Turn cautious too soon rather than wait until its too late. In addition, marks writing that asset prices are high, quote, across the board. That there are few bargains to be had and that a growing number of investors are embracing increasing risks to achieve their returns. Here to discuss that and debate the memo, the stocks which are moving today at this hour, pete s na jaaron. Also with us is cnns leslie pi pickert going through this memo. It is from oak trees howard marks questioning whether stocks are too expensive. Jim, he says the s p 500 selling at 25 times trailing 12 month earnings compared to a longterm median of 15 he mentions the schiller cape ratio. Almost 30 versus a historic median of 15 right. Is he right he is right in concept. Now this is not bubble territory. Stocks are a little expensive. The market overall is a little expensive. I look at some of these industrial names as earnings come out, trading in the mid 20s for a multiple thats a little bit high heres the thi
The zune the ballot will be held secret. Chinas trade gap widens for a fifth month. Is there anything President Trump can do about it . Matt i want to answer that question, but will value we are less than half an hour from the european open. Futures trading down this morning after a mixed close yesterday. Not much direction in markets the last couple of days and not a lot of direction, meaning futures are already, but not really significant drops. The asian pack down, as well. Booms threeday chart a little, in bunds, gain in yields and today it looks like we are coming up from the open here just a little bit. 0. 462. We have been in this rage with bunds a quarter percent to half a percent. We will see if we can get change in direction. What are you seeing on the gmm. Guy we have got the german trade surplus widening, but the chinese trade surplus widening out. That is something to Pay Attention to. In terms of markets this morning, solid session yesterday for emerging markets, todays s
Of edged up yesterday. Jamie dimon am i too early in that promote . Yes, you are permeant yesterday, you got me all confused. Im all over it theyre producing a lot, but theyre not but they dont have the pipelines. Lets get to the road map this morning. Well get to oil but for now, were going to talk markets. The dows win streak is at 10. You saw their futures are looking, at least for a lower open plus, Michael Koors and ralph lauren delivering some upbeat news you got that right, upbeat for the Retail Sector. Both of those Companies Beat the estimates of the analysts. Follow them. Koors up a lot cbs coming in better than expected but they lowered guidance, so the stock is down. Basketball, ad sales. Oh, i thought you meant cvs no. Oh, you have to say channel 2. All the time on the trading desk, you never use the term cbs. You say ive got 50,000 channel 2 to buy too many people bought cvs and that stock is down never use cbs for cbv. Okay. And Charlie Victor was not. It was down it not
Subject of job creation, and youve got the makings of a real rally. Dow gaining 187 points today. S p vaulting 0. 73 . Nasdaq only up 0. 54 . Again another record high. Look, love them or hate them, if you believe that Business People know how to create jobs i dont think thats such a huge leap then having them sit down with the president and give him ideas will help the bull market calls. The meeting also helps create ate a level astability to offset the recent volatility that had many investors fretting about their portfolios. Look, the contrast in president obama is so stark on so many issues, not the least today, where the new president powwows with rich Business People and talking about deregulation meant to rein in the banks which were the enemy in the Previous Administration for many years. His universe seems surrounded by wealthy people who offer their insights, and im sure it rankles half the country. But that said, ive interviewed almost every single one of these execs around
On friday and monday in those markets, but strong rallies without a doubt. How is our ten year doing, you ask . And you shall be answered, 1. 468, sometimes thats what i cant get over. Its the only thing you need to look at rather than oil. And if it goes back to 50 well see how the market does. Oil trumps boris. Remember we dont use his last name anymore. Now its boris johnson. Oil is trumping everything because this market is so screwed up. Its what we look at. Thats where were going to start. Our roadmap does start with those global markets. It doesnt say theyre screwed up, it says they are actually facing the brexit fallout. Could today session finally provide some relief, or is it only temporary . We always like to end with question marks. President obama weighing in calling for a pause in the postbrexit hiteria. His word, not mine. Were live in london and brussels as the world watches for what is next in terms of the exit of the uk and what the eu is going to do. President obama