2 , the nasdaq down about 1 3 4 that very much in focus because of those earnings that are looming. Joe teranova, you first. Youve got dr. Gottlieb saying the u. S. At a tipping point, youve got mark meadows at the white house saying were not going to control the pandemic. Is this mountain getting too steep to climb for the market . Well, without stimulus the answer to that unequivocally is yes. Rising virus cases need more stimulus there has been overs last couple of weeks a modest broadening out of the rally within the market, but its really been all about industries, scott, industrials, trading to an alltime high as a sector but why is that . Its on the belief there would be stimulus, consumer discretionary, examazon trading towards its highest levels why is that . Because theres monetary support in the form of stimulus. It just highlights how important stimulus is. You need this mosaic of coordination to respond to the virus and any incident of rising virus cases learned itself to the evidence that you have to bring forth, more stimulus if you dont, you get a red tape like today a big reason why perhaps tony dwyer, very uncertain election, covid19, pick it up here. How are we supposed to navigate an increasingly uncertain environment . There was a lot of enthusiasm this summer, scott we saw people going into consumer names, brick and mortar retail, travel names, cruises, airlines weve seen the tsa reporting declining passenger numbers. Were not going to see large scale lockdowns but were seeing local liesing puizing pulling bk people are concerned about whats going to happen november, december, january. Aside from the elections, just kind of an economic backdrop that seems uncomfortable for people the stimulus package was a done deal, we thought, in mid august. Were not going to get it, were going to see meaningful impacts from the fact were not seeing extended Unemployment Benefits a lot of those jobs added in hospitality like new england when it was nice outside, those people are going to lose their jobs again so this third wave of the coronavirus and the second wave of job losses is coming. I agree with joe we need this stimulus. We needed it weeks ago john, i think shannon nails it youre not going to get widespread lockdowns, despite you have Record Number of cases, over 80,000 over the weekend and to the idea of consumers pulling back their own behavior to impact the recovery and thus impacting the market, but spoke says today for seven Straight Days now, the total number of daily passengers on u. S. Airlines have been lower than the same day a week before thats the second longest streak of consecutive daily weak week declines, that seems to say it all about how the consumer will be relied on more so than any widespread lockdown or anything else yeah, scott and, you know, all of us have talked for weeks about how, you know, congress both sides, house and senate, are playing god here with the consumer, i mean, you know, they know they need the stimulus, they know that there are 22 million americans that really need the stimulus, scott. Forget about the businesses just for a moment those consumers have needed it since they ended in july and theyve basically turned a blind eye to that. Both houses again have turned a blind eye. One side asking for 3. 2 trillion initially coming down to 2, the other side not budgeting o of that 1 trillion, even though the treasury secretary was pushing for 1. 8 eventually when youre teasing the dragon like that, something bad happens, like exactly, this the combination of people not willing to get on airplanes, people not willing to go out that is because of the virus, we know that. But we knew that this was coming as far as the consumer needed some help here and then Small Businesses needed some help. And they played politics with it, scott, and god help them if they cant stop it once it starts tumbling because, again, once you get momentum in a direction as strong as today, its really hard to break that, if you will, scott its hard to break that fever. Whats that mean does that mean the fed has to step back in and do a twist or do some other measure since the congress cant or wont . I think thats likely, scott we kept hearing, john, that the market seemed to be somewhat content with the fact that it was believing we were going to get stimulus at some point, whether it was before the election or after the election, youre going to get stimulus so the market had been going up what hadnt been going up at such a rapid include, even though it was escalating, was the virus. Now you got 80plus thousand cases a day. The chief of staff over the weekend saying what he did about were not going to control the pandemic the market is grappling and and are you starting to build a mountain that is too hard to get over in the near term . Yes define the mountains at Macro Economic events. The mount shouldi be scalings earnings 80 plus have beat on the top and bottom line. This isnt an issue on earnings. Earnings arent the story. Thing aboutest part of the Macro Economic mountain is the fiscal stimulus im going to make a prediction and i cant back it um other than its common sense, when you get past the election, i think the cost of stimulus from a political perspective goes down to zero. I would expect congress to get its act together immediately after the election and pass something. Theres no fiscal cost to it, no the with Interest Rates where they are and the political cost will be close to zero. So its kind of a hang on for fiscal stimulus and the election, hang on for the next week and a half and get us past next tuesday you see whats happening in the market, dows at lows, stocks are clearly sliding approximately lets bring in brian belski with respect to building credibility for this market rally, theyre doing nothing that speaks to why investors should not be basing their decisions on politics period what does that mean . Theres this huge debate on growth versus value versus cyclical and small cap how about buying just Great Companies . You can find those in value areas but mostly in growth areas. Were in an economy, a stock market thats in recovery mode, moving from despair to hope. What that happens historically coming out of recession and a bear market, growth works. Thats the Biggest Issue people are struggling with. Were in a momentum market Momentum Works in both directions, were feeling the negative direction right now and thats why year in the baton down the hatch area. And the volatility and fear and rhetoric, its just starting are you sticking with 3650 on the s p at the end of the year yes, we are jim kind of talked about this in he preamble. I think regardless of what happens after the election, wonderful point that were the furthest away we could be from the next election. I think that makes the green lie go much more possible in terms of stimulus. I expect theyll finally do something. What do you do about the cases of virus rising dramatically and Consumer Behavior which may pull back in a similar fashion . Our whole theme is from chaos to coest i estcoexist think about learning about remdesivir and emdepidemiology masks. We know about that im not a doctor but im a preacher and a study of history with respect to what happens in markets but do i think this, scott. I think that clearly this is scary, clearly its a lot about testing, mortality rates if we come out with a plan, no matter who it is, left, right, center, come out with a defined plan and how were going to protect our people and move forward from this and instill faith in the american people, thats what we need from everyone in the near term, were not going to get that plan we know that, right . Thats why the markets are the way they are thats why we continue the basibasi were thirsty and hungry for this but the issue, when you say quality growth, that says im just going to rely im going to dance with what got me here and thats big cap tech. Does that raise the bar now of how important this week truly is because all of those companies are reporting this week . Another great point its all about earnings, right from a fundamental perspective i think weve forgotten to be a fundamental investor, whether thats a theme are valuation, or background or product or certainly. When you look at amazon and apple, that to me are the keys this week. I said that on the show before those are the real key things. I think youre downplaying other important themes like pay pal. There is a process in transition for more structural growth into secular growth you know what was another structural growth theme . Software and the cloud and then i got sap bombs dropped today and now im wondering what that means to the overall tech picture, even with someone like jim cramer suggests its a sapspecific story, yet all of those stocks are selling off and they were a key theme on the way up, the adobe, snowflakes and ipos and workdays and cloudfair and salesforce thats why the market is a market of stocks and thats why its so important not to get sucked into the momentum adobe has a different product. Crm will be even more important as were all working from home and have to log our meetings and keeping track of what were doing. Again, it might be stock specific but thats why you live by the sword and die by the sword in momentum areas and thats why im not surprised to see the cloud getting hit as hard as it is. Brian with brian, thank you how important is it to put it in contest today, shannon . Its critical investors want to be in equities maybe we need more fiscal stimulus, thats fine. Investors want to be in equities bond are unattractive. To stay invested in equitieequi the safest place in the last six months has been in big technical. I dont want to get started on the cloud but if we get disappointing earnings, thats going to create even more concern that investors are going to see no place to go, no real alternative for that during this uncertainty. Thats going to go to cash, could see flows into treasuries. For most clients, what theyre earning in bonds is not going to pay for the gains they need. I think this is an important time as an adviser to make sure your clients where their allocation is, make sure its balanced appropriately and they make it into the next year which we believe will be an important year for equity investors. Microsoft, amd, thursday, alphab alphabet, twitter. Might amd be the stock of the week id be surprised if these other big mega caps didnt do well given how much amd has gone up and how much it separated itself from intel, you cannot have a bad report for a disappointment in any way from amd. I dont disagree with that but i think the stock that will matter most this week is the one thats able to reverse the trend, which has been strong earnings performance but yet poor Price Performance subsequent to that report, which stock is actually going to come out and have the type of postearnings response like we witnessed in july . Will it be a microsoft that will post a Strong Quarter and rally. I think thats incredibly important when looking at the market i think it also underscores collectively that you should not be moving away from these Growth Stocks into these value stocks s p value is still below its june high. If there were some form of this economic burnigeoning, why couldnt financial, energy, airlines rally its been all about industrials, thats the reason its going higher if there is weakness this weak why wouldnt they i gave you the airline note. Theres a reason the airlines arent going to rally and there isnt just enough demand a week ago today we were talking about the airlines having the single biggest capacity day there was a Million People passed through tsa well, thats great we got very excited about that, myself included and weve trended down ever since. So i understand that theres no evidence to suggest that there is any form of an economic recovery that you could invest around. So, jim, maybe i should have addressed this question to you in my comment that id be surprised if the big dogs in the Earnings Reports this week disappointed youre expecting them to disappoint no, im not sure how you got that at all. Im looking at the notes here it says jims owns microsoft, alphab alphabet, quote, im expecting these stocks to disappoint thats not accurate obviously there was a miscommunication there i own those stocks, im perfectly comfortable with them. There is a difference between those names and amd. Youre talking about stocks that have forward multiples around 30 amd, nvidia have forward multiples around 60, 70. So, yeah, there is some risk in amd, just like theres been risk in those Software Stocks that traded those same numbers but multiples of sales im not expecting anything bad from the big tech. I think theyre appropriately priced for this interest rate. Id like to make a secondary point and joe was touching on it with industrials youve got tecaterpillar reportn tomorrow its been on a tear. It better not disappoint ford reports tomorrow. It better not disappoint whats the most important Earnings Report this week, john . Overall, scott, i think microsoft. Microsoft went after slack, symbol work in a big way they go after everybody who has something successful and then they make it either better or they just make it part of a package. Thats what nadella has continued to do, cobble on those things that people thought whether its a Customer Relationship management, whether its some way of communicating or the linkedin, thats why microsoft is so important this we weekto jim week to jims point, weve seen a lot of data that indicates caterpillar, though theyve had a great quarter, and since 9 11 theyre up about 10 , theres a lot of worries about deliveries about amount of road graders and their heavy equipment thats coming out of peoria, illinois theres a lot of worry right now, scott so the worry is theyre going to depress. But to jims point, that might be the time to buy them im comfortable with microsoft, im looking a the an entry to caterpillar at lower are prices and apple, amazon, theyre barely nicked today because theres so much momentum behind them you can obviously, shannon, stand why tech continues to get a bid, even though today is a rough day because if youre talking about Economic Performance and comeback and virus numbers going up, you go back to the stocks that got you here in the first place. Microsoft is your largest position do you think its the biggest report of the weeks or is there another stock this week youre most focused on . It is my biggest position for our clients i would say its the most important we talked a lot about apple being sort of the bellwether of the bangs over the last couple of months and with the enough release of the phones, youre getting some good data hopefully from this Earnings Call about how successful the 12 launch has been its not just that people are upgradedha upgraded their hand sets, theyre upgrading them to more purchases and wearable microsoft for me is probably most impactful apple, if there is continued strong on the consumer on that side because were concerned about consumer weakness in other parts of the market, particularly in hard line retail, im looking at apple to say we could get a nice boost in theres indication the 12 rollout has been met with success thus far joe, tell me with a week from tomorrow the election, just how youre thinking about the overall market today going in. As david costin says, we expect the s p 500 will rise around 10 by mid 2021 and earnings will grow at an annualized pace the 13 through 2024 doesnt worry about a higher Capital Gains tax. Everyone is trying to game what the different outcomes of election will be for tax policy and the market were trying to get to the point where we have clarity of what the formation of this government will actually look like, what the stimulus will actually be. This is a very big earnings week as were discussing here in the last couple of minutes im not necessarily sure that earnings and very strong earnings from a microsoft and apple and amazon are going to be enough to prodescribed investors clarity for a week scott, ten days from now, are we going to be talking to washington, d. C. About providing consumers with stimulus or are we going to be talking about the c contesting of an election . That is the concern that is going to be right minded to have right now. And were facing elevated volatility until we can get to the other side and get clarity markets dont like the absence of clarity i think unfortunately were just in a period where its going to be difficult to achieve that it sounds to me you then agree with the commentary about this no man as las land, that e in for another week. I do. Just playing it in terms of statistical context, on september 2nd, the s p made its high, apple down 15 from there, microsoft down 8 , amazon down about 8 weve got a nice bounce back its been on industrials its not a broad base expansion, its not the time to rotate into value. Im not necessarily sure if youre ever going to be able to elevate until you have clarity from washington, d. C. , even if youre able to get from mega cap technologies, strong earnings so is the best strategy, shannon, to sit and do nothing for the next seven days . If you came into this period at the end of september and you like the holding you have, theres no point trying to trade around whats going to happen over the next seven days you can look at opportunities in health care, take weakness in tech theres a stock you have a price target on that hits that price target, you can add it a large scale rotation is unnecessary. Theres no evidence theres any strength outside the industrials and perhaps the materials space on the value side. Frankly, there is likely to be opportunities on the back side of this to be able to reposition your portfolios for a different viewpoint for next year. In as much as we hate to say sit on your hands, anything that youre doing here is going to be to try to tactically play an election thats just a few days away and the market could go against you very quickly if you make the wrong choice. This isnt even necessarily, joe, about trying to play the election its about just trying to play anything in a week that, as you said, to just bring so many different potential outkomcomes over the next ten days you bought a scott called sensada and sold capital one tell us why. Keeping to my wore last wednesday and we talked about the auto trade in the beginnings and i mentioned sensata, which is priced in the mid 40s, could move into the mid to upper 50s capital one is the classic example of a company reporting earnings and subsequent to that is having poor Price Performance. I need to see specifically as it relates to new nvestments in the financial sector, i want strong earnings and i want subsequent to that a strong Price Performance. I did not get that from capital one, i was disappointed, i took the position and eliminated it well take a quick break. Check out this mystery chart its a red, hot retail stock it surged 65 in six months. Today a bullish call on it from the number one retail analyst in that space we debate it in our call of the day and a reminder, you can always watch or listen to us live on the go on the cnbc app were back after this. Welcome back, everybody. Im sue herera here is your cnbc news update. In el paso, texas, an auxiliary hospital has been set up in that citys Convention Center covid19 hospitalizations have almost tripled in the last three weeks. El paso countiy has instituted a nightly curfew and residents are requested to stay home for the next few weeks here at home the cdc is investigating a deadly listeria outbreak possibly tied to deli meat at least ten cases have been reported in florida, massachusetts and new york all were hospitalized and one person died. The source of that listeria outbreak has not yet been identified and take a look at those guys those are in los angeles those are the compton cowboys. Theyre riding their horses to drop off their bullets more than 50 cowboys saddled up to encourage inner City Residents to vote in this years election thank you, sue. Lululemon added to the focus list on jpmorgan its a top retail analyst. Joe, you own this. This is not like anything late from boss. Hes had an outperform on the stock or overweight. He reiterates and bumps the price argue et target 25 this stock has dramatically underperformed nicky and underarmor it certainly has. 399 was the high, it actually got below 300. Next Earnings Report is going to be in december whats clear about this company, though, is the fundamental momentum that they continue to possess store are constrained in their ability to contribute on a margin basis but there are other things evolving with lulu to keep the growth in tact. Be international remains very strong, they have momentum there, specifically in china the Product Offering is expanding for women and for men. Youre talking about a company thats achieved 157 ecommerce growth in 2020 and doing that largely on the Brand Recognition that they have and the distinctive advantage they have over their competitors i agree with matt. I think a sot poit some point ye back above 400 what is going to be incredibly important for the Holiday Season is the Earnings Report youre going to get in december i want to get your comment on it i just noticed the dow is now down by more than 800 points its a loss of 803 if we could pull up the averages, were showing more than an 800 point decline, the nasdaq is on the cusp of a 2 decline as it slides by more than 200 points and the speci p0 down the lack of a stimulus bill, the rapidly escalating rise in the number of virus cases that has investors on edge, the lockdowns on europe, wondering what the trajectory of the virus will be here along with hospitalizations and deaths as it relates to covid. Back to the conversation we were having maybe we reflectireflexively di armon andur and lulu. Theyre obviously different companies. I know year to date theres nothing to complain about lulus gains but recently theyve been more muted and im wondering why. I think this has been a rotation within retail we sat here last week talking about l brands and gap looking for value in the hard line retail space in Specialty Retail i probably like lulu more now than i did in the middle ofogra has supported higher earnings, the typical customer of lulu underarmor offers a bit more value but lulu is likely to contract less if we get evidence of an even modest pullback in consumer spending. International is an important piece here all of us are looking at the relative success of europe being able to combat covid19 a couple of months ago and now that seems to have flipped. Watching the international markets, theyre more likely to put lockdowns back into place. Some of the consumer brands, you could see an opportunity to buy on some of this weakness and europe sales well step away dow is down more than 800 points take a look at the major averages one more time there it is, a loss of near 3 for the dow, 2 1 3 for the p s were back right after this. This was the theater i came to quite often. The support weve had over the last few months has been amazing. I have a soft spot for local places. Its not just a work environment. Everyone here is family. Gonna go ahead and support him, get my hair cut, leave a big tip. If we focus on our local communities, we can find a way to get through this together. Thank you. If you are ready to open your heart and your home, check us out. Get out and about and support our local community. We thought for sure that we were done. And this town said not today. 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 when disaster strikes to one, we all get together and support each other. Thats the nature of humanity. It has encouraged other people to take the time for each other. Welcome back bob pisani here. Were near the lows for today, Dow Jones Industrial average down about 800 points. Joining me the professor of economics at Princeton University professor, thank you for joining us today you pioneered the idea that stocks tend to follow a random walk but the markets seem to be reacting today very much to stimulus or the lack thereof what should an investor be doing right now . In terms of a random walk, the idea is that the market moves on news and true news is something that you cant predict from the past. So the fact that we are now running toward a new peak in coronavirus deaths and not so much deaths as basically diagnoses and this was perhaps not anticipated, thats what makes markets move and i dont think you can predict this, and i dont think that its possible to do that. What we know is that eventually were going to have treatments, were going to have a vaccine, eventually we are going to have stimulus maybe not before the election, maybe not before even a new administration, but it will happen and basically investors should sit tight. Because dont try and predict whats going to happen you wont be able to do it let me pick up on that. We debate growth versus value every day here, small cap versus big cap, momentum versus low volatility we do this every day your central thesis is essentially you cant beat the markets long term, stay with index funds. Has anything happened this year that makes you change that thesis value over growth, small cap over big cap, low vol over momentum, is there any indication that Still Matters long term or should you just basically stick with index funds as you suggest absolutely stick with Index Fund Growth and value at the beginning of the year, many pundits were saying value is cheaper relative to growth than ever before and what happened is growth troupsed value. Again, you cant do it at some point trvalue is going trounce growth i dont know when. Dont try and do it if youre in an index fund, youve got growth and value, if its a broad based fund, you have small cap and large cap. Youll never be able to predict when one will be in the ascendancy and youre much better off to be broadly indexed and very low Cost Index Fund professor, we have to let you go we have 20 seconds you wrote an oped in the wall street journal critical of esg. Could you tell us what your concern is about esg is right now. My concern is i dont know whats a good company and whats a bad company and neither does anybody else is the utility that burns coal a bad company because it burn coal or good because it burns wind power . Do i feel good about an etf that basically have facebook and visa and mastercard within the top ten when they charge exorbitant Interest Rates to poor investors . I dont know that any esg broadbased fund is really one that makes me feel confident that im investing in really Good Companies okay. Professor, thanks very much for joining us appreciate it. Were going to talk with the prove sr a lot more at 1 p. M. Eastern time, about whether value will finally outperform growth after ten years of underperformance bob, appreciate that. Perfect segue for our next guest, Value Investor bill tgren of oakmark. Wealk his buys and sells well see that when were back in just 30 seconds. Lets bring in bill nygren, manager of the oakmark fund. Hope youve been well. Welcome back joining you from beautiful snowy chicago. The weather has definitely taken a turn this way as well. Its good to have you back what raises my interest more than anything is something that youve old over what youve bought because of the broader statement you think youre making about where we are. Thats pinterest its one of those high growth, high valuation tech stocks that had a tremendous run why did you sell it . To us the reason why you sell it, you can only figure that out when you know why you bought it. We bought pinterest in march, the stock had been trading in the 30s and it fell to a low of about 11, had 3 of cash on the Balance Sheet and we didnt think that the pandemic should cause a twothirds reduction in the price of pinterest the stock then went i think it hit a low of about 10 to today its trading a the about 50 a share. So its at five times the price it was in march. We dont think any less of the business than we did in march. Weve gotten even more comfortable with it, but as a Value Investor, price matters. And at five times the price it was, to us it no longer looks superior to a lot of traditional businesses that we can buy that havent fared as well in the past seven month ps. Youre sounding like youre sayering that abo ing sa broader swath of the market and its reminding of a painful period in the sector will certainty there will be a period that value will outperform again the last four years its kind of felt like were on the cusp and then it just never happens but i think what weve seen in the change in pe ratios of the cheapest stocks compared to the fastest growers is really instructive of the risk that Growth Investors are taking today. Four years ago the paperest hundred stocks out of the russell thousand were selling at 13 times earnings and most rapid 75 growers were selling in the upper 30s. Today the cheapest stocks have actually gotten cheaper. Theyve gone from 13 to 11 times, but the Growth Stocks have gone from the upper 30s to about a hundred times. That spread of a hundred times versus 11 is reminiscent of where the market was in the late 90s when the dotcom bubble made so many Small Businesses with real high valuations become large cap stocks were dealing with that now in the oakmark fund when people are asking why were buying more midcap stocks than we used to. We arent changing what we do at all. Weve always bought big businesses, fundamentally large, sales, income, shareholders, equity, but theyre being displaced in the large cap universe today by Small Companies with very high valuations whether you think growth or value is likely to win over the next year, i think its really important for investors to recognize that that large cap universe, the risk profile is changing and some big businesses are dropping out and these, like, latestage venture Cap Companies that have come public at very high prices are now in the large cap universe its not as low risk as people think of when they think of large cap. What if i would push back and say, well, the reason why a pin test did as well as it has done, the reason why zoom is up 50 year to date and tesla and peloton fastly, twilio, etsy, is the pandemic and the way our lives have potentially changed for not only the foreseeable future but maybe forever well, i guess we differ quite a bit there with the ideas that our lives are going to be permanently changed because of the pandemic we expect it will soon be safe again for people to be outside resuming normal activities, going on va kacatio, returning to office instead of working from home. Our belief is when you look out in a very longterm time horizon like we do at oakmark, not that much has changed a company like allied financial, theyre going to do power loans and be one of the leaders. Those businesses will come back. In fact, youre already seeing earnings come back nicely in this past quarter and they are very, very cheap on what we believe are norming a earni inad no question, but will they be able to sustain a growth rate like they have had over the past year over the next decade . I think thats really, really unlikely. Yeah. Were all trying to figure out, you know, for example, you know, business air travel, how long its going to take to come back. You know, some of the ceos that have been asked on our network about that very issue in the last couple of weeks or so when you throw out the idea that, well, maybe its going to be a decade before you get back to precovid levels for air travel. Its not like they are fighting you on that concept which just brings me back to the zoom idea of why that stock could continue to work for an awfully long time, even as youve pulled forward some of the demand weve spent so much time on this conversation i i want to get to the stock that you did buy because its interesting, and i want you to tell our viewers about it as the notable Value Investor that you r. Keurig dr. Pepper and why it was a new buy in the Third Quarter for you. Keurig dr. Pepper is a 5050 split between soft drinks and cove and sells about twothirds the pe of coke and pepsi which are both losing market share while the dr. Pepper side of keurig is gaining. It also sells at about twothirds the multiple of nestle, and nestle owns espresso, most analysts think nesprosso is one of the best businesses inside of nestle and the keurig side is growing as fast as that we think private market values are consistent with the valuations that we see coke, pepsi and nestle at. You saw the Dunkin Brands acquisition today that was in the 30s times pe half their business is coffee, so we think thats an interesting comp for the keurig side there are a couple of Bottling Companies in europe that also announced acquisitions those multiples were consistent with the coke and pepsi multiples. We think bottling is one of the less exciting businesses inside the beverage side of keurig dr. Pepper so we think the discount to the market is just unwarrant there had. Always good to catch up with you, bill. Be safe. Enjoy the bell the thats bill nygren of oakmont joining us. Crude falling as coronavirus cases surge in the United States lets bring in scott nations last week i had somebody, maybe it was jeff kilburg, telling me crude was going to break out of the range going into the mid40s. Do you see the other side of it . Its having a horrible day, scott. New lockdowns thats one thing kilburg didnt know about this week and also fact that were not going to get any covid relief, scott. This was baked in. Some sort of additional covid relief was baked in, so demand is just horrible, and now supplies are getting hit, too, because libyan export facility is completely open now so i dont care if youre looking at demand or supply horrible for crude oil scott, i want to be a seller of the december contract 39 even target to the downside 36. 50, just above the low in the first half of september. Stop 39. 75 and risking 750 to make 2,500 at those levels. Got you well catch you soon busy day scott nations, thank you. Micong up, havent forgotten about you. Unusual activity docs coming up and final trades are coming up 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. 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. 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. Welcome back all right, doc, unusual activity got to make them fast today under armour 13 puts that expire this coming friday a lot of buyers. Im in those, scott. Also kweb. Chinese internet stocks. They are buying the 69 puts in this one, scott. I bought those as well with the scott 71 a little bit a while. Dont do puts too often. Shannon, final trade. What do you have for us . Adobe. All right Adobe Software all right. Pharma Jim Cleveland cliffs, great quarter reported last week. All right joey gld jon najarian, back to you. Run, run, sunrun, i bought it during the show, scott. Markets running today, not in the right direction though right now the dow is down by 817 points the exchange will pick up that story. They will do that right now. Thank you, scott, and welcome to the exchange, everybody. Thats right we have a big selloff on wall street as investors grapple with rising coronavirus cases around the globe and a stimulus stalemate. The dow is on pace for its worst day in almost two months right another session lows the u. S. Reporting a record surge in covid cases with more than 83,000 infections both friday and saturday. Cases have grown by 5 or more in the past week in 37 states now. New lockdowns in europe also have markets on edge investors hoping all this might ad