Another one. The s p 500 had its first per week in nearly 20 years. A per week is when you close with a record high every day all five days. Thats the first time its done that since march of 1998 been a big year for the dow, too. It had a per week last year. Its not the first time its done that this year. Both the s p 500 and dow are coming off of executive consecutive weekly gains hat tip because i didnt figure out these numbers, he did. S p futures up by another 3. 5. Nasdaq up by almost 14 overnight in asia, heres another place where weve seen record after record. Nikkei once again closing at another record high. Up another 1. 1 . Gain of almost 240 points to 21,696 this is the highest level theyve seen in 20 years hang seng down. 6 percent and shanghai up by. 1 of a percent early trading in europe, most of the markets are trading higher dax up by. 6 cac is up a little bit higher. Ftse up a little bit and italy up a little bit. Crude oil prices and you will see that at least this morning things are well, theyre relatively flat. Up by 1 brent be is down by 17 cents look at the ten year . Thats like murphys law the one i wanted to see. Did not come up no. Thats always the way it is. Almost 240 picking up yields again. We havent seen it. 2. 395. When we get above 240 its usually short lived. You can see that one of these days. One of these days im going to cut you into little pieces. What . Freud. Hannibal lecter. One of these days thats going to get above 250, 260. One of these days. Unless you listen to somebody like mark grant who thinks we could be facing lower yields yet again. Were going to get this week the first read on Third Quarter gdp. Maybe that will do it. Its going to be affected by hurricanes, right . Right also you know what else were going to get jobless claims on thursday last week it was the lowest in 33 years. Yes. I thought it was even longer than that. Kyle making his move. Steady cam really a good shot there, kyle really thats heavy, isnt it how do we get a shot of you aiming that thing when youre the one getting the shot thats impossible. He can take it from that camera. Like measuring yourself. See, camera one its like heisenberg. Need mirrors. Breaking bad. Bang up job. Youre on, man. Youre on. Were cooking early. Busy week as i was just talking about, heres some of the things im going to mention we already talked about. Durable goods and new home sales on wednesday then the jobless claims number that i was talking about, that comes on thursday. Then on friday we get the first report on Third Quarter gdp. Then you get the second report on the first and the third report on the second it gets complicated. First report Third Quarter weve had two back to back threes chbl threes. Whos on first . In the First Quarter we didnt have a good three solid three in the second. The hurricanes maybe put a crump in the works for the Second Straight Quarter ahead of that, atlanta fed lets see earnings could be the busiest week yet. 170 of the s p 500 will report this week. Theres the list of some of them name a few, 3m caterpill caterpillar, gm, mcdonalds, cocacola, boeing. Amp ma zon dow components. Whos who of American Business perhaps the greatest of all companies there, comcast. On thursday. Is going to report on thursday as well in the eye of the beholder obviously. Maybe some people might argue its not the greatest but given all the numbers weve heard, wall street will be watching people will be looking very closely at comcast. Comcast was one of the first to say anything about some of the hurricanes hurting the video. The bigger question has been cord cutting. Well see nfl stuff, too, in comcast. Some analysts which one did they cut, cbs . Based on cbs has a bigger number of days looking at some of those. Based on advertising, whether that comes back. Did you see a couple of stadiums i did i dont know if those are stadiums that are perennially problematic. Chicago yeah. I mean, you theres the bears. The bears there were more seats. It looked like there were more seats empty than seats with people in there. Yeah, i questioned the same thing when they actually took those shots. Over the weekend the spanish Prime Minister announcing plans to dissolve the Catalan Parliament and impose direct rule on the region willem marx joins us from barcelona. Willem, this is something we kept thinking might tamp down. Not the case. Reporter definitely. We were hoping the best Case Scenario hoping for a fresh government thats pushed them on to president as well as 13 members of his own cabinet theyre going to be taking over the local police force, local tv and trying to find a way to take over all of the local government executive branches essentially from madrid. Massive changes coming here. We saw protests over the course of the weekend more than 400,000 people out on the streets in barcelona protesting these proposals what will happen next is that these will be discussed by the senate and then ratified by the Spanish Senate later this week down in madrid at which point they will be enacted. Whats not clear right now is how the catalan leadership will react. Whether they encourage Civil Servants to walk out of their jobs nobody is clear. Willem, one of the things weve been looking at is this whole idea that the wealthier areas, both in spain be and now in italy where weve seen it, too, the wealthier Northern Areas are tired of picking up some of the bills for some of the southern areas i was looking at some information over the weekend talking about how the catalan region is 20 of spains gdp and on its own it would rival some of the country that youre not surprised to see how much of that is playing a role in what youre seeing in catalan and northern regions of italy . Yeah, historically this is a big argument about fiscal independence and that really hit hard here in spain the catalans asked the question, why are we sending so much money to the center and getting so much less back in terms of spending they ask for a lot more fiscal autonomy and that was rebuffed by rajoy he was the lead man trying to crush their effort thats led us back. That was part of a region that historically wanted to secede from italy it was done under the auspices of the italian constitution. Whats happened here, of course, is something the Spanish Government deems unconstitutional thats why theyre taking the actions weve seen over the last few weeks and imagine what it continues to see in the next few weeks. Willem, thank you very much well check back in very soon. Willem marx. In other global news, japans nikkei rising for the 15th straight session. Yen hitting threemonth lows against the dollar cnbcs akiko fujita joins us from tokyo i was reading the piece to understand what parts of the constitution would be potentially changed just so i understand it a little bit better maybe you can help me, akiko reporter yeah. This is something that Prime Minister abe has pushed for for some time. Were talking about a clause in the constitution called article 9 which essentially says japan cant maintain armed forces in order to prevent japan from wagging war. The reality is japan has had a selfdefense force in place. The Prime Minister has essentially said we should call it as we see it and japan should have an additional clause in place to say that japan should have at least the right to possess a military one of many issues debated in this election. Now looking at the results of the election this certainly puts the Prime Minister in the drivers seat to seek a third term as japanese leader which would make him the longest serving japanese leader in history, but when you look at the numbers despite the party securing the 2 3 of aib himself. The voter turnout was the lowest in post war history. When you look at the public polled, most than half say they didnt support abe himself this is more of result of a divided opposition now the Prime Minister did frame this election as a referendum on his economic policies as well as his handling of north korea and today he vowed to press on with pressure on pyongyang working very closely with washington take a listen. Translator now with support from people extended to us, we will conduct strong diplomacy as tension over north korea is increasing on the fifth of next month President Trump is scheduled to visit japan. He called me by phone and when he visits japan we will spend time and aim to confirm our close alliance reporter and in that phone call the Prime Minister reportedly agreeing to play golf with President Trump here in japan as well. The Prime Minister also talking about pushing forward with his economic policies, specifically a 2 trillion yen stimulus package would be used to talk about education as well. He faces a massive debt here in japan. He hasnt addressed the budget with the debt more than 250 of gdp. Back to you. We understand that number that is a big number akika, thank you now to political news here at home, President Trump is calling on the house to adopt the senates budget this week and then push forward with tax reform trump made the comments on a house gop Conference Call just yesterday. Of course, when it gets to tax reform, its the details that really get sticky were starting to hear more and more of those details. House republicans are reportedly considering a sharp cut in 401k contribution limits. This would reduce the amount of money americans can sav in tax deferred retirement accounts its considering as low as 2,400 for 401k accounts right now its 18,000 for under age 50 and 24,000 for over age 50 they are looking for pay fors, right . You have find places for pay fors as we go along. Its not like we feel that everybody in the country is ready for retirement. Right at a time when pensions are disappearing. Right. Most workers dont have those. Youre told to save on your own. By the way, were going to strip away the tax incentives for doing that thats going to be tricky. We dont know about some people saying the thirtynine five stays out over a million now. Right right. So 39. 5 for the top. Take away state deductions. Those people will be paying more. Keep it 5939. 5. Thats a big tax increase. Some of the people seeing the overall number, top half of a percent . The top 20 pay 80 i dont know where a million is. Pay 70 but i dont know where that falls . I dont know either. There are a lot of people where taxes will go up. Right thats going to be that goes against the if you talk to heritage, aei, anyone, that goes against the idea of across the board tax cuts and broadening the base. If you listen to the president hell have a tough time like state and local tax cuts. Not as many people that itemize. The only people that theyre item miedsing. That could be somebody whos making 250,000 in new jersey. With the higher cost of living there, 250,000 does not put you on easy street. You should pay more for the ability to live in new jersey particularly if you live by newark airport. The department of Homeland Security and the fbi are issuing a cyber threat nuclear firms, Aviation Industry i mean, this is some pretty scary stuff. Yeah. A little bit alarming, becky the warning went out late friday by email from the fbi and department of Homeland Security. It is being called a rather public warning by those groups the attacks are by a sophisticated set of actors, not clear exactly whos behind this, and they began in may. Heres what we know about which specific sectors are being targeted as you say, its a very long list here starting with nuclear, energy, aviation, water and critical manufacturing all being targeted by this mysterious Hacking Group that the government says has been active for several months and has penetrated some of those networks what do we know about who is behind this . Not much definitively but the sign berp Security Firm crowdstrike says this could be an entity called be sebeserk be. Agrees sieve activity but no destruction is still ongoing it looks like what you have here is an elaborate probe operation going into the Sensitive Industries in which the hackers are determined to figure out how the Industry Networks work and maintain a permanent presence in them to what end is unclear is this sort of a just in case kind of preparation for total war that intelligence agencies go tluf all the time or is this a prekersor, more subtle attack in the future. Not clear where this is going. The u. S. Government wants people in those industries to know this is happening and to take steps to stop it. Eamon, the question becomes if you look at it from a potential question of war down the road, the question is do we have similar situations set up in their Key Industries like this can you count on detante or mutual mutually assured destruction you can technology doesnt have the same as nuclear with cyber, its not very clear. Ive covered thisfor a number of years they talk about in Cyber Security, a cyber 9 11 what would nap we saw a cyber attack that came through russia. It targeted our election none of the people in the Cyber Security industry were prepared for that social engineering attack everyone was concerned about what happened if they got to a dam. What they got to was ourselves, our emotions and our fellow americans. Thats what was being ma niche pew lated. Cyber can be very, very subtle it doesnt have the mutually assured destruction piece that we are used to. This report in particular talking about aviation, water, energy, nuclear, that is pretty terrifying thats like end of days type of things if you play out some of those scenarios. It absolutely is. Presumably the u. S. Has similar capabilities offensively they dont talk about it the problem is the United States is one of the first societies to put all of this infrastructure online going back 20 years now we are in a weird way although were more sophisticated, more vulnerable to Cyber Security attacks. We have more of our system set up that makes us disproportionately weak and its a field day for foreign intelligence services. Eamon, thank you. You bet. Lets get back to the stock market broader markets. Darryl kronk is at Wells Fargo Investment Institute hes president there we had discussions last week about where we were in the stages, psychological stages of a long bull market, whether were at the stage where youre finally a believer or whether youre at the stage where theres actually some euphoria and some froth are we merely at the believing stage . Which leaves a couple of years, joe, or are we at the euphoria i think were moving to it. Were not in the our for yeah or the believer stage is that true the return structures are seeing euphoria. Industrial metals are up 25 youre not seeing the flow of capital come in from the Retail Investor that the euphoric last stages. Thats what you see people arent believing it, that seems like an earlier stage. Thats where youre climbing a wall of worry. Money going into assets but no one understands it or believes it that would seem youre saying were not at the euphoria stage. Were not quite at the euphoria stage i will tell you, i was looking at that this weekend quietly equity positioning is rolling up there as well so its starting to get higher and higher the issue here between now and year end, i think, joe, is you have two things happening. One, theres a dirth of sellers. Number two because because of the tax potential for tax reform . Tax reform is going to be difficult to happen in 2017. Most of the estimates are we can get something done in q1 of 18 and q2 now or never for tax reform. Quietly, companies are putting more money into under funded pensions if you can deduct a contribution in your pension plan at 35 instead of 20 or 23, thats a big return all of that money is grinding its way into markets you said the market can go as far as earnings take it. And, you know, that does make sense. Earnings will go up if tax reform does. Last week i thought we saw a clear message between what congress was doing and the market there seemed to be a linkage between tax reform and better markets. Is that still happening . If we do get some sort of tax reform or something on the other side, which would be some kind of stimulus, thats going to be infrastructure in. Infrastructure. It can be a massive accelerant earnings dont need taxes for Infrastructure Spending in order to move higher from here its not just earnings in the United States, its earnings all around the world this is a late cycle environment. Thats when you typically start to see this coordinated growth you also will start to typically see Inflationary Pressure and things like that all of that is very, very good for equities in this eighth inning in the bull market, the last two innings could be, you know they could absolutely be elongated in baseball terms, innings are not time dependent they could be shorter and longer this could go on for quite a long time. The main spoint investors are still krachg their heads over how the markets go higher. Our answer is, just look at profits. Were in the sixth or seventh quarter of this profits repla reflati reflation. This week well see continued acceleration this is an environment to be bullish. So the inflation that you talked about is like Wage Inflation which if it doesnt get out of hand, that can actually be positive because it doesnt flee through the economy . Even though were the economy is 60 consumption driven which means its going to turn into consumers buying more things. All right thank you. Is 2that part of it yet . We havent adopted that. You ar