Taranova were green across the boards. Dow, s p, nasdaq all green jim, we have a big rebound in the nas names. Best pace on the month since january of 1987. Well, scott, first off, thank you. Every year you and throughout the year you give a lot of respect to veterans. It means a lot to me personally. You and the team at cnbc, thank you very much. Onto the markets look, a little reversal today where the cyclicals are fading and tech is rallying i think thats healthy i mean, look, weve had one heck of a rotation. Not just this week but in the last two months its been going on its time for a pause. And i think the most Important Message here is, anyone whos feeling like they missed out, you dont need to feel that way. If you feel like you missed out on the tech rally of the summer, well, guess what, september and october have given you the opportunity to get into those largecap tech names, the faang names. If you feel like you missed on you the on the cyclical rally, thats going to go on for another year or two. That is emblematic of an economic expansion that is just going to start as we come out of this pandemic crisis nobodys missed anything just take your time, be patient. It never helps to be emotional in your investing but its an okay time to buy in a diversified portfolio. You havent missed anything if you believe in goldmans call today from david kostin. It goes to 3700 on the s p for this year. Thats a nice jump from where we are now. Next year, though, extraordinary. He expects a climb by 16 to 4,300 year end 2021. A 7 gain by the year of 2022. 4,600, talks about the Vaccine Development being more important than the policies of a biden presidency yeah, scott first of all, i want to thank cnbc for honoring the veterans the whole program does a great job. The network does a great job and i feel very honored to be here among the other veterans that will be reviewed. So, the markets. What were seeing here is just a basic longterm view we want everyone to take a longterm view what were looking at is about one year out now so, i agree with the comments because, ultimately what has to happen now is that the vaccine is the most important. We have to open up the economy as you start looking at your portfolio, look throughout every sector to see what is the Business Model for that particular company and thats the best way of really going through this volatile market that we have right now. Stephanie, what do you think about this call from kostin . Does it make sense you to . Not so much 2020 because the market seems prettywell primed for where it could go from here. Its gotten its arms around the biden presidency and split Congress Democrats have to do a sweep of those runoffs in georgia at the beginning of january or youll have a split congress and the market seems to like those prospects. Yeah, i totally agree with david kostin also his gdp number of 5 next year, i agree with that. I think that might be conservative if we reopen properlily and successful with the vaccine. I think it means that could translate into 30 Earnings Growth next year i dont think a lot of people are expecting 30 Earnings Growth the bottom line is, you mentioned it, we have an outcome on the election as of now. We have possibly or probably a mixed congress youre making progress on the vaccine. Were slowly moving the uncertainties. And one thing that both sides agree on is fiscal policy. Its we have to figure out the amount and the timing of it, but i think its coming. By the way, we already have a lot of stimulus in place, which is the reason why we are seeing better Economic Data and better Earnings Growth. On Earnings Growth, 86 of the s p 500 Companies Beat earnings. 75 beat on the revenue line 50 are Margin Expansion its all good signs for stocks so i continue to be very positive. Joe, you know, the kostin call is obviously one thats being talked about heavily today on the street. I just wonder, you know, the market has really looked beyond some of the you know, at this point noise. Maybe it develops into something more serious in the weeks ahead. Not just talking about these surging covid cases, which are exploding around the country and you entertain the idea of possible shutdowns in places, schools being impacted and the like you know, the president not acknowledging the election result, the prospects of him not leaving office however serious you think that is or maybe not at all the prospect of rising Interest Rates. Were pushing on 1 or pretty close to that. The market doesnt seem to be worried about any of it. First, let me express my thanks to degas and jim for their service and those in this country. To your question, there will be one president on january 20th. I think the country knows Vice President elect biden will be that i suspect if the bond market was open, we would see pricing above 1 for tenyear treasury i think what the market is thinking about for 2021 and what david kostin has right here are three strong contributors to earnings and to the economy next year that wasnt present number one, youre going to get a capx recovery, which has been much needed. Number two, youre going to reintroduce globalization and that is going to remove some of the strain that has been placed on consumers with tariffs on imports from china lastly, i still suspect that flows of capital will come out of the bond market and go into the equity market, both towards growth and value thats where i want to go next, jim. This idea of value taking the mantel now as these Growth Stocks have sold off albeit today is a nice rebound day. You have the nasdaq up by better than 200 points. You have the mega caps up, the stayathomes, the peloton, docusign, all are having a nice rebound. Weve had obvious news on the vaccine news, but more close to us in the days ahead, whats going to happen to that trade. Does it revert back to how it was . Is there staying power for value . How do you see it . Theres no reason look, i look at the apples, the googles, the facebook of the worlds you cant say these are expensive at 30 times earnings in a low Interest Rate environment, not with the growth rates they have in earnings. The stayathome stocks, the peloton, zooms, the software stocks, i think stocks trading at many, many multiples of sales are still too pricey ive stayed away from them in value, youve seen industrials rally the last two months i think financials are next. We talked about this yesterday ill say it again. I think the three reasons are, one, youll get a steeper yield curve than you already are number two, loan losses are going to be less than expected just listen to jamie dimon on the last Conference Call about that finally, you get to the First Quarter and the market is going to anticipate this now that buybacks are eventually going to be allowed back by the federal reserve. I think financials are the next sector to start rallying. Maybe stepped i mean, this is perhaps the next big battleground wells fargo today says we advise getting aggressive on the banks despite mondays runup. We have historic valuation, significant scope for potential and uncrowded opportunity and catalyst in the form of fundamentally driven reflation and nearterm covid solution i. E. , higher Interest Rates and vaccine. Mike mayo says vaccine progress should continue to help the banks. Theres some upgrades today in that space is it something to believe in, finally . Finally some of these stocks are still down 30 , 40 , 50 year to day date they havent recovered you need a steep yield curve the only way youll have a sustainable yield curve thats steep is if you have a little growth and inflation maybe having a vaccine in the next, say, two, three, four quarters, that will lead to better growth. Then you will see the steepening yield curve. You will see a little bit of inflation. I think you need those things for financials really to outperform on a sustainable basis. I think you want to own special situations, which is what i do i only own four names. Most are turnaround stories i think you can pick your spot be patient, like jim says. The other idea, degas, getting back to the comments jim just made, which i thought were interesting, talking about big tech not being expensive those were his words you look at the valuations, a lot are in the 30s not amazon, obviously. The point, though, now is the hard work is truly ahead of those, right youre not going to get multiple expansion anymore, or certainly not to the degree to which you did. Earnings have to live up to the hype its going to be an earningsdriven story moving forward. The question is, are earnings going to be good enough or are we getting ahead of ourselves there, too scott, im going bag to what jim said you have to look at this valuation differently. Whats happening now is we have whats the intangible value cannot be measured and its very difficult to measure if these companies reputations continue to improve, if the Business Model is strong, apple, microsoft, look at the Business Models theyre not going away, just increasing, bringing out new products, new services and i think thats how you have to value these companies. You have to look at within industry and do valuation by industry to really see where the value premiums lie in these particular companies. I know everybody wants to get on the value band wagon. Wolf Research Today says to fade it i dont know if you saw this note or not. They said fade it into year end. Our sense, they say, positive Vaccine Developments and a return to quote unquote, normal are likely to lead outperforming over the next 12 to 18 months. That makes total sense they go on, however, following the most recent value rip, wed fade that trade into year end. I mean, its an interesting look, you got to be really nimble to try and play this game that way, okay we think its going to outperform over 12 to 18 months, fade it into year end. That sounds all great on paper putting it into practice is Something Different all together thats not for me thats not a game i want to play, fading it into year end. When i think about s p growth and i think about s p value yeartodate, i think about a Football Game where the score is 370 for growth versus value and in the last five days, value has scored a touchdown and now everyones sailing theyying thg to win the game by the end of the year i dont see that happening if its a basketball game, you look back over the last five years, growth is up 105 to 34. So, yes, value can close in a mean reversion capacity the significant gap, but i think most importantly, scott, when i look at value, i want to replace the word value with quality. Thats whats important. When i look at growth, i want to make sure that i am staying allocated to establishment growth established growth is seeing Strong Performance relative to emerging growth in the last five days as there seems to be this little bit of rotation apple, its established growth apple the last five daydays, i believe, is up 5 . I think theres a difference in the way we define that growth. You know, steph, im looking at this tweet from dr. Gottlieb, whos been at the absolute forefront of dealing with this pandemic and advising all of us on what was likely to happen and what we should do about it he tweets i dont have the exact time on it covid hospitalizations are rising quickly we need to start discussions about how we preserve Health Care Capacity given the growth of hospital admissions and the fact it will be harder to backstop hospitals given how distributed the pandemic is. When you have people talking about fading the growth trade, stay at home, the alarm bells are going off across the scientific and medical community about whats happening with the virus. And with the market, the s p is at 3577. You have those raising their target like kostin did today and i wonder if its too complacent about where the value is where we are truly when you see a gottlieb tweet like that. Hes been spoton the whole time we want to listen to him, for sure we have actually made so much progress in terms of tests, in terms of some cure, in terms of this whole vaccine situation 90 efficacy thats absolutely enormous dr. Fauci said he would have been happy with 40 to 50 efficacy we are absolutely making progress we have to watch the closures. I dont think this country is going to close down 100 youll have hot spots that close, schools that close, no doubt. We have to figure out the whole hospital situation but the death rates actually are moderating thats also pretty encouraging i think we can better handle the situation much better than what we did in march and april. Yeah, i mean, its something to worry about, but, again, i go back to theres so much liquidity in the system. You dont want to fight it and theres more coming. Its not just here its 90 trillion around the world. Its sloshing around you do not want to fight that. Thats why people, you know, big investors, wellknown ones and otherwise, the kinds of people that ive been having conversations with, use the world goldilocks, because of the new vaccine hopes, because of the new president , because of the split congress, because of the stimulus, because of the fed, its exactly, steph, what you say. Spending but not too much. Rates go up but not too much tax policy not what it was throughout perhaps to be you have the runoffs in early january. We have to wait for the outcomes to see whats truly ahead of us. We will take a break on this veterans day, we honor those who serve this country and who have served our great nation two of our experts were in the military, as we said well be joined by another veteran. Anthony do re back in two minutes. Welcome back we want to thank all of those who have served in our armed forces and those who still do. We mentioned that our Investment Committee members are veterans themselves heres what service means to them what motivated me to join the military was i wanted to be like my father. And he instined in me a sense of service by his service in the United States army i served in the military for five years i was an armored cavalry officer. That means that i was responsible for working with soldiers and our main source of transportation was the armored fighting vehicles. I left the service as a captain. My military Service Affected my life today because, one, i learned leadership, i learned service and i learned the importance of working for something larger than years. I served seven glorious years in the United States navy from 1990 to 1997 i was a Nuclear Engineer and submarine officers submarines and aircraft carriers are nuclearpowered. Submarines have the ability, in addition to being a Nuclear Engineer, you can be a warrior and fight the front end of the ship as well as drive the back end of the ship. One of the things i learned and loved the most is a sense of teamwork and it didnt matter what your beliefs or upbrings was, as long as you could complete the job at hand and complete it well guys, as i said, we do salute you and your service to this great country. I love the old pictures. Degas, you know, i know you think often back to the days of the beast barracks, as they were called at west point tell me about your roommate and a funny story that you have. Yeah. So, the cavalry welcomed us on july 1st into the academy. One of the things i had a roommate, a brilliant young man. We would go around west point and he would just look at the buildings. And the buildings are in the style of greek revival granite all you saw was the dullness, it was drab what i saw was silver because i wanted to be there it was a dream and so what happened freshman year, he left the academy, he did not graduate from the academy and i was blessed enough to have finished that journey, but it taught me the perspective, you look at your challenges you can look at it positively or negatively and that can mean all the difference. We ask everybody whenever we do this, you know, annually, jim and degas, what you take from your military experience into the real world, so to speak, into the boardroom if youre an executive, onto the Trading Floor or the way that you invest other peoples money and your own. And the word that always arises from that is discipline. And i think of that so much, jim, when i think about you, the way you talk about stocks, the way you think about your investments or trades. I think of our many conversations on roku and how you have to remain disciplined in the way that you interact with the market, right it is discipline in the way you think and execute all this stuff. It is discipline. Thank you, scott it is discipline theres one other word that goes hand in glove with it, which is humility you have to know yourself. You have to know your strengths and weaknesses you have to know the strengths and weaknesses of others on your team and if you do that, and if you carry yourself with a modocum, a meaningful amount of humility, thats where the discipline comes from to know when youre right but to know when youre wrong, too. And as i think about today, and every day i think about my military service, what i really feel is gratitude. Grateful to have had the Lessons Learned that i did learn in the military and it really comes down to discipline, teamwork and humili humility i think as our nation goes through a very important transition, those are those are elements that i hope we will all hold in high regard as we go into the next phase of this great nations life. Very well said. We do, as i mentioned, have norwest point grad with us today. Anthony noto is the ceo of sofi, a west point grad. What has become really a tradition for us, anthony, to be able to visit on this day and talk about your service and what it means to you. Well, thank you for having me, scott. Its a privilege for me to be here representing so many thousands of people that have served our country so well and continue to serve our country so well just as importantly, recognizing their families and their support systems that are behind them every man and woman that serves our country today or servesed in the past would not have been able to do that job the way they did without the support of their family its also a recognition for all of them and the people that have serv served its a privilege to be here. What do you want people to think about, the great takeaway on this day . Just beyond saying we honor our veterans and salute those who serve and those who served is there a bigger meaning that we should all take away from this great day i think its critically important that people serve and get back to their country and help sustain our way of life, the democracy we all benefit from, the impact we have on society more broadly across the globe. Its not just about defending our way of life but its about giving those that dont have an ability to fight for themselves, the support that it takes for them to be able to exist in a balanced world, in a world where there are equal rights in this day as we have such social unrest because of the social inequalities in our country, they exist more globally and many people are suppressed our military forces are serving our country, but theyre also serving the world at large that takes our men and women away from home, away from their families, puts them until danger they put their life on the line every day to ensure our way of life and the world more broadly. And thats a tremendous sacrifice and it takes a special person to do that. And we should recognize that more than anything else as well as families equally taking on that sacrifice and risk. Speaking of that, sadly, the pandemic, as you know, has hit veterans especially hard i saw a times article that said covid cases among va patients was up 70 over that prior 30day period. We talk a lot about the pandemic and the impact its had our society and veterans have been hard hit they absolutely have. And the government is doing a great job trying to ensure the welfare and health of all people i know the military leaders that i have the closest connectivity to have done a phenomenal job for their soldiers looking at west point where i went to school and graduated from general williams has done a phenomenal job ensuring the corps ka detds is there every day, chasing their mission to become leaders of character, leaders of excellence. The fact hes been able to manage the covid on the campus shows the right way to do it and a great, shining example for the rest of the country to figure out a way to put health and safety first, but being able to continue the mission despite those challenges and the strength of the Army Football team is another example of that. And, you know, that team one thats led by a great leader and great support from the Athletic Director but theyre ready for every game and dominating on the field, dominating in the classroom. Theres a way to get it done theres a great example of that from west point and general williams and mike buddy and coach across all the academy i know ive asked you before what you take from your military experience and the way that you are a Corporate Executive now. But to layer that even more so, what have you leaned on from your military training and being at west point that youve had to use to help get sofi through this pandemic . I think the reality of being a leader is that youre responsible for anything that does or doesnt happen you can delegate authority but you cant delegate responsibility the ships dont sail and the tanks dont roll without the people as a leader you have to bring the team together, identify the issues, focus on the mission, develop a battle plan and execute knowing what you think is going to happen, wont. You need to have contingency plans along the way. Our team has done a phenomenal job. Were a Financial Institution that needs to be trusted by our members. We need to be reliable, stable and robust and be there when they need us, especially when they cant leave their house we rolled out the plan we worked on by 2 1 2 years in march and by the 3rd of march our entire company was working from home and able to serve our members 24 7 weve been up and reliable for them the entire time its a true testament of the leaders of the company and the culture were building and their ability to come together in a trying time and execute with excellence i couldnt be prouder of what theyve done and its a directed result of the people we have that are making it happen. Theyre caring not only for our employees but the members we serve. Its been ten months and i couldnt be prouder of what weve done for our employees and for all of our members and our businesses excaccelerated along with it. You have such a consumerfacing business i hope youll oblige me a question about that. Just curious as to what you see out there. Its a somewhat tumultuous time in this country. Weve just had an election we just had really positive news about a vaccine prospect for next year. How does the landscape look to you now as you look forward . The demand for Financial Services as a foundation of peoples lives is greater than ever weve seen a meaningful demand for our services we Just Launched sofi credit card for those with Student Loans, refinanced with us, weve been able to give them forbearance but theres the need to refinance Student Loans and home loans. Weve seen a robust environment across those products, in addition to the desire of people to invest more and to start saving for rainy day funds for the first time in peoples lives they went from making money one day to making nothing the next day and it had nothing to do with their individual contributions or performance it was because of this tragic global pandemic. So now more than ever theyre building these rainy day funds, building a Strong Foundation financially. In q3 we just closed at the end of september, we had a record quarter in revenue it was our First Quarter of positive ebitda on embarking on this road map of becoming the onestop shop for all of your financial needs. Its greater than any other time in history, they can come to sofi and spending, saving, protecting, all on one platform on a mobile device they dont have to go to branches, they dont have to speak to anyone. They can get it all on the platform. How closely are you watching Interest Rates i watch Interest Rates every day. You know, i tell my team, i go to bed scared and i wake up terrified because every day we have risks associated with Interest Rates, with the political regulatory environment, with our counter parties and running our business day to day so, were definitely atune to all those factors and we put in place a plan that allows us to operate in low rates and also operate really well on high rates. An environment where were in a recession and environment in expansion. We had to be prepared, just like the military does, to have a plan for the unexpected, and be able to pivot and still perform and meet the challenges we get delivered. Grateful for your time once again this year. Im glad its become a tradition for us, anthony. Well talk to you soon. Thank you so much, scott. Thanks for having me. Anthony noto of sofi joining us that company is number eight on the 2020 cnbc disrupter 50 list. The cnbc diplomat rusrupter sumn on the way visit cnbc. Com agenda, you can see a full list there. Lets answer some investor goal questions one from retired Master Sergeant carl foschi. After having served 25 years in the army, im currently living in las vegas, nevada. My question is, after a stock hits a 52week high, what is a good percentage point down from that 52week high to enter into a new position into that stock love that question. Joe, youre going to take that one for us, okay i do. Master sergeant, thank you for your service let me tell you what i tend to do is find a point of reference, whether its a previous high that has recently been exceeded or some level in which the stock is broken out from i think thats most constructive in defining what your point of reference would be and where there would be a lowrisk opportunity to enter a trade. Next up, captain ryan wall from South Carolina has a question about his roth i. R. A. Hi, im ryan wall, captain in the air force serving in North Carolina i start to think about my roth i. R. A. Contributions for next year and currently im in between amazon, tesla and wanted to know what you guys thought about that or possibly a different company. Thanks so much thank you for the question. Stephanie . Thank you so much for your service and your help. I would say amazon, i own it its still up 68 year to date so i wouldnt chase it but their end markets in terms of retail ecommerce thats 75 billion by 2025 and cloud will be 1 trillion by the end of the decade thats the one i would be buying i would be patient and buy on dips. Degas, this one to you from Corporal Sherman from compton, california, about one highflying semi stock. Im here at post doing operation. Im an aindividual pc gamers five or six years i bought nvidia stock around 35 i just want to know, what is a good price to buy more or when to sell . Thank you. Degas, im going to give you that one you trimmed your position in nvidia right so corporal, first of all, thank you for your service what i want to say to you, if you purchased this stock at 35, its now up to 526. But because you are a pc gamer, i want you to know theyve expanded the ge force now to the point where you could play that across all platforms plus, theyve added the ai improvement, so now even the pilot improvement gaming has improved whats happened is nvidia has expanded their reach across more platforms. Bigger user base i say hold this stock for the long term. Good stuff. Thank you for the questions. Another story from the military to the Business World how one veteran was able to use what she learned in a u. S. Air force to build thher thriving small business. Mutts sauce is about my grandfather. He gave me the only copy of a recipe that had been in my family since 1956. Im the founder and ceo of mutts sauce llc and also a major in the United States air force reserves service is in our dna. My grandfathers name is charlie and he went into the air force in korea and vietnam as an aircraft mechanic. They called him mutt for his ability to blend in anywhere he was very obsessed with the concept of not being wasteful with condiments so he wanted to make one sauce for all you can put it on your eggs, your steak, you can do anything with it. After he passed away, it was about eight years before i learned that i had inherited the recipe. The original recipe is actually sweet and spicy 2019 was looking great i had not hit six figures in sales yet and i was really pushing hard towards it. In march of this year, right when i had my son david, the pandemic hit here i am with a new baby, no revenue. Im operating with mutt sauce as if it was a startup. We had to start completely over. Im operating as ecommerce. To keep the learning process going, to find new ways of serving your customers my grandfather told me something when i was a kid he said, humility will take you farther than money it was just the heart of service and to make an impact in peoples lives thats all you need. We will take a quick break. When we come back, the Investment Committee is making moves in this market as they always are well go over there and talk about the latest buys and sells. You can watch our listen to us live on the go on the cnbc app were back right after this. Before money, people tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. 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. Welcome back, everybody. Im sue herera heres your cnbc news update at this hour. Britain reporting 595 new covid19 deaths today. That is the highest oneday figure since may despite added restrictions, officials confirmed nearly 23,000 new cases just today. Hurricanes are maintaining strength longer once they come ashore, according to a new study. Researchers say Climate Change and warmer ocean waters are likely to blame. At the vatican, pope francis has pledged to rid the Catholic Church of abuse and offered prayers a day after the church released a report on the churchs decades long coverup of sexual misconduct. In the u. S. , a recall for romain lettuce sold in 19 states the lettuce sold under brand names may be contaminated with e. Coli. 12 people have been infected, including five who were hospitalized. Youre up to date. Thats the news update we appreciate that. The Investment Committee, as i said, is making moves. Degas, you have a new buy. It is gentx. Tell us why. This is a company that makes the dimmers for your vehicle, your Rearview Mirror dimmers it provides auto components. The reason why this is a Great Company is that i have a friend of mine that is a car dealer and he shared with me theres a shortage of supply that tells me this is a backup of orders for this particular company. Theyre doing well plus, theyre in the heartland theyre located in michigan and they do a lot of work with veterans, particularly the Michigan Veteran affairs agency. So, once again, they are doing the good work and doing a great product. It surprised earnings 17 on earnings and then also sales of about 3 its doing exceptionally well. The operating cash flow is around 11 operating cash flow yield is around 11 Great Company to hold. Its in that space of Consumer Discretionary and were moving towards that getting away from tech. Making money and doing good we like those stories. Joe, you bought advi and taradyne. For abbvie, i want to give stephanie credit the quarter just reported was strong again i think the integration is going well you have clarity surrounding the election and i had gotten out of myeli lilly position was looking to redeploy that back into health care. I bought merck a couple weeks ago and now bought abbvie. And then real quick on teradyne, i wanted to get exposure back into the chipmaking industry. I think so this will be a better environment under Vice President elect biden. Im happy to buy it here close to 100. Check out the mystery chart its a Housing Stock up more than 30 this year theres a bullish call on it today as well. Well debate it next im searching for info on options trading, and look, it feels like im just wasting time. Thats why Td Ameritrade designed a firstofitskind, personalized education center. Oh. Their awardwinning content is tailored to fit your investing goals and interests. And it learns with you, so as you become smarter, so do its recommendations. So its like my streaming service. Well except now youre binge learning. See how you can become a smarter investor with a personalized education from Td Ameritrade. Visit tdameritrade. Com learn our mystery chart reveals, d. R. Horton, upgraded today, positive back on the Home Builders strong beat yesterday stephanie, you own it. The question is, are you staying with it . I am staying with it because it actually only trades 11 1 2 times forward estimates. Those estimates are going much higher, 20 cents this year and next year. You said they beat and raised. The entry level home buyer is on fire thats where these guys shine. So, i almost fell off my chair october orders were up 50 when they said this yesterday really good trends, positive all around im going to stay with it. Im not buying it up here but staying with it. Rahel solomon joins us with more the calls happening today rahel, hi. Good to be with you tapestry, the owner of coach and kate spade, rating to outperform price target jumps to 30 largely on a better Management Strategy duke reallity gets upgrade Analysts Expect accelerated growth for the Company Thanks to increase ecommerce demand shares are up 1. 27 . Jpmorgan downgrading occidental petrol to underweight. They are waiting on the world to change price target is 13 bucks, slightly higher than the previous 12. 50 a share analysts note crude prices need to be higher than previously expected for occi to break even and shareholders, thus, waiting on the world to change arent we all . A lot of businesses are waiting for the world to change. Joe, on that note, because i was going to go to you, occidental, i was going to play off. Too early to buy energy . Wait a second they downgraded it now where were they last year or at the beginning of this year unfortunately, scott, i think youre going to see a lot of downgrades in energy because of the bounce were getting right now. To answer your question, too early to buy energy . Yes, i think so. For more than a trade for an investment, im not necessarily sure maybe all right, joe froze. Well take a quick break well talk about copper prices theyre under pressure futures next at calvert, we know responsible investing is hard. 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. High protein. Low sugar. Tastes great high protein. Low sugar. So good. High protein. Low sugar. Mmm, birthday cake. Pure protein. The best combination to help you stay fit. Pure protein. 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. Were back its time for the futures outlook. Copper prices are pulling pulling back lets bring in bill baruch for that trade bill, were trying to gauge everything as it relates to now versus postpandemic with a vaccine and where the economy is going to be. Is that how we think about copper yeah. I think copper is going to be heading a lot higher in 2021, and i dont like chasing the market but look at the narratives the fed will remain accommodative. Other central banks, maybe more. Avaccine will bring tailwind t risk assets and the dollar will stay at this level or lower, and then china wants to stack their strategic metal reserves, and then on the other side of it is copper is a proxy to some of the rare earth metals that could become more popular during the new administration, so overall whats the trade i mean, technically this market has broken out above a trend line going back to 2011s record high i want to buy a little bit of a pullback i want to see this around 305. You buy 305. Theres a trend line for the march right. Buy 305 and risk ten cents down to 295 longer term trade using the march contract, and my upside is 330. I think we could see 360 next year in copper, so this this trade is quite a bit of risk 2,500 bucks and may not be for everyone, but i think it will play out pretty well here over time. Good stuff. Talk to you soon bill baruch, thanks. Up next, final 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. Before money, people tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. 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. Well do final trades. Veterans first you guys knew it would be like that degus, why dont you go ahead and give us a final trade. Cwd, laptop, software storage. They are 100 pest firm for veteran by the military times. Go army. All right navy man those are fighting words, jim. Okay. I wonder what im going to end with listen, disney weve got weve got earnings coming up on tomorrow afternoon so lets look at the streaming counts and look at the cash and cash flows what are they doing with the cash and, of course, go navy. I knew that was coming. All right, steph go Boston College air products actually. The stock was up 30 into the print. It was an inline number. Very good revenues, pricing power. Still like the story im buying the weakness today. Joe, lastly to you . Monster beverage, long. All right good stuff again. We salute our veterans those who have served and those who continue to. The exchange is now. Thank you, scott, and thank you for that tribute that was fabulous stuff. Hope everybody caught that welcome to can the exchange, and ahead this hour were talking about a reversal of the reversal tech turns around. The high fliers are taking off again and the value plays are selling off today. We will look at why this is happening and whats next. Its not a great day for tech in china there. The government taking aim at their own tech giants, what they are doing and why not and the implications for u. S. Companies. Plus, lyft eats, disc your office space and the