Looking up for the economy and then suddenly we got negative data points that changed everything and made the recession a plot more likely sure, that may be the profrnl mat cause of todays decline, losing another 494 points, s p 500 plunges 1. 79 . Nasdaq plummeting 1. 76 . Sell, sell, sell, sell but the truth is a lot simpler. We were due for a selloff. How i do know . Because thats what ive been telling you for weeks. A month ago i told you about the s p 500s short range oscillator indicator. This is a tool i pay a lot of money for that tells you almost with uncanny accuracy when the market is overbought or oversold, overbought meaning due for a pull back, oversold means you have to start buying when the oscillator is above five, it always almost means we came too far too fast. And you need to do some selling. Well, when its well above 5, you need to aggressively raise cash as i told you last month the oscillator went extremely high reading, told you we were due for a bruising i stwu
Establishes in glenn park was something of an institution. It still is, the grand canyon did i not say that right . I think its the grand canyon. The canyon market. Which i loved going in there and talking to the people because many of the people that work for you and still work there, you know, they handle food and the community with such love and care. And that is a special thing to have especially in a big major city like San Francisco. But more importantly, this body the mta, its important that we have people who are on boards and commissions that have an understanding of what it feels like to run a Small Business in sphrbltion. That understands what it feels like when decisions get made and Small Businesses prosper because of those decisions. Its important that when those decisions get made that you have a voice of understanding, offer reason of experience as a Small Business owner at the forefront of the decisions whether its to move from where it was, where its to tear up the st
Its very excited. Last week i was very comfort to join seattle to join the postal state for the unveiling of the lunar new stamp. It was attended by 300 people by eduardo who is the president of the retail of the Postal Service. Vod me and the public that Lunar New Year is the most Successful Program in the commemorative stamps. We are very happy to keep up with the tra kissing. Tradition. Today were gathered today, although the stamp is already out there, but its our tradition in our city to unveil the stamp for every one in the San Francisco bay area. So without further ado, i would like to introduce our mayor, maryland on our mayor, london breed who has unveiled a lot of stapp p. Mayor breed hello welcome and welcome to unveil this stamp. Its an exciting time filled with so much joy and excitement, especially after coming out of this global pandemic. It has been very difficult and for whatever reason, i feel like even though, we have the worse of it behind us, this is the one of the
Start of the trading day. How are things now . S por the dow and the mostly unchanged. What is catching my eye is the nasdaq. A few things pushing the nasdaq higher. We have apple coming out september 12. Screens. Oled on a smaller version, we have some other biofarma appears peers. The transportation index outperforming the dow industrial. Let me touch on transportation. We will dig a little bit into that. We can see the s p index higher. Bonnie mentioned products in Corpus Christi and houston being shut down. Or haves our new mode of transportation would be in tracking. Airlines are getting canceled in houston, texas, and the surrounding area. Sticking with harvey, i want to look at gasoline over the last five days. This highlights a big jump. Today up 3. 4 . That is translating into higher prices at the pump. I mentioned the nasdaq and the biotech. My favorite this morning was gileads takeover. You are seeing some other Small Pharmaceutical Companies trading in sympathy a little bit
On its first day. And Biotech Company holozyme therapeutics surging today 18 now on new partnerships. The ceo of the company will join us exculusively to discuss whether more deals could be in the offing as well. Lets begin, though, with the day in washington. Ylon has more on todays Senate Finance Committee Hearings on tax reform eamon javers has the latest on President Trumps talks with democrats on daca and what exactly they talked about. Ylon, lets start with you, though bill, the chairman of the Senate Finance committee, orrin hatch, made absolutely clear today that the negotiations over tax reform are only just beginning. Part of the big six, gop leadership, as well as members of the Trump Administration who have been working together on a framework for tax reform but hatch said today anything they agree to is just a guideline, not a guarantee. Anyone with any experience with the Senate Finance committee knows were not anyones rubber stamp. For a bill particularly on something as