Its setting up for a perfect trade. Lets get to it because stocks posted their worst day in three weeks. Should investors brace themselves for a summer swoon. Lets get in the money right now. Mike, what do you think . Summer is not typically a great place to invest anyway. They say sell in may. Historically, that has held to be true. Theyve done a lot of research on this. You add to the fact that were sitting very close to alltime highs and we obviously have plenty of Global Economic risks to concern ourselves with. We have the brexit vote, concern about the fed and bond voices telling us were in no growth forever. You put all of that together and you have to say there is nor potential for the down side than the up side. How are we setting up for the charts . As an asset class, the equities, median stock in the russell 3,000, 98 of the investment capitol in the united states, has made no progress in two years. On the january lows youre talking about half of the russell 3,000 had lost 1
And also at one market in san francisco, mike isaac. Good morning to all of you. We start of course with that apple story. U. S treasury secretary jack lew with some stuff tough talk about the 14. 5 billion dollar ruling that came yesterday. The decision creates an environment of uncertainty. Our concern with European Commission action is that it is using a state aid theory to make tax law and it is doing it in a way thats retroactive and overrides National Tax Law authority in our view and we think that it undermines the environment in europe. For International Business because it creates uncertainty. It undermines the cooperation between paul ryan the House Speaker called it awful. Are you surprised to see such tough talk about a situation determined by europe . It has far reaching implications. And european leaders on the fact that its creating an environment that is not favorable for u. S. Business and perhaps even its over the top negative. For u. S. Businesses operating in europe
Jihadi messages online and he was allowed to come back to america. A jihadi came back and planted bombs, immigration and terror. Trump implies that his extreme vetting would keep rahami out. Hillary clinton says that trumps position helps the terrorists. And no change in the migrants, obama repeated it. A migrant surge, janet yellen speaks and a very hostile congress. Its a big show for you. Varney company is about to begin. Now, the market is not focusing on terror or the riot in charlotte, its what the worlds central bankers are up to. Thats what counts today. There is a new policy from the central bankers in japan. They want to get Interest Rates back up. I repeat, back up to zero. How about that . And this afternoon, janet yellen will announce Interest Rate policy from us here. Take a look at the prices. Were opening higher for the stock market. Oil 44 a barrel. The latest read on supplies comes at 10 30 and that could move the markets again. 44 a barrel, slightly higher. Now this,
Back here, he cofounded aol ventures. Another 106 million. And 100 point loss of this morning and first up its apple and apples counsel was on this program and criticized the governments rhetoric. We are working on a replay to the government right now and i think that there is some disconnect between the rhetoric we saw in the justice departments brief and what you heard from the director and president obama about the fact that this is a policy issue. And work through as a policy matter. And got a little bit carried away with rhetoric. And the government can make the appropriate modification to the ios to get what they need. Backdrop of all of this is Morgan Stanley saying. I expect the up roar across tech land to be like nothing we have ever seen. Can you imagine them demanding the source code for windows for demanding googles algorithm . All of the crown jewels of these Major Companies that they protect so fiercely, if they go after ios source code oh my i cant even think beyond that
He has a near perfect record. At 7 30 eastern time, Marathon Asset Management Bruce Richards is betting big on europe. Coming up at 8 00 eastern time, well get political with former obama chief of staff bill daley. Hes now working for a swiss hedge fund. A lot of them will be talking to what weve been talking about this morning. First, lets get you up to speed on todays headlines. Are you ready for this . Im gary owens. Ive got one of these things on. Its like youre madonna, only i need yes. That wont look at good on me. You already hear some of the buzz . I realize again why we have these on. Theres a huge thing going on behind us. Not yet because its early. But today, tech is the dominant. That was the dominant theme of this mornings stocks to watch. Lets start with apple and ibm. The two teaming up on a Partnership Starting this fall. Ibm will sell iphones and ipads loaded with applications geared at business users. Shares of both companies did rise after hours. I took a look last n