so i trust the tour and what theyre doing. I know a lot of guys would love to have the families out since its vegas, its going to mark the first time the pga tour will have live odds im wondering what you make of this whole betting angle coming in now to gavel. Golf its going to be interesting. It has an unbelievable market right now. Its something that especially with not being able to go to sporting events, its something i know ive looked at in terms of stock is different betting companies. But i know that people at home are going to have that luxury of having an additional reason to watch golf and hopefully its nothing but positive and gets the sport even more recognized and in an even better place than it is. Wow, did i just hear you say youre in vesting in draft king stock . You said it, i didnt you made it seem like that. Disney share is popping as it shifts to streaming. Should you add it to your portfolio . We debate that next. I got help from a pro. My financial professional explained to me all the ways nationwide can help protect Financial Futures in peytonville. Nationwide can help the greens get Lifetime Income because their son kyle is moving back home and could help set up a Financial Plan for mrs. Garcia. And he explained how nationwide can help mr. Paisley retire early and spend more time with his pal, peyton. And their new band. Exactly yeah. Dont forget the band. I havent. Keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo but before we sign i gotta ask. Sure, anything. We searched you online and maybe you can explain this . I cant believe that garbage is still coming in. That is so false frustrated with your Online Search results . Call reputation defender today to join tens of thousands whove improved their online reputation. Get your free reputation report card at reputationdefender. Com or call 18778668555. Were back lets talk disney. Pete, i looking to you you own it you got a bullish call today on the back of that reorg do you like this move . We had this conversation last week i think it was him that was discussing the idea of cutting the dividend permanently to finance this thing i dont think you need to my disgreat w disagreement was only on that aspect other than that, i think streaming is the place to be the only thing i was critical with with iger was the move to streaming. It doesnt matter anymore because they have moved and theyve moved at the right time and we certainly are seeing exactly what their game plan is going forward. Its content, its dtc and getting it out, there not just here but internationally i think this is something that makes total sense for disney going forward. Ive been in the stock a long period of time i mostly went to calls recently just to trade around it, but i do think this is a reason for me to start saying, you know what, this could be another longterm hold stock went from 150 to 95. Now here it is right now i think theres plenty of more up side in the future. The apple trade is coming up. Its event is about 15 minutes away tomorrow, Shepard Smith goes inside the u. S. Air travel system, meeting the workers struggling to keep their industry alive, 8 p. M. Eastern, right here on cnbc haunted by casper the friendly ghost . Hey jill hey kurt movies . Ill get snacks no, i cant believe how easy it was to save hundreds of dollars on our Car Insurance with geico. I got snacks ohhh, i got popcorn, i got caramel corn, i got kettle corn. Am i chewing too loud . Believe it geico could save you fifteen percent or more on Car Insurance. With this seal, this restaurant is committing to higher levels of cleanliness. The expertise that helps keep hospitals clean, is helping keep businesses clean too. Look for the ecolab science certified seal. Its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Welcome back were about 15 minutes away now. Theres the countdown clock. Apples big event, high speed, 5g thats what we say josh brown, the stocks run up is it worth the hype is the event worth the hype yeah. Because some people are talking today that its not. It almost never is. If you go back and look at what happens to a fictional trader who puts on a position the day before or the week before an apple event and sells it within day or a week after, its mish mosh, its meaningless i dont think anyone should look at these things as catalysts per se, though there have been moments over the years where people were wowed. Its just not like that. Its more for tech journalists and business journalists and analysts that better understand the road map let me rephrase my question im not talking about the spectacle of the event itself. Who cares about that im talking about what apple will unveil there, 5g. Paper says they are expecting lower demand our guest last hour said 5g is not worth the hype yet has the stuck run too much up into 5g . Yeah, thats a good question. A lot of people are just replacing phones that they already bought 5g is exciting but probably more exciting for the users than it is for investors in apple stock. This being said, there are publicly traded ways to play 5 thereto5g that is not overhyped. The ticker is inph look at it carefully its a semiconductor play. Its almost a pure play at this point given whats gone on with the market cap on 5g if youre really excited about this upgrade cycle and you want to be involved in a Component Company thats going to directly see sales explode, this is where that kind of thing is happening apple, verizons are i own both of them not so much. Steph, whats the Ticker Symbol first of all, josh, of what you were talking about . In as in nancy, ph. This is an example of a stock thats working i dont see it. This is an example of a stock thats im sorry, iphi. Iphi this is a 5g stock if you want to play there, this is what you should be doing, not apple. Now i got it, iphi. Steph, you own it its one of the reasons i own apple. Its gone to a 40 multiple its not just iphone anyone, its services which carries higher margins i think that is very much attractive to the story, as well as wearables 55 billion total Addressable Market in two years time. I like apple, but to joshs point, i actually own broadcom thats a 5g trade and that trades at half the multiple and you get a 3. 4 dividend field and you get data center and software in the mix as well. I do like the apple story for it im going to hold on to it not buy more but hold on to it the iphi, the stock is almost a double we dont talk about it that often. But thats the move in how long have you owned it . I dont own it. Im giving you an example of something that people are trading to capitalize on 5g thats a pure play this companys components go into other companys chips and allow those chips to receive an digital signals, which is essential for Data Transfer and things hike that and 5g so this is type of company that if youre like super bullish on 5g adoption, like these are the names that youre looking at youre not really looking at the tech giants that, you know, people would buy an iphone whether it was 5g or not this year thats how i look at it. We will be right back when i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. Lets do the futures outlook earnings season. Futures kicking off today i think with a bang. Lets find out how the futures market is navigating that. Pretty good, i mean, from jp. The pullback in september we had tremendous groundwork, inverse head and shoulders through that september bottom. We broke out above that neckline weave seen some infurnished business in the search the last couple of sessions so i think theres strong support i think well be making new record highs by the start of the first quarter. I look to buy dips 34. 75, 34. 30, that neckline. Those are big support levels if that holds, the more bullish we are into quarter one. Were only 1. 5 away from an s p high anyway. Im bullish ive seen some selling pressure today. The market seems a little heavy, heavy as a couple of 45pound weights stablgd on pecked on pee najarians bench press bar any type of stimulus will move us higher. Good stuff, guys. Well take a break and do final trades next. Before we talk about taxsmart investing, whats new . Audreys expecting. Twins wed be closer to the twins. Change in plans. 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Its a big hour ahead here apple product event kick off right now. Its being called the most significant iphone event in years. Weve got all the breaking details as they happen and instant analysis i look forward to what apple has to say j. P. Earnings is saying the economy is strong and why is he right . Thats coming up and the nasdaq, jv squad, the disney pivot and green chutes i