Says a 10 correction remains the most likely outcome in the nearterm. Joe, tell me whether you agree with this call he said last weeks failure to break through technical resistance for the second time suggests the correction is not over he expects softness past the election before the next leg of the bull market. Do you agree with that last monday we got up to 3,459 on an intraday high. The previous high was 3,588. The reason we pulled back is the absence of a stimulus deal the conditions are fully in place now to exceed that 3,588 high when you look at retail sales in the u. S. , when you think about the strength of chinese economic numbers, think about the fact that yesterday we had the single largest travel day for the Airline Industry in the united states. Clearly the conditions are in place. If i look within the markets itself, its just not technology on friday reaching 52week highs. Air freight logistics, construction and engineering the conditions are there its the absent of stimulus. For the 10 decline, the way to get that is if you price back in a contested election which we priced out if we dont have a contested election were not going down 10 . I believe conditions are still favorable to move higher i want to know if you agree with that. Joe talks about the decisions. Lets talk about those conditions two weeks from tomorrow, election day we have the virus. Cases are rising hospitalizations are rising. You have earnings coming this week are the conditions ripe for a correction or ripe for new record highs i dont think theyre ripe for that type of correction. In terms of record highs, were pretty much there. So its do we sustain these levels or bump along towards yearend i dont see a reason for a surge or reason for a huge correction. In his report he talks about that stimulus, election outcome timing, third wave and valuations those are the reasons for why there could be a 10 correction. I think we factored most of these things in. We know were getting stimulus we dont know what it will be or the timing we know the vaccine is coming, we dont know when or the timing but it will be coming. I even think the election causing bumpiness y ness i yinee peoples expeektatictatioexpectas i think well reflect back on what happened over the past quarter and when we reflect back on that, well see that weve returned somewhat to a more normal pace, even though cases are rising, we are behaving far more normally than we did six months ago thats positive. I dont see a huge catalyst for a big correction rob, i hear complacency i hear, eh, the election is priced in. We wont have a contested election, even if we do its not a big deal virus cases are rising we know how to deal with that now. Does that make sense it does and it doesnt. I will tell you that investor positioning is still way offsides i think theres a lot of investors that are hedging a contested election outcome theyre nervous about the election their positioning reflects that. I would look at mikes note and say, sure, we can see a lot of volatility because there can be surprises along any of those things hes talking about, but positioning is broadly reflected. I would say that most investors are slightly underinfested to their target positions going into the election. The best way to play this going into the election is play the broadening out when you move into the post election framework where we know the election outcome, well have a stimulus package next year how do you know well know the outcome . Thats what im talking about, the whole idea of come play sabtsab complacency around the election. All of a sudden its not a big deal, it wont be contested, well know the winner. How do we make such a big leap and suggest it will all be smooth and clean i think its too much of a presumption to play that once we know the election outcome ultimately well know the policies that come out of that what if were in a lame duck session and biden is the president , do you really think well get some sort of stimulus package that is significant across that and between february i think maybe its delayed a bit and thats where you see volatility in the intermediate term i think well get answers to these questions. Well have a vaccine we will have Better Therapeutics markets are going to reopen. In the interim timeperiod people will recess okay, where are we from an earnings standpoint . What does this mean . Thats where you see volatility. Thats where i think you get positioned to kind of look forward into 2021 and i think broadly im a little more optimistic about that than this interim period john, im looking at a jpmorgan note. Blue wave anticipation is rising based on the latest polls, speakers and Market Participants see a blue wave as an increasingly likely outcome with limited time remaining to shift the momentum the sheer magnitude of early voting is exceeding expectations and appears to favor democrats thats a note from jpmorgan. I have another one here from goldman. A democratic sweep would likely lead to a significant boost to disposable income however this would most directly benefit the unemployed and lowerincome households who are less likely to be in the market for homeownership suggesting a fairly modest boost to housing john, what do you think about those two notes . I think those two notes along with what mike wilson said about breaking out is hard to do, i love that part of his note, i think that were likely to see some stimulus. We both know that the longer it takes the worst it is going to be for exactly that cohort you just described, scott. The folks that are not upper middle class, but that are in the middle and or beneath that, they really need the stimulus now. I dont know that the stimulus is as necessary for the rest of those above that line, whatever that line is, scott. Whether thats upper middle class or whether thats middle class. I think that the real issue here is that if we see cases which, for instance, wisconsin has the worst right now. Theyre less than 10 of hospital beds. So, in other words, cases are increasing at a dramatic rate. We all know that but the cases like i say wisconsin being the worst, only 10 of beds are being used right now, which is a good thing i hear you. Hospitalizations are going up, okay thats just a fact doctor gottlieb today on squawk box says were probably in the seventh inning of the acute phase of the pandemic, but the hardest part is probably ahead thats from dr. Gottlieb very likely you have some people saying we have rounded the corner, got the final turn im wondering whether people in the market are complacent about what could be ahead as it relates to the virus were not going to shut down we know that we continue shut down again to the magnitude that we did, but consumers could dial back their own behavior, that could have an impact on the economy moving forward. Yep scott, you and i talk about this all the time its really that first surge, whether its volatility, pandemic, whatever it is that first surge usually is when that panic hits. Every additional hit like when you pop to 40 in the vix, and the next time you cant hardly get into the mid 30s, the next time you cant hold 30 that kind of thing is exactly what plays out with the pandemic in peoples minds as well so, in other words, cases are up dramatically theyre basically pushing towards those april highs. Yet the market response and individual investor response not nearly the same. So to your point, are we complace complacent yeah we always build in complacency as each one of these surnurges, always see a little bit co complacency build, but is it too much or the right level . I hear you. I know you want to make a point, rob. Piper says were complacent but theyre still going 3,600 on the s p. You will get stimulus one way or the other, whether its now or later. By the way, dont completely discount the idea of an 11th hour stimulus deal on the hill in the days ahead. The door has not been completely closed either. Whats the point, you want to make, rob . Right now its all about stimulus but also i think theres something natural that happens when we have front burner items that rest there for long periods of time whether its y2k, brexit, the trump presidency, markets tend to desensitize to those things the longer they stay front burner items i dont know if its complacency or if its just a desensitization to the fact. I have been completely shocked at the news we saw last week out of the eurozone in the rising cases, and how markets behaved very, very well on those days. It shows you the strength of the bid under the market i think part of it is this desensitization to what has been a front burner issue, one that has all our attention and one that is being addressed as fast as possible. Yes, its not going completely in the right way because of some things that happened in terms of us not wearing masks, maybe reopening, but it is a frontburner item. And i think people know its here, so why react pianos tend to hit us in the back of the head, not the face we want to give our investors a chance to see whats coming, not get smacked in the back of the head joe, i guess we take all the headline top ibics we just discussed, the issues in front of us, but viewers also want to know based on that, besides opining on how you think the overall market will be impacted by all of that, what specific moves are you making or do you plan to make as a result of things that could be in front of us if, in fact, the prognostications and the polls are right, are you making any moves today based on what the election outcome could be . If so, what would it be . What i have done recently relates to just Risk Management in select sectors. I have a very strong thesis surrounding the industrial sector, thats represented in my position with deere, caterpillar and previous old dominion. I had to pare back my exposure to masco but whats more important is where do yields price . I believe thats where the source of capital that could power equities higher both domestically and globally will come from. It will come from investors that have been in fixed income for many, many years thats something thats going to be a catalyst for me in the decisions that i make. But those decisions will be made on the other side of the election and knowing what the outcome will be. Youre calling the end of the bull markets, terranova . No, i would never do that no absolutely not ill call it. I think what we have learned is to be prepared for anything i said before, you could have a 10 decline that mike wilson is calling for on a contested election theres a variety of different outcomes here. Theres even the potential outcome that President Trump wins reelection and what would be perceived to be a higher equities market could be lower you have to be prepared for everything and understand your risk assumption. We dont call the end of the bond bu bull market we call fora rise in yields that equates to a positive impact on equities. Jenny 95 seriously, ill call the end of the bull market on bonds. Just last week i was finishing quarterly reviews for clients, many of them are where we managed balanced portfolios they had allocations to bonds, 50 , 40 for years. In these quarterly reviews im writing, hey, we need to reassess this because theres not return left to be had here if you dont believe in negative rates theres not Capital Appreciation left there either some degree of money always needs to flow into risk income, but on the individual side, there is not money that needs to flow we could see yields rise higher, too. I would be comfortable making that call. Rob sechan is feeling good. He has the helmet behind him his steelers 50 he thinks that rates will go up, so he wants to come on and stick his neck out and say buy the financials really you love that ill back you up, rob i was actually a little nervous on mentioning that on the show people have been chopped down before for this. But listen, last weeks news was really good. If you get a vaccine, if you get stimulus, the direction in rates will be higher its more than rates it is Capital Markets activity as you saw and lowering loan loss provisions, which raise earnings in addition theres a healthy margin of safety in financials that just based on valuations. So im theyre going to be the beneficiaries of this rotation to cyclicals. I think you cant ignore that. Were seeing that month to date that financials have done well the cyclicals of this months performance have been driven by industrials, financials, materials. You look at yeartodate, its been an absolute win for growth. Marrying in some of that broadening out, i would say were doing for clients is simple were playing the broadening out trade, holding whats winning, and raising a little cash in anticipation of volatility and that cash is coming at the expense of fixed income specifically high yield, and thats how were positioning for tomorrow john, youre always an active trader i will ask you the same question i posed to joe this idea of trying to put trades on now in anticipation of what could happen in a couple of weeks, if not before, are you starting to do that . Today is not one of those days i added to some positions, but what im seeing now is theres a lot of smart people that watch your show every day. The and a lot of those smart people know that the senate is not anywhere near the number that mnuchin is talking about. So when we see the market rise or fall on these stimulus talks, mnuchin can agree to whatever he wants with speaker pelosi, but very few of us believe that that can get passed in other words, there is Something Else that is lifting the markets here whether its china, industrial production, whether its retail spending in china, whether its a bunch of other things, there are forces at work, scott, that are not based on these stimulus talks. Stimulus, when that word when that phrase comes up anywhere in a news story, the algos react to it like that thats why we saw it dump from up 25 in the s ps to down 15 pretty quickly thats not people trading. Its algos, its real, but its algos. Nobody watching this show thinks theres stomach for a 2 trillion stimulus in the senate right now. Thats not what mcconnell has said thats right. So secretary can agree to whatever he wants. It aint going to happen in other words do we care about earnings we have a huge week. We have 80 S P Companies on the docket including dow components, ibm, travelers, procter gamble, verizon, cocacola, dow, intel, American Express. Yep markets still cares wiabout earnings we couldnt get guidance from companies because they dent kid know what was going on the actual numbers dont mean much unless you miss so big that you start questioning the run up in some of those kinds stocks youre right. Thanks for rubbing salt in that wound from last week, scott. I was one of those guys that had unusual activity doc, you have to answer for that i did you have to answer for that whats the deal. You had unusual activity, you were long for the ride, that thing got knocked off a cliff on its head yep sure did some viewers asked me to ask you about it im asking now i did get a chance briefly last week to address it, ill address it right now when your biggest customer, scott, which is tiktok, they said time and time again, when your biggest customer allegedly is stepping back from a spend pretty dramatically, thats why you worry about having one customer that is over 30 or 40 of your book that was we thought a good read in december options then when it fell out of bed i was happy not that it fell out of bed, but i was happy i didnt own the stock and that i owned a call spread for 2 bucks instead of potentially that horrible 30 drop or whatever they suffered i deserved those slings and arrows for that call last week, but im happy it was a small loss versus that 30 or more less that it would have been if you were in the stock. I hear you. I appreciate it. I appreciate you discussing that lets get back to earnings. I dont want to run past that. You have ibm after the bell today, intel on thursday, you know, what are your expectations going in you can talk about ibm they had the spin. Are you feeling more confident about this companys prospects now . I am. Im excited about the call tonight to hear what management has to say i also think when you have something as inexpensive as ibm with a strong dividend it goes into the better than a bond category for intel and ibm expectations are sill much. One thing about last week, when we talk about the market broadening and the importance of earnings, if we look at fastly versus goldman last week, that is the perfect highlight of why earnings are going to matter so much this quarter. What well be seeing is a reflection of what happened the past three months and well see real numbers you zero expectations for goldman, you see sky High Expectations for fastly. As these Companies Report this week, well see more of that a lot of companies where expectations are unrealistic and the companies in my portfolio like on that screen you showed, American Express on friday, intel, verizon, at t, ibm, the expectations are for nothing theyre trading at multiples of 12 times or less many of them have dividend yields of 4 , 5 , 6 so i think theres little they can do to disappoint at this point. Thats not thats not the most high vote of confidence, though, right . Theres little they can do to disappoint weve come to that its not. Stacy raskom says basically those same things. Right now the bull case on intel stocks seems to be cheap hope. In other words, the shares are inexpensive and maybe something will go right but that doesnt sound like a hugely compelling case to us at the moment thats sounding like what youre saying or look at another side of that you can look at the baird analyst who is bullish who say they still have industry leading performance in chips, theyre the eighth largest contributor to earnings in the s p 500 pumping out 20 billion. Im intels management didnt become idiots over night you dont pump out 20 billion of earnings when youre a good company. Theres a hate fest on it now. Everybody hates intel. Theres just so much negativity here so maybe on the call today we get on the call this week, we get insight into what may happen with taiwan semiconductor, that could be bullish we get an update on the chip, maybe thats going better than es expe expected theres more positive potential than there is negative because everybody is negative. All right i hear maybe this, maybe that, maybe this, maybe that we call it the maybe stock thats always the case. Isnt that always the case with everything yeah, but at least going into some things you have a pretty good idea or your expectations are higher than just saying, well, i mean, the stock is cheap. How much worse could it possibly get . I would argue that prior to prior to february there was more definitive facts available for almost every country and everything went up in smoke after the pandemics, and the maybes came in with the docusigns, the teslas, the pelotons so maybe those will disappear and actual fact and financial will start to return hopefully next quarter we will say intel should earn x or grow. The most important one or two Earnings Reports this week, john, are you own a bunch of stocks on the list abbott, lvs, calls in american airlines, capital one, key corp, cocacola, snap. What do you think . I think where jenny is right to place optimism on intel, petes got it, i dont, im in amd and taiwan semi. They have a cpu due between the january and march timeframe called rocket lake its for gamers. If they come out with that and if it gets positives, thats that if game you were playing with jenny, if they come out with positive comments on this, that could be something that would push intel in a big way. So watch for that because theyve said and whenever you have a code name for some product that youre launching, it gets me interested. This is one that im not in yet, but i like the idea that they have positive something to say about that and the First Quarter of next year looks a lot better because of it. As soon as i see unusuals, i will jump on that. Ill come back to you after the results are in all right for a stock thats done its done nothing. Now its moving lower as were discussing it. All right, joe, your audio is back the one or two most important Earnings Reports this week for viewers to Pay Attention to this week are what . Chipotle, netflix, tesla. Look where High Expectations are and subsequent to that do you get the response within the market do you get the performance think back to july think about the performance from the faangs after we got their Earnings Reports it acted as the foundation for the august rally that allowed those growth names i look at those three names, and i view them as important to what were able to do i think it also offers a glimpse into the following weeks where we will get more faangs reporting, and i think thats where the focus will be for investors in this quarter. Thats when it will get really interesting when you start to get the faangs, as you said, these mega cap growth names and the election in the same real tight timeframe, that will be super interesting. Well take a quick break and come back. A bullish call on bristolmyers and goldman getting its price target raised. Well debate those stocks next you can always watch or listen to us ve olin the go on the cnbc app. Change is all around us. Shaped by technology and human ingenuity, we can make it work for you and your business. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Heres your cnbc news update in wisconsin, a judge has reimposed the states 25 capacity limit at bars, restaurants and other indoor spaces this as a Field Hospital has been opened at the state fairgrounds and plans for more covid hospitals are being discussed. Wisconsin set a new daily record for covid infections last week. Tropical storm epsilon formed in the central atlantic forecasters say epsilon could reach hurricane strength by thursday morning. For the First Time Since the early days of the pandemic, the tsa counted more than 1 million air travellers going through its checkpoints in a single day, however thats still 60 viewer people on planes than the same day last year and in cincinnati, halloween treats for some animals at the zoo. Thats fiona, the hippo that was an elephant. There is fiona gorillas and elephants got in on the fun as well. There we go. Youre up to date. We know our hippos from our elephants. All right good good we have a bullish call bristolmyers updated to a buy at guggenheim. The firm citing attractive risk rewards jenny, you own it, a 3 yielder. Right this is an interesting one we didnt actually buy bristolmyers directly, we own celge celgene, and when bristolmyers bought cell joan, we liked that so much we increased our position in bristol. One thing interesting here, you have a stock trading at about an eight times multiple they show about 18 Earnings Growth next year and if you look at their peers, many of their peers are trading 14 times, 16 times, 18 times earnings one other thing, after 2021 when earnings get more reasonable, theyll be growing at about the 8 range the upgrade here is based mostly on one drug and the reason we love bristolmyers is because theyre the leader in a lot of cardiac drugs and cancer drugs we look at it as a robust portfolio. An Excellent Management Team who does smart things like buying celgene, you have yield, decent earnings, awesome portfolio of drugs. Great upgrade. John, you prefer abbott over bristol. Tell us why. Well, its the one that i had seen on that big dip that it had, scott, when they were cutting back and all of a sudden analysts cut targets and things. The stock fell rather dramatically im sure at some point bristol may have done the same, but this was a buy for me because of that then as i was able to keep selling calls, selling calls, selling calls as it rallied, it was a great stock to hold on to. Ive not been tempted to switch horses in the middle of the stream, i like this one, abbott Going Forward because of the earnings that they have that are solid and strong because of the pipeline and because of what theyre doing in terms of either treatments and or vaccines i am not against bristol, but i happen to get on this one and im sticking with it you think theres better elsewhere also, joe, including abbott, but just better opportunities to deliver alpha away from bristol. Yeah, to deliver alpha and seeing signs of growth abbott and eli lilly, those are the two names that i own i thought jennys comments were thoughtful and i agree with them also the call, but understand that 2020 is the robinhood trader year. Bristolmyers is not screening high on the list for robinhood traders. Theres something about the characterist iblg ifistics of t that doesnt align with the environment were in now thats how youre buying stocks now, youre looking at whats screening high on robinhood . Alpha Generation Opportunity, that aligns with robinhood traders. Youre looking how can i generate alpha in this environment. Correct me if im wrong, i think for the better part of the last six or seven months since the lows in march, bristolmyers has traded between 55 and 65. Its priced at 61 now. Thats not much alpha Generation Opportunity for me jenny, you can have the last word on this thank you so just taking lily for an example. Lily trading at 18 times earnings and has 10 Earnings Growth coming into 2021. So to me if theres alpha generation to be had, even the robinhooders if thats who were looking to may say the relative valuation is wide here lily is already performing lets not say past performance is a guarantee of future returns. Lets look for something new and fresh. Lets bring in rahel solomon now. Credit suisse is raising outlooks and evercore which has an outperform in the stock notes good rx hardly has any competition and the prescription market is massive. The stock is down about 4 jeffries is initiating coverage of rh. One of two negative ratings on the stock, a bit of a bold call. Rh has 99 domestic exposure, and its competing against those who have more of a Global Presence and also with the election around the corner, the market may be discounting the potential of unfavorable tax policies on wealthy consumers and that trickle down in Discretionary Spending the stock almost down 4 interesting thesis, rahel, people will stop buying expensive refurbished drift wood, whatever that is 12month change on rh, up 105 we shall see thank you. John, do you want to buy goldman sachs, price target up to 262 at credit suisse. They go to outperform. We saw goldman deliver earnings last week. The stock was down 3. 5 . I remember seeing that jenny likes it what about you . I like it, scott, and im looking for that entry right now. Last week it popped over 213, maybe even 214 in the pre, and then as you say it finished down that same day after being up as much as 4 in the pre. Still is down right now at 207, 206 area that might be a good entry if i had an endorsement from any institutional papers, i would jump all over it im close to pulling the trigger on this one. I hope i get that excuse to get into it, but i have not pulled the trigger yet. All right up next, we will tell you the big etfs you need to watch today and tomorrow the cnbc f. A. Summit brings together the top Advisory Firms to explore the state of the markets. Join jay clayton and more forward thinking advisers to discover new ways to address the complex needs your clients josh brown is included in that visit cnbcevents. Com fasummit to learn more of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Before we talk about taxsaudreys expecting. New . Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Welcome back bob pisani here with the etf edge portion of our show our guest today is tom lydon and paul delaquilla. The spac boom is the big story of the summer. Paul, you launched that a couple of weeks ago, how does it own spacs when for the most cases we dont know what the company will be owning for two years. Great question. Thanks for having me on the show i think thats part of the appeal what we did with spak, it launched on october 1st, were giving preipo spacs in addition to doing a deal and postipo spacs that have merged those companies that have already ipod like a draftkings for instance i want to talk about the ipo bizusines business thats also on fire. The ipo etf is up almost 200 since the march bottom its just shy of a historic high right ow all of them seem to be working this year. Do you anties pacipate it going higher by the end of the year . The number of Companies Going public are a third of what we saw 10, 20 years ago so this pentup demand and instituting the spac program is helpful. However its diversification if you look at the spac etf, only 5 Companies Make up market cap there. We dont always know what the underlying will be its like a box of chocolates, you dont know what youll get were on the cutting edge and i love that spac etf because we can invest in companies preipo, theres a huge amount of demand there. Paul, just to clarify this, 80 of what you own are spacs that already announced what companies theyll be owning. So the uncertainty factor is reduced here, am i correct thats correct, bob as tom pointed out, there is going to be a maturation to the spac market. We think this product is inti indicative of where the market is today, as it matures the etf will expand as well. Tune in to our etf show. More on the spac craze well talk about the growth versus value etfs. Thats etf edge at 1 00 p. M. Eastern time back to you. Appreciate it thank you. Coming up, our experts are ready to answer your questions ask halftime is next send us your questions by video, too, well air them on the show. Were back in 30 seconds welcome back were answering your questions first up a video question for rob sechan hey, this is eric in colorado my question to you is you often see trading in this period of time called extended hours what exactly are these extended hours and should a novice investor be trading during this time thanks a bunch love the show. Appreciate that and the question whats the answer, rob first, thanks for a freight questio great question extended hours are the hours after regular trading hours, which is from 4 00 to 8 00 p. M. , and then from 4 30 in the morning 4 00 in the morning until 9 30 when the markets open Retail Investors make up about 5 of that activity. Institutional investors make up the rest of the opportunity. I would say youre disadvantaged in that market from a liquidity, spread standpoint, from a volatility standpoint. I would say that keeping your activity in regular hours makes the most sense unless you have some type of trading axe good stuff. Thanks for the question and answer video question for john. Hi, its karl calling from malta, europe. I follow your program religiously every day basically. My question is with regards to draftkings is it too late for me to invest in draftkings, especially since the recent rally which was quite surprising during the september general market lows. Thank you. Keep it up. Awesome question. Thank you thank you for we appreciate that. Great to hear that. Whats the answer all the way from malta and all the way to malta, i think at 42 bucks a share, about where the stock hit today, i think thats an incredible opportunity. So i am buying call spreads in there today. I already owned a piece of it coming into today. So, in other words, im adding to positions good stuff. Watching that stock right there. A little bit of a down day joe, to you, ali in toronto with a covid prolonging, is lulu a buy . Lulu is a buy but understanding sentiment in terms of your positions is important my sentiment towards lulu is i dont expect much to happen until the december Earnings Report at that point, you could get positive catalysts in terms of gross Margin Expansion and store constraints coming off stay with it, buy it if you want to, but youre buying it on anticipation for coming quarters, not now. Jenny, from james in seattle what do you think about lumen . They are the old century link it has a 10 dividend yield, not a lot of growth, paying down debt hand over fist. That dividend is safe if you use the rule of 7 2, collect the interest in seven years. More trades are ahead including johns unusual activity as we go to break, some stocks hitting alltime highs today halftime is back in two minutes. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Wean air force veteran made of doing whats right,. Not whats easy. So when a hailstorm hit, usaa reached out before he could even inspect the damage. Thats how you do it right. Usaa insurance is made just the way martins family needs it with hasslefree claims, he got paid before his neighbor even got started. Because doing right by our members, thats whats right. Usaa. What youre made of, were made for. Usaa before we talk about taxsaudreys expecting. New . Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Time for the futures outlook. The tenyear is moving higher today. Hitting the highest level in more than a week, earlier today at a whopping 75 basis points. Scott nations joins us now to tell us how hes trading it. You got the sarcasm. Yield a little bit higher, yes. Magisterial number, almost 80 basis points on the tenyear the prices for the tenyear are moving lower its down slightly, even though its still in the middle of the sideways range weve been in since midmarch. Completely sideways range, narrow range, too. Mostly noise i would not try to trade this. It gets interesting if prices do break out to the downside. Thats where i would like to be interested in trading. The fed is still in charge, but any sort of return to normalcy is going to be bearish for bond prices we know that we have a 3 3. 1 trillion deficit theres a huge issuance. I would be a trader of the tenyear by selling the december contract 138 even on a stop in were waiting for the market to drop below this range. My target, once we do that, would be 135 even. Were always going to trade these with a stop. Stop to the upside would be 138. 24 how did i pak that thats back into this range weve been in. 1,000 theres per point in the tenyear futures risking 750 to make 3,000. Good stuff. Scott, thank you see you next time. Thanks. lco bk thhe final trades whos supporting prop 15 . Governor gavin newsom. The governor says prop 15 is, fair, phasedin, and long overdue reform, that will exempt Small Businesses and Residential Property owners. Join governor newsom. Vote yes on 15. Uber and lyft are like every big guy ive ever brought down. Prop 22 doesnt help their drivers it denies them benefits. 22 doesnt help women. It actually weakens Sexual Harassment laws, which are meant to protect them. Uber and lyft arent even required to investigate Sexual Harassment claims. I agree with the la times no on 22. Uber and lyft want all the power. So, show them the real power is you. Vote no on prop 22. Is you. Whos supkamala harris. 5 . Harris says, a Corporate Tax loophole has allowed billions to be drained from our Public Schools and local communities. No more. Im proud to support prop 15. Vote yes. Schools and communities first is responsible for the content of this ad. Oh yeah, you going to place it . Not until im sure. Why dont you call Td Ameritrade for a strategy gut check . Whats that . You run it by an expert, you talk about the risk and potential profit and loss. Couldve used that before i hired my interior decorator. Voila maybe a couple throw pillows would help. Get a strategy gut check from our trade desk. Aflac now tell me, what does aflac do . Aflac pays you money directly to help with unexpected medical bills. And is Aflac Health Insurance . No, but it can help with expenses Health Insurance doesnt cover thats right. Are there any questions . Coach yes . Can i get one of those cool blue blazers . You know i cant play favorites. Alright lets talk coverage. Its go time get help with expenses Health Insurance doesnt cover. Mmm hmm get to know us at aflac. Com 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. Were back john, well do unusual in a minute i want to correct something that you said earlier on the show you said that only 10 of hospital beds in wisconsin are currently full as a result of covid. In fact, the number is 82 the 10 number is the increase in hospitalizations and hospital beds in the last two weeks thats the rate of change in the last two weeks the actual number of beds, john, is 82 in wisconsin full, and 26 of icu beds are full okay just wanted to make sure yep thats the stats that i tweeted from axios thank you, scott, for clarifying right axios had the right number whatever what is your unusual activity . Snap, scott snap, weve got buying at the 28. 50 strike, buying at the 30, buying at the 31 strike that expires this week. I bought the 28. 50 pinterest, these are options that expire next friday, the 30th, theyre buying a lot of calls in pinterest, this has been a good one for us weve loaded up on this one as well all right jenny, need a final trade. Just a name. Sure. Naviant. Rob frnlg [ inaudible ]. Joe pause pause is an understatement. The exchange begins now thank you, scott hi, everybody on this monday im kelly evans. Ahead this hour, its an underlying theme thats going unnoticed. Stocks are being sold from the old to the young well explain how thats impacts the market. As Oil Continues to tread water at 40 bucks for months, the industry is consolidating with another deal today. What its telling us and who could be next. And the great pickup