Theres some interesting things in the Options Market that could keep the market down for a bit of time. I do think people are underestimating, a, youve got a good economy with a tremendous amount of stimulus coming in and i think that will continue to drive the market higher. Plus youve got a dynamic where the fed has made much of the fixed income market on investable with treasury and mortgages where they are today, when you take the earnings yield well into the 4 off next years earnings that is a pretty attractive asset class and i think it will propel the market higher so election uncertainty doesnt matter much in the near term stimulus talks, negotiations may not. How does that factor in . Its a big call that you make. Youre the one that suggests in our notes today that it mossably could happen or at least start before the election. Yeah. I mean, so listen, the election the election does matter i think what people have started to realize, since the last time i was on your show weve been pretty enthusiastic about markets. Youre going to get more fiscal stimulus in the System People underestimate, when you put 2 trillion, youre talking about almost 10 of gdp. Then when you grow the moantory base, you create a velocity and grow the monetary base, its pretty hard to get gdp thats not significantly higher into next year. We think were going to get significant gdp next year. If you get a blue wave, et cetera, i think theres a timing to taxes thats significant. Quite frankly, the system can absorb more stimulus and i think thats why youll propel growth higher into next year. Talking about the earnings numbers, theyre impressive. You think about the dynamic that people are operating within today and Unemployment Rate as high as it is, youre getting pretty impressive numbers. In what is still a tough environment. If you want to call it a controversial side to your call today, its when you say when you look at rates, Free Cash Flow multiples, equities are as cheap as theyve ever been i think a lot of people would take issue with that, rick i think most people would take issue with that you hear all the time and people talk about pe ratio and thats a useful metric. When you think about any other form of sophisticated financing, you think about your cash flow that comes in and your cash flow relative to the cost of financing. When companies today have an ability to finance themselves at extraordinarily cheap levels, it allows them to do m a, allows they to do capex and r d, people underestimate the discount they dont underestimate the Real Estate Market but in the equity market they do and it part of why the equity market is not on the true markets you look at, i dont think the equity market is high at all one of the reasons youre balancing that is against where rates are and saying low rates look, its a case a lot of people have made. Equities are cheap to where Interest Rates are you have the backstop of fed what happens if rates get closer to 1 does that sort of upset your thesis at all . First of all, companies dont borrow off treasuries. I think theres a big focus on it i remember for years when you talk about nodes of the treasury market, theyre significant. Companies dont borrow off the tenyear note, they borrow off where is the highyield market, where is the Investment Grade market, where is the low market. As long as theyre able to finance at these levels some companies, the Big Companies five years and in are able to finance at 50 basis points thats incredible you can buy your stock back. Think of weighted average cost of capital for a company, if you can finance at levels like that, if we move up 15, 20 basis points, 40 basis points, i think the back end of the yield curve will probably elevate over the next few months. Part of it is because Economic Growth is good the markets will focus on it if rates move up significantly, i think theyre not going to move up that dramatically to affect the equity market. I want to bring the gang in, but do you have an s p target in mind we dont put out actual targets but ive laid out a return for next year listen, im going to say you can hit next year, the equity market will be up another 8 to 10 and potentially a bit more than that you can put that multiplier on the current s p 500. I think that is the level. Its part of why i think people can generate returns next year using equities, alternatives and assets and fibsxed income mr. Wonderful, what do you think of ricks prediction here . Rick said something that is the essence of the whole equity conversation, talking about triple acompanies being able t finance their debt and credit at 50 and 60 basis points if youre an institutional manager and 6 and i get offered 65 basis point paper for five years, why would i they ever buy that when i can buy the stock of the same company thats issuing that and get a 1. 7 to 2 yield that is why hes right about equities i have no other option there is no other choice there is no fixed income market. That market is so overvalued, so extended, so ridiculously expensive that if we ever get inflation as a result of pouring 2 trillion, which ever party wins the white house, it could have a the risk in the market is not equities, its fixed income and we dont talk about that enough. Well, lets do it i mean, rick is the ciu of Global Fixed Income at the Worlds Largest asset manager. Do you want to take issue with that, rick hes going right at your livelihood i was going to say, thats a tough career call there. Listen, i mean, the treasury market is not i think next year the treasury market will generate a negative return i think the Agency Mortgage market is going to give you no return next year there are parts of fixed income, parts of the high yield, credit markets that you can generate some yield but, listen, i think the underlying point is right, that fixed income as an asset class people are going to take less fixed income holdings. By the way, one thing kevin said, its not even triple a companies that can borrow 50, 60 basis points, its triple as, well under 1 . There is still huge Pension Insurance bid for fixed income assets so theyll be kept at a reasonable level for a period of time bryn has a question for you first of all, on fixed income, Everyone Needs to remember this is a math equation some simple year, if the tenyear is at 80 points, has a duration of nine years, investors are a little over 8 i grief with kevin its picking up pennies in front of a steam roller. I would never go against what rick says on equities because not only does rick cover 2. 5 trillion, but i was looking at blackrocks earnings the other day, as a firm they have 7. 5 trillion in assets the fed also has seven trillion in assets. Theyre in essence telling you to buy equities. I think someone dismissing that is short sighted i would definitely agree with rick and buy equities. The size of ones wallet doesnt necessarily make them always right, bryn thats not necessarily true, though do you agree with the call . If you agree with rick and black rock, then now is the time to buy stocks, regardless of the shortterm noise over election and stimulus we already own stocks i think everyone on the panel already own stocks were down here in texas i think houston has 26 of the oil and gas jobs here. Definitely last night it doesnt swallow well in terms of fracking and what have you the election is in two weeks were going to get clarity that being said, monetary stimulus and massive fiscal sti stimulus from whoever gets elected is going to come to a theater near us. To say to get stimulus and equities wont go higher, i dont know how that can happen. Earnings have be good enough to justify the moves youre going to get come downs in stocks youve seen it in some of the highest flying of tech names i agree with that just so im not painted as nothing can go wrong, i do think there is i mean, you have risk with an election, a significant amount of potential disappointments of vaccines. You can trade down from here im saying if you have an intermediate term perspective on where were going, i do think the markets going higher. Im going to come back to my point around i think pe ratio is an interesting statistic but i dont think it is as interesting as Free Cash Flow generation i dont think its as interesting as the fact that commerce is shifting you look at the explosive growth that youre getting in some companies and one thing that i think people are missing, theres a super cycle thats taking place in Technology Like weve never seen before in that these companies not only are growing, not only can they access scale quickly, but their Free Cash Flow regenerative almost from day one for a lot of companies, which you dont see, you havent seen in prior cycles and you think about how other businesses grow, they have to reinvest in capex, put money into logistics and employment and its a really different cycle of commerce where youre seeing businesses that can get scale very quickly, very efficiently and generation cash flow much faster than anything weve ever seen in history when people say its a tech bubble, i get theres some valuations high, some companies i am impressed by how high they trade but i dont agree with the thesis that youre not going to see a continued growth of commerce and technology and reflected in equity valuations not to mention the case that youve been making is this pentup demand idea. You have to get past the noise of the next few weeks and you get closer to a vaccine and ultimately a vaccine we hope sometime next year, not too late in the year we all hope and then you can have a real ramp in economic activity. And obviously that would be good for stocks the real question is how far ahead of that do you want to get as an investors, pete . Yeah. No, thats a great question, scott. I would also tag on to what rick was alluding to the spiders and the movement to up side sitting out there. Im seeing huge, massive call buying in the s. P. Y im curious about a couple of areas that one has been working all year and nobody talks about materials for the most part. Look at whats going on with copper and steal and various names, Freeport Mcmoran or u. S. Steel or cliffs or whatever. Theyre all on the move, not just for the last month but year to date have done extremely well for the most part and are in positive territory moving. Is that sustainable . Is there still room to the up side there what about the financials . Is the financial area finally an investable area in your opinion Going Forward . Weve had a couple of days that have been pretty solid recently in the financial world financials leading to petes point, rates going up, not a bad thing. What do you think . By the way, looking at a company like capital and finance and some the numbers are pretty good its obviously were not going to get a significant rate increase but it helps if you get a little bit of a rate increase. If the economic paradigm is better Going Forward the banks have resurged very aggressively if you believe chargeoffs are not as significant as peoplin t people anticipated, one of the things around financials is volatility is extremely high in their stocks, options. You can own some of the financial calls against it and create some fantastic earnings levels or yield levels with the tenyear note at 85 basis points, you can buy some of the banks and get paid the dividend yield. By the way, some in europe as well get paid the dividend yield and some trade at 35, 40 and you can create a really nice structure by owning them and writing calls against them you made a pretty big case for technical, still working but yet youre trimming back some of your Technology Exposure or you would suggest that that is a good thing to do youve reduced a good amount of it so how does that square with making a big case for it but yet in your own right scaling back a bit . So where we scale back is some of the big tech and so some of the platform names, you know, the big four o five, the multiples have expanded significantly its also another good place to sell calls against as pete said, some of the buying taking place in some of the big tech has been extraordinary for 15s are 20 up side that people are paying that sort of volatility after their multiples just expanded like they did. We sold a fair amount of those semi, software not all some of the economy Equipment Companies or Manufacturing Companies i think still think have real up side. Anything around cloud has significant up side. But the big tech and ive been on your show talking about tesla. Some of those multiples are full in some of those bigger highprofile nailmes. The other tech has up side Jim Leventhal, i think most of the facebooks, the apples, you talk about 30 plus times at this point, which are not cheap necessarily and amazon has obviously much higher than that, 100 whatever times that stock currently trades at. What about that idea, Jim Leventhal . Next week is judgment week with a lot of big names with their earnings this for me is the exact question that i wanted to ask rick so thank you for this 30 times, scott, that doesnt phase me, not in this low Interest Rate environment. Thats where microsoft is, thats where apple is. Heres the thing, i said in this low Interest Rate environment. We all know that housing whats been so important to the economic recovery. Can the fed allow Interest Rates to go higher from here is there a natural level, maybe its 1 on the ten year where the fed says, nope, were not letting this go anymore because weneed housing if thats the case, thats a major support for this market. Id like to know if you think theres a line in the sand for the tenyear as far as the fed goes its a great question i think there is an implicit line i think that 1 , i dont know if its optics or otherwise theres a lot that factors into it if it six months from now and the economy is doing extremely well, thats different the Housing Market is critically important. The fed is buying 40 billion of month of Agency Mortgages. The fed has kept the Mortgage Rate there are not enough mortgages for the fed to purchase. The fed is going to buy more treasuries because the u. S. Treasury has to issue so many of them i think theyll probably scale down the amount of mortgages theyre buying but the Mortgage Rate is going to go very high. Thats Something Like you say. They are very focused on that. Look at whats happening in the Housing Market the numbers are explosive. So the fed is going to keep an eye on that. I think they can let rates migrate a bit higher and dont have to purchases many Agency Mortgages. Theyve got an eye on it and theyre not going to let rates get very high. Love the conversation, rick thanks for the time today. Well talk to you again soon thanks, scott appreciate it. All right, lets talk, jim, about intel. Coming to you because i mentioned on twitter that i needed your view today i dont know how to describe this thing other than, i mean, its been such a dog and its down 11 plus now. The ceo was on the Network Within the last hour, bob swann, was unable in any way, shape or for to turn the Stock Performance around what are you doing with your intel position, jim . I and i know our viewers want to know im selling it kind of breaks my heart but lets talk about this, okay. Operational management is the issue here and im sorry, i dont like to take a shot at mr. Swann but first the ten nanometer production was delayed but the killer today is the Gross Margins. Youve got sales really quite high Gross Margins are primarily and almost solely under management control. So thats three strikes and youre out im sure somebody would say, well, jimmy, you should have done this three months ago this has been a sevenyear investment its beat the s p 500 so i was willing to give them rope with which to hang themselves and it really breaks my heart but they have hung themselves it just too hard theres other easier way to make money Going Forward from here than intel its been such an underperformer relative to the s p on so many different metrics that you want to look at, not to mention how dramatically underperformed it has to amd its almost embarrassing pete, you continue to hold intel or no . Yeah, i i do this is about the levels of the last time, scott, when the stock got hit so bad after it had gotten up towards the 60s and sold off towards 48. This is essentially about the levels i felt it made sense to buy it again im starting to waver on the too much of a hate going on. They just arent executing to skr jims point, theyve had the opportunities. The earnings came in basically in line but data center is where the growth is and theyre just not executing and thats a problem. They didnt execute last quarter. So theres a combination of things going on here that are negatives enough to make me question whether or not im going to hold this for very much longer for now im going to hold it and im going to continue to use because rick reiter was so right. The opportunities i can use with derivatives against the stock is extraordinary, nothing like ive seep in a very long period of time and its sustained. If i can continue to sell options against this intel position, ill hold on if im not going to get enough implied volatility selling against it, im not going to hold it any long, but im not ready to give it up just yet i still think theres something there but their execution is obviously a huge problem right now and i cant figure out why they havent been able to do it. I just dont get it. They are getting beat. Whether it nvidia, amd, whoever theyre competing against, they are getting beat right now theyre still big, still massive, probably concentrate way too much on buying back their own stock and not enough on what they need to do to execute more properly Going Forward and maybe some of that is investment. You have company in the not wanting to throw in the towel yet. Jenny harrington is with us, one of our Investment Community members. Did you see enough are you getting out of intel not at all. The only thing i regret is not buying today if i could buy it today and initiate a new position, id be happy to theres so much short termism on the numbers today. When i think back to some of the best investments we made, theyve been at point like this. We bought target, we bought qualcomm the day after brexit and there wasnt a positive call to be had. So be it if theres a rust patch. In our whole Holding Period which from here on will probably be three years plus, im quite certain well make money and look back on this and see it as a rough patch that they emerge from they make a ton of money and theyll figure a way back to growth theres some who are going to make the case that key parts of the business may be in fundamental decline and thats why theyre unlike the kwa qualcomms, and then target, which is hard to make a comparison but you know what back then those were the same arguments being made for qualcomm and target. So maybe their manufacturing is in decline and if they do decide that it is, at least on the call theyre being flexible and maybe they say, hey, you know what, we dont have an ad share, were going to transfer the manufacturing to taiwan semiconductor. That would be a hugely bullish thing for intel and we think a lot of up side would come out of that the data center, though, was bad. This is stacy rascon, the number one analyst in the space that covers it. Dont think that it cant get worse, he says, Gross Margins missed hugely. Fundamentals are now deteriorating at an alarming pace, reiterate underperform you know i have a great amount of respect for you, jenny, and all you do and how successful youve been, but how can you justify saying some of the positive things that you did when the evidence would suggest otherwise . Lets take a look at goldmans report, for example. Goldman still has their sell goldmans report still has a sell if you read through that whole report, they revised their 2022 numbers up in that so i think we just need to see it play out. And,yeah, short term it ugly, long term this is a really powerful company and im betting on the management being able to get things back on track in a positive way thats the other part, too. Im not sure what time frame were talking about. It hard to argue someone has short termism if theyve been in the name for five years. Amd is up 3,500 intel is down 7 over dwleeyearp up 35, amd up 470. I would say your starting point needs to start now though. I think youve got amd thats trading at like a hundred times earnings, intel at ten times earnings i dont think amd can sustain the growth theyve had intel, theres just nothing in the expectations i said this three days ago, i was wrong. I thought expectations were low enough theyd be easy to beat. Theyre not. Give me another quarter or two but right now my spirit isnt broken on the expectation that theyre going to get this right and find a way to grow and succeed. I appreciate it have a good weekend. Thats Jenny Harrington neck week next week is a huge week for big tech well do that 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. Welcome back, everybody. Im sue herera here is your cnbc news update. In colorado, the blaze nailed the east troublesome fire has expanded to more than 170 acres from just 25,000 in one day. Residents nearby are being told to evacuate, to get out of the way of the fastmoving fire. A new Study Suggests stayathome orders did help we dues the spread of covid19. Researchers at the university of alabama at birmingham estimate without them as the pandemic was starting, case rates would have more than tripled and fatalities would have been 22 higher after months of debate, a confederate monday youll was u was removed. Thank you, sue you bought cocacola. Tell me why you bought cocacola. As we get through the election and look to next year, these companies do really well coke had earnings yesterday. They met expectations theyre not giving guidance, as they shouldnt, but i think coke, around a 50 stock, was high before covid, around 58. I think it can go back there, has well over a 3 dividend. Theyre investing in their business, they want to continue to do consumer focused m a and increase the dividend and so i think its a great investment today to look forward and take well say from an equity a lower risk opportunity that the stock could be up 25 from here to next year. Interesting time to Sell Southwest Airlines tell me why. Yeah. So i talked about it last month as well. Southwest has been in a channel and so ive continued ive traded it three times since april. It been a really good buy in the mid to low 30s and then a sell around 42. Ive done that three times and so i bought it after the show last month around 36 i sold it yesterday around 42. I definitely want to get back in the stock. That being said, when youre doing a trade, you have to trade for the market you have, not the market you want. And so i think southwest is definitely going to be the leader i travel on them every single week and they call themselves covid covid19full because they have the middle seats open. Not anymore whats important about that and i sold the stock yesterday at around 42. 50. After december 1st theyre bringing that back because theres more demand. If i get an opportunity to get back in in the 30s, ill definitely do that goldman was the same in southwest. Buy below 200, sell around 212, 213. Kevin oleary, you have interesting Energy Shorts to tell me about. I dont generally do short positions this strategy was a go long until i heard the debate last night we were looking again at slum r schlumberger this is my personal position we had done work on getting long again with these two names number one, in chevron thinking that the sustainability of the dividend was interesting even cut in half its twice that of the s p the ceo said theyre going to focus on reducing capex and schlumberger has been beaten like a stick consistently for the last year. For the First Time Ever in the debate and im a policy wonk, i listened to it and i heard policy come out of the former Vice President biden has become very clear last night, whether he wanted to or not, i dont know, but im sure he regrets what he said regarding fracking, particularly the philadelphia suburbs and pennsylvania and in texas. Thats going to hurt so heres the investment thesis. A closer election than people think, contested outcome for about five days. The time to buy Energy Stocks is going to be in the chaos of not knowing whether biden who made it clear last night wants to wipe out the Hydrocarbon Infrastructure i heard it clearly and i heard it he has maintained he doesnt want to ban fracking maybe on federal land is a different story. Thats not what i heard he said it repeatedly well, i think he said it in a different way last night look, its just one trade. Im going to short these names into the chaos this morning when we started talking about what happened last night on our own team, i didnt want to waste the work i said, wait a second, if you hate it so much after that debate im telling you, biden wants to shut down energy in this country 57d i thi and i think theres an opportunity when youre investor when you hear that let me go down to d. C. To ylan the president and treasury secretary were just speaking to reporters in the white house and offered a warning about the prospects of another covid relief deal before the election. The treasury secretary saying speaker of the house nancy pelosi has dug in and that there is still significant differences between the two side, though he did say if pelosi wants to compromise, there will be a deal meanwhile the president says he does not want a deal that bails out democratic states. Meanwhile the president also saying that he thinks that pelosi wants to wait until after the election to come to some sort of agreement. This is a different tone than we had been hearing from th democrats over the past few days just this afternoon, this morning pelosi was saying that she is still hopeful that something could come together over the next few days, but that she put the onus on the president to bring along the republicans in the senate who have been reluctant to accept theprice tag of nearly 2 trillion that she has been talking about with the treasury secretary. So now it sound like there is still a lot of finger pointing going on, not as much negotiating as the president says that pelosi wants to wait until after the election to come to an agreement. Scott . Ylan, thank you so much for all those good feelings of 24 hours or so ago i guess we should have expected it coming up, pete is tracking the Options Market you can always watch or listen to us live on the go on the cnbc app. Back after this. This was an unexpected bill not covered by my health insurance. And this is the aflac duck who helped me cover it. Aflac. These are all the cab rides to my physical therapy. And aflac paid me directly to help. Aflac. What he said. And this unexpected bill is from. The twothousanddollar specialist. Thanks. Aflac. When youre sick or injured, aflac is there. We can help with Expenses Health insurance doesnt cover. Get to know us at aflac dot com. If youre concerned about the environment and climate change, how do you find companies that are driving the right outcomes . If you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities . For nearly 40 years, calvert has delivered competitive returns by investing in Companies Making a difference because we see value in doing good. Talk to your Financial Advisor about investing responsibly with calvert. Talk to your Financial Advisor about investing responsibly music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Snap is up more than 50 this week. Options traders are looking for more up side pete, what are you seeing . They sure are this stock hit ten separate occasions with bullish activity. Incredible amounts of volume coming in. This week theyre going after 13,000 of next weeks expiring theyre going after the 41 calls for between 75 cent and 1. 25 this stock has been on fire from 26 over to 40 theyre also buying 42. 5 calls next week as well. Next we have Norwegian Cruise Line weve had carnival, now we have norwegian. They bought about 3,000 of those calls as well, scott they inexpensive going for about 20 cents i have a third for you because i know were going to talk technical. How about apple . Apple is an extremely active option trading stock it averages 2 million contracts a day. It interesting it almost like buying stock but theyre going out in november. This is not just an earnings play november the 27th expiration day is they bought the 110 call. I already own the stock. Ive owned it forever but i also own these calls now as well. Thats interesting, owning some apple calls going into next week and jim, you do have a critical week for big tech. Its not just apple, its amazon, facebook, microsoft. A lot on the table you just listed about 25 of the market cap of the s p 500. So theres no way to understate how important it is. All that said, i want to go back to what i just said with rick about 20 minutes ago that you look at microsoft, you look at apple, amazon and facebook, those multiples of around 30 times forward earnings, those are justified where traits are right now. At amazon, i dont own it and i dont own it because of the multiple because i dont think that means its ripe for a fall. There are special things going on there to keep the earnings low. Its the investment that bezos and company make in those names. I dont think these things are going to shoot the lights out next week but i dont think theyre going to bring the market low either. Bryn, what do you think is at stake . Are we making too much of whats at stake or is there really i mean, this is your last runup now before the election to get some juice out of the market perhaps. I think we are making too big of a deal of well see microsoft, apple, amazon, google these are cash flow especially microsoft and apple are cash flow juggernauts. Facebook as well i dont think were going to have any surprises like you saw with an intel today. Youre going to have the opposite of that these companies, which work their way really into everyones portfolio if you own really any inde index, i think youre going to continue to give stability to big tech, heavy cash flow names i agree with what rick said, the pe is an Interesting Data point but that Free Cash Flow of these companies is really incredible. So i just think it gives the market more of a baseline to go into the election. And if the election gets nervous, people are going to flock back into these big tech names coming out this week kevin oleary, for someone who owns a lot of these stocks ia yeah, i own them all and facebook is probably my Largest Holding now. The return on irr on spending on facebook, this is not published data, this is my own universe of mall Cap Companies that spend, theyre private, were at 81 now for facebook for this quarter, this final quarter of the year its the highest weve ever been the other area we spend, the other 19 , remnant cable so television at night on a recommend nangt basmnant basis, that space i ask why is it we are so high on one channel, facebook its the geo locked advertising around specific areas. When you close a store in a small town, you can buy a 100 mile radius worth of ads very high, 19, 20 return on inversmeninvers me investment facebook is the reason Small Businesses in america are alive. Well see lots at stake. All right. Well take another break, well comeac bk. We have big calls today on seagate, version galactic. Experts will debate those in just two minutes you can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. There are a number of calls you need to know about today hi, scott benchmark is upgrading Seagate Technology price goes to 60, based on earnings and margin improvements you can see the stock is negative about 1. 5 after lower than expected revenue. Putegroup gets two upgrades, goes to 54 and rbc goes from outperform to sector perform, goes to 53 it remains well positioned on land and margins to deliver a four Straight Year in 2021 of greater than 20 return on tangible equity. And finally, Virgin Galactic a neutral. Up side could be massive but there are significant concerns, namely the long timeline for Spacetime Technology and space drop thank you more trades e atarste ahead. First lets check on some of the stocks hitting new highs today were back in just two minutes in a few moments, Rackspace Technology will enter a new and exciting chapter. Across muticloud, apps, data and security, we focus on solving the business problems of our customers with technology we are a type of company the market has not seen before. Going public will further invigorate our mission to embrace technology, empower customers, and deliver the future. Before we talk about taxsaudreys expecting. New . Twins to embrace technology, empower customers, wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Time now for futures outlook. The dollar down again and tracking for its third negative week in the past four. Scott nations, Brian Stutland breaking down that move for us Brian Stutland, you first. Yeah, when you look at the dollar here, take a look at what its doing its a Stable Currency we have stable Interest Rates in america. We have innovation here. So i think the dollar kind of maintains itself if it breaks below 90, i get a little bit more concerned. But its maintained that channel, really, 90 to 105 for the last five or six years what im more concerned is the rotation of the u. S. Dollar into hard assets. Look at the crb index and commodity index. Wheat, corn, coffee, bitcoin, you name it. Those are all exploding to the upside the rotation into hard assets. Thats more of a concern i am than dollar versus another currency scott nations, you agree . Well, im actually a little bit more concerned i think that the dollar is saying something really goofy, because its been lower highs, lower lows since the march 20th high and this is odd because over the past month, tenyear yield year up 17 bips, while in europe, its down 7 bips, in germany, down 5 scott, that should all be helping the dollar you know i love to Pay Attention to a market that doesnt do what is expected. What is the concern . I think brian is right when he says the market is concerned about inflation. So right now, 9175, the dollar index. Thats the critically level because thats the low weve made on september 1st. Guys, good weekend. Talk to you both soon. Mi u wha falcongp,e vein trades 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. Missed a show . Dont sweat it the Halftime Report now has a podcast. Marketmoving interviews, call of the day, and halftime look for us on Apple Podcast or your favorite podcasting app and subscribe to the halftime pod today. Wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. United states cant easily get to a doctor or afford the treatment they need. Thats why goodrx has built a leading consumerfocused Digital Healthcare platform. We wanted to make shopping for healthcare as easy as it is to shop for travel or electronics. As a public company, we hope to provide even more services that help people get the healthcare they need at a price they can afford. All right. As we get ready to head into the weekend, a look ahead at a big week ahead brin, whats your final trade . Energy stocks are probably going to be under pressure the next couple of weeks take the opportunity to add to kinder morgan, 8 yield. Its going to be a survivor. Look for inflation next year and i think energy can do well well, its been such a terrible trade yeah. But pete, brin did mention a name and maybe the only one in the entire space that you like which name . Kinder. Kmi. Yeah, that is about it. I mean, its really tough. I actually do own some chevron, as well. So i did here mr. Wonderful not so happy with chevron right now, and i understand thats a very volatile area, the energy area. Theres no question about it my final trade will be micron. Huge call volume out there earlier in november. This is a stock that can rally its already done pretty well from what they bought earlier, so more upside to come okay. Mr. Wonderful . Bought some more American Express today. Infrastructure stock, recovery story, and im starting to see the paypal, the payment guys get into bitcoin etheorem. It wont be long before the credit card guys do that too amex will be a big player in that space when it comes im sure theres a lot of work to do on the ranch this weekend, farmer jim. Maybe ill paint something, scotty with Sherwin Williams paint. Theyre going to report next week that was cheesy, i know. Thats all right. Theyre going to report next week theyre 6 off their recent high at 26 times forward earnings, i like this name good stuff. Everybody, have a good weekend were watch stocks down modestly across the board well see you next week. The exchange is now. Thank you, scott. Hi, everyone on this friday. Heres whats ahead. There were lots of claims in last nights debate about the state of the u. S. Economy. Well get a fact check and see whos doing the best and the worst right now. Plus, hot demand, hot prices, and hot stock prices for the home builders. Why one Analyst Thinks a scorching hot Housing Market is sustainable. And intels big slide. An uber blow in california and how the election could goose the muni market. Thats all ahead, but lets start with the state of play this hour. Rahel solomon has the latest on these markets for us rahel . Kelly, tough
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