Thought. Sorry about that. I couldnt resist. Im Charles Payne this is making money. Breaking right now, if were seeing a Fourth Quarter rally it has to start at the beginning. It is critical that microsoft, alphabet, remember they report after the close. We will handicap those names and other potential movers. This as the market face as crucial test. We could see big breakdowns or breakouts any moment. Jim bianco and erin gibbs on that. 100 dead wrong, how jamie dimon is summing up central bank forecasting. I will ask carl roche consequences of central bank being perennially wrong. Thomas massie at 2 45 as the speaker drama rolls on. And you dont want to miss my takeaway, redefining the American Dream to fit a tighter budget. That is not the american way, folks. I say it is time for us to dream big again. All that and so much more on making money. Charles all right, folks, so the markets are trying to get up there, right . You see this. We opened strong. We start to give it away right away. Heres the thing. It is up on earnings, not the big names but consequential names. Ironically we talk a lot on this show about earnings estimates. They were starting to go up in the summertime here. Citi put out a piece, if you take into account evisions and some of the early releases were down at the low points with respect to earnings which is not, may not be a bad thing. We like clearing those slow hurdles. Give a Situational Awareness because a lot of moving parts what is happening right now. Coming into the day today, big trends, equitying lower, bond lower, dollar sideways. I would love to see the dollar come downs gold taking off, bitcoin, out of nowhere, out of nowhere really taking off. Lets go over this. There is so many things to work out and digest. Remember the s p 500, if it is going to have a big year a breakout year we got to get it through 4600. That is just two months left in the year. I want to bring in Bianco Research president jim bianco. Jill, i want to begin with earnings. Seems like it will be key. I have a chart here going back to 2020 of composition of returns of this market. Go back to 2020, it was all about multiple growth. 23 of move was multiple growth. Year after that, 2021, 34 of the move was earning. Big, big year for earnings. This year it has been 5 earnings, 5 multiple growth. Obviously there is not a lot of room left for multiple growth particularly in the key names. To me, earnings this is it, earnings have to really come out, some big numbers and some big guidance. What are your thoughts . Well i agree with you. The key is going to be that youre going to have to see some big earning numbers. The economy is also set to report on thursday that gdp number. That should presage the Third Quarter earnings should be good. The reason you need them to be good because you talked about multiple contraction. What leads to multiple contraction, higher Interest Rates. If the stock market has a hurdle of higher Interest Rates it needs to outperform on earnings and other things to beat that hurdle. What do i mean by that hurdle . Dr. Jeremy siegel but a new edition of stocks for the long run. In it he says the long rated return of the stock market is 8 f you get 5 1 2 in money market fund, half the 2 3 of the stock market gain with no risk. The stock market cant give you 8 in so so earnings. It has to do better than to attract money and go higher. Charles by the way since you brought that up i brought attention to the tiny sliver, dividends, when people are getting this yield, they no longer need to rely on utility dividend stocks. They are taking it on the chin when they usually do well this environment. The 200day moving average, we were a little bit below a little bit above it. Call it 4200. Resistance at break out at 4600. This to me is the moment of truth. What happens if we start to break out from unthere because i think we can trigger some big selling as well . I agree. 200day moving average is like technicians like to use, is it is it stock market above or below the 200day moving average. Were right at it. If we go below it the market starts moving down, seven ofstocks held up the whole stock market. Take out the magnificent seven. It is in a downtrend. It is supposed to be year two of a stock market it is not going up maybe i you ought to get out of it. You look at 5 1 2 money market fund, make i should hide over there . This is important that the stock market show resiliency at this level it can hold this 200day moving average and not get into the definition of a downtrend. Charles then there is bitcoin which has been quiet all year long. This is absolutely amazing, this move that its made. It was mows sying along and taken off. I saw where you tweeted this spike here, i guess technicians are calling it a god candle. Does that mean a mill dollar bitcoin is right around the corner . I guess so. I never heard of a god candle. With adopting bitcoin which would be bullish if that happened. I think there are two fundamental stories behind this move. One, the depository trust corporation, ddtc, has now gotten a filing from blackrock to be the custodian for their spot bitcoin etf. That doesnt mean it was approved but soundings like blackrock is getting ready for it to be approved. Tom emmer is starting to emerge as possibly the next speaker of the house. He is about as procrypto as you can find. He might be the next speaker of the house. Combine those two things together, those technicians talking about the god candle, you had a spectacular 24 hours in cryptocurrencies led by bitcoin. Charles what is really interesting, all the bitcoin fans, that you normally see around this time, they havent been around. I think they were even caught flatfooted. This is sort of, feels more organic if you will. Hey, jim, thanks a lot. Always appreciate starting the show with you. Thank you. Charles folks, dont look now the uninverting of the yield curve is starting to speed up. What do you we mean . You remember inverted yield curve was really bad down here, 100 basis points . It is down a lot less. We talk a lot about it on the show, the two and 10year spread. My next guest says if this happens there is some interesting consequential things that could happen. Joining me main Street Asset Management llc, chief Investment Officer erin gibbs. Lets talk about this. When this goes up, uninverts that is supposed to be the quick countdown to recession. Do you think history will repeat itself . Weve been so wrong for so many months. Charles throw it out. I think the one thing we could really hold up where we could say that, even if we do have a recession it is going to be extraordinarily mild is really about the Employment Situation in the u. S. So we may technically have slower gdp growth but were not going to have that accompanied by what our great fear is, unemployment. Charles right. And that, a lot has to do with demographics and aging. Charles would that be a soft landing then . That would be a soft landing. Technically we hit a recession but we still have low unemployment, we still have consumer spending. So maybe it slows down for two quarters but i think really looking at these type of dem traffics and the strength of the u. S. Consumer which again weve been very wrong the fast two years, were able to keep spending as rates go higher. That is important factor looking how bad a recession can be. Charles lets remember the leading economic indicators, the conference board, they keep saying yes it is flashing recession but even they believe it will be a shallow recession. Yep. Charles maybe we waste a lot of time focused on a little shallow recession than on what comes after that or potentially comes after that. Technical definition of consumers and how they actually feel and spend and pay for their bills and so on. Charles you like Consumer Staples. I pulled up the xlp, the Consumer Staples line because obviously this has been somewhat of a disappointment last couple years t was a key support point. It was resistance and support. If it holds here could it have move to bounce here . Definitely. It is more of a defensive play. Clearly with rates rising as they have were just in some big headwinds when it comes to stocks, so i feel these are sort of your recessionproof defensive types of trades. Charles right. That have been doing very well. Again u. S. Consumer still not going away. Still buying cocacola. Charles cocacola, 3m having a good day today. General motors having a pretty good day, cocacola. Of course there was a big, some of these Consumer Staples got hit on ozempic and fat loss drugs. Right. Charles i think that creates a buying opportunity. I dont see how people will stop drinking coke. Maybe they will drink more. Listen take a pill, have two slices of pie, why buy one . I think those cush appetite. They seem artificial to be. Consumer staples was place to be beginning of this year. They had pricing power, they were weathering the storm and then the bottom fell out. Right. Weve seen some good reports. Coke obviously had its pop today, pun intended but i think that just looking up, sort of your consumer stocks, i would actually say less on big purchases financing. Charles yeah. But smaller purchase where it doesnt require financing unless they are looking very attractive, they have been beaten up and less likely to go down if we have another wave and another hit. Charles i got you. Thank you, erin. Nancy tengler with eye on names ahead. Jamie dimon big time he hit them hard. Carl roach is with us. He says the fed is haphazard in the monetary approach to policy. No kidding but what is his solution . He has got one next. This isnt just freight. These arent just shipments. Theyre promises. Promises of all shapes and sizes. Each, with a time and a place theyve been promised to be. A promise is everything to old dominion, because it means everything to you. This is american infrastructure. Megawatts of power, rails and open road, and essential services of every kind. All running on countless invisible networks, making it a prime target for cyberattacks. But the same aipowered security that protects all of google also defends the systems running americas infrastructure. For these services. For the 336 million of us living here. Hi, im jason and ive lost 202 pounds on golo. So the first time i ever seen a golo advertisement, i said, yeah, whatever. Theres no way this works like this. And threw it to the side. A couple weeks later, i seen it again after getting not so pleasant news from my physician. I was 424 pounds, and my doctor was recommending weight loss surgery. To avoid the surgery, i had to make a change. So i decided to go with golo and its changed my life. When i first started golo and taking release, my cravings, they went away. And i was so surprised. You feel that your body is working and functioning the way it should be and you feel energized. Golo has improved my life in so many ways. Im able to stand and actually make dinner. Im able to clean my house. Im able to do just simple tasks that a lot of people call simple, but when youre extremely heavy theyre not so simple. Golo is real and when you take release and follow the plan, it works. Charles you know one of the things which love about jamie dimon he is seen as a straightshooter particularly when it comes to his own industry. Face it the Federal Reserve is the banks own industry. He is over in saudi arabia. Gives us straight about all the Central Banks control our lives. This is what he says theyre doing wrong. Take a listen. I want to point out Central Banks 18 months ago were 100 dead wrong. Maybe humility about financial forecasting. I would be quite cautious about what might happen next year. Charles dead wrong. I mean, folly, how many times have i said that . Just think about this, the Federal Reserve in america, they have more phds than any other entity out there like 500 phds, somehow they can never get this right. I want to bring in discipline funds founder, cio, cullen roche. What do you make of what dimon had to say . It is hard to argue with it and the problem with the way the fed operates theyre so data dependent. So theyre beholden to congress. They have to testify and justify everything they say and they have to really back it with evidence and the problem with that, that sort of an approach is inherently rear view mirror looking. They dont have the luxury a asset manager a lot of us have we can be forwardlooking. We have to by necessity make estimates what is coming down the pike here. The fed cant operate like that. They use this rear view mirror looking approach while a lot of times their perspectives end up lagging. They say they have business contacts. Obviously if jay powell calls anyone in the country theyre picking up the phone. Right . , maybe taylor swift might put him on hold. What team does he play for . Joking. Going down the wrong path. This they dont live with the consequences. Particularly the american public, poor people, middle class folks have to live with the consequence of them in the ivory towers, not counting gasoline, not counting food. It is a difficult, it is a difficult coexistence. Yeah, and i mean you could argue that right now is one of the most interesting periods because, and this is part of the problem i think. The underlying data that the fed looks at because it is sort of inherently rear view mirror looking they cant look at things like, for instance, right now there is strong disinflationary trend in shelter. We know, this is the thing that kind of. S me about this, one of the reasons i was vocal about the fed raising rates back in 2021 the fed doesnt look at a lot of real time indices. You can look at shelter for instance. Real time rent indices are cratering right now. They have been at zero for almost a year now. Back in 2022 the exact opposite was happening. In the bls, cpi data, all of this lagged, shelter especially. It is a 35 component that lags by six to nine months. Rather than looking at the real time data, zillow rent indices for instance, theyre looking at this rear view mirror looking data and they end up being behind the curve. Looking forward it is kind of interesting. They were behind the curve in 2021 because they were looking at this lagging data and now were almost in sort of the same situation where inflation has started to turn over and all the shelter data which will put a huge disinflationary force on inflation going down Going Forward is now in the same sort of position. So the fed is ultratight and everything is starting to look sort of disinflationary to me. Charles so i got less than a minute to go. What is your outlook, against that backdrop, what you see see combing almost like watching a Football Game in slow motion. You see the pass, you see the receiver you know if they catch it what will happen. What will happen with this play were watching play out in slow motion . We all dont have hands like Travis Kelsey or girlfriends like taylor swift, more importantly, but the weird thing Going Forward now, is what the fed has created is this environment where the, outcomes now get riskier and riskier. This is part of the difficult thing with fed policy, when theyre raising Interest Rates is that credit contracts lag and they update over time and the longer the fed keeps things really tight the riskier things get in terms of contracts having to roll over and reup in all of these higher rates. Thats a really slow process. So the more the fed grinds this screw the riskier everything gets, the longer we get out across the credit Maturity Curve and things have to roll over. Charles yeah. Cullen, thank you very, very much, appreciate it. Thanks. Thanks, charles. Charles all right, folks time now for some money mail. Always love hearing from you. Ken is asking i never hear anyone mention cds are they a good option in todays market . I think it is a great question but i think tbills and bonds are better with particularly with tax circumstances. If you have any kinds of questions or comments, tweet me cvpayne. I have to tell you i have a very exciting announcement. I will be hosting next mondays show at the money show in orlando. I will be there signing books as well, unbreakable investor. So go to money show. Com or charles. Money show. Com either of those for more information. If youre in orlando, lets get together t will be a lot of fun. Coming up here my takeaway redefining the American Dream to put into a tiny budget. We dont want to do that. This is the moment of truth, folks. We have a couple of major, Major Companies reporting the earnings after the close. This could be the start of a Fourth Quarter rally or be more disappointment. Disappointment. Well see right after the break. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. 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Treasurys, bonds have been a favorite, down one 1 4 standard deviation from the mean historical valuation but it is not just bonds. Look at small caps, large caps, value stocks, Growth Stocks, look at the rectangle, theyre all trading at negative scores, down from the yellow which is their december 2021 valuations theyre down. A big challenge for stocks is the fact that cash is paying a higher yield than the s p 500. This is the yield on the s p 500, the blue line. This is the treasury bill. You get more yield with tbills. Money markets could quickly find their way to equities. So what if that happens . That could spark a short squeeze. If you look at the Massive Equity short position by hedge funds its right here at 25 . Now major problem with a potential short squeeze is getting investors to buy anything other than the socalled magnificent seven which are, microsoft, and google which report tonight. Apple, meta, amazon, nvidia and tesla. Many Investment Managers are going for what they call garp, growth at a reasonable price. Garp. Instead of value investing. So, there you have it, charles, back to you. Charles all right, thank you so much, lauren. I want to bring in Laffer Tengler ceo, chief Investment Officer, nancy tengler. Nancy, lets start with the gap. That is something you always talk about which is distinctly different than value investing. A lot of folks i want to go to value because it hasnt moved. That is always weird to me. At beginning of every year i get two things, Everyone Wants to go to emerging markets and value every year. Simply because they havent moved. If they havent moved in 10 years maybe there is a problem. Talk about the garp thing. This is part of your investment philosophy. Yeah, thanks for having me, charles. I think a couple of things. We hear a lot of people talking about staples and utilities. In a normal environment those would have been places where you hid during volatile and slowing economic, slowing economy but what we, what we believe is that when the economy is slowing you really want to have exposure to companies that can generate reliable earnings growth. I talk about this a lot, i dont mean to repeat myself but last fall we looked at the Technology Companies that were delivering from a earnings standpoint all year and we said these companies are trading at a reasonable price and theyre generating growth. That is garp. We began to accumulate with new names, oracle and spotify for example. Then added to old names. In this environment weve been talking about, weve been selling the utilities in spring, fall, because the reasonable price wasnt so reasonable anymore and we were adding to industrials because we thought the pmis were bottoming and that pmi report today was pretty important. The global is now expansionary. So this is what you want to do as an investor because you still need growth, especially in a slowing growth environment and utilities and staples, with we own no utilities and we own some staples but were not overweight the group because thats not where we think you will get your return in the next three to five years. Charles now industrial earnings, so far are looking pretty good. Earlier we talking about 3m, some of these other names. They, industrials, materials, they have sort of been in the middle of the pack from time to time. It has felt like they should be doing even better . Yeah i agree. I talked about, full, fair disclosure i talked about raytheon about a year ago and the stock has been a abysmal performer. I do think now, this is the benefit of having great Management Teams, with 75 billion or 70 billiondollar backlog and the Management Team stepped in, fixed the problem, theyre buying back shares. If you dont own it i think it is safe to step in. They are paying the dividend, they are growing the dividend and Industry Leader in patriot missiles which sadly is a hot commodity these days. Being. I have always said, being a good investor is about being mostly right and you need to recognize when you make mistakes. We talked about zillow years ago. Get out sometimes. Sometimes you can add to holdings if you got a great Management Team and especially if youre getting paid to wait. Charles i know you like nike. That is a name not necessarily performed very well, not disney at a nineyear low but you say nike people would assume it has done a lot better than it has, even the last Earnings Report which was better than expected. The americas was down 2 , the rest of the world is carrying nike. What do you like about it . Is it risk reward or big time upside potential here . We just added it here, charles. One of our themes is Old Companies embracing the digital revolution. They doubled their revenues from digital last year to 10. 7 billion. We also on lulu which trounced them from a performance standpoint but to be clear, lulu has taken their market share to 4 . Nike is down but still have 16 of the market. So i think that with again, with a strong Management Team, youre getting a dividend, 1. but theyre growing at 11 . Those are names after the performance wipe out has settled in we want to step in. I think a mistake many Value Investors make they get in too soon. Charles right. We let it just sit there and we just started adding it last week. Charles you mentioned lulu. I think lulu has done a great job getting men to wear those tight pants. That is a whole different conversation. Nancy, thank you so much, always appreciate your wisdom. Thank you, charles. Charles i will bring in citi Global Wealth chief economist steven whiting. Lets talk about this. Your report, so i printed it out, next thing i know i heard someone saying help, help. I ran out in the hallway. It was the printer. All the extra pages telling you what could go wrong. Charles here is what garp looks like. There is a peter lynch definition of gap and everyone has their own interpretation. What does it mean for you . Well it means actually getting earnings delivery but not overpaying for it. You can overpay for anything. There are only so many years where a company can double its revenue in a year. If he extrapolate that forever it could be a little bit of a problem. One of the things you mentioned is the idea of value traps. The Growth Stocks in the eurozone, there are some really interesting ones but if you take a look at the wheel market for growth in europe, it has been 2 eps growth. You can get small and midcap growth companies, those not levered, not small cap banks at 15 times earnings, about the same valuation, 30 discount to their long term valuation in the United States because everybody thinks that only a big Balance Sheet is safe. Charles right. Small caps though, as long as Interest Rates are at these levels isnt that a problem for them particularly as their maturity comes up and they have to refinance and things like that . Is that been an anchor for them . Well for banks, for reits, the whole notion again that Interest Rates knock the economy into a collapse, the russell 2000 index has a lot of unprofitable companies, companies that might not just make it to the other side. When you get recoveries, the companies that just survived have really big bouncebacks. That is not what were trying to do here again. It is a much more conservative strategy of adding companies that are already profitable. Charles right. That have grown pretty rapidly in the last few years and are out of favor. Just you can see that on the chart there again. Charles right. Those are the midcaps you talked about, the small caps you talked about. I think we have the other chart shows s p info tech which versus the unprofitable tech names. You know, for a while there unprofitable was crushing everyone right . That is when money is sloshing around. When money is tight that doesnt happen. That is exactly the point this is a little too indiscriminate. The period of 2022 was the period of stupid growth phase right . Any kind of growth whether the company can survive or not was rewarded. Then we go in the other direction, fear everyone is bankrupt. No one can make it unless you have absolute fortress Balance Sheet of huge, huge resources. So again you probably have seen some indiscrimenant selling and Growth Without a lot of Balance Sheet risk as one of the undervalued assets. Charles going through the report, there was this feeling of caution still. Is that where you are right now . Is it still a, is it cautious optimism that would that describe where you are . There are multiple issues, for one, the two pillars ever investing, growth and income. Income is quite competitive now. When you can build a four year Corporate Bond portfolio, 6. 25 yield. You can say i can hold the bonds to maturity you have the competitive return there are geopolitical risks that have really enlarged the possibility of new supply shocks. History though shows less than 10 of those issues have turned the world economy. Charles right. They generally become Regional Economic issues. Charles right. So there are risks on the sidelines. There are reasons why you dont want necessarily to say whats the maximum return, the highest risk i can take. That is not the way we preserve wealth at citi Global Wealth. Charles i have less than a minute to go. The fed, the Interest Rates, the bond yields, how are those factoring into your thinking here . Its strong competition, its strong competition. Its the reason why if you take a look at our global Asset Allocation when you have japanese Government Bond yields a 10th of u. S. Yields there is still capacity to invest in Global Equities but if you take a look at u. S. Asset, we have a lot of really good yielding fixed income investments that are quite competitive globally. It has really been in the last three months a shift back and you can see it the dollar moving in the direction, these tactical calls, shift back to u. S. Assets. Next two years, hopefully broaden of Global Growth and more opportunity. Charles good stuff, steven. Appreciate it. Thank you. Charles schooling up options expert Jessica Inskip is here. Well talk about how to play the earnings calls. She has a specific strategy, really fantastic. You will want to hear it next. Tourists tourists that turn into scientists. Tourists photographing thousands of miles of remote coral reefs. That can be analyzed by ai in real time. So researchers can identify which areas are at risk. And help life underwater flourish. When youre looking for answers, its good to have help. 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So, call now and see why a Medicare Supplement plan from a company like humana just might be the answer. Say goodbye to daily insulin injections with omnipod 5. A tubeless system that automatically adjusts insulin to help protect against highs and lows. Try it today. Go to omnipod. Com for risk information and instructions for use. Consult your doctor before starting on omnipod. Charles all right its early but so far it has been a Solid Earnings session. Today, you know, but listen all eyes on the megacap names. They report after the close lets start to handicap them. First, microsoft. Here is the thing that was interesting, last week, seven days ago they were looking for 265, now it is 250. Same thing with the next quarter it has gone down. The next fiscal year has gone down. Maybe a little bit of anxiety, getting a little tight. Here is what we have to sort of look at, how has this stock responded in recent Earnings Reports . The last time out they beat by 14 cents. It was obviously something not right with the call, right because it was down almost 4 . First day it was down. Got down and stayed down. Thats interesting because for the most part microsoft had on amazing track record of rallying right after the earnings. So it is getting a little dicey. Then of course there is alphabet, google, i still call it google, same scenario, come down, 1. 44 a year ago. Now, 1. 06. Tech names took the big hit the last couple weeks. This is part of an earnings adjustments a little bit of anxiety. You kind of want that. Unlike microsoft, google has been responding very well to earnings beat. They beat 10 cents has time out. First day, bam up 5 , week later up 7 . So that stoke after a series of bigtime hits because they were missing earnings, finally, looking pretty good. Why does this matter . Believe it or not, folks you could have a short squeeze in Technology Names. I know everyone talks about how well they have done this year but Technology Names are extremely short. This is your short position right now. These are your hedge funds. Remember we talked earlier . This might be one of the Biggest Hedge Fund shorts ever. It has gotten more aggressive. This is last week. They got rid of the longs and really went net short. A lot at stake right now, really a lot at stake. We really want to see some upside beats and some upside surprises. No one better to help us out with this, Jessica Inskip, options play director of education and product joining us now. Lets start, lets start with the first one, microsoft, mr. Softy what do you think . Yeah we talked about this one quite a bit. Microsoft because we saw the earnings beats or the way its reacted they have revenue recognized very quickly with their exposure to openai. Were getting valuations to openai was one billion. Now up to 1. 3 billion. That is incredible. What is more important to note as im listening to you, talking about the big short that we saw on tech, july 31st we actually hit a very key resistance point on the nasdaq 100. That resistance was support for a broader rally. Charles right. It was a lot of supply there. I expected us to come down because thats the end of the higher end of the range. Now were having earnings season come in for tech were actually at a key support level rather than resistance. We were at resistance. Now were support. Are would expect ready for better expectations and better reactions this time with the broader market. Charles that is more fike soft, same apply for google, alphabet as well . That applies for all the tech on the nasdaq 100. Talking about where we feel these are going to go. We talked about google a lot. I remember when i came here. This one is my a. I. Pick. They go through every absolute integration, wall street hasnt recognized yet. They havent. All of sudden they are but were having some positive returns. They dont have direct revenue exposure like microsoft does. They sell b to c with chatgpt. Google had issues with bard. Charles google was seen as caught flatfooted in a space theyre es supposed to dominate. They jettisoned the whole team. They made some emergency moves on that. Earnings, you have something i keep hearing on broken wings. It is called the broken wing butterfly. Charles broken wing butterfly you use for earnings plays. How does that work . When i take a directional play it is structured very simply, so we, say youre fullish on this. I would buy a call. That costs us the most around earnings because implied volatility is high because we have an expected move. Sell the call to cap upwards potential to reduce the cost of this. So if were buying this at the money, current price, maybe 10 or standard deviation i double up on that so i reduce this very quite a bit but then i buy another one so i dont have unlimited risk express sure. Charles that is broken wing . A broken wing butterfly. It literally looks like a butterfly on the profit and loss chart. Charles really . Does it, does it limit, i mean i guess it would limit the upside, would limit the upside because youre giving yourself some protection on the downside . Yes with options there is always a giveandtake. Charles right. Your give it reduces your coast very, very minutably. The take it caps your upside potential. Charles talk before you go, this short, this is the amount of short by hedge funds. This could be dry powder for a major short squeeze, right . It could be. Im excited about that. Overall youre bullish though . Im bullish on tech because a. I. Solve as lot of macro headwinds. Surging yields will we go into equities or yields because of the risk rate. Only place can compete with 5 yields is the Growth Opportunity fund. Charles you were excited about this from day one. You were one the first people on this. Thanks, charles. Charles appreciate it. Folks well be right back. This is Spring Semester at over 13,000 us school districts, which have become top targets for Ransomware Attacks. But theres never been a reported Ransomware Attack on a chromebook. Which is why thousands of schools like the fairfieldsuisun Unified School District switched to google tools for education. So they can focus on teaching and 22,000 students can focus on learning, knowing that their data is secure. explore endless design possibilities. To find your personal style. Endless hardie® siding colors. Textures and styles. Its possible. With james hardie™. Is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. 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Charles all right, folks, not long ago the house sent the next candidate for speaker into what im calling the batters box, right . I must say this could be another strikeout. I want to bring in kentucky congressman Thomas Massie and South Carolina congressman ralph norman. Thank you both very much. I have two headlines, one from today, emmer emerges from pick. One from 3 00 days ago, trump says he doesnt support emmers pick. There is the socalled establishment and maga republicans. I think the grassroots is about maga and it makes me worried if strings are being pulled to go against what the grassroots. Representative massie, i start you with this question . I think it is actually the conservatives who want to spend less versus republicans are willing to spend more on democrat priorities if democrats spend more on republican priorities. Half of us want to spend less, half of us want to spend more. That is the divide. We both voted for jim jordan in conference today. Jackie charles oh, wow. Representative norman, to that point, old Republican Guard got a way for a long time, like democrats got their constituents to vote against their own selfinterest. So have republicans, ones that representative massie just mentioned. You can feel that people are waking up. They dont want that representation any more and im not sure, listen i interviewed emmer before, i kind of like him but im not sure if hes finagled into the job how it will work for your party . Well thats right, charles, and americans want something different. What has been going on for so long is just not working. Two trillion in debt this year. 36 trillion over all and growing and people are just, theyre tiered of it and the American People want something better. It goes for, it is all about money in a lot of cases. They talk about cutting but then they dont back it up with their votes and with their actions. Charles i, im sorry i was going to say, 60, 70 continuing resolutions. You should see how the budget swelled since we started this cr nonsense. I want to pick up on that. We know it will be a lot worse. We see all the spending projects in the pipeline. Im looking at the, this year, the last fiscal year that we just went by. So the 1. 7 trillion. We spent 6 trillion and we only took in 4. Where do we cut . Where do we cut . Social security, medicare, national security, net interest we cant cut, transportation, commerce, senator massie, when someone presents it to you this way where do you cut . Were in divided government right now 2. Will be hard to address the longterm issues. We proposed a Debt Commission where republicans and democrats get together come out with an answer, we vote up or down on that answer. That is because the democrats want to demagogue anything we try to do here on the longterm issues. But right now the fight over speak surreally a fight about the 1 1 2 trillion dollars that we appropriate every year and im afraid theyre going to want to do a cr until december and another big omnibus. These 12 individual bills, that is the only chance we get to influence policy in divided government. If we do it on the spending bills. Charles you know, representative norman, we lived through modern monetary policy, right, theyre, right . There was a theory, they put there, 1. 9 trillion from President Biden along with the wink and nod, not to pay your rent, not to pay your Student Loans and go out there and spend money. It was fun like the movie hangover but were suffering mightily from it. Were in a hangover. Is there any way the Republican Party can articulate to the masses we tried this, free money does not work, in fact it is a blessing, it is a curse. Free money doesnt work and you cant spend money you dont have. Thomas mentioned it starts with appropriations, starts with the top line number and starts doing what you say. The reason it hasnt worked with republicans they dont believe it. They think other peoples projects ought to be cut. Should be no spending, no supplementals that the president is offering at all unless it has offsetting cuts. There is no money in the till. So, until we get back to that, republicans, democrats are just not going to go with that. They are socialists at heart. They want to spend every dollar that other people make. Republicans have to have a speaker that will be firm, going to use the power of the speakership to actually effect change and it starts with the appropriation bills. Charles the Ground Invasion in gaza is imminent, has been, it is going to continue to be front page news along with 105 billion President Biden is asking for. He was able to hijack this issue and bring ukraine back along for the ride. Representative massie, how will that play out . Not having a speaker doesnt help from a Public Relations point of view . It kept us from spending money, that is one good thing about it i guess. That 105 billiondollar bill that were hearing about, it needs to be separate votes really. That shouldnt all be combined. And frankly even if it were separate votes i would be no on most of it. We cant be funding all of this. Finally you know, the money for israel is in the Appropriations Bills that we already sent to the senate. They just need to bring those up right now. There is already money in those bills. Charles representative norman we know what this is about, right . You dont let a crisis go to waste. That is one of the mantras they were effective with under obama, they have done it again with President Biden. Again we pay a heavy price for it as americans. Then as the nation rebuilding after this. Im worried about. No one is talking about how much money weve spent in afghanistan and iraq over the last 10 years. It is not just the dollars, charles, that have been squandered. It is look at our military which is suffering. Look what china is doing, warheads, ships theyre building and were asleep at the switch. It has to be change. The speaker has to be the tip of the spear on this. The debate is taking as long as it is taking. I think well have some more time to deal with it, hopefully get a speak theyre will push this. Charles gentlemen, i hope you stand your ground, stay the course, because i think voters in your party that youre representing the true voting of, voters of your party, not the establishment and everybody in this country needs that right now. Con man massie, norman, thank you both very much. I appreciate it. Charles thanks a lot. All right, coming up my short take on this market session and we could expect after the close. Your best defense against erosion and cavities is strong enamel nothing beats it. New pronamel active shield actively shields the enamel to defend against erosion and cavities. I think that this product is a gamechanger for my patients it really works. The new dexcom g7 sends your glucose numbers to your phone and watch, so you can always see where youre heading, without fingersticks. Dexcom g7 is the most accurate cgm. So, you can manage your diabetes with confidence. Charles all right, so were starting to rebuild some momentum. Im going to take a little bit of credit, the old c. P. Effect, but really also its earnings, the mothers milk of market rallies. We had some really good names, good reports and some solid names, you know, industrial names, blue chip names. These are the things that used to lead the market, but we know theres new leadership out there. People talk about magnificent seven, those are the names that really, really have to do extraordinarily well. Theyre making a ton of money. The top line growth is going to be phenomenal for these companies, the bottom line growth is going to be phenomenal for these companieses, and what i love about them is theyre investing. Theyre making the R D Investments to stay on top. So microsoft and google after after the bell. Well see what happens. Ashley web or the, i gotta tell you webster, i think theyre going to be okay. I know youve got us for the next hour. Ashley i would never disagree with Charles Payne, so im right there with you, charles